Document:

<PAGE>
                                                                     EXHIBIT 4.1

                                                                  EXECUTION COPY

                ORIGEN MANUFACTURED HOUSING CONTRACT TRUST 2005-B

                                     Issuer

                                       and

                            JPMORGAN CHASE BANK, N.A.

                                Indenture Trustee

                                   ----------

                                    INDENTURE

                          Dated as of December 1, 2005

                                   ----------

        ORIGEN MANUFACTURED HOUSING CONTRACT TRUST COLLATERALIZED NOTES,
                                  SERIES 2005-B

                                   ----------

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                                TABLE OF CONTENTS

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Section                                                                     Page
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                                    ARTICLE I
                                   DEFINITIONS

Section 1.01   Definitions...............................................     2
Section 1.02   Incorporation by Reference of Trust Indenture Act.........     2
Section 1.03   Rules of Construction.....................................     2

                                   ARTICLE II
                         ORIGINAL ISSUANCE OF THE NOTES

Section 2.01   Form......................................................     3
Section 2.02   Execution, Authentication and Delivery....................     3
Section 2.03   Acceptance of Contracts by Indenture Trustee..............     4

                                   ARTICLE III
                                    COVENANTS

Section 3.01   Collection of Payments with respect to the Contracts......     5
Section 3.02   Maintenance of Office or Agency...........................     5
Section 3.03   Money for Payments To Be Held in Trust; Paying Agent......     5
Section 3.04   Existence.................................................     7
Section 3.05   Payment of Principal and Interest.........................     7
Section 3.06   Protection of Trust Estate................................     7
Section 3.07   Opinions as to Trust Estate...............................     8
Section 3.08   Performance of Obligations................................     8
Section 3.09   Negative Covenants........................................     9
Section 3.10   [Reserved]................................................     9
Section 3.11   [Reserved]................................................     9
Section 3.12   Representations and Warranties Concerning the Contracts...     9
Section 3.13   Amendments to Servicing Agreement.........................     9
Section 3.14   Servicer as Agent and Bailee of the Indenture Trustee.....    10
Section 3.15   Investment Company Act....................................    10
Section 3.16   Issuer May Consolidate, etc...............................    10
Section 3.17   Successor or Transferee...................................    12
Section 3.18   No Other Business.........................................    12
Section 3.19   No Borrowing..............................................    12
Section 3.20   Guarantees, Loans, Advances and Other Liabilities.........    12
Section 3.21   Capital Expenditures......................................    12
Section 3.22   Reserved..................................................    12
Section 3.23   Restricted Payments.......................................    13
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Section 3.24   Notice of Events of Default...............................    13
Section 3.25   Further Instruments and Acts..............................    13
Section 3.26   Statements to Noteholders.................................    13
Section 3.27   [Reserved]................................................    13
Section 3.28   Certain Representations Regarding the Trust Estate........    13

                                   ARTICLE IV
               THE NOTES; SATISFACTION AND DISCHARGE OF INDENTURE

Section 4.01   The Notes.................................................    14
Section 4.02   Registration of and Limitations on Transfer and Exchange
                  of Notes; Appointment of Note Registrar and Certificate
                  Registrar..............................................    15
Section 4.03   Mutilated, Destroyed, Lost or Stolen Notes................    16
Section 4.04   Persons Deemed Owners.....................................    17
Section 4.05   Cancellation..............................................    17
Section 4.06   Book-Entry Notes..........................................    17
Section 4.07   Notices to Depository.....................................    18
Section 4.08   Definitive Notes..........................................    18
Section 4.09   Tax Treatment.............................................    18
Section 4.10   Satisfaction and Discharge of Indenture...................    19
Section 4.11   Application of Trust Money................................    20
Section 4.12   [Reserved]................................................    20
Section 4.13   Repayment of Monies Held by Paying Agent..................    20
Section 4.14   Temporary Notes...........................................    20
Section 4.15   Representation Regarding ERISA............................    20

                                    ARTICLE V
                              DEFAULT AND REMEDIES

Section 5.01   Events of Default.........................................    21
Section 5.02   Acceleration of Maturity; Rescission and Annulment........    21
Section 5.03   Collection of Indebtedness and Suits for Enforcement by
                  Indenture Trustee......................................    22
Section 5.04   Remedies; Priorities......................................    24
Section 5.05   Optional Preservation of the Trust Estate.................    25
Section 5.06   Limitation of Suits.......................................    25
Section 5.07   Unconditional Rights of Noteholders To Receive Principal
                  and Interest...........................................    26
Section 5.08   Restoration of Rights and Remedies........................    26
Section 5.09   Rights and Remedies Cumulative............................    26
Section 5.10   Delay or Omission Not a Waiver............................    26
Section 5.11   Control By Noteholders....................................    26
Section 5.12   Waiver of Past Defaults...................................    27
Section 5.13   Undertaking for Costs.....................................    27
Section 5.14   Waiver of Stay or Extension Laws..........................    27
Section 5.15   Sale of Trust Estate......................................    28
Section 5.16   Action on Notes...........................................    29
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Section 5.17   Performance and Enforcement of Certain Obligations........    29

                                   ARTICLE VI
                              THE INDENTURE TRUSTEE

Section 6.01   Duties of Indenture Trustee...............................    30
Section 6.02   Rights of Indenture Trustee...............................    31
Section 6.03   Individual Rights of Indenture Trustee....................    32
Section 6.04   Indenture Trustee's Disclaimer............................    32
Section 6.05   Notice of Event of Default................................    32
Section 6.06   Reports by Indenture Trustee to Holders and Tax
                  Administration.........................................    32
Section 6.07   Compensation and Indemnity................................    32
Section 6.08   Replacement of Indenture Trustee..........................    33
Section 6.09   Successor Indenture Trustee by Merger.....................    34
Section 6.10   Appointment of Co-Indenture Trustee or Separate Indenture
                  Trustee................................................    34
Section 6.11   Eligibility; Disqualification.............................    35
Section 6.12   Preferential Collection of Claims Against Issuer..........    36
Section 6.13   Representations and Warranties............................    36
Section 6.14   Directions to Indenture Trustee...........................    36
Section 6.15   The Agents................................................    36

                                   ARTICLE VII
                         NOTEHOLDERS' LISTS AND REPORTS

Section 7.01   Issuer To Furnish Indenture Trustee Names and Addresses of
                  Noteholders............................................    36
Section 7.02   Preservation of Information; Communications to
                  Noteholders............................................    37
Section 7.03   Reserved..................................................    37
Section 7.04   Reports by Indenture Trustee..............................    37
Section 7.05   Statements to Noteholders.................................    37

                                  ARTICLE VIII
                      ACCOUNTS, DISBURSEMENTS AND RELEASES

Section 8.01   Collection of Money.......................................    39
Section 8.02   Payments on the Notes.....................................    39
Section 8.03   Officer's Certificate.....................................    43
Section 8.04   Termination Upon Distribution to Noteholders..............    43
Section 8.05   Release of Trust Estate...................................    43
Section 8.06   Surrender of Notes Upon Final Payment.....................    44
Section 8.07   Optional Redemption of the Notes; Auction.................    44
Section 8.08   Allocation of Realized Losses.............................    45
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                                   ARTICLE IX
                             SUPPLEMENTAL INDENTURES

Section 9.01   Supplemental Indentures Without Consent of Noteholders....    45
Section 9.02   Supplemental Indentures With Consent of Noteholders.......    47
Section 9.03   Execution of Supplemental Indentures......................    48
Section 9.04   Effect of Supplemental Indenture..........................    49
Section 9.05   Conformity with Trust Indenture Act.......................    49
Section 9.06   Reference in Notes to Supplemental Indentures.............    49

                                    ARTICLE X
                                  MISCELLANEOUS

Section 10.01  Compliance Certificates and Opinions, etc.................    49
Section 10.02  Form of Documents Delivered to Indenture Trustee..........    51
Section 10.03  Acts of Noteholders.......................................    51
Section 10.04  Notices etc., to Indenture Trustee Issuer and Rating
                  Agencies...............................................    52
Section 10.05  Notices to Noteholders; Waiver............................    53
Section 10.06  Conflict with Trust Indenture Act.........................    53
Section 10.07  Effect of Headings........................................    53
Section 10.08  Successors and Assigns....................................    53
Section 10.09  Separability..............................................    54
Section 10.10  Third Party Beneficiary...................................    54
Section 10.11  Legal Holidays............................................    54
Section 10.12  GOVERNING LAW.............................................    54
Section 10.13  Counterparts..............................................    54
Section 10.14  Recording of Indenture....................................    54
Section 10.15  Issuer Obligation.........................................    54
Section 10.16  No Petition...............................................    55
Section 10.17  Inspection................................................    55
Section 10.18  No Recourse to Owner Trustee..............................    55
Section 10.19  Proofs of Claim...........................................    55
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EXHIBITS

Exhibit A-1   Form of Class A-[_] Note
Exhibit A-2   Form of Class M-[_] Note
Exhibit A-3   Form of Class B-[_] Note
Exhibit B     List of Contracts
Exhibit C     Form of Custodial Agreement
Exhibit D     [Reserved]
Appendix A    Definitions

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     This Indenture, dated as of December 1, 2005, is entered into between
Origen Manufactured Housing Contract Trust 2005-B, a Delaware statutory trust,
as Issuer (the "Issuer"), and JPMorgan Chase Bank, N.A., a national banking
association, as Indenture Trustee (the "Indenture Trustee").

                                WITNESSETH THAT:

     Each party hereto agrees as follows for the benefit of the other party and
for the equal and ratable benefit of the Holders of the Issuer's Notes, Series
2005-B (the "Notes").

                                 GRANTING CLAUSE

     The Issuer hereby Grants to the Indenture Trustee at the Closing Date, as
trustee for the benefit of the Holders of the Notes, all of the Issuer's right,
title and interest in and to whether now existing or hereafter created by (a)
the Contracts (including without limitation any Eligible Substitute Contracts
assigned to the Depositor pursuant to the Asset Purchase Agreement and assigned
to the Issuer pursuant to the Trust Agreement from time to time) and the
proceeds thereof and all rights under the Related Documents; (b) all funds on
deposit from time to time in the Collection Account allocable to the Contracts
excluding any investment income from such funds; (c) all funds on deposit from
time to time in the Note Payment Account and in all proceeds thereof; (d) all
rights under (i) the Asset Purchase Agreement as assigned to the Issuer, (ii)
the Servicing Agreement, and (iii) all rights under every Hazard Insurance
Policy relating to a Manufactured Home or Mortgaged Property securing a Contract
for the benefit of the creditor of such Contract, and (iv) all documents
contained in the Contract Files and the Land-and-Home Contract Files, subject to
the exceptions set forth in the Initial Certification and the Final
Certification delivered by the Custodian, in the forms of Exhibit A-1 and
Exhibit A-2 to the Custodial Agreement, respectively; and (e) all present and
future claims, demands, causes and choses in action in respect of any or all of
the foregoing and all payments on or under, and all proceeds of every kind and
nature whatsoever in respect of, any or all of the foregoing and all payments on
or under, and all proceeds of every kind and nature whatsoever in the conversion
thereof, voluntary or involuntary, into cash or other liquid property, all cash
proceeds, accounts, accounts receivable, notes, drafts, acceptances, checks,
deposit accounts, rights to payment of any and every kind, and other forms of
obligations and receivables, instruments and other property which at any time
constitute all or part of or are included in the proceeds of any of the
foregoing (collectively, the "Trust Estate" or the "Collateral").

     The foregoing Grant is made in trust to secure the payment of principal of
and interest on, and any other amounts owing in respect of, the Notes, equally
and ratably without prejudice, priority or distinction, and to secure compliance
with the provisions of this Indenture, all as provided in this Indenture.

     The Indenture Trustee, as trustee on behalf of the Holders of the Notes,
acknowledges such Grant, accepts the trust under this Indenture in accordance
with the provisions hereof and agrees to perform its duties as Indenture Trustee
as required herein.

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                                    ARTICLE I

                                   DEFINITIONS

     Section 1.01 Definitions. For all purposes of this Indenture, except as
otherwise expressly provided herein or unless the context otherwise requires,
capitalized terms not otherwise defined herein shall have the meanings assigned
to such terms in the Definitions attached hereto as Appendix A which is
incorporated by reference herein. All other capitalized terms used herein shall
have the meanings specified herein.

     Section 1.02 Incorporation by Reference of Trust Indenture Act. Whenever
this Indenture refers to a provision of the Trust Indenture Act (the "TIA"), the
provision is incorporated by reference in and made a part of this Indenture. The
following TIA terms used in this Indenture have the following meanings:

          "Commission" means the Securities and Exchange Commission.

          "indenture securities" means the Notes.

          "indenture security holder" means a Noteholder.

          "indenture to be qualified" means this Indenture.

          "indenture trustee" or "institutional trustee" means the Indenture
     Trustee.

          "obligor" on the indenture securities means the Issuer and any other
     obligor on the indenture securities.

     All other TIA terms used in this Indenture that are defined by the TIA,
defined by TIA reference to another statute or defined by Commission rules and
have the meanings assigned to them by such definitions.

     Section 1.03 Rules of Construction. Unless the context otherwise requires:

          (i) a term has the meaning assigned to it;

          (ii) an accounting term not otherwise defined has the meaning assigned
     to it in accordance with generally accepted accounting principles as in
     effect from time to time;

          (iii) "or" is not exclusive;

          (iv) "including" means including without limitation;

          (v) words in the singular include the plural and words in the plural
     include the singular; and

          (vi) any agreement, instrument or statute defined or referred to
     herein or in any instrument or certificate delivered in connection herewith
     means such agreement, instrument or statute as from time to time amended,
     modified or supplemented and

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     includes (in the case of agreements or instruments) references to all
     attachments thereto and instruments incorporated therein; references to a
     Person are also to its permitted successors and assigns.

                                   ARTICLE II

                         ORIGINAL ISSUANCE OF THE NOTES

     Section 2.01 Form. The Class A Notes, the Mezzanine Notes and the Class B
Notes, together with the Indenture Trustee's certificate of authentication,
shall be in substantially the form set forth in Exhibits A-1, A-2 and A-3 to
this Indenture, respectively, with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this
Indenture.

     The Notes shall be typewritten, printed, lithographed or engraved or
produced by any combination of these methods (with or without steel engraved
borders).

     The terms of the Notes set forth in Exhibits A-1, A-2 and A-3 to this
Indenture are part of the terms of this Indenture.

     Section 2.02 Execution, Authentication and Delivery. The Notes shall be
executed on behalf of the Issuer by any of its Authorized Officers. The
signature of any such Authorized Officer on the Notes may be manual or
facsimile.

     Notes bearing the manual or facsimile signature of individuals who were at
any time Authorized Officers of the Issuer shall bind the Issuer,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Notes or did not hold
such offices at the date of such Notes.

     The Indenture Trustee shall upon Issuer Request authenticate and deliver
the Class A Notes, the Mezzanine Notes and the Class B Notes for original issue
in an aggregate initial principal amount of $156,187,000. The Class A-1 Notes
shall be issued in an aggregate initial Note Balance of $40,692,000, the Class
A-2 Notes shall be issued in an aggregate initial Note Balance of $39,295,000,
the Class A-3 Notes shall be issued in an aggregate initial Note Balance of
$13,428,000, the Class A-4 Notes shall be issued in an aggregate initial Note
Balance of $19,897,000, the Class M-1 Notes shall be issued in an aggregate
initial Note Balance of $15,750,000, the Class M-2 Notes shall be issued in an
aggregate initial Note Balance of $11,375,000, the Class B-1 Notes shall be
issued in an aggregate initial Note Balance of $12,250,000, and the Class B-2
Notes shall be issued in an aggregate initial Note Balance of $3,500,000.

     Each of the Notes shall be dated the date of its authentication. The Notes
shall be issuable as registered Notes and the Notes shall be issuable in the
minimum initial Note Balances of $100,000 and in integral multiples of $1 in
excess thereof.

     No Note shall be entitled to any benefit under this Indenture or be valid
or obligatory for any purpose, unless there appears on such Note a certificate
of authentication substantially in the form provided for herein executed by the
Indenture Trustee by the manual signature of one of its

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authorized signatories, and such certificate upon any Note shall be conclusive
evidence, and the only evidence, that such Note has been duly authenticated and
delivered hereunder.

     Section 2.03 Acceptance of Contracts by Indenture Trustee.

     (a) The Indenture Trustee or the Custodian acknowledges receipt of, subject
to the exceptions it notes pursuant to the procedures described below, the
documents (or certified copies thereof) referred to in Section 2.2 of the Asset
Purchase Agreement, and declares that it holds and will continue to hold those
documents and any amendments, replacements or supplements thereto and all other
assets of the Trust Estate as Indenture Trustee in trust for the use and benefit
of all present and future Holders of the Notes or, in the case of the Custodian,
on behalf of the Indenture Trustee.

     The Indenture Trustee, or the Custodian on its behalf, shall, for the
benefit of the Noteholders, review each Asset File on or before the Closing Date
and certify in substantially the form attached to the Custodial Agreement as
Exhibit A-1 thereto that, as to each Contract listed in the List of Contracts
(other than any Contract specifically identified in the exception report annexed
thereto as not being covered by such certification), (i) all documents
constituting part of such Asset File (other than assumption and modification
agreements) required to be delivered to it pursuant to the Asset Purchase
Agreement are in its possession, (ii) such documents have been reviewed by it
and appear regular on their face and relate to such Contract and (iii) based on
its examination and only as to the foregoing, the information set forth in the
List of Contracts accurately reflects information set forth in the Asset File.
It is herein acknowledged that, in conducting such review, neither the Indenture
Trustee nor the Custodian shall be under any duty or obligation (i) to inspect,
review or examine any such documents, instruments, certificates or other papers
to determine whether they are genuine, enforceable, or appropriate for the
represented purpose or whether they have actually been recorded or that they are
other than what they purport to be on their face or (ii) to determine whether
any Asset File should include any of the documents concerning assumption and
modification agreements.

     Prior to the first anniversary date of this Indenture the Indenture Trustee
or the Custodian shall deliver to the Depositor and the Servicer a final
certification in the form annexed to the Custodial Agreement as Exhibit A-2
evidencing the completeness of the Asset Files, with any applicable exceptions
noted thereon, and the Servicer shall forward a copy thereof to any
Sub-Servicer.

     If in the process of reviewing the Asset Files and making or preparing, as
the case may be, the certifications referred to above, the Indenture Trustee or
the Custodian finds any document or documents constituting a part of an Asset
File to be missing or defective in any material respect, at the conclusion of
its review the Indenture Trustee or the Custodian shall so notify the Depositor
and the Servicer. In addition, upon the discovery by the Indenture Trustee of a
breach of any of the representations and warranties made by the Originator and
the Seller in the Asset Purchase Agreement in respect of any Contract which
materially adversely affects such Contract or the interests of the related
Noteholders in such Contract, the Indenture Trustee party discovering such
breach shall give prompt written notice to the Depositor, the Servicer, the
Originator and the Seller.

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<PAGE>

     (b) Upon receipt by the Trust Estate by deposit in the Note Payment Account
of the Repurchase Price for a repurchased Contract under Section 2.03 of the
Servicing Agreement, or the delivery of an Eligible Substitute Contract pursuant
to subsection 3.6(b) of the Asset Purchase Agreement, and upon receipt of a
certificate of an Officer of the Originator in the form attached as Exhibit B to
the Servicing Agreement or, with respect to any Eligible Substitute Contract
delivered under subsection 3.6(b) of the Asset Purchase Agreement, a certificate
of an Officer of the Originator in the form attached as Exhibit A to the Asset
Purchase Agreement, the Indenture Trustee shall release or shall cause the
Custodian to release the related Asset File and shall execute and deliver all
instruments of transfer or assignment, without recourse, furnished to it by the
Originator as are necessary to vest in the Originator title to and rights under
the related Contract.

                                   ARTICLE III

                                    COVENANTS

     Section 3.01 Collection of Payments with respect to the Contracts. The
Indenture Trustee shall establish and maintain an Eligible Account (the "Note
Payment Account") in which the Indenture Trustee shall deposit, on the same day
as received from the Servicer, amounts received from the Servicer pursuant to
Section 3.06(a) of the Servicing Agreement. The Indenture Trustee shall make all
payments of principal of and interest on the Notes, subject to Section 3.03 as
provided in Section 3.05 herein from monies on deposit in the Note Payment
Account.

     Section 3.02 Maintenance of Office or Agency. The Issuer will maintain an
office or agency where, subject to satisfaction of conditions set forth herein,
Notes may be surrendered for registration of transfer or exchange, and where
notices and demands to or upon the Issuer in respect of the Notes and this
Indenture may be served. The Issuer hereby initially appoints the Indenture
Trustee to serve as its agent for the foregoing purposes. If at any time the
Issuer shall fail to maintain any such office or agency or shall fail to furnish
the Indenture Trustee with the address thereof, such surrenders may be made and
notices and demands may be made or served at the Corporate Trust Office.

     Section 3.03 Money for Payments To Be Held in Trust; Paying Agent. As
provided in Section 3.01, all payments of amounts due and payable with respect
to any Notes that are to be made from amounts withdrawn from the Note Payment
Account pursuant to Section 3.01 shall be made on behalf of the Issuer by the
Indenture Trustee or by the Paying Agent, and no amounts so withdrawn from the
Note Payment Account for payments of Notes shall be paid over to the Issuer
except as provided in this Section 3.03. The Issuer hereby appoints the
Indenture Trustee as its Paying Agent.

     The Issuer will cause each Paying Agent other than the Indenture Trustee to
execute and deliver to the Indenture Trustee an instrument in which such Paying
Agent shall agree with the indenture Trustee (and if the Indenture Trustee acts
as Paying Agent it hereby so agrees), subject to the provisions of this Section
3.03, that such Paying Agent will:

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          (i) hold all sums held by it for the payment of amounts due with
     respect to the Notes in trust for the benefit of the Persons entitled
     thereto until such sums shall be paid to such Persons or otherwise disposed
     of as herein provided and pay such sums to such Persons as herein provided;

          (ii) give the Indenture Trustee notice of any default by the Issuer of
     which it has actual knowledge in the making of any payment required to be
     made with respect to the Notes;

          (iii) at any time during the continuance of any such default, upon the
     written request of the Indenture Trustee, forthwith pay to the Indenture
     Trustee all sums so held in trust by such Paying Agent;

          (iv) immediately resign as Paying Agent and forthwith pay to the
     Indenture Trustee all sums held by it in trust for the payment of Notes if
     at any time it ceases to meet the standards required to be met by a Paying
     Agent at the time of its appointment;

          (v) comply with all requirements of the Code with respect to the
     withholding from any payments made by it on any Notes of any applicable
     withholding taxes imposed thereon and with respect to any applicable
     reporting requirements in connection therewith; and

          (vi) not commence a bankruptcy proceeding against the Issuer in
     connection with this Indenture.

     The Issuer may at any time, for the purpose of obtaining the satisfaction
and discharge of this Indenture or for any other purpose, by Issuer Request
direct any Paying Agent to pay to the Indenture Trustee all sums held in trust
by such Paying Agent, such sums to be held by the Indenture Trustee upon the
same trusts as those upon which the sums were held by such Paying Agent; and
upon such payment by any Paying Agent to the Indenture Trustee, such Paying
Agent shall be released from all further liability with respect to such money.

     Any money held by the Indenture Trustee or any Paying Agent in trust for
the payment of any amount due with respect to any Note and remaining unclaimed
for one year after such amount has become due and payable shall be discharged
from such trust and be paid to the Issuer on Issuer Request; and the Holder of
such Note shall thereafter, as an unsecured general creditor, look only to the
Issuer for payment thereof (but only to the extent of the amounts so paid to the
Issuer), and all liability of the Indenture Trustee or such Paying Agent with
respect to such trust money shall thereupon cease; provided, however, that the
Indenture Trustee or such Paying Agent, before being required to make any such
repayment, shall at the expense and direction of the Issuer cause to be
published once, in an Authorized Newspaper published in the English language,
notice that such money remains unclaimed and that, after a date specified
therein which shall not be less than 30 days from the date of such publication,
any unclaimed balance of such money then remaining will be repaid to the Issuer.
The Indenture Trustee may also adopt and employ, at the expense and direction f
the Issuer, any other reasonable means of notification of such repayment
(including, but not limited to, mailing notice of such repayment to Holders
whose Notes have been called but have not been surrendered for redemption or
whose right to or

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interest in monies due and payable but not claimed is determinable from the
records of the Indenture Trustee or of any Paying Agent, at the last address of
record for each such Holder).

     Section 3.04 Existence. The Issuer will keep in full effect its existence,
rights and franchises as a statutory trust under the laws of the State of
Delaware (unless it becomes, or any successor Issuer hereunder is or becomes,
organized under the laws of any other state or of the United States of America,
in which case the Issuer will keep in full effect its existence, rights and
franchises under the laws of such other jurisdiction) and will obtain and
preserve its qualification to do business in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and
enforceability of this Indenture, the Notes, the Contracts and each other
instrument or agreement included in the Trust Estate.

     Section 3.05 Payment of Principal and Interest. On each Payment Date from
amounts on deposit in the Note Payment Account in accordance with Section 8.02
hereof, the Indenture Trustee shall pay to the Persons and to the extent
provided therein, the Amount Available for such Payment Date.

     Section 3.06 Protection of Trust Estate.

     (a) The Issuer will from time to time prepare, execute and deliver all such
supplements and amendments hereto and all such financing statements,
continuation statements, instruments of further assurance and other instruments,
and will take such other action necessary or advisable to:

          (i) maintain or preserve the lien and security interest (and the
     priority thereof) of this Indenture or carry out more effectively the
     purposes hereof;

          (ii) perfect, publish notice of or protect the validity of any Grant
     made or to be made by this Indenture;

          (iii) cause the Issuer or Servicer to enforce any of the rights to the
     Contracts; or

          (iv) preserve and defend title to the Trust Estate and the rights of
     the Indenture Trustee and the Noteholders in such Trust Estate against the
     claims of all persons and parties.

     (b) Except as otherwise provided in this Indenture, the Indenture Trustee
shall not remove any portion of the Trust Estate that consists of money or is
evidenced by an instrument, certificate or other writing from the jurisdiction
in which it was held at the date of the most recent Opinion of Counsel delivered
pursuant to Section 3.07 hereof (or from the jurisdiction in which it was held
as described in the Opinion of Counsel delivered on the Closing Date pursuant to
Section 3.07(a) hereof, or if no Opinion of Counsel has yet been delivered
pursuant to Section 3.07(b) hereof, unless the Indenture Trustee shall have
first received an Opinion of Counsel to the effect that the lien and security
interest created by this Indenture with respect to such property will continue
to be maintained after giving effect to such action or actions).

     The Issuer hereby designates the Indenture Trustee its agent and
attorney-in-fact to sign any financing statement, continuation statement or
other instrument required to be signed

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pursuant to this Section 3.06 upon the Issuer's preparation thereof and delivery
to the Indenture Trustee.

     Section 3.07 Opinions as to Trust Estate.

     (a) On the Closing Date, the Issuer shall furnish to the Indenture Trustee
and the Owner Trustee an Opinion of Counsel either stating that, in the opinion
of such counsel, such action has been taken with respect to the recording and
filing of this Indenture, any indentures supplemental hereto, and any other
requisite documents, and with respect to the execution and filing of any
financing statements and continuation statements, as are necessary to perfect
and make effective the lien and first priority security interest in the
Collateral and reciting the details of such action, or stating that, in the
opinion of such counsel, no such action is necessary to make such lien and first
priority security interest effective.

     (b) On or before April 15th in each calendar year, beginning in 2006, the
Issuer shall furnish to the Indenture Trustee an Opinion of Counsel at the
expense of the Issuer either stating that, in the opinion of such counsel, such
action has been taken with respect to the recording, filing, rerecording and
refiling of this Indenture, any indentures supplemental hereto and any other
requisite documents and with respect to the execution and filing of any
financing statements and continuation statements as is necessary to maintain the
lien and first priority security interest in the Collateral and reciting the
details of such action or stating that in the opinion of such counsel no such
action is necessary to maintain such lien and security interest. Such Opinion of
Counsel shall also describe the recording, filing, re-recording and refiling of
this Indenture, any indentures supplemental hereto and any other requisite
documents and the execution and filing of any financing statements and
continuation statements that will, in the opinion of such counsel, be required
to maintain the lien and security interest in the Collateral until December 31st
in the following calendar year.

     Section 3.08 Performance of Obligations.

     (a) The Issuer will punctually perform and observe all of its obligations
and agreements contained in this Indenture, the Basic Documents and in the
instruments and agreements included in the Trust Estate.

     (b) The Issuer may contract with other Persons to assist it in performing
its duties under this Indenture, and any performance of such duties by a Person
identified to the Indenture Trustee in an Officer's Certificate of the Issuer
shall be deemed to be action taken by the Issuer.

     (c) The Issuer will not take any action or permit any action to be taken by
others which would release any Person from any of such Person's covenants or
obligations under any of the documents relating to the Contracts or under any
instrument included in the Trust Estate, or which would result in the amendment,
hypothecation, subordination, termination or discharge of, or impair the
validity or effectiveness of, any of the documents relating to the Contracts or
any such instrument, except such actions as the Servicer is expressly permitted
to take in the Servicing Agreement. The Indenture Trustee may exercise the
rights of the Issuer to direct the actions of the Servicer pursuant to the
Servicing Agreement.

                                       8

<PAGE>

     (d) The Issuer may retain an administrator and may enter into contracts
with other Persons for the performance of the Issuer's obligations hereunder,
and performance of such obligations by such Persons shall be deemed to be
performance of such obligations by the Issuer.

     Section 3.09 Negative Covenants. So long as any Notes are Outstanding, the
Issuer shall not:

          (i) except as expressly permitted by this Indenture, sell, transfer,
     exchange or otherwise dispose of the Trust Estate, unless directed to do so
     by the Indenture Trustee;

          (ii) claim any credit on, or make any deduction from the principal or
     interest payable in respect of, the Notes (other than amounts properly
     withheld from such payments under the Code) or assert any claim against any
     present or former Noteholder by reason of the payment of the taxes levied
     or assessed upon any part of the Trust Estate;

          (iii) (A) permit the validity or effectiveness of this Indenture to be
     impaired, or permit the lien of this Indenture to be amended, hypothecated,
     subordinated, terminated or discharged, or permit any Person to be released
     from any covenants or obligations with respect to the Notes under this
     Indenture except as may be expressly permitted hereby, (B) permit any lien,
     charge, excise, claim, security interest, mortgage or other encumbrance
     (other than the lien of this Indenture) to be created on or extend to or
     otherwise arise upon or burden the Trust Estate or any part thereof or any
     interest therein or the proceeds thereof or (C) permit the lien of this
     Indenture not to constitute a valid first priority security interest in the
     Trust Estate; or

          (iv) waive or impair, or fail to assert rights under, the Contracts,
     or impair or cause to be impaired the Issuer's interest in the Contracts,
     the Asset Purchase Agreement or in any Basic Document, if any such action
     would materially and adversely affect the interests of the Noteholders.

     Section 3.10 [Reserved].

     Section 3.11 [Reserved].

     Section 3.12 Representations and Warranties Concerning the Contracts. The
Indenture Trustee, as pledgee of the Contracts, has the benefit of the
representations and warranties made by the Originator and the Seller in the
Asset Purchase Agreement concerning the Originator, the Seller and the Contracts
to the same extent as though such representations and warranties were made
directly to the Indenture Trustee. If a Responsible Officer of the Indenture
Trustee has actual knowledge of any breach of any representation or warranty
made by the Originator and the Seller in the Asset Purchase Agreement, the
Indenture Trustee shall promptly notify the Originator of such finding and the
Originator's obligation to cure such defect or repurchase or substitute for the
related Contract.

     Section 3.13 Amendments to Servicing Agreement. The Issuer covenants with
the Indenture Trustee that it will not enter into any amendment or supplement to
the Servicing Agreement without the prior written consent of the Indenture
Trustee.

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     Section 3.14 Servicer as Agent and Bailee of the Indenture Trustee. Solely
for purposes of perfection under Section 9-305 of the UCC or other similar
applicable law, rule or regulation of the state in which such property is held
by the Servicer, the Issuer and the Indenture Trustee hereby acknowledge that
the Servicer is acting as bailee of the Indenture Trustee in holding amounts on
deposit in the Collection Account, as well as its bailee in holding any Related
Documents released to the Servicer, and any other items constituting a part of
the Trust Estate which from time to time come into the possession of the
Servicer. It is intended that, by the Servicer's acceptance of such bailee
arrangement, the Indenture Trustee, as a secured party of the Contracts, will be
deemed to have possession of such Related Documents, such monies and such other
items for purposes of Section 9-305 of the UCC of the state in which such
property is held by the Servicer. The Indenture Trustee shall not be liable and
has no duty with respect to such documents, monies or items while in possession
of the Servicer.

     Section 3.15 Investment Company Act. The Issuer shall not become an
"investment company" or be under the "control" of an "investment company" as
such terms are defined in the Investment Company Act of 1940, as amended (or any
successor or amendatory statute), and the rules and regulations thereunder
(taking into account not only the general definition of the term "investment
company" but also any available exceptions to such general definition);
provided, however, that the Issuer shall be in compliance with this Section 3.15
if it shall have obtained an order exempting it from regulation as an
"investment company" so long as it is in compliance with the conditions imposed
in such order.

     Section 3.16 Issuer May Consolidate, etc.

     (a) The Issuer shall not consolidate or merge with or into any other
Person, unless:

          (i) the Person (if other than the Issuer) formed by or surviving such
     consolidation or merger shall be a Person organized and existing under the
     laws of the United States of America or any state or the District of
     Columbia and shall expressly assume, by an indenture supplemental hereto,
     executed and delivered to the Indenture Trustee, in form reasonably
     satisfactory to the Indenture Trustee, the due and punctual payment of the
     principal of and interest on all Notes, and all other amounts payable to
     the Indenture Trustee, the payment to the Certificate Paying Agent of all
     amounts due to the Certificateholders, and the performance or observance of
     every agreement and covenant of this Indenture on the part of the Issuer to
     be performed or observed, all as provided herein;

          (ii) immediately after giving effect to such transaction, no Event of
     Default shall have occurred and be continuing;

          (iii) the Rating Agencies shall have notified the Issuer that such
     transaction shall not cause the rating of the Notes to be reduced,
     suspended or withdrawn or to be considered by either Rating Agency to be
     below investment grade;

          (iv) the Issuer shall have received an Opinion of Counsel (and shall
     have delivered a copy thereof to the Indenture Trustee) to the effect that
     such transaction will not (A) result in a "substantial modification" of the
     Notes under Treasury Regulation

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<PAGE>

     section 1.1001-3, or adversely affect the status of the Notes as
     indebtedness for federal income tax purposes, or (B) if 100% of the
     Certificates are not owned by Origen REIT or a direct or indirect qualified
     REIT subsidiary of Origen REIT, cause the Trust to be subject to an entity
     level tax for federal income tax purposes;

          (v) any action that is necessary to maintain the lien and security
     interest created by this Indenture shall have been taken; and

          (vi) the Issuer shall have delivered to the Indenture Trustee an
     Officer's Certificate and an Opinion of Counsel each stating that such
     consolidation or merger and such supplemental indenture comply with this
     Article III and that all conditions precedent herein provided for or
     relating to such transaction have been complied with (including any filing
     required by the Exchange Act), and that such supplemental indenture is
     enforceable.

     (b) The Issuer shall not convey or transfer any of its properties or
assets, including those included in the Trust Estate, to any Person, unless:

          (i) the Person that acquires by conveyance or transfer the properties
     and assets of the Issuer, the conveyance or transfer of which is hereby
     restricted, shall (A) be a United States citizen or a Person organized and
     existing under the laws of the United States of America or any state
     thereof, (B) expressly assume, by an indenture supplemental hereto,
     executed and delivered to the Indenture Trustee, in form satisfactory to
     the Indenture Trustee, the due and punctual payment of the principal of and
     interest on all Notes and the performance or observance of every agreement
     and covenant of this Indenture on the part of the Issuer to be performed or
     observed, all as provided herein, (C) expressly agree by means of such
     supplemental indenture that all right, title and interest so conveyed or
     transferred shall be subject and subordinate to the rights of the Holders
     of the Notes, (D) unless otherwise provided in such supplemental indenture,
     expressly agree to indemnify, defend and hold harmless the Issuer, the
     Owner Trustee and the Indenture Trustee against and from any loss,
     liability or expense arising under or related to this Indenture and the
     Notes and (E) expressly agree by means of such supplemental indenture that
     such Person (or if a group of Persons, then one specified Person) shall
     make all filings with the Commission (and any other appropriate Person)
     required by the Exchange Act in connection with the Notes;

          (ii) immediately after giving effect to such transaction, no Default
     or Event of Default shall have occurred and be continuing;

          (iii) the Rating Agencies shall have notified the Issuer that such
     transaction shall not cause the rating of the Notes to be reduced,
     suspended or withdrawn;

          (iv) the Issuer shall have received an Opinion of Counsel (and shall
     have delivered a copy thereof to the Indenture Trustee) to the effect that
     such transaction will not (A) result in a "substantial modification" of the
     Notes under Treasury Regulation section 1.1001-3, or adversely affect the
     status of the Notes as indebtedness for federal income tax purposes, or (B)
     if 100% of the Certificates are not owned by Origen REIT or

                                       11

<PAGE>

     a direct or indirect qualified REIT subsidiary of Origen REIT, cause the
     Trust to be subject to an entity level tax for federal income tax purposes;

          (v) any action that is necessary to maintain the lien and security
     interest created by this Indenture shall have been taken; and

          (vi) the Issuer shall have delivered to the Indenture Trustee an
     Officer's Certificate and an Opinion of Counsel each stating that such
     conveyance or transfer and such supplemental indenture comply with this
     Article III and that all conditions precedent herein provided for relating
     to such transaction have been complied with (including any filing required
     by the Exchange Act).

     Section 3.17 Successor or Transferee.

     (a) Upon any consolidation or merger of the Issuer in accordance with
Section 3.16(a), the Person formed by or surviving such consolidation or merger
(if other than the Issuer) shall succeed to, and be substituted for, and may
exercise every right and power of, the Issuer under this Indenture with the same
effect as if such Person had been named as the Issuer herein.

     (b) Upon a conveyance or transfer of all the assets and properties of the
Issuer pursuant to Section 3.16(b), the Issuer will be released from every
covenant and agreement of this Indenture to be observed or performed on the part
of the Issuer with respect to the Notes immediately upon the delivery of written
notice to the Indenture Trustee of such conveyance or transfer.

     Section 3.18 No Other Business. The Issuer shall not engage in any business
other than financing, purchasing, owning and selling and managing the Contracts
and the issuance of the Notes and Certificates in the manner contemplated by
this Indenture and the Basic Documents and all activities incidental thereto.

     Section 3.19 No Borrowing. The Issuer shall not issue, incur, assume,
guarantee or otherwise become liable, directly or indirectly, for any
indebtedness except for the Notes under this Indenture.

     Section 3.20 Guarantees, Loans, Advances and Other Liabilities. Except as
contemplated by this Indenture or the Basic Documents, the Issuer shall not make
any loan or advance or credit to, or guarantee (directly or indirectly or by an
instrument having the effect of assuring another's payment or performance on any
obligation or capability of so doing or otherwise), endorse or otherwise become
contingently liable, directly or indirectly, in connection with the obligations,
stocks or dividends of, or own, purchase, repurchase or acquire (or agree
contingently to do so) any stock, obligations, assets or securities of, or any
other interest in, or make any capital contribution to, any other Person.

     Section 3.21 Capital Expenditures. The Issuer shall not make any
expenditure (by long-term or operating lease or otherwise) for capital assets
(either realty or personalty).

     Section 3.22 Reserved.

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     Section 3.23 Restricted Payments. The Issuer shall not, directly or
indirectly, (i) pay any dividend or make any distribution (by reduction of
capital or otherwise), whether in cash, property, securities or a combination
thereof, to the Owner Trustee or any owner of a beneficial interest in the
Issuer or otherwise with respect to any ownership or equity interest or security
in or of the Issuer, (ii) redeem, purchase, retire or otherwise acquire for
value any such ownership or equity interest or security or (iii) set aside or
otherwise segregate any amounts for any such purpose; provided, however, that
the Issuer may make, or cause to be made, (x) distributions and payments to the
Owner Trustee, the Indenture Trustee, Noteholders and the Certificateholders as
contemplated by, and to the extent funds are available for such purpose under
this Indenture and the Trust Agreement and (y) payments to the Servicer pursuant
to the terms of the Servicing Agreement. The Issuer will not, directly or
indirectly, make payments to or distributions from the Collection Account except
in accordance with this Indenture and the Basic Documents.

     Section 3.24 Notice of Events of Default. The Issuer shall give the
Indenture Trustee and the Rating Agencies prompt written notice of each Event of
Default hereunder and under the Trust Agreement.

     Section 3.25 Further Instruments and Acts. Upon request of the Indenture
Trustee, the Issuer will execute and deliver such further instruments and do
such further acts as may be reasonably necessary or proper to carry out more
effectively the purpose of this Indenture.

     Section 3.26 Statements to Noteholders. On each Payment Date, the Indenture
Trustee and the Certificate Registrar shall prepare and make available on the
Indenture Trustee's website, https://www.jpmorgan.com/sfr (or deliver at the
recipient's option), to each Noteholder and Certificateholder, and the
Underwriter, the most recent statement prepared by the Indenture Trustee
pursuant to Section 7.05 hereof.

     Section 3.27 [Reserved].

     Section 3.28 Certain Representations Regarding the Trust Estate.

     (a) With respect to that portion of the Collateral described in clauses (a)
through (d) of the definition of Trust Estate, the Issuer represents to the
Indenture Trustee that:

          (i) This Indenture creates a valid and continuing security interest
     (as defined in the applicable UCC) in the Collateral in favor of the
     Indenture Trustee, which security interest is prior to all other liens, and
     is enforceable as such as against creditors of and purchasers from the
     Issuer.

          (ii) The Collateral constitutes "deposit accounts", "chattel paper",
     "general intangibles" or "instruments," as applicable, within the meaning
     of the applicable UCC.

          (iii) The Issuer owns and has good and marketable title to the
     Collateral, free and clear of any lien, claim or encumbrance of any Person.

          (iv) Other than the security interest granted to the Indenture Trustee
     pursuant to this Indenture, the Issuer has not pledged, assigned, sold,
     granted a security interest in, or otherwise conveyed any of the
     Collateral.

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<PAGE>

     (b) With respect to that portion of the Collateral described in clause (e)
of the definition of "Trust Estate", the Issuer represents to the Indenture
Trustee that:

          (i) This Indenture creates a valid and continuing security interest
     (as defined in the applicable UCC) in the Collateral in favor of the
     Indenture Trustee, which security interest is prior to all other liens, and
     is enforceable as such as against creditors of and purchasers from the
     Issuer.

          (ii) The Collateral constitutes "general intangibles" within the
     meaning of the applicable UCC.

          (iii) The Issuer owns and has good and marketable title to the
     Collateral, free and clear of any lien, claim or encumbrance of any Person.

          (iv) Other than the security interest granted to the Indenture Trustee
     pursuant to this Indenture, the Issuer has not pledged, assigned, sold,
     granted a security interest in, or otherwise conveyed any of the
     Collateral.

     (c) With respect to any Collateral in which a security interest may be
perfected by filing, the Issuer has not authorized the filing of, and is not
aware of any financing statements against, the Issuer, that include a
description of collateral covering such Collateral, other than any financing
statement relating to the security interest granted to the Indenture Trustee
hereunder or that has been terminated. The Issuer is not aware of any judgment
or tax lien filings against the Issuer.

     (d) The Issuer has caused or will have caused, within ten days, the filing
of all appropriate financing statements in the proper filing office in the
appropriate jurisdictions under applicable law in order to perfect the security
interest in all Collateral granted to the Indenture Trustee hereunder in which a
security interest may be perfected by filing. Any financing statement that is
filed in connection with this Section 3.28 shall contain a statement that a
purchase or security interest in any collateral described therein will violate
the rights of the secured party named in such financing statement.

     (e) The foregoing representations may not be waived and shall survive the
issuance of the Notes.

                                   ARTICLE IV

               THE NOTES; SATISFACTION AND DISCHARGE OF INDENTURE

     Section 4.01 The Notes. Each Class of Notes shall be issued in the form of
Book-Entry Notes and shall be registered in the name of a nominee designated by
the Depository. Beneficial Owners will hold interests in the Book-Entry Notes
through the book-entry facilities of the Depository in minimum initial Note
Balances of $100,000 and integral multiples of $1 in excess thereof.

     The Indenture Trustee may for all purposes (including the making of
payments due on the Notes) deal with the Depository (through and to its nominee)
as the authorized representative of

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<PAGE>

the Beneficial Owners with respect to the Book-Entry Notes for the purposes of
exercising the rights of Holders of the Book-Entry Notes hereunder. Except as
provided in the next succeeding paragraph of this Section 4.01, the rights of
Beneficial Owners with respect to the Book-Entry Notes shall be limited to those
established by law and agreements between such Beneficial Owners and the
Depository and Depository Participants. Except as provided in Section 4.08
hereof, Beneficial Owners shall not be entitled to definitive notes for the
Book-Entry Notes as to which they are the Beneficial Owners. Requests and
directions from, and votes of, the Depository as Holder of the Book-Entry Notes
shall not be deemed inconsistent if they are made with respect to different
Beneficial Owners. The Indenture Trustee may establish a reasonable record date
in connection with solicitations of consents from or voting by Holders of Notes
and give notice to the Depository of such record date. Without the consent of
the Issuer and the Indenture Trustee, no Offered Note may be transferred by the
Depository except to a successor Depository that agrees to hold such Offered
Note for the account of the Beneficial Owners.

     In the event the Depository Trust Company resigns or is removed as
Depository, the Indenture Trustee with the approval of the Issuer may appoint a
successor Depository. If no successor Depository has been appointed within 30
days of the effective date of the Depository's resignation or removal, each
Beneficial Owner shall be entitled to certificates representing the Book-Entry
Notes it beneficially owns in the manner prescribed in Section 4.08.

     The Notes shall, on original issue, be executed on behalf of the Issuer by
the Owner Trustee, not in its individual capacity but solely as Owner Trustee,
authenticated by the Indenture Trustee and delivered by the Indenture Trustee to
or upon the order of the Issuer.

     Section 4.02 Registration of and Limitations on Transfer and Exchange of
Notes; Appointment of Note Registrar and Certificate Registrar. The Issuer shall
cause to be kept at the Corporate Trust Office a Note Register in which, subject
to such reasonable regulations as it may prescribe, the Note Registrar shall
provide for the registration of Notes and of transfers and exchanges of Notes as
herein provided.

     Subject to the restrictions and limitations set forth below, upon surrender
for registration of transfer of any Note at the Corporate Trust Office, the
Issuer shall execute and the Note Registrar shall authenticate and deliver, in
the name of the designated transferee or transferees, one or more new Notes in
authorized initial Note Balances evidencing the same Class and aggregate
Percentage Interests.

     Subject to the foregoing, at the option of the Noteholders, Notes may be
exchanged for other Notes of like tenor and in authorized initial Note Balances
evidencing the same Class and aggregate Percentage Interests upon surrender of
the Notes to be exchanged at the Corporate Trust Office of the Note Registrar.
Whenever any Notes are so surrendered for exchange, the Issuer shall execute and
the Indenture Trustee shall authenticate and deliver the Notes which the
Noteholder making the exchange is entitled to receive. Each Note presented or
surrendered for registration of transfer or exchange shall (if so required by
the Note Registrar) be duly endorsed by, or be accompanied by a written
instrument of transfer in form reasonably satisfactory to the Note Registrar
duly executed by the Holder thereof or his attorney duly authorized in writing
with such signature guaranteed by a commercial bank or trust company located or
having a correspondent located in the city of New York. Notes delivered upon any
such transfer or

                                       15

<PAGE>

exchange will evidence the same obligations, and will be entitled to the same
rights and privileges, as the Notes surrendered.

     No service charge shall be made for any registration of transfer or
exchange of Notes, but the Note Registrar shall require payment of a sum
sufficient to cover any tax or governmental charge that may be imposed in
connection with any registration of transfer or exchange of Notes.

