Document:

<PAGE>

                                                                     Exhibit 4.3

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

                [GREENPOINT CREDIT, LLC] [GREENPOINT ASSET LLC]

                                 as Depositor

                                      and

                            ______________________,

                               as Owner Trustee

                  ___________________________________________

                                TRUST AGREEMENT

                         Dated as of ________________

                  ___________________________________________

       $_________ GreenPoint Manufactured Housing Contract Certificates,
                                 Series [____]

================================================================================
<PAGE>

                               TABLE OF CONTENTS

<TABLE>
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ARTICLE I      Definitions...............................................................................................    1

     Section 1.01. Definitions...........................................................................................    1

     Section 1.02. Other Definitional Provisions.........................................................................    1

ARTICLE II     Organization..............................................................................................    2

     Section 2.01. Name..................................................................................................    2

     Section 2.02. Office................................................................................................    2

     Section 2.03. Purposes and Powers...................................................................................    2

     Section 2.04. Appointment of Owner Trustee..........................................................................    2

     Section 2.05. Initial Capital Contribution of Owner Trust Estate....................................................    3

     Section 2.06. Declaration of Trust..................................................................................    3

     Section 2.07. Liability of the Holder of the Designated Certificate.................................................    3

     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

ARTICLE III    Conveyence of Certificates................................................................................    5

     Section 3.01. Initial Ownership.....................................................................................    5

     Section 3.02. The Certificates......................................................................................    5

     Section 3.03. Authentication of Certificates........................................................................    6

     Section 3.04. Registration of and Limitations on Transfer and Exchange of Certificates..............................    6

     Section 3.05. Mutilated, Destroyed, Lost or Stolen Certificates.....................................................    9

     Section 3.06. Persons Deemed Certificateholders.....................................................................    9

     Section 3.07. Access to List of Certificateholders' Names and Addresses.............................................    9

     Section 3.08. Maintenance of Office or Agency.......................................................................    9

     Section 3.09. Certificate Paying Agent..............................................................................    9

     Section 3.10. [Ownership by [___]...................................................................................   11

     Section 3.11. Cooperation...........................................................................................   11

ARTICLE IV     Authority and Duties of Owner Trustee.....................................................................   12

     Section 4.01. General Authority.....................................................................................   12

     Section 4.02. General Duties........................................................................................   12

     Section 4.03. Action upon Instruction...............................................................................   12
</TABLE>

                                      -I-
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                               TABLE OF CONTENTS
                                  (continued)

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     Section 4.04. No Duties Except as Specified under Specified Documents or in Instructions................................   13

     Section 4.05. Restrictions..............................................................................................   13

     Section 4.06. Prior Notice to Certificateholders [and the Credit Enhancer] with Respect to Certain Matters..............   13

     Section 4.07. Action by Certificateholders with Respect to Certain Matters..............................................   14

     Section 4.08. Action by Certificateholders with Respect to Bankruptcy...................................................   14

     Section 4.09. Restrictions on Certificateholders' Power.................................................................   14

     Section 4.10. Majority Control..........................................................................................   15

ARTICLE V      Application of Trust Funds....................................................................................   15

     Section 5.01. Distributions.............................................................................................   15

     Section 5.02. Method of Payment.........................................................................................   16

     Section 5.03. Signature on Returns......................................................................................   16

     Section 5.04. Statements to Certificateholders..........................................................................   16

     Section 5.05. Tax Reporting; Tax Elections..............................................................................   16

ARTICLE VI     Concerning the Owner Trustee..................................................................................   17

     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.........................................................................   19

     Section 6.06. Owner Trustee Not Liable for Certificates or Related Documents............................................   19

     Section 6.07. Owner Trustee May Own Certificates and Notes..............................................................   20

ARTICLE VII    Compensation of Owner Trustee.................................................................................   20

     Section 7.01. Owner Trustee's Fees and Expenses.........................................................................   20

     Section 7.02. Indemnification...........................................................................................   20

ARTICLE VIII   Termination of Trust Agreement................................................................................   21

     Section 8.01. Termination of Trust Agreement............................................................................   21

     Section 8.02. Dissolution upon Bankruptcy of the Holder of the Designated Certificate...................................   22

ARTICLE IX     Successor Owner Trustees and Additional Owner Trustees........................................................   23

     Section 9.01. Eligibility Requirements for Owner Trustee................................................................   23
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                                     -II-
<PAGE>

                               TABLE OF CONTENTS
                                  (continued)

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    Section 9.02. Replacement of Owner Trustee................................................................................   23

    Section 9.03. Successor Owner Trustee.....................................................................................   24

    Section 9.04. Merger or Consolidation of Owner Trustee....................................................................   24

    Section 9.05. Appointment of Co-Trustee or Separate Trustee...............................................................   24

ARTICLE X     Miscellaneous...................................................................................................   26

    Section 10.01. Amendments.................................................................................................   26

    Section 10.02. No Legal Title to Owner Trust Estate.......................................................................   27

    Section 10.03. Limitations on Rights of Others............................................................................   27

    Section 10.04. Severability...............................................................................................   28

    Section 10.05. Separate Counterparts......................................................................................   28

    Section 10.06. Successors and Assigns.....................................................................................   28

    [Section 10.8. No Petition................................................................................................   28

    Section 10.08. No Recourse................................................................................................   29

    Section 10.09. Headings...................................................................................................   29

    Section 10.10. GOVERNING LAW..............................................................................................   29

    Section 10.11. Integration................................................................................................   29

    Section 10.12. Rights of Credit Enhancer to Exercise Rights of Certificateholders.........................................   29
</TABLE>

                                     -III-
<PAGE>

     This Trust Agreement, dated as of ________________ (as amended from time to
time, this "Trust Agreement"), between [GREENPOINT CREDIT, LLC][GREENPOINT ASSET
LLC], a Delaware limited liability company, as depositor (the "Depositor") and
______________________, a Delaware ___________________, as owner trustee (the
"Owner Trustee"),

                               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 of the Indenture dated __________ (the
"Indenture"), between __________, as issuer, and ______________, as indenture
trustee. 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 Article, Sections and Exhibits in or to this Trust
Agreement unless otherwise specified; and the term "including" shall mean
"including without limitation".

               (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.
<PAGE>

               (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 "GreenPoint Manufactured Housing Contract Trust 2000-_," 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:

                    (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 enter into and perform its obligations under the
     Basic Documents to which it is to be a party;

                    (iii) 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, including,
     without limitation, to accept additional contributions of equity that are
     not subject to the Lien of the Indenture;

                    (iv)  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 Certificateholders and the Noteholders; and

                    (v)   [reserved].

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 [while any Note is outstanding and without regard to the Notes
and] [without the consent of __% of the Certificateholders].

     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.

                                       2
<PAGE>

     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 receipt of the Issuer, the receipt in trust
of a Credit Enhancement Instrument assigned to the Trust pursuant to Section
3.01, 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 business trust under the Business
Trust Statute and that this Trust Agreement constitute the governing instrument
of such business trust. Effective as of the date hereof, the Owner Trustee shall
have all rights, powers and duties set forth herein and in the Business Trust
Statute with respect to accomplishing the purposes of the Trust. It is the
intention of the parties hereto that, solely for federal, state and local income
and franchise tax purposes, the Trust shall be treated as [a partnership, with
the assets of the partnership being the Owner Trust Estate, the partners of the
partnership being the Certificateholders and the Notes being debt of the
partnership and the provisions of this Agreement shall be interpreted to further
this intention. Except as otherwise provided in this Trust Agreement, the rights
of the Certificateholders (other than the Holder of the Designated Certificate)
will be those of limited partners and the rights of the Holder of the Designated
Certificate will be those of a general partner in a partnership formed under the
Delaware Revised Uniform Limited Partnership Act. The parties agree that, unless
otherwise required by appropriate tax authorities, the Trust will file or cause
to be filed annual or other necessary returns, reports and other forms
consistent with the characterization of the Trust as a partnership for such tax
purposes.] / [an entity wholly owned by the Depositor or an affiliate thereof,
with the assets of the entity being the Trust Estate, and the Notes being debt
of the entity and the provisions of this Trust Agreement shall be interpreted to
further this intention. If more than one person owns the Certificates, then it
is the intention of the parties hereto, that solely for federal, state and local
income and franchise tax purposes the Trust shall be treated as a partnership,
with the assets of the partnership being the Trust Estate, the partners of the
partnership being the Certificateholders and the Notes being debt of the
partnership and the provisions of this Trust Agreement shall be interpreted to
further this intention. The parties agree that, unless otherwise required by
appropriate tax authorities, the Owner Trust will file or cause to be filed
annual or other necessary returns, reports and other forms consistent with the
characterization of the Owner Trust as an entity wholly owned by the Depositor
or an affiliate thereof, or if two or more persons own the Certificates, as a
partnership for such tax purposes.]

     Section 2.07.  Liability of the Holder of the Designated Certificate. (a)
                    -----------------------------------------------------
[The Holder of the Designated Certificate shall be liable directly to and shall
indemnify any injured party for all losses, claims, damages, liabilities and
expenses of the Trust (including Expenses, to the extent not paid out of the
Owner Trust Estate) to the extent that the Holder of the Designated Certificate
would be liable if the Trust were a partnership under the Delaware Revised
Uniform Limited Partnership Act in which the Holder of the Designated
Certificate were a general partner; provided, however, that the Holder of the
Designated Certificate shall not be liable for payments

                                       3
<PAGE>

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 Holder of the
Designated Certificate shall be liable for any entity level taxes imposed on the
Owner Trust. [In addition, any third party creditors of the Trust, including the
Credit Enhancer (other than in connection with the obligations described in the
preceding sentence for which the Holder of the Designated Certificate shall not
be liable) shall be deemed third party beneficiaries of this paragraph. The
obligations of the Holder of the Designated Certificate under this paragraph
shall be evidenced by the Designated Certificate.]

          (b)  [Subject to subsection (a) above, the Certificateholders shall be
entitled to the same limitation of personal liability extended to stockholders
of private corporations for profit organized under the General Corporation Law
of the State of Delaware.]

     Section 2.08.  Title to Trust Property. 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 or the State of
[California]. 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, New York or
[California], and payments will be made by the Trust only from Delaware, New
York or [California]. 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 limited liability company 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 [and the ability of the Depositor to perform
     under this Trust Agreement].

                    (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 sell and assign the property to be sold and
     assigned to and deposited with the

                                       4
<PAGE>

     Trust as part of the Trust and the Depositor has duly authorized such sale
     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.

     Section 2.11.  Payment of Trust Fees. The Owner Trustee shall [cause the
                    ---------------------
Administrator (i) to] pay the Trust's fees and expenses incurred with respect to
the performance of the Trust's duties under the Indenture [from amounts received
pursuant to [Section 3.05(x)] under the Indenture and (ii) to notify the
Certificate Paying Agent of such fees and expenses incurred thereunder.]

                                  ARTICLE III

                          Conveyance of Certificates
                          --------------------------

     Section 3.01.  Initial Ownership. Upon the formation of the Trust by the
                    -----------------
contribution by the Depositor pursuant to Section 2.05 and until the issuance of
the Certificates, the Depositor shall be the sole Certificateholder.

     Section 3.02.  The Certificates. The Certificates shall be issued in
                    ----------------
minimum denominations of $[250,000] and in integral multiples of $10,000 in
excess thereof; except for one Certificate that may not be in an integral
multiple of $10,000[; provided, however, that the Designated Certificate issued
pursuant to Section 3.11 may be issued in the amount of $_________.] 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 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.

                                       5
<PAGE>

     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 3.03.  Authentication of Certificates. The Owner Trustee or the
                    ------------------------------
Certificate Paying Agent shall cause the Certificates in an aggregate principal
amount equal to the Initial Principal Balance of the Certificates to be executed
on behalf of the Trust, authenticated and delivered to or upon the written order
of the Depositor, signed by [its chairman of the board][any of its managers],
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 ____________________, 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 3.04.  Registration of and Limitations on Transfer and Exchange of
                    -----------------------------------------------------------
Certificates. (a) The Certificate Registrar shall keep or cause to be kept, at
------------
the office or agency maintained pursuant to Section 3.09, a Certificate Register
in which, subject to such reasonable regulations as it may prescribe, the [Owner
Trustee] / [Certificate Registrar] shall provide for the registration of
Certificates and of transfers and exchanges of Certificates as herein provided.
__________________________________ shall be the initial Certificate Registrar.
If the Certificate Registrar resigns or is removed, the Owner Trustee shall
appoint a successor Certificate Registrar.

     Subject to satisfaction of the conditions set forth below [and to the
provisions of Section 3.11 with respect to the Designated Certificate], upon
surrender for registration of transfer of any Certificate at the office or
agency maintained pursuant to Section 3.09, the [Owner Trustee] shall execute,
authenticate and deliver (or shall cause __________________________________ as
its authenticating agent to 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 any authenticating agent. At the option of a Certificateholder,
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.

     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.

                                       6
<PAGE>

     Except as described below, each Certificateholder 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 F hereto.

     A Certificate may be transferred to a Certificateholder unable to establish
its non-foreign status as described in the preceding paragraph only if such
Certificateholder provides an Opinion of Counsel, which Opinion of Counsel shall
not be an expense of the Trust, the Owner Trustee, the Certificate Registrar or
the Depositor, satisfactory to the Depositor and the Credit Enhancer, that such
transfer (1) will not affect the tax status of the Owner Trust and (2) will not
adversely affect the interests of any Certificateholder, Noteholder or the
Credit Enhancer, including, without limitation, as a result of the imposition of
any United States federal withholding taxes on the Trust (except to the extent
that such withholding taxes would be payable solely from amounts otherwise
distributable to the Certificate of the prospective transferee). If such
transfer occurs and such foreign Certificateholder becomes subject to such
United States federal withholding taxes, any such taxes will be withheld by the
Indenture Trustee. Each Certificateholder unable to establish its non-foreign
status shall submit to the Certificate Paying Agent a copy of its Form W-8 and
shall resubmit such Form W-8 every three years.

          (b) (i) 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) 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 letters 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 (a) 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 (b) is aware that the
proposed transferor intends to rely on the exemption from registration
requirements under the Securities Act, 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 D hereto, and the 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 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 F) 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. If the
Certificateholder is unable to provide a Certificate of Non-Foreign Status, the
Certificateholder must provide an Opinion of Counsel as described in the
preceding paragraph. The Certificateholder desiring to effect such transfer
shall, and does

                                       7
<PAGE>

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.

               (ii)    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 Depositor, the Owner Trustee, the Certificate
     Registrar or the Servicer to any obligation or liability (including
     obligations or liabilities under ERISA or Section 4975 of the Code) in
     addition to those undertaken in this Agreement, which Opinion of Counsel
     shall not be an expense of the Depositor, the Owner Trustee, the
     Certificate Registrar or the 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 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.

               (iii)   In addition, no transfer of a Certificate shall be
     permitted, and no such transfer shall be registered by the Certificate
     Registrar or be effective hereunder, unless evidenced by an Opinion of
     Counsel, which establishes that such transfer or the registration of such
     transfer would not cause the Trust to be classified as a publicly traded
     partnership, by having more than 100 Certificateholders at any time during
     the taxable year of the Trust, an association taxable as a corporation, a
     corporation or a taxable mortgage pool for federal and relevant state
     income tax purposes, which Opinion of Counsel shall not be an expense of
     the Certificate Registrar and shall be an expense of the proposed
     transferee. No Opinion of Counsel will be required if such transfer is made
     to a nominee of an existing beneficial holder of a Certificate.

               (iv)    In addition, no transfer, sale, assignment, pledge or
     other disposition of a Certificate shall be made unless the proposed
     transferee executes a representation letter substantially in the form of
     Exhibit D, or substantially in the form of Exhibit H hereto, that (1) the
     transferee is acquiring the Certificate for its own behalf and is not
     acting as agent or custodian for any other Person or entity in connection
     with such acquisition and (2) if the transferee is a partnership, grantor
     trust or S corporation for federal income tax purposes, the Certificates
     are not more than 50% of the assets of the partnership, grantor trust or S
     corporation.

                                       8
<PAGE>

     Section 3.05.  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 and the Issuer from
harm, 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
________________, as the Trust's authenticating agent, shall authenticate and
deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or
stolen Certificate, a new Certificate of like 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 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 3.06.  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 Paying Agent shall be bound by
any notice to the contrary.

     Section 3.07.  Access to List of Certificateholders' Names and Addresses.
                    ---------------------------------------------------------
The Certificate Registrar shall furnish or cause to be furnished to the
Depositor or the Owner Trustee, within 15 days after receipt by the Certificate
Registrar of a written request therefor from the Depositor or the Owner Trustee,
a list, in such form as the Depositor 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 Holder of the Designated Certificate, 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 3.08.  Maintenance of Office or Agency. The Owner Trustee on behalf
                    -------------------------------
of the Trust, shall maintain in the City of New York, 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 and the Basic Documents may be served. The Owner
Trustee initially designates the Corporate Trust Office of the Indenture Trustee
as its office for such purposes. The Owner Trustee shall give prompt written
notice to the Depositor, the Holder of the Designated Certificate and the
Certificateholders of any change in the location of the Certificate Register or
any such office or agency.

     Section 3.09.  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

                                       9
<PAGE>

payments remitted to the Certificate Paying Agent by the Indenture Trustee
pursuant to Section 3.05 of the Indenture. The Trust hereby appoints
__________________ as Certificate Paying Agent and _________________ 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;

                    (ii)   give the Owner Trustee notice of any default by the
         Trust of which it 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)   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 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)   deliver to the Owner Trustee a copy of the report to
         Certificateholders prepared with respect to each Payment Date by the
         Servicer pursuant to Section 4.01 of the Servicing Agreement.

               (b)  [On the second LIBOR Business Day immediately preceding (i)
the Closing Date in the case of the first Interest Period and (ii) the first day
of each succeeding Interest Period, the Certificate Paying Agent shall determine
LIBOR and the Certificate Rate for such Interest Period and shall inform the
Servicer and the Depositor at their respective facsimile numbers given to the
Certificate Paying Agent in writing thereof.]

               (c)  The Trust may revoke such power and remove the Certificate
Paying Agent if the [Administrator]/[Owner Trustee] 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.
__________________ shall be permitted to resign as Certificate Paying Agent upon
30 days' written notice to the Owner Trustee; provided ________________ is also
resigning as Paying Agent under the Indenture at such time. In the event that
___________________ shall no longer be the Certificate Paying Agent under this
Trust Agreement and Paying Agent under the Indenture, the [Administrator]/[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

                                       10
<PAGE>

[Administrator]/[Owner Trustee] shall cause such successor Certificate Paying
Agent or any additional Certificate Paying Agent appointed by the
[Administrator]/[Owner Trustee] to execute and deliver to the Owner Trustee an
instrument to the effect set forth in this Section 3.10 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, 6.03, 6.04 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.

          (d)  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 of principal of and interest on the
Certificates, from moneys on deposit in the Certificate Distribution Account.

     Section 3.10.  [Ownership by [___]. (a) [____] shall on the Closing Date
                    -------------------
purchase a Certificate representing at least 1% of the Initial Principal Balance
of the Certificates (the "Designated Certificate") and shall thereafter retain
beneficial and record ownership of the Designated Certificate. The Owner Trustee
shall cause the Designated Certificate to contain a legend stating "THIS
CERTIFICATE IS NOT TRANSFERABLE EXCEPT UPON SATISFACTION OF THE CONDITIONS IN
SECTION 3.11(b) OF THE TRUST AGREEMENT." For purposes of the Business Trust
Statute, the Designated Certificate shall be deemed to be a separate class of
Certificates from all other Certificates issued by the Trust; provided that the
rights and obligations evidenced by all Certificates, regardless of class,
shall, except as provided in this Section, be identical.]

          (b)  [The Designated Certificate shall, for income and franchise tax
purposes, be treated as the general partnership interest of the Trust. The
Designated Certificate shall not be transferred by [____] unless (a) the
transferee shall be an Affiliate of the Seller, unless the prior written consent
of the Credit Enhancer is obtained, which will not be unreasonably withheld, (b)
the applicable provisions of Section 3.05 are satisfied, (c) the Certificate
Registrar receives an Opinion of Counsel to the effect that the transfer of the
Designated Certificate shall not cause the Trust to be subject to an entity
level tax and (d) the Rating Agencies shall consent to such transfer. The
Designated Certificate shall not be separately transferrable.]

     Section 3.11.  Cooperation. The Owner Trustee shall cooperate in all
                    -----------
respects with any reasonable request by the Credit Enhancer for action to
preserve or enforce the Credit Enhancer's rights or interest under this Trust
Agreement or the Insurance Agreement, consistent with this Trust Agreement and
without limiting the rights of the Certificateholder as otherwise expressly set
forth in the Trust Agreement.

                                       11
<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, in each case, in
such form as the Administrator shall approve, 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, to take all actions required
of the Trust pursuant to the Basic Documents. The Owner Trustee is further
authorized from time to time to take such action as the Administrator directs
with respect 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. Notwithstanding the foregoing, the Owner Trustee shall be
deemed to have discharged its duties and responsibilities hereunder and under
the Basic Documents to the extent the Administrator has agreed in the
Administration Agreement to perform such acts or to discharge such duties of the
Owner Trustee or the Trust hereunder or under any Basic Document, and the Owner
Trustee shall not be held liable for the default or failure of the Administrator
to carry out its obligations under the Administration Agreement.

     Section 4.03.  Action upon Instruction. (a) Subject to this 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 this 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 unable 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 (with a copy to the Credit Enhancer)
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

                                       12
<PAGE>

Certificateholders received [representing a majority of the Certificate
Percentage Interest], 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 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 (a) in
accordance with the powers granted to and the authority conferred upon the Owner
Trustee pursuant to this Trust Agreement, (b) in accordance with the Basic
Documents and (c) 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 any time 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. 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 shall not take any
                    ------------
action (x) that is inconsistent with the purposes of the Trust set forth in
Section 2.03 or (y) that, to the actual knowledge of the Owner Trustee, would
result in the Trust becoming taxable as a corporation for federal income tax
purposes. 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 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 [and the Credit Enhancer]
                    -----------------------------------------------------------
with Respect to Certain Matters. With respect to the following matters, the
-------------------------------
Owner Trustee shall not take action unless, at least 30 days before the taking
of such action, the Owner Trustee shall have notified the Certificateholders
[and the Credit Enhancer] in writing of the proposed action and the
Certificateholders [and the Credit Enhancer] shall not have notified the Owner
Trustee in writing prior to the 30th day after such notice is given that such
Certificateholders have withheld consent or provided alternative direction:

                                       13
<PAGE>

               (a)  the initiation of any claim or lawsuit by the Trust and the
compromise of any action, claim or lawsuit brought by or against the Trust;

               (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
Business 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;

               (e)  the amendment, change or modification of the Administration
Agreement, except to cure any ambiguity or to amend or supplement any provision
in a manner or add any provision that would not materially adversely affect the
interests of the Certificateholders; or

               (f)  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, and with the consent of the Credit Enhancer, to (a)
remove the Administrator under the Administration Agreement pursuant to Section
7.01 thereof, (b) appoint a successor Administrator pursuant to Section 7.01 of
the Administration Agreement, or (c) remove the Servicer under the Servicing
Agreement pursuant to Sections 7.01 and 8.05 thereof. The Owner Trustee shall
take the actions referred to in the preceding sentence only upon written
instructions signed by the Certificateholders and with the consent of the Credit
Enhancer.

     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 with the consent of the Credit Enhancer 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.

     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 evidencing not less than a majority of the
outstanding Principal Balance of the Certificates. Except as expressly provided
herein, any written notice of the Certificateholders delivered

                                       14
<PAGE>

pursuant to this Trust Agreement shall be effective if signed by Holders
evidencing not less than a majority of the outstanding Principal Balance 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 all funds on deposit in
the Certificate Distribution Account and available therefor (as provided in
Section 3.05 of the Indenture), as principal and the Certificate Distribution
Amount for such Payment Date. All distributions made pursuant to this Section
shall be distributed on a pro rata basis to the Certificateholders based on the
Certificate Principal Balances thereof; [provided however that any amount on
deposit in the Certificate Distribution Account relating to a payment to the
Certificate Paying Agent pursuant to Section 3.05(xi) of the Indenture shall be
distributed solely to the Designated Certificate.]

               (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)  All calculations of the Certificate Distribution Amount on
the Certificates shall be made on the basis of the actual number of days in an
Interest Period and a year assumed to consist of 360 days.

               (d)  Distributions to Certificateholders shall be subordinated to
the creditors of the Trust, including the Noteholders.

               (e)  Allocations of profits and losses, as determined for federal
income tax purposes, shall be made to the Certificateholders on a pro rata basis
on the Certificate Principal Balance thereof.

     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 either by, in the case of any Certificateholder owning Certificates,
other than the Designated Certificate, having denominations aggregating at least
$1,000,000, wire transfer, in immediately available funds, to

                                       15
<PAGE>

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. All distributions in respect of the Designated Certificate shall be
made to [____] or its permitted assignees, as the case may be, by wire transfer,
in immediately available funds, to the account of such entity at a bank or other
entity having appropriate facilities therefor, as specified in written
instructions to the Certificate Paying Agent on or prior to the first Payment
Date.

     Section 5.03.  Signature on Returns. The Owner Trustee shall sign on behalf
                    --------------------
of the Trust the tax returns of the Trust.

     Section 5.04.  Statements to Certificateholders. On each Payment Date, the
                    --------------------------------
Certificate Paying Agent shall send to each Certificateholder the statement or
statements provided to the Owner Trustee and the Certificate Paying Agent by the
Servicer pursuant to Section 4.01 of the Servicing Agreement with respect to
such Payment Date.

     Section 5.05.  Tax Reporting; Tax Elections. The Holder of the Designated
                    ----------------------------
Certificate shall cause the Trust to file federal and state income tax returns
and information statements as a partnership for each of its taxable years.
Within 90 days after the end of each calendar year, the Holder of the Designated
Certificate shall cause the Trust to provide to each Certificateholder an
Internal Revenue Service "K-1" or any successor schedule and supplemental
information, if required by law, to enable each Certificateholder to file its
federal and state income tax returns. The Holder of the Designated Certificate
may from time to time make and revoke such tax elections with respect to the
Trust as it deems necessary or desirable in its sole discretion to carry out the
business of the Trust or the purposes of this Trust Agreement if permitted by
applicable law. Notwithstanding the foregoing, an election under Section 754 of
the Code shall not be made without the written consent of a majority in interest
of the Holders of the Certificates. The Holder of the Designated Certificate
shall serve as tax matters partner for the Trust. / [So long as the Depositor or
any affiliate of the Depositor owns 100% of the Certificates (the "Original
Certificateholder"), then no separate federal and state income tax returns and
information returns or statements will be filed with respect to the Trust. If
the Original Certificateholder is no longer the sole Certificateholder, the
subsequent holders of the Certificates by their acceptance hereof, agree to
appoint the Original Certificateholder as their agent for the tax matters
partner and the Original Certificateholder, as agent for such holders, agrees to
perform all duties necessary to comply with federal and state income tax laws.]

                                  ARTICLE VI

                         Concerning the Owner Trustee
                         ----------------------------

     Section 6.01.  Acceptance of Trusts and Duties. The Owner Trustee 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
Owner Trustee 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 Owner Trustee shall
not be answerable or accountable hereunder or under any Basic Document under any

                                       16
<PAGE>

circumstances, except (i) for its own willful misconduct, negligence or bad
faith or 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 Owner
Trustee. In particular, but not by way of limitation (and subject to the
exceptions set forth in the preceding sentence):

          (a)  The Owner Trustee shall not be liable with respect to any action
taken or omitted to be taken by it in accordance with the instructions of the
Administrator or the Certificateholders;

          (b)  No provision of this Trust Agreement or any Basic Document shall
require the Owner Trustee 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 Owner Trustee 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 Owner Trustee 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 Owner Trustee 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 the Holder of the Designated Certificate 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 by the Owner Trustee and the
Owner Trustee 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 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 Owner Trustee shall not be liable for the default or
misconduct of the Administrator, the Holder of the Designated Certificate, the
Depositor, Indenture Trustee or the Servicer under any of the Basic Documents or
otherwise and the Owner Trustee 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 Administrator under the Administration
Agreement, the Indenture Trustee under the Indenture or the Seller under the
[Contract Sale and Servicing Agreement]; and

          (g)  The Owner Trustee 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 Owner Trustee security or indemnity
satisfactory to it against the costs, expenses and liabilities that may be
incurred by the

                                       17
<PAGE>

Owner Trustee therein or thereby. The right of the Owner Trustee to perform any
discretionary act enumerated in this Trust Agreement or in any Basic Document
shall not be construed as a duty, and the Owner Trustee shall not be answerable
for other than its negligence, bad faith or willful misconduct in the
performance of any such act.

     Section 6.02.  Furnishing of Documents. The Owner Trustee shall furnish to
                    -----------------------
the Securityholders 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
Trust under the Basic Documents.

     Section 6.03.  Representations and Warranties. The Owner Trustee 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;

               (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 Owner Trustee 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 Owner Trustee and the Depositor, constitutes a valid, legal
and binding obligation of the Owner Trustee, 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 Owner Trustee 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 Owner Trustee or its properties or might have consequences
that would materially adversely affect its performance hereunder; and

               (f)  No litigation is pending or, to the best of the Owner
Trustee's knowledge, threatened against the Owner Trustee which would prohibit
its entering into this Trust Agreement or performing its obligations under this
Trust Agreement.

                                       18
<PAGE>

     Section 6.04.  Reliance; Advice of Counsel. (a) The Owner Trustee shall
                    ---------------------------
incur no liability to anyone in acting upon any signature, instrument, notice,
resolution, request, consent, order, certificate, report, opinion, bond, 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 Owner Trustee 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 Owner Trustee 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 Owner Trustee for
any action taken or omitted to be taken by it in good faith in reliance thereon.

          (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 Owner Trustee (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 Owner
Trustee 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 Owner Trustee with
reasonable care, and (ii) may consult with counsel, accountants and other
skilled persons to be selected with reasonable care and employed by it at the
expense of the Trust. The Owner Trustee 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 ______________________
acts solely as Owner Trustee hereunder and not in its individual capacity, and
all Persons having any claim against the Owner Trustee 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.  Owner Trustee Not Liable for Certificates or Related
                    ----------------------------------------------------
Documents. The recitals contained herein and in the Certificates (other than the
---------
signatures of the Owner Trustee on the Certificates) shall be taken as the
statements of the Depositor, and the Owner Trustee assumes no responsibility for
the correctness thereof. The Owner Trustee 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 Owner Trustee on the
Certificates) or the Notes, or of any Related Documents. The Owner Trustee 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, the compliance by the Depositor 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 Administrator, the Certificate Paying Agent, the Certificate
Registrar or the Indenture Trustee taken in the name of the Owner Trustee.

                                       19
<PAGE>

     Section 6.07.  Owner Trustee May Own Certificates and Notes. The Owner
                    --------------------------------------------
Trustee in its individual or any other capacity may become the owner or pledgee
of Certificates or Notes and may deal with the Depositor, the Seller, the
Certificate Paying Agent, the Certificate Registrar, the Administrator and the
Indenture Trustee in transactions with the same rights as it would have if it
were not Owner Trustee.

                                  ARTICLE VII

                         Compensation of Owner Trustee
                         -----------------------------

     Section 7.01.  Owner Trustee's Fees and Expenses. The Owner Trustee shall
                    ---------------------------------
receive as compensation for its services hereunder such fees as have been
separately agreed upon before the date hereof, and the Owner Trustee shall be
reimbursed 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 which shall be payable by the
Servicer pursuant to Section 3.09 of the Servicing Agreement.

     Section 7.02.  Indemnification. The Holder of the Designated Certificate
                    ---------------
shall indemnify, defend and hold harmless the Owner Trustee and its 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 the Owner Trustee or 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 Estate or the action or inaction
of the Owner Trustee hereunder, provided, that:

                    (i)   the Holder of the Designated Certificate shall not be
     liable for or required to indemnify an Indemnified Party from and against
     Expenses arising or resulting from the Owner Trustee's willful misconduct,
     negligence or bad faith or as a result of any inaccuracy of a
     representation or warranty 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 Holder of the Designated Certificate written notice
     thereof promptly after the Indemnified Party shall have actual knowledge
     thereof;

                    (iii) while maintaining control over its own defense, the
     Holder of the Designated Certificate shall consult with the Indemnified
     Party in preparing such defense; and

                    (iv)  notwithstanding anything in this Agreement to the
     contrary, the Holder of the Designated Certificate shall not be liable for
     settlement of any claim by an Indemnified Party entered into without the
     prior consent of the Holder of the Designated Certificate which consent
     shall not be unreasonably withheld.

                                       20
<PAGE>

     The indemnities contained in this Section shall survive the resignation or
termination of the Owner Trustee 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 choice of legal counsel, if
other than the legal counsel retained by the Owner Trustee in connection with
the execution and delivery of this Trust Agreement, shall be subject to the
approval of the Holder of the Designated Certificate, which approval shall not
be unreasonably withheld. In addition, upon written notice to the Owner Trustee
and with the consent of the Owner Trustee which consent shall not be
unreasonably withheld, the Holder of the Designated Certificate has the right to
assume the defense of any claim, action or proceeding against the Owner Trustee.

                                 ARTICLE VIII

                        Termination of Trust Agreement
                        ------------------------------

     Section 8.01.  Termination of Trust Agreement. (a) This Trust Agreement
                    ------------------------------
(other than this Article VIII) and the Trust shall terminate and be of no
further force or effect upon the earliest of (i) upon 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 Payment Date
in ____________, (iii) at the time provided in Section 8.02 or (iv) purchase by
the Servicer of all Mortgage Loans pursuant to Section 8.08(a) of the Servicing
Agreement. The bankruptcy, liquidation, dissolution, death or incapacity of any
Certificateholder, other than the Holder of the Designated Certificate as
described in Section 8.02, 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), none of the
Depositor, the Holder of the Designated Certificate or any other
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 and the Credit Enhancer mailed within five Business Days of
receipt of notice of such termination from the [Administrator]/[Owner 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.

                                       21
<PAGE>

     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 3.10 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 Holder of
the Designated Certificate.

               (d)  Upon the winding up of the Trust and its termination, 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 Business Trust Statute.

     Section 8.02.  Dissolution upon Bankruptcy of the Holder of the Designated
                    -----------------------------------------------------------
Certificate. In the event that an Insolvency Event shall occur with respect to
-----------
the Holder of the Designated Certificate, this Trust Agreement and the Trust
shall be terminated in accordance with Section 8.01, 90 days after the date of
such Insolvency Event, unless, before the end of such 90-day period, the Owner
Trustee shall have received written instructions from (a) if no Credit Enhancer
Default shall have occurred and be continuing, Holders of Certificates (other
than the Holder of the Designated Certificate) representing more than 50% of the
Principal Balance of the Certificates (not including the Principal Balance of
the Designated Certificate), to the effect that such Holders disapprove of the
termination of the Trust or (b) if a Credit Enhancer Default shall have occurred
and be continuing, (i) each of the Holders of Certificates (other than the
Holder of the Designated Certificate), (ii) each of the Holders of Term Notes,
and (iii) each of the Holders of Variable Funding Notes (other than Holders of
Variable Funding Notes held by the Seller or an Affiliate of the Seller), to the
effect that such Holders disapprove of the termination of the Trust. Promptly
after the occurrence of any Insolvency Event with respect to the Holder of the
Designated Certificate (A) the Holder of the Designated Certificate shall give
the Indenture Trustee, the Credit Enhancer and the Owner Trustee written notice
of such Insolvency Event, (B) the Owner Trustee shall, upon the receipt of such
written notice from the Holder of the Designated Certificate, give prompt
written notice to the Certificateholders of the occurrence of such event and (C)
the Indenture Trustee shall give prompt written notice of such event to the
Noteholders; provided, however, that any failure to give a notice required by
this sentence shall not prevent or delay, in any manner, a termination of the
Trust pursuant to the first sentence of this Section 8.02. Upon a termination
pursuant to this Section, the Owner Trustee shall direct the Indenture Trustee
promptly to sell the assets of the Trust (other than the Payment Account) in a
commercially reasonable manner and on commercially reasonable terms. The
proceeds of any such sale of the assets of the Trust shall be deposited to the
Payment Account for distribution in accordance with Section 5.04(b) of the
Indenture.

                                       22
<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 Business 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 _____ by [Moody's
and/or Standard & Poor's]. 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 Administrator, the Credit Enhancer and the
Depositor. Upon receiving such notice of resignation, the
[Administrator]/[Indenture Trustee] shall promptly appoint a successor Owner
Trustee with the consent of the Credit Enhancer which will not be unreasonably
withheld, by written instrument, in duplicate, one copy of which instrument
shall be delivered to the resigning Owner Trustee and one copy 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 [Administrator]/[Indenture Trustee], 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 [Administrator]/[Indenture Trustee] may
[and shall at the direction of the Credit Enhancer] remove the Owner Trustee. If
the [Administrator]/[Indenture Trustee] shall remove the Owner Trustee under the
authority of the immediately preceding sentence, the [Administrator]/[Indenture
Trustee] shall promptly appoint a successor Owner Trustee [acceptable to the
Credit Enhancer] by written instrument, in duplicate, one copy of which
instrument shall be delivered to the outgoing Owner Trustee so removed and one
copy to the successor Owner Trustee, and shall pay all fees owed to the outgoing
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

                                       23
<PAGE>

[Administrator]/[Indenture Trustee] 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
[Administrator]/[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
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 Administrator 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 [Administrator]/[Indenture Trustee] shall mail notice
thereof to all Certificateholders, the Indenture Trustee, the Noteholders and
the Rating Agencies. If the [Administrator]/[Indenture Trustee] shall fail to
mail such notice within 10 days after acceptance of such appointment by the
successor Owner Trustee, the successor Owner Trustee shall cause such notice to
be mailed at the expense of the [Administrator]/[Indenture Trustee].

     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 Administrator and
the Owner Trustee acting jointly shall have the power and shall execute and
deliver all instruments to appoint one or more Persons approved by the
Administrator and Owner Trustee 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 Administrator

                                       24
<PAGE>

and the Owner Trustee may consider necessary or desirable. If the Administrator
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, the Owner Trustee alone shall have the power to make such
appointment. 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 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 Administrator and the Owner Trustee acting jointly 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 and a copy thereof given to the Administrator.

     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.

                                       25
<PAGE>

                                   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 10.01[, provided
that any amendment, except as provided in subparagraph (e) below, be accompanied
by an Opinion of Counsel, to the Owner Trustee to the effect that such amendment
(i) complies with the provisions of this Section and (ii) will not cause the
Trust to be subject to an entity level tax].

               (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 be
necessary to obtain the consent of any Holders, but the Owner Trustee 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
Security [if determined without regard to the Credit Enhancement Instrument] and
(B) an Opinion of Counsel to the effect that such action will not adversely
affect in any material respect the interests of any Holders, and the consent of
the Credit Enhancer shall be obtained.

               (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
(i.e., technical in nature), it shall not be necessary to obtain the consent of
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 and the consent of the Credit
Enhancer shall be obtained.

               (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) [the consent of the Credit
Enhancer and] an Opinion of Counsel to the effect that such action will not
adversely affect in any material respect the interests of any Holders 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 security [if
determined without regard to the Credit Enhancement Instrument] or (b) the
consent of Holders of Certificates evidencing a majority of the Principal
Balance 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 and the Credit
Enhancer, 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.

                                       26
<PAGE>

               (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 shall be furnished with (A) an Opinion of Counsel to the effect that
such action will not adversely affect in any material respect the interests of
any Holders and (B) a letter from the Rating Agencies that the amendment will
not result in the downgrading or withdrawal of the rating then assigned to any
Security [, if determined without regard to the Credit Enhancement Instrument]
and the consent of the Credit Enhancer shall be obtained.

               (g)  Promptly after the execution of any such amendment or
consent, the Owner Trustee shall furnish written notification of the substance
of such amendment or consent to each Certificateholder, the Indenture Trustee,
the Credit Enhancer 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.

     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. 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 Holder of the Designated Certificate, the
Certificateholders, the Administrator, the Credit Enhancer 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.

                                       27
<PAGE>

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,
if to the Owner Trustee, addressed to the Corporate Trust Office; if to the
Depositor, addressed to GreenPoint Credit, LLC] [GreenPoint Asset LLC], 10089
Willow Creek Road, San Diego, California 92131, Attention: Manager, Investor
Servicing; if to [____], addressed to [______________],
[___________________________], Attention: [___]; if to the Credit Enhancer,
addressed to ___________, Attention: _________________, if to the Rating
Agencies, addressed to ________________________ Attention: __________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 and the Administrator.

     Section 10.04. 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 10.05. 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 10.06. 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 and the Credit Enhancer. Any request, notice, direction, consent,
waiver or other instrument or action by a Certificateholder shall bind the
successors and assigns of such Certificateholder.

     [Section 10.8. 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.]

     Section 10.07. Section 10.08. 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 Holder of the Designated Certificate,
the Seller, the Administrator, the Owner Trustee, the Indenture Trustee or any
Affiliate thereof and no recourse may be had against such parties or their
assets, except as

                                       28
<PAGE>

may be expressly set forth or contemplated in this Trust Agreement, the
Certificates or the Basic Documents.

     Section 10.09. 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 10.10. 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 10.11. Integration. This Trust Agreement constitutes the entire
                    -----------
agreement among the parties hereto pertaining to the subject matter hereof and
supersedes all prior agreements and understanding pertaining thereto.

     Section 10.12. Rights of Credit Enhancer to Exercise Rights of
                    -----------------------------------------------
Certificateholders. By accepting its Certificate, each Certificateholder agrees
------------------
that unless a Credit Enhancer Default exists, the Credit Enhancer shall have the
right to exercise all rights of the Certificateholders under this Agreement
without any further consent of the Certificateholders. Nothing in this Section,
however, shall alter or modify in any way, the fiduciary obligations of the
Owner Trustee to the Certificateholders pursuant to this Agreement, or create
any fiduciary obligation of the Owner Trustee to the Credit Enhancer.

                                       29
<PAGE>

         IN WITNESS WHEREOF, the Depositor 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.