     The Issuer hereby appoints the Indenture Trustee as (i) Certificate
Registrar to keep at its Corporate Trust Office a Certificate Register pursuant
to Section 3.09 of the Trust Agreement in which, subject to such reasonable
regulations as it may prescribe, the Certificate Registrar shall provide for the
registration of Certificates and of transfers and exchanges thereof pursuant to
Section 3.05 of the Trust Agreement and (ii) Note Registrar under this
Indenture. The Indenture Trustee hereby accepts such appointments.

     Section 4.03 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any
mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any
Note, and (ii) there is delivered to the Indenture Trustee such security or
indemnity as may be required by it to hold the Issuer and the Indenture Trustee
harmless, then, in the absence of notice to the Issuer, the Note Registrar or
the Indenture Trustee that such Note has been acquired by a bona fide purchaser,
and provided that the requirements of Section 8-405 of the UCC are met, the
Issuer shall execute, and upon its request the Indenture Trustee shall
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Note, a replacement Note; provided, however, that if
any such destroyed, lost or stolen Note, but not a mutilated Note, shall have
become or within seven days shall be due and payable, instead of issuing a
replacement Note, the Issuer may pay such destroyed, lost or stolen Note when so
due or payable without surrender thereof. If, after the delivery of such
replacement Note or payment of a destroyed, lost or stolen Note pursuant to the
proviso to the preceding sentence, a bona fide purchaser of the original Note in
lieu of which such replacement Note was issued presents for payment such
original Note, the Issuer and the Indenture Trustee shall be entitled to recover
such replacement Note (or such payment) from the Person to whom it was delivered
or any Person taking such replacement Note from such Person to whom such
replacement Note was delivered or any assignee of such Person, except a bona
fide purchaser, and shall be entitled to recover upon the security or indemnity
provided therefor to the extent of any loss, damage, cost or expense incurred by
the Issuer or the Indenture Trustee in connection therewith.

     Upon the issuance of any replacement Note under this Section 4.03, the
Issuer may require the payment by the Holder of such Note of a sum sufficient to
cover any tax or other governmental charge that may be imposed in relation
thereto and any other reasonable expenses (including the fees and expenses of
the Indenture Trustee) connected therewith.

     Every replacement Note issued pursuant to this Section 4.03 in replacement
of any mutilated, destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of the Issuer, whether or not the mutilated,
destroyed, lost or stolen Note shall be at any time enforceable by anyone, and
shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder.

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<PAGE>

     The provisions of this Section 4.03 are exclusive and shall preclude (to
the extent lawful) all other rights and remedies with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Notes.

     Section 4.04 Persons Deemed Owners. Prior to due presentment for
registration of transfer of any Note, the Issuer, the Indenture Trustee, the
Paying Agent and any agent of the Issuer or the Indenture Trustee may treat the
Person in whose name any Note is registered (as of the day of determination) as
the owner of such Note for the purpose of receiving payments of principal of and
interest, if any, on such Note and for all other purposes whatsoever, whether or
not such Note be overdue, and neither the Issuer, the Indenture Trustee, the
Paying Agent nor any agent of the Issuer or the Indenture Trustee shall be
affected by notice to the contrary.

     Section 4.05 Cancellation. All Notes surrendered for payment, registration
of transfer, exchange or redemption shall, if surrendered to any Person other
than the Indenture Trustee, be delivered to the Indenture Trustee and shall be
promptly cancelled by the Indenture Trustee. The Issuer may at any time deliver
to the Indenture Trustee for cancellation any Notes previously authenticated and
delivered hereunder which the Issuer may have acquired in any manner whatsoever,
and all Notes so delivered shall be promptly cancelled by the Indenture Trustee.
No Notes shall be authenticated in lieu of or in exchange for any Notes
cancelled as provided in this Section 4.05, except as expressly permitted by
this Indenture. All cancelled Notes may be held or disposed of by the Indenture
Trustee in accordance with its standard retention or disposal policy as in
effect at the time unless the Issuer shall direct by an Issuer Request that they
be destroyed or returned to it; provided, however, that such Issuer Request is
timely and the Notes have not been previously disposed of by the Indenture
Trustee.

     Section 4.06 Book-Entry Notes. The Notes, upon original issuance, will be
issued in the form of typewritten Notes representing the Book-Entry Notes, to be
delivered to The Depository Trust Company, the initial Depository, by, or on
behalf of, the Issuer. The Notes shall initially be registered on the Note
Register in the name of Cede & Co., the nominee of the initial Depository, and
no Beneficial Owner will receive a Definitive Note representing such Beneficial
Owner's interest in such Book-Entry Note, except as provided in Section 4.08.
With respect to such Book-Entry Notes, unless and until definitive, fully
registered Notes (the "Definitive Notes") have been issued to Beneficial Owners
pursuant to Section 4.08:

          (i) the provisions of this Section 4.06 shall be in full force and
     effect;

          (ii) the Note Registrar, the Paying Agent and the Indenture Trustee
     shall be entitled to deal with the Depository for all purposes of this
     Indenture (including the payment of principal of and interest on the
     Book-Entry Notes and the giving of instructions or directions hereunder) as
     the sole holder of the Book-Entry Notes, and shall have no obligation to
     the Beneficial Owners of the Book-Entry Notes;

          (iii) to the extent that the provisions of this Section 4.06 conflict
     with any other provisions of this Indenture, the provisions of this Section
     4.06 shall control;

          (iv) the rights of Beneficial Owners shall be exercised only through
     the Depository and shall be limited to those established by law and
     agreements between such

                                       17

<PAGE>

     Owners of Book-Entry Notes and the Depository and/or the Depository
     Participants. Unless and until Definitive Notes are issued pursuant to
     Section 4.08, the initial Depository will make book-entry transfers among
     the Depository Participants and receive and transmit payments of principal
     of and interest on the Book-Entry Notes to such Depository Participants;
     and

          (v) whenever this Indenture requires or permits actions to be taken
     based upon instructions or directions of Holders of Book-Entry Notes
     evidencing a specified percentage of the Note Balances of the Notes, the
     Depository shall be deemed to represent such percentage with respect to the
     Book-Entry Notes only to the extent that it has received instructions to
     such effect from Beneficial Owners and/or Depository Participants owning or
     representing, respectively, such required percentage of the beneficial
     interest in the Book-Entry Notes and has delivered such instructions to the
     Indenture Trustee.

     Section 4.07 Notices to Depository. Whenever a notice or other
communication to the Note Holders is required under this Indenture, unless and
until Definitive Notes shall have been issued to Beneficial Owners of Book-Entry
Notes pursuant to Section 4.08, the Indenture Trustee shall give all such
notices and communications specified herein to be given to Holders of the
Book-Entry Notes to the Depository, and shall have no obligation to the
Beneficial Owners thereof.

     Section 4.08 Definitive Notes. If (i) the Indenture Trustee determines that
the Depository is no longer willing or able to properly discharge its
responsibilities with respect to the Book-Entry Notes and the Indenture Trustee
is unable to locate a qualified successor, (ii) the Indenture Trustee elects to
terminate the book-entry system through the Depository to the extent permitted
pursuant to the Depository's rules, or (iii) after the occurrence of an Event of
Default, Beneficial Owners of Book-Entry Notes representing beneficial interests
aggregating at least a majority of the Note Balances of the Book-Entry Notes
advise the Depository in writing that the continuation of a book-entry system
through the Depository is no longer in the best interests of such Beneficial
Owners, then the Depository shall notify all Beneficial Owners of Book-Entry
Notes and the Indenture Trustee of the occurrence of any such event and of the
availability of Definitive Notes to such Beneficial Owners requesting the same.
Upon surrender to the Indenture Trustee of the typewritten Notes representing
the Book-Entry Notes by the Depository, accompanied by registration
instructions, the Issuer shall execute and the Indenture Trustee shall
authenticate the Definitive Notes in accordance with the instructions of the
Depository. None of the Issuer, the Note Registrar or the Indenture 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 Notes, the Indenture Trustee shall recognize the
Holders of the Definitive Notes as Noteholders.

     Section 4.09 Tax Treatment. The Issuer has entered into this Indenture, and
the Notes will be issued with the intention that, for federal, state and local
income, single business and franchise tax purposes, the Notes will qualify as
indebtedness. The Issuer and the Indenture Trustee (in accordance with Section
6.06 hereof), by entering into this Indenture, and each Noteholder, by its
acceptance of its Note (and each Beneficial Owner by its acceptance of an

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interest in the applicable Book-Entry Note), agree to treat the Notes for
federal, state and local income, single business and franchise tax purposes as
indebtedness.

     Section 4.10 Satisfaction and Discharge of Indenture. This Indenture shall
cease to be of further effect with respect to the Notes except as to (i) rights
of registration of transfer and exchange, (ii) substitution of mutilated,
destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments
of principal thereof and interest thereon, (iv) Sections 3.03, 3.04, 3.06, 3.09,
3.17, 3.19 and 3.20, (v) the rights, obligations and immunities of the Indenture
Trustee hereunder (including the rights of the Indenture Trustee under Section
6.07 and the obligations of the Indenture Trustee under Section 4.11) and (vi)
the rights of Noteholders as beneficiaries hereof with respect to the property
so deposited with the Indenture Trustee payable to all or any of them, and the
Indenture Trustee, on demand of and at the expense of the Issuer, shall execute
proper instruments acknowledging satisfaction and discharge of this Indenture
with respect to the Notes and shall release and deliver the Collateral to or
upon the order of the Issuer, when

          (A) either

          (1) all Notes theretofore authenticated and delivered (other than (i)
     Notes that have been destroyed, lost or stolen and that have been replaced
     or paid as provided in Section 4.03 hereof and (ii) Notes for whose payment
     money has theretofore been deposited in trust or segregated and held in
     trust by the Issuer and thereafter repaid to the Issuer or discharged from
     such trust, as provided in Section 3.03) have been delivered to the
     Indenture Trustee for cancellation; or

          (2) all Notes not theretofore delivered to the Indenture Trustee for
     cancellation (a) have become due and payable, (b) will become due and
     payable at the Final Stated Maturity Date within one year, or (c) have been
     called for early redemption pursuant to Section 8.07 hereof, and the
     Issuer, in the case of (a) or (b) above, has irrevocably deposited or
     caused to be irrevocably deposited with the Indenture Trustee cash or
     direct obligations of or obligations guaranteed by the United States of
     America (which will mature prior to the date such amounts are payable), in
     trust for such purpose, in an amount sufficient to pay and discharge the
     entire indebtedness on such Notes then outstanding not theretofore
     delivered to the Indenture Trustee for cancellation when due on the Final
     Stated Maturity Date or other final Payment Date, or, in the case of (c)
     above, the Issuer shall have complied with all requirements of Section 8.07
     hereof,

          (B) the Issuer has paid or caused to be paid all other sums payable
     hereunder; and

          (C) the Issuer has delivered to the Indenture Trustee an Officer's
     Certificate and an Opinion of Counsel, each meeting the applicable
     requirements of Section 10.01 hereof, each stating that all conditions
     precedent herein provided for relating to the satisfaction and discharge of
     this Indenture have been complied with and, if the Opinion of Counsel
     relates to a deposit made in connection with Section 4.10(A)(2)(b) above,
     such opinion shall further be to the effect that such deposit will
     constitute an "in-substance defeasance" within the meaning of Revenue
     Ruling 85-42, 1985-1 C.B. 36, and in accordance therewith, the Issuer will
     be the owner of the assets deposited in trust for

                                       19

<PAGE>

     federal income tax purposes.

     Section 4.11 Application of Trust Money. All monies deposited with the
Indenture Trustee pursuant to Section 4.10 hereof shall be held in trust and
applied by it, in accordance with the provisions of the Notes and this
Indenture, to the payment, either directly or through any Paying Agent or the
Issuer, Certificate Paying Agent as designee of the Issuer, as the Indenture
Trustee may determine, to the Holders of Notes or Certificates, of all sums due
and to become due thereon for principal and interest or otherwise; but such
monies need not be segregated from other funds except to the extent required
herein or required by law.

     Section 4.12 [Reserved].

     Section 4.13 Repayment of Monies Held by Paying Agent. In connection with
the satisfaction and discharge of this Indenture with respect to the Notes, all
monies then held by any Person other than the Indenture Trustee under the
provisions of this Indenture with respect to such Notes shall, upon demand of
the Issuer, be paid to the Indenture Trustee to be held and applied according to
Section 3.05 and thereupon such Person shall be released from all further
liability with respect to such monies.

     Section 4.14 Temporary Notes. Pending the preparation of any Definitive
Notes, the Issuer may execute and upon its written direction, the Indenture
Trustee may authenticate and make available for delivery, temporary Notes that
are printed, lithographed, typewritten, photocopied or otherwise produced, in
any denomination, substantially of the tenor of the Definitive Notes in lieu of
which they are issued and with such appropriate insertions, omissions,
substitutions and other variations as the officers executing such Notes may
determine, as evidenced by their execution of such Notes.

     If temporary Notes are issued, the Issuer will cause Definitive Notes to be
prepared without unreasonable delay. After the preparation of the Definitive
Notes, the temporary Notes shall be exchangeable for Definitive Notes upon
surrender of the temporary Notes at the office of the Indenture Trustee located
at c/o DTC Transfer Services, 55 Water Street, Jeanette Park Entrance, New York,
New York 10041, without charge to the Holder. Upon surrender for cancellation of
any one or more temporary Notes, the Issuer shall execute and the Indenture
Trustee shall authenticate and make available for delivery, in exchange
therefor, Definitive Notes of authorized denominations and of like tenor, class
and aggregate principal amount. Until so exchanged, such temporary Notes shall
in all respects be entitled to the same benefits under this Indenture as
Definitive Notes.

     Section 4.15 Representation Regarding ERISA. By acquiring a Note or
interest therein, each Holder of such Note or Beneficial Owner of any such
interest will be deemed to represent that either (1) it is not acquiring the
Note with Plan Assets or (2) (A) the acquisition, holding and transfer of such
Note will not give rise to a non-exempt prohibited transaction under Section 406
of ERISA or Section 4975 of the Code and (B) the Notes are rated investment
grade or better and such person believes that the Notes are properly treated as
indebtedness without substantial equity features for purposes of the Department
of Labor regulation 29 C.F.R. Section 2510.3-101, and agrees to so treat the
Notes. Alternatively, regardless of the rating of the Notes, such person may
provide the Indenture Trustee and the Owner Trustee with an opinion of counsel,
which opinion

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<PAGE>

of counsel will not be at the expense of the Issuer, the Seller, the Originator,
any Underwriter, the Owner Trustee, the Indenture Trustee, the Servicer or any
successor servicer which opines that the acquisition, holding and transfer of
such Note or interest therein is permissible under applicable law, will not
constitute or result in a non-exempt prohibited transaction under ERISA or
Section 4975 of the Code and will not subject the Issuer, the Seller, the
Originator, the Depositor, the Owner Trustee, the Indenture Trustee, the
Servicer or any successor servicer to any obligation in addition to those
undertaken in the Indenture.

                                   ARTICLE V

                              DEFAULT AND REMEDIES

     Section 5.01 Events of Default. The Issuer shall deliver to the Indenture
Trustee, written notice in the form of an Officer's Certificate, within five
days after learning of the occurrence of any event which with the giving of
notice and the lapse of time would become an Event of Default under clause (iv),
(v) or (vi) of the definition of "Event of Default," its status and what action
the Issuer is taking or proposes to take with respect thereto. The Indenture
Trustee shall not be deemed to have knowledge of any Event of Default unless a
Responsible Officer has actual knowledge thereof or unless written notice of
such Event of Default is received by a Responsible Officer and such notice
references the Notes, the Trust Estate or this Indenture.

     Section 5.02 Acceleration of Maturity; Rescission and Annulment. If an
Event of Default should occur and be continuing, then and in every such case the
Indenture Trustee at the written direction of the Holders of Notes representing
not less than 66-2/3% of the aggregate Note Balance of the Notes, together with
accrued and unpaid interest thereon through the date of acceleration shall
become immediately due and payable.

     At any time after such declaration of acceleration of maturity with respect
to an Event of Default has been made and before a judgment or decree for payment
of the money due has been obtained by the Indenture Trustee as hereinafter in
this Article V provided, Holders of the Notes representing not less than 66-2/3%
of the aggregate Note Balance of the Notes, by written notice to the Issuer and
the Indenture Trustee, may waive the related Event of Default and rescind and
annul such declaration and its consequences if:

          (i) the Issuer has paid or deposited with the Indenture Trustee a sum
     sufficient to pay (a) all payments of principal of and Interest Payment
     Amounts due on the Notes and all other amounts that would then be due
     hereunder or upon the Notes if the Event of Default giving rise to such
     acceleration had not occurred; and (b) all sums paid or advanced by the
     Indenture Trustee hereunder and the reasonable compensation, expenses,
     disbursements and advances of the Indenture Trustee and its agents and
     counsel; and

          (ii) all Events of Default, other than the nonpayment of the principal
     of the Notes that has become due solely by such acceleration, have been
     cured or waived as provided in Section 5.12.

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<PAGE>

     No such rescission shall affect any subsequent default or impair any right
consequent thereto.

     Section 5.03 Collection of Indebtedness and Suits for Enforcement by
Indenture Trustee.

     (a) The Issuer covenants that if an Event of Default has occurred and is
continuing, the Issuer shall, upon demand of the Indenture Trustee, at the
direction of the Holders of not less than 66-2/3% of the aggregate Note Balances
of the Notes, pay to the Indenture Trustee, for the benefit of the Holders of
Notes, the whole amount then due and payable on the Notes for principal and
interest, with interest at the applicable Note Rate upon the overdue principal,
and in addition thereto such further amount as shall be sufficient to cover the
costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Indenture Trustee and its agents and
counsel.

     (b) In case the Issuer shall fail forthwith to pay such amounts upon such
demand, the Indenture Trustee, in its own name and as trustee of an express
trust, subject to the provisions of Section 10.16 hereof may institute a
Proceeding for the collection of the sums so due and unpaid, and may prosecute
such Proceeding to judgment or final decree, and may enforce the same against
the Issuer or other obligor upon the Notes and collect in the manner provided by
law out of the property of the Issuer or other obligor the Notes, wherever
situated, the monies adjudged or decreed to be payable.

     (c) If an Event of Default occurs and is continuing, the Indenture Trustee,
subject to the provisions of Section 10.16 hereof may, as more particularly
provided in Section 5.04 hereof, in its discretion, proceed to protect and
enforce its rights and the rights of the Noteholders, by such appropriate
Proceedings, as directed in writing by Holders of at least 66-2/3% of the
aggregate Note Balances of the Notes, to protect and enforce any such rights,
whether for the specific enforcement of any covenant or agreement in this
Indenture or in aid of the exercise of any power granted herein, or to enforce
any other proper remedy or legal or equitable right vested in the Indenture
Trustee by this Indenture or by law.

     (d) In case there shall be pending, relative to the Issuer or any other
obligor upon the Notes or any Person having or claiming an ownership interest in
the Trust Estate, Proceedings under Title 11 of the United States Code or any
other applicable federal or state bankruptcy, insolvency or other similar law,
or in case a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or
taken possession of the Issuer or its property or such other obligor or Person,
or in case of any other comparable judicial Proceedings relative to the Issuer
or other obligor upon the Notes, or to the creditors or property of the Issuer
or such other obligor, the Indenture Trustee, as directed in writing by Holders
of at least 66-2/3% of the aggregate Note Balances of the Notes, irrespective of
whether the principal of any Notes shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the
Indenture Trustee shall have made any demand pursuant to the provisions of this
Section, shall be entitled and empowered, by intervention in such Proceedings or
otherwise:

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<PAGE>

          (i) to file and prove a claim or claims for the whole amount of
     principal and interest owing and unpaid in respect of the Notes and to file
     such other papers or documents as may be necessary or advisable in order to
     have the claims of the Indenture Trustee (including any claim for
     reasonable compensation to the Indenture Trustee and each predecessor
     Indenture Trustee, and their respective agents, attorneys and counsel, and
     for reimbursement of all expenses and liabilities incurred, and all
     advances made, by the Indenture Trustee and each predecessor Indenture
     Trustee, except as a result of negligence or bad faith) and of the
     Noteholders allowed in such Proceedings;

          (ii) unless prohibited by applicable law and regulations, to vote on
     behalf of the Holders of Notes in any election of a trustee, a standby
     trustee or Person performing similar functions in any such Proceedings;

          (iii) to collect and receive any monies or other property payable or
     deliverable on any such claims and to distribute all amounts received with
     respect to the claims of the Noteholders and of the Indenture Trustee on
     their behalf, and

          (iv) to file such proofs of claim and other papers or documents as may
     be necessary or advisable in order to have the claims of the Indenture
     Trustee or the Holders of Notes allowed in any judicial proceedings
     relative to the Issuer, its creditors and its property; and any trustee,
     receiver, liquidator, custodian or other similar official in any such
     Proceeding is hereby authorized by each of such Noteholders to make
     payments to the Indenture Trustee and, in the event that the Indenture
     Trustee shall consent to the making of payments directly to such
     Noteholders, to pay to the Indenture Trustee such amounts as shall be
     sufficient to cover reasonable compensation to the Indenture Trustee, each
     predecessor Indenture Trustee and their respective agents, attorneys and
     counsel, and all other expenses and liabilities incurred, and all advances
     made, by the Indenture Trustee and each predecessor Indenture Trustee.

     (e) Nothing herein contained shall be deemed to authorize the Indenture
Trustee to authorize or consent to or vote for or accept or adopt on behalf of
any Noteholder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder thereof or to
authorize the Indenture Trustee to vote in respect of the claim of any
Noteholder in any such proceeding except, as aforesaid, to vote for the election
of a trustee in bankruptcy or similar Person.

     (f) All rights of action and of asserting claims under this Indenture, or
under any of the Notes, may be enforced by the Indenture Trustee without the
possession of any of the Notes or the production thereof in any trial or other
Proceedings relative thereto, and any such action or proceedings instituted by
the Indenture Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment, subject to the payment of the expenses,
disbursements and compensation of the Indenture Trustee, each predecessor
Indenture Trustee and their respective agents and attorneys, shall be for the
ratable benefit of the Holders of the Notes, subject to Section 5.05 hereof.

     (g) In any Proceedings brought by the Indenture Trustee (and also any
Proceedings involving the interpretation of any provision of this Indenture to
which the Indenture Trustee

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<PAGE>

shall be a party), the Indenture Trustee shall be held to represent all the
Holders of the Notes, and it shall not be necessary to make any Noteholder a
party to any such Proceedings.

     Section 5.04 Remedies; Priorities.

     (a) If an Event of Default shall have occurred and be continuing and if an
acceleration has been declared and not rescinded pursuant to Section 5.02
hereof, the Indenture Trustee subject to the provisions of Section 10.16 hereof
may, and shall, at the written direction of the Holders of not less than 66-2/3%
of the aggregate Note Balances of the Notes, do one or more of the following
(subject to Section 5.05 hereof):

          (i) institute Proceedings in its own name and as trustee of an express
     trust for the collection of all amounts then payable on the Notes or under
     this Indenture with respect thereto, whether by declaration or otherwise
     enforce any judgment obtained, and collect from the Issuer and any other
     obligor upon such Notes monies adjudged due;

          (ii) institute Proceedings from time to time for the complete or
     partial foreclosure of this Indenture with respect to the Trust Estate;

          (iii) exercise any remedies of a secured party under the UCC and take
     any other appropriate action to protect and enforce the rights and remedies
     of the Indenture Trustee and the Holders of the Notes; and

          (iv) sell the Trust Estate or any portion thereof or rights or
     interest therein, at one or more public or private sales called and
     conducted in any manner permitted by law; provided, however, that the
     Indenture Trustee may not sell or otherwise liquidate the Trust Estate
     following an Event of Default, unless (A) the Indenture Trustee obtains the
     consent of the Holders of 100% of the aggregate Note Balance of the Notes,
     (B) the proceeds of such sale or liquidation distributable to the Holders
     of the Notes are sufficient to discharge in full all amounts then due and
     unpaid upon such Notes for principal and interest or (C) the Indenture
     Trustee determines that the Contracts will not continue to provide
     sufficient funds for the payment of principal of and Interest Payment
     Amounts due on the applicable Notes as they would have become due if the
     Notes had not been declared due and payable, and the Indenture Trustee
     obtains the consent of the Holders of at least 66-2/3% of the aggregate
     Note Balance of the Notes. In determining such sufficiency or insufficiency
     with respect to clause (B) and (C), the Indenture Trustee may, but need
     not, obtain and rely upon written advice or an opinion (obtained at the
     expense of the Trust) of an Independent investment banking or accounting
     firm of national reputation as to the feasibility of such proposed action
     and as to the sufficiency of the Trust Estate for such purpose.
     Notwithstanding the foregoing, so long as a Servicer Event of Default has
     not occurred, any sale of the Trust Estate shall be made subject to the
     continued servicing of the Contracts by the Servicer as provided in the
     Servicing Agreement.

     (b) If the Indenture Trustee collects any money or property pursuant to
this Article V, it shall pay out the money or property in the order of priority
set forth in Section 8.01 hereof.

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<PAGE>

     The Indenture Trustee may fix a record date and Payment Date for any
payment to Noteholders pursuant to this Section 5.04. At least 15 days before
such record date, the Indenture Trustee shall mail to each Noteholder a notice
that states the record date, the Payment Date and the amount to be paid.

     Section 5.05 Optional Preservation of the Trust Estate. If the Notes have
been declared to be due and payable under Section 5.02 following an Event of
Default and such declaration and its consequences have not been rescinded and
annulled, the Indenture Trustee may elect to take and maintain possession of the
Trust Estate. It is the desire of the parties hereto and the Noteholders that
there be at all times sufficient funds for the payment of principal of and
interest on the Notes and other obligations of the Issuer and the Indenture
Trustee shall take such desire into account when determining whether or not to
take and maintain possession of the Trust Estate. In determining whether and how
to take and maintain possession of the Trust Estate, the Indenture Trustee may,
but need not, obtain and rely upon the written advice or an opinion of an
Independent investment banking or accounting firm of national reputation as to
the feasibility of such proposed action and as to the sufficiency of the Trust
Estate for such purpose.

     Section 5.06 Limitation of Suits. No Holder of any Note shall have any
right to institute any Proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless and subject to the provisions of Section 10.16 hereof

          (i) such Holder has previously given written notice to the Indenture
     Trustee of a continuing Event of Default;

          (ii) the Holders of not less than 25% of the aggregate Note Balances
     of the Notes have made a written request to the Indenture Trustee to
     institute such Proceeding in respect of such Event of Default in its own
     name as Indenture Trustee hereunder;

          (iii) such Holder or Holders have offered to the Indenture Trustee
     indemnity reasonably satisfactory to it against the costs, expenses and
     liabilities to be incurred in complying with such request;

          (iv) the Indenture Trustee for 60 days after its receipt of such
     notice of request and offer of indemnity has failed to institute such
     Proceedings;

          (v) no direction inconsistent with such written request has been given
     to the Indenture Trustee during such 60-day period by the Holders of at
     least 66-2/3% of the Note Balances of the Notes; and

          (vi) such Event of Default has occurred and is continuing.

     It is understood and intended that no one or more Holders of Notes shall
have any right in any manner whatever by virtue of, or by availing of, any
provision of this Indenture to affect, disturb or prejudice the rights of any
other Holders of Notes or to obtain or to seek to obtain priority or preference
over any other Holders or to enforce any right under this Indenture, except in
the manner herein provided.

                                       25

<PAGE>

     Section 5.07 Unconditional Rights of Noteholders To Receive Principal and
Interest. Notwithstanding any other provisions in this Indenture, the Holder of
any Note shall have the right, which is absolute and unconditional, to receive
payment of the principal of and interest, if any, on such Note on or after the
respective due dates thereof expressed in such Note or in this Indenture and to
institute suit for the enforcement of any such payment, and such right shall not
be impaired without the consent of such Holder.

     Section 5.08 Restoration of Rights and Remedies. If the Indenture Trustee
or any Noteholder has instituted any Proceeding to enforce any right or remedy
under this Indenture and such Proceeding has been discontinued or abandoned for
any reason or has been determined adversely to the Indenture Trustee or to such
Noteholder, then and in every such case the Issuer, the Indenture Trustee and
the Noteholders shall, subject to any determination in such Proceeding, be
restored severally and respectively to their former positions hereunder, and
thereafter all rights and remedies of the Indenture Trustee and the Noteholders
shall continue as though no such Proceeding had been instituted.

     Section 5.09 Rights and Remedies Cumulative. No right or remedy herein
conferred upon or reserved to the Indenture Trustee or to the Noteholders is
intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

     Section 5.10 Delay or Omission Not a Waiver. No delay or omission of the
Indenture Trustee or any Holder of any Note to exercise any right or remedy
accruing upon any Event of Default shall impair any such right or remedy or
constitute a waiver of any such Event of Default or an acquiescence therein.
Every right and remedy given by this Article V or by law to the Indenture
Trustee or to the Noteholders may be exercised from time to time, and as often
as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as
the case may be.

     Section 5.11 Control By Noteholders. The Holders of not less than 66-2/3%
of the aggregate Note Balances of Notes shall have the right to direct the time,
method and place of conducting any Proceeding for any remedy available to the
Indenture Trustee with respect to the Notes or exercising any trust or power
conferred on the Indenture Trustee; provided that:

          (i) such direction shall not be in conflict with any rule of law or
     with this Indenture;

          (ii) any direction to the Indenture Trustee to sell or liquidate the
     Trust Estate shall be by Holders of Notes representing not less than 100%
     of the Note Balances of the Notes;

          (iii) the Indenture Trustee has been provided with indemnity
     satisfactory to it; and

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<PAGE>

          (iv) the Indenture Trustee may take any other action deemed proper by
     the Indenture Trustee that is not inconsistent with such direction of the
     Holders of Notes representing 66-2/3% of the Note Balances of the Notes.

     Notwithstanding the rights of Noteholders set forth in this Section 5.11
the Indenture Trustee need not take any action that it determines might involve
it in liability or if adequate indemnity is not assured to it.

     Section 5.12 Waiver of Past Defaults. Prior to the declaration of the
acceleration of the maturity of the Notes as provided in Section 5.02 hereof,
the Holders of Notes representing not less than 66-2/3% of the aggregate Note
Balance of the Notes may waive any past Event of Default and its consequences
except an Event of Default (a) with respect to payment of principal of or
interest on any of the Notes or (b) in respect of a covenant or provision hereof
which cannot be modified or amended without the consent of the Holder of each
Note. In the case of any such waiver, the Issuer, the Indenture Trustee and the
Holders of the Notes shall be restored to their former positions and rights
hereunder, respectively, but no such waiver shall extend to any subsequent or
other Event of Default or impair any right consequent thereto.

     Upon any such waiver, any Event of Default arising therefrom shall be
deemed to have been cured and not to have occurred, for every purpose of this
Indenture; but no such waiver shall extend to any subsequent or other Event of
Default or impair any right consequent thereto.

     Section 5.13 Undertaking for Costs. All parties to this Indenture agree,
and each Holder of any Note and each Beneficial Owner of any interest therein by
such Holder's or Beneficial Owner's acceptance thereof shall be deemed to have
agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against
the Indenture Trustee for any action taken, suffered or omitted by it as
Indenture Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys' fees,
against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the
provisions of this Section 5.13 shall not apply to (a) any suit instituted by
the Indenture Trustee, (b) any suit instituted by any Noteholder, or group of
Noteholders, in each case holding in the aggregate more than 10% of the Note
Balances of the Notes or (c) any suit instituted by any Noteholder for the
enforcement of the payment of principal of or interest on any Note on or after
the respective due dates expressed in such Note and in this Indenture.

     Section 5.14 Waiver of Stay or Extension Laws. The Issuer covenants (to the
extent that it may lawfully do so) that it will not at any time insist upon, or
plead or in any manner whatsoever, claim or take the benefit or advantage of,
any stay or extension law wherever enacted, now or at any time hereafter in
force, that may affect the covenants or the performance of this Indenture; and
the Issuer (to the extent that it may lawfully do so) hereby expressly waives
all benefit or advantage of any such law, and covenants that it shall not
hinder, delay or impede the execution of any power herein granted to the
Indenture Trustee, but will suffer and permit the execution of every such power
as though no such law had been enacted.

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     Section 5.15 Sale of Trust Estate.

     (a) The power to effect any sale or other disposition (a "Sale") of any
portion of the Trust Estate pursuant to Section 5.04 hereof is expressly subject
to the provisions of Section 5.05 hereof and this Section 5.15. The power to
effect any such Sale shall not be exhausted by any one or more Sales as to any
portion of the Trust Estate remaining unsold, but shall continue unimpaired
until the entire Trust Estate shall have been sold or all amounts payable on the
Notes and under this Indenture shall have been paid. The Indenture Trustee may
from time to time postpone any public Sale by public announcement made at the
time and place of such Sale. The Indenture Trustee hereby expressly waives its
right to any amount fixed by law as compensation for any Sale.

     (b) The Indenture Trustee shall not in any private Sale sell the Trust
Estate, or any portion thereof, unless

          (i) the Holders of all Notes consent to or direct the Indenture
     Trustee to make such Sale, or

          (ii) the proceeds of such Sale would be not less than the entire
     amount which would be payable to the Noteholders under the Notes, in full
     payment thereof in accordance with Section 5.02 hereof, on the Payment Date
     next succeeding the date of such Sale, or

          (iii) the Indenture Trustee determines that the conditions for
     retention of the Trust Estate set forth in Section 5.05 hereof cannot be
     satisfied (in making any determination under this Section 5.15, the
     Indenture Trustee may rely upon written advice or an opinion of an
     Independent investment banking firm obtained and delivered as provided in
     Section 5.05 hereof), and the Holders of Notes representing at least 100%
     of the Note Balances of the Notes consent to such Sale.

     The purchase by the Indenture Trustee of all or any portion of the Trust
Estate at a private Sale shall not be deemed a Sale or other disposition thereof
for purposes of this Section 5.15(b).

     (c) [Reserved].

     (d) In connection with a Sale of all or any portion of the Trust Estate,

          (i) any Holder or Holders of Notes may bid for and purchase the
     property offered for sale, and upon compliance with the terms of sale may
     hold, retain and possess and dispose of such property, without further
     accountability, and may, in paying the purchase money therefor, deliver any
     Notes or claims for interest thereon in lieu of cash up to the amount which
     shall, upon distribution of the net proceeds of such sale, be payable
     thereon, and such Notes, in case the amounts so payable thereon shall be
     less than the amount due thereon, shall be returned to the Holders thereof
     after being appropriately stamped to show such partial payment;

          (ii) the Indenture Trustee may bid for and acquire the property
     offered for Sale in connection with any Sale thereof, and, subject to any
     requirements of, and to the extent

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<PAGE>

     permitted by, applicable law in connection therewith, may purchase all or
     any portion of the Trust Estate in a private sale, and, in lieu of paying
     cash therefor, may make settlement for the purchase price by crediting the
     gross Sale price against the sum of (A) the amount which would be payable
     to the Holders of the Notes and Holders of Certificates on the Payment Date
     next succeeding the date of such Sale and (B) the expenses of the Sale and
     of any Proceedings in connection therewith which are reimbursable to it,
     without being required to produce the Notes in order to complete any such
     Sale or in order for the net Sale price to be credited against such Notes,
     and any property so acquired by the Indenture Trustee shall be held and
     dealt with by it in accordance with the provisions of this Indenture;

          (iii) the Indenture Trustee shall execute and deliver an appropriate
     instrument of conveyance, prepared by the Issuer and satisfactory to the
     Indenture Trustee, transferring its interest in any portion of the Trust
     Estate in connection with a Sale thereof;

          (iv) the Indenture Trustee is hereby irrevocably appointed the agent
     and attorney-in-fact of the Issuer to transfer and convey its interest in
     any portion of the Trust Estate in connection with a Sale thereof, and to
     take all action necessary to effect such Sale; and

          (v) no purchaser or transferee at such a Sale shall be bound to
     ascertain the Indenture Trustee's authority, inquire into the satisfaction
     of any conditions precedent or see to the application of any monies.

     Section 5.16 Action on Notes. The Indenture Trustee's right to seek and
recover judgment on the Notes or under this Indenture shall not be affected by
the seeking, obtaining or application of any other relief under or with respect
to this Indenture. Neither the lien of this Indenture nor any rights or remedies
of the Indenture Trustee or the Noteholders shall be impaired by the recovery of
any judgment by the Indenture Trustee against the Issuer or by the levy of any
execution under such judgment upon any portion of the Trust Estate or upon any
of the assets of the Issuer. Any money or property collected by the Indenture
Trustee shall be applied in accordance with Section 5.04(b) hereof.

     Section 5.17 Performance and Enforcement of Certain Obligations.

     (a) Promptly following a request from the Indenture Trustee to do so, the
Issuer in its capacity as holder of the Contracts, shall take all such lawful
action as the Indenture Trustee may request to cause the Issuer to compel or
secure the performance and observance by the Seller, the Originator and the
Servicer, as applicable, of each of their obligations to the Issuer under or in
connection with the Asset Purchase Agreement and the Servicing Agreement, and to
exercise any and all rights, remedies, powers and privileges lawfully available
to the Issuer under or in connection with the Asset Purchase Agreement and the
Servicing Agreement to the extent and in the manner directed by the Indenture
Trustee, as pledgee of the Contracts, including the transmission of notices of
default on the part of the Seller, the Originator or the Servicer thereunder and
the institution of legal or administrative actions or proceedings to compel or

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<PAGE>

secure performance by the Seller, the Originator or the Servicer of each of
their obligations under the Asset Purchase Agreement and the Servicing
Agreement.

     (b) The Indenture Trustee, as pledgee of the Contracts, may, and at the
direction (which direction shall be in writing or by telephone (confirmed in
writing promptly thereafter)) of the Holders of 66-2/3% of the Note Balances of
the Notes, shall exercise all rights, remedies, powers, privileges and claims of
the Issuer against the Seller, the Originator or the Servicer under or in
connection with the Asset Purchase Agreement and the Servicing Agreement,
including the right or power to take any action to compel or secure performance
or observance by the Seller, the Originator or the Servicer, as the case may be,
of each of their obligations to the Issuer thereunder and to give any consent,
request, notice, direction, approval, extension or waiver under the Asset
Purchase Agreement and the Servicing Agreement, as the case may be, and any
right of the Issuer to take such action shall not be suspended.

                                   ARTICLE VI

                              THE INDENTURE TRUSTEE

     Section 6.01 Duties of Indenture Trustee.

     (a) If an Event of Default has occurred and is continuing, the Indenture
Trustee shall exercise the rights and powers vested in it by this Indenture and
use the same degree of care and skill in their exercise as a prudent person
would exercise or use under the circumstances in the conduct of such person's
own affairs.

     (b) Except during the continuance of an Event of Default:

          (i) the Indenture Trustee undertakes to perform such duties and only
     such duties as are specifically set forth in this Indenture and no implied
     covenants or obligations shall be read into this Indenture against the
     Indenture Trustee; and

          (ii) in the absence of bad faith on its part, the Indenture Trustee
     may conclusively rely, as to the truth of the statements and the
     correctness of the opinions expressed therein, upon certificates or
     opinions furnished to the Indenture Trustee and conforming to the
     requirements of this Indenture; however, the Indenture Trustee shall
     examine the certificates and opinions to determine whether or not they
     conform to the requirements of this Indenture.

     (c) The Indenture Trustee may not be relieved from liability for its own
negligent action, its own negligent failure to act or its own willful
misconduct, except that:

          (i) this paragraph does not limit the effect of paragraph (b) of this
     Section 6.01;

          (ii) the Indenture Trustee shall not be liable for any error of
     judgment made in good faith by a Responsible Officer unless it is proved
     that the Indenture Trustee was negligent in ascertaining the pertinent
     facts; and

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<PAGE>

          (iii) the Indenture Trustee shall not be liable with respect to any
     action it takes or omits to take in good faith in accordance with a
     direction received by it from Noteholders or from the Issuer, which they
     are entitled to give under the Basic Documents.

     (d) The Indenture Trustee shall not be liable for interest on any money
received by it.

     (e) Money held in trust by the Indenture Trustee need not be segregated
from other trust funds except to the extent required by law or the terms of this
Indenture or the Trust Agreement.

     (f) No provision of this Indenture shall require the Indenture Trustee to
expend or risk its own funds or otherwise incur financial liability in the
performance of any of its duties hereunder or in the exercise of any of its
rights or powers, if it shall have reasonable grounds to believe that repayment
of such funds or indemnity satisfactory to it against such risk or liability is
not reasonably assured to it.

     (g) Every provision of this Indenture relating to the conduct or affecting
the liability of or affording protection to the Indenture Trustee shall be
subject to the provisions of this Section and to the provisions of the TIA.

     (h) The Indenture Trustee shall act in accordance with Section 6.03 of the
Servicing Agreement.

     Section 6.02 Rights of Indenture Trustee.

     (a) The Indenture Trustee may conclusively rely on, and shall be fully
protected from acting or refraining from acting upon, any document believed by
it to be genuine and to have been signed or presented by the proper person. The
Indenture Trustee need not investigate any fact or matter stated in the
document.

     (b) Before the Indenture Trustee acts or refrains from acting, it may
require an Officer's Certificate or an Opinion of Counsel. The Indenture Trustee
shall not be liable for any action it takes or omits to take in good faith in
reliance on an Officer's Certificate or Opinion of Counsel.

     (c) The Indenture Trustee shall not be liable for any action it takes or
omits to take in good faith which it believes to be authorized or within its
rights or powers; provided, however, that the Indenture Trustee's conduct does
not constitute willful misconduct, negligence or bad faith.

     (d) The Indenture Trustee may consult with counsel, and the advice or
Opinion of Counsel with respect to legal matters relating to the Basic Documents
and the Notes shall be full and complete authorization and protection from
liability in respect to any action taken, omitted or suffered by it hereunder or
in connection herewith in good faith and in accordance with the advice or
opinion of such counsel.

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     (e) The Indenture Trustee may execute any of the trusts or powers hereunder
or perform any duties hereunder, either directly or by or through agents,
attorneys, custodians or nominees appointed with due care, and shall not be
responsible for any willful misconduct or negligence on the part of any agent,
attorney, custodian or nominee so appointed.

     (f) The Indenture Trustee or its Affiliates are permitted to receive
additional compensation that could be deemed to be in the Indenture Trustee's
economic self-interest for (i) serving as investment adviser, administrator,
shareholder, servicing agent, custodian or sub-custodian with respect to certain
of the Permitted Investments, (ii) using Affiliates to effect transactions in
certain Permitted Investments and (iii) effecting transactions in certain
Permitted Investments. Such compensation shall only be payable out of investment
earnings pursuant to clause (vi) of the definition of "Permitted Investments."

     Section 6.03 Individual Rights of Indenture Trustee. The Indenture Trustee
in its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Issuer or its Affiliates with the same rights it
would have if it were not Indenture Trustee, subject to the requirements of the
Trust Indenture Act. Any Note Registrar, co-registrar or co-paying agent may do
the same with like rights. However, the Indenture Trustee must comply with
Sections 6.11 and 6.12 hereof.

     Section 6.04 Indenture Trustee's Disclaimer. The Indenture Trustee shall
not be responsible for and makes no representation as to the validity or
adequacy of this Indenture, the Collateral or the Notes, it shall not be
accountable for the Issuer's use of the proceeds from the Notes, and it shall
not be responsible for any statement of the Issuer in the Indenture or in any
document issued in connection with the sale of the Notes or in the Notes other
than the Indenture Trustee's certificate of authentication.

     Section 6.05 Notice of Event of Default. Subject to Section 5.01, the
Indenture Trustee shall promptly mail to each Noteholder notice of the Event of
Default after it is actually known to a Responsible Officer of the Indenture
Trustee, unless such Event of Default shall have been waived or cured. Except in
the case of an Event of Default in payment of principal of or interest on any
Note, the Indenture Trustee may withhold the notice if and so long as it in good
faith determines that withholding the notice is in the interests of Noteholders.

     Section 6.06 Reports by Indenture Trustee to Holders and Tax
Administration. The Indenture Trustee shall deliver to each Noteholder such
information as may be required to enable such holder to prepare its federal and
state income tax returns. The Indenture Trustee shall prepare and file (or cause
to be prepared and filed), on behalf of the Owner Trustee or the Issuer, any
Form 1099 tax returns. All tax returns and information reports shall be signed
by the Owner Trustee as provided in Section 5.03 of the Trust Agreement.

     Section 6.07 Compensation and Indemnity. The Indenture Trustee shall
withdraw from the Note Payment Account on each Payment Date and pay to itself
the Indenture Trustee Fee. The Indenture Trustee's compensation shall not be
limited by any law on compensation of a trustee of an express trust.

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     The Issuer shall reimburse the Indenture Trustee for all reasonable
out-of-pocket expenses incurred or made by it, including costs of collection, in
addition to compensation for its services. Such expenses which shall be paid
solely from the Trust Estate in accordance with Section 8.02 shall include
reasonable compensation and expenses, disbursements and advances of the
Indenture Trustee's agents, counsel, accountants and experts. The Issuer shall
indemnify the Indenture Trustee solely with payments from the Trust Estate in
accordance with Section 8.02 and hold it harmless against any and all claims,
taxes, penalties, losses, liabilities or expenses (including attorneys' fees and
expenses) of any kind whatsoever incurred by it in connection with the
administration of this Trust and the performance of its duties under any of the
Basic Documents. The Indenture Trustee shall notify the Issuer promptly of any
claim for which it may seek indemnity. Failure by the Indenture Trustee to so
notify the Issuer shall not relieve the Issuer of its obligations hereunder. The
Issuer shall defend any such claim, and the Indenture Trustee may have separate
counsel and the Issuer shall pay the fees and expenses of such counsel. The
Issuer is not obligated to reimburse any expense or indemnify against any loss,
liability or expense incurred by the Indenture Trustee through the Indenture
Trustee's own willful misconduct, negligence or bad faith.

     The Issuer's payment obligations to the Indenture Trustee pursuant to this
Section 6.07 shall survive the discharge of this Indenture and the termination
or resignation of the Indenture Trustee. When the Indenture Trustee incurs
expenses after the occurrence of an Event of Default with respect to the Issuer,
the expenses are intended to constitute expenses of administration under Title
11 of the United States Code or any other applicable federal or state
bankruptcy, insolvency or similar law.

     Section 6.08 Replacement of Indenture Trustee. No resignation or removal of
the Indenture Trustee and no appointment of a successor Indenture Trustee shall
become effective until the acceptance of appointment by the successor Indenture
Trustee pursuant to this Section 6.08. The Indenture Trustee may resign at any
time by so notifying the Issuer. Holders of a majority of Note Balances of the
Notes may remove the Indenture Trustee by so notifying the Indenture Trustee and
may appoint a successor Indenture Trustee. The Issuer shall remove the Indenture
Trustee if:

          (i) the Indenture Trustee fails to comply with Section 6.11 hereof;

          (ii) the Indenture Trustee is adjudged a bankrupt or insolvent;

          (iii) a receiver or other public officer takes charge of the Indenture
     Trustee or its property; or

          (iv) the Indenture Trustee otherwise becomes incapable of acting.

     If the Indenture Trustee resigns or is removed or if a vacancy exists in
the office of the Indenture Trustee for any reason (the Indenture Trustee in
such event being referred to herein as the retiring Indenture Trustee), the
Issuer shall promptly appoint a successor Indenture Trustee.

     A successor Indenture Trustee shall deliver a written acceptance of its
appointment to the retiring Indenture Trustee and to the Issuer. Thereupon, the
resignation or removal of the retiring Indenture Trustee shall become effective,
and the successor Indenture Trustee shall have all the

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<PAGE>

rights, powers and duties of the Indenture Trustee under this Indenture. The
successor Indenture Trustee shall mail a notice of its succession to
Noteholders. The retiring Indenture Trustee shall promptly transfer all property
held by it as Indenture Trustee to the successor Indenture Trustee.

     If a successor Indenture Trustee does not take office within 30 days after
the retiring Indenture Trustee resigns or is removed, the retiring Indenture
Trustee, the Issuer or the Holders of a majority of Note Balances of the Notes
may petition any court of competent jurisdiction for the appointment of a
successor Indenture Trustee.