                                          [GREENPOINT CREDIT, LLC] [GREENPOINT
                                          ASSET LLC]

                                          By: _______________________________
                                              Name:
                                              Title:

                                          ________________ not in its individual
                                          capacity but solely as Owner Trustee,

                                          By: _______________________________
                                              Name:
                                              Title:

Acknowledged and Agreed:

___________________________________

         __________, as Certificate
         Registrar and Certificate
         Paying Agent

By: _______________________________
    Name:
    Title:

                                       30
<PAGE>

                                   EXHIBIT A

                             [Form of Certificate]

                                    [Face]

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 PROHIBITED TRANSACTION RESTRICTIONS AND THE FIDUCIARY
RESPONSIBILITY REQUIREMENTS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE"), OR A PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR
USING THE ASSETS OF ANY SUCH PLAN, OR (ii) IF THIS CERTIFICATE IS PRESENTED FOR
REGISTRATION IN THE NAME OF A PLAN SUBJECT TO THE FIDUCIARY RESPONSIBILITY
PROVISIONS OF 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 OR HOLDING OF THIS CERTIFICATE WILL
NOT RESULT IN THE ASSETS OF THE OWNER TRUST ESTATE BEING DEEMED TO BE "PLAN
ASSETS" AND SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR THE
PROHIBITED TRANSACTION PROVISIONS OF THE CODE, WILL NOT CONSTITUTE OR RESULT IN
A PROHIBITED TRANSACTION WITHIN THE MEANING OF SECTION 406 OR SECTION 407 OF
ERISA OR SECTION 4975 OF THE CODE, AND WILL NOT SUBJECT THE Owner Trustee OR THE
DEPOSITOR TO ANY OBLIGATION OR LIABILITY.

NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE 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 OR PARTNERSHIP UNDER U.S.
LAW.

<PAGE>

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE SELLER,
THE DEPOSITOR, THE MASTER 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.

Original principal amount ("Denomination") of this Certificate: $_________

Aggregate Denominations of all Certificates: $  [_]

Pass-Through Rate:  [Floating]

Cut-Off Date: [_]

First Payment Date

[_____], [____]

                            CUSIP NO. [__________]

            GreenPoint Manufactured Housing Contract Trust 2000-[_]

     Evidencing a fractional undivided interest in the Owner Trust Estate, the
property of which consists primarily of an equity interest represented by a
designated certificate (the "Designated Certificate") sold by

         [GREENPOINT CREDIT, LLC] [GREENPOINT ASSET LLC], AS DEPOSITOR

     This certifies that [name of Holder] is the registered owner of the
Percentage Interest represented hereby in the GreenPoint Manufactured Housing
Contract Trust 2000-[_], (the "Trust").

     The Trust was created pursuant to an Trust Agreement dated as of
________________ (as amended and supplemented from time to time, the "Trust
Agreement") between the Depositor and ______________________, as owner trustee
(as amended and supplemented from time to time, the "Owner Trustee", which term
includes any successor entity under 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 equity certificates
(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 Designated Certificate and a Surety Bond. 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].

                                      A-3

<PAGE>

     There will be distributed on the [twentieth] day of each month or, if such
[twentieth] day is not a Business Day, the next Business Day (each, a "Payment
Date"), commencing in _____________, to the Person in whose name this
Certificate is registered at the close of business on the last Business Day of
the month preceding the month of such Payment Date (the "Record Date"), such
Certificateholder's Percentage Interest (obtained by dividing the Denomination
of this Certificate by the aggregate Denominations of all Certificates) 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 _________,
____, between the Trust and __________________________________, as Indenture
Trustee (the "Indenture").

     It is the intent of the Depositor and the Certificateholders that, for
purposes of federal income, state and local income and single business tax and
any other income taxes, the Trust will be treated as a partnership. 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 such tax purposes as an equity interest in a partnership.

     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 in the
Borough of Manhattan, The City of New York.

     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.

                                      A-4

<PAGE>

         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-5

<PAGE>

         IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not
in its individual capacity, has caused this Certificate to be duly executed.

                                 GREENPOINT MANUFACTURED HOUSING
                                 CONTRACT TRUST 2000-_

                                 By _____________________, not in its individual
                                    capacity but solely as Owner Trustee

Dated:                           _________________________
                                 Authorized Signatory

                         Certificate of Authentication

This is one of the Certificates referred to in the within mentioned Trust
Agreement.

_____________________________,
not in its individual capacity
but solely as Owner Trustee

By:___________________________________
   Authorized Signatory

or ___________________________________,
   as Authenticating Agent of the Trust

By:___________________________________
   Authorized Signatory

                                      A-6

<PAGE>

                           [REVERSE OF CERTIFICATE]

     The Certificates do not represent an obligation of, or an interest in, the
Depositor, the Seller, the Servicer, the Indenture Trustee, 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 as more specifically
set forth herein. 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 the consent of the Credit Enhancer
and an Opinion of Counsel to the Owner Trustee to the effect that such amendment
complies with the provisions of the Trust Agreement and will 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 Security. 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 Security 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 in the Borough of Manhattan, The City of New York, 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 __________________________________.

     Except as provided in the Trust Agreement, the Certificates are issuable
only in minimum denominations of $10,000 and in integral multiples of $10,000 in
excess thereof, except for one

                                      A-7
<PAGE>

Certificate issued in a denomination of $_________ which will be held by [____]
and one other Certificate that may not be in an integral multiple of $10,000. 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 (i) upon 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 the Trust Agreement, (ii) the Payment Date
in ____________, or (iii) upon the bankruptcy or insolvency of the Holder of the
Designated Certificate and the satisfaction of other conditions specified in
Section 8.02 of the Trust Agreement.

                                      A-8
<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-9
<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-10
<PAGE>

                                                                       EXHIBIT B
                                                          TO THE TRUST AGREEMENT

                            CERTIFICATE OF TRUST OF

             GreenPoint Manufactured Housing Contract Trust 2000-_

          THE UNDERSIGNED, ______________________, as owner trustee (the
"Trustee"), for the purpose of forming a business trust does hereby certify as
follows:

          The name of the business trust is:

               GreenPoint Manufactured Housing Contract Trust

          The name and business address of the Trustee of the business trust in
the State of Delaware is ______________________, _________________, __________,
Delaware _____.

          The business trust reserves the right to amend, alter, change, or
repeal any provision contained in this Certificate of Trust in the manner now or
hereafter prescribed by law.

          This Certificate of Trust shall be effective upon filing.

          THE UNDERSIGNED, being the Trustee hereinbefore named, for the purpose
of forming a business trust pursuant to the provisions of the Delaware Business
Trust Act, does make this certificate of trust, hereby declaring and further
certifying that this is its act and deed and that to the best of the
undersigned's knowledge and belief the facts herein stated are true.

                                 ______________________,
                                 not in its individual capacity but solely as
                                 owner trustee under a Trust Agreement dated as
                                 of _________, ____,

                                 By:________________________________
                                    Name:
                                    Title:
<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 _________, ____ between [GreenPoint Credit, LLC]
[GreenPoint Asset LLC], as Depositor and ______________________, as Owner
Trustee pursuant to Section 3.05 of the Agreement and _________________________
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.

               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.
<PAGE>

               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 Indenture Trustee, Owner Trustee, 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 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 would not constitute or result in a prohibited transaction under
Section 406 of ERISA or Section 4975 of the Code, and would not subject the
Depositor, the Servicer, the Indenture Trustee or the Trust to any obligation or
liability (including liabilities under ERISA or Section 4975 of the Code) in
addition to those undertaken in the Agreement or any other liability.]

          3.   The Buyer represents that:

          (i)  either (a) or (b) is satisfied, as marked below:

                                      C-2
<PAGE>

               a.   The Buyer 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. (S)2510.3-101; or

               b.   The Buyer will provide the Depositor, the Owner Trustee, the
Certificate Registrar and the Servicer with either: (x) 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 Buyer is permissible under applicable 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 Depositor, the Owner Trustee, the Certificate Registrar or the
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 Depositor,
the Owner Trustee, the Certificate Registrar or the Servicer; or (y) in lieu of
such opinion of counsel, a certification in the form of Exhibit G to the Trust
Agreement; and

          (ii) the Buyer 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 3.]

          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:____________________________

                                      C-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 insurance commissioner or a similar official or agency of a State or
territory or the District of Columbia.
________________

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.

                                      C-4
<PAGE>

     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 Rule 144A
Securities are relying and will continue to rely on the statements made herein
because one or more sales to the Buyer may be in reliance on Rule 144A.

___  ___  Will the Buyer be purchasing the Rule 144A
Yes  No   Securities only for the Buyer's own account?

                                      C-5
<PAGE>

     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:___________________________

                                      C-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.

                                      C-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:________________

                                      C-8
<PAGE>

                                   EXHIBIT D

                    FORM OF INVESTOR REPRESENTATION LETTER

                                _________, 200_

[GreenPoint Credit, LLC] [GreenPoint Asset LLC]
10089 Willow Creek Road
San Diego, California 92131
Attention:  Manager, Investor Servicing

[Certificate Registrar]

Attention: Corporate Trust Administration

           Re: [GreenPoint Credit, LLC] [GreenPoint Asset LLC] Certificates

Ladies and Gentlemen:

          ____________________ (the "Purchaser") intends to purchase from (the
"Seller") a ___% Certificate Percentage Interest of [GreenPoint Credit, LLC]
[GreenPoint Asset LLC] equity certificates (the "Certificates"), issued pursuant
to the Trust Agreement (the "Trust Agreement"), dated as of _______, 2000,
between [GreenPoint Credit, LLC] [GreenPoint Asset LLC] as depositor (the
"Company") and ___________________, as owner trustee (the "Owner Trustee"), as
acknowledged and agreed by _________________ as Certificate Registrar. All terms
used herein and not otherwise defined shall have the meanings set forth in the
Trust Agreement. The Purchaser hereby certifies, represents and warrants to, and
covenants with, the Company and the Certificate Registrar that:

          1.   The Purchaser understands that (a) the Certificates have not been
and will not be registered or qualified under the Securities Act of 1933, as
amended (the "Act") or any state securities law, (b) the Company is not required
to so register or qualify the Certificates, (c) the Certificates may be resold
only if registered and qualified pursuant to the provisions of the Act or any
state securities law, or if an exemption from such registration and
qualification is available, (d) the Trust Agreement contains restrictions
regarding the transfer of the Certificates and (e) the Certificates will bear a
legend to the foregoing effect.

          2.   The Purchaser is acquiring the Certificates for its own account
for investment only and not with a view to or for sale in connection with any
distribution thereof in any manner that would violate the Act or any applicable
state securities laws.

          3.   The Purchaser is (a) a substantial, sophisticated institutional
investor having such knowledge and experience in financial and business matters,
and, in particular, in such matters related to securities similar to the
Certificates, such that it is capable of evaluating the merits and risks of
investment in the Certificates, (b) able to bear the economic risks of such
<PAGE>

an investment and (c) an "accredited investor" within the meaning of Rule 501(a)
promulgated pursuant to the Act.

          4.   The Purchaser has been furnished with, and has had an opportunity
to review (a) [a copy of the Private Placement Memorandum, dated _______,200_ ,
relating to the Certificates (b)] a copy of the Trust Agreement and [b] [c] such
other information concerning the Certificates, the Home Loans and the Company as
has been requested by the Purchaser from the Company or the Seller and is
relevant to the Purchaser's decision to purchase the Certificates. The Purchaser
has had any questions arising from such review answered by the Company or the
Seller to the satisfaction of the Purchaser. [If the Purchaser did not purchase
the Certificates from the Seller in connection with the initial distribution of
the Certificates and was provided with a copy of the Private Placement
Memorandum (the "Memorandum") relating to the original sale (the "Original
Sale") of the Certificates by the Company, the Purchaser acknowledges that such
Memorandum was provided to it by the Seller, that the Memorandum was prepared by
the Company solely for use in connection with the Original Sale and the Company
did not participate in or facilitate in any way the purchase of the Certificates
by the Purchaser from the Seller, and the Purchaser agrees that it will look
solely to the Seller and not to the Company with respect to any damage,
liability, claim or expense arising out of, resulting from or in connection with
(a) error or omission, or alleged error or omission, contained in the
Memorandum, or (b) any information, development or event arising after the date
of the Memorandum.]

          5.   The Purchaser has not and will not nor has it authorized or will
it authorize any person to (a) offer, pledge, sell, dispose of or otherwise
transfer any Certificate, any interest in any Certificate or any other similar
security to any person in any manner, (b) solicit any offer to buy or to accept
a pledge, disposition of other transfer of any Certificate, any interest in any
Certificate or any other similar security from any person in any manner, (c)
otherwise approach or negotiate with respect to any Certificate, any interest in
any Certificate or any other similar security with any person in any manner, (d)
make any general solicitation by means of general advertising or in any other
manner or (e) take any other action, that (as to any of (a) through (e) above)
would constitute a distribution of any Certificate under the Act, that would
render the disposition of any Certificate a violation of Section 5 of the Act or
any state securities law, or that would require registration or qualification
pursuant thereto. The Purchaser will not sell or otherwise transfer any of the
Certificates, except in compliance with the provisions of the Trust Agreement.

          6.   The Purchaser represents:

          (i)  that either (a) or (b) is satisfied, as marked below:

          a.   The Purchaser 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. (S)2510.3-101; or

          b.   The Purchaser will provide the Depositor, the Owner Trustee, the
Certificate Registrar and the Servicer with either: (x) an opinion of counsel,
satisfactory to the

                                      D-2
<PAGE>

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
Purchaser is permissible under applicable 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
Depositor, the Owner Trustee, the Certificate Registrar or the 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 Depositor, the Owner Trustee, the
Certificate Registrar or the Servicer; or (y) in lieu of such opinion of
counsel, a certification in the form of Exhibit G to the Trust Agreement; and

          (ii) the Purchaser 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 6.

          7.   The Purchaser is acquiring the Certificate for its own behalf and
is not acting as agent or custodian for any other person or entity in connection
with such acquisition;

          [8.  The Purchaser is not a partnership, grantor trust or S
corporation for federal income tax purposes, or, if the Purchaser is a
partnership, grantor trust or S corporation for federal income tax purposes, the
Certificates are not more than 50% of the assets of the partnership, grantor
trust or S corporation.]

          9.   The Purchaser is not a non-United States person.

                                       Very truly yours,

                                       By:__________________________
                                       Name:
                                       Title:

                                      D-3
<PAGE>

                                   EXHIBIT E

                   FORM OF TRANSFEROR REPRESENTATION LETTER

                               __________, 200_

[GreenPoint Credit, LLC] [GreenPoint Asset LLC]
10089 Willow Creek Road
San Diego, California 92131
Attention:  Manager, Investor Servicing

[Certificate Registrar]

Attention: Corporate Trust Administration

          Re: GreenPoint Credit, LLC

Ladies and Gentlemen:

          ________________ (the "Purchaser") intends to purchase from (the
"Seller") a ___% Certificate Percentage Interest of [GreenPoint Credit, LLC]
[GreenPoint Asset LLC] equity certificates (the "Certificates"), issued pursuant
to the Trust Agreement (the "Trust Agreement"), dated as of _______, 2000
between [GreenPoint Credit, LLC] [GreenPoint Asset LLC] as depositor (the
"Company") and ______________, as owner trustee (the "Owner Trustee"), as
acknowledged and agreed by _________________, as Certificate Registrar. All
terms used herein and not otherwise defined shall have the meanings set forth in
the Trust Agreement. The Seller hereby certifies, represents and warrants to,
and covenants with, the Company and the Certificate Registrar that:

          Neither the Seller nor anyone acting on its behalf has (a) offered,
pledged, sold, disposed of or otherwise transferred any Certificate, any
interest in any 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 Certificate, any interest in any Certificate or any other
similar security from any person in any manner, (c) has otherwise approached or
negotiated with respect to any Certificate, any interest in any 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 Certificates under the Securities Act of 1933
(the "Act"),
<PAGE>

that would render the disposition of any Certificate a violation of Section 5 of
the Act or any state securities law, or that would require registration or
qualification pursuant thereto. The Seller will not act, in any manner set forth
in the foregoing sentence with respect to any Certificate. The Seller has not
and will not sell or otherwise transfer any of the Certificates, except in
compliance with the provisions of the Trust Agreement.

                                       Very truly yours,

                                             [GreenPoint Credit, LLC]
                                             [GreenPoint Asset LLC]
                                             (Seller)

                                       By:_________________________
                                       Name:
                                       Title:

                                      E-2
<PAGE>

                                                                       EXHIBIT F

                       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 _________, ____
(the "Trust Agreement"), between [GreenPoint Credit, LLC] [GreenPoint Asset
LLC], as depositor and ______________________, as Owner Trustee, in connection
with the acquisition of, transfer to or possession by the undersigned, whether
as beneficial owner (the "Beneficial Owner"), or nominee on behalf of the
Beneficial Owner of the [GreenPoint Credit, LLC] [GreenPoint Asset LLC] equity
certificates (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;
<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 he 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

                                      F-2
<PAGE>

*NOTE: If signed pursuant to a power of attorney, the power of attorney must
accompany this certificate.

                                      F-3
<PAGE>

                                                                       EXHIBIT G

                      FORM OF ERISA REPRESENTATION LETTER

                                              _____________, 200__

GreenPoint Credit, LLC] [GreenPoint Asset LLC]
10089 Willow Creek Road
San Diego, California 92131
Attention: Manager, Investor Servicing

[THE OWNER TRUSTEE]

[_________________]
[_________________]
[_________________]
[_________________]

[CERTIFICATE REGISTRAR]

               Re: [GreenPoint Credit, LLC] [GreenPoint Asset LLC] Certificates

Dear Sirs:

          __________________________________ (the "Transferee") intends to
acquire from _____________________ (the "Transferor") a ___% Certificate
Percentage Interest of [GreenPoint Credit, LLC] [GreenPoint Asset LLC] equity
certificates (the "Certificates"), issued pursuant to a Trust Agreement (the
"Trust Agreement") dated ________, 2000 among [GreenPoint Credit, LLC]
[GreenPoint Asset LLC], as depositor (the "Depositor") and __________________,
as trustee (the "Owner Trustee"). Capitalized terms used herein and not
otherwise defined shall have the meanings assigned thereto in the Trust
Agreement.

          The Transferee hereby certifies, represents and warrants to, and
covenants with, the Depositor, the Owner Trustee, the Certificate Registrar and
the Servicer that:

          (1)  The Certificates (i) are not being acquired by, and will not be
transferred to, any employee benefit plan within the meaning of section 3(3) of
the Employee Retirement Income Security Act of 1974, as amended ("ERISA") or
other retirement arrangement, 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 is subject to Section 406 of ERISA or Section
4975 of the Internal Revenue Code of 1986 (the "Code") (any of the foregoing, a
"Plan"), (ii) are not being acquired with "plan assets" of a Plan within the
meaning of the Department of Labor ("DOL") regulation, 29 C.F.R. (S) 2510.3-101,
and (iii) will not be transferred to any entity that is deemed to be investing
in plan assets within the meaning of the DOL regulation, 29 C.F.R. (S) 2510.3-
101.
<PAGE>

          (2)  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 herein.

                                          Very truly yours,

                                          By:________________________________
                                          Name:
                                          Title:

                                      G-2
<PAGE>

                                   EXHIBIT H

                         FORM OF REPRESENTATION LETTER

                                     _____________, 200__

GreenPoint Credit, LLC] [GreenPoint Asset LLC]
10089 Willow Creek Road
San Diego, California 92131
Attention: Manager, Investor Servicing

[THE OWNER TRUSTEE]

[______________________]
[______________________]
[______________________]
[______________________]

[CERTIFICATE REGISTRAR]

               Re: [GreenPoint Credit, LLC] [GreenPoint Asset LLC] Certificates

Dear Sirs:

          __________________________________ (the "Transferee") intends to
acquire from _____________________ (the "Transferor") a ___% Certificate
Percentage Interest of [GreenPoint Credit, LLC] [GreenPoint Asset LLC] equity
certificates (the "Certificates"), issued pursuant to a Trust Agreement (the
"Trust Agreement") dated __________, 200_ among [GreenPoint Credit, LLC]
[GreenPoint Asset LLC], as depositor (the "Depositor") and
_______________________, as trustee (the "Owner Trustee"). Capitalized terms
used herein and not otherwise defined shall have the meanings assigned thereto
in the Trust Agreement.

          The Transferee hereby certifies, represents and warrants to, and
covenants with, the Depositor, the Owner Trustee, the Certificate Registrar and
the Servicer that:

          (1)  the Transferee is acquiring the Certificate for its own behalf
and is not acting as agent or custodian for any other person or entity in
connection with such acquisition; and

          (2)  the Transferee is not a partnership, grantor trust or S
corporation for federal income tax purposes, or, if the Transferee is a
partnership, grantor trust or S corporation for federal income tax purposes, the
Certificates are not more than 50% of the assets of the partnership, grantor
trust or S corporation.

                               Very truly yours,
<PAGE>

                               By:___________________________
                               Name:
                               Title:

                                      H-2<PAGE>

                                                                     Exhibit 4.4

                            GREENPOINT CREDIT, LLC,

                         CONTRACT SELLER AND SERVICER,

                                      and

                             GREENPOINT ASSET LLC,

                                   PURCHASER

                     CONTRACT SALE AND SERVICING AGREEMENT

                             Dated as of [______]

                GreenPoint Manufactured Housing Contract Trust
                              Pass-Through Notes

                                 Series [____]
<PAGE>

                                                   TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                 Page
<S>                                                                                                              <C>
ARTICLE I        DEFINITIONS.................................................................................    1

         Section 1.01 Terms..................................................................................    1

ARTICLE II       CONVEYANCE OF CONTRACTS, REPRESENTATIONS AND WARRANTIES....................................    23

         Section 2.01 Conveyance of Contracts...............................................................    23

         Section 2.02 Filing and Assignment, Name Change or Relocation......................................    24

         Section 2.03 Acceptance by Indenture Trustee.......................................................    25

         Section 2.04 Indenture Trustee Receipt of Documents................................................    25

         Section 2.05 Representations and Warranties Regarding the Servicer.................................    26

         Section 2.06 Covenants of the Contract Seller, Indenture Trustee and Servicer......................    27

         Section 2.07 Authentication and Delivery of Notes..................................................    27

         Section 2.08 Covenants of the Servicer.............................................................    27

         Section 2.09 Covenants of the Contract Seller......................................................    27

ARTICLE III      REPRESENTATIONS AND WARRANTIES BY THE CONTRACT SELLER......................................    28

         Section 3.01 Representations and Warranties of the Contract Seller.................................    28

         Section 3.02 Representations and Warranties Regarding Each Contract................................    29

         Section 3.03 Representations and Warranties Regarding the Contracts in the Aggregate...............    33

         Section 3.04 Representations and Warranties Regarding the Contracts................................    34

         Section 3.05 Repurchases of Contracts or Substitution of Contracts for Breach of
                      Representations and Warranties........................................................    34

         Section 3.06 General...............................................................................    37

ARTICLE IV       ADMINISTRATION AND SERVICING OF CONTRACTS..................................................    37

         Section 4.01 Responsibility for Contract Administration and Servicing..............................    37

         Section 4.02 Standard of Care......................................................................    38

         Section 4.03 Records...............................................................................    38

         Section 4.04 Inspection............................................................................    38

         Section 4.05 Establishment of and Deposits in Note Account.........................................    39

         Section 4.06 Payment of Taxes......................................................................    40

         Section 4.07 Enforcement...........................................................................    40

         Section 4.08 Transfer of Note Account..............................................................    41

         Section 4.09 Maintenance of Hazard Insurance Policies..............................................    42
</TABLE>

                                         -i-
<PAGE>

<TABLE>
<CAPTION>
                                                   TABLE OF CONTENTS
                                                      (Continued)
                                                                                                              Page
<S>                                                                                                           <C>
         Section 4.10 Fidelity Bond and Errors and Omissions Insurance......................................    43

         Section 4.11 Collections under Hazard Insurance Policies, Consent to Transfers of Manufactured
                      Homes, Assumption Agreements..........................................................    43

         Section 4.12 Realization upon Defaulted Contracts..................................................    44

         Section 4.13 Costs and Expenses....................................................................    45

         Section 4.14 Indenture Trustee to Cooperate........................................................    45

         Section 4.15 Servicing and Other Compensation......................................................    46

         Section 4.16 Custody of Contracts..................................................................    46

         Section 4.17 REMIC Compliance......................................................................    48

         Section 4.18 Management of REO Property............................................................    53

         Section 4.19 Reports to the Securities and Exchange Commission.....................................    55

         Section 4.20 Annual Statement as to Compliance.....................................................    55

         Section 4.21 Annual Independent Public Accountants' Servicing Report...............................    55

         Section 4.22 Retitling of Land Home Contracts......................................................    55

         Section 4.23 Notice of Rating Change...............................................................    56

ARTICLE V        PAYMENTS, MONTHLY ADVANCES AND MONTHLY REPORTS.............................................    56

         Section 5.01 Monthly Advances by the Servicer......................................................    56

         Section 5.02 Payments..............................................................................    57

         Section 5.03 Permitted Withdrawals from the Note Account...........................................    60

         Section 5.04 Monthly Reports.......................................................................    61

         Section 5.05 Certificate of Servicing Officer......................................................    63

         Section 5.06 Other Data............................................................................    63

         Section 5.07 Statements to Noteholders.............................................................    64

         Section 5.08 Note Insurance Policy; Enhancement Payments...........................................    65

         Section 5.09 Reserve Account,......................................................................    65

         Section 5.10 LOC; Draw Amounts; Spread Account.....................................................    65

ARTICLE VI       THE NOTES..................................................................................    67

         Section 6.01 The Notes.............................................................................    67

         Section 6.02 Note Register; Registration of Transfer and Exchange of Notes.........................    68

         Section 6.03 Mutilated, Destroyed, Lost or Stolen Notes............................................    71

         Section 6.04 Persons Deemed Owners.................................................................    72
</TABLE>

                                          -ii-
<PAGE>

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<CAPTION>
                                                   TABLE OF CONTENTS
                                                      (Continued)
                                                                                                              Page
<S>                                                                                                           <C>
         Section 6.05 Access to List of Noteholders' Names and Addresses....................................    72

         Section 6.06 Global Notes..........................................................................    72

         Section 6.07 Notices to Depository.................................................................    73

         Section 6.08 Definitive Notes......................................................................    73

ARTICLE VII      THE CONTRACT SELLER AND THE SERVICER.......................................................    74

         Section 7.01 Liabilities to Obligors...............................................................    74

         Section 7.02 Servicer's Indemnities................................................................    74

         Section 7.03 Operation of Indemnities..............................................................    75

         Section 7.04 Merger or Consolidation of the Contract Seller or the Servicer........................    75

         Section 7.05 Limitation on Liability of the Contract Seller, the Servicer and Others...............    75

         Section 7.06 Assignment by Servicer................................................................    76

         Section 7.07 Successor to the Servicer.............................................................    76

ARTICLE VIII     EVENTS OF DEFAULT..........................................................................    78

         Section 8.01 Events of Default.....................................................................    78

         Section 8.02 Waiver of Defaults....................................................................    79

         Section 8.03 Indenture Trustee to Act, Appointment of Successor....................................    79

         Section 8.04 Notification to Noteholders...........................................................    80

         Section 8.05 Effect of Transfer....................................................................    80

         Section 8.06 Transfer of the Account...............................................................    80

         Section 8.07 Servicer Termination Events...........................................................    80

ARTICLE IX       CONCERNING THE TRUSTEE.....................................................................    81

         Section 9.01 Duties of Indenture Trustee...........................................................    81

         Section 9.02 Certain Matters Affecting the Indenture Trustee.......................................    83

         Section 9.03 Indenture Trustee not Liable for Notes or Contracts...................................    84

         Section 9.04 Indenture Trustee May Own Notes.......................................................    84

         Section 9.05 Servicer to Pay Fees and Expenses of Indenture Trustee and Certificate of
                      Administrator.........................................................................    84

         Section 9.06 Eligibility Requirements for Indenture Trustee........................................    85

         Section 9.07 Resignation and Removal of the Indenture Trustee......................................    85

         Section 9.08 Successor Indenture Trustee...........................................................    86

         Section 9.09 Merger or Consolidation of Indenture Trustee..........................................    87
</TABLE>

                                          -iii-
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                                                   TABLE OF CONTENTS
                                                      (Continued)
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<S>                                                                                                           <C>
         Section 9.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee.....................    87

         Section 9.11 Appointment of Office or Agency.......................................................    88

         Section 9.14 Determination of LIBOR; Auction Procedures............................................    89

ARTICLE X        TERMINATION................................................................................    89

         Section 10.01 Termination..........................................................................    89

ARTICLE XI       MISCELLANEOUS PROVISIONS...................................................................    94

         Section 11.01 Amendment............................................................................    94

         Section 11.02 Recordation of Agreement; Counterparts...............................................    96

         Section 11.03 Governing Law........................................................................    96

         Section 11.04 Calculations.........................................................................    96

         Section 11.05 Notices..............................................................................    96

         Section 11.06 Severability of Provisions...........................................................    97

         Section 11.07 Assignment...........................................................................    98

         Section 11.08 Limitations on Rights of Noteholders.................................................    98

         Section 11.09 Inspection and Audit Rights..........................................................    98

         Section 11.10 Notes Nonassessable and Fully Paid...................................................    99

         Section 11.11 Third Party Beneficiary..............................................................    99

         Section 11.12 Purchases Upon Conversion............................................................    99
</TABLE>

                                          -iv-
<PAGE>

          This CONTRACT SALE AND SERVICING AGREEMENT (SERIES [_______]), dated
as of [__________] (the "Agreement"), is executed by and between GreenPoint
Credit, LLC, as the contract seller (in such capacity, the "Contract Seller")
and the servicer (in such capacity together with its permitted successors, the
"Servicer"), and GreenPoint Asset LLC (in such capacity, the "Purchaser").

          The Contract Seller and Servicer have duly authorized the
execution and delivery of this Agreement to provide for the issuance of
GreenPoint Manufactured Housing Contract Trust, Pass-Through Notes, Series
[_______] (the "Notes"). The Notes issued hereunder shall be limited to the
amount herein described. All covenants and agreements made by the Contract
Seller herein are for the benefit and security of the Purchaser. The Contract
Seller is entering into this Agreement, and the Purchaser is accepting the
Contracts (defined below)) tendered herein for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged.

          In consideration of the premises and the mutual agreements hereinafter
set forth, the parties hereto agree as follows:

                                   ARTICLE I

                                  DEFINITIONS

     Section 1.01  Terms.
                   -----

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

     Affiliate: As 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" or "controlled" have meanings
correlative to the foregoing.

     Aggregate Net Liquidation Losses: With respect to the time of reference
     --------------------------------
thereto, the aggregate of the amounts by which (i) the outstanding principal
balance of each Contract that during such time of reference had become a
Liquidated Contract, plus accrued and unpaid interest thereon at the related
Contract Rate to the Due Date for such Contract in the Collection Period in
which such Contract became a Liquidated Contract exceeds (ii) the Net
Liquidation Proceeds for such Contract.

     Agreement:  This Pooling and Servicing Agreement and any and all
     ---------
amendments or supplements hereto.

     Annual Servicing Rate:  [__]% per annum (or, in the case of a successor
     ---------------------
Servicer engaged at any time after GreenPoint is no longer the Servicer, the
percentage agreed upon pursuant to Section 6.07).
<PAGE>

     Assignment: An individual assignment of a Mortgage, notice or transfer
     ----------
or equivalent instrument in recordable form, sufficient under the laws of the
jurisdiction wherein the related Mortgaged Property is located to reflect of
record the sale or transfer of the related Land Home Contract.

     Auction Agent:  The meaning assigned in the Auction Procedures.
     -------------

     Auction Agent Agreement:  The meaning assigned in the Auction Procedures.
     -----------------------

     Auction Agent Fee:  The meaning assigned in the Auction Agent Agreement.
     -----------------

     Auction Procedures: The procedures set forth in Schedule I hereof by which
     ------------------
the Auction Rate is determined.

     Auction Rate: The rate of interest per annum that results from
     ------------
implementation of the Auction Procedures and which is determined as described in
Section 2.1.1(c)(ii) of the Auction Procedures.

     Available Distribution Amount: As to any Distribution Date, the sum of
     -----------------------------
(a) the amount on deposit or otherwise credited to the Note Account as of the
end of the Collection Period ending immediately prior to such Distribution Date,
less the portion of such amount (i) permitted to be withdrawn by the Servicer
pursuant to Section 5.02 or (ii) constituting Excess Contract Payments, (b) the
Monthly Advance for such Distribution Date actually made in respect of such
Distribution Date, and (c) the amount constituting the Holdover Amount as of the
immediately preceding Distribution Date.

     Business Day: Any day other than (i) a Saturday or a Sunday, or (ii) a
     ------------
day on which the New York Stock Exchange or banking institutions in the City of
New York, New York, or the State of California or 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.

     Closing Date:  [__________].
     ------------

     Code:  The Internal Revenue Code of 1986, including any successor or
     ----
amendatory provisions.

     Collected Scheduled Payments: As to any Distribution Date, (a) the
     ----------------------------
amount on deposit in the Note Account as of the end of the related Collection
Period, less (b) the sum of (i) the aggregate of all Partial Prepayments
collected during such Collection Period, (ii) the aggregate of all payments
collected during such Collection Period on Contracts that were prepaid in full
during such Collection Period (less the aggregate of the Scheduled Payments due
on such Contracts that were delinquent as of the beginning of such Collection
Period and recovered out of such collections), (iii) the aggregate of the Net
Liquidation Proceeds collected in respect of all Contracts that became
Liquidated Contracts during such Collection Period (less the aggregate of
Scheduled Payments due on such Contracts that were delinquent at the beginning
of such Collection Period and recovered out of such collections and less any
Repossession Profits collected during such Collection Period), (iv) the
aggregate of the Repurchase Prices of all Contracts that were repurchased by the
Contract Seller pursuant to Section 3.05 (less the

                                      -2-
<PAGE>

aggregate of Scheduled Payments due on such Contracts that were delinquent at
the beginning of such Collection Period and recovered out of such collections),
(v) the amounts permitted to be withdrawn by the Servicer from the Note Account
pursuant to clauses (i), (ii), (iii), (iv), (v) and (vii) of Section 5.02, and
(vi) amounts representing Excess Contract Payments.

     Collection Period: With respect to any Manufactured Home and Distribution
     -----------------
Date other than the first Distribution Date, the calendar month preceding any
such Distribution Date and with respect to the first Distribution Date, the
period from ________________ through ________________.

     Computer Tape: The computer tape generated by the Servicer on behalf of
     -------------
the Contract Seller which provides information relating to the Contracts sold by
the Contract Seller, and includes the master file and the history file.

     Contract: Any one of the manufactured housing installment sale contracts or
     ---------
installment loan agreements, including any Land Home Contracts, described in the
Contract Schedule, which Contracts are to be sold and assigned by the Contract
Seller to the Purchaser and which are the subject of this Agreement. The
Contracts include all related security interests and any and all rights to
receive payments which are due pursuant thereto from and after the Cut-Off Date,
but exclude any rights to receive payments which were due pursuant thereto prior
to the Cut-Off Date.

     Contract File: As to each Contract other than a Land Home Contract, (a)
     -------------
the original copy of the Contract, (b) the original title document issued to the
Contract Seller or [______________] as secured lender or agent therefor for the
related Manufactured Home, unless the laws of the jurisdiction in which the
related Manufactured Home is located do not provide for the issuance of any
title documents for manufactured housing to secured lenders, (c) evidence of one
or more of the following types of perfection of the security interest in favor
of the Contract Seller or [________________] as secured lender or agent therefor
in the related Manufactured Home granted by such Contract, as appropriate: (1)
notation of such security interest on the title document, (2) a financing
statement meeting the requirements of the UCC, with evidence of filing in the
appropriate offices indicated thereon, or (3) such other evidence of perfection
of a security interest in a manufactured housing unit as is customary in such
jurisdiction, (d) the assignment of the Contract from the manufactured housing
dealer to the Contract Seller or [_______________], if any, including any
intervening assignments, and (e) any extension, modification or waiver
agreement(s).

     Contract Pool:  The pool of Contracts held by the Purchaser.
     -------------

     Contract Rate: With respect to each Contract, the per annum rate of
     -------------
interest borne by such Contract, as set forth or described in such Contract.

     Contract Schedule: The list identifying each Contract, as amended from
     -----------------
time to time, which list is attached hereto as Exhibit A and which (a)
                                               ---------
identifies each Contract by contract number and name and address of the Obligor,
and (b) sets forth as to each Contract (i) the Scheduled Principal Balance as of
the Cut-Off Date, (ii) the amount of each monthly payment

                                      -3-
<PAGE>

due from the Obligor, (iii) the Contract Rate, (iv) the maturity date, (v) the
maximum cap and (vi) the minimum cap.

     Contract Seller:  GreenPoint.
     ---------------

     Corporate Trust Office: The principal corporate trust office of the
     ----------------------
Indenture Trustee at which, at any particular time, its corporate trust business
shall be administered, which office at the date of execution of this Agreement
is located at [_______________________], except that for purposes of Section
9.11, such term shall mean the office or agency of the Indenture Trustee in
[____________________].

     Cumulative Realized Losses: As to any Distribution Date, the Aggregate
     --------------------------
Net Liquidation Losses for the period from the Cut-Off Date through the end of
the Collection Period preceding the month of such Distribution Date.

     Current Realized Loss Ratio: As to any Distribution Date, the
     ---------------------------
annualized percentage equivalent of the fraction, the numerator of which is the
sum of the Aggregate Net Liquidation Losses for the three preceding Collection
Periods related to such Distribution Date and the denominator of which is the
arithmetic average of the Pool Scheduled Principal Balances for such
Distribution Date and the preceding two Distribution Dates.

     Cut-Off Date:  The close of business on [______________].
     ------------

     Cut-Off Date Pool Principal Balance: The aggregate of the Scheduled
     -----------------------------------
Principal Balances of the Contracts as of the Cut-Off Date.

     Deficiency: With respect to any Contract that is a Liquidated Contract,
     ----------
the amount by which (i) the outstanding principal balance of such Contract, plus
accrued and unpaid interest thereon at the related Contract Rate to the Due Date
for such Contract in the Collection Period in which such Contract became a
Liquidated Contract exceeds (ii) the Net Liquidation Proceeds for such Contract.

     Deficiency Amount:  With respect to any Contract, the amount, if any, that
     -----------------
the Servicer collects directly from the Obligor with respect to any Deficiency.

     Deficiency Percentage: [__]%.
     ---------------------

     Definitive Notes:  As defined in Section 9.10.
     ----------------

     Depository: The initial Depository shall be the Depository Trust
     ----------
Company, the nominee of which is Cede & Co., or any other organization
registered as a "clearing agency" pursuant to Section 17A of the Securities
Exchange Act of 1934, as amended. The Depository shall initially be the
registered Holder of the Global Notes. The Depository shall at all times be a
"clearing corporation" as defined in the Uniform Commercial Code of the State of
New York.

     Depository Agreement: The agreement among the Contract Seller, the
     --------------------
Purchaser and the initial Depository, dated as of the Closing Date,
substantially in the form of Exhibit I.
                             ---------

                                      -4-
<PAGE>

     Depository Participant: A broker, dealer, bank or other financial
     ----------------------
institution or other person for whom from time to time a Depository effects
book-entry transfers and pledges of securities deposited with the Depository.

     Determination Date: With respect to any Distribution Date, the third
     ------------------
Business Day prior to such Distribution Date.

     Disqualified Organization: Any organization defined as a "disqualified
     -------------------------
organization" under Section 860E(e)(5) of the Code and any of the following: (i)
the United States, any State or political subdivision thereof, any possession of
the United States, or any agency or instrumentality of any of the foregoing
(other than an instrumentality which is a corporation if all of its activities
are subject to tax and, except for the FHLMC, a majority of its board of
directors is not selected by such governmental unit), (ii) a foreign government,
any international organization, or any agency or instrumentality of any of the
foregoing, (iii) any organization (other than certain farmers' cooperatives
described in Section 521 of the Code) which is exempt from the tax imposed by
Chapter 1 of the Code (including the tax imposed by Section 511 of the Code on
unrelated business taxable income), (iv) rural electric and telephone
cooperatives described in Section 1381(a)(2)(C) of the Code, and (v) any
"electing large partnership" within the meaning of Section 775 of the Code. The
terms "United States", "State" and "international organization" shall have the
meanings set forth in Section 7701 of the Code or successor provisions.

     Distribution Amount: As to any Distribution Date, the total amount
     -------------------
distributed to the Noteholders pursuant to Section 5.02.

     Distribution Date: (A) With respect to payment distributions to be made
     -----------------
to the Noteholders pursuant to the Indenture, the deposit of amounts to the
Special Account pursuant to the Indenture, the statement to be delivered to the
Noteholders pursuant to the Indenture and the determination of the Interest
Accrual Period for the Notes, the [__]th day of each calendar month after the
initial issuance of the Notes, or if such [__]th day is not a Business Day, the
next succeeding Business Day, and (B) for all other purposes hereunder, the
[__]th day of each calendar month commencing in [____], or if such day is not a
Business Day, the next succeeding Business Day, and ending on the last day of
the month in which the Note Balance has been reduced to zero, and the [__] day
of each calendar month thereafter, or if such [__] day is not a Business Day,
the next succeeding Business Day.

     Due Date: With respect to each Contract, the day of the month on which the
     --------
related Scheduled Payment is due, exclusive of any days of grace.

     Eligible Account: An account that is one of the following (i) an
     ----------------
account maintained with a FDIC-insured depository institution which is subject
to examination by federal or state authorities and the commercial paper of which
has a rating of P-1 from Moody's (if rated by Moody's) and A-1 from S&P or the
long-term deposits or long-term unsecured senior debt obligations of which are
in one of the two highest rating categories of Moody's and S&P, or maintained
with a depository institution that is otherwise acceptable to each Rating Agency
(as evidenced by a letter from each Rating Agency to such effect), (ii) a trust
account maintained with the Indenture Trustee in which the funds are either held
uninvested or invested solely in

                                      -5-
<PAGE>

Eligible Investments, or (iii) an account that is otherwise acceptable to the
Rating Agencies, as evidenced by a letter from each Rating Agency, without a
reduction or withdrawal of the rating of the Notes.

     Eligible Investments: One or more of the following in the order of priority
     --------------------
specified herein:

          (a)   any common trust fund, collective investment trust or money
market fund rated Aaa by Moody's and AAAg or AAAm by S&P; and

          (b)   other obligations or securities that are acceptable to each
Rating Agency as an Eligible Investment hereunder and will not result in a
reduction in or withdrawal of the then current rating or ratings of the Notes,
as evidenced by a letter to such effect from each Rating Agency;

provided, however, that no investments in "interest only" stripped obligations
shall qualify as an Eligible Investment pursuant to this definition.

     Eligible Substitute Contract: As to any Replaced Contract for which such
     ----------------------------
Eligible Substitute Contract is being substituted pursuant to Section 3.05(b), 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 3.02 and does
not cause any of the representations and warranties in Section 3.03, 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 Scheduled
Principal Balance that is not greater than the Scheduled 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) has not been delinquent for more than 31 days as
to any Scheduled Payment due within twelve months of the date of its
substitution. In addition, a Substitute Contract which is a Land Home Contract
may only be used to replace a Replaced Contract which was a Land Home Contract.