     Notwithstanding the replacement of the Indenture Trustee pursuant to this
Section, the Issuer's obligations under Section 6.07 shall continue for the
benefit of the retiring Indenture Trustee.

     Section 6.09 Successor Indenture Trustee by Merger. If the Indenture
Trustee consolidates with, merges or converts into, or transfers all or
substantially all of its corporate trust business or assets to, another
corporation or banking association, the resulting, surviving or transferee
corporation, without any further act, shall be the successor Indenture Trustee;
provided, that such corporation or banking association shall be otherwise
qualified and eligible under Section 6.11 hereof. The Indenture Trustee shall
provide the Rating Agencies with prior written notice of any such transaction.

     If at the time such successor or successors by merger, conversion or
consolidation to the Indenture Trustee shall succeed to the trusts created by
this Indenture and any of the Notes shall have been authenticated but not
delivered, any such successor to the Indenture Trustee may adopt the certificate
of authentication of any predecessor trustee and deliver such Notes so
authenticated; and if at that time any of the Notes shall not have been
authenticated, any successor to the Indenture Trustee may authenticate such
Notes either in the name of any predecessor hereunder or in the name of the
successor to the Indenture Trustee; and in all such cases such certificates
shall have the full force which it is in the Notes or in this Indenture provided
that the certificate of the Indenture Trustee shall have.

     Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture
Trustee.

     (a) Notwithstanding any other provisions of this Indenture, at any time,
for the purpose of meeting any legal requirement of any jurisdiction in which
any part of the Trust Estate may at the time be located, the Indenture Trustee
shall have the power and may execute and deliver all instruments to appoint one
or more Persons to act as a co-trustee or co-trustees, or separate trustee or
separate trustees, of all or any part of the Trust Estate, and to vest in such
Person or Persons, in such capacity and for the benefit of the Noteholders, such
title to the Trust Estate, or any part hereof, and, subject to the other
provisions of this Section, such powers, duties, obligations, rights and trusts
as the Indenture Trustee may consider necessary or desirable. No co-trustee or
separate trustee hereunder shall be required to meet the terms of eligibility as
a successor trustee under Section 6.11 hereof.

     (b) Every separate trustee and co-trustee shall, to the extent permitted by
law, be appointed and act subject to the following provisions and conditions:

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<PAGE>

          (i) all rights, powers, duties and obligations conferred or imposed
     upon the Indenture Trustee shall be conferred or imposed upon and exercised
     or performed by the Indenture Trustee and such separate trustee or
     co-trustee jointly (it being understood that such separate trustee or
     co-trustee is not authorized to act separately without the Indenture
     Trustee joining in such act), except to the extent that under any law of
     any jurisdiction in which any particular act or acts are to be performed
     the Indenture Trustee shall be incompetent or unqualified to perform such
     act or acts, in which event such rights, powers, duties and obligations
     (including the holding of title to the Trust Estate or any portion thereof
     in any such jurisdiction) shall be exercised and performed singly by such
     separate trustee or co-trustee, but solely at the direction of the
     Indenture Trustee;

          (ii) no trustee hereunder shall be personally liable by reason of any
     act or omission of any other trustee hereunder; and

          (iii) the Indenture Trustee may at any time accept the resignation of
     or remove any separate trustee or co-trustee.

     (c) Any notice, request or other writing given to the Indenture Trustee
shall be deemed to have been given to each of the then separate trustees and
co-trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee shall refer to this Indenture and
the conditions of this Article VI. 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
Indenture Trustee or separately, as may be provided therein, subject to all the
provisions of this Indenture, specifically including every provision of this
Indenture relating to the conduct of, affecting the liability of, or affording
protection to, the Indenture Trustee. Every such instrument shall be filed with
the Indenture Trustee.

     (d) Any separate trustee or co-trustee may at any time constitute the
Indenture Trustee, its agent or attorney-in-fact with full power and authority,
to the extent not prohibited by law, to do any lawful act under or in respect of
this Indenture 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 trusts shall vest in and be
exercised by the Indenture Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee.

     Section 6.11 Eligibility; Disqualification. The Indenture Trustee shall at
all times satisfy the requirements of TIA Section 310(a). The Indenture Trustee
shall have a combined capital and surplus of at least $50,000,000 as set forth
in its most recent published annual report of condition and it or its parent
shall have a long-term debt rating of "Baa3" or better by Moody's and "BBB" or
better by S&P. The Indenture Trustee shall comply with TIA Section 310(b),
including the optional provision permitted by the second sentence of TIA Section
310(b)(9); provided, however, that there shall be excluded from the operation of
TIA Section 310(b)(1) any indenture or indentures under which other securities
of the Issuer are outstanding if the requirements for such exclusion set forth
in TIA Section 310(b)(1) are met.

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<PAGE>

     Section 6.12 Preferential Collection of Claims Against Issuer. The
Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor
relationship listed in TIA Section 311(b). An Indenture Trustee who has resigned
or been removed shall be subject to TIA Section 311(a) to the extent indicated.

     Section 6.13 Representations and Warranties. The Indenture Trustee hereby
represents that:

          (i) It is a national banking association duly organized, validly
     existing and in good standing under the laws of the United States.

          (ii) The execution and delivery of this Indenture by it, and the
     performance and compliance with the terms of this Indenture by it, will not
     violate its charter or bylaws.

          (iii) It has the full power and authority to enter into and consummate
     all transactions contemplated by this Indenture has duly authorized the
     execution, delivery and performance of this Indenture, and has duly
     executed and delivered this Indenture.

          (iv) This Indenture, assuming due authorization, execution and
     delivery by the Issuer, constitutes a valid, legal and binding obligation
     of it, enforceable against it in accordance with the terms hereof, subject
     to (A) applicable bankruptcy, insolvency, receivership, reorganization,
     moratorium and other laws affecting the enforcement of creditors' rights
     generally, and (B) general principles of equity, regardless of whether such
     enforcement is considered in a proceeding in equity or at law.

     Section 6.14 Directions to Indenture Trustee. The Indenture Trustee is
hereby directed:

          (i) to accept the pledge of the Contracts and hold the assets of the
     Trust Estate in trust for the Noteholders;

          (ii) to authenticate and deliver the Notes substantially in the form
     prescribed by Exhibits A-1 and A-2 to this Indenture in accordance with the
     terms of this Indenture; and

          (iii) to take all other actions as shall be required to be taken by
     the terms of this Indenture and the Basic Documents.

     Section 6.15 The Agents. The provisions of this Indenture relating to the
limitations of the Indenture Trustee's liability and to its indemnity, rights
and protections shall inure also to the Paying Agent and Note Registrar.

                                  ARTICLE VII

                         NOTEHOLDERS' LISTS AND REPORTS

     Section 7.01 Issuer To Furnish Indenture Trustee Names and Addresses of
Noteholders. The Issuer will furnish or cause to be furnished to the Indenture
Trustee (a) not more than five

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<PAGE>

days after each Record Date, a list, in such form as the Indenture Trustee may
reasonably require, of the names and addresses of the Holders of Notes as of
such Record Date, (b) at such other times as the Indenture Trustee may request
in writing, within 30 days after receipt by the Issuer of any such request, a
list of similar form and content as of a date not more than 10 days prior to the
time such list is furnished; provided, however, that so long as the Indenture
Trustee is the Note Registrar, no such list shall be required to be furnished to
the Indenture Trustee.

     Section 7.02 Preservation of Information; Communications to Noteholders.

     (a) The Indenture Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of the Holders of Notes
contained in the most recent list furnished to the Indenture Trustee as provided
in Section 7.01 hereof and the names and addresses of Holders of Notes received
by the Indenture Trustee in its capacity as Note Registrar. The Indenture
Trustee may destroy any list furnished to it as provided in such Section 7.01
upon receipt of a new list so furnished.

     (b) Noteholders may communicate pursuant to TIA Section 312(b) with other
Noteholders with respect to their rights under this Indenture or under the
Notes.

     (c) The Issuer, the Indenture Trustee and the Note Registrar shall have the
protection of TIA Section 312(c).

     Section 7.03 Reserved.

     Section 7.04 Reports by Indenture Trustee. If required by TIA Section
313(a), within 60 days after each January 30th beginning with March 31, 2006,
the Indenture Trustee shall mail to each Noteholder as required by TIA Section
313(c) a brief report dated as of such date that complies with TIA Section
313(a). The Indenture Trustee also shall comply with TIA Section 313(b).

     A copy of each report at the time of its mailing to Noteholders shall be
filed by the Indenture Trustee with the Commission via EDGAR and each stock
exchange, if any, on which the Notes are listed. The Issuer shall notify the
Indenture Trustee if and when the Notes are listed on any stock exchange.

     Section 7.05 Statements to Noteholders.

     (a) With respect to each Payment Date, the Indenture Trustee shall make
available via the Indenture Trustee's website https://www.jpmorgan.com/sfr or
deliver at the recipient's option to each Noteholder and each Certificateholder,
the Depositor, the Owner Trustee, the Certificate Paying Agent, the Underwriter
and each Rating Agency, a statement setting forth the following information,
calculated by the Indenture Trustee based on the aggregate loan-level
information provided to it by the Servicer, as to the Notes (it being understood
that the Servicer shall provide the information described in clauses (iv), (v),
(vi), (vii) and (viii) below in its Electronic File delivered to the Indenture
Trustee), to the extent applicable:

          (i) the amount of the payment made on such Payment Date to the Holders
     of the Notes of each Class allocable to principal;

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<PAGE>

          (ii) the amount of the payment made on such Payment Date to the
     Holders of the Notes of each Class allocable to interest;

          (iii) the aggregate Servicing Fee received by the Servicer during the
     related Due Period and such other customary information as the Indenture
     Trustee deems necessary or desirable, or which a Noteholder or
     Certificateholder reasonably requests, to enable Noteholders and
     Certificateholders to prepare their tax returns;

          (iv) the aggregate Principal Balance of the Contracts as of the end of
     the related Due Period;

          (v) the number, aggregate principal balance, weighted average
     remaining term to maturity and weighted average Contract Rate of the
     Contracts as of the end of the related Due Period;

          (vi) the number and aggregate unpaid principal balance of Contracts
     (a) delinquent 30 to 59 days, (b) delinquent 60 to 89 days, (c) delinquent
     90 or more days, in each case, as of the last day of the preceding calendar
     month, (d) as to which repossession or foreclosure proceedings have been
     commenced and (e) with respect to which the related Obligor has filed for
     protection under applicable bankruptcy laws, with respect to whom
     bankruptcy proceedings are pending or with respect to whom bankruptcy
     protection is in force;

          (vii) the aggregate amount of Principal Prepayments received during
     the related Prepayment Period;

          (viii) the aggregate amount of Realized Losses incurred during the
     related Prepayment Period and the aggregate amount of Realized Losses
     incurred since the Closing Date;

          (ix) the aggregate Note Balance of each Class of Notes, after giving
     effect to the payments made on such Payment Date and the Adjusted Note
     Balance of each Class of Mezzanine Notes on such Payment Date;

          (x) the Interest Payment Amount in respect of the Class A Notes, the
     Mezzanine Notes and the Class B Notes for such Payment Date and the Class
     M-1 Liquidation Loss Interest Amount, Class M-2 Liquidation Loss Interest
     Amount, Class B-1 Liquidation Loss Interest Amount, Class B-2 Liquidation
     Loss Interest Amount, and any Available Funds Cap Carry-Forward Amount, if
     any, with respect to the Class A Notes, the Mezzanine Notes or the Class B
     Notes on such Payment Date;

          (xi) the Overcollateralization Target Amount for such Payment Date;

          (xii) the Overcollateralization Amount, if any, for such Payment Date;

          (xiii) the respective Note Rates applicable to the Mezzanine Notes for
     such Payment Date and the Available Funds Cap Carry-Forward Amount for each
     Class of Mezzanine Notes, if any, for such Payment Date; and

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<PAGE>

          (xiv) the amount of such distribution to the Trust Certificates.

     Items (i) through (iii) above shall be presented on the basis of a Note
having a $1,000 denomination. In addition, by January 31st of each calendar year
following any year during which the Notes are outstanding, the Indenture Trustee
shall furnish a report to each Noteholder of record if so requested in writing
at any time during each calendar year as to the aggregate of amounts reported
pursuant to (i) through (iii) with respect to the Notes for such calendar year.

     (b) The Indenture Trustee may conclusively rely upon the Electronic File
provided by the Servicer pursuant to Section 4.01 of the Servicing Agreement in
its preparation of its Statement to Noteholders.

                                  ARTICLE VIII

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

     Section 8.01 Collection of Money. Except as otherwise expressly provided
herein, the Indenture Trustee may demand payment or delivery of, and shall
receive and collect, directly and without intervention or assistance of any
fiscal agent or other intermediary, all money and other property payable to or
receivable by the Indenture Trustee pursuant to this Indenture. The Indenture
Trustee shall apply all such money received by it as provided in this Indenture.
Except as otherwise expressly provided in this Indenture, if any default occurs
in the making of any payment or performance under any agreement or instrument
that is part of the Trust Estate, the Indenture Trustee may take such action as
may be appropriate to enforce such payment or performance, including the
institution and prosecution of appropriate Proceedings. Any such action shall be
without prejudice to any right to claim a Default or Event of Default under this
Indenture and any right to proceed thereafter as provided in Article V.

     Section 8.02 Payments on the Notes. (a) (I) On each Payment Date, the
Indenture Trustee shall withdraw from the Note Payment Account an amount equal
to the Amount Available for such Payment Date and pay the following amounts, in
the following order of priority:

          (i) (A) to the Indenture Trustee, the Indenture Trustee Fee for such
     Payment Date and any indemnities and reimbursements (such indemnities and
     reimbursements collectively referred to as "amounts") (such amounts subject
     to a cap of $100,000 per annum) due to the Indenture Trustee and (B)
     commencing on the 13th Payment Date, to the Owner Trustee, the Owner
     Trustee Fee for such Payment Date;

          (ii) the Monthly Backup Servicing Fee for such Payment Date to the
     Backup Servicer;

          (iii) concurrently, to each Class of Class A Notes, the related
     Interest Payment Amount for such Payment Date, pro rata based on the
     Interest Payment Amount each Class is entitled to receive, with any
     shortfall in the Amount Available being allocated pro rata on that basis;

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<PAGE>

          (iv) to the Holders of the Class M-1 Notes, an amount equal to the
     Interest Payment Amount due to the Class M-1 Notes on such Payment Date;

          (v) to the Holders of the Class M-2 Notes, an amount equal to the
     Interest Payment Amount due to the Class M-2 Notes on such Payment Date;

          (vi) to the Holders of the Class B-1 Notes, an amount equal to the
     Interest Payment Amount due to the Class B-1 Notes on such Payment Date;

          (vii) to the Holders of the Class B-2 Notes, an amount equal to the
     Interest Payment Amount due to the Class B-2 Notes on such Payment Date;

          (viii) to the Class A Notes, the Class A Principal Payment Amount for
     such Payment Date sequentially in the following order of priority:

               (A) to the Class A-1 Notes, until the Note Principal Balance of
          the Class A-1 Notes has been reduced to zero;

               (B) to the Class A-2 Notes, until the Note Principal Balance of
          the Class A-2 Notes has been reduced to zero;

               (C) to the Class A-3 Notes, until the Note Principal Balance of
          the Class A-3 Notes has been reduced to zero; and

               (D) to the Class A-4 Notes, until the Note Principal Balance of
          the Class A-4 Notes has been reduced to zero;

          (ix) to the Class M-1 Notes, as follows:

               (A) the Class M-1 Liquidation Loss Interest Amount for such
          Payment Date;

               (B) the Class M-1 Principal Payment Amount for such Payment Date;

          (x) to the Class M-2 Notes, as follows:

               (A) the Class M-2 Liquidation Loss Interest Amount for such
          Payment Date;

               (B) the Class M-2 Principal Payment Amount for such Payment Date;

          (xi) to the Class B-1 Notes, as follows:

               (A) the Class B-1 Liquidation Loss Interest Amount for such
          Payment Date;

               (B) the Class B-1 Principal Payment Amount for such Payment Date;

          (xii) to the Class B-2 Notes, as follows:

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<PAGE>

               (A) the Class B-2 Liquidation Loss Interest Amount for such
          Payment Date;

               (B) the Class B-2 Principal Payment Amount for such Payment Date;

          (xiii) to the Class A-3 Notes, the Class A-4 Notes, the Class M-1
     Notes, the Class M-2 Notes, the Class B-1 Notes and the Class B-2 Notes, in
     that order, the related Available Funds Cap Carry-Forward Amount for such
     Payment Date;

          (xiv) to the Indenture Trustee, any amounts incurred in excess of the
     amount set forth in clause (i) above, without regard to the annual cap on
     such amounts;

          (xv) to the Custodian, to reimburse it for any expenses incurred in
     connection with a transfer of its responsibilities owed pursuant to Section
     22(a) of the Custodial Agreement;

          (xvi) to the Servicer and the Backup Servicer, any reimbursements for
     expenses incurred in connection with Section 5.03 of the Servicing
     Agreement;

          (xvii) to the Owner Trustee for expenses incurred in connection with
     the Trust Agreement; and

          (xviii) any remaining amounts to the Certificate Paying Agent for
     payment to Holders of the Trust Certificates.

     Notwithstanding the prioritization of the payment of the Class A Principal
Payment Amount pursuant to clause (viii) above, if the aggregate Note Balance of
the Class A Notes exceeds the Pool Principal Balance for that Payment Date, the
payment pursuant to clause (viii) above will be made pro rata based on the Note
Balances of the Class A Notes.

     (II) On each Payment Date, the Indenture Trustee shall withdraw from the
Note Payment Account an amount equal to the Interest Deficiency Remedy Amount
payable on each Class of the Notes for such Payment Date and pay the following
amounts, in the following order of priority:

          (i) concurrently, to each Class of Class A Notes, any related Interest
     Payment Amount for such Payment Date not paid pursuant to clause
     (a)(I)(iii) above, pro rata based on the unpaid Interest Payment Amount
     each Class is entitled to receive, but in no event shall amounts paid on
     the Class A Notes on a cumulative basis, pursuant to this clause
     (a)(II)(i), exceed the following amounts with respect to each such Class:
     Class A-1 $534,082.50, Class A-2 $515,452.17, Class A-3 $188,159.85, and
     Class A-4 $293,978.19;

          (ii) to the Holders of the Class M-1 Notes, an amount equal to any
     Interest Payment Amount for such Payment Date not paid pursuant to clause
     (a)(I)(iv) above and any Class M-1 Liquidation Loss Interest Amount for
     such Payment Date not paid pursuant to clause (a)(I)(ix)(A) above, but in
     no event shall amounts paid on the Class M-1 Notes on a cumulative basis,
     pursuant to this clause (a)(II)(ii), exceed $235,856.25;

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<PAGE>

          (iii) to the Holders of the Class M-2 Notes, an amount equal to any
     Interest Payment Amount for such Payment Date not paid pursuant to clause
     (a)(I)(v) above and any Class M-2 Liquidation Loss Interest Amount for such
     Payment Date not paid pursuant to clause (a)(I)(x)(A) above, but in no
     event shall amounts paid on the Class M-2 Notes on a cumulative basis,
     pursuant to this clause (a)(II)(iii), exceed $184,275.00;

          (iv) to the Holders of the Class B-1 Notes, an amount equal to any
     Interest Payment Amount for such Payment Date not paid pursuant to clause
     (a)(I)(vi) above and any Class B-1 Liquidation Loss Interest Amount for
     such Payment Date not paid pursuant to clause (a)(I)(xi)(A) above, but in
     no event shall amounts paid on the Class B-1 Notes on a cumulative basis,
     pursuant to this clause (a)(II)(iv), exceed $220,500.00; and

          (v) to the Holders of the Class B-2 Notes, an amount equal to any
     Interest Payment Amount for such Payment Date not paid pursuant to clause
     (a)(I)(vii) above and any Class B-2 Liquidation Loss Interest Amount for
     such Payment Date not paid pursuant to clause (a)(I)(xii)(A) above, but in
     no event shall amounts paid on the Class B-2 Notes on a cumulative basis,
     pursuant to this clause (a)(II)(v), exceed $63,000.00.

     (b) Pursuant to Section 3.05 of the Servicing Agreement, funds in the Note
Payment Account shall remain uninvested unless the Indenture Trustee is
otherwise directed by the Servicer in accordance with Section 3.05 of the
Servicing Agreement.

     (c) Each payment with respect to a Book-Entry Note shall be paid to the
Depository, as Holder thereof, and the Depository shall be responsible for
crediting the amount of such payment to the accounts of its Depository
Participants in accordance with its normal procedures. Each Depository
Participant shall be responsible for disbursing such payment to the Note Owners
that it represents and to each indirect participating brokerage firm (a
"brokerage firm" or "indirect participating firm") for which it acts as agent.
Each brokerage firm shall be responsible for disbursing funds to the Note Owners
that it represents. None of the Indenture Trustee, the Note Registrar, the
Paying Agent, the Depositor or the Servicer shall have any responsibility
therefor except as otherwise provided by this Indenture or applicable law.

     (d) On each Payment Date, the Certificate Paying Agent shall deposit in the
Certificate Distribution Account all amounts it received pursuant to this
Section 8.02 for the purpose of distributing such funds pursuant to the Trust
Agreement.

     (e) Any installment of interest or principal, if any, payable on any Note
that is punctually paid or duly provided for by the Issuer on the applicable
Payment Date shall, if such Holder shall have so requested at least five
Business Days prior to the related Record Date, be paid to each Holder of record
on the preceding Record Date, by wire transfer to an account specified in
writing by such Holder reasonably satisfactory to the Indenture Trustee as of
the preceding Record Date or in all other cases or if no such instructions have
been delivered to the Indenture Trustee, by check to such Noteholder mailed to
such Holder's address as it appears in the Note Register in the amount required
to be paid to such Holder on such Payment Date pursuant to such Holder's Notes;
provided, however, that the Indenture Trustee shall not pay to such Holders any
amount required to be withheld from a payment to such Holder by the Code.

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<PAGE>

     (f) The Note Balance of each Note shall be due and payable in full on the
Final Stated Maturity Date for such Note as provided in the forms of Notes set
forth in Exhibits A-1 and A-2 to this Indenture. All principal payments on the
Notes shall be made to the Noteholders entitled thereto in accordance with the
Percentage Interests represented by such Notes. The Indenture Trustee shall
notify the Person in whose name a Note is registered at the close of business on
the Record Date preceding the Final Stated Maturity Date or other final Payment
Date (including any final Payment Date resulting from any redemption pursuant to
Section 8.07 hereof). Such notice shall to the extent practicable be mailed no
later than five Business Days prior to such Final Stated Maturity Date or other
final Payment Date and shall specify that payment of the principal amount and
any interest due with respect to such Note at the Final Stated Maturity Date or
other final Payment Date will be payable only upon presentation and surrender of
such Note and shall specify the place where such Note may be presented and
surrendered for such final payment. No interest shall accrue on the Notes on or
after the Final Stated Maturity Date or any such other final Payment Date.

     Section 8.03 Officer's Certificate. Except in the case of releases of
documents to the Servicer pursuant to Section 3.11 of the Servicing Agreement,
the Indenture Trustee shall receive at least seven Business Days' notice when
requested by the Issuer to take any action pursuant to Section 8.05(a) hereof,
accompanied by copies of any instruments to be executed, and the Indenture
Trustee shall also require, as a condition to such action, an Officer's
Certificate, in form and substance satisfactory to the Indenture Trustee,
stating the legal effect of any such action, outlining the steps required to
complete the same, and concluding that all conditions precedent to the taking of
such action have been complied with.

     Section 8.04 Termination Upon Distribution to Noteholders. This Indenture
and the respective obligations and responsibilities of the Issuer and the
Indenture Trustee created hereby shall terminate upon the payment to
Noteholders, the Certificate Paying Agent on behalf of the Owner Trustee, the
Certificateholders and the Indenture Trustee of all amounts required to be paid
pursuant to Section 8.02(a) or Section 8.07 hereof; provided, however, that in
no event shall the trust created hereby continue beyond the expiration of 21
years from the death of the survivor of the descendants of Joseph P. Kennedy,
the late ambassador of the United States to the Court of St. James, living on
the date hereof.

     Section 8.05 Release of Trust Estate.

     (a) Subject to the payment of its fees, expenses and indemnities, the
Indenture Trustee may, and when required by the provisions of this Indenture
shall, execute instruments to release property from the lien of this Indenture,
or convey the Indenture Trustee's interest in the same, in a manner and under
circumstances that are not inconsistent with the provisions of this Indenture,
including for the purposes of any repossession by the Servicer of a Contract
pursuant to Section 3.11 of the Servicing Agreement. No party relying upon an
instrument executed by the Indenture Trustee as provided in Article VIII
hereunder shall be bound to ascertain the Indenture Trustee's authority, inquire
into the satisfaction of any conditions precedent, or see to the application of
any monies.

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<PAGE>

     (b) The Indenture Trustee shall, at such time as (i) there are no Notes
Outstanding and (ii) all sums due to the Indenture Trustee pursuant to this
Indenture have been paid, release any remaining portion of the Trust Estate that
secured the Notes from the lien of this Indenture.

     (c) The Indenture Trustee shall release property from the lien of this
Indenture pursuant to this Section 8.05 only upon receipt of a request from the
Issuer accompanied by an Officers' Certificate and an Opinion of Counsel stating
that all applicable requirements have been satisfied, except releases to the
Servicer pursuant to Section 3.11 of the Servicing Agreement.

     Section 8.06 Surrender of Notes Upon Final Payment. By acceptance of any
Note, the Holder thereof agrees to surrender such Note to the Indenture Trustee
promptly, prior to such Noteholder's receipt of the final payment thereon.

     Section 8.07 Optional Redemption of the Notes; Auction.

     (a) The Servicer, pursuant to Section 3.17 of the Servicing Agreement,
shall have the option to purchase all outstanding Contracts, effecting a
redemption of the Notes, in whole, but not in part, on any Payment Date on or
after the Payment Date on which the Pool Principal Balance is less than or equal
to 20% of the Cut-off Date Pool Balance. The aggregate redemption price for the
Notes will be equal to the Redemption Price as defined under Section 3.17 of the
Servicing Agreement.

     (b) Following receipt of notice pursuant to Section 3.17(b) of the
Servicing Agreement, the Indenture Trustee shall provide notice to the
Noteholders of the final payment on the Notes. After receipt of the Redemption
Price from the Servicer pursuant to Section 3.17 of the Servicing Agreement, the
Indenture Trustee shall deposit the Redemption Price into the Note Payment
Account and shall, on the Payment Date after receipt of the funds, apply such
funds to make final payments of principal and interest on the Notes in
accordance with Section 8.02(a) hereof and payment in full to the Indenture
Trustee, and this Indenture shall be discharged subject to the provisions of
Section 4.10 hereof. If for any reason the amount deposited by the Servicer is
not sufficient to make such redemption or such redemption cannot be completed
for any reason, the amount so deposited by the Servicer with the Indenture
Trustee shall be immediately returned to the Servicer in full and shall not be
used for any other purpose or be deemed to be part of the Trust Estate.

     (c) If the Servicer does not exercise its option to redeem the Notes as
described in clause (a) above, then on the next Payment Date the Indenture
Trustee, or an agent on its behalf, shall begin an auction process to sell the
Contracts and the other assets of the Trust Estate at the highest possible
price, provided, however, that the Indenture Trustee shall not sell the assets
of the Trust Estate and liquidate the Trust Estate unless the proceeds of that
sale are expected to be sufficient to pay the aggregate unpaid principal balance
of the Notes plus all accrued and unpaid interest. In conducting such auction,
the Indenture Trustee shall solicit good faith bids for the contracts and the
other assets of the Trust Estate from no more than three (3) parties or, if
three (3) bidders cannot be located, then from as many bidders as the Indenture
Trustee can locate; provided that, at the Indenture Trustee's request, the
Issuer shall supply the Indenture Trustee with the names of parties from whom to
solicit such bids; and provided, further, that the

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<PAGE>

Indenture Trustee shall not be responsible if less than three (3) or no bidders
submit bids for the contracts and the other trust assets. The Seller or an
affiliate may participate in the auction. The Indenture Trustee may hire an
agent, at the expense of the Trust, to perform the auction. If the auction of
the Trust Estate is not successful because the highest bid received is too low,
then on each subsequent Payment Date, the Indenture Trustee shall pay, as an
additional payment of principal, the Amount Available remaining after all
payments pursuant to Sections 8.02 (a) (i) through (x) have been made for such
Payment Dates first, to each Class of Class A Notes outstanding, pro rata based
on the Note Balance of such Notes after giving effect to payments of the Class A
Principal Payment Amount on that Payment Date, until the Note Balances thereof
have been reduced to zero; second, to the Class M-1 Notes, until the Note
Balance thereof has been reduced to zero; third, to the Class M-2 Notes, until
the Note Balance thereof has been reduced to zero; fourth, to the Class B-1
Notes, until the Note Balance thereof has been reduced to zero; fifth, to the
Class B-2 Notes, until the Note Balance thereof has been reduced to zero; and
sixth, to the Certificate Paying Agent for payment to the Holders of the Trust
Certificates. In addition, the Indenture Trustee shall continue to conduct an
auction of the Contracts every third month after that, until an acceptable bid
is received for the Trust Estate. The Servicer's purchase option shall expire
upon the Indenture Trustee's acceptance of a qualifying bid.

     Section 8.08 Allocation of Realized Losses.

     If as a result of Realized Losses, the Amount Available on any Payment Date
is insufficient to pay the full Required Principal Payment Amount for such
Payment Date to the Noteholders, the Overcollateralization Amount will be
reduced by the amount of that deficiency. If on any Payment Date the
Overcollateralization Amount is zero, further losses and delinquencies,
including reductions in the principal balances of defaulted Contracts as a loss
mitigation effort by the Servicer, will cause the aggregate outstanding
principal balance of the Notes to be greater than the Pool Principal Balance.
Such excess (the "Liquidation Loss Amount") shall be applied by the Indenture
Trustee (i) first, as a reduction of the Adjusted Note Balance with respect to
the Class B-2 Notes and then (ii) as a reduction of the Adjusted Note Balance
with respect to the Class B-1 Notes, if the Note Balance of the Class B-2 Notes
is less than such Liquidation Loss Amount, and then (iii) as a reduction of the
Adjusted Note Balance with respect to the Class M-2 Notes, if the combined Note
Balance of the Class B-2 Notes and Class B-1 Notes is less than such Liquidation
Loss Amount, and then (iv) as a reduction of the Adjusted Note Balance with
respect to the Class M-1 Notes, if the combined Note Balance of the Class B-2
Notes, Class B-1 Notes and the Class M-2 Notes is less than such Liquidation
Loss Amount.

                                   ARTICLE IX

                             SUPPLEMENTAL INDENTURES

     Section 9.01 Supplemental Indentures Without Consent of Noteholders.

     (a) Without the consent of the Holders of any Notes but with prior notice
to the Rating Agencies, the Issuer and the Indenture Trustee, when authorized by
an Issuer Request, at any time and from time to time, may enter into one or more
indentures supplemental hereto

                                       45

<PAGE>

(which shall conform to the provisions of the TIA as in force at the date of the
execution thereof), in form satisfactory to the Indenture Trustee, for any of
the following purposes:

          (i) to correct or amplify the description of any property at any time
     subject to the lien of this Indenture, or better to assure, convey and
     confirm unto the Indenture Trustee any property subject or required to be
     subjected to the lien of this Indenture, or to subject to the lien of this
     Indenture additional property;

          (ii) to evidence the succession, in compliance with the applicable
     provisions hereof, of another person to the Issuer, and the assumption by
     any such successor of the covenants of the Issuer herein and in the Notes
     contained;

          (iii) to add to the covenants of the Issuer, for the benefit of the
     Holders of the Notes, or to surrender any right or power herein conferred
     upon the Issuer;

          (iv) to convey, transfer, assign, mortgage or pledge any property to
     or with the Indenture Trustee;

          (v) to cure any ambiguity, to correct or supplement any provision
     herein or in any supplemental indenture that may be inconsistent with any
     other provision herein or in any supplemental indenture;

          (vi) to make any other provisions with respect to matters or questions
     arising under this Indenture or in any supplemental indenture; provided,
     that such action (as evidenced by either (i) an Opinion of Counsel
     delivered to the Servicer and the Indenture Trustee or (ii) confirmation
     from the Rating Agencies that such amendment will not result in the
     reduction or withdrawal of the rating of any Class of Notes) shall not
     materially and adversely affect the interests of the Holders of the Notes;

          (vii) to evidence and provide for the acceptance of the appointment
     hereunder by a successor trustee with respect to the Notes and to add to or
     change any of the provisions of this Indenture as shall be necessary to
     facilitate the administration of the trusts hereunder by more than one
     trustee, pursuant to the requirements of Article VI hereof; or

          (viii) to modify, eliminate or add to the provisions of this Indenture
     to such extent as shall be necessary to effect the qualification of this
     Indenture under the TIA or under any similar federal statute hereafter
     enacted and to add to this Indenture such other provisions as may be
     expressly required by the TIA;

provided, however, that no such indenture supplements shall be entered into
unless the Indenture Trustee shall have received an Opinion of Counsel as to the
enforceability of any such indenture supplement and to the effect that (i) such
indenture supplement is permitted hereunder and (ii) entering into such
indenture supplement will not result in a "substantial modification" of the
Notes under Treasury Regulation Section 1.1001-3 or adversely affect the status
of the Notes as indebtedness for federal income tax purposes.

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<PAGE>

     The Indenture Trustee is hereby authorized to join in the execution of any
such supplemental indenture and to make any further appropriate agreements and
stipulations that may be therein contained.

     (b) The Issuer and the Indenture Trustee, when authorized by an Issuer
Request, may, also without the consent of any of the Holders of the Notes and
prior notice to the Rating Agencies, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to, or changing in
any manner or eliminating any of the provisions of, this Indenture or of
modifying in any manner the rights of the Holders of the Notes under this
Indenture; provided, however, that such action as evidenced by an Opinion of
Counsel, (i) is permitted by this Indenture, and shall not (ii) adversely affect
in any material respect the interests of any Noteholder (which may be evidenced
by confirmation from the Rating Agencies that such amendment will not result in
the reduction or withdrawal of the rating of any Class of Notes) or (iii) if
100% of the Certificates are not owned by Origen REIT or a direct or indirect
qualified REIT subsidiary of Origen REIT, cause the Issuer to be subject to an
entity level tax for federal income tax purposes.

     Section 9.02 Supplemental Indentures With Consent of Noteholders. The
Issuer and the Indenture Trustee, when authorized by an Issuer Request, also
may, with prior notice to the Rating Agencies and, with the consent of the
Holders of not less than a majority of the Note Balance of each Class of Notes
affected thereby, by Act (as defined in Section 10.03 hereof) of such Holders
delivered to the Issuer and the Indenture Trustee, enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to, or
changing in any manner or eliminating any of the provisions of, this Indenture
or of modifying in any manner the rights of the Holders of the Notes under this
Indenture; provided, however, that no such supplemental indenture shall, without
the consent of the Holder of each Note affected thereby:

          (i) change the date of payment of any installment of principal of or
     interest on any Note, or reduce the principal amount thereof or the
     interest rate thereon, change the provisions of this Indenture relating to
     the application of collections on, or the proceeds of the sale of, the
     Trust Estate to payment of principal of or interest on the Notes, or change
     any place of payment where, or the coin or currency in which, any Note or
     the interest thereon is payable, or impair the right to institute suit for
     the enforcement of the provisions of this Indenture requiring the
     application of funds available therefor, as provided in Article V, to the
     payment of any such amount due on the Notes on or after the respective due
     dates thereof;

          (ii) reduce the percentage of the Note Balances of the Notes, the
     consent of the Holders of which is required for any such supplemental
     indenture, or the consent of the Holders of which is required for any
     waiver of compliance with certain provisions of this Indenture or certain
     defaults hereunder and their consequences provided for in this Indenture;

          (iii) modify or alter the provisions of the proviso to the definition
     of the term "Outstanding" or modify or alter the exception in the
     definition of the term "Holder";

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<PAGE>

          (iv) reduce the percentage of the Note Balances of the Notes required
     to direct the Indenture Trustee to direct the Issuer to sell or liquidate
     the Trust Estate pursuant to Section 5.04 hereof;

          (v) modify any provision of this Section 9.02 except to increase any
     percentage specified herein or to provide that certain additional
     provisions of this Indenture or the Basic Documents cannot be modified or
     waived without the consent of the Holder of each Note affected thereby;

          (vi) modify any of the provisions of this Indenture in such manner as
     to affect the calculation of the amount of any payment of interest or
     principal due on any Note on any Payment Date (including the calculation of
     any of the individual components of such calculation); or

          (vii) permit the creation of any lien ranking prior to or on a parity
     with the lien of this Indenture with respect to any part of the Trust
     Estate or, except as otherwise permitted or contemplated herein, terminate
     the lien of this Indenture on any property at any time subject hereto or
     deprive the Holder of any Note of the security provided by the lien of this
     Indenture;

and provided, further, that such action shall not, as evidenced by an Opinion of
Counsel, cause the Issuer (if 100% of the Certificates are not owned by Origen
REIT or a direct or indirect qualified REIT subsidiary of Origen REIT) to be
subject to an entity level tax.

     Any such action shall not (as evidenced by either (i) an Opinion of Counsel
delivered to the Servicer and the Indenture Trustee or (ii) confirmation from
the Rating Agencies that such amendment will not result in the reduction or
withdrawal of the rating of any Class of Notes) adversely affect in any material
respect the interest of any Holder (other than a Holder who shall consent to
such supplemental indenture).

     It shall not be necessary for any Act of Noteholders under this Section
9.02 to approve the particular form of any proposed supplemental indenture, but
it shall be sufficient if such Act shall approve the substance thereof.

     Promptly after the execution by the Issuer and the Indenture Trustee of any
supplemental indenture pursuant to this Section 9.02, the Indenture Trustee
shall mail to the Holders of the Notes to which such amendment or supplemental
indenture relates a notice setting forth in general terms the substance of such
supplemental indenture. Any failure of the Indenture Trustee to mail such
notice, or any defect therein, shall not, however, in any way impair or affect
the validity of any such supplemental indenture.

     Section 9.03 Execution of Supplemental Indentures. In executing, or
permitting the additional trusts created by, any supplemental indenture
permitted by this Article IX or the modification thereby of the trusts created
by this Indenture, the Indenture Trustee shall be entitled to receive, and
subject to Sections 6.01 and 6.02 hereof, shall be fully protected in relying
upon, an Opinion of Counsel stating that the execution of the supplemental
indenture is authorized or permitted under the Indenture and all conditions
precedent under the Indenture to the execution of such supplemental indenture
have been met. The Indenture Trustee may, but

                                       48

<PAGE>

shall not be obligated to, enter into any such supplemental indenture that
affects the Indenture Trustee's own rights, duties, liabilities or immunities
under this Indenture or otherwise.

     Section 9.04 Effect of Supplemental Indenture. Upon the execution of any
supplemental indenture pursuant to the provisions hereof, this Indenture shall
be and shall be deemed to be modified and amended in accordance therewith with
respect to the Notes affected thereby, and the respective rights, limitations of
rights, obligations, duties, liabilities and immunities under this Indenture of
the Indenture Trustee, the Issuer and the Holders of the Notes shall thereafter
be determined, exercised and enforced hereunder subject in all respects to such
modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and
conditions of this Indenture for any and all purposes.

     Section 9.05 Conformity with Trust Indenture Act. Every amendment of this
Indenture and every supplemental indenture executed pursuant to this Article IX
shall conform to the requirements of the Trust Indenture Act as then in effect
so long as this Indenture shall then be qualified under the Trust Indenture Act.

     Section 9.06 Reference in Notes to Supplemental Indentures. Notes
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article IX may, and if required by the Indenture Trustee shall,
bear a notation in form approved by the Indenture Trustee as to any matter
provided for in such supplemental indenture. If the Issuer or the Indenture
Trustee shall so determine, new Notes so modified as to conform, in the opinion
of the Indenture Trustee and the Issuer, to any such supplemental indenture may
be prepared and executed by the Issuer and authenticated and delivered by the
Indenture Trustee in exchange for Outstanding Notes.

                                   ARTICLE X

                                  MISCELLANEOUS

     Section 10.01 Compliance Certificates and Opinions, etc.

     (a) Upon any application or request by the Issuer to the Indenture Trustee
to take any action under any provision of this Indenture, the Issuer shall
furnish to the Indenture Trustee (i) an Officer's Certificate stating that all
conditions precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with and (ii) an Opinion of Counsel stating
that in the opinion of such counsel all such conditions precedent, if any, have
been complied with, except that, in the case of any such application or request
as to which the furnishing of such documents is specifically required by any
provision of this Indenture, no additional certificate or opinion need be
furnished.

     Every certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture shall include:

          (i) a statement that each signatory of such certificate or opinion has
     read or has caused to be read such covenant or condition and the
     definitions herein relating thereto;

                                       49

<PAGE>

          (ii) a brief statement as to the nature and scope of the examination
     or investigation upon which the statements or opinions contained in such
     certificate or opinion are based;

          (iii) a statement that, in the opinion of each such signatory, such
     signatory has made such examination or investigation as is necessary to
     enable such signatory to express an informed opinion as to whether or not
     such covenant or condition has been complied with;

          (iv) a statement as to whether, in the opinion of each such signatory,
     such condition or covenant has been complied with; and

          (v) if the signatory of such certificate or opinion is required to be
     Independent, the statement required by the definition of the term
     "Independent Certificate."

          (b) (i) Prior to the deposit of any Collateral or other property or
     securities with the Indenture Trustee that is to be made the basis for the
     release of any property or securities subject to the lien of this
     Indenture, the Issuer shall, in addition to any obligation imposed in
     Section 10.01(a) or elsewhere in this Indenture, furnish to the Indenture
     Trustee an Officer's Certificate certifying or stating the opinion of each
     person signing such certificate as to the fair value (within 90 days prior
     to such deposit) to the Issuer of the Collateral or other property or
     securities to be so deposited and a report from a nationally recognized
     accounting firm verifying such value.

          (ii) Whenever the Issuer is required to furnish to the Indenture
     Trustee an Officer's Certificate certifying or stating the opinion of any
     signer thereof as to the matters described in clause (i) above, the Issuer
     shall also deliver to the Indenture Trustee an Independent Certificate from
     a nationally recognized accounting firm as to the same matters, if the fair
     value of the securities to be so deposited and of all other such securities
     made the basis of any such withdrawal or release since the commencement of
     the then current fiscal year of the Issuer, as set forth in the
     certificates delivered pursuant to clause (i) above and this clause (ii),
     is 10% or more of the Note Balances of the Notes, but such a certificate
     need not be furnished with respect to any securities so deposited, if the
     fair value thereof as set forth in the related Officer's Certificate is
     less than $25,000 or less than one percent of the Note Balances of the
     Notes.

          (iii) Whenever any property or securities are to be released from the
     lien of this Indenture, the Issuer shall also furnish to the Indenture
     Trustee an Officer's Certificate certifying or stating the opinion of each
     person signing such certificate as to the fair value (within 90 days prior
     to such release) of the property or securities proposed to be released and
     stating that in the opinion of such person the proposed release will not
     impair the security under this Indenture in contravention of the provisions
     hereof.

          (iv) Whenever the Issuer is required to furnish to the Indenture
     Trustee an Officer's Certificate certifying or stating the opinion of any
     signer thereof as to the matters described in clause (iii) above, the
     Issuer shall also furnish to the Indenture

                                       50

<PAGE>

     Trustee an Independent Certificate as to the same matters if the fair value
     of the property or securities and of all other property or securities
     released from the lien of this Indenture since the commencement of the
     then-current calendar year, as set forth in the certificates required by
     clause (iii) above and this clause (iv), equals 10% or more of the Note
     Principal Balances of the Notes, but such certificate need not be furnished
     in the case of any release of property or securities if the fair value
     thereof as set forth in the related Officer's Certificate is less than
     $25,000 or less than one percent of the then Note Principal Balances of the
     Notes.

     Section 10.02 Form of Documents Delivered to Indenture Trustee. In any case
where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified
by, or covered by the opinion of, only one such Person, or that they be so
certified or covered by only one document, but one such Person may certify or
give an opinion with respect to some matters and one or more other such Persons
as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents.

     Any certificate or opinion of an Authorized Officer of the Issuer may be
based, insofar as it relates to legal matters, upon a certificate or opinion of,
or representations by, counsel, unless such officer knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which his certificate or opinion is based are
erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel
may be based, insofar as it relates to factual matters, upon a certificate or
opinion of, or representations by, an officer or officers of the Seller or the
Issuer, stating that the information with respect to such factual matters is in
the possession of the Seller or the Issuer, unless such counsel knows, or in the
exercise of reasonable care should know, that the certificate or opinion or
representations with respect to such matters are erroneous.

     Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and
form one instrument.

     Whenever in this Indenture, in connection with any application or
certificate or report to the Indenture Trustee, it is provided that the Issuer
shall deliver any document as a condition of the granting of such application,
or as evidence of the Issuer's compliance with any term hereof, it is intended
that the truth and accuracy, at the time of the granting of such application or
at the effective date of such certificate or report (as the case may be), of the
facts and opinions stated in such document shall in such case be conditions
precedent to the right of the Issuer to have such application granted or to the
sufficiency of such certificate or report. The foregoing shall not, however, be
construed to affect the Indenture Trustee's right to rely upon the truth and
accuracy of any statement or opinion contained in any such document as provided
in Article VI.

     Section 10.03 Acts of Noteholders.

     (a) Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Indenture to be given or taken by Noteholders
may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Noteholders

                                       51

<PAGE>

in person or by agents duly appointed in writing; and except as herein otherwise
expressly provided, such action shall become effective when such instrument or
instruments are delivered to the Indenture Trustee, and, where it is hereby
expressly required, to the Issuer. Such instrument or instruments (and the
action embodied therein and evidenced thereby) are herein sometimes referred to
as the "Act" of the Noteholders signing such instrument or instruments. Proof of
execution of any such instrument or of a writing appointing any such agent shall
be sufficient for any purpose of this Indenture and (subject to Section 6.01
hereof) conclusive in favor of the Indenture Trustee and the Issuer, if made in
the manner provided in this Section 10.03 hereof.

     (b) The fact and date of the execution by any person of any such instrument
or writing may be proved in any manner that the Indenture Trustee deems
sufficient.

     (c) The ownership of Notes shall be proved by the Note Registrar.

     (d) Any request, demand, authorization, direction, notice, consent, waiver
or other action by the Holder of any Notes shall bind the Holder of every Note
issued upon the registration thereof or in exchange therefor or in lieu thereof,
in respect of anything done, omitted or suffered to be done by the Indenture
Trustee or the Issuer in reliance thereon, whether or not notation of such
action is made upon such Note.

     Section 10.04 Notices etc., to Indenture Trustee Issuer and Rating
Agencies. Any request, demand, authorization, direction, notice, consent, waiver
or Act of Noteholders or other documents provided or permitted by this Indenture
shall be in writing and if such request, demand, authorization, direction,
notice, consent, waiver or act of Noteholders is to be made upon, given or
furnished to or filed with:

          (i) the Indenture Trustee by any Noteholder or by the Issuer shall be
     sufficient for every purpose hereunder if made, given, furnished or filed
     in writing to or with the Indenture Trustee at the Corporate Trust Office.
     The Indenture Trustee shall promptly transmit any notice received by it
     from the Noteholders to the Issuer; or

          (ii) the Issuer by the Indenture Trustee or by any Noteholder shall be
     sufficient for every purpose hereunder if in writing and mailed
     first-class, postage prepaid to the Issuer addressed to: Origen
     Manufactured Housing Contract Trust 2005-B, in care of Wilmington Trust
     Company, Rodney Square North, 1100 North Market Street, Wilmington,
     Delaware 19890-0001, Attention: Corporate Trust Administration, or at any
     other address previously furnished in writing to the Indenture Trustee by
     the Issuer. The Issuer shall promptly transmit any notice received by it
     from the Noteholders to the Indenture Trustee.

     Notices required to be given to the Rating Agencies by the Issuer, the
Indenture Trustee or the Owner Trustee shall be in writing, mailed first-class
postage pre-paid or electronically delivered, to (i) in the case of Moody's, at
the following address: Moody's Investors Service, Inc., Residential Mortgage
Monitoring Department, 99 Church Street, New York, New York 10007 and (ii) in
the case of S&P, to Standard & Poor's via electronic delivery at
Servicer_reports@sandp.com (or if electronic delivery is not available at: 55
Water Street, 41st

                                       52

<PAGE>

Floor, New York, New York 10041, Attn: ABS Surveillance Group), or as to each of
the foregoing, at such other address as shall be designated by written notice to
the other parties.

     Section 10.05 Notices to Noteholders; Waiver. Where this Indenture provides
for notice to Noteholders of any event, such notice shall be sufficiently given
(unless otherwise herein expressly provided) if in writing and mailed,
first-class, postage prepaid to each Noteholder affected by such event, at such
Person's address as it appears on the Note Register, not later than the latest
date, and not earlier than the earliest date, prescribed for the giving of such
notice. In any case where notice to Noteholders is given by mail, neither the
failure to mail such notice nor any defect in any notice so mailed to any
particular Noteholder shall affect the sufficiency of such notice with respect
to other Noteholders, and any notice that is mailed in the manner herein
provided shall conclusively be presumed to have been duly given regardless of
whether such notice is in fact actually received.

     Where this Indenture provides for notice in any manner, such notice may be
waived in writing by any Person entitled to receive such notice, either before
or after the event, and such waiver shall be the equivalent of such notice.
Waivers of notice by Noteholders shall be filed with the Indenture Trustee but
such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such a waiver.

     In case, by reason of the suspension of regular mail service as a result of
a strike, work stoppage or similar activity, it shall be impractical to mail
notice of any event to Noteholders when such notice is required to be given
pursuant to any provision of this Indenture, then any manner of giving such
notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a
sufficient giving of such notice.

     Where this Indenture provides for notice to the Rating Agencies, failure to
give such notice shall not affect any other rights or obligations created
hereunder, and shall not under any circumstance constitute an Event of Default.

     Section 10.06 Conflict with Trust Indenture Act. If any provision hereof
limits, qualifies or conflicts with another provision hereof that is required to
be included in this Indenture by any of the provisions of the TIA, such required
provision shall control.

     The provisions of TIA Sections 310 through 317 that impose duties on any
Person (including the provisions automatically deemed included herein unless
expressly excluded by this Indenture) are a part of and govern this Indenture,
whether or not physically contained herein.

     Section 10.07 Effect of Headings. The Article and Section headings herein
are for convenience only and shall not affect the construction hereof.

     Section 10.08 Successors and Assigns. All covenants and agreements in this
Indenture and the Notes by the Issuer shall bind its successors and assigns,
whether so expressed or not. All agreements of the Indenture Trustee in this
Indenture shall bind its successors, co-trustees and agents.

                                       53

<PAGE>

     Section 10.09 Separability. In case any provision in this Indenture or in
the Notes shall be invalid, illegal or unenforceable, the validity, legality,
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

     Section 10.10 Third Party Beneficiary. The Owner Trustee shall be an
express third-party beneficiary of this Indenture and shall be entitled to
enforce the provisions hereof to the same extent as if the Owner Trustee was a
party hereto.

     Section 10.11 Legal Holidays. In any case where the date on which any
payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes or this Indenture) payment need not be made on such date,
but may be made on the next succeeding Business Day with the same force and
effect as if made on the date on which nominally due, and no interest shall
accrue for the period from and after any such nominal date.

     Section 10.12 GOVERNING LAW. THIS INDENTURE SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS (EXCEPT SECTION 5-1401 OF THE NEW YORK GENERAL
OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     Section 10.13 Counterparts. This Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same instrument.

     Section 10.14 Recording of Indenture. If this Indenture is subject to
recording in any appropriate public recording offices, such recording is to be
effected by the Issuer and at its expense accompanied by an Opinion of Counsel
at its expense (which may be counsel to the Indenture Trustee or any other
counsel reasonably acceptable to the Indenture Trustee) to the effect that such
recording is necessary either for the protection of the Noteholders or any other
Person secured hereunder or for the enforcement of any right or remedy granted
to the Indenture Trustee under this Indenture.

     Section 10.15 Issuer Obligation. No recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or
the Indenture Trustee on the Notes or under this Indenture or any certificate or
other writing delivered in connection herewith or therewith, against (i) the
Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any
owner of a beneficial interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director, employee or agent of the Indenture
Trustee or the Owner Trustee in its individual capacity, any holder of a
beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or
of any successor or assign of the Indenture Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it
being understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity. For all purposes of
this Indenture, in the performance of any duties or obligations of the Issuer
hereunder, the Owner

                                       54

<PAGE>

Trustee shall be subject to, and entitled to the benefits of, the terms and
provisions of Article VI, VII and VIII of the Trust Agreement.

     Section 10.16 No Petition. The Indenture Trustee, by entering into this
Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree
that they will not at any time prior to one year from the date of termination
hereof, institute against the Depositor or the Issuer, or join in any
institution against the Depositor or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or state bankruptcy or similar law
in connection with any obligations relating to the Notes, this Indenture or any
of the Basic Documents, except for filing proofs of claim.

     Section 10.17 Inspection. The Issuer agrees that, at its expense, on
reasonable prior notice, it shall permit any representative of the Indenture
Trustee, during the Issuer's normal business hours, to examine all the books of
account, records, reports and other papers of the Issuer, to make copies and
extracts therefrom, to cause such books to be audited by Independent certified
public accountants, and to discuss the Issuer's affairs, finances and accounts
with the Issuer's officers, employees, and Independent certified public
accountants, all at such reasonable times and as often as may be reasonably
requested. The Indenture Trustee shall cause its representatives to hold in
confidence all such information except to the extent disclosure may be required
by law (and all reasonable applications for confidential treatment are
unavailing) and except to the extent that the Indenture Trustee may reasonably
determine that such disclosure is consistent with its obligations hereunder.

     Section 10.18 No Recourse to Owner Trustee. It is expressly understood and
agreed by the parties hereto that (a) this Indenture is executed and delivered
by Wilmington Trust Company, not individually or personally, but solely as Owner
Trustee of Origen Manufactured Housing Contract Trust 2005-B, in the exercise of
the powers and authority conferred and vested in it, (b) each of the
representations, undertakings and agreements herein made on the part of the
Issuer is made and intended not as personal representations, undertakings and
agreements by Wilmington Trust Company but is made and intended for the purpose
for binding only the Issuer, (c) nothing herein contained shall be construed as
creating any liability of Wilmington Trust Company, individually or personally,
to perform any covenant either expressed or implied contained herein, all such
liability, if any, being expressly waived by the parties hereto and by any
Person claiming by, through or under the parties hereto and (d) under no
circumstances shall Wilmington Trust Company be personally liable for the
payment of any indebtedness or expenses of the Issuer or be liable for the
breach or failure of any obligation, representation, warranty or covenant made
or undertaken by the Issuer under this Indenture or any other related documents.

     Section 10.19 Proofs of Claim. The Indenture Trustee is authorized to file
such proofs of claim and other papers or documents as may be necessary or
advisable in order to have the claims of the Indenture Trustee (including any
claim for the reasonable compensation, expenses, disbursements and advances of
the Indenture Trustee, its agents and counsel) and the Noteholders allowed in
any judicial proceedings relative to the Issuer (or any other obligor upon the
Notes), its creditors or its property and shall be entitled and empowered to
collect, receive and distribute any money or other property payable or
deliverable on any such claims and any custodian in any such judicial proceeding
is hereby authorized by each Noteholder to make such

                                       55

<PAGE>

payments to the Indenture Trustee, as administrative expenses associated with
any such proceeding, and, in the event that the Indenture Trustee shall consent
to the making of such payments directly to the Noteholder to pay to the
Indenture Trustee any amount due to it for the reasonable compensation,
expenses, disbursements and advances of the Indenture Trustee, its agents and
counsel, and any other amounts due to the Indenture Trustee under Section 6.07
hereof. To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Indenture Trustee, its agents and counsel, and
any other amounts due the Indenture Trustee under Section 6.07 hereof out of the
estate in any such proceeding, shall be denied for any reason, payment of the
same shall be secured by a Lien on, and shall be paid out of, any and all
distributions, dividends, money, securities and other properties that the
Noteholders may be entitled to receive in such proceeding whether in liquidation
or under any plan of reorganization or arrangement or otherwise. Nothing herein
contained shall be deemed to authorize the Indenture Trustee to authorize or
consent to or accept or adopt on behalf of any Noteholder any plan of
reorganization, arrangement, adjustment or composition affecting the Noteholder
of the rights of any Noteholder thereof, or to authorize the Indenture Trustee
to vote in respect of the claim of any Noteholder in any such proceeding.

                                       56

<PAGE>

     IN WITNESS WHEREOF, the Issuer and the Indenture 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.

                                        ORIGEN MANUFACTURED HOUSING CONTRACT
                                        TRUST 2005-B, as Issuer

                                        By: Wilmington Trust Company, not in its
                                            individual capacity but solely as
                                            Owner Trustee

                                        By: /s/ Mary Kay Pupillo
                                            ------------------------------------
                                        Name: Mary Kay Pupillo
                                        Title: Assistant Vice President

                                        JPMORGAN CHASE BANK, N.A., as Indenture
                                        Trustee

                                        By: /s/ Keith Richardson
                                            ------------------------------------
                                        Name: Keith Richardson
                                        Title: Attorney-In-Fact

                   [Signature Page to Origen 2005-B Indenture]

<PAGE>

STATE OF DELAWARE         )
                          ) ss.:
CITY/COUNTY OF NEW CASTLE )

     On this 8th day of December, 2005, before me personally appeared Mary Kay
Pupillo to me known, who being by me duly sworn, did depose and say, that he is
an AVP of the Indenture Trustee, one of the corporations described in and which
executed the above instrument; and that he signed his name thereto by like
order.

                                        Notary Public

                                        /s/ R K Maney
                                        ----------------------------------------
                                        NOTARY PUBLIC

My Commission Expires August 4, 2007

[NOTARIAL SEAL]

<PAGE>

STATE OF ILLINOIS     )
                      ) ss.:
CITY/COUNTY OF COOK   )

     On this ___ day of December, 2005, before me personally appeared Keith
Richardson to me known, who being by me duly sworn, did depose and say, that
such person is a Attorney-in-Fact of the Owner Trustee on behalf of Origen
Manufactured Housing Contract Trust 2005-B, a Delaware statutory trust, one of
the entities described in and which executed the above instrument; and that she
signed her name thereto by like order.

                                        Notary Public

                                        /s/ Diane Mary Wuertz
                                        ----------------------------------------
                                        NOTARY PUBLIC

My Commission Expires 02/03/06

[NOTARIAL SEAL]

<PAGE>

                                   EXHIBIT A-1

                            FORM OF CLASS A-[_] NOTES

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE INDENTURE TRUSTEE OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THE HOLDER OF THIS NOTE OR BENEFICIAL OWNER OF ANY INTEREST HEREIN WILL BE
DEEMED TO REPRESENT TO ONE OF THE REPRESENTATIONS CONTAINED IN SECTION 4.15 OF
THE INDENTURE.

THIS NOTE IS A NON-RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED IN RIGHT OF
PAYMENT TO AMOUNTS AVAILABLE FROM THE TRUST AS PROVIDED IN THE INDENTURE
REFERRED TO BELOW. THE ISSUER IS NOT OTHERWISE PERSONALLY LIABLE FOR PAYMENTS ON
THIS NOTE.

PRINCIPAL OF THIS NOTE IS PAYABLE OVER TIME AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING NOTE BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

                                      A-1-1

<PAGE>

                   ORIGEN MANUFACTURED HOUSING CONTRACT TRUST
                       COLLATERALIZED NOTES, SERIES 2005-B
                           CLASS [A-1][A-2][A-3][A-4]

AGGREGATE NOTE BALANCE:                     NOTE RATE: [___]% (Subject to
$________________                           Available Funds Rate, in the case of
                                            Class A-3 and Class A-4)

INITIAL NOTE BALANCE OF THIS BOND:          BOND NO. 1
$________________

PERCENTAGE INTEREST: 100%                   CUSIP NO. [_______]

     Origen Manufactured Housing Contract Trust 2005-B (the "Issuer"), a
Delaware statutory trust, for value received, hereby promises to pay to Cede &
Co. or registered assigns, the principal sum of ($_____________) in monthly
installments on the fifteenth day of each month or, if such day is not a
Business Day, the next succeeding Business Day (each a "Payment Date"),
commencing in January 2006 and ending on or before the Payment Date occurring on
the Final Stated Maturity Date and to pay interest on the Note Balance of this
Note (this "Note") outstanding from time to time as provided below.

     This Note is one of a duly authorized issue of the Origen Manufactured
Housing Contract Trust Collateralized Notes, Series 2005-B (the "Notes"), issued
under an Indenture dated as of December 1, 2005 (the "Indenture"), between the
Issuer and JPMorgan Chase Bank, N.A., as indenture trustee (the "Indenture
Trustee", which term includes any successor Indenture Trustee under the
Indenture), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights thereunder of the
Issuer, the Indenture Trustee, the Owner Trustee and the Holders of the Notes
and the terms upon which the Notes are to be authenticated and delivered. All
terms used in this Note which are defined in the Indenture shall have the
meanings assigned to them in the Indenture.

     Payments of principal and interest on this Note will be made on each
Payment Date to the Noteholder of record as of the related Record Date. The
"Note Balance" of a Note as of any date of determination is equal to the initial
Note Balance thereof, reduced by the aggregate of all amounts previously paid
with respect to such Note on account of principal on all prior Payment Dates.

     The principal of, and interest on, this Note are due and payable as
described in the Indenture, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and
private debts. All payments made by the Issuer with respect to this Note shall
be equal to this Note's pro rata share of the aggregate payments on all Class
[A-1][A-2][A-3][A-4] Notes as described above, and shall be applied as between
interest and principal as provided in the Indenture.

                                      A-1-2

<PAGE>

     All principal and interest accrued on the Notes, if not previously paid,
will become finally due and payable at the Final Stated Maturity Date.

     The Notes are subject to redemption in whole, but not in part, by the
Servicer on any Payment Date on or after the Payment Date on which the Pool
Principal Balance is less than or equal to 20% of the aggregate Principal
Balance of the Contracts as of Cut-off Date.

     The Issuer shall not be liable upon the indebtedness evidenced by the Notes
except to the extent of amounts available from the Trust Estate which constitute
security for the payment of the Notes. The assets included in the Trust Estate
will be the sole source of payments on the Notes, and each Holder hereof, by its
acceptance of this Note, agrees that (i) such Note will be limited in right of
payment to amounts available from the Trust Estate as provided in the Indenture
and (ii) such Holder shall have no recourse to the Issuer, the Owner Trustee,
the Indenture Trustee, the Seller, the Originator, the Servicer or any of their
respective affiliates, or to the assets of any of the foregoing entities, except
the assets of the Issuer pledged to secure the Notes pursuant to the Indenture
and the rights conveyed to the Issuer under the Indenture.

     Any payment of principal or interest payable on this Note shall be paid to
the Person in whose name such Note is registered at the close of business on the
Record Date for such Payment Date by wire transfer to an account in the United
States designated by such Holder, except for the final installment of principal
and interest payable with respect to such Note, which shall be payable as
provided below. Notwithstanding the foregoing, upon written request with
appropriate instructions by the Holder of this Note delivered to the Indenture
Trustee at least five Business Days prior to the Record Date, any payment of
principal or interest, other than the final installment of principal or
interest, shall be made by check mailed to such person's address as it appears
in the Note Register on such Record Date. All reductions in the Note Balance of
a Note (or one or more predecessor Notes) effected by payments of principal made
on any Payment Date shall be binding upon all Holders of this Note and of any
note issued upon the registration of transfer thereof or in exchange therefor or
in lieu thereof, whether or not such payment is noted on such Note. The final
payment of this Note shall be payable upon presentation and surrender thereof on
or after the Payment Date thereof at the Corporate Trust Office or the office or
agency of the Issuer maintained by it for such purpose pursuant to Section 3.02
of the Indenture.

     Subject to the foregoing provisions, each Note delivered under the
Indenture, upon registration of transfer of or in exchange for or in lieu of any
other Note shall carry the right to unpaid principal and interest that were
carried by such other Note.

     If an Event of Default as defined in the Indenture shall occur and be
continuing with respect to the Notes, the Notes may become or be declared due
and payable in the manner and with the effect provided in the Indenture. If any
such acceleration of maturity occurs prior to the payment of the entire unpaid
Note Balance of the Notes, the amount payable to the Holder of this Note will be
equal to the sum of the unpaid Note Balance of the Notes, together with accrued
and unpaid interest thereon as described in the Indenture. The Indenture
provides that, notwithstanding the acceleration of the maturity of the Notes,
under certain circumstances specified therein, all amounts collected as proceeds
of the Trust Estate securing the Notes or

                                      A-1-3

<PAGE>

otherwise shall continue to be applied to payments of principal of and interest
on the Notes as if they had not been declared due and payable.

     The Holder of this Note or Beneficial Owner of any interest herein is
deemed to represent that either (1) it is not acquiring this Note with Plan
Assets or (2) (A) the acquisition, holding and transfer of this Note will not
give rise to a nonexempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code and (B) this Note is rated investment grade or better
and such person believes that this Note is properly treated as indebtedness
without substantial equity features for purposes of the DOL Regulations, and
agrees to so treat this Note. Alternatively, regardless of the rating of this
Note, such person may provide the Indenture Trustee and the Owner Trustee with
an opinion of counsel, which opinion of counsel will not be at the expense of
the Issuer, the Seller, the Originator, any Underwriter, the Owner Trustee, the
Indenture Trustee, the Servicer or any successor servicer which opines that the
acquisition, holding and transfer of this Note or interest herein is permissible
under applicable law, will not constitute or result in a non-exempt prohibited
transaction under ERISA or Section 4975 of the Code and will not subject the
Issuer, the Seller, the Originator, the Depositor, any Underwriter, the Owner
Trustee, the Indenture Trustee, the Servicer or any successor servicer to any
obligation in addition to those undertaken in the Indenture.

     As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Note may be registered on the Note Register of the
Issuer. Upon surrender for registration of transfer of, or presentation of a
written instrument of transfer for, this Note at the office or agency designated
by the Issuer pursuant to the Indenture, accompanied by proper instruments of
assignment in form satisfactory to the Indenture Trustee, one or more new Notes
of any authorized denominations and of a like aggregate initial Note Balance,
will be issued to the designated transferee or transferees.

     Prior to the due presentment for registration of transfer of this Note, the
Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note is registered as the owner
of such Note (i) on the applicable Record Date for the purpose of making
payments and interest of such Note and (ii) on any other date for all other
purposes whatsoever, as the owner hereof, whether or not this Note be overdue,
and neither the Issuer, the Indenture Trustee nor any such agent of the Issuer
or the Indenture Trustee shall be affected by notice to the contrary.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer and the Holders of a majority of all Notes at the time
outstanding. The Indenture also contains provisions permitting the Holders of
Notes representing specified percentages of the aggregate Note Balance of the
Notes on behalf of the Holders of all the Notes, to waive any past Default under
the Indenture and its consequences. Any such waiver by the Holder, at the time
of the giving thereof, of this Note (or any one or more predecessor Notes) shall
bind the Holder of every Note issued upon the registration of transfer hereof or
in exchange hereof or in lieu hereof, whether or not notation of such consent or
waiver is made upon such Note. The Indenture also permits the Issuer and the
Indenture Trustee to amend or waive certain terms and conditions set forth in
the Indenture without the consent of the Holders of the Notes issued thereunder.

                                      A-1-4

<PAGE>

     Initially, this Note will be registered in the name of Cede & Co. as
nominee of DTC, acting in its capacity as the Depository for this Note. This
Note will be delivered by the clearing agency in denominations as provided in
the Indenture and subject to certain limitations therein set forth. This Note is
exchangeable for a like aggregate initial Note Balance of Notes of different
authorized denominations, as requested by the Holder surrendering same.

     Unless the Certificate of Authentication hereon has been executed by the
Indenture Trustee by manual signature, this Note shall not be entitled to any
benefit under the Indenture, or be valid or obligatory for any purpose.

     AS PROVIDED IN THE INDENTURE, THIS NOTE AND THE INDENTURE CREATING THIS
NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

                                      A-1-5

<PAGE>

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed by Wilmington Trust Company not in its individual capacity but solely
as Owner Trustee.

Dated: December __, 2005

                                        ORIGEN MANUFACTURED HOUSING CONTRACT
                                        TRUST 2005-B

                                        BY: WILMINGTON TRUST COMPANY not in its
                                        individual capacity but solely in its
                                        capacity as Owner Trustee

                                        By:
                                            ------------------------------------
                                            Authorized Signatory

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes referred to in the within-mentioned Indenture.

JPMORGAN CHASE BANK, N.A.
as Indenture Trustee

By:
    ---------------------------------
    Authorized Signatory

                                      A-1-6

<PAGE>

                                  ABBREVIATIONS

     The following abbreviations, when used in the inscription on the face of
the Note, shall be construed as though they were written out in full according
to applicable laws or regulations:

          TEN COM             --   as tenants in common

          TEN ENT             --   as tenants by the entireties

          JT TEN              --   as joint tenants with right of survivorship
                                   and not as tenants in common

          UNIF GIFT MIN ACT        ______________ Custodian
                                   __________________________
                                   (Cust)              (Minor)

                                   under Uniform Gifts to Minor Act
                                   _____________________________
                                                                         (State)

     Additional abbreviations may also be used though not in the above list.

                                      A-1-7

<PAGE>

                                   ASSIGNMENT

          FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
                                 transfers unto

          PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF
                                    ASSIGNEE:

                         _______________________________

                         _______________________________

                         _______________________________
        (Please print or typewrite name and address, including zip code,
                                  of assignee)

________________________________________________________________________________

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints ________ attorney to transfer said Note on the books kept for
registration thereof, with full power of substitution in the premises.

Dated:
       ------------------------                 --------------------------------

Signature Guaranteed by
                        ---------------------

     NOTICE: The signature(s) to this assignment must correspond with the name
as it appears upon the face of the within Note in every particular, without
alteration or enlargement or any change whatsoever. Signature(s) must be
guaranteed by a commercial bank or by a member firm of the New York Stock
Exchange or another national securities exchange. Notarized or witnessed
signatures are not acceptable.

                                      A-1-8

<PAGE>

                                   EXHIBIT A-2

                            FORM OF CLASS M-[_] NOTES

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE INDENTURE TRUSTEE OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THE HOLDER OF THIS NOTE OR BENEFICIAL OWNER OF ANY INTEREST HEREIN WILL BE
DEEMED TO REPRESENT TO ONE OF THE REPRESENTATIONS CONTAINED IN SECTION 4.15 OF
THE INDENTURE.

THIS NOTE IS A NON-RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED IN RIGHT OF
PAYMENT TO AMOUNTS AVAILABLE FROM THE TRUST AS PROVIDED IN THE INDENTURE
REFERRED TO BELOW. THE ISSUER IS NOT OTHERWISE PERSONALLY LIABLE FOR PAYMENTS ON
THIS NOTE.

PRINCIPAL OF THIS NOTE IS PAYABLE OVER TIME AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING NOTE BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

THIS NOTE IS SUBORDINATE TO THE CLASS A NOTES [AND CLASS M-1 NOTES] TO THE
EXTENT DESCRIBED IN THE INDENTURE REFERRED TO HEREIN.

                                      A-2-1

<PAGE>

                   ORIGEN MANUFACTURED HOUSING CONTRACT TRUST
                       COLLATERALIZED NOTES, SERIES 2005-B
                                  CLASS M-[__]

AGGREGATE NOTE BALANCE:                            NOTE RATE: [___]% (Subject to
$___________________________________               Available Funds Rate)

INITIAL NOTE BALANCE OF THIS BOND:                 BOND NO. 1
$___________________________________

PERCENTAGE INTEREST: 100%                          CUSIP NO. [______]

     Origen Manufactured Housing Contract Trust 2005-B (the "Issuer"), a
Delaware statutory trust, for value received, hereby promises to pay to Cede &
Co. or registered assigns, the principal sum of ($_______) in monthly
installments on the fifteenth day of each month or, if such day is not a
Business Day, the next succeeding Business Day (each a "Payment Date"),
commencing in January 2006 and ending on or before the Payment Date occurring on
the Final Stated Maturity Date and to pay interest on the Note Balance of this
Note (this "Note") outstanding from time to time as provided below.

     This Note is one of a duly authorized issue of the Origen Manufactured
Housing Contract Trust Collateralized Notes, Series 2005-B (the "Notes"), issued
under an Indenture dated as of December 1, 2005 (the "Indenture"), between the
Issuer and JPMorgan Chase Bank, N.A., as indenture trustee (the "Indenture
Trustee", which term includes any successor Indenture Trustee under the
Indenture), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights thereunder of the
Issuer, the Indenture Trustee, the Owner Trustee and the Holders of the Notes
and the terms upon which the Notes are to be authenticated and delivered. All
terms used in this Note which are defined in the Indenture shall have the
meanings assigned to them in the Indenture.

     Payments of principal and interest on this Note will be made on each
Payment Date to the Noteholder of record as of the related Record Date. The
"Note Balance" of a Note as of any date of determination is equal to the initial
Note Balance thereof, reduced by the aggregate of all amounts previously paid
with respect to such Note on account of principal on all prior Payment Dates.

     The principal of, and interest on, this Note are due and payable as
described in the Indenture, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and
private debts. All payments made by the Issuer with respect to this Note shall
be equal to this Note's pro rata share of the aggregate payments on all Class B
Notes as described above, and shall be applied as between interest and principal
as provided in the Indenture.

                                      A-2-2

<PAGE>

     All principal and interest accrued on the Notes, if not previously paid,
will become finally due and payable at the Final Stated Maturity Date.

     The Notes are subject to redemption in whole, but not in part, by the
Servicer on any Payment Date on or after the Payment Date on which the Pool
Principal Balance of the Contracts as of the end of the prior Due Period is less
than or equal to 20% of the aggregate Principal Balance of the Contracts as of
Cut-off Date.

     The Issuer shall not be liable upon the indebtedness evidenced by the Notes
except to the extent of amounts available from the Trust Estate which constitute
security for the payment of the Notes. The assets included in the Trust Estate
will be the sole source of payments on the Notes, and each Holder hereof, by its
acceptance of this Note, agrees that (i) such Note will be limited in right of
payment to amounts available from the Trust Estate as provided in the Indenture
and (ii) such Holder shall have no recourse to the Issuer, the Owner Trustee,
the Indenture Trustee, the Seller, the Originator, the Servicer or any of their
respective affiliates, or to the assets of any of the foregoing entities, except
the assets of the Issuer pledged to secure the Notes pursuant to the Indenture
and the rights conveyed to the Issuer under the Indenture.

     Any payment of principal or interest payable on this Note shall be paid to
the Person in whose name such Note is registered at the close of business on the
Record Date for such Payment Date by wire transfer to an account in the United
States designated by such Holder, except for the final installment of principal
and interest payable with respect to such Note, which shall be payable as
provided below. Notwithstanding the foregoing, upon written request with
appropriate instructions by the Holder of this Note delivered to the Indenture
Trustee at least five Business Days prior to the Record Date, any payment of
principal or interest, other than the final installment of principal or
interest, shall be made by check mailed to such person's address as it appears
in the Note Register on such Record Date. All reductions in the Note Balance of
a Note (or one or more predecessor Notes) effected by payments of principal made
on any Payment Date shall be binding upon all Holders of this Note and of any
note issued upon the registration of transfer thereof or in exchange therefor or
in lieu thereof, whether or not such payment is noted on such Note. The final
payment of this Note shall be payable upon presentation and surrender thereof on
or after the Payment Date thereof at the Corporate Trust Office or the office or
agency of the Issuer maintained by it for such purpose pursuant to Section 3.02
of the Indenture.

     Subject to the foregoing provisions, each Note delivered under the
Indenture, upon registration of transfer of or in exchange for or in lieu of any
other Note shall carry the right to unpaid principal and interest that were
carried by such other Note.

     If an Event of Default as defined in the Indenture shall occur and be
continuing with respect to the Notes, the Notes may become or be declared due
and payable in the manner and with the effect provided in the Indenture. If any
such acceleration of maturity occurs prior to the payment of the entire unpaid
Note Balance of the Notes, the amount payable to the Holder of this Note will be
equal to the sum of the unpaid Note Balance of the Notes, together with accrued
and unpaid interest thereon as described in the Indenture. The Indenture
provides that, notwithstanding the acceleration of the maturity of the Notes,
under certain circumstances specified therein, all amounts collected as proceeds
of the Trust Estate securing the Notes or

                                     A-2-3

<PAGE>

otherwise shall continue to be applied to payments of principal of and interest
on the Notes as if they had not been declared due and payable.

     The Holder of this Note or Beneficial Owner of any interest herein is
deemed to represent that either (1) it is not acquiring this Note with Plan
Assets or (2) (A) the acquisition, holding and transfer of this Note will not
give rise to a nonexempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code and (B) this Note is rated investment grade or better
and such person believes that this Note is properly treated as indebtedness
without substantial equity features for purposes of the DOL Regulations, and
agrees to so treat this Note. Alternatively, regardless of the rating of this
Note, such person may provide the Indenture Trustee and the Owner Trustee with
an opinion of counsel, which opinion of counsel will not be at the expense of
the Issuer, the Seller, the Originator, any Underwriter, the Owner Trustee, the
Indenture Trustee, the Servicer or any successor servicer which opines that the
acquisition, holding and transfer of this Note or interest herein is permissible
under applicable law, will not constitute or result in a non-exempt prohibited
transaction under ERISA or Section 4975 of the Code and will not subject the
Issuer, the Seller, the Originator, the Depositor, any Underwriter, the Owner
Trustee, the Indenture Trustee, the Servicer or any successor servicer to any
obligation in addition to those undertaken in the Indenture.

     As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Note may be registered on the Note Register of the
Issuer. Upon surrender for registration of transfer of, or presentation of a
written instrument of transfer for, this Note at the office or agency designated
by the Issuer pursuant to the Indenture, accompanied by proper instruments of
assignment in form satisfactory to the Indenture Trustee, one or more new Notes
of any authorized denominations and of a like aggregate initial Note Balance,
will be issued to the designated transferee or transferees.

     Prior to the due presentment for registration of transfer of this Note, the
Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note is registered as the owner
of such Note (i) on the applicable Record Date for the purpose of making
payments and interest of such Note and (ii) on any other date for all other
purposes whatsoever, as the owner hereof, whether or not this Note be overdue,
and neither the Issuer, the Indenture Trustee nor any such agent of the Issuer
or the Indenture Trustee shall be affected by notice to the contrary.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer and the Holders of a majority of all Notes at the time
outstanding. The Indenture also contains provisions permitting the Holders of
Notes representing specified percentages of the aggregate Note Balance of the
Notes on behalf of the Holders of all the Notes, to waive any past Default under
the Indenture and its consequences. Any such waiver by the Holder, at the time
of the giving thereof, of this Note (or any one or more predecessor Notes) shall
bind the Holder of every Note issued upon the registration of transfer hereof or
in exchange hereof or in lieu hereof, whether or not notation of such consent or
waiver is made upon such Note. The Indenture also permits the Issuer and the
Indenture Trustee to amend or waive certain terms and conditions set forth in
the Indenture without the consent of the Holders of the Notes issued thereunder.

                                      A-2-4

<PAGE>

     Initially, this Note will be registered in the name of Cede & Co. as
nominee of DTC, acting in its capacity as the Depository for this Note. This
Note will be delivered by the clearing agency in denominations as provided in
the Indenture and subject to certain limitations therein set forth. This Note is
exchangeable for a like aggregate initial Note Balance of Notes of different
authorized denominations, as requested by the Holder surrendering same.

     Unless the Certificate of Authentication hereon has been executed by the
Indenture Trustee by manual signature, this Note shall not be entitled to any
benefit under the Indenture, or be valid or obligatory for any purpose.

     AS PROVIDED IN THE INDENTURE, THIS NOTE AND THE INDENTURE CREATING THIS
NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

                                     A-2-5

<PAGE>

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed by Wilmington Trust Company not in its individual capacity but solely
as Owner Trustee.

Dated: December __, 2005

                                        ORIGEN MANUFACTURED HOUSING CONTRACT
                                        TRUST 2005-B

                                        BY: WILMINGTON  TRUST COMPANY not in its
                                        individual capacity but solely in its
                                        capacity as Owner Trustee

                                        By:
                                            ------------------------------------
                                            Authorized Signatory

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes referred to in the within-mentioned Indenture.

JPMORGAN CHASE BANK, N.A.
as Indenture Trustee

By:
    ---------------------------------
    Authorized Signatory

                                     A-2-6

<PAGE>

                                  ABBREVIATIONS

     The following abbreviations, when used in the inscription on the face of
the Note, shall be construed as though they were written out in full according
to applicable laws or regulations:

          TEN COM             --   as tenants in common

          TEN ENT             --   as tenants by the entireties

          JT TEN              --   as joint tenants with right of survivorship
                                   and not as tenants in common

          UNIF GIFT MIN ACT        ____________________ Custodian
                                   _____________________________________________
                                                   (Cust)                (Minor)

                                   under Uniform Gifts to Minor Act
                                   _____________________________________________
                                                                         (State)

     Additional abbreviations may also be used though not in the above list.

                                     A-2-7

<PAGE>

                                   ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto

     PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE:

              ____________________________________________________

              ____________________________________________________

              ____________________________________________________
  (Please print or typewrite name and address, including zip code, of assignee)

________________________________________________________________________________
the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints ________________________ attorney to transfer said Note on the
books kept for registration thereof, with full power of substitution in the
premises.

Dated:
       ------------------------------   ----------------------------------------

Signature Guaranteed by
                        --------------------------

     NOTICE: The signature(s) to this assignment must correspond with the name
as it appears upon the face of the within Note in every particular, without
alteration or enlargement or any change whatsoever. Signature(s) must be
guaranteed by a commercial bank or by a member firm of the New York Stock
Exchange or another national securities exchange. Notarized or witnessed
signatures are not acceptable.

                                     A-2-8

<PAGE>

                                   EXHIBIT A-3

                           FORM OF CLASS B-[__] NOTES

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE INDENTURE TRUSTEE OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THE HOLDER OF THIS NOTE OR BENEFICIAL OWNER OF ANY INTEREST HEREIN WILL BE
DEEMED TO REPRESENT TO ONE OF THE REPRESENTATIONS CONTAINED IN SECTION 4.15 OF
THE INDENTURE.

THIS NOTE IS A NON-RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED IN RIGHT OF
PAYMENT TO AMOUNTS AVAILABLE FROM THE TRUST AS PROVIDED IN THE INDENTURE
REFERRED TO BELOW. THE ISSUER IS NOT OTHERWISE PERSONALLY LIABLE FOR PAYMENTS ON
THIS NOTE.

PRINCIPAL OF THIS NOTE IS PAYABLE OVER TIME AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING NOTE BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

THIS NOTE IS SUBORDINATE TO THE CLASS A NOTES, CLASS M NOTES [AND CLASS B-1
NOTES] TO THE EXTENT DESCRIBED IN THE INDENTURE REFERRED TO HEREIN.

                                      A-3-1

<PAGE>

                   ORIGEN MANUFACTURED HOUSING CONTRACT TRUST
                       COLLATERALIZED NOTES, SERIES 2005-B
                                  CLASS B-[__]

AGGREGATE NOTE BALANCE:                            NOTE RATE: [___]% (Subject to
$_____________________                             Available Funds Rate)

INITIAL NOTE BALANCE OF THIS BOND:                 BOND NO. 1
$_____________________

PERCENTAGE INTEREST: 100%                          CUSIP NO. [__________]

     Origen Manufactured Housing Contract Trust 2005-B (the "Issuer"), a
Delaware statutory trust, for value received, hereby promises to pay to Cede &
Co. or registered assigns, the principal sum of ($_______________) in monthly
installments on the fifteenth day of each month or, if such day is not a
Business Day, the next succeeding Business Day (each a "Payment Date"),
commencing in January 2006 and ending on or before the Payment Date occurring on
the Final Stated Maturity Date and to pay interest on the Note Balance of this
Note (this "Note") outstanding from time to time as provided below.

     This Note is one of a duly authorized issue of the Origen Manufactured
Housing Contract Trust Collateralized Notes, Series 2005-B (the "Notes"), issued
under an Indenture dated as of December 1, 2005 (the "Indenture"), between the
Issuer and JPMorgan Chase Bank, N.A., as indenture trustee (the "Indenture
Trustee", which term includes any successor Indenture Trustee under the
Indenture), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights thereunder of the
Issuer, the Indenture Trustee, the Owner Trustee and the Holders of the Notes
and the terms upon which the Notes are to be authenticated and delivered. All
terms used in this Note which are defined in the Indenture shall have the
meanings assigned to them in the Indenture.

     Payments of principal and interest on this Note will be made on each
Payment Date to the Noteholder of record as of the related Record Date. The
"Note Balance" of a Note as of any date of determination is equal to the initial
Note Balance thereof, reduced by the aggregate of all amounts previously paid
with respect to such Note on account of principal on all prior Payment Dates.

     The principal of, and interest on, this Note are due and payable as
described in the Indenture, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and
private debts. All payments made by the Issuer with respect to this Note shall
be equal to this Note's pro rata share of the aggregate payments on all Class B
Notes as described above, and shall be applied as between interest and principal
as provided in the Indenture.

                                      A-3-2

<PAGE>

     All principal and interest accrued on the Notes, if not previously paid,
will become finally due and payable at the Final Stated Maturity Date.

     The Notes are subject to redemption in whole, but not in part, by the
Servicer on any Payment Date on or after the Payment Date on which the Pool
Principal Balance of the Contracts as of the end of the prior Due Period is less
than or equal to 20% of the aggregate Principal Balance of the Contracts as of
Cut-off Date.

     The Issuer shall not be liable upon the indebtedness evidenced by the Notes
except to the extent of amounts available from the Trust Estate which constitute
security for the payment of the Notes. The assets included in the Trust Estate
will be the sole source of payments on the Notes, and each Holder hereof, by its
acceptance of this Note, agrees that (i) such Note will be limited in right of
payment to amounts available from the Trust Estate as provided in the Indenture
and (ii) such Holder shall have no recourse to the Issuer, the Owner Trustee,
the Indenture Trustee, the Seller, the Originator, the Servicer or any of their
respective affiliates, or to the assets of any of the foregoing entities, except
the assets of the Issuer pledged to secure the Notes pursuant to the Indenture
and the rights conveyed to the Issuer under the Indenture.

     Any payment of principal or interest payable on this Note shall be paid to
the Person in whose name such Note is registered at the close of business on the
Record Date for such Payment Date by wire transfer to an account in the United
States designated by such Holder, except for the final installment of principal
and interest payable with respect to such Note, which shall be payable as
provided below. Notwithstanding the foregoing, upon written request with
appropriate instructions by the Holder of this Note delivered to the Indenture
Trustee at least five Business Days prior to the Record Date, any payment of
principal or interest, other than the final installment of principal or
interest, shall be made by check mailed to such person's address as it appears
in the Note Register on such Record Date. All reductions in the Note Balance of
a Note (or one or more predecessor Notes) effected by payments of principal made
on any Payment Date shall be binding upon all Holders of this Note and of any
note issued upon the registration of transfer thereof or in exchange therefor or
in lieu thereof, whether or not such payment is noted on such Note. The final
payment of this Note shall be payable upon presentation and surrender thereof on
or after the Payment Date thereof at the Corporate Trust Office or the office or
agency of the Issuer maintained by it for such purpose pursuant to Section 3.02
of the Indenture.

     Subject to the foregoing provisions, each Note delivered under the
Indenture, upon registration of transfer of or in exchange for or in lieu of any
other Note shall carry the right to unpaid principal and interest that were
carried by such other Note.

     If an Event of Default as defined in the Indenture shall occur and be
continuing with respect to the Notes, the Notes may become or be declared due
and payable in the manner and with the effect provided in the Indenture. If any
such acceleration of maturity occurs prior to the payment of the entire unpaid
Note Balance of the Notes, the amount payable to the Holder of this Note will be
equal to the sum of the unpaid Note Balance of the Notes, together with accrued
and unpaid interest thereon as described in the Indenture. The Indenture
provides that, notwithstanding the acceleration of the maturity of the Notes,
under certain circumstances specified therein, all amounts collected as proceeds
of the Trust Estate securing the Notes or

                                      A-3-3

<PAGE>

otherwise shall continue to be applied to payments of principal of and interest
on the Notes as if they had not been declared due and payable.

     The Holder of this Note or Beneficial Owner of any interest herein is
deemed to represent that either (1) it is not acquiring this Note with Plan
Assets or (2) (A) the acquisition, holding and transfer of this Note will not
give rise to a nonexempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code and (B) this Note is rated investment grade or better
and such person believes that this Note is properly treated as indebtedness
without substantial equity features for purposes of the DOL Regulations, and
agrees to so treat this Note. Alternatively, regardless of the rating of this
Note, such person may provide the Indenture Trustee and the Owner Trustee with
an opinion of counsel, which opinion of counsel will not be at the expense of
the Issuer, the Seller, the Originator, any Underwriter, the Owner Trustee, the
Indenture Trustee, the Servicer or any successor servicer which opines that the
acquisition, holding and transfer of this Note or interest herein is permissible
under applicable law, will not constitute or result in a non-exempt prohibited
transaction under ERISA or Section 4975 of the Code and will not subject the
Issuer, the Seller, the Originator, the Depositor, any Underwriter, the Owner
Trustee, the Indenture Trustee, the Servicer or any successor servicer to any
obligation in addition to those undertaken in the Indenture.

     As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Note may be registered on the Note Register of the
Issuer. Upon surrender for registration of transfer of, or presentation of a
written instrument of transfer for, this Note at the office or agency designated
by the Issuer pursuant to the Indenture, accompanied by proper instruments of
assignment in form satisfactory to the Indenture Trustee, one or more new Notes
of any authorized denominations and of a like aggregate initial Note Balance,
will be issued to the designated transferee or transferees.

     Prior to the due presentment for registration of transfer of this Note, the
Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note is registered as the owner
of such Note (i) on the applicable Record Date for the purpose of making
payments and interest of such Note and (ii) on any other date for all other
purposes whatsoever, as the owner hereof, whether or not this Note be overdue,
and neither the Issuer, the Indenture Trustee nor any such agent of the Issuer
or the Indenture Trustee shall be affected by notice to the contrary.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer and the Holders of a majority of all Notes at the time
outstanding. The Indenture also contains provisions permitting the Holders of
Notes representing specified percentages of the aggregate Note Balance of the
Notes on behalf of the Holders of all the Notes, to waive any past Default under
the Indenture and its consequences. Any such waiver by the Holder, at the time
of the giving thereof, of this Note (or any one or more predecessor Notes) shall
bind the Holder of every Note issued upon the registration of transfer hereof or
in exchange hereof or in lieu hereof, whether or not notation of such consent or
waiver is made upon such Note. The Indenture also permits the Issuer and the
Indenture Trustee to amend or waive certain terms and conditions set forth in
the Indenture without the consent of the Holders of the Notes issued thereunder.

                                      A-3-4

<PAGE>

     Initially, this Note will be registered in the name of Cede & Co. as
nominee of DTC, acting in its capacity as the Depository for this Note. This
Note will be delivered by the clearing agency in denominations as provided in
the Indenture and subject to certain limitations therein set forth. This Note is
exchangeable for a like aggregate initial Note Balance of Notes of different
authorized denominations, as requested by the Holder surrendering same.

     Unless the Certificate of Authentication hereon has been executed by the
Indenture Trustee by manual signature, this Note shall not be entitled to any
benefit under the Indenture, or be valid or obligatory for any purpose.

     AS PROVIDED IN THE INDENTURE, THIS NOTE AND THE INDENTURE CREATING THIS
NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

                                      A-3-5

<PAGE>

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed by Wilmington Trust Company not in its individual capacity but solely
as Owner Trustee.

Dated: December __, 2005

                                        ORIGEN MANUFACTURED HOUSING CONTRACT
                                        TRUST 2005-B

                                        BY: WILMINGTON TRUST COMPANY not in its
                                            individual capacity but solely in
                                            its capacity as Owner Trustee

                                        By:
                                            ------------------------------------
                                            Authorized Signatory

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes referred to in the within-mentioned Indenture.

JPMORGAN CHASE BANK, N.A.
as Indenture Trustee

By:
    ---------------------------------
    Authorized Signatory

                                      A-3-6

<PAGE>

                                  ABBREVIATIONS

     The following abbreviations, when used in the inscription on the face of
the Note, shall be construed as though they were written out in full according
to applicable laws or regulations:

          TEN COM          --   as tenants in common

          TEN ENT          --   as tenants by the entireties

          JT TEN           --   as joint tenants with right of survivorship and
                                not as tenants in common

          UNIF GIFT MIN ACT     ________________ Custodian

                                ______________________________
                                (Cust)                 (Minor)

                                under Uniform Gifts to Minor Act

                                ____________________________

                                                                         (State)

     Additional abbreviations may also be used though not in the above list.

                                      A-3-7

<PAGE>

                                   ASSIGNMENT

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

     PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE:

                 ______________________________________________

                 ______________________________________________

                 ______________________________________________
  (Please print or typewrite name and address, including zip code, of assignee)

________________________________________________________________________________
the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _________________ attorney to transfer said Note on the books kept
for registration thereof, with full power of substitution in the premises.

Dated:
       ------------------------         ----------------------------------------

Signature Guaranteed by
                        ------------------------------

     NOTICE: The signature(s) to this assignment must correspond with the name
as it appears upon the face of the within Note in every particular, without
alteration or enlargement or any change whatsoever. Signature(s) must be
guaranteed by a commercial bank or by a member firm of the New York Stock
Exchange or another national securities exchange. Notarized or witnessed
signatures are not acceptable.

                                      A-3-8

<PAGE>

                                    EXHIBIT B

                                LIST OF CONTRACTS

                [AVAILABLE UPON REQUEST OF THE INDENTURE TRUSTEE]

                                       B-1

<PAGE>

                                    EXHIBIT C

                               CUSTODIAL AGREEMENT

                             [SEE ATTACHED EXHIBIT]

                                       A-1

<PAGE>

                                    EXHIBIT D

                                   [RESERVED]

                                       A-1

<PAGE>

                                   APPENDIX A

                                   DEFINITIONS

     "Administrator": Origen Servicing, Inc. in the performance of its duties
pursuant to Article VIII under the Servicing Agreement.

     "Adjusted Note Balance": Any of the Class M-1 Adjusted Note Balance, Class
M-2 Adjusted Note Balance, Class B-1 Adjusted Note Balance or Class B-2 Adjusted
Note Balance.

     "Affiliate": With respect to any specified Person, any other Person
controlling or controlled by or under common control with such specified Person.
For the purposes of this definition, "control" when used with respect to any
specified Person means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise, and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

     "Amount Available": As to any Payment Date, an amount equal to

     (a) the sum of

          (i) all payments of interest and principal, including all partial
     Principal Prepayments applied and all Principal Prepayments in full and
     interest thereon, collected by the Servicer with respect to the Assets
     during the related Due Period,

          (ii) the Repurchase Price of each Asset which, during the related Due
     Period, the Originator purchased under the Asset Purchase Agreement on
     account of breaches of the Originator's representations and warranties, and

          (iii) all Liquidation Proceeds with respect to each Asset that became
     a Liquidated Asset during the related Due Period, minus

     (b) the sum of

          (i) amounts permitted to be withdrawn by the Servicer from the
     Collection Account pursuant to clauses (c) - (f), inclusive, of Section
     3.06 of the Servicing Agreement as of the close of business on the Business
     Day preceding such Payment Date;

          (ii) amounts payable to the Indenture Trustee and the Administrator to
     reimburse it for any tax imposed on the Trust and paid by the Indenture
     Trustee or the Administrator, and any expenses incurred in respect of tax
     filings, in connection with Section 6.06 of the Indenture and Section
     8.01(c) of the Servicing Agreement, respectively; and

          (iii) the Interest Deficiency Remedy Amount withdrawn from the
     Collection Account for the immediately preceding Payment Date.