     Enhancement Payment: As to any Distribution Date and the immediately
     -------------------
preceding Collection Period, the amount by which the aggregate amount
distributable to the Noteholders pursuant to the Indenture exceeds the sum of
(x) the aggregate Available Distribution Amount and (y) any Draw Amounts
received by the Indenture Trustee two Business Days prior to such Distribution
Date in respect of Section 5.01(a)(i) and (ii).

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

     Event of Default: Any one of the Events of Default described in Section
     ----------------
     7.01 hereof.

     Excess Contract Payment: With respect to any Contract, any portion of a
     -----------------------
payment of principal and interest on such Contract, that (a) is in excess of the
Scheduled Payment (or is an integral multiple thereof and has not been
identified by the Obligor as a Principal Prepayment), (b) is not a Principal
Prepayment and (c) is not part of the Liquidation Proceeds of such Contract or
the Repurchase Price of such Contract paid pursuant to Section 3.05.

                                      -6-
<PAGE>

     Extension Fee:  Any extension fee paid by the Obligor on a Contract.
     -------------

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

     FHLMC: The Federal Home Loan Mortgage Corporation, a corporate
     -----
instrumentality of the United States created and existing under Title III of the
Emergency Home Finance Act of 1970, as amended, or any successor thereto.

     [Fidelity Bond: A fidelity bond to be maintained by the Servicer pursuant
     --------------
to Section 4.09.]

     First Distribution Date:  With respect to the Notes, [______________].
     -----------------------

     FNMA: The Federal National Mortgage Association, a federally chartered
     ----
and privately owned corporation organized and existing under the Federal
National Mortgage Association Charter Act, or any successor thereto.

     Formula Principal Distribution Amount: As to any Distribution Date, an
     -------------------------------------
amount equal to the sum of (a) the Total Regular Principal Amount for such
Distribution Date, (b) any previously undistributed shortfalls in the
distribution of the Total Regular Principal Amount in respect of prior
Distribution Dates and the Holdover Amount as of the immediately preceding
Distribution Date.

     Formula Rate:  A per annum rate equal to the sum of (a) LIBOR and (b)
     ------------
[__]%. Fractional Interest: As to any Note, the product of (a) the Percentage
Interest evidenced by such Note multiplied by (b) the amount derived from
dividing the Note Balance represented by such Note.

     Funding Event Demand:  As defined in the Insurance Agreement
     --------------------

     Global Note: Any Note registered in the name of the Depository or its
     -----------
nominee, ownership of which is reflected on the books of the Depository or on
the books of a Person maintaining an account with such Depository (directly or
as an indirect participant in accordance with the rules of such Depository and
as described in the Indenture). On the Closing Date, all Notes will be Global
Notes.

     GreenPoint: GreenPoint Credit, LLC, a Delaware limited liability
     ----------
company, its successors or assigns.

     GreenPoint Asset LLC. GreenPoint Asset LLC, a Delaware limited
     --------------------
liability company, its successors or assigns.

     GreenPoint Bank: GreenPoint Bank, a New York state chartered savings
     ---------------
bank, and its successors and assigns.

     Gross Margin:  With respect to each Contract that has a variable Contract
     ------------
Rate, the percentage set forth as such on the Contract Schedule.

                                      -7-
<PAGE>

     Hazard Insurance Policy: With respect to each Contract, the policy of
     -----------------------
fire and extended coverage insurance (and federal flood insurance, if
applicable) required to be maintained for the related Manufactured Home, as
provided in Section 4.08 (which may be a blanket insurance policy maintained by
the Servicer in accordance with the terms and conditions of Section 4.08).

     Holdover Amount: On (i) the first Distribution Date on which the
     ---------------
Noteholders receive distributions of principal pursuant to the Indenture, zero,
(ii) on each subsequent Distribution Date on which the Noteholders receive
distributions of principal pursuant to the Indenture but prior to the Pro Rata
Date, an amount equal to the lesser of (i) $24,999.99 and (ii) the portion of
the Formula Principal Distribution Amount required to be applied as a principal
payment on the Notes that exceeds $25,000 or an integral multiple of $25,000 and
(iii) on each Distribution Date on and after the Pro Rata Date, zero.

     Indenture. The Indenture, dated [____________] between the Purchaser, as
     ---------
issuer, and [_______], as Indenture Trustee.

     Indenture Trustee.  [_____________]
     -----------------

     [Independent Contractor: Either (i) any Person (other than the Servicer
     -----------------------
or the Indenture Trustee) that would be an "independent contractor" within the
meaning of Section 856(d)(3) of the Code if the Trust Fund were a real estate
investment trust (except that the ownership test set forth in that Section shall
be considered to be met by any Person that owns, directly or indirectly, 35
percent or more of the Notes, or such other interest in the Notes as is set
forth in an Opinion of Counsel, which shall be at no expense to the Indenture
Trustee or the Purchaser, delivered to the Indenture Trustee), so long as the
Trust Fund does not receive or derive any income from such person and provided
that the relationship between such Person and the Indenture Trustee is at arm's
length, all within the meaning of Treasury Regulation Section 1.856-4(b)(5), or
(ii) any other Person (including the Servicer and the Indenture Trustee) upon
receipt by the Indenture Trustee of an Opinion of Counsel, which shall be at no
expense to the Indenture Trustee, to the effect that the taking of any action in
respect of any REO Property by such Person, subject to any conditions therein
specified, that is otherwise herein contemplated to be taken by an Independent
Contractor will not cause such REO Property to cease to qualify as "foreclosure
property" within the meaning of Section 860G(a)(8) of the Code (determined
without regard to the exception applicable for purposes of Section 860D(a) of
the Code).]

     Index: With respect to each Contract that has not converted its Contract
     -----
Rate from a variable rate to a fixed rate, the per annum rate equal to (i) the
monthly average yield on U.S. Treasury securities adjusted to a constant
maturity of one year (as compiled by the U.S. Treasury Department), in
accordance with the terms of the related Contract or (ii) Twelve-Month LIBOR in
effect with respect to such Contract.

     Initial Note Balance:  As set forth in the Indenture.
     --------------------

     Insurance Agreement: The Master Insurance and Reimbursement Agreement,
     -------------------
dated as of the Closing Date, among GreenPoint, GreenPoint Bank, the Indenture
Trustee and the Insurer, as amended, modified and supplemented from time to time
in accordance with its terms.

     Insurer:  [_____________] and its successors and assigns.
     -------

                                      -8-
<PAGE>

     Insurer Default:  The failure by the Insurer to make a payment under the
     ---------------
Note Insurance Policy in accordance with its terms.

     Interest Accrual Period: With respect to any Distribution Date, other
     -----------------------
than the First Distribution Date, the one month period beginning on the
Distribution Date occurring during the preceding Collection Period and ending on
the day preceding the Distribution Date occurring during the current Collection
Period, and with respect to the First Distribution Date, the period commencing
on the Closing Date and ending on the First Distribution Date.

     Interest Distribution Amount: As to any Distribution Date, an amount equal
     ----------------------------
to the sum of (a) interest accrued during the related Interest Accrual Period at
the Pass-Through Rate on the Note Balance as of such Distribution Date (before
giving effect to the principal distributions on such Distribution Date) and (b)
any Unpaid Interest Shortfall.

     Interest Shortfall: As to any Distribution Date, any amount by which the
     ------------------
amount distributed to Holders Notes on such Distribution Date is less than the
amount computed pursuant to clause (a) of the definition of "Interest
Distribution Amount."

     Land Home Contract: A Contract that is secured by a mortgage or deed of
     ------------------
trust on real estate on which the related Manufactured Home is situated (as well
as by such related Manufactured Home).

     Land Home Contract File: As to each Land Home Contract, (a) the original
     -----------------------
copy of the Land Home Contract, (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 document for the related Manufactured Home, (c) the assignment of
the Land Home Contract from the originator (if other than the Contract Seller)
to the Contract Seller, (d) if such Land Home Contract was originated by the
Contract Seller, an endorsement of such Land Home Contract by the Contract
Seller, and (e) any extension, modification or waiver agreement(s).

     Late Payment Fees: Any late payment fees (including any not sufficient
     -----------------
funds fees) paid by Obligors on Contracts after all sums received have been
allocated first to regular installments due or overdue and all such installments
are then paid in full.

     Latest Due Date:  The latest date on which any Contract matures.
     ---------------

     LIBOR: As of any LIBOR Determination Date and the Notes, the rate for
     -----
deposits in United States dollars for a period equal to the relevant Interest
Accrual Period (commencing on the first day of such Interest Accrual Period)
which appears in the Telerate Screen Page 3750 as of 11:00 a.m. London time, on
such date. If such rate does not appear on Telerate Screen Page 3750, the rate
for that day will be determined on the basis of the rates at which deposits in
United States dollars are offered by the Reference Banks at approximately 11:00
a.m., London time, on that day to prime banks in the London interbank market for
a period equal to the relevant Interest Accrual Period (commencing on the first
day of such Interest Accrual Period) and as quoted to the Indenture Trustee by
such Reference Banks. If at least two such quotations are provided, the rate for
that day will be the arithmetic mean of the quotations. If fewer than two
quotations are

                                      -9-
<PAGE>

provided as requested, the rate for that day will be the arithmetic mean of the
rates quoted to major banks in New York City, selected by the Servicer, at
approximately 11:00 a.m., New York City time, on that day for loans in United
States dollars to leading European banks for a period equal to the relevant
Interest Accrual Period (commencing on the first day of such Interest Accrual
Period).

     LIBOR Determination Date: With respect to any Interest Accrual Period,
     ------------------------
the second London business day preceding the commencement of such Interest
Accrual Period. For purposes of determining LIBOR, a "London business day" is
any day on which dealings in deposits of United States dollars are transacted in
the London interbank market.

     Liquidated Contract: Any defaulted Contract as to which the Servicer
     -------------------
has determined that all amounts (other than amounts in respect of any
Deficiency) 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 and, in the case of Land Home Contracts, Mortgaged
Property, has been realized upon and liquidated and the proceeds of such
disposition have been received shall be deemed to be a Liquidated Contract.

     Liquidation Expenses: All reasonable out-of-pocket expenses (exclusive of
     --------------------
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 Home Contracts, Mortgaged
Property, is liquidated, including legal fees and expenses, any unreimbursed
amount expended by the Servicer pursuant to Sections 4.06, 4.07, 4.08 or 4.12
(to the extent such amount is reimbursable under the terms of Sections 4.06,
4.07, 4.08 or 4.12, as the case may be) with respect to such Contract, and any
unreimbursed expenditures for property taxes or other taxes or charges or for
property restoration or preservation that are related to such liquidation.

     Liquidation Proceeds: Cash (including insurance proceeds other than
     --------------------
those applied to the restoration of the related Manufactured Home or Mortgaged
Property or released to the related Obligor in accordance with the normal
servicing procedures of the Servicer, but excluding Deficiency Amounts) received
in connection with the liquidation of defaulted Contracts, whether through
repossession or otherwise.

     Loan-To-Value Ratio: The fraction, expressed as a percentage, the
     -------------------
numerator of which is the original principal balance of the related Contract and
the denominator of which is the Original Value of the related Manufactured Home.

     Majority In Interest: As to any the Notes, the Holders of Notes evidencing,
     --------------------
in the aggregate, at least 51% of the Percentage Interests evidenced by the
Notes.

     Manufactured Home: A unit of manufactured housing which meets the
     -----------------
requirements of Section 25(e)(10) of the Code, securing the indebtedness of the
Obligor under the related Contract.

     Market Agent:  The meaning assigned in the Auction Procedures.
     ------------

                                      -10-
<PAGE>

     Maximum Cap: With respect to each Contract, the amount set forth on the
     -----------
Contract Schedule pursuant to clause (v) of the definition thereof.

     Monthly Advance: As to any Distribution Date, the lesser of (1) (a) the
     ---------------
amount, if any, by which (i) the Scheduled Amount exceeds (ii) the Collected
Scheduled Payments, less (b) the amount of any Scheduled Payment on a Contract
due during the related Collection Period which the Servicer has determined would
be a Nonrecoverable Advance if an advance in respect of such Scheduled Payment
were made and (2) the amount by which the Available Distribution Amount
(exclusive of the Monthly Advance component thereof) for such Distribution Date
is less than the sum of (a) the Total Regular Principal Amount and (b) the
Interest Distribution Amount.

     Monthly Advance Reimbursement Amount: Any amount received or deemed to
     ------------------------------------
be received by the Servicer pursuant to Section 5.01(b) or (c) in reimbursement
of a Monthly Advance made out of its own funds.

     Monthly Report:  The monthly report described in Section 5.03.
     --------------

     Monthly Servicing Fee: As of any Distribution Date, an amount equal to
     ---------------------
one-twelfth of 1.00% per annum (or, in the case of a successor Servicer engaged
at any time after GreenPoint is no longer the Servicer, the percentage agreed
upon pursuant to Section 6.07) of the Pool Scheduled Principal Balance for such
Distribution Date.

     Monthly Servicing Fee Subordination Event: As to any Distribution Date
     -----------------------------------------
and so long as GreenPoint is acting as the Servicer, a Monthly Servicing Fee
Subordination Event shall exist if the Three-Month Average Pass-Through Rate
exceeds Three-Month Average LIBOR by at least 0.50% per annum.

    Moody's:  Moody's Investors Service, Inc. or any successor thereto.
    -------

    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 Home Contract.

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

    Net Contract Rate: With respect to the first twelve Distribution Dates,
    -----------------
the rate of interest per annum borne by a Contract on the first day of the
related Collection Period minus the Annual Servicing Rate. For each Distribution
Date thereafter, the rate of interest per annum borne by a Contract on the first
day of the related Collection Period minus the sum of (i) the Annual Servicing
Rate and (ii) 0.50%.

    Net Funds Cap Carryover Amount: As of the First Distribution Date,
    ------------------------------
zero. On each subsequent Distribution Date, the sum of (A) if on such
Distribution Date, the Pass-Through Rate is based upon the Net Weighted Average
Contract Rate, the excess of (i) the lesser of (a) the product of (x) the
Weighted Average Maximum Cap and (y) the Note Balance and (b) the amount of
interest the Notes would otherwise be entitled to receive on such Distribution
Date had such rate been calculated at the Formula Rate for such Distribution
Date over (ii) the amount

                                      -11-
<PAGE>

of interest payable on the Notes at the Net Weighted Average Contract Rate for
such Distribution Date and (B) the Net Funds Cap Carryover Amount, together with
accrued interest thereon at the Pass-Through Rate in effect on such Distribution
Date, for all previous Distribution Dates not previously distributed pursuant to
the Indenture.

     Net Liquidation Proceeds: As to any Liquidated Contract, Liquidation
     ------------------------
Proceeds net of the sum of (i) Liquidation Expenses, (ii) all accrued and unpaid
interest thereon through the date the related Contract becomes a Liquidated
Contract and (iii) any amount required to be paid to the Obligor or any other
Person with an interest in the Manufactured Home or Mortgaged Property that is
senior to the interest of the Trust Fund.

     Net Weighted Average Contract Rate: As to any Distribution Date, the
     ----------------------------------
weighted average of the Net Contract Rates of all of the Contracts as of the
first day of the related Collection Period, weighted on the basis of the
Scheduled Principal Balances of the Contracts on the first day of the related
Collection Period.

     Non-United States Person:  Any Person other than a United States Person.
     ------------------------

     Nonrecoverable Advance: Any advance made or proposed to be made pursuant to
     ----------------------
Section 4.06, Section 4.08 or Section 5.01 which the Servicer believes, in its
good faith judgment, is not, or if made would not be, ultimately recoverable
from late payments, Liquidation Proceeds or otherwise. In determining whether an
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 advance is, or if made would constitute, a Nonrecoverable
Advance, shall be evidenced by an Officer's Certificate of the Servicer
delivered to the Purchaser and stating the reasons for such determination.

     Note:  Any of the GreenPoint Manufactured Housing Contract Trust Pass-
     ----
Through Notes, Series [_____].

     Note Account: The separate Eligible Account created and initially
     ------------
maintained by the Indenture Trustee pursuant to the Indenture in the name of the
Indenture Trustee for the benefit of the Holders of the Notes. Funds in the Note
Account shall be held in trust for the aforementioned Noteholders for the uses
and purposes set forth in the Indenture.

     Note Administrator. The Person appointed by the Trustee in such capacity
     ------------------
pursuant to [the Indenture].

     Note Balance: The Initial Note Balance minus the sum of all principal
     ------------
distributions previously made to the Noteholders.

     Note Insurance Policy: An unconditional and irrevocable note insurance
     ---------------------
policy, in the form attached hereto as Exhibit H, to the Purchaser for the
                                       ---------
benefit of the Noteholders.

     Note Owner: With respect to a Global Note, the person that is the
     ----------
beneficial owner of an interest in such Global Note.

                                      -12-
<PAGE>

     Noteholder or Holder: The person in whose name a Note is registered in the
     ----------    ------
Note Register (initially, Cede & Co., as nominee for the Depository, in the case
of any Global Notes), except that solely for the purpose of giving any consent
pursuant to this Agreement, any Note registered in the name of the Contract
Seller, the Servicer or any Affiliate of the Contract Seller or the Servicer
shall be deemed not to be Outstanding and the Percentage Interest evidenced
thereby shall not be taken into account in determining whether the requisite
amount of Percentage Interests necessary to effect such consent has been
obtained; provided, however, that if any such Person (including the Contract
          --------  -------
Seller) owns 100% of the Percentage Interests evidenced the Notes, such Notes
shall be deemed to be Outstanding for purposes of any provision hereof that
requires the consent of the Holders of Notes as a condition to the taking of any
action hereunder. The Purchaser is entitled to rely conclusively on a
certification of the Contract Seller, the Servicer or any Affiliate of the
Contract Seller or the Servicer in determining which Notes are registered in the
name of an Affiliate of the Contract Seller or the Servicer.

     Notice of Rating:  A notice by the Servicer substantially in the form of
     ----------------
Exhibit K hereto.
---------

     Obligor:  Each Person who is indebted under a Contract or who has acquired
     -------
a Manufactured Home subject to a Contract.

     Officer's Certificate: A certificate (i) signed by the Chairman of the
     ---------------------
Board, the Vice Chairman of the Board, the President, a Vice President (however
denominated), an Assistant Vice President, the Treasurer, the Secretary, or one
of the assistant treasurers or assistant secretaries of the Contract Seller or
the Servicer (or any other officer customarily performing functions similar to
those performed by any of the above designated officers and also to whom, with
respect to a particular matter, such matter is referred because of such
officer's knowledge of and familiarity with a particular subject) or (ii) if
provided for in this Agreement, signed by a Servicing Officer and delivered to
the Contract Seller and the Purchaser, as the case may be, as required by this
Agreement.

     Opinion of Counsel: A written opinion of counsel, who may be the in-house
     ------------------
counsel for the Contract Seller or the Servicer, reasonably acceptable to the
Purchaser and the Contract Seller, as the case may be.

     Optional Termination Date: The date upon which the Pool Scheduled Principal
     -------------------------
Balance is less than 10% of the Cut-Off Date Pool Principal Balance.

     Original Value: With respect to any Manufactured Home that was new at the
     --------------
time the related Contract was originated, the retail stated cash sale price of
such Manufactured Home, plus taxes and, to the extent financed under such
Contract, closing fees paid to third parties, insurance and prepaid finance
charges. With respect to any Manufactured Home that was used at the time the
related Contract was originated, the total delivered sales price of such
Manufactured Home, plus taxes and, to the extent financed under such Contract,
closing fees paid to third parties, insurance and prepaid finance charges.

     Outstanding: With respect to any Contract as to the time of reference
     -----------
thereto, a Contract that has not been fully prepaid, has not become a Liquidated
Contract, and has not been repurchased pursuant to Section 3.05 prior to such
time of reference.

                                      -13-
<PAGE>

     Outstanding Amount Advanced: As to any Distribution Date, the aggregate of
     ---------------------------
all Monthly Advances made by the Servicer out of its own funds pursuant to
Section 5.01 less the aggregate of all Monthly Advance Reimbursement Amounts
actually received by the Servicer prior to such Distribution Date.

     Ownership Interest: Any legal or beneficial, direct or indirect, ownership
     ------------------
or other interest.

     Partial Prepayment: Any Principal Prepayment other than a Principal
     ------------------
Prepayment in Full.

     Pass-Through Rate:  The lessor of (a) the Formula Rate amd (b) the Net
     -----------------
Weighted Average Contract Rate

     Percentage Interest: As to any Note, the percentage interest evidenced
     -------------------
thereby in distributions required to be made on the Notes, such percentage
interest being equal to the percentage obtained by dividing the original
denomination of such Note by the aggregate of the original denominations of all
of the Notes.

     Permitted Transferee: Any Person other than (i) a Disqualified Organization
     --------------------
or (ii) a Non-United States Person.

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

     Pool Scheduled Principal Balance:  As to any Distribution Date, the sum of
     --------------------------------
the Scheduled Principal Balances of all Contracts at the end of the related
Collection Period.

     Principal Prepayment: (i) Subject to clause (ii) of this definition, with
     --------------------
respect to any Contract, any payment or any portion thereof or other recovery on
such Contract (other than a Liquidated Contract or a Contract repurchased
pursuant to Section 3.05) that exceeds the amount necessary to bring such
Contract current as of any Due Date unless (A) the related Obligor has notified
or confirmed with the Servicer that such payment is to be applied as Scheduled
Payments for future Due Dates or (B) the amount of such excess payment is
approximately equal (subject to a variance of plus or minus 10%) to the amount
of the Scheduled Payment on the next Due Date; (ii) notwithstanding the
provisions of the preceding clause (i), if any payment or any portion thereof or
other recovery on a Contract (other than a Liquidated Contract or a Contract
repurchased pursuant to Section 3.05) is sufficient to pay the outstanding
principal balance of such Contract, all accrued and unpaid interest at the
Contract Rate to the payment date and, at the option of the Servicer, all other
outstanding amounts owing on such Contract, the portion of the payments or
recoveries on such Contract during such Collection Period that is equal to the
Scheduled Principal Balance of such Contract after giving effect to the
Scheduled Payment on such Contract due in such Collection Period; and (iii) any
cash deposit made with respect to a Contract pursuant to Section 3.05.