                                      A-2

<PAGE>

     "Amounts Held for Future Distribution": As to any Payment Date, all
payments of interest and principal, including all partial Principal Prepayments
applied and all Principal Prepayments in full and interest thereon, collected by
the Servicer with respect to the Assets during the period commencing on the
first day of the month in which such Payment Date occurs to and including the
second Business Day preceding such Payment Date minus amounts permitted to be
withdrawn by the Servicer from the Collection Account pursuant to clauses (c) -
(f), inclusive, of Section 3.06 of the Servicing Agreement as of the close of
business on the second Business Day preceding such Payment Date with respect to
such amounts collected.

     "Asset": A Contract.

     "Asset File": With respect to any Contract and Land-and-Home Contract, the
related Contract File and the Land-and-Home Contract File, respectively.

     "Asset Purchase Agreement": The asset purchase agreement, dated as of
December 1, 2005, among the Seller, the Depositor and the Originator.

     "Assignment": An assignment of Mortgage, notice of transfer or equivalent
instrument, in recordable form (excepting therefrom, if applicable, the mortgage
recordation information which has not been required pursuant to the definition
of "Land-and-Home Contract File" or returned by the appropriate recorder's
office), which is sufficient under the laws of the jurisdiction wherein the
related Mortgaged Property is located to reflect of record the sale of the
Mortgage, which assignment, notice of transfer or equivalent instrument may be
in the form of one or more blanket assignments covering Mortgages secured by
Mortgaged Properties located in the same county, if permitted by law.

     "Authorized Newspaper": A newspaper of general circulation in the Borough
of Manhattan, The City of New York, printed in the English language and
customarily published on each Business Day, whether or not published on
Saturdays, Sundays or holidays.

     "Authorized Officer": With respect to the Issuer, any officer of the Owner
Trustee who is authorized to act for the Owner Trustee in matters relating to
the Issuer and who is identified on the list of Authorized Officers delivered by
the Owner Trustee to the Indenture Trustee on the Closing Date (as such list may
be modified or supplemented from time to time thereafter) and any authorized
officer of the Servicer in its capacity as administrator of the Issuer pursuant
to Article VIII of the Servicing Agreement.

     "Available Funds Cap Carry-Forward Amount": For the Class A-3 Notes, the
Class A-4 Notes, or a Class of Mezzanine Notes or a Class of the Class B Notes
and any Payment Date on which the Note Rate therefor is the Available Funds
Rate, will be the sum of:

          (1) the excess, if any, of (a) the amount of interest accrued thereon
     and the amount of the Class M-1, Class M-2, Class B-1 and Class B-2
     Liquidation Loss Interest Amounts for such Payment Date, in each case,
     calculated pursuant to clause (i) of the definition of Note Rate for the
     related Notes over (b) the amount of interest accrued thereon (including
     the Class M-1, Class M-2, Class B-1 or Class B-2 Liquidation Loss Interest
     Amounts) at the Available Funds Rate for such Payment Date;

                                      A-3

<PAGE>

          (2) any unpaid shortfall in interest owed to the related Notes
     pursuant to clause(1) on prior Payment Dates; and

          (3) interest on the amount in clause (2) at the related Note Rate.

     "Available Funds Rate": For any Payment Date will be the rate per annum
equal to the weighted average of the Contract Rates on such Payment Date
(weighted on the basis of the principal balance of the Contracts as of the first
day of the related Due Period), net of the sum of the Indenture Trustee Fee, the
Servicing Fee Rate and the Monthly Backup Servicing Fee expressed as a per annum
rate multiplied by the Pool Principal Balance for the previous Payment Date,
multiplied by a fraction the numerator of which is the Pool Principal Balance
for the immediately preceding Payment Date and the denominator of which is the
sum of the aggregate Note Balance of the Class A Notes as of the day immediately
prior to such Payment Date, the Class M-l Adjusted Note Balance for such Payment
Date, the Class M-2 Adjusted Note Balance for such Payment Date, the Class B-1
Adjusted Note Balance for such Payment Date and the Class B-2 Adjusted Note
Balance for such Payment Date.

     "Average Sixty-Day Delinquency Ratio": The arithmetic average of the
Sixty-Day Delinquency Ratios for such Payment Date and for the two immediately
preceding Payment Dates.

     "Backup Servicer": Vanderbilt Mortgage and Finance, Inc., its successors in
interest or any successor backup servicer appointed under the Servicing
Agreement.

     "Bankruptcy Code": The Bankruptcy Reform Act of 1978 (Title 11 of the
United States Code), as amended.

     "Basic Documents": The Trust Agreement, the Certificate of Trust, the
Indenture, the Servicing Agreement, the Asset Purchase Agreement, the Custodial
Agreement and the other documents and certificates delivered in connection with
any of the above.

     "Beneficial Owner": With respect to any Note, the Person who is the
beneficial owner of such Note as reflected on the books of the Depository or on
the books of a Person maintaining an account with such Depository (directly as a
Depository Participant or indirectly through a Depository Participant, in
accordance with the rules of such Depository).

     "Book-Entry Notes": Notes held by a nominee of the Depository, beneficial
interests in which Notes, ownership and transfers of which shall be made through
book entries by the Depository as described in Section 4.06 of the Indenture.

     "Business Day": Any day other than a Saturday, a Sunday or a day on which
banking or savings institutions in the State of Delaware, the State of New York,
the State of Michigan, the State of Texas, the Commonwealth of Virginia or in
the city in which the Corporate Trust Office of the Indenture Trustee is located
are authorized or obligated by law or executive order to be closed.

                                       A-4

<PAGE>

     "Certificate Distribution Account": The account or accounts created and
maintained pursuant to Section 3.10(c) of the Trust Agreement. The Certificate
Distribution Account shall be an Eligible Account.

     "Certificate Paying Agent": The meaning specified in Section 3.10 of the
Trust Agreement.

     "Certificate Percentage Interest": With respect to each Certificate, the
Percentage Interest stated on the face thereof.

     "Certificate Register": The register maintained by the Certificate
Registrar in which the Certificate Registrar shall provide for the registration
of Certificates and of transfers and exchanges of Certificates.

     "Certificate Registrar": Initially, the Indenture Trustee, in its capacity
as Certificate Registrar, or any successor to the Indenture Trustee in such
capacity.

     "Certificate of Trust": The Certificate of Trust filed for the Trust
pursuant to Section 3810(a) of the Statutory Trust Statute.

     "Certificates" or "Trust Certificates": The Origen Manufactured Housing
Contract Trust Series 2005-B Trust Certificates, evidencing the beneficial
ownership interest in the Issuer and executed by the Trust in substantially the
form set forth in Exhibit A to the Trust Agreement.

     "Certificateholder" or "Holder": The Person in whose name a Certificate is
registered in the Certificate Register.

     "Charged-off Contract": A Contract with respect to which the Servicer has
written down the outstanding principal balance thereof to zero following
determination made by the Servicer that the circumstances concerning such
Contract and/or valuation of the underlying collateral make the write-off of the
contract balance prudent, with or without the repossession of the underlying
collateral.

     "Class": Collectively, all of the Notes bearing the same class designation.

     "Class A Notes": Any of the Class A-l, Class A-2, Class A-3 or Class A-4
Notes.

     "Class A-l Notes": Any one of the Class A-l Notes executed, authenticated
and delivered by the Indenture Trustee, substantially in the form annexed as
Exhibit A-1 to the Indenture.

     "Class A-2 Notes": Any one of the Class A-2 Notes executed, authenticated
and delivered by the Indenture Trustee, substantially in the form annexed as
Exhibit A-1 to the Indenture.

     "Class A-3 Notes": Any one of the Class A-3 Notes executed, authenticated
and delivered by the Indenture Trustee, substantially in the form annexed as
Exhibit A-1 to the Indenture.

                                      A-5

<PAGE>

     "Class A-4 Notes": Any one of the Class A-4 Notes executed, authenticated
and delivered by the Indenture Trustee, substantially in the form annexed as
Exhibit A-1 to the Indenture.

     "Class A Principal Payment Amount": (a) For any Payment Date other than the
Final Stated Maturity Date for the Class A-4 Notes will equal the lesser of (i)
the Required Principal Payment Amount for such Payment Date and (ii) the
aggregate Note Balance of the Class A Notes as of the day immediately preceding
such Payment Date less the Class A Target Balance for such Payment Date and (b)
for the Final Stated Maturity Date for the Class A-4 Notes will equal the
aggregate Note Balance of the Class A Notes.

     "Class A Target Balance": (i) For each Payment Date (a) prior to the
Stepdown Date, (b) on which a Trigger Event is in effect or (c) on which the
Pool Principal Balance is less than or equal to 20% of the Pool Principal
Balance as of the Cut-off Date, zero and (ii) for each Payment Date on or after
the Stepdown Date provided that a Trigger Event is not in effect and that the
Pool Principal Balance is greater than 20% of the Pool Principal Balance as of
the Cut-off Date, the Pool Principal Balance minus the greater of (x) 62.125% of
the Pool Principal Balance and (y) the Overcollateralization Target Amount for
such Payment Date; provided, however, that, in no event will the Class A Target
Balance for any Payment Date be greater than the Class A Note Balance as of the
day immediately preceding such Payment Date.

     "Class B-1 Adjusted Note Balance": For any Payment Date will be the lesser
of (i) the Class B-1 Note Balance as of the day immediately preceding such
Payment Date and (ii) the Pool Principal Balance for the previous Payment Date
minus the sum of the aggregate Note Balance of the Class A Notes, the Class M-l
Notes and the Class M-2 Notes as of the day immediately preceding such Payment
Date.

     "Class B-1 Liquidation Loss Interest Amount": For any Payment Date and the
Class B-1 Notes will be equal to the sum of:

          (1) interest at the related Note Rate that accrued during the related
     Interest Accrual Period on the Class B-1 Loss Balance,

          (2) any unpaid shortfall in interest owed to the Class B-1 Notes
     pursuant to clause (1) on prior Payment Dates, and

          (3) interest on the amount in clause (2) at the related Note Rate.

     "Class B-1 Loss Balance": With respect to the any Payment Date will be the
Outstanding Note Balance of the Class B-1 Notes immediately preceding such
Payment Date less the Class B-1 Adjusted Note Balance for such Payment Date.

     "Class B-1 Note": Any one of the Class B-1 Notes executed, authenticated
and delivered by the Indenture Trustee, substantially in the form annexed as
Exhibit A-3 to the Indenture.

     "Class B-1 Principal Payment Amount": (a) For any Payment Date other than
the related Final Stated Maturity Date, will equal the lesser of (i) Required
Principal Payment Amount for such Payment Date minus the Class A Principal
Payment Amount, the Class M-1 Principal

                                      A-6

<PAGE>

Payment Amount and the Class M-2 Principal Payment Amount for such Payment Date
and (ii) the Class B-1 Note Balance as of the day immediately preceding such
Payment Date less the Class B-1 Target Balance for such Payment Date and (b) for
the related Final Stated Maturity Date, will equal the aggregate Note Balance of
such Class.

     "Class B-1 Target Balance": (i) For each Payment Date (a) prior to the
Stepdown Date, (b) on which a Trigger Event is in effect or (c) on which the
Pool Principal Balance is less than or equal to 20% of the Pool Principal
Balance as of the Cut-off Date, zero and (ii) for each Payment Date on or after
the Stepdown Date provided that a Trigger Event is not in effect and that the
Pool Principal Balance is greater than 20% of the Pool Principal Balance as of
the Cut-off Date, (1) the Pool Principal Balance minus the greater of (x) 22.75%
of the Pool Principal Balance and (y) the Overcollateralization Target Amount
for such Payment Date minus (2) the sum of the Class A Target Balance, the Class
M-1 Target Balance and the Class M-2 Target Balance for such Payment Date;
provided, however, that, in no event will the Class B-1 Target Balance for any
Payment Date be greater than the Class B-1 Note Balance as of the day
immediately preceding such Payment Date.

     "Class B-2 Adjusted Note Balance": For any Payment Date will be the lesser
of (i) the Class B-2 Note Balance as of the day immediately preceding such
Payment Date and (ii) the Pool Principal Balance for the previous Payment Date
minus the sum of the aggregate Note Balance of the Class A Notes, the Class M-l
Notes and the Class M-2 Notes as of the day immediately preceding such Payment
Date.

     "Class B-2 Liquidation Loss Interest Amount": For any Payment Date and the
Class B-2 Notes will be equal to the sum of:

          (1) interest at the related Note Rate that accrued during the related
     Interest Accrual Period on the Class B-2 Loss Balance,

          (2) any unpaid shortfall in interest owed to the Class B-2 Notes
     pursuant to clause (1) on prior Payment Dates, and

          (3) interest on the amount in clause (2) at the related Note Rate.

     "Class B-2 Loss Balance": With respect to the any Payment Date will be the
Outstanding Note Balance of the Class B-2 Notes immediately preceding such
Payment Date less the Class B-2 Adjusted Note Balance for such Payment Date.

     "Class B-2 Note": Any one of the Class B-2 Notes executed, authenticated
and delivered by the Indenture Trustee, substantially in the form annexed as
Exhibit A-3 to the Indenture.

     "Class B-2 Principal Payment Amount": (a) For any Payment Date other than
the related Final Stated Maturity Date, will equal the lesser of (i) Required
Principal Payment Amount for such Payment Date minus the Class A Principal
Payment Amount, the Class M-1 Principal Payment Amount, the Class M-2 Principal
Payment Amount and the Class B-1 Principal Payment Amount for such Payment Date
and (ii) the Class B-2 Note Balance as of the day immediately preceding such
Payment Date less the Class B-2 Target Balance for such Payment

                                      A-7

<PAGE>

Date and (b) for the related Final Stated Maturity Date, will equal the
aggregate Note Balance of such Class.

     "Class B-2 Target Balance": (i) For each Payment Date (a) prior to the
Stepdown Date, (b) on which a Trigger Event is in effect or (c) on which the
Pool Principal Balance is less than or equal to 20% of the Pool Principal
Balance as of the Cut-off Date, zero and (ii) for each Payment Date on or after
the Stepdown Date provided that a Trigger Event is not in effect and that the
Pool Principal Balance is greater than 20% of the Pool Principal Balance as of
the Cut-off Date, (1) the Pool Principal Balance minus the greater of (x) 19.25%
of the Pool Principal Balance and (y) the Overcollateralization Target Amount
for such Payment Date minus (2) the sum of the Class A Target Balance, the Class
M-1 Target Balance, Class M-2 Target Balance for such Payment Date and the Class
B-1 Target Balance for such Payment Date; provided, however, that, in no event
will the Class B-2 Target Balance for any Payment Date be greater than the Class
B-2 Note Balance as of the day immediately preceding such Payment Date.

     "Class M-l Adjusted Note Balance": For any Payment Date will be the lesser
of (i) the Class M-l Note Balance as of the day immediately preceding such
Payment Date and (ii) the Pool Principal Balance for the previous Payment Date
minus the aggregate Note Balance of the Class A Notes as of the day immediately
preceding such Payment Date.

     "Class M-1 Liquidation Loss Interest Amount": For any Payment Date and the
Class M-l Notes will be equal to the sum of:

          (1) interest at the related Note Rate that accrued during the related
     Interest Accrual Period on the Class M-l Loss Balance,

          (2) any unpaid shortfall in interest owed to the Class M-1 Notes
     pursuant to clause(1) on prior Payment Dates, and

          (3) interest on the amount in clause (2) at the related Note Rate.

     "Class M-1 Loss Balance": With respect to any Payment Date will be the
Outstanding Note Balance of the Class M-l Notes immediately preceding such
Payment Date less the Class M-l Adjusted Note Balance for such Payment Date.

     "Class M-l Note": Any one of the Class M-l Notes executed, authenticated
and delivered by the Indenture Trustee, substantially in the form annexed as
Exhibit A-2 to the Indenture.

     "Class M-l Principal Payment Amount": (a) For any Payment Date other than
the related Final Stated Maturity Date, will equal the lesser of (i) Required
Principal Payment Amount for such Payment Date minus the Class A Principal
Payment Amount for such Payment Date and (ii) the Class M-l Note Balance as of
the day immediately preceding such Payment Date less the Class M-l Target
Balance for such Payment Date and (b) for the related Final Stated Maturity
Date, will equal the aggregate Note Balance of such Class.

     "Class M-l Target Balance": (i) For each Payment Date (a) prior to the
Stepdown Date, (b) on which a Trigger Event is in effect or (c) on which the
Pool Principal Balance is less than or equal to 20% of the Pool Principal
Balance as of the Cut-off Date, zero and (ii) for each

                                      A-8

<PAGE>

Payment Date on or after the Stepdown Date provided that a Trigger Event is not
in effect and that the Pool Principal Balance is greater than 20% of the Pool
Principal Balance as of the Cut-off Date, (1) the Pool Principal Balance minus
the greater of (x) 46.375% of the Pool Principal Balance and (y) the
Overcollateralization Target Amount for such Payment Date minus (2) the Class A
Target Balance for such Payment Date; provided, however, that, in no event will
the Class M-l Target Balance for any Payment Date be greater than the Class M-l
Note Balance as of the day immediately preceding such Payment Date.

     "Class M-2 Adjusted Note Balance": For any Payment Date will be the lesser
of (i) the Class M-2 Note Balance as of the day immediately preceding such
Payment Date and (ii) the Pool Principal Balance for the previous Payment Date
minus the sum of the aggregate Note Balance of the Class A Notes and the Class
M-l Notes as of the day immediately preceding such Payment Date.

     "Class M-2 Liquidation Loss Interest Amount": For any Payment Date and the
Class M-2 Notes will be equal to the sum of:

          (1) interest at the related Note Rate that accrued during the related
     Interest Accrual Period on the Class M-2 Loss Balance,

          (2) any unpaid shortfall in interest owed to the Class M-2 Notes
     pursuant to clause (1) on prior Payment Dates, and

          (3) interest on the amount in clause (2) at the related Note Rate.

     "Class M-2 Loss Balance": With respect to the any Payment Date will be the
Outstanding Note Balance of the Class M-2 Notes immediately preceding such
Payment Date less the Class M-2 Adjusted Note Balance for such Payment Date.

     "Class M-2 Note": Any one of the Class M-2 Notes executed, authenticated
and delivered by the Indenture Trustee, substantially in the form annexed as
Exhibit A-2 to the Indenture.

     "Class M-2 Principal Payment Amount": (a) For any Payment Date other than
the related Final Stated Maturity Date, will equal the lesser of (i) Required
Principal Payment Amount for such Payment Date minus the Class A Principal
Payment Amount and the Class M-l Principal Payment Amount for such Payment Date
and (ii) the Class M-2 Note Balance as of the day immediately preceding such
Payment Date less the Class M-2 Target Balance for such Payment Date and (b) for
the related Final Stated Maturity Date, will equal the aggregate Note Balance of
such Class.

     "Class M-2 Target Balance": (i) For each Payment Date (a) prior to the
Stepdown Date, (b) on which a Trigger Event is in effect or (c) on which the
Pool Principal Balance is less than or equal to 20% of the Pool Principal
Balance as of the Cut-off Date, zero and (ii) for each Payment Date on or after
the Stepdown Date provided that a Trigger Event is not in effect and that the
Pool Principal Balance is greater than 20% of the Pool Principal Balance as of
the Cut-off Date, (1) the Pool Principal Balance minus the greater of (x) 35.00%
of the Pool Principal Balance and (y) the Overcollateralization Target Amount
for such Payment Date minus (2) the

                                      A-9

<PAGE>

sum of the Class A Target Balance and the Class M-l Target Balance for such
Payment Date; provided, however, that, in no event will the Class M-2 Target
Balance for any Payment Date be greater than the Class M-2 Note Balance as of
the day immediately preceding such Payment Date.

     "Closing Date": December 15, 2005.

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

     "Collateral": The meaning specified in the Granting Clause of the
Indenture.

     "Collection Account": The account or accounts created and maintained, or
caused to be created and maintained, by the Servicer pursuant to Section 3.05(a)
of the Servicing Agreement, which shall be entitled "Origen Servicing, Inc., as
Subservicer for JPMorgan Chase Bank, N.A., as Indenture Trustee, in trust for
the registered holders of Origen Manufactured Housing Contract Trust
Collateralized Notes, Series 2005-B." The Collection Account must be an Eligible
Account.

     "Commission": The Securities and Exchange Commission.

     "Computer Tape": The computer tape generated by the Seller which provides
information relating to the Contracts and which was used by the Seller in
selecting the Contracts, and includes the master file and the history file.

     "Contract File": As to each Contract, other than a Land-and-Home Contract,
(a) the fully executed original copy of the Contract and security agreement (if
separate), and all modifications thereto, executed by the Obligor evidencing
indebtedness in connection with the purchase of a Manufactured Home, assigned in
blank by the Seller or the Originator (which may be by blanket assignment), (b)
the assignment of the Contract to the Seller or the Originator, (c) the
originals of all assumptions, modifications, consolidation or extension
agreements, if any, signed by the Obligor, with evidence of recording thereon,
if applicable, or copies thereof with a certification that such copy represents
a true and correct copy of the original and that such original has been
submitted for recordation, if applicable, in the appropriate governmental
recording office of the jurisdiction in which the Manufactured Home is located,
(d) either (i) the original title document for the related Manufactured Home or
(ii) a duplicate certified by the appropriate governmental authority which
issued the original thereof or the application for such title document, (e)
evidence of one or more of the following types of perfection of the security
interest in the related Manufactured Home granted by such Contract, as
appropriate: (i) notation of such security interest on the title document, (ii)
an original or copy of the UCC-1 financing statements, certified as true and
correct by the Seller or the Originator and all necessary UCC-3 continuation
statements with evidence of filing thereon or copies thereof certified by the
Seller or the Originator to have been sent for filing, and UCC-3 assignments
executed by the Seller or the Originator in blank, which UCC-3 assignments shall
be in form and substance acceptable for filing, or (iii) such other evidence of
perfection of a security interest in a manufactured housing unit as is
customarily relied upon in the jurisdiction in which the related Manufactured
Home is located, (f) an original notarized Obligor's power of attorney for each
Contract, if any, signed by the Obligor, (g) insurance certificates or other
evidence of the issuance of insurance, (h) the

                                      A-10

<PAGE>

original of any guarantee executed in connection with the Contract, if any, (i)
the loan transfer agreement, if any, and (j) evidence of any other collateral
security, including with respect to a Land-in-Lieu Contract, the mortgage or
deed of trust, if any.

     "Contract Rate": With respect to any particular Contract, the rate of
interest specified in that Contract and computed either on a "simple interest"
basis or a precomputed basis, as specified in the related Contract.

     "Contracts": The manufactured housing installment sales contracts and
installment loan agreements, including any Land-and-Home Contracts and any
Eligible Substitute Contracts, described in the List of Contracts and
constituting part of the corpus of the Trust, which Contracts are to be assigned
and conveyed by the Seller to the Depositor and by the Depositor to the Trust,
and includes, without limitation, all related security interests and any and all
rights to receive payments which are due pursuant thereto after the applicable
Cut-off Date, but excluding any rights to receive payments which are due
pursuant thereto on or before the applicable Cut-off Date.

     "Corporate Trust Office": With respect to the Indenture Trustee,
Certificate Registrar, Certificate Paying Agent and Paying Agent, the principal
corporate trust office of the Indenture Trustee and Note Registrar at which at
any particular time its corporate trust business shall be administered, which
office at the date of the execution of this instrument is located at 4 New York
Plaza, 6th Floor, New York, New York 10004, Attention: Institutional Trust
Services, Origen 2005-B. With respect to the Owner Trustee, the principal
corporate trust office of the Owner Trustee at which at any particular time its
corporate trust business shall be administered, which office at the date of the
execution of this Trust Agreement is located at Wilmington Trust Company, Rodney
Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001,
Attention: Corporate Trust Administration.

     "Current Realized Loss Ratio": As to any Payment Date, a fraction,
expressed as a percentage, the numerator of which is the aggregate Realized
Losses for such Payment Date and each of the two immediately preceding Payment
Dates, multiplied by four, and the denominator of which is the arithmetic
average of the Pool Principal Balance as of the third preceding Payment Date and
the Pool Principal Balance as of such Payment Date.

     "Custodial Agreement": The agreement for the retention of each Asset File
and other documents, in the form set forth as Exhibit C to the Indenture.

     "Custodian": The custodian under the Custodial Agreement, which may be the
Indenture Trustee or any affiliate of the Indenture Trustee, or its successor in
interest or any successor to the Custodian under the Custodial Agreement as
therein provided.

     "Cut-off Date": The opening of business on December 1, 2005 (or the date of
its substitution, in the case of an Eligible Substitute Contract).

     "Cut-off Date Pool Principal Balance": The aggregate of the Cut-off Date
Principal Balances of the Assets.

                                      A-11

<PAGE>

     "Cut-off Date Principal Balance": As to any Contract, the unpaid principal
balance thereof at the Cut-off Date, after giving effect to all installments of
principal actually received by the Servicer during or prior to the related Due
Period.

     "Default": Any occurrence which is or with notice or the lapse of time or
both would become an Event of Default.

     "Definitive Notes": The meaning specified in Section 4.06 of the Indenture.

     "Depositor": Origen Residential Securities, Inc., a Delaware corporation,
or its successor in interest.

     "Depository" or "Depository Agency": The Depository Trust Company or a
successor appointed by the Indenture Trustee. Any successor to the Depository
shall be an organization registered as a "clearing agency" pursuant to Section
17A of the Exchange Act and the regulations of the Securities and Exchange
Commission thereunder.

     "Depository Institution": Any depository institution or trust company,
including the Indenture Trustee that (a) is incorporated under the laws of the
United States of America or any State thereof, (b) is subject to supervision and
examination by federal or state banking authorities and (c) has outstanding
unsecured commercial paper or other short-term unsecured debt obligations (or,
in the case of a depository institution that is the principal subsidiary of a
holding company, such holding company has unsecured commercial paper or other
short-term unsecured debt obligations) that are rated at least P-l by Moody's
and A-1+ by S&P.

     "Depository Participant": A Person for whom, from time to time, the
Depository effects book-entry transfers and pledges of securities deposited with
the Depository.

     "Determination Date": With respect to any Payment Date, the fourth Business
Day before such Payment Date.

     "DOL Regulations": Regulations issued by the U.S. Department of Labor at 29
C.F.R. Section 2510.3-101.

     "Due Date": With respect to each Contract, the day of the month on which
each scheduled monthly payment is due.

     "Due Period": With respect to each Payment Date, the calendar month
preceding the month in which such Payment Date occurs.

     "Electronic File": A file in form and substance acceptable to the Indenture
Trustee prepared by the Servicer pursuant to Section 3.04(c) of the Servicing
Agreement with such additions, deletions and modifications as agreed to by the
Indenture Trustee and the Servicer.

     "Electronic Ledger": The electronic master record of installment sale
contracts and mortgage loans of the Seller.

                                      A-12
<PAGE>

     "Eligible Account": Any of (i) an account or accounts maintained with a
Depository Institution, (ii) an account or accounts the deposits in which are
fully insured by the FDIC or (iii) a segregated, non-interest bearing trust
account or accounts maintained with the corporate trust department of a federal
or state chartered depository institution or trust company acting in its
fiduciary capacity. Eligible Accounts may bear interest.

     "Eligible Servicer": Origen Financial L.L.C., Origen Servicing, Inc., the
Backup Servicer or any Person qualified to act as Servicer of the Contracts
under applicable federal and state laws and regulations, which Person services
not less than an aggregate of $50,000,000 in outstanding principal amount of
manufactured housing conditional sales contracts and installment loan
agreements.

     "Eligible Substitute Contract": As to any Replaced Contract for which such
Eligible Substitute Contract is being substituted pursuant to Section 2.03(b) of
the Servicing Agreement, a Contract that (a) as of the date of its substitution,
satisfies all of the representations and warranties (which, except when
expressly stated to be as of origination, shall be deemed to be determined as of
the date of its substitution rather than as of the Cut-off Date or the Closing
Date) in Section 3.3 of the Asset Purchase Agreement and does not cause any of
the representations and warranties in Section 3.3 of the Asset Purchase
Agreement, after giving effect to such substitution, to be incorrect, (b) after
giving effect to the scheduled payment due in the month of such substitution,
has a Principal Balance that is not greater than the Principal Balance of such
Replaced Contract, (c) has a Contract Rate that is at least equal to the
Contract Rate of such Replaced Contract, (d) has a remaining term to scheduled
maturity that is not greater than the remaining term to scheduled maturity of
the Replaced Contract and (e) is a Land-and-Home Contract if the Replaced
Contract is a Land-and-Home Contract and is otherwise secured by a Manufactured
Home that is similar in type and value to the collateral serving the Replaced
Contract. If more than one Asset is being substituted pursuant to Section 3.7 of
the Asset Purchase Agreement for more than one Replaced Contract on a particular
date, then the conditions specified above shall be applied to the Contracts
being substituted, in the aggregate, and the Replaced Contracts, in the
aggregate.

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

     "Escrow Payment": As defined in Section 3.09 of the Servicing Agreement.

     "Estate in Real Property": A fee simple estate in a parcel of land.

     "Event of Default": With respect to the Indenture, any one of the following
events (whatever the reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

          (i) a failure by the Issuer to pay the Interest Payment Amount on any
     of the Notes and, if the Class A Notes are no longer outstanding, the
     related Liquidation Loss Interest Amount due on the most senior Class of
     Notes Outstanding, for a period of 30 days; or

                                      A-13

<PAGE>

          (ii) the failure by the Issuer on the Final Stated Maturity Date to
     reduce the Note Balance of any of the Notes to zero; or

          (iii) a breach by the Issuer of a negative covenant set forth in
     Section 3.16 of the Indenture; or

          (iv) there occurs a default in any material respect in the observance
     or performance of any covenant or agreement of the Issuer made in the
     Indenture, or any representation or warranty of the Issuer made in the
     Indenture or in any certificate or other writing delivered pursuant hereto
     or in connection herewith proving to have been incorrect in any material
     respect as of the time when the same shall have been made, and such default
     or breach shall continue or not be cured, or the circumstance or condition
     in respect of which such representation or warranty was incorrect shall not
     have been eliminated or otherwise cured, for a period of 30 days after
     there shall have been given, by registered or certified mail, to the Issuer
     by the Indenture Trustee or to the Issuer and the Indenture Trustee by the
     Holders of at least 25% of the aggregate Note Balance of the Outstanding
     Notes, a written notice specifying such default or incorrect representation
     or warranty and requiring it to be remedied and stating that such notice is
     a notice of default hereunder; or

          (v) there occurs the filing of a decree or order for relief by a court
     having jurisdiction in the premises in respect of the Issuer or any
     substantial part of the Trust Estate in an involuntary case under any
     applicable federal or state bankruptcy, insolvency or other similar law now
     or hereafter in effect, or appointing a receiver, liquidator, assignee,
     custodian, trustee, sequestrator or similar official of the Issuer or for
     any substantial part of the Trust Estate, or ordering the winding-up or
     liquidation of the Issuer's affairs, and such decree or order shall remain
     unstayed and in effect for a period of 60 consecutive days; or

          (vi) there occurs the commencement by the Issuer of a voluntary case
     under any applicable federal or state bankruptcy, insolvency or other
     similar law now or hereafter in effect, or the consent by the Issuer to the
     entry of an order for relief in an involuntary case under any such law, or
     the consent by the Issuer to the appointment or taking possession by a
     receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
     official of the Issuer or for any substantial part of the assets of the
     Trust Estate, or the making by the Issuer of any general assignment for the
     benefit of creditors, or the failure by the Issuer generally to pay its
     debts as such debts become due, or the taking of any action by the Issuer
     in furtherance of any of the foregoing.

     "Exchange Act": The Securities Exchange Act of 1934, as amended, and the
rules and regulations promulgated thereunder.

     "Expenses": The meaning specified in Section 7.02 of the Trust Agreement.

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

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

                                      A-14

<PAGE>

     "File": An Asset File.

     "Final Stated Maturity Date": The Payment Date occurring in February 2014
with respect to the Class A-l Notes; December 2018 with respect to the Class A-2
Notes; May 2022 with respect to the Class A-3 Notes; and January 2037 with
respect to the Class A-4, Class M-l, Class M-2 and Class B Notes.

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

     "Grant": Pledge, bargain, sell, warrant, alienate, remise, release, convey,
assign, transfer, create, and grant a lien upon and a security interest in and
right of set-off against, deposit, set over and confirm pursuant to the
Indenture. A Grant of the Collateral or of any other agreement or instrument
shall include all rights, powers and options (but none of the obligations) of
the granting party thereunder, including the immediate and continuing right to
claim for, collect, receive and give receipt for principal and interest payments
in respect of such collateral or other agreement or instrument and all other
moneys payable thereunder, to give and receive notices and other communications,
to make waivers or other agreements, to exercise all rights and options, to
bring proceedings in the name of the granting party or otherwise, and generally
to do and receive anything that the granting party is or may be entitled to do
or receive thereunder or with respect thereto.

     "Hazard Insurance Policy": With respect to each Asset, the policy of fire
and extended coverage insurance required to be maintained for the related
Manufactured Home, as provided in Section 3.10 of the Servicing Agreement, and
which, as provided in said Section 3.10 of the Servicing Agreement, may be a
blanket mortgage impairment policy maintained by the Servicer in accordance with
the terms and conditions of said Section 3.10 of the Servicing Agreement.

     "Indemnified Party": The meaning specified in Section 7.02 of the Trust
Agreement.

     "Indenture": The indenture dated as of December 1, 2005, between the Issuer
and the Indenture Trustee, relating to the Origen Manufactured Housing Contract
Trust Collateralized Notes, Series 2005-B.

     "Indenture Trustee": JPMorgan Chase Bank, N.A., and its successors and
assigns or any successor indenture trustee appointed pursuant to the terms of
the Indenture.

     "Indenture Trustee Fee": With respect to each Payment Date, an amount equal
to $1,250, plus the greater of (i) one-twelfth of the product of 0.0001 and Pool
Principal Balance for the immediately preceding Payment Date (or, with respect
to the first Payment Date, the Cut-off Date Pool Principal Balance) and (ii)
$1,000.

     "Independent": When used with respect to any specified Person, the Person
(i) is in fact independent of the Issuer, any other obligor on the Notes, the
Seller, the Servicer, the Subservicer, the Depositor and any Affiliate of any of
the foregoing Persons, (ii) does not have any direct financial interest or any
material indirect financial interest in the Issuer, any such other obligor, the
Seller, the Servicer, the Subservicer, the Depositor or any Affiliate of any of
the foregoing Persons and (iii) is not connected with the Issuer, any such other
obligor, the Seller,

                                      A-15

<PAGE>

the Servicer, the Subservicer, the Depositor or any Affiliate of any of the
forego ing Persons as an officer, employee, promoter, underwriter, trustee,
partner, director or person performing similar functions.

     "Independent Certificate": A certificate or opinion to be delivered to the
Indenture Trustee under the circumstances described in, and otherwise complying
with, the applicable requirements of Section 10.01 of the Indenture, made by an
independent appraiser or other expert appointed by an Issuer Request, and such
opinion or certificate shall state that the signer has read the definition of
"Independent" in this Indenture and that the signer is Independent within the
meaning thereof.

     "Initial Note Balance": With respect to the Class A-l Notes, $40,692,000.
With respect to the Class A-2 Notes, $39,295,000. With respect to the Class A-3
Notes, $13,428,000. With respect to the Class A-4 Notes, $19,897,000. With
respect to the Class M-l Notes, $15,750,000. With respect to the Class M-2
Notes, $11,375,000. With respect to the Class B-1 Notes, $12,250,000. With
respect to the Class B-2 Notes, $3,500,000.

     "Insurance Proceeds": Proceeds paid by any insurer pursuant to any
insurance policy or contract.

     "Interest Accrual Period": With respect to any Payment Date and the Class A
Notes, the Mezzanine Notes and the Class B Notes, the calendar month preceding
the month in which the Payment Date occurs.

     "Interest Deficiency Remedy Amount": With respect to any Payment Date, the
sum of (a) that amount by which (i) the Interest Payment Amounts due to each
Class of Notes on such Payment Date exceed (ii) the Amount Available for such
Payment Date remaining after payments pursuant to Section 8.02(a)(I) required to
be paid prior to payment of the Interest Payment Amount for such Class and (b)
that amount by which (i) the Liquidation Loss Interest Amounts due to each class
of Notes on such Payment Date exceed (ii) the Amount Available for such Payment
Date remaining after payments pursuant to Sections 8.02(a)(I) required to be
paid prior to payment of the Liquidation Loss Interest Amount for such Class;
provided, that no Interest Deficiency Remedy Amount shall be payable on any
Class after the cumulative amount of Interest Deficiency Remedy Amounts paid on
that Class exceeds the applicable amount set forth below (which equals three
months' interest on the Initial Note Balance of such Class).

<TABLE>
<CAPTION>
Class   Cumulative Amount
-----   -----------------
<S>     <C>
 A-l       $534,082.50
 A-2       $515.452.17
 A-3       $188,159.85
 A-4       $293,978.19
 M-l       $235,856.25
 M-2       $184,275.00
 B-1       $220,500.00
 B-2       $ 63,000.00
</TABLE>

                                      A-16

<PAGE>

     "Interest Payment Amount": With respect to any Payment Date and any Class A
Notes, Mezzanine Notes and Class B Notes, the sum of:

          (1) interest at the related Note Rate that accrued during the related
     Interest Accrual Period on, in the case of the Class A Notes, the related
     Note Balance and, in the case of the Class Mezzanine Notes or the Class B
     Notes, the related Adjusted Note Balance,

          (2) any unpaid shortfall in interest owed to the Notes pursuant to
     clause (1) on prior Payment Dates, and

          (3) interest on the amount in clause (2) at the related Note Rate.

     "Investment Company Act": The Investment Company Act of 1940, as amended,
and any amendments thereto.

     "IRS": The Internal Revenue Service.

     "Issuer": Origen Manufactured Housing Contract Trust 2005-B, a Delaware
statutory trust, or its successor in interest.

     "Issuer Request": A written order or request signed in the name of the
Issuer by any one of its Authorized Officers and delivered to the Indenture
Trustee.

     "Land-and-Home Contract": A Contract that is secured by a Mortgage on real
estate on which the related Manufactured Home is situated, and which
Manufactured Home is considered or classified as part of the real estate under
the laws of the jurisdiction in which it is located.

     "Land-and-Home Contract File": As to each Land-and-Home Contract, (a) the
fully executed original copy of the Land-and-Home Contract and security
agreement (if separate), and all modifications thereto, executed by the Obligor
evidencing indebtedness in connection with the purchase of a Manufactured Home,
assigned in blank by the Seller or the Originator; (b) the original related
Mortgage with evidence of recording thereon (or, if the original Mortgage has
not yet been returned by the applicable recording office, a copy thereof,
certified by such recording office, which will be replaced by the original
Mortgage when it is so returned) and any title policy, commitment or other title
document for the related Manufactured Home; (c) the assignment of the
Land-and-Home Contract and the related Mortgage from the originator to the
Seller or the Originator; (d) an endorsement of such Land-and-Home Contract by
the Seller or the Originator to the Indenture Trustee or in blank; (e) an
assignment of the related Mortgage to the Indenture Trustee or in blank; and (f)
the originals of all assumptions, modifications, consolidation or extension
agreements, if any, signed by the Obligor, with evidence of recording thereon,
if applicable, or copies thereof with a certification that such copy represents
a true and correct copy of the original and that such original has been
submitted for recordation in the appropriate governmental recording office of
the jurisdiction in which the Manufactured Home is located.

     "Land-in-Lieu Contract": A Contract that is secured by (i) a security
interest in a Manufactured Home and (ii) a mortgage or deed of trust on real
estate on which such

                                      A-17

<PAGE>

Manufactured Home is situated, but such Manufactured Home is not considered or
classified as part of the real estate under the laws of the jurisdiction in
which it is located.

     "Lien": Any mortgage, deed of trust, pledge, conveyance, hypothecation,
assignment, participation, deposit arrangement, encumbrance, lien (statutory or
other), preference, priority right or interest or other security agreement or
preferential arrangement of any kind or nature whatsoever, including, without
limitation, any conditional sale or other title retention agreement, any
financing lease having substantially the same economic effect as any of the
foregoing and the filing of any financing statement under the UCC (other than
any such financing statement filed for informational purposes only) or
comparable law of any jurisdiction to evidence any of the foregoing; provided,
however, that any assignment pursuant to Section 6.03 of the Servicing Agreement
shall not be deemed to constitute a Lien.

     "Liquidated Contract": Any defaulted Contract as to which the Servicer has
determined that all amounts which it expects to recover from or on account of
such Contract have been recovered; provided that any defaulted Contract in
respect of which the related Manufactured Home or Mortgaged Property, have been
realized upon and disposed of and the proceeds of such disposition have been
received shall be deemed to be a Liquidated Contract.

     "Liquidation Expenses": Out-of-pocket expenses (exclusive of any overhead
expenses) which are incurred by the Servicer in connection with the liquidation
of any defaulted Contract, on or prior to the date on which the related
Manufactured Home and, in the case of Land-and-Home Contracts, Mortgaged
Property, are disposed of, including, without limitation, legal fees and
bankruptcy expenses, and any related and unreimbursed expenditures for property
taxes, property preservation or restoration of the property to marketable
condition.

     "Liquidated Loss Amount": As defined in Section 8.08 of the Indenture.

     "Liquidation Loss Interest Amounts": As to any Payment Date, the Class M-l
Liquidation Loss Interest Amount, the Class M-2 Liquidation Loss Interest
Amount, the Class B-1 Liquidation Loss Interest Amount and the Class B-2
Liquidation Loss Interest Amount for such Payment Date.

     "Liquidation Proceeds": Cash (including Insurance Proceeds) received in
connection with the liquidation of defaulted Contracts, whether through
repossession, foreclosure sale or otherwise, including any rental income
realized from the repossessed Manufactured Home.

     "List of Contracts": The lists identifying each Contract constituting part
of the corpus of the Trust Estate, and which lists are delivered pursuant to
Section 3.01 of the Trust Agreement, as such lists may be amended from time to
time pursuant to Section 3.7 of the Asset Purchase Agreement to add Eligible
Substitute Assets and delete Replaced Assets. Each List of Contracts shall set
forth as to each Contract identified on it (i) the Cut-off Date Principal
Balance, (ii) the amount of monthly payments due from the Obligor, (iii) the
Contract Rate and (iv) the maturity date.

     "Loan-to-Value Ratio": With respect to each Contract including retail
contracts sourced through dealers or brokers, Land-and-Home Contracts sourced
through dealers and correspondents, direct private sales and bulk purchases, a
fraction, the numerator of which is the

                                      A-18

<PAGE>

principal balance of the contract (total amount financed), and the denominator
of which is the sum of the down payment (the sum of cash, trade-in and land
value) plus the principal balance of the contract (amount financed).

     "Majority Certificateholder": A Holder of more than a 50% Certificate
Percentage Interest of the Certificates.

     "Manufactured Home": A unit of manufactured housing, including all
accessions thereto, securing the indebtedness of the Obligor under the related
Contract.

     "Mezzanine Note": Any Class M-l Note or Class M-2 Note.

     "Monthly Backup Servicing Fee": With respect to any Payment Date, an amount
equal to $5,000 per month for months 1 through 84 after the Closing Date, $4,000
per month for months 85 through 168 and $3,000 per month thereafter. The Monthly
Backup Servicing Fee shall be payable by the Indenture Trustee pursuant to
Section 3.05 and Section 8.02 of the Indenture. Upon the occurrence of a Service
Transfer to the Back-up Servicer as contemplated by Section 6.01 of the
Servicing Agreement, payment of the Monthly Backup Servicing Fee, shall cease
and the Back-up Servicer, in its role as Servicer hereunder, shall be paid the
Monthly Servicing Fee. In addition, the Backup Servicer shall be paid an initial
commitment fee of $25,000, which shall be paid directly by the Servicer within
five (5) Business Days from the Closing Date and shall constitute an expense
reimbursable to the Servicer pursuant to Section 8.02(a)(I)(xvi) of the
Indenture.

     "Monthly Report": Has the meaning assigned in Section 4.01 of the Servicing
Agreement.

     "Monthly Servicing Fee": As of any Payment Date, one-twelfth of the product
of 1.25% and the Pool Principal Balance for the immediately preceding Payment
Date (or, with respect to the first Payment Date, the Cut-off Date Pool
Principal Balance).

     "Moody's": Moody's Investors Service, Inc. and its successors in interest.

     "Mortgage": The mortgage, deed of trust, security deed or similar evidence
of lien, creating a first lien on an estate in fee simple in the real property
securing a Land-and-Home Contract or Mortgage Loan.

     "Mortgaged Property": The property subject to the lien of a Mortgage.

     "Mortgagor": The obligor on a Mortgage Note.

     "Net Liquidation Loss": As to a Liquidated Contract, the amount, if any, by
which (a) the outstanding principal balance of such Liquidated Contract plus
accrued and unpaid interest thereon to the date on which such Liquidated
Contract became a Liquidated Contract exceeds (b) the sum of (1) the Net
Liquidation Proceeds for such Liquidated Contract plus (2) the principal balance
of any new Contract originated to the purchaser of the related repossessed
Manufactured Home, to the extent such new Contract qualifies as an Eligible
Substitute Contract and is added to the Trust Estate.

                                      A-19

<PAGE>

     "Net Liquidation Proceeds": As to a Liquidated Contract, all Liquidation
Proceeds received on or prior to the last day of the month in which such
Contract became a Liquidated Contract, net of Liquidation Expenses.

     "Nonrecoverable Advance": Any Servicing Advances which are not recovered,
or which the Servicer reasonably believes will not be recovered, by the Servicer
from late collections from the Obligor of the item advanced, or from Liquidation
Proceeds on the related Contract, and any Servicing Advances incurred by the
Servicer in connection with a delinquent or defaulted Contract which is
subsequently reinstated, worked out, or otherwise cured. In determining whether
a Servicing Advance is or will be nonrecoverable, the Servicer need not take
into account that it might receive any amounts in a deficiency judgment. The
determination by the Servicer that any Servicing Advance is, or if made would
constitute, a Nonrecoverable Advance, shall be evidenced by a certificate of a
Servicing Officer of the Servicer delivered to the Indenture Trustee stating the
reasons for such determination.

     "Note": Any one of the Origen Manufactured Housing Contract Trust
Collateralized Notes, Series 2005-B, Class A-1, Class A-2, Class A-3, Class A-4,
Class M-1, Class M-2, Class B-1 and Class B-2, issued under the Indenture.

     "Note Balance": With respect to each Class of Notes as of any date of
determination, the Initial Note Balance less all amounts previously paid to
Holders of such Class on account of principal.

     "Note Owner": The Beneficial Owner of a Note.

     "Note Payment Account": The trust account or accounts created and
maintained by the Indenture Trustee pursuant to Section 3.01 of the Indenture,
which shall be entitled "JPMorgan Chase Bank, N.A., as Indenture Trustee, in
trust for the registered holders of Origen Manufactured Housing Contract Trust
Collateralized Notes, Series 2005-B." The Note Payment Account must be an
Eligible Account.

     "Note Rate": With respect to the Class A-1 Notes and any Payment Date, a
rate per annum equal to 5.250%. With respect to the Class A-2 Notes and any
Payment Date, a rate per annum equal to 5.247%. With respect to the Class A-3
Notes and any Payment Date, a rate per annum equal to the lesser of (i) 5.605%
and (ii) the Available Funds Rate for such Payment Date.. With respect to the
Class A-4 Notes and any Payment Date, a rate per annum equal to the lesser of
(i) 5.910% and (ii) the Available Funds Rate for such Payment Date. With respect
to the Class M-1 Notes and any Payment Date, a rate per annum equal to the
lesser of (i) 5.990% and (ii) the Available Funds Rate for such Payment Date.
With respect to the Class M-2 Notes and any Payment Date, a rate per annum equal
to the lesser of (i) 6.480% and (ii) the Available Funds Rate for such Payment
Date. With respect to the Class B-1 Notes and any Payment Date, a rate per annum
equal to the lesser of (i) 7.200% and (ii) the Available Funds Rate for such
Payment Date. With respect to the Class B-2 Notes and any Payment Date, a rate
per annum equal to the lesser of (i) 7.200% and (ii) the Available Funds Rate
for such Payment Date.

     "Note Register": The register maintained by the Note Registrar in which the
Note Registrar shall provide for the registration of Notes and of transfers and
exchanges of Notes.

                                      A-20

<PAGE>

     "Note Registrar": The Indenture Trustee, in its capacity as Note Registrar,
or any successor to the Indenture Trustee in such capacity.

     "Noteholder" or "Holder": The Person in whose name a Note is registered in
the Note Register, except that, any Note registered in the name of the
Depositor, the Issuer, the Indenture Trustee, the Seller or the Servicer or any
Affiliate of any of them shall be deemed not to be a holder or holders, nor
shall any so owned be considered outstanding, for purposes of giving any
request, demand, authorization, direction, notice, consent or waiver under the
Indenture or the Trust Agreement; provided that, in determining whether the
Indenture Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Notes that a
Responsible Officer of the Indenture Trustee or the Owner Trustee actually knows
to be so owned shall be so disregarded. Owners of Notes that have been pledged
in good faith may be regarded as Holders if the pledgee establishes to the
satisfaction of the Indenture Trustee or the Owner Trustee the pledgee's right
so to act with respect to such Notes and that the pledgee is not the Issuer, any
other obligor upon the Notes or any Affiliate of any of the foregoing Persons.

     "Obligor": Each Person who is indebted under a Contract.

     "Officer's Certificate": With respect to the Servicer, a certificate signed
by the President, Managing Director, a Director, a Vice President or an
Assistant Vice President, of the Servicer and delivered to the Indenture
Trustee. With respect to the Issuer, a certificate signed by any Authorized
Officer of the Issuer, under the circumstances described in, and otherwise
complying with, the applicable requirements of Section 10.01 of the Indenture,
and delivered to the Indenture Trustee. Unless otherwise specified, any
reference in the Indenture to an Officer's Certificate shall be to an Officer's
Certificate of any Authorized Officer of the Issuer.

     "Opinion of Counsel": A written opinion of counsel acceptable to the
Indenture Trustee, in its reasonable discretion which counsel may be in-house
counsel for the Servicer if acceptable to the Indenture Trustee and to the
Rating Agencies (if applicable).

     "Originator": Origen Financial L.L.C., or its successor in interest, in its
capacity as originator of the Contracts.

     "Origen REIT": Origen Financial, Inc., a Delaware corporation.

     "Outstanding": With respect to the Notes, as of the date of determination,
all Notes theretofore executed, authenticated and delivered under this Indenture
except:

          (i) Notes theretofore canceled by the Note Registrar or delivered to
     the Indenture Trustee for cancellation; and

          (ii) Notes in exchange for or in lieu of which other Notes have been
     executed, authenticated and delivered pursuant to the Indenture unless
     proof satisfactory to the Indenture Trustee is presented that any such
     Notes are held by a holder in due course;

                                      A-21

<PAGE>

     "Outstanding Advance Amounts": As to any Payment Date, all servicing
advances less the aggregate of all amounts actually received by the Servicer
prior to such Payment Date in reimbursement for any such advances.

     "Overcollateralization Amount": With respect to any Payment Date, the
excess, if any, of (a) the Pool Principal Balance for such Payment Date over (b)
the aggregate Note Balance of the Class A Notes, the Mezzanine Notes and the
Class B Notes after giving effect to payments to be made on such Payment Date.

     "Overcollateralization Target Amount": (i) For each Payment Date prior to
the Stepdown Date, 11.00% of the Cut-off Date Pool Principal Balance, (ii) for
each Payment Date on or after the Stepdown Date provided a Trigger Event is not
in effect, the lesser of (x) 11.00% of the Cut-off Date Pool Principal Balance
and (y) the greater of (1) 19.25% of the Pool Principal Balance for such Payment
Date and (2) $8,312,500, and (iii) for each Payment Date on or after the
Stepdown Date and on which a Trigger Event is in effect, the
Overcollateralization Target Amount for the immediately preceding Payment Date.
Notwithstanding the foregoing, on any Payment Date on which the Pool Principal
Balance is less than or equal to 20% of the Pool Principal Balance as of the
Cut-off Date, the Overcollateralization Target Amount will equal 100% of the
then-current Pool Principal Balance.

     "Owner Trust Estate": The corpus of the Issuer created by the Trust
Agreement which consists of items referred to in Section 3.01 of the Trust
Agreement.

     "Owner Trustee": Wilmington Trust Company, acting not in its individual
capacity but solely as Owner Trustee, and its successors and assigns or any
successor owner trustee appointed pursuant to the terms of the Trust Agreement.

     "Owner Trustee Fee": With respect to a Payment Date, $333.34.

     "Paying Agent": Any paying agent or co-paying agent appointed pursuant to
Section 3.03 of the Indenture, which initially shall be the Indenture Trustee.

     "Payment Date": The 15th day of any month, or if such 15th day is not a
Business Day, the Business Day immediately following such 15th day, commencing
in January 2006.

     "Percentage Interest": With respect to any Note, the percentage obtained by
dividing the Note Balance of such Note by the aggregate Note Balances of all
Notes of that Class. With respect to any Certificate, the percentage as stated
on the face thereof.

     "Permitted Investments": Any one or more of the following obligations or
securities acquired at a purchase price of not greater than par, regardless of
whether issued by the Depositor, the Servicer, the Indenture Trustee or any of
their respective Affiliates:

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

                                      A-22

<PAGE>

          (viii) demand and time deposits in, certificates of deposit of, or
     bankers' acceptances issued by, any Depository Institution;

          (ix) repurchase obligations with respect to any security described in
     clause (i) above entered into with a Depository Institution (acting as
     principal);

          (x) securities bearing interest or sold at a discount that are issued
     by any corporation incorporated under the laws of the United States of
     America or any state thereof and that are rated by each Rating Agency that
     rates such securities in its highest long-term unsecured rating categories
     at the time of such investment or contractual commitment providing for such
     investment;

          (xi) commercial paper (including both non-interest-bearing discount
     obligations and interest-bearing obligations payable on demand or on a
     specified date not more than 30 days after the date of acquisition thereof)
     that is rated by each Rating Agency that rates such securities in its
     highest short-term unsecured debt rating available at the time of such
     investment;

          (xii) units of money market funds that have been rated "AAAm" or
     "AAAm-G" by S&P (including those managed or advised by the Indenture
     Trustee or its respective affiliates) and for which JPMorgan Chase Bank,
     N.A. or an affiliate thereof serves as an investment advisor,
     administrator, shareholder servicing agent and/or custodian or
     subcustodian, notwithstanding that (i) JPMorgan Chase Bank, N.A. or an
     affiliate thereof charges and collects fees and expenses from such funds
     for services rendered, (ii) JPMorgan Chase Bank, N.A. or an affiliate
     thereof charges and collects fees and expenses for services rendered
     pursuant to this Agreement, and (iii) services performed for such funds and
     pursuant to this Agreement may converge at any time. JPMorgan Chase Bank,
     N.A. or an affiliate thereof is specifically authorized to charge and
     collect from the account, moneys on deposit which were invested in such
     funds, such fees as are collected from all investors in such funds for
     services rendered to such funds (but not to exceed investment earnings on
     the Trust's moneys so invested); and

          (xiii) if previously confirmed in writing to the Indenture Trustee,
     any other demand, money market or time deposit, or any other obligation,
     security or investment, as may be acceptable to the Rating Agencies as a
     permitted investment of funds backing securities having ratings equivalent
     to its highest initial rating of the Class A Notes;

provided, however, that no instrument described hereunder shall evidence either
the right to receive (a) only interest with respect to the obligations
underlying such instrument or (b) both principal and interest payments derived
from obligations underlying such instrument and the interest and principal
payments with respect to such instrument provide a yield to maturity at par
greater than 120% of the yield to maturity at par of the underlying obligations.

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

                                      A-23

<PAGE>

     "Plan": Any employee benefit plan or certain other retirement plans and
arrangements, including individual retirement accounts and annuities, Keogh
plans and bank collective investment funds and insurance company general or
separate accounts in which such plans, accounts or arrangements are invested,
that are subject to ERISA or Section 4975 of the Code.

     "Plan Assets": Assets of a Plan within the meaning of Department of Labor
regulation 29C.F.R. Section 2510.3-101.

     "Pool Principal Balance": As of any Payment Date, the aggregate Principal
Balance at the end of the related Due Period of all Contracts that were
outstanding during such Due Period.

     "Preliminary Prospectus Supplement": That certain Preliminary Prospectus
Supplement dated November 30, 2005, relating to the public offering of the
Notes.

     "Prepayment Assumption": As set forth in the Prospectus Supplement.

     "Prepayment Period": With respect to any Payment Date, the calendar month
preceding the calendar month in which such Payment Date occurs.

     "Principal Balance": As to any Contract and any Payment Date, the Cut-off
Date Principal Balance, minus all collections credited against the Principal
Balance of such Contract prior to the last day of the related Due Period. For
purposes of this definition, a Liquidated Contract shall be deemed to have a
Principal Balance equal to the Principal Balance of the related Contract
immediately prior to the final recovery of related Liquidation Proceeds and a
Principal Balance of zero thereafter.

     "Principal Prepayment": Any payment of principal made by the Obligor on a
Contract which is received in advance of its scheduled Due Date and which is not
accompanied by an amount of interest representing the full amount of scheduled
interest due on any Due Date in any month or months subsequent to the month of
prepayment; provided that such a payment in an amount less than the next
scheduled monthly payment may be held by the Servicer and applied to the next
monthly payment due on the next due date under the related Contract.

     "Proceeding": Any suit in equity, action at law or other judicial or
administrative proceeding.

     "Prospectus Supplement": That certain Prospectus Supplement dated December
8, 2005, relating to the public offering of the Notes.

     "Purchaser Information": The information in the Prospectus and the
information relating to the Underwriter in the Preliminary Prospectus Supplement
and the Prospectus Supplement under the caption "Method of Distribution" and any
Derived Information. The term "Derived Information" means such information, if
any, in the Term Sheet that is not contained in either (i) the Prospectus, the
Preliminary Prospectus Supplement or Prospectus Supplement, taking into account
information incorporated therein by reference or (ii) any Pool Information,
except to the extent that any Derived Information results from a Pool Error.
"Pool Information" is information concerning the characteristics of the
Contracts furnished to the Underwriter by the Originator,

                                      A-24

<PAGE>

the Seller or the Servicer for use in the preparation of the Term Sheet. "Pool
Error" is uncorrected Pool Information.

     "Rating Agency" or "Rating Agencies": Moody's and Standard & Poor's or
their successors. If such agencies or their successors are no longer in
existence, "Rating Agencies" shall be such nationally recognized statistical
rating agencies, or other comparable Persons, designated by the Depositor,
notice of which designation shall be given to the Indenture Trustee and the
Servicer.

     "Realized Losses": As to any Payment Date, the aggregate Net Liquidation
Losses of all Contracts that became Liquidated Contracts during the immediately
preceding month.

     "Record Date": With respect to each Payment Date and any Book-Entry Note,
the Business Day immediately preceding such Payment Date. With respect to each
Payment Date and any other Notes, including any Definitive Notes, the last
Business Day of the month immediately preceding the month in which such Payment
Date occurs.

     "Redemption Price": As defined in Section 8.07 of the Indenture.

     "Registered Holder": The Person in whose name a Note is registered in the
Note Register on the applicable Record Date.

     "Related Documents": With respect to each Contract, the documents specified
in the definition of "Contract File" and "Land-and-Home Contract File," as
applicable, and any documents required to be added to such documents pursuant to
the Asset Purchase Agreement, the Trust Agreement, Indenture or the Servicing
Agreement.

     "Relief Act": The Servicemembers Civil Relief Act, formerly known as the
Soldiers' and Sailors' Civil Relief Act of 1940, as amended.

     "Replaced Contract": Has the meaning assigned in Section 2.03 of the
Indenture.

     "Repurchase Price": With respect to a Contract to be repurchased pursuant
to Section 2.03 of the Servicing Agreement, an amount equal to (a) the remaining
principal amount outstanding on such Contract, plus (b) interest at the Contract
Rate on such Contract from the end of the Due Period with respect to which the
Obligor last made a payment through the end of the immediately preceding Due
Period.

     "Required Principal Payment Amount": For any Payment Date will be the
amount by which (i) the sum of the Note Balances of the Class A Notes, the
Mezzanine Notes and the Class B Notes, as of the day immediately preceding such
Payment Date, exceeds (ii) the Pool Principal Balance as of such Payment Date
minus the Overcollateralization Target Amount for such Payment Date.

     "Responsible Officer": When used with respect to the Indenture Trustee or
the Owner Trustee, any vice president, managing director, director, any
assistant vice president, the Secretary, any assistant secretary, the Treasurer,
any assistant treasurer, any associate, any trust officer or assistant trust
officer or any other officer of the Trustee having direct responsibility

                                      A-25

<PAGE>

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

     "Scheduled Payment": As to any Due Period and each Contract, the scheduled
monthly payment of principal and/or interest required to be made by an Obligor
on the related Contract.

     "Securities Act": The Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder.

     "Seller": Origen Securitization Company, LLC, and its successors and
assigns, in its capacity as seller under the Asset Purchase Agreement.

     "Seller Information": The information in the Term Sheet, the Preliminary
Prospectus Supplement and Prospectus Supplement other than the Purchaser
Information.

     "Service Transfer": As defined in Section 6.02 of the Servicing Agreement.

     "Servicer": Origen Financial L.L.C., or any successor servicer appointed as
provided in the Servicing Agreement, in its capacity as Servicer under the
Servicing Agreement.

     "Servicer Event of Default": One or more of the events described in Section
6.01 of the Servicing Agreement.

     "Servicer Remittance Date": With respect to any Payment Date, by 1:00 p.m.
New York time on the Business Day preceding such Payment Date.

     "Servicing Account": The account or accounts created and maintained
pursuant to Section 3.09 of the Servicing Agreement.

     "Servicing Advance": Any Liquidation Expense incurred by the Servicer
pursuant to Section 3.09 or 3.11 of the Servicing Agreement, and any advance
made by the Servicer pursuant to Sections 3.06(f), 3.10 or 3.14 of the Servicing
Agreement.

     "Servicing Agreement": The Servicing Agreement dated as of December 1,
2005, among the Servicer, the Backup Servicer, the Subservicer, the Originator,
the Issuer and the Indenture Trustee.

     "Servicing Fee": With respect to each Contract and for any calendar month,
an amount equal to the Servicing Fee Rate accrued for one month (or in the event
of any payment of interest which accompanies a Principal Prepayment in full or
in part made by the Obligor during such calendar month, interest for the number
of days covered by such payment of interest) on the same principal amount on
which interest on such Contract accrues for such calendar month, calculated on
the basis of a 360-day year consisting of twelve 30-day months. A portion of
such Servicing Fee may be retained by any Subservicer as its servicing
compensation.

     "Servicing Fee Rate": 1.25% per annum.

                                      A-26

<PAGE>

     "Servicing Officer": Any officer of the Servicer or the Subservicer
involved in, or responsible for, the administration and servicing of Contracts
whose name appears on a list of servicing officers appearing in an Officer's
Certificate furnished to the Indenture Trustee by the Servicer or the
Subservicer, as the same may be amended from time to time.

     "Sixty-Day Delinquency Ratio": As to any Payment Date, a fraction,
expressed as a percentage, the numerator of which is the aggregate of the
outstanding balances of all Contracts that were delinquent 60 days or more as of
the end of the related Due Period (including Contracts in respect of which the
related Manufactured Homes have been repossessed but are still in inventory),
and the denominator of which is the Pool Principal Balance as of such Payment
Date.

     "Standard & Poor's" or "S&P": Standard & Poor's, a division of The
McGraw-Hill Companies, Inc., and its successors in interest.

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

     "Stepdown Date": The earlier to occur of (i) the first Payment Date after
which the aggregate Note Balance of the Class A Notes has been reduced to zero
and (ii) the Payment Date occurring in January 2010.

     "Subservicer": Any Person with which the Servicer has entered into a
Subservicing Agreement and which meets the qualifications of a Subservicer
pursuant to Section 3.02 of the Servicing Agreement.

     "Subservicing Agreement": The written contract between the Servicer and a
Subservicer relating to servicing and administration of certain Assets pursuant
to Section 3.12 of the Servicing Agreement.

     "Term Sheet": That certain term sheet dated November 30, 2005, distributed
to investors in connection with the offering of the Notes.

     "Trigger Event": A Trigger Event is in effect with respect to any Payment
Date if:

     (c) the Average Sixty Day Delinquency Ratio Test as of such Payment Date
exceeds 7.25%; or

     (d) the aggregate amount of Realized Losses incurred since the Cut-off Date
through the last day of the related Due Period divided by aggregate Principal
Balance of the Contracts as of the Cut-off Date exceeds the applicable
percentages set forth below with respect to such Payment Date:

<TABLE>
<CAPTION>
   Payment Date Occurring In     Percentage
   -------------------------     ----------
<S>                              <C>
January 2010 through July 2011      7.50%
August 2011 through July 2012       9.50%
August 2012 through July 2013      12.00%
August 2013 and thereafter         14.25%
</TABLE>

                                      A-27

<PAGE>

     (e) the Current Realized Loss Ratio as of such Payment Date exceeds 4.00%.

     "Trust": The Origen Manufactured Housing Contract Trust 2005-B created
pursuant to the Trust Agreement.

     "Trust Agreement": The Trust Agreement, dated December 1, 2005, among the
Owner Trustee, the Depositor and JPMorgan Chase Bank, N.A., as Certificate
Registrar and Certificate Paying Agent, relating to the Trust.

     "Trust Estate": As defined in the Granting Clause of the Indenture.

     "Trust Indenture Act" or "TIA": The Trust Indenture Act of 1939, as amended
from time to time, as in effect on any relevant date.

     "UCC": The Uniform Commercial Code, as amended from time to time, as in
effect in any specified jurisdiction.

     "Underwriter": Citigroup Global Markets Inc., or its successors.

                                      A-28<PAGE>
                                                                     EXHIBIT 4.2

                                                                  EXECUTION COPY

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

                       ORIGEN RESIDENTIAL SECURITIES, INC.

                                  as Depositor

                            WILMINGTON TRUST COMPANY

                                as Owner Trustee

                                       and

                            JPMORGAN CHASE BANK, N.A.

              as Certificate Registrar and Certificate Paying Agent

                                   ----------

                                 TRUST AGREEMENT

                          Dated as of December 1, 2005

                                   ----------

                               Trust Certificates,
                                  Series 2005-B

================================================================================
<PAGE>

                                Table of Contents

<TABLE>
<CAPTION>
Section                                                                     Page
-------                                                                     ----
<S>                                                                         <C>
                                    ARTICLE I

                                   DEFINITIONS

Section 1.01.    Definitions.............................................     1
Section 1.02.    Other Definitional Provisions...........................     1

                                   ARTICLE II

                                  ORGANIZATION

Section 2.01.    Name....................................................     2
Section 2.02.    Office..................................................     2
Section 2.03.    Purposes and Powers.....................................     2
Section 2.04.    Appointment of Owner Trustee............................     3
Section 2.05.    Initial Capital Contribution of Owner Trust Estate......     3
Section 2.06.    Declaration of Trust....................................     3
Section 2.07.    Liability of the Holders of the Certificates............     4
Section 2.08.    Title to Trust Property.................................     4
Section 2.09.    Situs of Trust..........................................     4
Section 2.10.    Representations and Warranties of the Depositor.........     4
Section 2.11.    Payment of Trust Fees...................................     5
Section 2.12.    Investment Company......................................     5
Section 2.13.    Transfer of Trust Estate to Owner Trustee...............     5

                                   ARTICLE III

                    CONVEYANCE OF THE CONTRACTS; CERTIFICATES

Section 3.01.    Conveyance of the Contracts.............................     7
Section 3.02.    Initial Ownership.......................................     7
Section 3.03.    The Certificates........................................     7
Section 3.04.    Authentication of Certificates..........................     8
Section 3.05.    Registration of and Limitations on Transfer and Exchange
                    of Certificates......................................     8
Section 3.06.    Mutilated, Destroyed, Lost or Stolen Certificates.......    10
Section 3.07.    Persons Deemed Certificateholders.......................    11
Section 3.08.    Access to List of Certificateholders' Names and
                    Addresses............................................    11
Section 3.09.    Maintenance of Office or Agency.........................    11
Section 3.10.    Certificate Paying Agent................................    11
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
                                   ARTICLE IV

                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

Section 4.01.    General Authority.......................................    13
Section 4.02.    General Duties..........................................    13
Section 4.03.    Action upon Instruction.................................    13
Section 4.04.    No Duties Except as Specified under Specified Documents
                    or in Instructions...................................    14
Section 4.05.    Restrictions............................................    14
Section 4.06.    Prior Notice to Certificateholders with Respect to
                    Certain Matters......................................    14
Section 4.07.    Action by Certificateholders with Respect to Certain
                    Matters..............................................    15
Section 4.08.    Action by Certificateholders with Respect to
                    Bankruptcy...........................................    15
Section 4.09.    Restrictions on Certificateholders' Power...............    15
Section 4.10.    Majority Control........................................    15

                                    ARTICLE V

                           APPLICATION OF TRUST FUNDS

Section 5.01.    Distributions...........................................    16
Section 5.02.    Method of Payment.......................................    16
Section 5.03.    Tax Returns.............................................    16
Section 5.04.    Statements to Certificateholders........................    17

                                   ARTICLE VI

                               CONCERNING THE BANK

Section 6.01.    Acceptance of Trusts and Duties.........................    17
Section 6.02.    Furnishing of Documents.................................    18
Section 6.03.    Representations and Warranties..........................    18
Section 6.04.    Reliance; Advice of Counsel.............................    19
Section 6.05.    Not Acting in Individual Capacity.......................    20
Section 6.06.    Bank Not Liable for Certificates or Related Documents...    20
Section 6.07.    Bank May Own Certificates and Notes.....................    20
Section 6.08.    Payments from Owner Trust Estate........................    20
Section 6.09.    Doing Business in Other Jurisdictions...................    21
Section 6.10.    Liability of Certificate Registrar and Certificate
                    Paying Agent.........................................    21

                                   ARTICLE VII

                          COMPENSATION OF OWNER TRUSTEE

Section 7.01.    Owner Trustee Fees and Expenses.........................    21
Section 7.02.    Indemnification.........................................    21
</TABLE>

                                       ii

<PAGE>
<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
                                  ARTICLE VIII

                         TERMINATION OF TRUST AGREEMENT

Section 8.01.    Termination of Trust Agreement..........................    22

                                   ARTICLE IX

             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

Section 9.01.    Eligibility Requirements for Owner Trustee..............    24
Section 9.02.    Replacement of Owner Trustee............................    24
Section 9.03.    Successor Owner Trustee.................................    24
Section 9.04.    Merger or Consolidation of Owner Trustee................    25
Section 9.05.    Appointment of Co-Trustee or Separate Trustee...........    25

                                    ARTICLE X

                                  MISCELLANEOUS

Section 10.01.   Amendments..............................................    26
Section 10.02.   No Legal Title to Owner Trust Estate....................    28
Section 10.03.   Limitations on Rights of Others.........................    28
Section 10.04.   Notices.................................................    28
Section 10.05.   Severability............................................    29
Section 10.06.   Separate Counterparts...................................    29
Section 10.07.   Successors and Assigns..................................    29
Section 10.08.   No Petition.............................................    29
Section 10.09.   No Recourse.............................................    29
Section 10.10.   Headings................................................    30
Section 10.11.   GOVERNING LAW...........................................    30
Section 10.12.   Integration.............................................    30
</TABLE>

                                    EXHIBITS

<TABLE>
<S>                                                                          <C>
Exhibit A - Form of Certificate...........................................   A-1
Exhibit B - Certificate of Trust of Origen Manufactured Housing Contract
               Trust 2005-B...............................................   B-1
Exhibit C - [Reserved]....................................................   C-1
Exhibit D - Form of Certificate of Non-Foreign Status.....................   D-1
Exhibit E - Form of Investment Letter.....................................   E-1
Exhibit F - Form of Transferor Certificate................................   F-1
Exhibit G - Form of ERISA Letter..........................................   G-1
Exhibit H - Form of Transferee Certificate................................   H-1
</TABLE>

                                       iii

<PAGE>

     This Trust Agreement, dated as of December 1, 2005 (as amended from time to
time, this "Trust Agreement"), among Origen Residential Securities, Inc., a
Delaware corporation, as depositor (the "Depositor"), Wilmington Trust Company,
Delaware banking corporation, as owner trustee (the "Owner Trustee" and in its
individual capacity, the "Bank"), and JPMorgan Chase Bank, N.A., as certificate
registrar (in such capacity, the "Certificate Registrar") and certificate paying
agent (in such capacity, the "Certificate Paying Agent").

                                WITNESSETH THAT:

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

                                    ARTICLE I

                                   DEFINITIONS

     Section 1.01. Definitions. For all purposes of this Trust Agreement, except
as otherwise expressly provided herein or unless the context otherwise requires,
capitalized terms not otherwise defined herein shall have the meanings assigned
to such terms in Appendix A to the Indenture, dated December 1, 2005, between
Origen Manufactured Housing Contract Trust 2005-B, as Issuer, and JPMorgan Chase
Bank, N.A., as Indenture Trustee, which is incorporated by reference herein. All
other capitalized terms used herein shall have the meanings specified herein.

     Section 1.02. Other Definitional Provisions.

     (a) All terms defined in this Trust Agreement shall have the defined
meanings when used in any certificate or other document made or delivered
pursuant hereto unless otherwise defined therein.

     (b) As used in this Trust Agreement and in any certificate or other
document made or delivered pursuant hereto or thereto, accounting terms not
defined in this Trust Agreement or in any such certificate or other document,
and accounting terms partly defined in this Trust Agreement or in any such
certificate or other document to the extent not defined, shall have the
respective meanings given to them under generally accepted accounting
principles. To the extent that the definitions of accounting terms in this Trust
Agreement or in any such certificate or other document are inconsistent with the
meanings of such terms under generally accepted accounting principles, the
definitions contained in this Trust Agreement or in any such certificate or
other document shall control.

     (c) The words "hereof," "herein," "hereunder" and words of similar import
when used in this Trust Agreement shall refer to this Trust Agreement as a whole
and not to any particular provision of this Trust Agreement; Article, Section
and Exhibit references contained in this Trust Agreement are references to
Articles, Sections and Exhibits in or to this Trust Agreement unless otherwise
specified; and the term "including" shall mean "including without limitation".

<PAGE>

     (d) The definitions contained in this Trust Agreement are applicable to the
singular as well as the plural forms of such terms and to the masculine as well
as to the feminine and neuter genders of such terms.

     (e) Any agreement, instrument or statute defined or referred to herein or
in any instrument or certificate delivered in connection herewith means such
agreement, instrument or statute as from time to time amended, modified or
supplemented and includes (in the case of agreements or instruments) references
to all attachments thereto and instruments incorporated therein; references to a
Person are also to its permitted successors and assigns.

                                   ARTICLE II

                                  ORGANIZATION

     Section 2.01. Name. The trust created hereby (the "Trust") shall be known
as "Origen Manufactured Housing Contract Trust 2005-B", in which name the Owner
Trustee may conduct the business of the Trust, make and execute contracts and
other instruments on behalf of the Trust and sue and be sued.

     Section 2.02. Office. The office of the Trust shall be in care of the Owner
Trustee at the Corporate Trust Office or at such other address in Delaware as
the Owner Trustee may designate by written notice to the Certificateholders and
the Depositor.

     Section 2.03. Purposes and Powers. The purpose of the Trust is to engage in
the following activities and the Trust shall have the power and authority:

          (i) to issue the Notes pursuant to the Indenture and the Certificates
     pursuant to this Trust Agreement and to sell the Notes and the
     Certificates;

          (ii) to pay the organizational, start-up and transactional expenses of
     the Trust;

          (iii) to assign, grant, transfer, pledge and convey the Contracts
     pursuant to the Indenture and to hold, manage and distribute to the
     Certificateholder pursuant to Section 5.01 herein, any portion of the
     Contracts released from the Lien of, and remitted to the Trust pursuant to
     the Indenture;

          (iv) to enter into and perform its obligations under the Basic
     Documents to which it is to be a party;

          (v) if directed by holders of Certificates representing more than 50%
     of the beneficial interests in the Trust, sell the Trust Estate subsequent
     to the discharge of the Indenture, all for the benefit of the holders of
     the Certificates;

          (vi) to engage in those activities, including entering into
     agreements, that are necessary, suitable or convenient to accomplish the
     foregoing or are incidental thereto or connected therewith;

                                       2

<PAGE>

          (vii) subject to compliance with the Basic Documents, to engage in
     such other activities as may be required in connection with conservation of
     the Owner Trust Estate and the making of distributions to the
     Certificateholder and the Noteholders; and

          (viii) as set forth in the Indenture, at any time on or after the
     Closing Date, the Issuer shall have the right to convey to the Trust
     Estate, solely for the benefit of the Holder of the Certificates, a
     derivative contract or comparable instrument. Any such instrument shall
     constitute a fully prepaid agreement. All collections, proceeds and other
     amounts in respect of such an instrument shall be distributed to the
     Certificates on the Payment Date following receipt thereof by the Indenture
     Trustee.

     The Trust is hereby authorized to engage in the foregoing activities. The
Trust shall not engage in any activity other than in connection with the
foregoing or other than as required or authorized by the terms of this Trust
Agreement or the Basic Documents.

     Section 2.04. Appointment of Owner Trustee. The Depositor hereby appoints
the Owner Trustee as trustee of the Trust effective as of the date hereof, to
have all the rights, powers and duties set forth herein.

     Section 2.05. Initial Capital Contribution of Owner Trust Estate. The
Depositor hereby sells, assigns, transfers, conveys and sets over to the Trust,
as of the date hereof, the sum of $1. The Owner Trustee hereby acknowledges
receipt in trust from the Depositor, as of the date hereof, of the foregoing
contribution, which shall constitute the initial corpus of the Trust and shall
be deposited in the Certificate Distribution Account. The Owner Trustee also
acknowledges on behalf of the Trust the receipt in trust pursuant to Section
3.01 of the Contracts and the rights with respect to the representations and
warranties made by the Seller and the Originator under the Asset Purchase
Agreement which shall constitute the Owner Trust Estate.

     Section 2.06. Declaration of Trust. The Owner Trustee hereby declares that
it shall hold the Owner Trust Estate in trust upon and subject to the conditions
set forth herein for the use and benefit of the Certificateholders, subject to
the obligations of the Trust under the Basic Documents. It is the intention of
the parties hereto that the Trust constitute a "statutory trust" under the
Statutory Trust Statute and that this Trust Agreement constitute the governing
instrument of such statutory trust. It is the intention of the parties hereto
that, for federal, state and local income and franchise tax purposes, the Trust
(A) shall not be treated as (i) an association subject separately to taxation as
a corporation or (ii) a "publicly traded partnership" as defined in Treasury
Regulation Section 1.7704-1, (B) shall, as of the Closing Date and for so long
as any Notes are outstanding be treated for federal income tax purposes as a
qualified REIT subsidiary within the meaning of Section 856(i) of the Code, and
thereafter be disregarded as a separate entity (and if at any other time the
Trust Certificates are held by more than one person for federal income tax
purposes, shall be treated as a partnership), and (C) that each Class of Notes
shall be debt, and the provisions of this Agreement shall be interpreted to
further this intention. It is the intention of the parties hereto that, for
federal, state and local tax purposes, the Depositor shall at no time be treated
as an owner of the Contracts or as the issuer of or obligor on indebtedness
secured by the Contracts and evidenced by the Notes, and the parties hereto
mutually covenant to take all pertinent tax reporting positions consistent with
that intent. Except as otherwise provided in this Trust Agreement, the rights of
the Certificateholder will be those of

                                       3

<PAGE>

equity owners of the Trust. Effective as of the date hereof, the Owner Trustee
shall have all rights, powers and duties set forth herein and in the Statutory
Trust Statute with respect to accomplishing the purposes of the Trust.

     Section 2.07. Liability of the Holders of the Certificates. The Holders of
the Certificates shall be jointly and severally liable directly to and shall
indemnify any injured party for all losses, claims, damages, liabilities and
expenses of the Trust and the Owner Trustee (including Expenses, to the extent
not paid out of the Owner Trust Estate); provided, however, that the Holders of
the Certificates shall not be liable for payments required to be made on the
Notes or the Certificates, or for any losses incurred by a Certificateholder in
the capacity of an investor in the Certificates or a Noteholder in the capacity
of an investor in the Notes. The Holders of the Certificates shall be liable for
and shall promptly pay any entity level taxes imposed on the Trust. In addition,
any third party creditors of the Trust (other than in connection with the
obligations described in the second preceding sentence for which the Holders of
the Certificates shall not be liable) shall be deemed third party beneficiaries
of this paragraph. The obligations of the Holders of the Certificates under this
paragraph shall be evidenced by the Certificates.

     Section 2.08. Title to Trust Property. Except with respect to the
Contracts, which will be assigned of record to the Indenture Trustee pursuant to
the Indenture, legal title to the Owner Trust Estate shall be vested at all
times in the Trust as a separate legal entity except where applicable law in any
jurisdiction requires title to any part of the Owner Trust Estate to be vested
in a trustee or trustees, in which case title shall be deemed to be vested in
the Owner Trustee, a co-trustee and/or a separate trustee, as the case may be.

     Section 2.09. Situs of Trust. The Trust will be located and administered in
the State of Delaware. All bank accounts maintained by the Owner Trustee on
behalf of the Trust shall be located in the State of Delaware. The Trust shall
not have any employees in any state other than Delaware; provided, however, that
nothing herein shall restrict or prohibit the Owner Trustee from having
employees within or without the State of Delaware or taking actions outside the
State of Delaware in order to comply with Section 2.03. Payments will be
received by the Trust only in Delaware or New York, and payments will be made by
the Trust only from Delaware or New York. The only office of the Trust will be
at the Corporate Trust Office in Delaware.

     Section 2.10. Representations and Warranties of the Depositor. The
Depositor hereby represents and warrants to the Owner Trustee that:

          (i) The Depositor is duly organized and validly existing as a
     corporation in good standing under the laws of the State of Delaware, with
     power and authority to own its properties and to conduct its business as
     such properties are currently owned and such business is presently
     conducted.

          (ii) The Depositor is duly qualified to do business as a foreign
     corporation in good standing and has obtained all necessary licenses and
     approvals in all jurisdictions in which the ownership or lease of its
     property or the conduct of its business shall require such qualifications
     and in which the failure to so qualify would have a material adverse effect
     on the business, properties, assets or condition (financial or other) of
     the Depositor.

                                       4

<PAGE>

          (iii) The Depositor has the power and authority to execute and deliver
     this Trust Agreement and to carry out its terms; the Depositor has full
     power and authority to convey and assign the property to be conveyed and
     assigned to and deposited with the Trust as part of the Owner Trust Estate
     and the Depositor has duly authorized such conveyance and assignment and
     deposit to the Trust by all necessary corporate action; and the execution,
     delivery and performance of this Trust Agreement have been duly authorized
     by the Depositor by all necessary corporate action.

          (iv) The consummation of the transactions contemplated by this Trust
     Agreement and the fulfillment of the terms hereof do not conflict with,
     result in any breach of any of the terms and provisions of, or constitute
     (with or without notice or lapse of time) a default under, the articles of
     incorporation or bylaws of the Depositor, or any indenture, agreement or
     other instrument to which the Depositor is a party or by which it is bound;
     nor result in the creation or imposition of any Lien upon any of its
     properties pursuant to the terms of any such indenture, agreement or other
     instrument (other than pursuant to the Basic Documents); nor violate any
     law or, to the best of the Depositor's knowledge, any order, rule or
     regulation applicable to the Depositor of any court or of any federal or
     state regulatory body, administrative agency or other governmental
     instrumentality having jurisdiction over the Depositor or its properties.

          (v) The Trust is not required to register as an investment company
     under the Investment Company Act and is not under the control of a Person
     required to so register.

     Section 2.11. Payment of Trust Fees. Pursuant to the Section 8.02 of the
Indenture, on each Payment Date commencing on the 13th Payment Date, the
Indenture Trustee shall remit to the Owner Trustee the Owner Trustee Fee for
such Payment Date.

     Section 2.12. Investment Company. Neither the Depositor nor any holder of a
Certificate shall take any action which would cause the Trust to become an
"investment company" which would be required to register under the Investment
Company Act.

     Section 2.13. Transfer of Trust Estate to Owner Trustee.

     (a) Effective as of the date hereof, the Depositor does hereby assign,
transfer, and otherwise convey to, and deposit with, the Trust, until this
Agreement terminates pursuant to Section 8.01, the entire Trust Estate, such
conveyance to be made in exchange for the Notes and the Certificates. Such
assignment includes, without limitation, all amounts payable to and all rights
of the holder of the Collateral pursuant to this Agreement.

     (b) The conveyance of the Collateral and all other assets constituting the
Trust Estate by the Depositor as contemplated hereby is absolute and is intended
by the parties, other than for federal, state and local income and franchise tax
purposes, to constitute a sale of the Collateral and all other assets
constituting the Trust Estate by the Depositor to the Trust. It is, further, not
intended that such conveyance be deemed a pledge of security for a loan. If such
conveyance is deemed to be a pledge of security for a loan, however, the
Depositor intends that the rights and obligations of the parties to such loan
shall be established pursuant to the terms of this Agreement. The Depositor also
intends and agrees that, in such event:

                                       5

<PAGE>

          (i) this Agreement shall constitute a security agreement under
     applicable law and shall be deemed to create valid and continuing security
     interest (as defined in the applicable UCC) in the Trust Estate (including,
     without limitation, the Collateral, the Certificate Distribution Account
     and any proceeds thereof) in favor of the Trust, which security interest is
     prior to all other Liens, and is enforceable as such as against creditors
     of and purchasers from the Depositor;

          (ii) other than the security interest granted to the Trust pursuant to
     this Agreement, Depositor has not pledged, assigned, sold, granted a
     security interest in, or otherwise conveyed any of the Trust Estate, has
     not authorized the filing of and is not aware of any financing statements
     against the Trust Estate that includes a description of collateral covering
     the Trust Estate other than any financing statements relating to the
     security interest granted to the Trust hereunder or that has been
     terminated. The Depositor is not aware of any judgment or tax lien filings
     against Depositor;

          (iii) the Depositor owns and has good and marketable title to the
     Trust Estate free and clear of any Lien, claim or encumbrance of any
     Person;

          (iv) the Certificate Distribution Account constitutes a "deposit
     account" within the meaning of the applicable UCC. The Depositor has
     directed the bank where the Certificate Distribution Account is held to
     take all steps necessary to cause the Certificate Paying Agent to become
     the account holder of the Certificate Distribution Account. The Certificate
     Distribution Account is not in the name of any Person other than as
     provided in Section 3.10 of this Agreement. The Depositor has not consented
     to the maintenance of the Certificate Distribution Account in compliance
     with instructions of any Person other than the Certificate Paying Agent;

          (v) the Trust Estate (excluding the Certificate Distribution Account
     and any proceeds thereof) constitutes "deposit accounts," "general
     intangibles" and "instruments" within the meaning of the applicable UCC).
     The Depositor has received all required consents and approvals to the
     pledge of the portions of the Trust Estate (excluding the Certificate
     Distribution Account and any proceeds thereof) constituting payment
     intangibles;

          (vi) the Depositor has caused or will have caused, within ten days,
     the filing of all appropriate financing statements in the appropriate
     filing offices under applicable law in order to perfect the security
     interest in the Trust Estate granted to the Trust hereunder. All financing
     statements filed or to be filed against the Depositor in favor of the Trust
     (or any subsequent assignee, including, without limitation, the Indenture
     Trustee) in connection herewith describing the Trust Estate contain a
     statement to the following effect, "A purchase of, or security interest in,
     any collateral described in this financing statement will violate the
     rights of the secured party;" and

          (vii) the Depositor shall, to the extent consistent with this
     Agreement, take such additional reasonable actions as may be necessary to
     ensure that, if this Agreement were deemed to create a security interest in
     the Collateral and the other assets of the Trust Estate, such security
     interest would be a perfected security interest of first priority under

                                       6

<PAGE>

     applicable law and will be maintained as such throughout the life of this
     Agreement. Notifications to, and acknowledgments, receipts or confirmations
     from, Persons holding such property, shall be deemed to be notifications
     to, or acknowledgments, receipts or confirmations from, financial
     intermediaries, bailees or agents (as applicable) of the Owner Trustee on
     behalf of the Trust (or any subsequent assignee, including, without
     limitation, the Indenture Trustee) for the purpose of perfecting such
     security interest under applicable law.

     (c) The Owner Trustee declares that it holds and will hold the Trust Estate
and such documents and instruments and that it holds and will hold all other
assets and documents to be included in the Trust Estate, in trust for the
exclusive use and benefit of all present and future Certificateholders.

     (d) Except as expressly provided in Section 8.01, neither the Depositor nor
any Certificateholder shall be able to revoke the Trust established hereunder.
Except as provided in Sections 4.01, 4.02, 4.03, 5.01 and 8.01 hereof, the Owner
Trustee or Certificate Paying Agent (as applicable) shall not assign, sell,
dispose of or transfer any interest in, nor may the Depositor or any
Certificateholder withdraw from the Trust, the Collateral or other asset
constituting the Trust Estate.

                                   ARTICLE III

                    CONVEYANCE OF THE CONTRACTS; CERTIFICATES

     Section 3.01. Conveyance of the Contracts. The Depositor, concurrently with
the execution and delivery hereof, does hereby contribute, transfer, convey and
assign to the Trust, on behalf of the Holders of the Notes and the Certificates,
without recourse, all its right, title and interest in and to the Contracts,
including all interest and principal received on or with respect to the
Contracts after the Cut-off Date (other than payments of principal and interest
due on the Contracts on or before the Cut-off Date). In addition, the Depositor
hereby assigns to the Trust all of its right, title, and interest in, to, and
under the Asset Purchase Agreement. Upon assignment to the Depositor of any
Eligible Substitute Contract under the Asset Purchase Agreement, the Depositor
shall, and hereby does, assign the same to the Issuer.

     Section 3.02. Initial Ownership. Upon the formation of the Trust by the
contribution by the Depositor pursuant to Section 2.05 and until the conveyance
of the Contracts pursuant to Section 3.01 and the issuance of the Certificates,
and thereafter except as otherwise permitted hereunder, the Depositor shall be
the sole beneficial owner.

     Section 3.03. The Certificates. The Certificates shall be issued in the
form of one or more Certificates, each representing not less than a 10%
Certificate Percentage Interest. At initial issuance, 100% of the Certificates
shall be issued to and registered in the name of Origen CMO Residual Holding
Company, LLC as designee of the Depositor and the Seller. The Certificates shall
be executed on behalf of the Trust by manual or facsimile signature of an
authorized officer of the Owner Trustee and authenticated in the manner provided
in Section 3.04. Certificates bearing the manual or facsimile signatures of
individuals who were, at the time when such signatures shall have been affixed,
authorized to sign on behalf of the Trust, shall be

                                       7

<PAGE>

validly issued and entitled to the benefit of this Trust Agreement,
notwithstanding that such individuals or any of them shall have ceased to be so
authorized prior to the authentication and delivery of such Certificates or did
not hold such offices at the date of authentication and delivery of such
Certificates. A Person shall become a Certificateholder and shall be entitled to
the rights and subject to the obligations of a Certificateholder hereunder upon
such Person's acceptance of a Certificate duly registered in such Person's name,
pursuant to Section 3.05.

     A transferee of a Certificate shall become a Certificateholder and shall be
entitled to the rights and subject to the obligations of a Certificateholder
hereunder upon such transferee's acceptance of a Certificate duly registered in
such transferee's name pursuant to and upon satisfaction of the conditions set
forth in Section 3.05.

     Section 3.04. Authentication of Certificates. The Owner Trustee shall cause
all Certificates issued hereunder to be executed and authenticated on behalf of
the Trust, authenticated and delivered to or upon the written order of the
Depositor, signed by its chairman of the board, its president or any vice
president, without further corporate action by the Depositor, in authorized
denominations. No Certificate shall entitle its holder to any benefit under this
Trust Agreement or be valid for any purpose unless there shall appear on such
Certificate a certificate of authentication substantially in the form set forth
in Exhibit A, executed by the Owner Trustee or the Certificate Registrar by
manual signature; such authentication shall constitute conclusive evidence that
such Certificate shall have been duly authenticated and delivered hereunder. All
Certificates shall be dated the date of their authentication.

     Section 3.05. Registration of and Limitations on Transfer and Exchange of
Certificates. The Certificate Registrar shall keep or cause to be kept, a
Certificate Register in which, subject to such reasonable regulations as it may
prescribe, the Certificate Registrar shall provide for the registration of
Certificates and of transfers and exchanges of Certificates as herein provided.
JPMorgan Chase Bank, N.A., shall be the initial Certificate Registrar. If the
Certificate Registrar resigns or is removed, the Majority Certificateholder,
with the consent of the Owner Trustee, shall appoint a successor Certificate
Registrar.

     Subject to satisfaction of the conditions set forth below with respect to
the Certificate, upon surrender for registration of transfer of any Certificate
at the office or agency maintained pursuant to Section 3.09, the Owner Trustee
or the Certificate Registrar shall execute, authenticate and deliver in the name
of the designated transferee or transferees, one or more new Certificates in
authorized denominations of a like aggregate amount dated the date of
authentication by the Owner Trustee or the Certificate Registrar. At the option
of a Holder, Certificates may be exchanged for other Certificates of authorized
denominations of a like aggregate amount upon surrender of the Certificates to
be exchanged at the office or agency maintained pursuant to Section 3.09.

     Every Certificate presented or surrendered for registration of transfer or
exchange shall be accompanied by a written instrument of transfer in form
satisfactory to the Certificate Registrar duly executed by the Holder or such
Holder's attorney duly authorized in writing. Each Certificate surrendered for
registration of transfer or exchange shall be cancelled and subsequently
disposed of by the Certificate Registrar in accordance with its customary
practice.

                                       8

<PAGE>

     No service charge shall be made for any registration of transfer or
exchange of Certificates, but the Owner Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or governmental charge that
may be imposed in connection with any transfer or exchange of Certificates.

     No Person shall become a Certificateholder until it shall establish its
non-foreign status by submitting to the Certificate Paying Agent an IRS Form W-9
and the Certificate of Non-Foreign Status set forth in Exhibit D hereto.

     No person shall become a Certificateholder, so long as any Notes are
Outstanding, until it shall establish its status as a real estate investment
trust ("REIT") or as a "qualified REIT subsidiary" ("QRS") within the meaning of
Section 856(a) or Section 856(i) of the Code, respectively, or as an entity that
is disregarded for federal income tax purposes that is wholly owned by a REIT or
a QRS, by submitting to the Certificate Registrar and the Owner Trustee, the
Transferee Certificate set forth in Exhibit H hereto.

     No transfer, sale, pledge or other disposition of a Certificate shall be
made unless such transfer, sale, pledge or other disposition is exempt from the
registration requirements of the Securities Act and any applicable state
securities laws or is made in accordance with said Act and laws. In the event of
any such transfer, the Certificate Registrar or the Depositor shall prior to
such transfer require the transferee to execute (A) either (i) (a) an investment
letter in substantially the form attached hereto as Exhibit C (or in such form
and substance reasonably satisfactory to the Certificate Registrar and the
Depositor) which investment letter shall not be an expense of the Trust, the
Owner Trustee, the Certificate Registrar, the Servicer or the Depositor and
which investment letter states that, among other things, such transferee (1) 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 (2) is aware that the proposed transferor intends to rely
on the exemption from registration requirements under the Securities Act of
1933, as amended, provided by Rule 144A or (ii) (a) a written Opinion of Counsel
acceptable to and in form and substance satisfactory to the Certificate
Registrar, the Owner Trustee and the Depositor that such transfer may be made
pursuant to an exemption, describing the applicable exemption and the basis
therefor, from said Act and laws or is being made pursuant to said Act and laws,
which Opinion of Counsel shall not be an expense of the Trust, the Owner
Trustee, the Certificate Registrar, the Servicer or the Depositor and (b) the
transferee executes a representation letter, substantially in the form of
Exhibit F to the Agreement, and transferor executes a representation letter,
substantially in the form of Exhibit E hereto, each acceptable to and in form
and substance satisfactory to the Certificate Registrar, the Owner Trustee and
the Depositor certifying the facts surrounding such transfer, which
representation letters shall not be an expense of the Trust, the Owner Trustee,
the Certificate Registrar, the Servicer or the Depositor and (B) the Certificate
of Non-Foreign Status (in substantially the form attached hereto as Exhibit D)
acceptable to and in form and substance reasonably satisfactory to the
Certificate Registrar, the Owner Trustee and the Depositor, which certificate
shall not be an expense of the Trust, the Owner Trustee, the Certificate
Registrar or the Depositor. The Holder of a Certificate desiring to effect such
transfer shall, and does hereby agree to, indemnify the Trust, the Owner
Trustee, the Certificate Registrar, the Servicer and the Depositor 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.