     Principal Prepayment in Full: Any Principal Prepayment specified in clause
     ----------------------------
(ii) of the definition of the term "Principal Prepayment."

                                      -14-
<PAGE>

     Rating Agency:  Either Moody's or S&P.
     -------------

     Record Date: With respect to any Distribution Date, the close of business
     -----------
on the day preceding such Distribution Date.

     Reference Banks: The leading banks selected by the Indenture Trustee and/or
     ---------------
the Auction Agent, which are engaged in transactions in Eurodollar deposits in
the London interbank market.

     REO Account:  As defined in Section 4.16.
     -----------

     REO Property:  As defined in Section 4.16.
     ------------

     Replaced Contract: A Contract as to which the Contract Seller has a
     -----------------
Repurhase Obligation and which, at the Contract Seller's option, is replaced in
the Tzrust Fund by an Eligible Substitute Contract pursuant to Section 3.05.

     Repossession Profits: As to any Distribution Date, the excess, if any,
     --------------------
of Net Liquidation Proceeds in respect of each Contract that became a Liquidated
Contract during the related Collection Period over the sum of the remaining
principal balance of such Contract prior to any write down thereof plus accrued
and unpaid interest at the related Contract Rate on the remaining principal
balance thereof from the Due Date to which interest was last paid by the Obligor
to the Due Date in the month in which such Contract became a Liquidated
Contract.

     Repurchase Obligation: The obligation of the Contract Seller, set forth
     ---------------------
in Section 3.05, to repurchase the related Contracts as to which there exists an
uncured breach of a representation or warranty contained in Sections 3.02 or
3.03.

     Repurchase Price: With respect to any Contract required to be repurchased
     ----------------
hereunder, an amount equal to the remaining principal amount outstanding on such
Contract as of the beginning of the month of repurchase plus accrued interest
from the Due Date with respect to which the Obligor last made a payment to the
Due Date in the Collection Period in which such Contract is repurchased.

     Responsible Officer: When used with respect to the Indenture Trustee or
     -------------------
the Purchaser, the chairman or vice chairman of the board of directors, the
chairman or vice chairman of any executive committee of the board of directors,
the president, any vice president, any assistant vice president, the secretary,
any assistant secretary, the treasurer, any assistant treasurer, the cashier,
any assistant cashier, any trust officer or assistant trust officer, the
controller or any assistant controller, or any other officer customarily
performing functions similar to those performed by any of the above designated
officers and also, with respect to a particular matter, any other officer to
whom such matter is referred because of such officer's knowledge of and
familiarity with the particular subject.

     S&P:  Standard & Poor's Ratings Services, a division of The McGraw-Hill
     ---
Companies, Inc., or any successor thereto.

                                      -15-
<PAGE>

     Scheduled Amount: As to any Distribution Date, the amount equal to the
     ----------------
aggregate of the Scheduled Payments that were due during the related Collection
Period in respect of Contracts that were Outstanding immediately following such
Collection Period or whose last Scheduled Payment was due during such Collection
Period.

     Scheduled Payment: As to any Distribution Date and each Contract, the
     -----------------
amount equal to the scheduled payment that was due during the related Collection
Period in respect of each such Contract that was Outstanding immediately
following such Collection Period or whose last Scheduled Payment was due during
such Collection Period.

     Scheduled Principal Balance: As to any Contract and any Distribution
     ---------------------------
Date or the Cut-Off Date as the case may be, the principal balance of such
Contract as of the Due Date in the related Collection Period (or, with respect
to the Cut-Off Date or the First Distribution Date, as of the Cut-Off Date) as
specified in the amortization schedule for such Contract at the time relating
thereto, after giving effect to all previous Partial Prepayments, all previous
scheduled principal payments (whether or not paid), to the scheduled payment of
principal due on such Due Date (or, with respect to the Cut-Off Date, the
previous Due Date) and to all non-cash reductions to the related Contract during
such Collection Period whether by bankruptcy or other similar proceeding or
other adjustment by the Servicer in the normal course of business of its
servicing activities.

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

     Senior Monthly Servicing Fee: As to any Distribution Date, that portion of
     ----------------------------
the Monthly Servicing Fee in excess of the Subordinated Monthly Servicing Fee.

     Servicer: GreenPoint, or its successors in interest or any successor
     --------
Servicer under this Agreement as provided by Section 6.06 or 6.07.

     Servicer Deficiency Amount: With respect to any Distribution Date, the
     --------------------------
product of the Deficiency Percentage and the aggregate of the Deficiency Amounts
received during the immediately preceding Collection Period.

     Servicer Termination Events:  As defined in Section 8.07.
     ---------------------------

     Servicing File: All documents, records, and other items maintained by the
     --------------
Servicer with respect to a Contract and not included in the corresponding
Contract File or the Land Home Contract File, as applicable, including the
credit application, credit reports and verifications, appraisals, tax and
insurance records, payment records, insurance claim records, correspondence, and
all historical computerized data files.

     Servicing Officer: Any officer of the Servicer involved in, or responsible
     -----------------
for, the administration and servicing of the Contracts whose name appears on a
list of servicing officers furnished to the Indenture Trustee and the Purchaser
by the Servicer, as such list may from time to time be amended.

     Special Account:  The account established and maintained pursuant to the
     ---------------
Insurance Agreement.

                                      -16-
<PAGE>

     Special Account Deposit Amount: As defined in the Insurance Agreement.
     ------------------------------

     Telerate Screen Page 3750: The display page so designated on the Bridge
     -------------------------
Telerate Capital Markets Report, or such other page as may replace page 3750 on
such service for the purpose of displaying London interbank offered rates of
major banks.

     Total Regular Principal Amount: As to any Distribution Date, an amount
     ------------------------------
equal to the sum (without duplication) of (a) all scheduled payments of
principal due on each outstanding Contract during the immediately preceding
Collection Period, (b) all Partial Prepayments on the Contracts received during
the immediately preceding Collection Period, (c) the Scheduled Principal Balance
of each Contract for which a Principal Prepayment in Full was received during
the immediately preceding Collection Period, (d) the Scheduled Principal Balance
of each Contract that became a Liquidated Contract during the immediately
preceding Collection Period, (e) the Scheduled Principal Balance of each
Contract that was repurchased during the immediately preceding Collection Period
pursuant to Section 3.05, and (f) all non-cash reductions to the Scheduled
Principal Balance of each Contract during the immediately preceding Collection
Period whether by bankruptcy or other similar proceeding or other adjustment by
the Servicer in the normal course of business of its servicing activities.

     Trust Fund. The corpus of the trust created by the Indenture, to the extent
     ----------
described herein.

     Twelve-Month LIBOR: The average of interbank rates for one year U.S. dollar
     ------------------
denominated deposits in the London market based on the quotation of major banks
listed as the "1-Year London Interbank Offered Rates Index" found in the Wall
Street Journal, Money & Investing section, under the "Money Rates" table.

     UCC:  The Uniform Commercial Code, as in effect in the relevant
     ---
jurisdiction. United States Person: A citizen or resident of the United States,
a corporation, partnership or other entity created or organized in, or under the
laws of, the United States, any state thereof or the District of Columbia (other
than a partnership not treated as a United States person under any applicable
Treasury Regulations), or an estate or trust whose income is subject to United
States federal income tax regardless of the source of income.

     Unpaid Interest Shortfall: As to any Distribution Date, the amount, if
     -------------------------
any, by which the aggregate of the Interest Shortfalls for prior Distribution
Dates exceeds all prior distributions made pursuant to the Indenture in respect
of prior Interest Shortfalls, plus accrued interest thereon (to the extent
payment thereof is legally permissible) at the Pass-Through Rate on such amount
with respect to such prior Distribution Dates.

     Voting Rights: The portion of the voting rights of all of the Notes
     -------------
that is allocated to any Note. As of any date of determination, 100% of the
Voting Rights shall be allocated among Holders of the Notes in proportion to the
Note Balances of their respective Notes on such date.

                                      -17-
<PAGE>

     Weighted Average Maximum Cap: With respect to any Distribution Date, an
     ----------------------------
amount equal to the weighted average of the Maximum Caps on such Distribution
Date (or with respect to any Contract that had its Contract Rate convert from a
variable rate to a fixed rate, the appropriate fixed rate) multiplied by a
fraction the numerator of which is the actual number of days elapsed in the
related Interest Accrual Period and the denominator of which is 360.

     Section 1.02  Construction.
                   ------------

     Unless the context of this Agreement otherwise clearly requires, references
to the plural include the singular, the singular the plural and the part the
whole and "or" has the inclusive meaning sometimes represented by the phrase
"and/or." The words "include" or "including" shall be deemed followed by the
phrase "without limitation." The words "hereof," "herein," "hereunder" and
similar terms in this Agreement refer to the Agreement as a whole and not to any
particular provision of this Agreement. The Section and other headings contained
in this Agreement are for reference purposes only and shall not control or
affect the construction of this Agreement or the interpretation thereof in any
respect. Section, subsection, Schedule, Appendix and Exhibit references are to
this Agreement unless otherwise specified. The date as of which this Agreement
is dated has been assigned solely for purposes of identification, and does not
signify the date as of which assets are transferred, securities are issued, or
any other actions are taken hereunder, and the parties specifically acknowledge
and agree that the conveyance of the Contracts pursuant to Section 2.01 and the
delivery of the Notes pursuant to Section 2.06 have occurred on and are
effective as of the Closing Date.

                                  ARTICLE II

            CONVEYANCE OF CONTRACTS, REPRESENTATIONS AND WARRANTIES

     Section 2.01  Conveyance of Contracts.
                   -----------------------

            (a)    GreenPoint, as Contract Seller, concurrently with the
execution and delivery hereof, does hereby transfer, sell, assign, set over and
otherwise convey to the Purchaser without recourse (i) all of its right, title
and interest in and to the Contracts listed on the Contract Schedule, as amended
from time to time, (including the security interests created thereby), including
all principal of and interest due on or with respect to such Contracts on or
after the Cut-Off Date (other than payments of principal and interest due on
such Contracts before the Cut-Off Date), (ii) all of the rights under all Hazard
Insurance Policies relating to the Manufactured Homes securing such Contracts
for the benefit of the creditors under such Contracts, (iii) all documents
contained in the Contract Files and in the Land Home Contract Files with respect
to the related Contracts, and (iv) all proceeds of any of the foregoing.

     The ownership of each Contract and the contents of the related Contract
File or Land Home Contract File, as applicable, and Servicing File are vested in
the Purchaser. The Servicer hereby disclaims any and all right, title and other
ownership interest in and to the Contracts (including the security interests
created thereby). The contents of each Contract File and, except as provided in
Section 4.15(e), the contents of each Land Home Contract File, as applicable,
and Servicing File are and shall be held by the Servicer for the benefit of the
Purchaser as the owner thereof (it being understood that the Servicer's
possession of the contents of each Contract File

                                      -18-
<PAGE>

or Land Home Contract File, as applicable, and Servicing File so retained is for
the sole purpose of servicing the related Contract, and such retention and
possession by the Servicer is in a custodial capacity only). Neither the
Contract Seller nor the Servicer shall take any action inconsistent with the
Purchaser's ownership of the Contracts, and the Contract Seller and the Servicer
shall promptly indicate to all inquiring parties that the Contracts have been
sold, transferred, assigned, set over and conveyed to the Purchaser and shall
not claim any ownership interest in the Contracts.

            (b)    Although the parties intend that the conveyance of the
Contract Seller's right, title and interest in and to the Contracts pursuant to
this Agreement shall constitute a purchase and sale and not a loan, if such
conveyances are deemed to be a loan, the parties intend that the rights and
obligations of the parties to such loan shall be established pursuant to the
terms of this Agreement. In that event, the parties also intend and agree that
GreenPoint shall be deemed to have granted to the Purchaser, and GreenPoint does
hereby grant to the Purchaser, a perfected first-priority security interest in
(i) all of its right, title and interest, whether now owned or hereafter
acquired, in and to the Contracts listed on the Contract Schedule, as amended
from time to time (including the security interests created thereby), including
all principal of and interest due on or with respect to such Contracts on or
after the Cut-Off Date (other than payments of principal and interest due on
such Contracts before the Cut-Off Date), (ii) all of the rights under all Hazard
Insurance Policies relating to the Manufactured Homes securing such Contracts
for the benefit of the creditors under such Contracts, (iii) all documents
contained in the Contract Files and in the Land Home Contract Files with respect
to the related Contracts, and (iv) all proceeds of any of the foregoing. The
parties intend and agree that this Agreement shall constitute a security
agreement under applicable law. If the trust created by this Agreement
terminates prior to the satisfaction of the claims of any Person under any
Notes, the security interests created hereby shall continue in full force and
effect and the Indenture Trustee shall be deemed to be the collateral agent for
the benefit of such Person.

     Section 2.02  Filing and Assignment, Name Change or Relocation.
                   ------------------------------------------------

            (a)    On or prior to the Closing Date, the Servicer shall cause to
be filed in the office of the Secretary of State of California a UCC-1 financing
statement signed by GreenPoint describing the related Contracts as collateral
and naming GreenPoint as debtor and the Purchaser as secured party with an
assignment by the Purchaser to the Indenture Trustee.

     From time to time, the Servicer shall take and cause to be taken such
actions and execute such documents as are necessary to perfect and protect the
Noteholders' interests in the Contracts and their proceeds and the Manufactured
Homes and the Mortgaged Properties against all other Persons, including the
filing of financing statements, amendments thereto and continuation statements,
the execution of transfer instruments and the making of notations on or taking
possession of all records or documents of title; provided, however, that
                                                 --------  -------
GreenPoint, so long as it is the Servicer, shall not be required to cause
notations to be made on any document of title relating to any Manufactured Home
or to execute any transfer instrument relating to any Manufactured Home (other
than a notation or a transfer instrument necessary to show the Contract Seller
as the lienholder or legal title holder) or, except as provided in Section 4.20,
to file documents in real property records with respect to a Manufactured Home
or related Contract, absent notice from the Indenture Trustee or the Purchaser
or actual knowledge that such

                                      -19-
<PAGE>

Manufactured Home that does not secure a Land Home Contract has become real
property under applicable state law; and further provided, that the Servicer
                                         ------- --------
shall have no obligation pursuant to this sentence with respect to any failure
to maintain a first-priority perfected security interest which results from a
breach of any representation or warranty in Section 3.02(j) or (u) as to the
Indenture Trustee's security interest in a Manufactured Home, except to enforce
the Contract Seller's obligations in respect thereof in Section 3.05.

           (b)     The Servicer agrees to pay all reasonable costs and
disbursements in connection with its duties specified in this Section 2.02.

     Section 2.03  Acceptance by Purchaser.
                   -----------------------

           (a)     The Purchaser hereby acknowledges conveyance of the
Contracts to the Purchaser and declares that the Purchaser, directly or through
a custodian (which shall be the Servicer pursuant to Section 4.15), holds and
will pledge such Contract Files as collateral for the Notes. The Purchaser
hereby certifies (without any independent investigation) that it has no notice
or knowledge of (i) any adverse claim, lien or encumbrance with respect to any
Contract, (ii) any Contract being overdue or dishonored, (iii) any evidence on
the face of any Contract of any security interest therein adverse to the
Purchaser's interest, or (iv) any defense against or claim against any Contract
by the Obligor or by any other party. The Purchaser also hereby certifies that
its books and records will reflect it as the legal owner of the Contracts.
Nothing in this Agreement shall be construed to constitute acceptance by the
Purchaser of any liability or obligation of the Contract Seller, whether on any
Contract, to any Obligor, or otherwise.

     Section 2.04  Representations and Warranties Regarding the Servicer.
                   -----------------------------------------------------

     The Servicer makes the following representations and warranties to the
Purchaser and to the Indenture Trustee:

           (a)     Organization and Good Standing. The Servicer is a limited
                   ------------------------------
liability company, duly organized, validly existing and in good standing under
the laws of the State of Delaware, and the Servicer has the power to own its
assets and to transact the respective business in which it is currently engaged.
The Servicer is duly qualified to do business as a foreign limited liability
company and is in good standing in each jurisdiction in which its type of
organization and the character of the business transacted by it or properties
owned or leased by it requires such qualification and in which the failure so to
qualify would have a material adverse effect on its business, properties,
assets, or condition (financial or other).

           (b)     Authorization; Binding Obligations. The Servicer has the
                   ----------------------------------
power and authority to make, execute, deliver and perform this Agreement and all
of the transactions contemplated under the Agreement, and has taken all
necessary action to authorize the execution, delivery and performance of this
Agreement. When executed and delivered, this Agreement will constitute the
legal, valid and binding obligation of the Servicer enforceable in accordance
with its terms, except as enforcement of such terms may be limited by
bankruptcy, insolvency or similar laws affecting the enforcement of creditors'
rights generally and by the availability of equitable remedies.

                                      -20-
<PAGE>

           (c)     No Consent Required. The Servicer is not required to obtain
                   -------------------
the consent of any other party or any consent, license, approval or
authorization from, or registration or declaration with, any governmental
authority, bureau or agency in connection with the execution, delivery,
performance, validity or enforceability of this Agreement or in connection with
the transaction of its business, except such as have been obtained or where the
failure to obtain any such consent, license, approval or authorization, or to
make any registration or declaration does not materially adversely affect the
interests of the Purchaser therein.

           (d)     No Violations. The execution, delivery and performance of
                   -------------
this Agreement by the Servicer will not violate any provision of any existing
law or regulation or any order or decree of any court applicable to the Servicer
or the charter or bylaws of the Servicer, or constitute a material breach of any
mortgage, indenture, contract or other agreement to which the Servicer is a
party or by which the Servicer is bound except where such violation or breach
does not materially adversely affect the interests of the Purchaser, the Trust
Fund or the Noteholders therein.

           (e)     Litigation. No litigation or administrative proceeding of or
                   ----------
before any court, tribunal or governmental body is currently pending, or, to the
knowledge of the Servicer, threatened, against the Servicer or any of its
properties or with respect to this Agreement which, if adversely determined,
would in the opinion of the Servicer have a material adverse effect on the
transactions contemplated by this Agreement.

     Section 2.05  Covenants of the Contract Seller, Purchaser and Servicer.
                   --------------------------------------------------------

     Upon discovery by any of the Contract Seller, the Servicer, the Indenture
Trustee or the Purchaser of a breach of any of the representations, warranties
and covenants set forth in Article III hereof which materially and adversely
affects the value of the Contracts (or which materially and adversely affects
the value of or the interest in the related Contract in the case of a
representation, warranty or covenant set forth in Article III hereof and
relating to a particular Contract), the party discovering such breach shall give
prompt written notice to the other parties. The cure of such breach or the
repurchase or substitution for any affected Contract shall be done in accordance
with Section 3.05.

     Section 2.06  Covenants of the Servicer.
                   -------------------------

     The Servicer hereby covenants to the Indenture Trustee, the Contract
Seller and the Purchaser that no written information, certificate of an officer,
statement furnished in writing or written report delivered to the Indenture
Trustee, the Contract Seller, any Affiliate of the Contract Seller or the
Purchaser and prepared by the Servicer pursuant to this Agreement will contain
any untrue statement of a material fact or omit to state a material fact
necessary to make the information, certificate, statement or report not
misleading.

     Section 2.07  Covenants of the Contract Seller.
                   --------------------------------

         During the term of this Agreement, the Contract Seller will not change
its name, identity or structure or relocate its chief executive office without
first giving written notice to the Indenture Trustee, the Purchaser and the
Insurer. If any change in the Contract Seller's name, identity or structure or
the relocation of its chief executive office would make any financing or

                                      -21-
<PAGE>

continuation statement or notice of lien filed under this Agreement seriously
misleading within the meaning of applicable provisions of the UCC or any title
statute, the Contract Seller, no later than five days after the effective date
of such change, shall file such amendments as may be required to preserve and
protect the Purchaser and the Noteholders' interests in the Contracts and
proceeds thereof and in the Manufactured Homes and the Mortgaged Properties.

                                  ARTICLE III

             REPRESENTATIONS AND WARRANTIES BY THE CONTRACT SELLER

     Section 3.01  Representations and Warranties of the Contract Seller.
                   -----------------------------------------------------

         The Contract Seller makes the following representations and warranties
to the Purchaser and the Indenture Trustee as of the Closing Date:

              (a)  Organization and Good Standing; Licensing. It is a limited
                   -----------------------------------------
liability company, duly organized, validly existing and in good standing under
the laws of the State of Delaware, and it has the power to own its assets and to
transact the business in which it is currently engaged. It is duly qualified to
do business as a foreign limited liability company and is in good standing in
each jurisdiction in which its type of organization and the character of the
business transacted by it or properties owned or leased by it requires such
qualification and in which the failure so to qualify would have a material
adverse effect on its business, properties, assets, or condition (financial or
other). It was properly licensed in each jurisdiction at the time of purchase or
origination of each Contract originated or purchased on an individual basis by
it in such jurisdiction to the extent required by the laws of such jurisdiction
as applied to the purchase or origination and servicing of such Contract, except
where the failure to be so licensed does not materially adversely affect the
interests of the Purchaser in and to such Contract.