                                       9

<PAGE>

     No transfer of Certificates or any interest therein shall be made to any
Person unless the Depositor, the Owner Trustee, the Certificate Registrar and
the Servicer are provided with an Opinion of Counsel which establishes to the
satisfaction of the Depositor, the Owner Trustee, the Certificate Registrar and
the Servicer that the purchase of Certificates is permissible under applicable
law, will not constitute or result in any prohibited transaction under ERISA or
Section 4975 of the Code and will not subject the Trust, the Depositor, the
Owner Trustee, the Certificate Registrar, the Servicer, the Subservicer or the
Backup Servicer to any obligation or liability (including obligations or
liabilities under ERISA or Section 4975 of the Code) in addition to those
undertaken in this Agreement, which Opinion of Counsel shall not be an expense
of the Trust, the Depositor, the Owner Trustee, the Certificate Registrar, the
Servicer, the Subservicer or the Backup Servicer. In lieu of such Opinion of
Counsel, a Person acquiring such Certificates may provide a certification in the
form of Exhibit G to this Agreement, which the Depositor, the Owner Trustee, the
Certificate Registrar and the Servicer may rely upon without further inquiry or
investigation. Neither an Opinion of Counsel nor a certification will be
required in connection with the initial transfer of any such Certificate by the
Depositor to an affiliate of the Depositor (in which case, the Depositor or any
affiliate thereof shall be deemed to have represented that such affiliate is not
a Plan or a Person investing Plan Assets of any Plan) and the Owner Trustee and
the Certificate Registrar shall be entitled to conclusively rely upon a
representation (which, upon the request of the Owner Trustee or the Certificate
Registrar, shall be a written representation) from the Depositor of the status
of such transferee as an affiliate of the Depositor.

     No offer, sale, transfer, pledge, hypothecation or other disposition
(including any pledge, sale or transfer under a repurchase transaction or
securities loan) of any Certificate shall be made to any transferee unless,
prior to such disposition, the proposed transferor delivers to the Owner Trustee
and the Certificate Registrar an Opinion of Counsel, rendered by a law firm
generally recognized to be qualified to opine concerning the tax aspects of
asset securitization, to the effect that such transfer (including any
disposition permitted following any default under any pledge or repurchase
transaction) will not cause the Trust to be (i) treated as an association
taxable as a corporation for federal income tax and relevant state and local
income and franchise tax purposes, (ii) taxable as a "publicly traded
partnership" as defined in Treasury Regulation section 1.7704-1 for federal
income tax purposes and relevant state and local income or franchise tax
purposes or (iii) otherwise subject to entity level taxation for federal income
tax purposes. Notwithstanding the foregoing, the provisions of this paragraph
shall not apply to the initial transfer of the Certificates to the Depositor.

     Section 3.06. Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any
mutilated Certificate shall be surrendered to the Certificate Registrar, or if
the Certificate Registrar shall receive evidence to its satisfaction of the
destruction, loss or theft of any Certificate and (b) there shall be delivered
to the Certificate Registrar and the Owner Trustee such security or indemnity as
may be required by them to save each of them harmless, then in the absence of
notice to the Certificate Registrar or the Owner Trustee that such Certificate
has been acquired by a bona fide purchaser, the Owner Trustee shall execute on
behalf of the Trust and the Owner Trustee or the Certificate Registrar, shall
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Certificate, a new Certificate of like tenor and
denomination. In connection with the issuance of any new Certificate under this
Section 3.06, the Owner Trustee or the Certificate Registrar may require the
payment of a sum sufficient to cover any expenses of the Owner Trustee or the
Certificate Registrar (including fees and expenses of

                                       10

<PAGE>

counsel) and any tax or other governmental charge that may be imposed in
connection therewith. Any duplicate Certificate issued pursuant to this Section
3.06 shall constitute conclusive evidence of ownership in the Trust, as if
originally issued, whether or not the lost, stolen or destroyed Certificate
shall be found at any time.

     Section 3.07. Persons Deemed Certificateholders. Prior to due presentation
of a Certificate for registration of transfer, the Owner Trustee, the
Certificate Registrar or any Certificate Paying Agent may treat the Person in
whose name any Certificate is registered in the Certificate Register as the
owner of such Certificate for the purpose of receiving distributions pursuant to
Section 5.02 and for all other purposes whatsoever, and none of the Trust, the
Owner Trustee, the Certificate Registrar or any Certificate Paying Agent shall
be bound by any notice to the contrary.

     Section 3.08. Access to List of Certificateholders' Names and Addresses.
The Certificate Registrar shall furnish or cause to be furnished to the
Depositor, the Certificate Paying Agent or the Owner Trustee, within 15 days
after receipt by the Certificate Registrar of a written request therefor from
the Depositor, the Certificate Paying Agent or the Owner Trustee, a list, in
such form as the Depositor, the Certificate Paying Agent or the Owner Trustee,
as the case may be, may reasonably require, of the names and addresses of the
Certificateholders as of the most recent Record Date. Each Holder, by receiving
and holding a Certificate, shall be deemed to have agreed not to hold any of the
Trust, the Depositor, the Certificate Paying Agent, the Certificate Registrar or
the Owner Trustee accountable by reason of the disclosure of its name and
address, regardless of the source from which such information was derived.

     Section 3.09. Maintenance of Office or Agency. The Owner Trustee on behalf
of the Trust, shall maintain an office or offices or agency or agencies where
Certificates may be surrendered for registration of transfer or exchange and
where notices and demands to or upon the Owner Trustee in respect of the
Certificates may be served. The Owner Trustee initially designates the Corporate
Trust Office of the Certificate Registrar for purposes of such surrender and for
service of notices or demands. The Owner Trustee shall give prompt written
notice to the Depositor, the Certificate Paying Agent, the Certificate Registrar
and the Certificateholders of any change in the location of the Certificate
Register or any such office or agency.

     Section 3.10. Certificate Paying Agent.

     (a) The Certificate Paying Agent shall make distributions to
Certificateholders from the Certificate Distribution Account on behalf of the
Trust in accordance with the provisions of the Certificates and Section 5.01
hereof from payments remitted to the Certificate Paying Agent by the Indenture
Trustee pursuant to Section 3.05 of the Indenture. The Trust hereby appoints
JPMorgan Chase Bank, N.A., as Certificate Paying Agent, and JPMorgan Chase Bank,
N.A., hereby accepts such appointment and further agrees that it will be bound
by the provisions of this Trust Agreement relating to the Certificate Paying
Agent and shall:

          (i) hold all sums held by it for the payment of amounts due with
     respect to the Certificates in trust for the benefit of the Persons
     entitled thereto until such sums shall be paid to such Persons or otherwise
     disposed of as herein provided;

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<PAGE>

          (ii) give the Owner Trustee notice of any default by the Trust of
     which a Responsible Officer of the Certificate Paying Agent has actual
     knowledge in the making of any payment required to be made with respect to
     the Certificates;

          (iii) at any time during the continuance of any such default, upon the
     written request of the Owner Trustee forthwith pay to the Owner Trustee on
     behalf of the Trust all sums so held in Trust by such Certificate Paying
     Agent;

          (iv) not resign from its position as Certificate Paying Agent so long
     as it is Indenture Trustee except that it shall immediately resign as
     Certificate Paying Agent and forthwith pay to the Owner Trustee on behalf
     of the Trust all sums held by it in trust for the payment of Certificates
     if at any time it ceases to meet the standards under this Section 3.10
     required to be met by the Certificate Paying Agent at the time of its
     appointment;

          (v) comply with all requirements of the Code with respect to the
     withholding from any payments made by it on any Certificates of any
     applicable withholding taxes imposed thereon and with respect to any
     applicable reporting requirements in connection therewith; and

          (vi) not institute bankruptcy proceedings against the Issuer in
     connection with this Trust Agreement.

     (b) The Trust may revoke such power and remove the Certificate Paying Agent
if it determines in its sole discretion that the Certificate Paying Agent shall
have failed to perform its obligations under this Trust Agreement in any
material respect. In the event that JPMorgan Chase Bank, N.A., shall no longer
be the Certificate Paying Agent under this Trust Agreement and Paying Agent
under the Indenture, the Majority Certificateholder, with the consent of the
Owner Trustee, shall appoint a successor to act as Certificate Paying Agent
(which shall be a bank or trust company) and which shall also be the successor
Paying Agent under the Indenture. The Owner Trustee shall cause such successor
Certificate Paying Agent or any additional Certificate Paying Agent hereunder to
execute and deliver to the Owner Trustee an instrument to the effect set forth
in Section 3.10(a) as it relates to the Certificate Paying Agent. The
Certificate Paying Agent shall return all unclaimed funds to the Trust and upon
removal of a Certificate Paying Agent such Certificate Paying Agent shall also
return all funds in its possession to the Trust. The provisions of Sections
6.01, 6.04, 6.05, 6.06, 6.07, 6.08 and 7.01 shall apply to the Certificate
Paying Agent to the extent applicable. Any reference in this Agreement to the
Certificate Paying Agent shall include any co-paying agent unless the context
requires otherwise.

     (c) The Certificate Paying Agent shall establish and maintain with itself a
trust account (the "Certificate Distribution Account") in which the Certificate
Paying Agent shall deposit, on the same day as it is received from the Indenture
Trustee, each remittance received by the Certificate Paying Agent with respect
to payments made pursuant to the Indenture. The Certificate Paying Agent shall
make all distributions to Certificates, from moneys on deposit in the
Certificate Distribution Account, in accordance with Section 5.01 hereof.

                                       12

<PAGE>

                                   ARTICLE IV

                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

     Section 4.01. General Authority. The Owner Trustee is authorized and
directed to execute and deliver the Basic Documents to which the Trust is to be
a party and each certificate or other document attached as an exhibit to or
contemplated by the Basic Documents to which the Trust is to be a party and any
amendment or other agreement or instrument described herein all as approved by
the Depositor, as evidenced conclusively by the Owner Trustee's execution
thereof. In addition to the foregoing, the Owner Trustee is authorized, but
shall not be obligated, except as otherwise provided in this Trust Agreement, to
take all actions required of the Trust pursuant to the Basic Documents.

     Section 4.02. General Duties. It shall be the duty of the Owner Trustee to
discharge (or cause to be discharged) all of its responsibilities pursuant to
the terms of this Trust Agreement and the Basic Documents to which the Trust is
a party and to administer the Trust in the interest of the Certificateholders,
subject to the Basic Documents and in accordance with the provisions of this
Trust Agreement.

     Section 4.03. Action upon Instruction.

     (a) Subject to Article IV and in accordance with the terms of the Basic
Documents, the Certificateholders may by written instruction direct the Owner
Trustee in the management of the Trust. Such direction may be exercised at any
time by written instruction of the Certificateholders pursuant to Article IV.

     (b) Notwithstanding the foregoing, the Owner Trustee shall not be required
to take any action hereunder or under any Basic Document if the Owner Trustee
shall have reasonably determined, or shall have been advised by counsel, that
such action is likely to result in liability on the part of the Owner Trustee or
is contrary to the terms hereof or of any Basic Document or is otherwise
contrary to law.

     (c) Whenever the Owner Trustee is required to decide between alternative
courses of action permitted or required by the terms of this Trust Agreement or
under any Basic Document, or in the event that the Owner Trustee is unsure as to
the application of any provision of this Trust Agreement or any Basic Document
or any such provision is ambiguous as to its application, or is, or appears to
be, in conflict with any other applicable provision, or in the event that this
Trust Agreement permits any determination by the Owner Trustee or is silent or
is incomplete as to the course of action that the Owner Trustee is required to
take with respect to a particular set of facts, the Owner Trustee shall promptly
give notice (in such form as shall be appropriate under the circumstances) to
the Certificateholders requesting instruction as to the course of action to be
adopted, and to the extent the Owner Trustee acts in good faith in accordance
with any written instruction of the Certificateholders, the Owner Trustee shall
not be liable on account of such action to any Person. If the Owner Trustee
shall not have received appropriate instruction within 10 days of such notice
(or within such shorter period of time as reasonably may be specified in such
notice or may be necessary under the circumstances) it may, but shall be under
no duty to, take or refrain from taking such action not inconsistent with this

                                       13

<PAGE>

Trust Agreement or the Basic Documents, as it shall deem to be in the best
interests of the Certificateholders, and the Owner Trustee shall have no
liability to any Person for such action or inaction.

     Section 4.04. No Duties Except as Specified under Specified Documents or in
Instructions. The Owner Trustee shall not have any duty or obligation to manage,
make any payment with respect to, register, record, sell, dispose of, or
otherwise deal with the Owner Trust Estate, or to otherwise take or refrain from
taking any action under, or in connection with, any document contemplated hereby
to which the Owner Trustee is a party, except as expressly provided (i) in
accordance with the powers granted to and the authority conferred upon the Owner
Trustee pursuant to this Trust Agreement, (ii) in accordance with the Basic
Documents and (iii) in accordance with any document or instruction delivered to
the Owner Trustee pursuant to Section 4.03; and no implied duties or obligations
shall be read into this Trust Agreement or any Basic Document against the Owner
Trustee. The Owner Trustee shall have no responsibility for filing any financing
or continuation statement in any public office at anytime or to otherwise
perfect or maintain the perfection of any security interest or lien granted to
it hereunder or to prepare or file any Securities and Exchange Commission filing
for the Trust or to record this Trust Agreement or any Basic Document.
Notwithstanding any provision herein or in any other Basic Document, the Owner
Trustee shall not be obligated to prepare, file or execute any documents or
certifications required to be filed by the Trust pursuant to the Sarbanes-Oxley
Act of 2002, as amended. The Owner Trustee nevertheless agrees that it will, at
its own cost and expense, promptly take all action as may be necessary to
discharge any liens on any part of the Owner Trust Estate that result from
actions by, or claims against, the Owner Trustee that are not related to the
ownership or the administration of the Owner Trust Estate.

     Section 4.05. Restrictions.

     (a) The Owner Trustee or the Depositor (or an Affiliate thereof) shall not
take any action (x) that is inconsistent with the purposes of the Trust set
forth in Section 2.03, (y) that, to the actual knowledge of the Owner Trustee
based on an Opinion of Counsel rendered by a law firm generally recognized to be
qualified to opine concerning the tax aspects of asset securitization, would
result in the Trust becoming taxable as a corporation for federal income tax
purposes or (z) would result in the amendment or modification of this Trust
Agreement. The Certificateholders shall not direct the Owner Trustee to take
action that would violate the provisions of this Section 4.05.

     (b) The Owner Trustee shall not convey or transfer any of the Trust's
properties or assets, including those included in the Trust Estate, to any
person unless (a) it shall have received an Opinion of Counsel rendered by a law
firm generally recognized to be qualified to opine concerning the tax aspects of
asset securitization to the effect that such transaction will not have any
material adverse tax consequence to the Trust or any Certificateholder and (b)
such conveyance or transfer shall not violate the provisions of Section 3.16(b)
of the Indenture.

     Section 4.06. Prior Notice to Certificateholders with Respect to Certain
Matters. With respect to the following matters, the Owner Trustee shall not take
action unless at least 10 days before the taking of such action, the Owner
Trustee shall have notified the Certificateholders in writing of the proposed
action and the Certificateholders shall not have notified the Owner

                                       14

<PAGE>

Trustee in writing prior to the 10th day after such notice is given that such
Certificateholders have withheld consent or provided alternative direction:

     (a) the initiation of any claim or lawsuit by the Trust (except claims or
lawsuits brought in connection with the collection of cash distributions due and
owing under the Contracts) and the compromise of any action, claim or lawsuit
brought by or against the Trust (except with respect to the aforementioned
claims or lawsuits for collection of cash distributions due and owing under the
Contracts);

     (b) the election by the Trust to file an amendment to the Certificate of
Trust (unless such amendment is required to be filed under the Statutory Trust
Statute);

     (c) the amendment of the Indenture by a supplemental indenture in
circumstances where the consent of any Noteholder is required;

     (d) the amendment of the Indenture by a supplemental indenture in
circumstances where the consent of any Noteholder is not required and such
amendment materially adversely affects the interest of the Certificateholders;
and

     (e) the appointment pursuant to the Indenture of a successor Note
Registrar, Paying Agent or Indenture Trustee or pursuant to this Trust Agreement
of a successor Certificate Registrar or Certificate Paying Agent or the consent
to the assignment by the Note Registrar, Paying Agent, Indenture Trustee,
Certificate Registrar or Certificate Paying Agent of its obligations under the
Indenture or this Trust Agreement, as applicable.

     Section 4.07. Action by Certificateholders with Respect to Certain Matters.
The Owner Trustee shall not have the power, except upon the direction of the
Certificateholders to (a) remove the Servicer under the Servicing Agreement
pursuant to Sections 7.01 and 8.05 thereof or (b) except as expressly provided
in the Basic Documents, sell the Contracts after the termination of the
Indenture. The Owner Trustee shall take the actions referred to in the preceding
sentence only upon written instructions signed by the Certificateholders.

     Section 4.08. Action by Certificateholders with Respect to Bankruptcy. The
Owner Trustee shall not have the power to commence a voluntary proceeding in
bankruptcy relating to the Trust without the unanimous prior approval of all
Certificateholders and the consent of the Noteholders and the Owner Trustee and
the delivery to the Owner Trustee by each such Certificateholder of a
certificate certifying that such Certificateholder reasonably believes that the
Trust is insolvent. This paragraph shall survive for one year following
termination of this Trust Agreement.

     Section 4.09. Restrictions on Certificateholders' Power. The
Certificateholders shall not direct the Owner Trustee to take or to refrain from
taking any action if such action or inaction would be contrary to any obligation
of the Trust or the Owner Trustee under this Trust Agreement or any of the Basic
Documents or would be contrary to Section 2.03, nor shall the Owner Trustee be
obligated to follow any such direction, if given.

     Section 4.10. Majority Control. Except as expressly provided herein, any
action that may be taken by the Certificateholders under this Trust Agreement
may be taken by the Holders

                                       15

<PAGE>

of Certificates evidencing not less than a majority Percentage Interest of the
Certificates. Except as expressly provided herein, any written notice of the
Certificateholders delivered pursuant to this Trust Agreement shall be effective
if signed by Holders of Certificates evidencing not less than a majority
Percentage Interest of the Certificates at the time of the delivery of such
notice.

                                    ARTICLE V

                           APPLICATION OF TRUST FUNDS

     Section 5.01. Distributions.

     (a) On each Payment Date, the Certificate Paying Agent shall distribute to
the Certificateholders, on a pro rata basis based on the Certificate Percentage
Interests thereof, all funds remaining on deposit in the Certificate
Distribution Account and available therefor (as provided in Section 3.05 of the
Indenture) for such Payment Date after payment of any expense amounts owing to
the Owner Trustee hereunder and any Expenses of the Trust remaining unpaid.

     (b) In the event that any withholding tax is imposed on the distributions
(or allocations of income) to a Certificateholder, such tax shall reduce the
amount otherwise distributable to the Certificateholder in accordance with this
Section 5.01. The Certificate Paying Agent is hereby authorized and directed to
retain or cause to be retained from amounts otherwise distributable to the
Certificateholders sufficient funds for the payment of any tax that is legally
owed by the Trust (but such authorization shall not prevent the Owner Trustee
from contesting any such tax in appropriate proceedings, and withholding payment
of such tax, if permitted by law, pending the outcome of such proceedings). The
amount of any withholding tax imposed with respect to a Certificateholder shall
be treated as cash distributed to such Certificateholder at the time it is
withheld by the Certificate Paying Agent and remitted to the appropriate taxing
authority. If there is a possibility that withholding tax is payable with
respect to a distribution (such as a distribution to a non-U.S.
Certificateholder), the Certificate Paying Agent may in its sole discretion
withhold such amounts in accordance with this paragraph (b).

     (c) Distributions to Certificateholders shall be subordinated to the
creditors of the Trust, including the Noteholders.

     Section 5.02. Method of Payment. Subject to Section 8.01(c), distributions
required to be made to Certificateholders on any Payment Date as provided in
Section 5.01 shall be made to each Certificateholder of record on the preceding
Record Date by wire transfer, in immediately available funds, to the account of
such Holder at a bank or other entity having appropriate facilities therefor, if
such Certificateholder shall have provided to the Certificate Registrar
appropriate written instructions at least five Business Days prior to such
Payment Date or, if not, by check mailed to such Certificateholder at the
address of such Holder appearing in the Certificate Register.

     Section 5.03. Tax Returns. Pursuant to the Servicing Agreement, the
Servicer and the Administrator have agreed that they shall (a) maintain (or
cause to be maintained) the books of the Trust on a calendar year basis using
the accrual method of accounting, (b) prepare and file or cause to be prepared
and filed such tax returns relating to the Trust as may be required by the

                                       16

<PAGE>

Code and applicable Treasury Regulations (making such elections as may from time
to time be required or appropriate under any applicable state or federal
statutes, rules or regulations); provided, however, that the Administrator shall
not be required to prepare and file partnership tax returns on behalf of the
Issuer unless the Administrator receives an opinion of counsel reasonably
satisfactory to it (which shall not be at the Indenture Trustee's expense, but
shall be at the expense of the Depositor or other party furnishing such opinion)
as to the necessity of such filings and provided further, that the neither the
Servicer nor the Administrator shall be required to compute the Issuer's gross
income except to the extent it can do so without unreasonable effort or expense
based upon income statements furnished to it. Pursuant to the Indenture and
solely with respect to filing Form 1099 tax returns, the Indenture Trustee has
agreed that it shall (a) deliver (or cause to be delivered) to each Noteholder
and Certificateholder as may be required by the Code and applicable Treasury
Regulations, such information as may be required to enable each
Certificateholder to prepare its federal and state income tax returns and (b)
collect or cause to be collected any withholding tax as described in and in
accordance with Section 5.01 of this Trust Agreement with respect to income or
distributions to Certificateholders and prepare or cause to be prepared the
appropriate forms relating thereto. The Owner Trustee shall sign all tax and
information returns prepared or caused to be prepared by the Administrator and
the Indenture Trustee pursuant to this Section 5.03 at the request of the
Administrator or the Indenture Trustee, and in doing so shall rely entirely
upon, and shall have no liability for information or calculations provided by,
the Administrator or the Indenture Trustee.

     Section 5.04. Statements to Certificateholders. On each Payment Date, the
Certificate Paying Agent shall make available to each Certificateholder the
statement or statements provided to the Owner Trustee and the Certificate Paying
Agent by the Indenture Trustee pursuant to Section 7.05 of the Indenture with
respect to such Payment Date; provided, however, that in the event that any
monthly statement is no longer available, at the request of any
Certificateholder, the Indenture Trustee will deliver such monthly statement to
such Certificateholder.

                                   ARTICLE VI

                               CONCERNING THE BANK

     Section 6.01. Acceptance of Trusts and Duties. The Bank accepts the trusts
hereby created and agrees to perform its duties hereunder with respect to such
trusts but only upon the terms of this Trust Agreement. The Bank and the
Certificate Paying Agent also agree to disburse all moneys actually received by
it constituting part of the Owner Trust Estate upon the terms of the Basic
Documents and this Trust Agreement. The Bank shall not be answerable or
accountable hereunder or under any Basic Document under any circumstances,
except (i) for its own willful misconduct, gross negligence or bad faith or
grossly negligent failure to act or (ii) in the case of the inaccuracy of any
representation or warranty contained in Section 6.03 expressly made by the Bank.
In particular, but not by way of limitation (and subject to the exceptions set
forth in the preceding sentence):

     (a) The Bank shall not be liable with respect to any action taken or
omitted to be taken by it in accordance with the instructions of the
Certificateholders permitted under this Trust Agreement;

                                       17

<PAGE>

     (b) No provision of this Trust Agreement or any Basic Document shall
require the Bank to expend or risk funds or otherwise incur any financial
liability in the performance of any of its rights, duties or powers hereunder or
under any Basic Document if the Bank shall have reasonable grounds for believing
that repayment of such funds or adequate indemnity against such risk or
liability is not reasonably assured or provided to it;

     (c) Under no circumstances shall the Bank be liable for indebtedness
evidenced by or arising under any of the Basic Documents, including the
principal of and interest on the Notes;

     (d) The Bank shall not be responsible for or in respect of the validity or
sufficiency of this Trust Agreement or for the due execution hereof by the
Depositor or for the form, character, genuineness, sufficiency, value or
validity of any of the Owner Trust Estate, or for or in respect of the validity
or sufficiency of the Basic Documents, the Notes, the Certificates, other than
the certificate of authentication on the Certificates, if executed and
authenticated by the Bank and the Bank shall in no event assume or incur any
liability, duty, or obligation to any Noteholder or to any Certificateholder,
other than as expressly provided for herein or expressly agreed to in the Basic
Documents;

     (e) The Bank shall not be liable for the default or misconduct of the
Depositor, Indenture Trustee, Certificate Registrar or the Servicer under any of
the Basic Documents or otherwise and the Bank shall have no obligation or
liability to perform the obligations of the Trust under this Trust Agreement or
the Basic Documents that are required to be performed by the Indenture Trustee
under the Indenture, the Servicer under the Servicing Agreement or the Seller or
the Originator under the Asset Purchase Agreement.

     (f) The Bank shall be under no obligation to exercise any of the rights or
powers vested in it or duties imposed by this Trust Agreement, or to institute,
conduct or defend any litigation under this Trust Agreement or otherwise or in
relation to this Trust Agreement or any Basic Document, at the request, order or
direction of any of the Certificateholders, unless such Certificateholders have
offered to the Bank security or indemnity satisfactory to it against the costs,
expenses and liabilities that may be incurred by the Bank therein or thereby.
The right of the Bank to perform any discretionary act enumerated in this Trust
Agreement or in any Basic Document shall not be construed as a duty, and the
Bank shall not be answerable for other than its gross negligence or willful
misconduct in the performance of any such act.

     Section 6.02. Furnishing of Documents. The Bank shall furnish to the
Noteholders and Certificateholders promptly upon receipt of a written reasonable
request therefor, duplicates or copies of all reports, notices, requests,
demands, certificates, financial statements and any other instruments furnished
to the Bank under the Basic Documents.

     Section 6.03. Representations and Warranties. The Bank hereby represents
and warrants to the Depositor, for the benefit of the Certificateholders, that:

     (a) It is a banking corporation duly organized and validly existing in good
standing under the laws of the State of Delaware. It has all requisite corporate
power and authority to execute, deliver and perform its obligations under this
Trust Agreement;

                                       18

<PAGE>

     (b) It has taken all corporate action necessary to authorize the execution
and delivery by it of this Trust Agreement, and this Trust Agreement will be
executed and delivered by one of its officers who is duly authorized to execute
and deliver this Trust Agreement on its behalf;

     (c) Neither the execution nor the delivery by it of this Trust Agreement,
nor the consummation by it of the transactions contemplated hereby nor
compliance by it with any of the terms or provisions hereof will contravene any
federal or Delaware law, governmental rule or regulation governing the banking
or trust powers of the Bank or any judgment or order binding on it, or
constitute any default under its charter documents or bylaws or any indenture,
mortgage, contract, agreement or instrument to which it is a party or by which
any of its properties may be bound;

     (d) This Trust Agreement assuming due authorization, execution and delivery
by the Depositor, constitutes a valid, legal and binding obligation of the Bank,
enforceable against it in accordance with the terms hereof subject to applicable
bankruptcy, insolvency, reorganization, moratorium and other laws affecting the
enforcement of creditors' rights generally and to general principles of equity,
regardless of whether such enforcement is considered in a proceeding in equity
or at law;

     (e) The execution, delivery, authentication and performance by it of this
Trust Agreement will not require the authorization, consent or approval of, the
giving of notice to, the filing or registration with, or the taking of any other
action with respect to, any governmental authority or agency;

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

     (g) No litigation is pending or, to the best of the Bank's knowledge,
threatened against the Bank which would prohibit its entering into this Trust
Agreement or performing its obligations under this Trust Agreement.

     Section 6.04. Reliance; Advice of Counsel.

     (a) The Bank shall incur no liability to anyone in acting upon any
signature, instrument, notice, resolution, request, consent, order, certificate,
report, opinion, note, or other document or paper believed by it to be genuine
and believed by it to be signed by the proper party or parties. The Bank may
accept a certified copy of a resolution of the board of directors or other
governing body of any corporate party as conclusive evidence that such
resolution has been duly adopted by such body and that the same is in full force
and effect. As to any fact or matter the method of determination of which is not
specifically prescribed herein, the Bank may for all purposes hereof rely on a
certificate, signed by the president or any vice president or by the treasurer
or other authorized officers of the relevant party, as to such fact or matter
and such certificate shall constitute full protection to the Bank for any action
taken or omitted to be taken by it in good faith in reliance thereon.

                                       19

<PAGE>

     (b) In the exercise or administration of the Trust hereunder and in the
performance of its duties and obligations under this Trust Agreement or the
Basic Documents, the Bank (i) may act directly or through its agents, attorneys,
custodians or nominees (including persons acting under a power of attorney)
pursuant to agreements entered into with any of them, and the Bank shall not be
liable for the conduct or misconduct of such agents, attorneys, custodians or
nominees (including persons acting under a power of attorney) if such persons
have been selected by the Bank with reasonable care, and (ii) may consult with
counsel, accountants and other skilled persons to be selected with reasonable
care and employed by it. The Bank shall not be liable for anything done,
suffered or omitted in good faith by it in accordance with the opinion or advice
of any such counsel, accountants or other such Persons and not contrary to this
Trust Agreement or any Basic Document.

     Section 6.05. Not Acting in Individual Capacity. Except as provided in this
Article VI, in accepting the trusts hereby created Wilmington Trust Company acts
solely as Owner Trustee hereunder and not in its individual capacity, and all
Persons having any claim against the Bank by reason of the transactions
contemplated by this Trust Agreement or any Basic Document shall look only to
the Owner Trust Estate for payment or satisfaction thereof.

     Section 6.06. Bank Not Liable for Certificates or Related Documents. The
recitals contained herein and in the Certificates (other than the signatures of
the Bank on the Certificates) shall be taken as the statements of the Depositor,
and the Bank assumes no responsibility for the correctness thereof. The Bank
makes no representations as to the validity or sufficiency of this Trust
Agreement, of any Basic Document or of the Certificates (other than the
signatures of the Bank on the Certificates) or the Notes, or of any Related
Documents. The Bank shall at no time have any responsibility or liability with
respect to the sufficiency of the Owner Trust Estate or its ability to generate
the payments to be distributed to Certificateholders under this Trust Agreement
or the Noteholders under the Indenture, including compliance by the Depositor,
the Originator or the Seller with any warranty or representation made under any
Basic Document or in any related document or the accuracy of any such warranty
or representation, or any action of the Certificate Paying Agent, the
Certificate Registrar or the Indenture Trustee taken in the name of the Owner
Trustee.

     Section 6.07. Bank May Own Certificates and Notes. The Bank in its
individual or any other capacity may, subject to Section 3.05, become the owner
or pledgee of Certificates or Notes and may deal with the Depositor, the Seller,
the Certificate Paying Agent, the Certificate Registrar and the Indenture
Trustee in transactions with the same rights as it would have if it were not
Owner Trustee.

     Section 6.08. Payments from Owner Trust Estate. All payments to be made by
the Owner Trustee under this Trust Agreement or any of the Basic Documents to
which the Bank is a party shall be made only from the income and proceeds of the
Owner Trust Estate or from other amounts required to be provided by the
Certificateholders and only to the extent that the Owner Trust shall have
received income or proceeds from the Owner Trust Estate or the
Certificateholders to make such payments in accordance with the terms hereof.
Wilmington Trust Company in its individual capacity, shall not be liable for any
amounts payable under this Trust Agreement or any of the Basic Documents to
which the Owner Trustee is a party.

                                       20

<PAGE>

     Section 6.09. Doing Business in Other Jurisdictions. Notwithstanding
anything contained herein to the contrary, neither Wilmington Trust Company nor
the Owner Trustee shall be required to take any action in any jurisdiction other
than in the State of Delaware if the taking of such action will, even after the
appointment of a co-trustee or separate trustee in accordance with Section 9.05
hereof, (i) require the consent or approval or authorization or order of or the
giving of notice to, or the registration with or the taking of any other action
in respect of, any state or other governmental authority or agency of any
jurisdiction other than the State of Delaware; (ii) result in any fee, tax or
other governmental charge under the laws of the State of Delaware becoming
payable by Wilmington Trust Company or (iii) subject Wilmington Trust Company to
personal jurisdiction in any jurisdiction other than the State of Delaware for
causes of action arising from acts unrelated to the consummation of the
transactions by the Bank or the Owner Trustee, as the case may be, contemplated
hereby.

     Section 6.10. Liability of Certificate Registrar and Certificate Paying
Agent. All provisions affording protection or rights to or limiting the
liability of the Owner Trustee, including but not limited to the provisions of
this Agreement permitting the Owner Trustee to resign, merge or consolidate,
shall inure as well to the Certificate Registrar and Certificate Paying Agent.
In addition, JPMorgan Chase Bank, N.A., in its capacities as Certificate
Registrar and Certificate Paying Agent hereunder shall be afforded all the
rights, protections, immunities and indemnities afforded to it in its capacity
as Indenture Trustee under the Indenture as if specifically set forth herein.

                                   ARTICLE VII

                          COMPENSATION OF OWNER TRUSTEE

     Section 7.01. Owner Trustee Fees and Expenses. The Bank shall receive as
compensation for its services hereunder the Owner Trustee Fee (which, beginning
on the 13th Payment Date, will be paid pursuant to Section 8.02(i)(B) of the
Indenture), and the Bank shall be reimbursed pursuant to Section 8.02(xii) of
the Indenture for its reasonable expenses hereunder and under the Basic
Documents, including the reasonable compensation, expenses and disbursements of
such agents, representatives, experts and counsel as the Owner Trustee may
reasonably employ in connection with the exercise and performance of its rights
and its duties hereunder and under the Basic Documents. Any amounts owing to the
Bank hereunder in excess of such amounts shall be paid pursuant to a separate
side agreement between the Owner Trustee and the Servicer.

     Section 7.02. Indemnification. The Depositor shall indemnify, defend and
hold harmless the Bank, the Certificate Registrar and the Certificate Paying
Agent, solely in its capacity as Certificate Paying Agent, and their respective
successors, assigns, agents and servants (collectively, the "Indemnified
Parties") from and against, any and all liabilities, obligations, losses,
damages, taxes, claims, actions and suits, and any and all reasonable costs,
expenses and disbursements (including reasonable legal fees and expenses) of any
kind and nature whatsoever (collectively, "Expenses") which may at any time be
imposed on, incurred by, or asserted against any Indemnified Party in any way
relating to or arising out of this Trust Agreement, the Basic Documents, the
Owner Trust Estate, the administration of the Owner Trust

                                       21

<PAGE>

Estate or the action or inaction of the Owner Trustee, the Certificate Registrar
and the Certificate Paying Agent, solely in its capacity as Certificate Paying
Agent, hereunder, provided, that:

          (i) the Depositor shall not be liable for or required to indemnify an
     Indemnified Party from and against Expenses arising or resulting from the
     Owner Trustee's, the Certificate Registrar's or the Certificate Paying
     Agent's willful misconduct, gross negligence or bad faith or as a result of
     any inaccuracy of a representation or warranty of the Owner Trustee
     contained in Section 6.03 expressly made by the Owner Trustee;

          (ii) with respect to any such claim, the Indemnified Party shall have
     given the Depositor written notice thereof promptly after the Indemnified
     Party shall have actual knowledge thereof,

          (iii) while maintaining control over its own defense, the Depositor
     shall consult with the Indemnified Party in preparing such defense; and

          (iv) notwithstanding anything in this Agreement to the contrary, the
     Depositor shall not be liable for settlement of any claim by an Indemnified
     Party entered into without the prior consent of the Depositor which consent
     shall not be unreasonably withheld.

     The indemnities contained in this Section shall survive the resignation or
termination of the Owner Trustee, the Certificate Registrar or the Certificate
Paying Agent or the termination of this Trust Agreement. In the event of any
claim, action or proceeding for which indemnity will be sought pursuant to this
Section 7.02, the Owner Trustee's, the Certificate Registrar's or the
Certificate Paying Agent's choice of legal counsel, if other than the legal
counsel retained by the Owner Trustee, the Certificate Registrar or the
Certificate Paying Agent in connection with the execution and delivery of this
Trust Agreement, shall be subject to the approval of the Depositor, which
approval shall not be unreasonably withheld. In addition, upon written notice to
the Owner Trustee, the Certificate Registrar or the Certificate Paying Agent and
with the consent of the Owner Trustee, the Certificate Registrar or the
Certificate Paying Agent, as applicable, which consent shall not be unreasonably
withheld, the Depositor has the right to assume the defense of any claim, action
or proceeding against the Owner Trustee, the Certificate Registrar or the
Certificate Paying Agent.

                                  ARTICLE VIII

                         TERMINATION OF TRUST AGREEMENT

     Section 8.01. Termination of Trust Agreement.

     (a) This Trust Agreement (other than Article VII) and the Trust shall
terminate and be of no further force or effect upon the earliest of (i) the
final distribution of all moneys or other property or proceeds of the Owner
Trust Estate in accordance with the terms of the Indenture and this Trust
Agreement, (ii) the distribution of all of the assets of the Owner Trust Estate,
in accordance with written instructions provided to the Owner Trustee by the
Majority Certificateholder, following the optional redemption of the Notes by
the Issuer pursuant to

                                       22

<PAGE>

Section 8.07 of the Indenture; provided in each case that all amounts owing to
the Noteholders to the extent payable from the Owner Trust Estate or proceeds
thereof have been paid in full and that all obligations under the Indenture have
been discharged. The bankruptcy, liquidation, dissolution, death or incapacity
of any Certificateholder shall not (x) operate to terminate this Trust Agreement
or the Trust or (y) 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 all or any part of the Trust or the Owner Trust
Estate or (z) otherwise affect the rights, obligations and liabilities of the
parties hereto.

     (b) Except as provided in Section 8.01(a), neither the Depositor nor any
Certificateholder shall be entitled to revoke or terminate the Trust.

     (c) Notice of any termination of the Trust, specifying the Payment Date
upon which Certificateholders shall surrender their Certificates to the
Certificate Paying Agent for payment of the final distribution and cancellation,
shall be given by the Certificate Paying Agent by letter to Certificateholders
mailed within five Business Days of receipt of notice of the final payment on
the Notes from the Indenture Trustee, stating (i) the Payment Date upon or with
respect to which final payment of the Certificates shall be made upon
presentation and surrender of the Certificates at the office of the Certificate
Paying Agent therein designated, (ii) the amount of any such final payment and
(iii) that the Record Date otherwise applicable to such Payment Date is not
applicable, payments being made only upon presentation and surrender of the
Certificates at the office of the Certificate Payment Agent therein specified.
The Certificate Paying Agent shall give such notice to the Owner Trustee and the
Certificate Registrar at the time such notice is given to Certificateholders.
Upon presentation and surrender of the Certificates, the Certificate Paying
Agent shall cause to be distributed to Certificateholders amounts distributable
on such Payment Date pursuant to Section 5.01.

     In the event that all of the Certificateholders shall not surrender their
Certificates for cancellation within six months after the date specified in the
above mentioned written notice, the Certificate Paying Agent shall give a second
written notice to the remaining Certificateholders to surrender their
Certificates for cancellation and receive the final distribution with respect
thereto. Subject to applicable laws with respect to escheat of funds, if within
one year following the Payment Date on which final payment of the Certificates
was to have been made pursuant to Section 3.03 of the Indenture, all the
Certificates shall not have been surrendered for cancellation, the Certificate
Paying Agent may take appropriate steps, or may appoint an agent to 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 that shall remain subject to this Trust Agreement. Any
funds remaining in the Certificate Distribution Account after exhaustion of such
remedies shall be distributed by the Certificate Paying Agent to the Depositor.

     (d) Upon the winding up of the Trust and its termination, and notice
thereof by the Majority Certificateholder, the Owner Trustee shall cause the
Certificate of Trust to be cancelled by filing a certificate of cancellation
with the Secretary of State in accordance with the provisions of Section 3810(c)
of the Statutory Trust Statute.

                                       23

<PAGE>

                                   ARTICLE IX

             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

     Section 9.01. Eligibility Requirements for Owner Trustee. The Owner Trustee
shall at all times be a corporation satisfying the provisions of Section 3807(a)
of the Statutory Trust Statute; authorized to exercise corporate trust powers;
having a combined capital and surplus of at least $50,000,000 and subject to
supervision or examination by federal or state authorities; and having (or
having a parent that has) a rating of at least Baa3 by Moody's or is otherwise
acceptable to the Rating Agencies. If such corporation shall publish reports of
condition at least annually pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purpose of this
Section, 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. In case at any time the Owner Trustee shall cease to be
eligible in accordance with the provisions of this Section 9.01, the Owner
Trustee shall resign immediately in the manner and with the effect specified in
Section 9.02.

     Section 9.02. Replacement of Owner Trustee. The Owner Trustee may at any
time resign and be discharged from the trusts hereby created by giving 30 days
prior written notice thereof to the Depositor. Upon receiving such notice of
resignation, the Depositor shall promptly appoint a successor Owner Trustee, by
written instrument, in duplicate, one copy of which instrument shall be
delivered to the resigning Owner Trustee and to the successor Owner Trustee. If
no successor Owner Trustee shall have been so appointed and have accepted
appointment within 30 days after the giving of such notice of resignation, the
resigning Owner Trustee may petition any court of competent jurisdiction for the
appointment of a successor Owner Trustee.

     If at any time the Owner Trustee shall cease to be eligible in accordance
with the provisions of Section 9.01 and shall fail to resign after written
request therefor by the Depositor, or if at any time the Owner Trustee shall be
legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver
of the Owner Trustee or of its property shall be appointed, or any public
officer shall take charge or control of the Owner Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation, then the
Depositor may remove the Owner Trustee.

     Any resignation or removal of the Owner Trustee and appointment of a
successor Owner Trustee pursuant to any of the provisions of this Section shall
not become effective until acceptance of appointment by the successor Owner
Trustee pursuant to Section 9.03 and payment of all fees and expenses owed to
the outgoing Owner Trustee. The Servicer shall provide notice of such
resignation or removal of the Owner Trustee to each of the Rating Agencies.

     Section 9.03. Successor Owner Trustee. Any successor Owner Trustee
appointed pursuant to Section 9.02 shall execute, acknowledge and deliver to the
Indenture Trustee and to its predecessor Owner Trustee an instrument accepting
such appointment under this Trust Agreement, and thereupon the resignation or
removal of the predecessor Owner Trustee shall become effective, and such
successor Owner Trustee, without any further act, deed or

                                       24

<PAGE>

conveyance, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor under this Trust Agreement, with like effect as
if originally named as Owner Trustee. The predecessor Owner Trustee shall upon
payment of its fees and expenses deliver to the successor Owner Trustee all
documents and statements and monies held by it under this Trust Agreement; and
the predecessor Owner Trustee shall execute and deliver such instruments and do
such other things as may reasonably be required for fully and certainly vesting
and confirming in the successor Owner Trustee all such rights, powers, duties
and obligations.

     No successor Owner Trustee shall accept appointment as provided in this
Section 9.03 unless at the time of such acceptance such successor Owner Trustee
shall be eligible pursuant to Section 9.01.

     Upon acceptance of appointment by a successor Owner Trustee pursuant to
this Section 9.03, the Owner Trustee shall mail notice thereof to all
Certificateholders, the Indenture Trustee, the Noteholders and the Rating
Agencies.

     Section 9.04. Merger or Consolidation of Owner Trustee. Any Person into
which the Owner Trustee may be merged or converted or with which it may be
consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Owner Trustee shall be a party, or any Person
succeeding to all or substantially all of the corporate trust business of the
Owner Trustee, shall be the successor of the Owner Trustee hereunder, without
the execution or filing of any instrument or any further act on the part of any
of the parties hereto, anything herein to the contrary notwithstanding;
provided, that such Person shall be eligible pursuant to Section 9.01 and,
provided, further, that the Owner Trustee shall mail notice of such merger or
consolidation to the Rating Agencies.

     Section 9.05. Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions of this Trust Agreement, at any time, for
the purpose of meeting any legal requirements of any jurisdiction in which any
part of the Owner Trust Estate may at the time be located, the Owner Trustee
shall have the power and shall execute and deliver all instruments to appoint
one or more Persons to act as co-trustee, jointly with the Owner Trustee, or as
separate trustee or trustees, of all or any part of the Owner Trust Estate, and
to vest in such Person, in such capacity, such title to the Trust or any part
thereof and, subject to the other provisions of this Section, such powers,
duties, obligations, rights and trusts as the Owner Trustee may consider
necessary or desirable. No co-trustee or separate trustee under this Trust
Agreement shall be required to meet the terms of eligibility as a successor
Owner Trustee pursuant to Section 9.01 and no notice of the appointment of any
co-trustee or separate trustee shall be required pursuant to Section 9.03.

     Each separate trustee and co-trustee shall, to the extent permitted by law,
be appointed and act subject to the following provisions and conditions:

     (a) All rights, powers, duties and obligations conferred or imposed upon
the Owner Trustee shall be conferred upon and exercised or performed by the
Owner Trustee and such separate trustee or co-trustee jointly (it being
understood that such separate trustee or co-trustee is not authorized to act
separately without the Owner Trustee joining in such act), except to the extent
that under any law of any jurisdiction in which any particular act or acts are
to be

                                       25

<PAGE>

performed, the Owner 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 Owner Trust Estate or any portion thereof
in any such jurisdiction) shall be exercised and performed singly by such
separate trustee or co-trustee, but solely at the direction of the Owner
Trustee;

     (b) No trustee under this Trust Agreement shall be personally liable by
reason of any act or omission of any other trustee under this Trust Agreement;
and

     (c) The Owner Trustee may at any time accept the resignation of or remove
any separate trustee or co-trustee.

     Any notice, request or other writing given to the Owner Trustee shall be
deemed to have been given to each of the then separate trustees and co-trustees,
as effectively as if given to each of them. Every instrument appointing any
separate trustee or co-trustee shall refer to this Trust Agreement and the
conditions of this Article. 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 Owner
Trustee or separately, as may be provided therein, subject to all the provisions
of this Trust Agreement, specifically including every provision of this Trust
Agreement relating to the conduct of, affecting the liability of, or affording
protection to, the Owner Trustee. Each such instrument shall be filed with the
Owner Trustee.

     Any separate trustee or co-trustee may at any time appoint the Owner
Trustee as 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
Trust 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 trusts shall vest in and be
exercised by the Owner Trustee, to the extent permitted by law, without the
appointment of a new or successor co-trustee or separate trustee.

                                    ARTICLE X

                                  MISCELLANEOUS

     Section 10.01. Amendments.

     (a) This Trust Agreement may be amended from time to time by the parties
hereto as specified in this Section, provided that any amendment, except as
provided in subparagraph (e) below, be accompanied by an Opinion of Counsel
addressed to the Owner Trustee, the Certificate Registrar and the Certificate
Paying Agent and obtained by the Servicer to the effect that such amendment (i)
complies with the provisions of this Section and (ii) if Origen CMO Residual
Holding Company, LLC is not the 100% Certificateholder, would not cause the
Trust to be subject to an entity level tax for federal income tax purposes.

     (b) If the purpose of the amendment (as detailed therein) is to correct any
mistake, eliminate any inconsistency, cure any ambiguity or deal with any matter
not covered (i.e. to give effect to the intent of the parties and, if
applicable, to the expectations of the Holders), it shall not

                                       26

<PAGE>

be necessary to obtain the consent of any Holders, but the Owner Trustee, the
Certificate Registrar and the Certificate Paying Agent shall be furnished with
(A) a letter from the Rating Agencies that the amendment will not result in the
downgrading or withdrawal of the rating then assigned to any Note or the rating
then assigned to any Note or (B) an Opinion of Counsel obtained by the Servicer
to the effect that such action will not adversely affect in any material respect
the interests of any Holders.