              (b)  Authorization; Binding Obligations. It has the power and
                   ----------------------------------
authority to make, execute, deliver and perform this Agreement and all of the
transactions contemplated under this Agreement, and has taken all necessary
action to authorize the execution, delivery and performance of this Agreement.
When executed and delivered, this Agreement will constitute the legal, valid and
binding obligation of the Contract Seller enforceable in accordance with its
terms, except as enforcement of such terms may be limited by bankruptcy,
insolvency or similar laws affecting the enforcement of creditors' rights
generally and by the availability of equitable remedies.

              (c)  No Consent Required. It is not required to obtain the consent
                   -------------------
of any other party or any consent, license, approval or authorization from, or
registration or declaration with, any governmental authority, bureau or agency
in connection with the execution, delivery, performance, validity or
enforceability of this Agreement, except such as have been obtained or where the
failure to obtain any such consent, license, approval or authorization, or to
make any registration or declaration does not materially adversely affect the
interests of the Purchaser, the Trust Fund or the Noteholders therein.

              (d)  No Violations. The execution, delivery and performance of
                   -------------
this Agreement by the Contract Seller will not violate any provision of any
existing law or regulation

                                      -22-
<PAGE>

or any order or decree of any court applicable to the Contract Seller or the
charter or bylaws of the Contract Seller, or constitute a material breach of any
mortgage, indenture, contract or other agreement to which the Contract Seller is
a party or by which the Contract Seller is bound except where such violation or
breach does not materially adversely affect the interests of the Purchaser, the
Trust Fund or the Noteholders therein.

              (e)  Litigation. No litigation or administrative proceeding of or
                   ----------
before any court, tribunal or governmental body is currently pending or, to its
knowledge, threatened, against it or any of its properties or with respect to
this Agreement which, if adversely determined, would in the opinion of the
Contract Seller have a material adverse effect on the transactions contemplated
by this Agreement.

              (f)  Chief Executive Office. Its chief executive office is in
                   ----------------------
California.

     Section 3.02  Representations and Warranties Regarding Each Contract.
                   ------------------------------------------------------

     The Contracts listed on the Contract Schedule have been sold by GreenPoint
in its capacity as Contract Seller to the Purchaser on the date of execution and
delivery hereof. As a condition of the purchase by the Purchaser, the Contract
Seller represents and warrants to the Purchaser as of the Closing Date (except
as otherwise expressly stated):

              (a)  Payments. As of the Cut-Off Date, no Contract was more than
                   --------
59 days delinquent.

              (b)  No Waivers. The terms of the Contract have not been waived,
                   ----------
altered or modified in any respect, except by instruments or documents
identified in the Contract File or the Land Home Contract File, as applicable.

              (c)  Binding Obligation. The Contract is the legal, valid and
                   ------------------
binding obligation of the Obligor thereunder and is enforceable in accordance
with its terms, except as such enforceability may be limited by laws affecting
the enforcement of creditors' rights generally and by general principles of
equity.

              (d)  No Defenses. The Contract is not subject to any right of
                   -----------
rescission, setoff, counterclaim or defense, including the defense of usury, and
the operation of any of the terms of the Contract or the exercise of any right
thereunder will not render the Contract unenforceable in whole or in part or
subject to any right of rescission, setoff, counterclaim or defense, including
the defense of usury, and no such right of rescission, setoff, counterclaim or
defense has been asserted with respect thereto.

              (e)  Insurance. The Manufactured Home securing the Contract is
                   ---------
covered by a Hazard Insurance Policy in the amount required by Section 4.08. All
premiums due as of the Closing Date on such insurance have been paid in full to
the applicable providers of such insurance.

              (f)  Origination. To the knowledge of the Contract Seller, the
                   -----------
Contract was either (i) originated by a manufactured housing dealer acting in
the regular course of its business, and purchased on an individual basis by the
Contract Seller in the ordinary course of business,

                                      -23-
<PAGE>

(ii) originated by the Contract Seller in the ordinary course of business, or
(iii) purchased from [_________], which had originated such Contracts in the
ordinary course of its business.

              (g)  Lawful Assignment. The Contract was not originated in and is
                   -----------------
not subject to the laws of any jurisdiction whose laws would make the transfer
of such Contract from the Contract Seller to the Purchaser under this Agreement
unlawful.

              (h)  Compliance with Law. All requirements of any federal, state
                   -------------------
or local law, including usury, truth-in-lending and equal credit opportunity
laws and lender licensing laws, applicable to the Contract have been complied
with.

              (i)  Contract in Force. The Contract has not been satisfied or
                   -----------------
subordinated in whole or in part or rescinded, the Manufactured Home securing
the Contract has not been released from the lien of the Contract in whole or in
part and, in the case of a Land Home Contract, the related Mortgaged Property
has not been released from the related Mortgage.

              (j)  Valid Security Interest. The Contract, other than any Land
                   -----------------------
Home Contract, creates a valid, subsisting and enforceable (except as may be
limited by laws affecting creditors' rights generally) first-priority security
interest in favor of GreenPoint as secured lender, or agent thereof, in the
Manufactured Home covered thereby; such security interest has been assigned by
the Contract Seller as secured lender to the Purchaser in accordance with the
terms hereof and; the Purchaser has a valid and perfected first-priority
security interest in such Manufactured Home. Each Mortgage is a valid first lien
in favor GreenPoint on real property securing the amount owed by the Obligor
under the related Land Home Contract subject only to (a) the lien of current
real property taxes and assessments, (b) covenants, conditions and restrictions,
rights of way, easements and other matters of public record as of the date of
recording of such Mortgage, such exceptions appearing of record being acceptable
to mortgage lending institutions generally in the area wherein the property
subject to the Mortgage is located or specifically reflected in the appraisal
obtained in connection with the origination of the related Land Home and (c)
other matters to which like properties are commonly subject which do not
materially interfere with the benefits of the security intended to be provided
by such Mortgage. The Contract Seller has assigned all of its right, title and
interest in such Land Home Contract and related Mortgage, including the security
interest in the Manufactured Home covered thereby, to the Purchaser. The
Purchaser has and will have a valid and perfected and enforceable (except as may
be limited by laws affecting creditors' rights generally and by general
principles of equity) first priority security interest in such Land Home
Contract.]

          (k)   Capacity of Parties. All parties to the Contract had capacity
                -------------------
to execute the Contract.

          (l)   Good Title. It purchased the Contract for value and took
                ----------
possession thereof, without knowledge that the Contract was subject to any
security interest. It has not sold, assigned or pledged the Contract to any
Person other than the Purchaser, and prior to the transfer of the Contract by
the Contract Seller to the Purchaser, it had good and marketable title thereto
free and clear of any encumbrance, equity, loan, pledge, charge, claim or
security interest and was the sole owner thereof with full right to transfer the
Contract to the Purchaser.

                                      -24-
<PAGE>

          (m)   No Defaults. As of the Cut-Off Date, there was no default,
                -----------
breach, violation or event permitting acceleration existing under the Contract
and to its knowledge, no event which, with notice and the expiration of any
grace or cure period, would constitute such a default, breach, violation or
event permitting acceleration under such Contract (except payment delinquencies
permitted by clause (a) above). The Contract Seller has not waived any such
default, breach, violation or event permitting acceleration.

          (n)   No Liens. As of the Closing Date, there are, to its knowledge,
                --------
no liens or claims which have been filed for work, labor or materials affecting
the Manufactured Home or any related Mortgaged Property securing the Contract
which are or may be liens prior to, or equal or coordinate with, the lien of the
Contract.

          (o)   Installments. Such Contract provides for monthly payments of
                ------------
principal and interest which fully amortize the loan over its term, each
Contract that has converted to a fixed rate of interest has a fixed Contract
Rate and each Contract that has not converted to a fixed rate of interest has a
Contract Rate that after an initial period is calculated based upon the Index
plus the Gross Margin. The scheduled monthly payment allocable to interest on
each Contract is calculated on the basis that each scheduled monthly payment is
applied on its Due Date, regardless of when it is actually made.

          (p)   Enforceability. The Contract contains customary and enforceable
                --------------
(except as may be limited by laws affecting creditors' rights generally and by
general principles of equity) provisions such as to render the rights and
remedies of the holder thereof adequate for the realization against the
collateral of the benefits of the security.

          (q)   Contract Schedule.  The information set forth in the Contract
                -----------------
Schedule is true and correct.

          (r)   One Original. There is only one original executed Contract. Such
                ------------
original Contract is in the custody of the Servicer on the Closing Date.

          (s)   Loan-to-Value Ratio.  At the time of its origination, such
                -------------------
Contract had a Loan-to-Value Ratio (rounded to the nearest 1%) not greater than
100%.

          (t)   Not Real Estate. With respect to each Contract other than a Land
                ---------------
Home Contract, the related Manufactured Home is personal property and is not
considered or classified as part of the real estate on which it is located under
the laws of the jurisdiction in which it is located and was personal property
and was not considered or classified as part of the real estate on which it was
located under the laws of the jurisdiction in which it was located at the time
the related Contract was executed by the parties thereto, and with respect to
each Contract including Land Home Contracts the related Manufactured Home is, to
the Contract Seller's knowledge, free of damage (including earthquake or
hurricane damage) and in good repair.

          (u)   Notation of Security Interest. With respect to each Contract
                -----------------------------
other than a Land Home Contract, if the related Manufactured Home is located in
a state in which notation of a security interest on the title document is
required or permitted to perfect such security interest, the title document
shows, or, if a new or replacement title document with respect to such
Manufactured Home is being applied for, such title document will be issued
within 180 days and

                                      -25-
<PAGE>

will show, GreenPoint, the Purchaser or the Indenture Trustee as the holder of a
first-priority security interest in such Manufactured Home. If the related
Manufactured Home is located in a state in which the filing of a financing
statement or the making of a fixture filing under the UCC is required to perfect
a security interest in manufactured housing, such filings have been duly made
and show GreenPoint as the secured party. If the related Manufactured Home
secures a Land Home Contract, such Manufactured Home and the related Mortgaged
Property is subject to a Mortgage properly filed in the appropriate public
recording office or such Mortgage will be properly filed in the appropriate
public recording office within 180 days, naming GreenPoint as mortgagee. In
either case, the Purchaser has the same rights as the secured party of record
would have (if such secured party were still the owner of the Contract) against
all Persons (including the Contract Seller and any trustee in bankruptcy of
GreenPoint) claiming an interest in such Manufactured Home. Assuming
consummation of the transactions contemplated herein the Purchaser has the same
rights as the secured party of record would have (if such secured party were
still the owner of the Contract) against all Persons claiming an interest in
such Manufactured Home and, if applicable, such Mortgaged Property.

          (v)  Secondary Mortgage Market Enhancement Act. The related
               -----------------------------------------
Manufactured Home is a "manufactured home" within the meaning of 42 United
States Code, Section 5402(6). With respect to the Contracts originated by
[___________], [__________] meets the requirements of Section 3(a)(41)(A)(ii) of
the Securities Exchange Act of 1934, as amended. As of the Cut-Off Date, the
Contract Seller was approved for insurance by the Secretary of Housing and Urban
Development pursuant to Section 2 of the National Housing Act.

          (w)  Stamping of Contracts. Within 60 days of the Closing Date, each
               ---------------------
original Contract will have been stamped with the following legend: "This
Contract has been assigned to [___________], as Indenture Trustee under the
Indenture dated as of [________] (between such Purchaser and GreenPoint Credit,
LLC) or to any successor thereunder."

          (x)  Actuarial/Simple Interest Contracts. Except for $[________] by
               -----------------------------------
aggregate principal amount of the Contracts on the Cut-Off Date which are simple
interest Contracts, each Contract is an actuarial manufactured housing
installment loan agreement or a manufactured housing installment sales contract.

          (y)  Land Home Contracts. No Contract other than a Land Home Contract
               -------------------
is secured, or intended to be secured, in whole or in part by the lien of a
mortgage or deed of trust creating a first lien or an estate in fee simple in
the real property.

          (z)  Financing of Real Property. No Contract other than a Land Home
               --------------------------
Contract has financed any amount in respect of real property.

          (aa) Minimum and Maximum Contract Rate. As of the Cut-Off Date, the
               ---------------------------------
Contract with the lowest Contract Rate has a Contract Rate of [___]% and the
Contract with the highest Contract Rate has a Contract Rate of [___]%.

                                      -26-
<PAGE>

     Section 3.03 Representations and Warranties Regarding the Contracts in the
                  -------------------------------------------------------------
Aggregate.
---------

     The Contract Seller represents and warrants that as of the Closing Date:

          (a)  Amounts. The aggregate principal amounts payable by Obligors
               -------
under the Contracts as of the Cut-Off Date (including scheduled principal
payments due on or after the Cut-Off Date but paid prior to the Cut-Off Date)
equal or exceed the Cut-Off Date Pool Principal Balance.

          (b)  Characteristics. The Contracts have the following characteristics
               ---------------
as of the Cut-Off Date: (i) Contracts representing approximately [___]% the
Contracts by remaining principal balance are attributable to loans for purchases
of new Manufactured Homes, and approximately [___]% of the Contracts by
remaining principal balance are attributable to loans for purchases of used
Manufactured Homes; (ii) not more than approximately [___]% of the Contracts by
remaining principal balance as of the Cut-Off Date are secured by Manufactured
Homes located in any one state, not more than 1.00% of the Contracts by
remaining principal balance are secured by Manufactured Homes located in an area
with the same zip code, not more than 1.00% of the Contracts by remaining
principal balance are secured by Manufactured Homes located in the same
manufactured housing park; (iii) no Contract has a remaining maturity of more
than 360 months; (iv) no Contract was originated before [______]; (v) the final
scheduled payment date on the Contract with the latest maturity is in [_______];
and (vi) approximately [___]% by aggregate of the principal balances of the
Contracts as of the Cut-Off Date have an Index based upon Twelve-Month LIBOR.

          (c)  Computer Tape. The Computer Tape made available by the Servicer
               -------------
as of the Cut-Off Date was accurate as of its date and includes a description of
the same Contracts that are described in the Contract Schedule.

          (d)  Marking Records. Within 7 days following the Closing Date, the
               ---------------
Contract Seller will have caused the portions of the electronic master record of
its manufactured housing installment sales contracts and installment loan
agreements relating to the Contracts sold by it as of the Closing Date to be
clearly and unambiguously marked to indicate that such Contracts constitute part
of the Trust Fund.

          (e)  No Adverse Selection. Except to ensure compliance with the
               --------------------
representations and warranties made in Sections 3.02 and 3.03, no selection
procedures have been intentionally employed to achieve an adverse effect on the
interests of the Insurer in selecting the Contracts.

     Section 3.04 Representations and Warranties Regarding the Contracts.
                  ------------------------------------------------------

     The Contract Seller represents and warrants that:

          (a)  Possession. Immediately prior to the Closing Date, the Servicer
               ----------
will have possession of each Contract and the related Contract File or Land Home
Contract File, as applicable (except for any certificate of title or Mortgage
that has not yet been returned from the appropriate public recording office).
There are and there will be no custodial agreements in

                                      -27-
<PAGE>

effect materially and adversely affecting the right of the Contract Seller to
make, or to cause to be made, any delivery required hereunder.

          (b)  Bulk Transfer Laws. The transfer, assignment and conveyance of
               ------------------
the Contracts, the Contract Files and the Land Home Contract Files by the
Contract Seller to the Purchaser as contemplated by this Agreement are not
subject to the bulk transfer or any similar statutory provisions in effect in
any applicable jurisdiction.

     Section 3.05 Repurchases of Contracts or Substitution of Contracts for
                  ---------------------------------------------------------
Breach of Representations and Warranties.
----------------------------------------

          (a)  The Contract Seller shall either (i) repurchase a Contract sold
by it to the Purchaser at such Contract's Repurchase Price, or (ii) if the
Contract Seller is able to satisfy the conditions of Section 3.05(b), remove
such Contract from the Trust Fund and substitute therefor an Eligible Substitute
Contract in accordance with and subject to the limitations of Section 3.05(b),
in each case within 90 days after the Contract Seller becomes aware, or receives
written notice from the Purchaser or the Indenture Trustee, of a breach of a
representation or warranty of the Contract Seller set forth in Section 3.02 or
3.03 of this Agreement that materially adversely affects the Purchaser's or
Trust Fund's interest in such Contract, unless such breach has been cured;
provided, however, that with respect to any Contract incorrectly described on
--------  -------
the Contract Schedule with respect to remaining principal balance, which the
Contract Seller would otherwise be required to repurchase pursuant to this
Section 3.05, the Contract Seller may, in lieu of repurchasing such Contract,
deposit in the Note Account not later than one Business Day after such
Determination Date cash in an amount sufficient to cure such deficiency or
discrepancy; and further provided, that with respect to a breach of a
                 ------- --------
representation or warranty relating to the Contracts in the aggregate and not to
any particular Contract, the Contract Seller may select Contracts to repurchase
or substitute for such that, had such Contracts not been included as part of the
Contract Pool and after giving effect to such substitution, if any, there would
have been no breach of such representation or warranty; provided, however, that
                                                        --------  -------
the Contract Seller shall defend and indemnify the Purchaser, the Trust Fund and
the Noteholders against all costs, expenses, losses, damages, claims and
liabilities, including reasonable fees and expenses of counsel, which may be
asserted against or suffered by any of them as a result of third-party claims
arising out of any breach of a representation or warranty set forth in Section
3.02(c), (d), (g) or (h) of this Agreement. Notwithstanding any other provision
of this Agreement, the obligation of the Contract Seller under this Section 3.05
shall not terminate upon an Event of Default.

     Notwithstanding any other provision of this Agreement to the contrary, any
amount received on or recovered with respect to repurchased Contracts or
Replaced Contracts during or after the month of repurchase shall be the property
of the Contract Seller and need not be deposited in the Note Account.

     Notwithstanding the foregoing, the Contract Seller shall not deposit cash
into the Note Account pursuant to this Section 3.05 after the three-month period
beginning on the Closing Date unless it shall first have obtained an Opinion of
Counsel to the effect that such deposit will not give rise to any tax under
Section 86OF(a) (1) of the Code or Section 86OG(d) of the Code. Any such deposit
shall not be invested.

                                      -28-
<PAGE>

     The Purchaser shall have no obligation to pay any taxes pursuant to this
Section 3.05, other than from moneys provided to it by the Contract Seller. The
Purchaser shall be deemed conclusively to have complied with this Section 3.05
if it follows the directions of the Contract Seller required to be provided in
the preceding paragraph. Upon the repurchase of any Contract by the Contract
Seller, the Purchaser shall delete such Contract from the Contract Schedule.

     For reasons of administrative convenience in servicing of the Contracts,
notwithstanding the above provisions of this Section 3.05(a), the Contract
Seller shall not be required to repurchase or substitute for any Contract
relating to a Manufactured Home located in any jurisdiction on account of a
breach of the representation or warranty contained in Section 3.02(j) or (u) of
this Agreement solely on the basis of failure by the Contract Seller to cause
notations to be made on any document of title relating to any such Manufactured
Home or to execute any transfer instrument (including any UCC-3 assignments)
relating to any such Manufactured Home (other than a notation or a transfer
instrument necessary to show the Contract Seller as lienholder or legal title
holder) unless (i) a court of competent jurisdiction has adjudged that, because
of such failure, the Purchaser or the Indenture Trustee does not have a
perfected first-priority security interest in such related Manufactured Home, or
(ii) (A) the Servicer has received written advice of counsel to the effect that
a court of competent jurisdiction has held that, solely because of a
substantially similar failure on the part of a pledgor or assignor of
manufactured housing contracts (who has perfected the assignment or pledge of
such contracts), a perfected first-priority security interest was not created in
favor of the pledgee or assignee (as the case may be) in a related manufactured
home which is located in such jurisdiction and which is subject to the same laws
regarding the perfection of security interests therein as apply to Manufactured
Homes located in such jurisdiction, and (B) the Servicer shall not have
completed all appropriate remedial action with respect to such Manufactured Home
within 90 days after receipt of such written advice. Any such advice shall be
from counsel selected by the Servicer on a nondiscriminatory basis from among
the counsel used by the Servicer in its general business in the jurisdiction in
question. The Servicer shall have no obligation on an ongoing basis to seek any
advice with respect to the matters described in clause (ii) above. However, the
Servicer shall seek advice with respect to such matters whenever information
comes to the attention of its general counsel which causes such general counsel
to determine that a holding of the type described in clause (ii)(A) might exist.
If any counsel selected by the Servicer informs the Servicer that no holding of
the type described in clause (ii)(A) exists, such advice shall be conclusive and
binding on the parties with respect to the applicable date and jurisdiction.

          (b)  On or prior to the date that is the second anniversary of the
Closing Date, the Contract Seller, at its election, may substitute a Contract
for any Contract that it is otherwise obligated to repurchase pursuant to
Section 3.05(a) (such Contract being referred to as the "Replaced Contract")
upon satisfaction of the following conditions:

               (i)  the Contract to be substituted for the Replaced Contract is
an Eligible Substitute Contract and the Contract Seller delivers an Officer's
Certificate, substantially in the form of Exhibit E, to the Purchaser and the
                                          ---------
Indenture Trustee certifying that such Contract is an Eligible Substitute
Contract, describing in reasonable detail how such Contract satisfies the
definition of the term "Eligible Substitute Contract" (as to satisfaction of
representations and warranties, such description shall be that such Contract
satisfies such

                                      -29-
<PAGE>

representations and warranties) and certifying that the Contract File or the
Land Home Contract File, as applicable, for such Contract is in the possession
of the Servicer;

               (ii)  the Contract Seller shall have delivered to the Purchaser
and the Indenture Trustee evidence of filing with the appropriate office in
California of a UCC-1 financing statement executed by the Contract Seller as
debtor and naming the Purchaser as secured party and listing such Contract as
collateral; and

               (iii) if the Scheduled Principal Balance of such Replaced
Contract is greater than the Scheduled Principal Balance of such Contract, the
Contract Seller shall have deposited in the Note Account the amount of such
excess (which amount shall be deemed a Principal Prepayment on such Contract)
and shall have included in the Officer's Certificate required by clause (i)
above a certification that such deposit has been made.