     (c) If the purpose of the amendment is to prevent the imposition of any
federal or state taxes at any time that any Security is outstanding, it shall
not be necessary to obtain the consent of any Holder, but the Owner Trustee, the
Certificate Registrar and the Certificate Paying Agent shall be furnished with
an Opinion of Counsel obtained by the Servicer that such amendment is necessary
or helpful to prevent the imposition of such taxes and is not materially adverse
to any Holder.

     (d) If the purpose of the amendment is to add or eliminate or change any
provision of the Trust Agreement other than as contemplated in (b) and (c)
above, the amendment shall require (A) an Opinion of Counsel obtained by the
Servicer to the effect that such action will not adversely affect in any
material respect the interests of any Holders of the Notes and Certificates and
(B) either (a) a letter from the Rating Agency that the amendment will not
result in the downgrading or withdrawal of the rating then assigned to any Note
or the rating then assigned to any Note or (b) the consent of Holders of
Certificates evidencing a majority Percentage Interest of the Certificates and
the Indenture Trustee; provided, however, that no such amendment shall (i)
reduce in any manner the amount of, or delay the timing of, payments received
that are required to be distributed on any Certificate without the consent of
the related Certificateholder, or (ii) reduce the aforesaid percentage of
Certificates the Holders of which are required to consent to any such amendment,
without the consent of the Holders of all such Certificates then outstanding.

     (e) If the purpose of the amendment is to provide for the holding of any of
the Certificates in book-entry form, it shall require the consent of Holders of
all such Certificates then outstanding; provided, that the Opinion of Counsel
specified in subparagraph (a) above shall not be required.

     (f) If the purpose of the amendment is to provide for the issuance of
additional certificates representing an interest in the Trust, it shall not be
necessary to obtain the consent of any Holder, but the Owner Trustee and the
Indenture Trustee shall be furnished with (A) an Opinion of Counsel obtained by
the Servicer to the effect that such action will not adversely affect in any
material respect the interests of any Holders, (B) an Opinion of Counsel
obtained by the Servicer to the effect that such action will not cause the Trust
to be (i) treated as an association taxable as a corporation for federal income
tax and relevant state and local income and franchise tax purposes, (ii) taxable
as a "publicly traded partnership" as defined in Treasury Regulation section
1.7704-1 for federal income tax purposes and relevant state and local income or
franchise tax purposes or (iii) otherwise subject to entity level taxation for
federal income tax purposes and (C) a letter from the Rating Agencies that the
amendment will not result in the downgrading or withdrawal of the rating then
assigned to any Notes or the rating then assigned to the Notes.

                                       27

<PAGE>

     (g) Promptly after the execution of any such amendment or consent, the
Servicer shall furnish written notification of the substance of such amendment
or consent to each Certificateholder, the Indenture Trustee and each of the
Rating Agencies. It shall not be necessary for the consent of Certificateholders
or the Indenture Trustee pursuant to this Section 10.01 to approve the
particular form of any proposed amendment or consent, but it shall be sufficient
if such consent shall approve the substance thereof. The manner of obtaining
such consents (and any other consents of Certificateholders provided for in this
Trust Agreement or in any other Basic Document) and of evidencing the
authorization of the execution thereof by Certificateholders shall be subject to
such reasonable requirements as the Owner Trustee may prescribe.

     (h) In connection with the execution of any amendment to any agreement to
which the Trust is a party, other than this Trust Agreement, the Owner Trustee
shall be entitled to receive and conclusively rely upon an Opinion of Counsel to
the effect that such amendment is authorized or permitted by the documents
subject to such amendment and that all conditions precedent in the Basic
Documents for the execution and delivery thereof by the Trust or the Owner
Trustee, as the case may be, have been satisfied.

     (i) No amendment or agreement affecting the rights or duties of the Owner
Trustee, the Certificate Registrar or the Certificate Paying Agent may be
entered into without the consent of the affected party.

     Promptly after the execution of any amendment to the Certificate of Trust,
the Owner Trustee shall cause the filing of such amendment with the Secretary of
State of the State of Delaware.

     Section 10.02. No Legal Title to Owner Trust Estate. The Certificateholders
shall not have legal title to any part of the Owner Trust Estate solely by
virtue of their status as a Certificateholder. The Certificateholders shall be
entitled to receive distributions with respect to their undivided beneficial
interest therein only in accordance with Articles V and VIII. No transfer, by
operation of law or otherwise, of any right, title or interest of the
Certificateholders to and in their ownership interest in the Owner Trust Estate
shall operate to terminate this Trust Agreement or the trusts hereunder or
entitle any transferee to an accounting or to the transfer to it of legal title
to any part of the Owner Trust Estate.

     Section 10.03. Limitations on Rights of Others. Except for Section 2.07,
the provisions of this Trust Agreement are solely for the benefit of the Owner
Trustee, the Depositor, the Certificateholders and, to the extent expressly
provided herein, the Indenture Trustee and the Noteholders, and nothing in this
Trust Agreement (other than Section 2.07), whether express or implied, shall be
construed to give to any other Person any legal or equitable right, remedy or
claim in the Owner Trust Estate or under or in respect of this Trust Agreement
or any covenants, conditions or provisions contained herein.

     Section 10.04. Notices.

     (a) Unless otherwise expressly specified or permitted by the terms hereof,
all notices shall be in writing and shall be deemed given upon receipt, to the
Owner Trustee at: Wilmington

                                       28

<PAGE>

Trust Company, Rodney Square North, 1100 North Market Street, Wilmington,
Delaware 19890; Attention: Corporate Trust Administration: to the Depositor at:
Origen Residential Securities, Inc., 27777 South Franklin Road, Suite 1700,
Southfield, Michigan 48034: to the Indenture Trustee, the Certificate Registrar
and the Certificate Paying Agent at the Corporate Trust Office of the Indenture
Trustee; to Moody's at: 99 Church Street, New York, New York 10007; Attention:
Residential Mortgage Monitoring Unit; to Standard & Poor's via electronic
delivery at Servicer_reports@sandp.com (or if electronic delivery is not
available at: 55 Water Street, New York, New York 10041, Attn: ABS Surveillance
Group); or, as to each party, at such other address as shall be designated by
such party in a written notice to each other party.

     (b) Any notice required or permitted to be given 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 Trust Agreement shall be conclusively presumed to have
been duly given, whether or not the Certificateholder receives such notice.

     (c) A copy of any notice delivered to the Owner Trustee or the Trust shall
also be delivered to the Depositor.

     Section 10.05. Severability. Any provision of this Trust 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 provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

     Section 10.06. Separate Counterparts. This Trust Agreement may be executed
by the parties hereto in separate counterparts, each of which when so executed
and delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

     Section 10.07. Successors and Assigns. All representations, warranties,
covenants and agreements contained herein shall be binding upon, and inure to
the benefit of, each of the Depositor, the Owner Trustee and its successors, and
each Certificateholder and its successors and permitted assigns, all as herein
provided. Any request, notice, direction, consent, waiver or other instrument or
action by a Certificateholder shall bind the successors and assigns of such
Certificateholder.

     Section 10.08. No Petition. The Owner Trustee, by entering into this Trust
Agreement and each Certificateholder, by accepting a Certificate, hereby
covenant and agree that they will not at any time institute against the
Depositor or the Trust, or join in any institution against the Depositor or the
Trust of, any bankruptcy proceedings under any United States federal or state
bankruptcy or similar law in connection with any obligations to the
Certificates, the Notes, this Trust Agreement or any of the Basic Documents.
This Section shall survive for one year following the termination of this Trust
Agreement.

     Section 10.09. No Recourse. Each Certificateholder by accepting a
Certificate acknowledges that such Certificateholder's Certificates represent
beneficial interests in the Trust only and do not represent interests in or
obligations of the Depositor, the Originator, the Seller,

                                       29

<PAGE>

the Owner Trustee, the Indenture Trustee, the Certificate Registrar, the
Certificate Paying Agent or any Affiliate thereof and no recourse may be had
against such parties or their assets, except as may be expressly set forth or
contemplated in this Trust Agreement, the Certificates or the Basic Documents.

     Section 10.10. Headings. The headings of the various Articles and Sections
herein are for convenience of reference only and shall not define or limit any
of the terms or provisions hereof.

     Section 10.11. GOVERNING LAW. THIS TRUST AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     Section 10.12. Integration. This Trust Agreement constitutes the entire
agreement among the parties hereto pertaining to the subject matter hereof and
supersedes all prior agreements and understandings pertaining thereto.

                                       30

<PAGE>

     IN WITNESS WHEREOF, the Depositor, the Certificate Registrar and the Owner
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.

                                        ORIGEN RESIDENTIAL SECURITIES, INC.,
                                        as Depositor

                                        By: /s/ W. Anderson Geater, Jr.
                                            ------------------------------------
                                        Name: W. Anderson Geater, Jr.
                                        Title: Chief Financial Officer

                                        WILMINGTON TRUST COMPANY
                                        as Owner Trustee

                                        By: /s/ Mary Kay Pupillo
                                            ------------------------------------
                                        Name: Mary Kay Pupillo
                                        Title: Assistant Vice President

                                        JPMORGAN CHASE BANK, N.A.
                                        as Certificate Registrar
                                        and Certificate Paying Agent

                                        By: /s/ Keith Richardson
                                            ------------------------------------
                                        Name: Keith Richardson
                                        Title: Attorney-In-Fact

                [Signature Page to Origen 2005-B Trust Agreement]

<PAGE>

                                    EXHIBIT A

                               Form of Certificate

                                     [Face]

     THIS CERTIFICATE IS SUBORDINATE TO THE NOTES AS DESCRIBED IN THE INDENTURE.

     NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE UNLESS THE CERTIFICATE
REGISTRAR SHALL HAVE RECEIVED AN INVESTMENT LETTER IN THE FORM OF EXHIBIT C TO
THE TRUST AGREEMENT, AN OPINION OF COUNSEL AND INVESTMENT LETTERS IN FORMS OF
EXHIBITS E AND F TO THE TRUST AGREEMENT, AS DESCRIBED IN THE TRUST AGREEMENT.

     NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE, SO LONG AS ANY NOTES ARE
OUTSTANDING, UNLESS THE CERTIFICATE REGISTRAR SHALL HAVE RECEIVED A CERTIFICATE
OF NON-FOREIGN STATUS CERTIFYING AS TO THE TRANSFEREE'S STATUS AS A U.S. PERSON
OR CORPORATION UNDER U.S. LAW.

     NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE UNLESS THE CERTIFICATE
REGISTRAR HAS RECEIVED PROOF OF THE TRANSFEREE'S STATUS AS A REIT OR AS A
QUALIFIED REIT SUBSIDIARY, WITHIN THE MEANING OF SECTION 856(A) OR SECTION
856(I) OF THE CODE, RESPECTIVELY OR AS AN ENTITY THAT IS DISREGARDED FOR FEDERAL
INCOME TAX PURPOSES THAT IS WHOLLY OWNED BY A REIT OR A QUALIFIED REIT
SUBSIDIARY.

     THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY
NOT BE RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND
LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM
REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 3.05 OF THE TRUST AGREEMENT REFERRED
TO HEREIN.

     NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE UNLESS THE CERTIFICATE
REGISTRAR SHALL HAVE RECEIVED EITHER (I) A REPRESENTATION LETTER FROM THE
TRANSFEREE OF THIS CERTIFICATE TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN
EMPLOYEE BENEFIT PLAN SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE"), OR A PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR
USING THE ASSETS OF ANY SUCH PLAN, OR (II) IF THIS

                                      A-1

<PAGE>

CERTIFICATE IS PRESENTED FOR REGISTRATION IN THE NAME OF A PLAN SUBJECT TO
ERISA, OR SECTION 4975 OF THE CODE (OR COMPARABLE PROVISIONS OF ANY SUBSEQUENT
ENACTMENTS), OR A TRUSTEE OF ANY SUCH PLAN, OR ANY OTHER PERSON WHO IS USING THE
ASSETS OF ANY SUCH PLAN TO EFFECT SUCH ACQUISITION, AN OPINION OF COUNSEL TO THE
EFFECT THAT THE PURCHASE OF CERTIFICATES IS PERMISSIBLE UNDER APPLICABLE LAW,
WILL NOT CONSTITUTE OR RESULT IN ANY PROHIBITED TRANSACTION UNDER ERISA OR
SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE TRUST, THE DEPOSITOR, THE
OWNER TRUSTEE, THE CERTIFICATE REGISTRAR, THE SERVICER, THE SUBSERVICER OR THE
BACKUP SERVICER TO ANY OBLIGATION OR LIABILITY (INCLUDING OBLIGATIONS OR
LIABILITIES UNDER ERISA OR SECTION 4975 OF THE CODE) IN ADDITION TO THOSE
UNDERTAKEN IN THE TRUST AGREEMENT, WHICH OPINION OF COUNSEL SHALL NOT BE AN
EXPENSE OF THE TRUST, THE DEPOSITOR, THE OWNER TRUSTEE, THE CERTIFICATE
REGISTRAR, THE SERVICER, THE SUBSERVICER OR THE BACKUP SERVICER.

     THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE
SELLER, THE CERTIFICATE REGISTRAR, THE CERTIFICATE PAYING AGENT, THE DEPOSITOR,
THE SERVICER, THE INDENTURE TRUSTEE, OR THE OWNER TRUSTEE OR ANY OF THEIR
RESPECTIVE AFFILIATES, EXCEPT AS EXPRESSLY PROVIDED IN THE TRUST AGREEMENT OR
THE BASIC DOCUMENTS.

                                       A-2

<PAGE>

Certificate No. __________       Certificate Percentage Interest of
                                 this Certificate: ________%

Cut-off Date: December 1, 2005

Date of Trust Agreement:         First Payment Date:
December 1, 2005                 January 16, 2006

Servicer:                        Certificate Interest Rate:
Origen Servicing, Inc.           Weighted Average Pass-Through Rate

                ORIGEN MANUFACTURED HOUSING CONTRACT TRUST 2005-B

     Evidencing a fractional undivided equity interest in the Owner Trust
Estate, the property of which consists primarily of the Contracts in Origen
Manufactured Housing Contract Trust 2005-B (the "Trust"), a Delaware statutory
trust formed by ORIGEN RESIDENTIAL SECURITIES, INC., as depositor, pursuant to
the Trust Agreement referred to below.

     This certifies that ________________ is the registered owner of the
Percentage Interest represented hereby.

     The Trust was created pursuant to a Trust Agreement, dated as of December
1, 2005, by and among the Depositor, Wilmington Trust Company, as owner trustee
(the "Owner Trustee", which term includes any successor entity under the Trust
Agreement) and JPMorgan Chase Bank, N.A., as certificate registrar and
certificate paying agent (as amended and supplemented from time to time, the
"Trust Agreement"), a summary of certain of the pertinent provisions of which is
set forth hereinafter. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Trust Agreement, to which Trust
Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound.

     This Certificate is one of a duly authorized issue of Trust Certificates,
Series 2005-B (herein called the "Certificates") issued under the Trust
Agreement to which reference is hereby made for a statement of the respective
rights thereunder of the Depositor, the Owner Trustee and the Holders of the
Certificates and the terms upon which the Certificates are executed and
delivered. All terms used in this Certificate which are defined in the Trust
Agreement shall have the meanings assigned to them in the Trust Agreement. The
Owner Trust Estate consists of the Contracts in the Origen Manufactured Housing
Contract Trust 2005-B. The rights of the Holders of the Certificates are
subordinated to the rights of the Holders of the Notes, as set forth in the
Indenture.

     There will be distributed on the 15th day of each month or, if such 15th
day is not a Business Day, the next Business Day (each, a "Payment Date"),
commencing on January 16, 2005, to the Person in whose name this Certificate is
registered at the close of business on the last Business Day of the month
immediately preceding such Payment Date (the "Record Date"),

                                       A-3

<PAGE>

such Certificateholder's Percentage Interest in the amount to be distributed to
Certificateholders on such Payment Date.

     The Certificateholder, by its acceptance of this Certificate, agrees that
it will look solely to the funds on deposit in the Payment Account that have
been released from the Lien of the Indenture for payment hereunder and that
neither the Owner Trustee in its individual capacity nor the Depositor is
personally liable to the Certificateholders for any amount payable under this
Certificate or the Trust Agreement or, except as expressly provided in the Trust
Agreement, subject to any liability under the Trust Agreement.

     The Holder of this Certificate acknowledges and agrees that its rights to
receive distributions in respect of this Certificate are subordinated to the
rights of the Noteholders as described in the Indenture, dated as of December 1,
2005, between the Trust and JPMorgan Chase Bank, N.A., as Indenture Trustee (the
"Indenture").

     The Depositor and each Certificateholder, by acceptance of a Certificate,
agree to treat, and to take no action inconsistent with the treatment of, the
Certificates for federal, state and local income tax purposes as an equity
interest in the Trust.

     Each Certificateholder, by its acceptance of a Certificate, covenants and
agrees that such Certificateholder will not at any time institute against the
Depositor, or join in any institution against the Depositor or the Trust of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any United States federal or state bankruptcy or
similar law in connection with any obligations relating to the Certificates, the
Notes, the Trust Agreement or any of the Basic Documents.

     Distributions on this Certificate will be made as provided in the Trust
Agreement by the Certificate Paying Agent by wire transfer or check mailed to
the Certificateholder of record in the Certificate Register without the
presentation or surrender of this Certificate or the making of any notation
hereon. Except as otherwise provided in the Trust Agreement and notwithstanding
the above, the final distribution on this Certificate will be made after due
notice by the Certificate Paying Agent of the pendency of such distribution and
only upon presentation and surrender of this Certificate at the office or agency
maintained by the Certificate Registrar for that purpose by the Trust, as
provided in Section 3.09 of the Trust Agreement.

     Notwithstanding the above, the final distribution on this Certificate will
be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency specified
in such notice.

     No transfer, sale, pledge or other disposition of a Certificate shall be
made unless such transfer, sale, pledge or other disposition is exempt from the
registration requirements of the Securities Act and any applicable state
securities laws or is made in accordance with said Act and laws. In the event of
any such transfer, the Certificate Registrar or the Depositor shall prior to
such transfer require the transferee to execute (A) either (i) (a) an investment
letter in substantially the form attached to the Agreement as Exhibit C (or in
such form and substance reasonably satisfactory to the Certificate Registrar and
the Depositor) which investment letter shall not be an expense of the Trust, the
Owner Trustee, the Certificate Registrar, the Servicer or

                                       A-4

<PAGE>

the Depositor and which investment letter states that, among other things, such
transferee (1) 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 (2) is aware that the proposed
transferor intends to rely on the exemption from registration requirements under
the Securities Act of 1933, as amended, provided by Rule 144A or (ii) (a) a
written Opinion of Counsel acceptable to and in form and substance satisfactory
to the Certificate Registrar and the Depositor that such transfer may be made
pursuant to an exemption, describing the applicable exemption and the basis
therefor, from said Act and laws or is being made pursuant to said Act and laws,
which Opinion of Counsel shall not be an expense of the Trust, the Owner
Trustee, the Certificate Registrar, the Servicer or the Depositor and (b) the
transferee executes a representation letter, substantially in the form of
Exhibit E to the Agreement, and the transferor executes a representation letter,
substantially in the form of Exhibit F to the Agreement, each acceptable to and
in form and substance satisfactory to the Certificate Registrar and the
Depositor certifying the facts surrounding such transfer, which representation
letters shall not be an expense of the Trust, the Owner Trustee, the Certificate
Registrar, the Servicer or the Depositor and (B) the Certificate of Non-Foreign
Status (in substantially the form attached to the Agreement as Exhibit D)
acceptable to and in form and substance reasonably satisfactory to the
Certificate Registrar and the Depositor, which certificate shall not be an
expense of the Trust, the Owner Trustee, the Certificate Registrar or the
Depositor. The Holder of a Certificate desiring to effect such transfer shall,
and does hereby agree to, indemnify the Trust, the Owner Trustee, the Indenture
Trustee, the Certificate Paying Agent, the Certificate Registrar, the Servicer
and the Depositor 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.

     No transfer of Certificates or any interest therein shall be made to any
Person unless the Depositor, the Owner Trustee, the Certificate Registrar and
the Servicer are provided with an Opinion of Counsel which establishes to the
satisfaction of the Depositor, the Owner Trustee, the Certificate Registrar and
the Servicer that the purchase of Certificates is permissible under applicable
law, will not constitute or result in any prohibited transaction under ERISA or
Section 4975 of the Code and will not subject the Trust, the Depositor, the
Owner Trustee, the Certificate Registrar, the Servicer, the Subservicer or the
Backup Servicer to any obligation or liability (including obligations or
liabilities under ERISA or Section 4975 of the Code) in addition to those
undertaken in the Trust Agreement, which Opinion of Counsel shall not be an
expense of the Trust, the Depositor, the Owner Trustee, the Certificate
Registrar, the Servicer, the Subservicer or the Backup Servicer. In lieu of such
Opinion of Counsel, a Person may provide a certification in the form of Exhibit
G to the Agreement, which the Depositor, the Owner Trustee, the Certificate
Registrar and the Servicer may rely upon without further inquiry or
investigation. Neither an Opinion of Counsel nor a certification will be
required in connection with the initial transfer of any such Certificate by the
Depositor to an affiliate of the Depositor (in which case, the Depositor or any
affiliate thereof shall have deemed to have represented that such affiliate is
not a Plan or a Person investing Plan Assets of any Plan) and the Owner Trustee
shall be entitled to conclusively rely upon a representation (which, upon the
request of the Owner Trustee, shall be a written representation) from the
Depositor of the status of such transferee as an affiliate of the Depositor.

     No offer, sale, transfer, pledge, hypothecation or other disposition
(including any pledge, sale or transfer under a repurchase transaction or
securities loan) of any Certificate shall be made

                                       A-5

<PAGE>

to any transferee unless, prior to such disposition, the proposed transferor
delivers to the Owner Trustee an Opinion of Counsel, rendered by a law firm
generally recognized to be qualified to opine concerning the tax aspects of
asset securitization, to the effect that such transfer (including any
disposition permitted following any default under any pledge or repurchase
transaction) will not cause the Trust to be (i) treated as an association
taxable as a corporation for federal income tax and relevant state and local
income and franchise tax purposes, (ii) taxable as a "publicly traded
partnership" as defined in Treasury Regulation section 1.7704-1 for federal
income tax purposes and relevant state and local income and franchise tax
purposes or (iii) otherwise subject to entity level taxation for federal income
tax purposes.

     No transfer of this Certificate shall be made unless the Certificate
Registrar has received proof substantially in the form of Exhibit H of the Trust
Agreement of the Transferee's status as a "real estate investment trust" as
defined under Section 856(a) of the Code, a "qualified REIT subsidiary" under
Section 856(i) of the Code or an entity that is disregarded for federal income
tax purposes that is wholly owned by either a "real estate investment trust" or
a "qualified REIT subsidiary".

     Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

     Unless the certificate of authentication hereon shall have been executed by
an authorized officer of the Owner Trustee, or an authenticating agent by manual
signature, this Certificate shall not entitle the Holder hereof to any benefit
under the Trust Agreement or be valid for any purpose.

     THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

                                       A-6

<PAGE>

     IN WITNESS WHEREOF, the Trust has caused this Certificate to be duly
executed.

                                        ORIGEN MANUFACTURED HOUSING CONTRACT
                                        TRUST 2005-B

                                        BY: WILMINGTON TRUST COMPANY
                                            not in its individual capacity
                                            but solely as Owner Trustee

Dated: May __, 2005                     By:
                                            ------------------------------------
                                            Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

     This is one of the Certificates referred to in the within mentioned
Agreement.

WILMINGTON TRUST COMPANY
not in its individual capacity
but solely as Owner Trustee

By:
    ---------------------------------
    Authorized Signatory

or                                  ,
   ---------------------------------
   as Authenticating Agent of the
   Trust

By:
    ---------------------------------
    Authorized Signatory

                                       A-7

<PAGE>

                            [REVERSE OF CERTIFICATE]

     The Certificates do not represent an obligation of, or an interest in, the
Depositor, the Originator, the Seller, the Servicer, the Indenture Trustee, the
Certificate Paying Agent, the Certificate Registrar, the Owner Trustee or any
Affiliates of any of them and no recourse may be had against such parties or
their assets, except as expressly set forth or contemplated herein or in the
Trust Agreement or the Basic Documents. In addition, this Certificate is not
guaranteed by any governmental agency or instrumentality and is limited in right
of payment to certain collections and recoveries with respect to the Contracts,
all as more specifically set forth herein and in the Trust Agreement. A copy of
the Trust Agreement may be examined by any Certificateholder upon written
request during normal business hours at the principal office of the Depositor
and at such other places, if any, designated by the Depositor.

     The Trust Agreement permits the amendment thereof as specified below,
provided that any amendment be accompanied by an Opinion of Counsel to the Owner
Trustee to the effect that such amendment complies with the provisions of the
Trust Agreement and, if Origen CMO Residual Holding Company, LLC was not the
100% Certificateholder, would not cause the Trust to be subject to an entity
level tax. If the purpose of the amendment is to correct any mistake, eliminate
any inconsistency, cure any ambiguity or deal with any matter not covered, it
shall not be necessary to obtain the consent of any Holder, but the Owner
Trustee shall be furnished with a letter from the Rating Agencies that the
amendment will not result in the downgrading or withdrawal of the rating then
assigned to any Note or the rating then assigned to any Note. If the purpose of
the amendment is to prevent the imposition of any federal or state taxes at any
time that any Security is outstanding, it shall not be necessary to obtain the
consent of the any Holder, but the Owner Trustee shall be furnished with an
Opinion of Counsel that such amendment is necessary or helpful to prevent the
imposition of such taxes and is not materially adverse to any Holder. If the
purpose of the amendment is to add or eliminate or change any provision of the
Trust Agreement, other than as specified in the preceding two sentences, the
amendment shall require either (a) a letter from the Rating Agencies that the
amendment will not result in the downgrading or withdrawal of the rating then
assigned to any Note or the rating then assigned to any Note or (b) the consent
of Holders of the Certificates evidencing a majority of the Percentage Interests
of the Certificates and the Indenture Trustee; provided, however, that no such
amendment shall (i) reduce in any manner the amount of, or delay the time of,
payments received that are required to be distributed on any Certificate without
the consent of the related Certificateholder, or (ii) reduce the aforesaid
percentage of Certificates the Holders of which are required to consent to any
such amendment without the consent of the Holders of all such Certificates then
outstanding.

     As provided in the Trust Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registerable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies of the Certificate Registrar maintained by
the Trust, as provided in the Trust Agreement, accompanied by a written
instrument of transfer in form satisfactory to the Certificate Registrar 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 aggregate interest in the Trust will be issued to the
designated transferee. The initial Certificate Registrar appointed under the
Trust Agreement is JPMorgan Chase Bank, N.A.

                                      A-8

<PAGE>

     Except as provided in the Trust Agreement, the Certificates are issuable
only in a minimum Certificate Percentage Interest of 10%. As provided in the
Trust Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same aggregate denomination, as requested by the Holder
surrendering the same. No service charge will be made for any such registration
of transfer or exchange, but the Owner Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or governmental charge
payable in connection therewith.

     The Owner Trustee, the Certificate Paying Agent, the Certificate Registrar
and any agent of the Owner Trustee, the Certificate Paying Agent, or the
Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and none of the Owner Trustee,
the Certificate Paying Agent, the Certificate Registrar or any such agent shall
be affected by any notice to the contrary.

     The obligations and responsibilities created by the Trust Agreement and the
Trust created thereby shall terminate as and when provided in accordance with
the terms of the Trust Agreement.

                                      A-9

<PAGE>

                                   ASSIGNMENT

     FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

________________________________________________________________________________
(Please print or type name and address, including postal zip code, of assignee)

________________________________________________________________________________
the within Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing

to transfer said Certificate on the books of the Certificate Registrar, with
full power of substitution in the premises.

Dated:
       --------------------

                                                                              */
                                        --------------------------------------
                                        Signature Guaranteed:

                                                                              */
                                        --------------------------------------

----------
*/ NOTICE: The signature to this assignment must correspond with the name as it
appears upon the face of the within Certificate in every particular, without
alteration, enlargement or any change whatever. Such signature must be
guaranteed by a member firm of the New York Stock Exchange or a commercial bank
or trust company.

                                      A-10

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for the information of the
Certificate Paying Agent:

     Distribution shall be made by wire transfer in immediately available funds
to _________________________________________________________ for the account of
____________________________________________, account number _________________,
or, if mailed by check, to ______________________________.

     Applicable statements should be mailed to _____________________.

                                        ----------------------------------------
                                        Signature of assignee or agent
                                        (for authorization of wire
                                        transfer only)

                                      A-11

<PAGE>

                                    EXHIBIT B

                             CERTIFICATE OF TRUST OF
                Origen Manufactured Housing Contract Trust 2005-B

     THIS Certificate of Trust of Origen Manufactured Housing Contract Trust
2005-B (the "Trust"), dated May __, 2005, is being duly executed and filed by
Wilmington Trust Company, a Delaware banking corporation, as trustee, to form a
statutory trust under the Delaware Statutory Trust Act (12 Del. Code, Section
3801 et seq.).

          1. Name. The name of the statutory trust formed hereby is Origen
Manufactured Housing Contract Trust 2005-B.

          2. Delaware Trustee. The name and business address of the trustee of
the Trust in the State of Delaware is Wilmington Trust Company, Rodney Square
North, 1100 North Market Street, Wilmington, Delaware 19890-0001.

     IN WITNESS WHEREOF, the undersigned, being the sole trustee of the Trust,
has executed this Certificate of Trust as of the date first above written.

                                        Wilmington Trust Company
                                        not in its individual capacity but
                                        solely as owner trustee under a Trust
                                        Agreement dated as of May __, 2005

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                       B-1

<PAGE>

                                    EXHIBIT C

                  [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 Owner
Trustee and the Depositor (as defined in the Trust Agreement (the "Agreement"),
dated as of September 1, 2004, among Origen Residential Securities, Inc., as
Depositor, Wilmington Trust Company, as Owner Trustee, and JPMorgan Chase Bank,
as Certificate Registrar and Certificate Paying Agent) pursuant to Section 3.05
of the Agreement and JPMorgan Chase Bank, as indenture trustee, 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.

                                      D-1

<PAGE>

          c. The Buyer has been furnished with all information regarding the
     Rule 144A Securities that it has requested from the Seller, the Indenture
     Trustee, the Owner Trustee or the Servicer.

          d. Neither the Buyer nor anyone acting on its behalf has offered,
     transferred, pledged, sold or otherwise disposed of the Rule 144A
     Securities, any interest in the Rule 144A Securities or any other similar
     security to, or solicited any offer to buy or accept a transfer, pledge or
     other disposition of the Rule 144A Securities, any interest in the Rule
     144A Securities or any other similar security from, or otherwise approached
     or negotiated with respect to the Rule 144A Securities, any interest in the
     Rule 144A Securities or any other similar security with, any person in any
     manner, or made any general solicitation by means of general advertising or
     in any other manner, or taken any other action, that would constitute a
     distribution of the Rule 144A Securities under the 1933 Act or that would
     render the disposition of the Rule 144A Securities a violation of Section 5
     of the 1933 Act or require registration pursuant thereto, nor will it act,
     nor has it authorized or will it authorize any person to act, in such
     manner with respect to the Rule 144A Securities.

          e. The Buyer is a "qualified institutional buyer" as that term is
     defined in Rule 144A under the 1933 Act and has completed either of the
     forms of certification to that effect attached hereto as Annex 1 or Annex
     2. 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.

     3. The Buyer warrants and represents to, and covenants with, the Seller,
the Originator, the Indenture Trustee, the Owner Trustee, the Servicer, the
Subservicer, the Backup Servicer and the Depositor that either (1) the Buyer is
(A) not an employee benefit plan (within the meaning of Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended ("ERISA")), or a
plan (within the meaning of Section 4975(e)(1) of the Internal Revenue Code of
1986 ("Code")), which (in either case) is subject to ERISA or Section 4975 of
the Code (both a "Plan"), and (B) is not directly or indirectly purchasing the
Rule 144A Securities on behalf of, as investment manager of, as named fiduciary
of, as trustee of, or with "plan assets" of a Plan, or (2) the Buyer understands
that registration of transfer of any Rule 144A Securities to any Plan, or to any
Person acting on behalf of any Plan, will not be made unless such Plan delivers
an opinion of its counsel, addressed and satisfactory to the Certificate
Registrar, the Owner Trustee, the Servicer and the Depositor, to the effect that
the purchase and holding of the Rule 144A Securities by, on behalf of or with
"plan assets" of any Plan is permissible under applicable law, would not
constitute or result in a prohibited transaction under ERISA or Section 4975 of
the Code, and would not subject the Trust, the Depositor, the Owner Trustee, the
Certificate Registrar, the Servicer, the Subservicer or the Backup Servicer to
any obligation or liability (including liabilities under ERISA or Section 4975
of the Code) in addition to those undertaken in the Agreement, which Opinion of
Counsel shall not be an expense of the Trust, the Depositor,

                                      D-2

<PAGE>

the Owner Trustee, the Certificate Registrar, the Servicer, the Subservicer or
the Backup Servicer.

     4. 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:
      ------------------                      ------------------

                                       D-3

<PAGE>

                                                            ANNEX 1 TO EXHIBIT C

            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 $________________(1) 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

----------
(1)  Buyer must own and/or invest on a discretionary basis at least $100,000,000
     in securities unless Buyer is a dealer, and, in that case, Buyer must own
     and/or invest on a discretionary basis at least $10,000,000 in securities.

                                      D-4

<PAGE>

     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
     Title I of the Employee Retirement Income Security Act of 1974.

____ 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.

                                      D-5

<PAGE>

                Will the Buyer be purchasing the Rule 144A Securities only for
-----   -----   the Buyer's own account?
 Yes      No

     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:
                                              ----------------------------------

                                      D-6

<PAGE>

                                                            ANNEX 2 TO EXHIBIT C

            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.

                                       D-7

<PAGE>

     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:
                                               ---------------------------------

                                        IF AN ADVISER:

                                        ----------------------------------------
                                        Print Name of Buyer

                                        Date:
                                              ----------------------------------

                                       D-8

<PAGE>

                                    EXHIBIT D

                        CERTIFICATE OF NON-FOREIGN STATUS

     This Certificate of Non-Foreign Status ("certificate") is delivered
pursuant to Section 3.03 of the Trust Agreement, dated as of December 1, 2005
(the "Trust Agreement"), among Origen Residential Securities, Inc., as
Depositor, Wilmington Trust Company as Owner Trustee and JPMorgan Chase Bank,
N.A., as Certificate Registrar and Certificate Paying Agent, in connection with
the acquisition of, transfer to or possession by the undersigned, whether as
beneficial owner for U.S. federal income tax purposes (the "Beneficial Owner"),
or nominee on behalf of the Beneficial Owner of the Certificates, Series 2005-B
(the "Certificate"). Capitalized terms used but not defined in this certificate
have the respective meanings given them in the Trust Agreement.

     Each holder must complete Part I, Part II (if the holder is a nominee), and
in all cases sign and otherwise complete Part III.

     In addition, each holder shall submit with the Certificate an IRS Form W-9
relating to such holder.

     To confirm to the Trust that the provisions of Sections 871, 881 or 1446 of
the Internal Revenue Code (relating to withholding tax on foreign partners) do
not apply in respect of the Certificate held by the undersigned, the undersigned
hereby certifies:

Part I -   Complete Either A or B

           A.   Individual as Beneficial Owner

               1.   I am (The Beneficial Owner is ) not a non-resident alien for
                    purposes of U.S. income taxation;

               2.   My (The Beneficial Owner's) name and home address are:
                    ____________________
                    ____________________
                    ____________________; and

               3.   My (The Beneficial Owner's) U.S. taxpayer identification
                    number (Social Security Number) is

           B.   Corporate, Partnership or Other Entity as Beneficial Owner

               1.   _____________________________ (Name of the Beneficial Owner)
                    is not a foreign corporation, foreign partnership, foreign
                    trust or foreign estate (as those terms are defined in the
                    Code and Treasury Regulations;

                                       D-9

<PAGE>

               2.   The Beneficial Owner's office address and place of
                    incorporation (if applicable) is __________________; and

               3.   The Beneficial Owner's U.S. employer identification number
                    is _____________________

Part II - Nominees

     If the undersigned is the nominee for the Beneficial Owner, the undersigned
certifies that this certificate has been made in reliance upon information
contained in:

          ___  an IRS Form W-9

          ___  a form such as this or substantially similar

provided to the undersigned by an appropriate person and (i) the undersigned
agrees to notify the Trust at least thirty (30) days prior to the date that the
form relied upon becomes obsolete, and (ii) in connection with change in
Beneficial Owners, the undersigned agrees to submit a new Certificate of
Non-Foreign Status to the Trust promptly after such change.

Part III - Declaration

     The undersigned, as the Beneficial Owner or a nominee thereof, agrees to
notify the Trust within sixty (60) days of the date that the Beneficial Owner
becomes a foreign person. The undersigned understands that this certificate may
be disclosed to the Internal Revenue Service by the Trust and any false
statement contained therein could be punishable by fines, imprisonment or both.

     Under penalties of perjury, I declare that I have examined this certificate
and to the best of my knowledge and belief it is true, correct and complete and
will further declare that I will inform the Trust of any change in the
information provided above, and, if applicable, I further declare that I have
the authority* to sign this document.

-------------------------------------
Name

-------------------------------------
Title (if applicable)

-------------------------------------
Signature and Date

*    Note: If signed pursuant to a power of attorney, the power of attorney must
     accompany this certificate.

                                      D-10

<PAGE>

                                    EXHIBIT E

                    FORM OF INVESTMENT LETTER [NON-RULE 144A]

                                     [DATE]

Wilmington Trust Company as Owner Trustee
1100 North Market Street
Rodney Square North
Wilmington, Delaware 19890

JPMorgan Chase Bank, N.A.
4 New York Plaza, 6th Floor
New York, New York 10004

     Re: Origen Manufactured Housing Contract Trust 2005-B Trust Certificates,
         Series 2005-B (the "Certificates")

Ladies and Gentlemen:

     In connection with our acquisition of the above-captioned Certificates, we
certify that (a) we understand that the Certificates are not being registered
under the Securities Act of 1933, as amended (the "Act"), or any state
securities laws and are being transferred to us in a transaction that is exempt
from the registration requirements of the Act and any such laws, (b) we are an
"accredited investor," as defined in Regulation D under the Act, and have such
knowledge and experience in financial and business matters that we are capable
of evaluating the merits and risks of investments in the Certificates, (c) we
have had the opportunity to ask questions of and receive answers from the
Depositor concerning the purchase of the Certificates and all matters relating
thereto or any additional information deemed necessary to our decision to
purchase the Certificates, (d) we are not an employee benefit plan that is
subject to the Employee Retirement Income Security Act of 1974, as amended, or a
plan that is subject to Section 4975 of the Internal Revenue Code of 1986, as
amended (the "Code"), nor are we acting on behalf of any such plan, (e) we are
acquiring the Certificates for investment for our own account and not with a
view to any distribution of such Certificates (but without prejudice to our
right at all times to sell or otherwise dispose of the Certificates in
accordance with clause (g) below), (f) 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, and (g) we will not sell, transfer or otherwise dispose of any Certificates
unless (1) such sale, transfer or other disposition is made pursuant to an
effective registration statement under the Act or is exempt from such
registration requirements, and if requested, we will at our expense provide an
opinion of counsel satisfactory to the addressees of this certificate that such
sale, transfer or other disposition may be made pursuant to an exemption from
the Act, (2) the purchaser or transferee of such Certificate has

                                      E-1

<PAGE>

executed and delivered to you a certificate to substantially the same effect as
this certificate, and (3) the purchaser or transferee has otherwise complied
with any conditions for transfer set forth in the Trust Agreement.

                                        Very truly yours,

                                        [TRANSFEREE]

                                        By:
                                            ------------------------------------
                                            Authorized Officer

                                      E-2

<PAGE>

                                    EXHIBIT F

                             TRANSFEROR CERTIFICATE

Wilmington Trust Company as Owner Trustee
1100 North Market Street
Rodney Square North
Wilmington, Delaware 19890

JPMorgan Chase Bank, N.A.
4 New York Plaza, 6th Floor
New York, New York 10004

     Re: Proposed Transfer of Trust Certificates, Origen Manufactured Housing
         Contract Trust 2005-B

Gentlemen:

     This certification is being made by ____________________ (the "Transferor")
in connection with the proposed Transfer to _____________________ (the
"Transferee") of a trust certificate (the "Trust Certificate") representing ___%
fractional undivided interest in Origen Manufactured Housing Contract Trust
2005-B (the "Trust") created pursuant to a Trust Agreement, dated as of December
1, 2005 (the "Trust Agreement") among Origen Residential Securities, Inc. (the
"Company"), Wilmington Trust Company, as Owner Trustee (the "Owner Trustee") and
JPMorgan Chase Bank, N.A., as certificate registrar and certificate paying agent
(the "Certificate Registrar"). Initially capitalized terms used but not defined
herein have the meanings assigned to them in the Trust Agreement. The Transferor
hereby certifies, represents and warrants to, and covenants with, the Company,
the Owner Trustee and the Certificate Registrar that:

     Neither the Transferor nor anyone acting on its behalf has (a) offered,
pledged, sold, disposed of or otherwise transferred any Trust Certificate, any
interest in any Trust Certificate or any other similar security to any person in
any manner, (b) has solicited any offer to buy or to accept a pledge,
disposition or other transfer of any Trust Certificate, any interest in any
Trust Certificate or any other similar security from any person in any manner,
(c) has otherwise approached or negotiated with respect to any Trust
Certificate, any interest in any Trust Certificate or any other similar security
with any person in any manner, (d) has made any general solicitation by means of
general advertising or in any other manner, or (e) has taken any other action,
that (as to any of (a) through (e) above) would constitute a distribution of the
Trust Certificates under the Securities Act of 1933 (the "Act"), that would
render the disposition of any Trust Certificate a violation of Section 5 of the
Act or any state securities law, or that would require registration or
qualification pursuant thereto. The Transferor will not act in any manner set
forth in the foregoing sentence with respect to any Trust Certificate. The
Transferor has not and will not sell or otherwise transfer any of the Trust
Certificates, except in compliance with the provisions of the Trust Agreement.

                                      F-1

<PAGE>

Date:
      ---------------------             ----------------------------------------
                                        Name of Transferor

                                        ----------------------------------------
                                        Signature

                                        ----------------------------------------
                                        Name

                                        ----------------------------------------
                                        Title

                                      F-2

<PAGE>

                                    EXHIBIT G

                                     [DATE]

Wilmington Trust Company as Owner Trustee
1100 North Market Street
Rodney Square North
Wilmington, Delaware 19890

JPMorgan Chase Bank, N.A.
4 New York Plaza, 6th Floor
New York, New York 10004

     Re: Proposed Transfer of Trust Certificates, Origen Manufactured Housing
         Contract Trust 2005-B (the "Certificates")

Gentlemen:

     This certification is being made by (the "Transferee") in connection with
the proposed Transfer by (the "Transferor") of a trust certificate (the "Trust
Certificate") representing __% fractional undivided interest in Origen
Manufactured Housing Contract Trust 2005-B (the "Trust") created pursuant to a
Trust Agreement, dated as of December 1, 2005 (the "Trust Agreement"), among
Origen Residential Securities, Inc. (the "Company"), Wilmington Trust Company,
as Owner Trustee (the "Owner Trustee") and JPMorgan Chase Bank, N.A., as
certificate registrar and certificate paying agent (the "Certificate
Registrar"). Initially capitalized terms used but not defined herein have the
meanings assigned to them in the Trust Agreement. The Transferee hereby
certifies, represents and warrants to, and covenants with, the Company, the
Owner Trustee and the Certificate Registrar that:

     (i) either (a) or (b) is satisfied, as marked below:

          ___ a. The Transferee is not any employee benefit plan subject to the
     Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or
     the Internal Revenue Code of 1986 (the "Code"), a Person acting, directly
     or indirectly, on behalf of any such plan or any Person acquiring such
     Certificates with "plan assets" of a Plan within the meaning of the
     Department of Labor regulation promulgated at 29 C.F.R. Section 2510.3-101;
     or

          ___ b. The Transferee is an employee benefit plan subject to the
     Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or
     the Internal Revenue Code of 1986 (the "Code"), a Person acting, directly
     or indirectly, on behalf of any such plan or any Person acquiring such
     Certificates with "plan assets" of a Plan within the meaning of the
     Department of Labor regulation promulgated at 29 C.F.R. Section 2510.3-101
     and will provide the Depositor, the Owner Trustee, the Certificate
     Registrar and the Servicer with an Opinion of Counsel, satisfactory to the
     Depositor, the Owner Trustee, the Certificate Registrar and the Servicer,
     to the effect that the purchase and holding of a Certificate by or on
     behalf of the Transferee is permissible under applicable

                                      G-1

<PAGE>

     law, will not constitute or result in a prohibited transaction under
     Section 406 of ERISA or Section 4975 of the Code (or comparable provisions
     of any subsequent enactments) and will not subject the Trust, the
     Depositor, the Owner Trustee, the Certificate Registrar, the Servicer, the
     Subservicer or the Backup Servicer to any obligation or liability
     (including liabilities under ERISA or Section 4975 of the Code) in addition
     to those undertaken in the Trust Agreement, which opinion of counsel shall
     not be an expense of the Trust, the Depositor, the Owner Trustee, the
     Certificate Registrar, the Servicer, the Subservicer or the Backup
     Servicer; and

     (ii) the Transferee is familiar with the prohibited transaction
     restrictions and fiduciary responsibility requirements of Sections 406 and
     407 of ERISA and Section 4975 of the Code and understands that each of the
     parties to which this certification is made is relying and will continue to
     rely on the statements made in this paragraph.

                                        Very truly yours,

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                      G-2

<PAGE>

                                    EXHIBIT H

                         FORM OF TRANSFEREE CERTIFICATE

Wilmington Trust Company as Owner Trustee
1100 North Market Street
Rodney Square North
Wilmington, Delaware 19890

JPMorgan Chase Bank, N.A.
4 New York Plaza, 6th Floor
New York, New York 10004

     Re: Proposed Transfer of Trust Certificates, Origen Manufactured Housing
         Contract Trust 2005-B

Gentlemen:

     This certification is being made by ____________________ (the "Transferee")
in connection with the proposed Transfer of a trust certificate (the "Trust
Certificate") representing ___% fractional undivided interest in Origen
Manufactured Housing Contract Trust 2005-B (the "Trust") created pursuant to a
Trust Agreement, dated as of December 1, 2005 (the "Trust Agreement") among
Origen Residential Securities, Inc. (the "Company"), Wilmington Trust Company,
as Owner Trustee (the "Owner Trustee") and JPMorgan Chase Bank, N.A., as
certificate registrar and certificate paying agent (the "Certificate
Registrar"). Initially capitalized terms used but not defined herein have the
meanings assigned to them in the Trust Agreement. The Transferee hereby
certifies, represents and warrants to, and covenants with, the Company, the
Owner Trustee and the Certificate Registrar that:

     The Transferee is a REIT or a Qualified REIT Subsidiary within the meaning
of Section 856(a) or Section 856(i) of the Code, respectively or is an entity
that is disregarded for federal income tax purposes that is wholly owned by a
REIT or qualified REIT subsidiary and the Transferee will not transfer the Trust
Certificate to any person that does not certify, substantially in the form of
this Transferee Certificate, that it is a REIT or Qualified REIT Subsidiary
within the meaning of Section 856(a) and Section 856(i) of the Code,
respectively or is an entity that is disregarded for federal income tax purposes
that is wholly owned by a REIT or qualified REIT subsidiary.

                                      H-1

<PAGE>

Date:
      ----------------------            ----------------------------------------
                                        Name of Transferor

                                        ----------------------------------------
                                        Signature

                                        ----------------------------------------
                                        Name

                                        ----------------------------------------
                                        Title

                                      H-2

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