     Upon satisfaction of such conditions, the Indenture Trustee shall add such
Contract to, and delete such Replaced Contract from, the Contract Schedule (or
cause such addition and deletion to be accomplished). Such substitution shall be
effected prior to the first Determination Date that occurs more than 90 days
after the Contract Seller becomes aware or receives written notice from the
Servicer or the Indenture Trustee, of the breach referred to in Section 3.05(a).

          (c)  Promptly after the repurchase referred to in Section 3.05(a) or
the substitution referred to in Section 3.05(b), the Indenture Trustee shall
execute such documents as are presented to it by the Contract Seller and are
reasonably necessary to reconvey the repurchased Contract or Replaced Contract,
as the case may be, to the Contract Seller.

     Section 3.06 Survival of Representations and Warranties.
                  ------------------------------------------

          (a)  It is understood and agreed that the representations and
warranties in this Article III hereof shall remain operative and in full force
and effect, shall survive the transfer and conveyance of the Contracts by the
Contract Seller to the Purchaser and by the Purchaser to the Indenture Trustee
and shall inure to the benefit of the Purchaser and the Indenture Trustee.

          (b)  Any cause of action against the Contract Seller relating to or
arising out of the breach of any of its representations and warranties made in
this Article III shall accrue as to any Contract upon (i) discovery of such
breach by the Contract Seller or notice thereof by the Indenture Trustee, the
Purchaser or Servicer to the Contract Seller, (ii) failure by the Contract
Seller to cure such breach, and (iii) demand upon the Contract Seller by the
Purchaser or the Indenture Trustee for all amounts payable in respect of such
Contract under this Agreement.

                                  ARTICLE IV

                   ADMINISTRATION AND SERVICING OF CONTRACTS

     Section 4.01 Responsibility for Contract Administration and Servicing.
                  --------------------------------------------------------

     GreenPoint hereby agrees to act as Servicer under this Agreement. The
Noteholders by their acceptance of the Notes consent to GreenPoint acting as
Servicer. The Servicer shall service and administer the Contracts and, subject
to the terms of this Agreement, shall have full

                                      -30-
<PAGE>

power and authority to do any and all things which it may deem necessary or
desirable in connection with such servicing and administration. Subject to
Section 4.02, without limiting the generality of the foregoing, the Servicer
hereby is authorized and empowered, when the Servicer believes it appropriate in
its best judgment, to execute and deliver, on behalf of the Noteholders and the
Purchaser or any of them, any and all instruments of satisfaction or
cancellation, or of partial or full release or discharge and all other
comparable instruments, with respect to the Contracts, with respect to the
Manufactured Homes and with respect to the Mortgaged Property. The Purchaser and
the Indenture Trustee shall furnish the Servicer with any powers of attorney and
other documents necessary or appropriate to enable the Servicer to service and
administer the Contracts. The relationship of the Servicer (and of any successor
to the Servicer as Servicer under this Agreement) to the Purchaser and the
Indenture Trustee under this Agreement is intended by the parties to be that of
an independent contractor and not that of a joint venturer, partner or agent of
the Purchaser or the Indenture Trustee.

     Section 4.02 Standard of Care.
                  ----------------

     In managing, administering, servicing and making collections on the
Contracts pursuant to this Agreement, the Servicer will, consistent with the
terms of this Agreement and applicable law, act with reasonable care, using that
degree of skill and care that it exercises with respect to similar manufactured
housing contracts owned and/or serviced by it, but in no event using a degree of
skill and care that is lower than that used generally in the servicing industry
for such manufactured housing contracts; provided, however, that notwithstanding
                                         --------  -------
the foregoing, the Servicer shall not release or waive the right to collect the
unpaid balance on any Contract except if default or foreclosure on such Contract
has occurred or in the reasonable judgment of the Servicer is imminent and such
waiver or release is in the best interest of the Purchaser or the Trust Fund, in
the reasonable judgement of the Servicer. Notwithstanding anything to the
contrary contained in this Agreement, no provision of this Agreement shall be
construed so as to require the Servicer to take any action or fail to take any
action in respect of a Contract which action or failure violates applicable law.

     Section 4.03 Records.
                  -------

     The Servicer, during the period it is Servicer hereunder, shall maintain
such books of account and other records as will enable the Purchaser and the
Indenture Trustee (if the Indenture Trustee so elects in its discretion) to
determine the status of each Contract. Without limiting the generality of the
preceding sentence, the Servicer shall keep such records in respect of
Liquidation Expenses as will enable the Purchaser and the Indenture Trustee (if
the Indenture Trustee so elects in its discretion) to determine that the correct
amount of Net Liquidation Proceeds in respect of a Liquidated Contract has been
deposited in the Note Account.

     Section 4.04 Inspection.
                  ----------

          (a)  At all times during the term hereof, the Servicer shall afford
the Purchaser or the Indenture Trustee and its authorized agents reasonable
access during normal business hours to the Servicer's records relating to the
Contracts and will cause its personnel to assist in any examination of such
records by the Purchaser or the Indenture Trustee or any of its authorized
agents. The examination referred to in this Section 4.04 will be conducted in a

                                      -31-
<PAGE>

manner which does not interfere unreasonably with the Servicer's normal
operations or customer or employee relations. Without otherwise limiting the
scope of the examination which the Purchaser or the Indenture Trustee may make,
the Purchaser or the Indenture Trustee or its authorized agents, using generally
accepted audit procedures, may in their discretion verify the status of each
Contract and review the records relating thereto for conformity to Monthly
Reports prepared pursuant to Article V and compliance with the standards
represented to exist as to each Contract in this Agreement.

          (b)  At all times during the term hereof, the Servicer shall keep
available a copy of the Contract Schedule at its principal executive office for
inspection by Note Owners.

     Section 4.05 Establishment of and Deposits in Note Account.
                  ---------------------------------------------

     The Servicer shall deposit in the Note Account as promptly as practicable
(but not later than the close of business of the second Business Day) following
receipt thereof:

          (a)  All amounts received from Obligors with respect to principal of
and interest on the Contracts (including Excess Contract Payments);

          (b)  All Net Liquidation Proceeds;

          (c)  All amounts required to be deposited by the Contract Seller
pursuant to Sections 3.05(a) and (b);

          (d)  All Monthly Advances pursuant to Section 5.01;

          (e)  Any proceeds of Hazard Insurance Policies pursuant to Section
4.10 and any amounts in respect of indemnification pursuant to Section 7.03;

          (f)  All amounts required to be withdrawn from an REO Account and
deposited in the Note Account in accordance with Section 4.17; and

          (g)  All Deficiency Amounts.

     Section 4.06 Payment of Taxes.
                  ----------------

     If the Servicer becomes aware of the nonpayment by an Obligor of a real or
personal property tax or other tax or charge which may result in a lien upon a
Manufactured Home or Mortgaged Property prior to, or equal to or coordinate
with, the lien of the related Contract, the Servicer, consistent with Section
4.02, shall take action, including the advancing, but only to the extent that
the Servicer deems, in its sole judgement, such advance recoverable, of such
taxes or charges to avoid the attachment of any such lien. If the Servicer shall
have paid any such real or personal property tax or other tax or charge directly
on behalf of an Obligor, the Servicer may separately add such amount to the
Obligor's obligation as provided by the Contract, but, for the purposes of this
Agreement, may not add such amount to the remaining principal balance of the
Contract. If the Servicer shall have repossessed a Manufactured Home or
Mortgaged Property on behalf of the Noteholders, the Purchaser and the Indenture
Trustee, the Servicer shall advance, but only to the extent that the Servicer,
in its sole judgment, deems such advance

                                      -32-
<PAGE>

recoverable, the amount of any such tax or charge arising during the time such
Manufactured Home is in the Servicer's possession or title to the Mortgaged
Property is in the name of the Servicer (or any Person acting on behalf of the
Servicer), unless the Servicer is contesting in good faith such tax or charge or
the validity of the claimed lien on such Manufactured Home or Mortgaged
Property. If the Obligor does not reimburse the Servicer for payment of such
taxes or charges pursuant to this Section 4.06 and the related Contract is
liquidated after a default, the Servicer shall be reimbursed for its payment of
such taxes or charges out of the related Liquidation Proceeds. If Liquidation
Proceeds are insufficient to reimburse the Servicer for any such premiums, the
amount of such insufficiency shall constitute, and be reimbursable to the
Servicer as, a Nonrecoverable Advance.

     Section 4.07 Enforcement.
                  -----------

          (a)  The Servicer, consistent with Section 4.02, shall act with
respect to the Contracts in such manner as will maximize the receipt of
principal and interest on such Contracts.

          (b)  The Servicer shall sue to enforce or collect upon Contracts and,
where permitted by applicable law, may, in its sole judgment, sue to collect any
Deficiency at its own expense, in its own name, if possible, or as agent for the
Indenture Trustee or the Purchaser. If the Servicer elects to commence a legal
proceeding to enforce a Contract, the act of commencement shall be deemed to be
an automatic assignment of the Contract to the Servicer for purposes of
collection only. If, however, in any enforcement suit or legal proceeding it is
held that the Servicer may not enforce a Contract on the ground that it is not a
real party in interest or a holder entitled to enforce the Contract, the
Indenture Trustee on behalf of the Noteholders shall, at the Servicer's expense,
take such steps as the Servicer deems necessary to enforce the Contract,
including bringing suit in its name or the names of the Noteholders. If there
has been a recovery of attorneys' fees in favor of the Servicer, the Indenture
Trustee or the Purchaser in an action involving the enforcement of a Contract,
the Servicer shall be reimbursed out of such recovery for its out-of-pocket
attorney's fees and expenses incurred in such enforcement action.

          (c)  The Servicer shall exercise any rights of recourse against third
persons that exist with respect to any Contract in accordance with Section 4.02.
In exercising recourse rights, the Servicer is authorized on the Purchaser's and
the Indenture Trustee's behalf to reassign the Contract or to resell the related
Manufactured Home and, if applicable, the Mortgaged Property, to the Person
against whom recourse exists at the price set forth in the document creating the
recourse.

          (d)  The Servicer may grant to the Obligor on any Contract any rebate,
refund or adjustment out of the Note Account that is required because of an
overpayment in connection with the partial prepayment or prepayment in full of
the Contract or otherwise. The Servicer may rescind, cancel or make material
modifications of the terms of any Contract (including modifying the amounts and
due dates of scheduled monthly payments); provided that, unless required by
                                          --------
applicable law or to bring Contracts into conformity with the representations
and warranties contained in Article III, the Servicer will not permit any
rescission or cancellation of

                                      -33-
<PAGE>

any Contract or any material modification of a Contract other than in connection
with a default or an imminent default on such Contract.

     Section 4.08 Maintenance of Hazard Insurance Policies.
                  ----------------------------------------

          (a)  Except as otherwise provided in subsection (b) of this Section
4.08, the Servicer shall cause to be maintained with respect to each Contract
one or more Hazard Insurance Policies which provide, at a minimum, the same
coverage as a standard form fire and extended coverage insurance policy that is
customary for manufactured housing, issued by a company authorized to issue such
policies in the state in which the Manufactured Home is located, and in an
amount which is not less than the maximum insurable value of such Manufactured
Home or the principal balance of the related Contract, whichever is less;
provided that such Hazard Insurance Policies may provide for customary
--------
deductible amounts, and further provided that the amount of coverage provided by
                        ------- --------
each Hazard Insurance Policy shall be sufficient to avoid the application of any
co-insurance clause contained therein. If a Manufactured Home is located within
a federally designated special flood hazard area, the Servicer shall, to the
extent required by applicable law or regulation, also cause flood insurance to
be maintained, which coverage shall be at least equal to the minimum amount
specified in the preceding sentence or such lesser amount as may be available
under the federal flood insurance program. Each Hazard Insurance Policy caused
to be maintained by the Servicer shall contain a standard loss payee clause in
favor of the Servicer and its successors and assigns. If any Obligor is in
default in the payment of premiums on its Hazard Insurance Policy or Policies,
the Servicer shall advance such premiums out of its own funds (but only to the
extent that it deems, in its sole judgment, that such advances are recoverable),
and may add separately such premium to the Obligor's obligation as provided by
the Contract, but may not add such premium to the remaining principal balance of
the Contract for purposes of this Agreement. If the Obligor does not reimburse
the Servicer for payment of such premiums and the related Contract is liquidated
after a default, the Servicer shall be reimbursed for its payment of such
premiums out of the related Liquidation Proceeds.

          (b)  The Servicer may, in lieu of causing individual Hazard Insurance
Policies to be maintained with respect to each Manufactured Home pursuant to
subsection (a) of this Section 4.08, and shall, to the extent that the related
Contract does not require the Obligor to maintain a Hazard Insurance Policy with
respect to the related Manufactured Home, maintain one or more blanket insurance
policies covering losses as provided in subsection (a) of this Section 4.08
resulting from the absence or insufficiency of individual Hazard Insurance
Policies. Any such blanket policy shall be substantially in the form that is the
industry standard for blanket insurance policies issued to cover Manufactured
Homes and in the amount sufficient to cover all losses on the Contracts. The
Servicer shall pay, out of its own funds, the premium for such policy on the
basis described therein and shall deposit in the Note Account, on the Business
Day next preceding the Determination Date following the Collection Period in
which the insurance proceeds from claims in respect of any Contracts under such
blanket policy are or should have been received, the deductible amount with
respect to such claims. The Servicer shall not, however, be required to deposit
any deductible amount with respect to claims under individual Hazard Insurance
Policies maintained pursuant to subsection (a) of this Section 4.08.

                                      -34-
<PAGE>

          (c)  If the Servicer shall have repossessed a Manufactured Home on
behalf of the Purchaser or the Indenture Trustee, the Servicer shall either (i)
maintain at its expense, but only to the extent that it deems, in its sole
judgment, such expense recoverable, a Hazard Insurance Policy with respect to
such Manufactured Home, except that the Servicer shall be responsible for
depositing any deductible amount with respect to all claims under individual
Hazard Insurance Policies, or (ii) indemnify, to the extent that the Servicer
should have maintained such Hazard Insurance Policy pursuant to subclause (i) of
this clause (c), the Purchaser or the Trust Fund against any damage to such
Manufactured Home prior to resale or other disposition that would have been
covered by such Hazard Insurance Policy.

          (d)  Any cost incurred by the Servicer in maintaining any of the
foregoing insurance, for the purpose of calculating monthly distributions to
Noteholders, shall not be added to the amount owing under the Contract,
notwithstanding that the terms of the Contract so permit. Except as provided in
the final sentence of this paragraph, the Servicer shall not be entitled to
reimbursement from the Contract Seller, the Indenture Trustee, the Purchaser or
the Noteholders for such costs. Such costs (other than the cost of the blanket
policy) shall only be recovered out of later payments by the Obligor for such
premiums or, if the related Contract is liquidated after a default, out of the
related Liquidation Proceeds. If Liquidation Proceeds are insufficient to
reimburse the Servicer for any such premiums, the amount of such insufficiency
shall constitute, and be reimbursable to the Servicer as, a Nonrecoverable
Advance.

     Section 4.09 Fidelity Bond and Errors and Omissions Insurance.
                  ------------------------------------------------

     The Servicer shall maintain, at its own expense, a blanket fidelity bond
and an errors and omissions insurance policy, with broad coverage with
responsible companies acceptable to FNMA and FHLMC, on all officers, employees
or other persons acting in any capacity with regard to the Contracts to handle
funds, money, documents and papers relating to the Contracts. Any such fidelity
bond and errors and omissions insurance shall protect and insure the Servicer
against losses, including forgery, theft, embezzlement, fraud, errors and
omissions and negligent acts of such persons. No provision of this Section 4.09
requiring such fidelity bond and errors and omissions insurance shall diminish
or relieve the Servicer from its duties and obligations as set forth in this
Agreement. The minimum coverage under any such bond and insurance policy shall
be in an amount as is customary for servicers that service a portfolio of
manufactured housing installment sales contracts of $100 million or more and
that are generally acceptable as servicers to institutional investors. On or
before April 1 of every year, the Servicer shall cause to be delivered to the
Purchaser and the Indenture Trustee a certified true copy of such fidelity bond
and insurance policy and a statement from the surety and the insurer that such
fidelity bond or insurance policy shall in no event be terminated or materially
modified without 30 days' prior written notice to the Purchaser and the
Indenture Trustee.

     Section 4.10 Collections under Hazard Insurance Policies, Consent to
                  -------------------------------------------------------
Transfers of Manufactured Homes, Assumption Agreements.
------------------------------------------------------

          (a)  In connection with its activities as administrator and Servicer
of the Contracts, the Servicer agrees to present, on behalf of itself, the
Indenture Trustee and the Purchaser, claims to the insurer under any Hazard
Insurance Policies and, in this regard, to take such reasonable action as shall
be necessary to permit recovery under any Hazard Insurance

                                      -35-
<PAGE>

Policies or any blanket policies obtained pursuant to Section 4.09(b) (except
that the Servicer shall not be required to make any advances that the Servicer
believes, in its sole judgment, would become a nonrecoverable advance). Any
amounts collected by the Servicer under any such Hazard Insurance Policies shall
be deposited in the Note Account pursuant to Section 4.05, except to the extent
they are applied to the restoration of the related Manufactured Home or released
to the related Obligor in accordance with the normal servicing procedures of the
Servicer.

          (b)  In connection with any transfer of ownership of a Manufactured
Home and, if applicable, the related Mortgaged Property, by an Obligor to a
Person, the Servicer shall consent to any such transfer and permit the
assumption by such Person of the Contract related to such Manufactured Home,
provided that (i) such Person, in the judgment of the Servicer, meets the
--------
Servicer's underwriting standards then in effect, (ii) such Person enters into
an assumption agreement, (iii) the Servicer determines that permitting such
assumption by such Person will not materially increase the risk of nonpayment of
such Contract and (iv) such action will not adversely affect or jeopardize any
coverage under any insurance policy required by this Agreement. In the event the
Servicer determines that the conditions of the proviso of the preceding sentence
have not been fulfilled, then the Servicer shall withhold its consent to any
such transfer, but only to the extent permitted under the Contract and
applicable law and governmental regulations and only to the extent that such
action will not adversely affect or jeopardize any coverage under any insurance
policy required by this Agreement. In connection with any such assumption, the
rate of interest borne by, and all other material terms of, the related Contract
shall not be changed.

          (c)  In any case in which a Manufactured Home or Mortgaged Property is
to be conveyed to a Person by an Obligor, and such Person is to enter into an
assumption agreement or modification agreement or supplement to the Contract in
accordance with Section 4.10(b) or Section 4.07(d), upon the closing of such
conveyance, the Servicer shall cause the originals of the assumption agreement,
the release (if any), or the modification or supplement to the Contract to be
deposited with the Contract File or the Land Home Contract File, as applicable,
for such Contract. Any fee collected by the Servicer for entering into an
assumption or substitution of liability agreement with respect to such Contract
will be retained by the Servicer as additional servicing compensation.

     Section 4.11 Realization upon Defaulted Contracts.
                  ------------------------------------

     Subject to applicable law, the Servicer shall repossess, foreclose upon or
otherwise comparably convert the ownership of Manufactured Homes and Mortgaged
Property securing all Contracts that come into default and which the Servicer
believes in its good faith business judgment will not be brought current. The
Servicer shall manage, conserve and protect such Manufactured Homes and
Mortgaged Property for the purposes of their prompt disposition and sale, and
shall dispose of such Manufactured Homes and Mortgaged Property on such terms
and conditions as it deems in the best interests of the Purchaser and the
Noteholders. If the Servicer has actual knowledge that a Mortgaged Property is
affected by hazardous waste, then the Servicer shall not cause the Purchaser or
the Trust Fund to acquire title to such Mortgaged Property in a foreclosure or
similar proceeding. For purposes of the preceding sentence, the Servicer shall
not be deemed to have actual knowledge that a Mortgaged Property is affected by

                                      -36-
<PAGE>

hazardous waste unless it shall have received written notice that hazardous
waste is present on such property and such written notice has been made a part
of the Land Home Contract File with respect to the related Contract. In
connection with such activities, the Servicer shall follow such practices and
procedures as are consistent with Section 4.02.

     Section 4.12 Costs and Expenses.
                  ------------------

     Except as otherwise expressly provided herein, all costs and expenses
incurred by the Servicer in carrying out its duties under this Agreement,
including all fees and expenses incurred in connection with the enforcement of
Contracts (including enforcement of defaulted Contracts and repossessions of
Manufactured Homes and Mortgaged Property securing such Contracts), shall be
paid by the Servicer, and the Servicer shall not be entitled to reimbursement
hereunder, except to the extent such reimbursement is specifically provided for
in this Agreement. Notwithstanding the foregoing, the Servicer shall be
reimbursed out of the Liquidation Proceeds of a defaulted Contract for
Liquidation Expenses incurred by it in realizing upon the related Manufactured
Home and Mortgaged Property, including, but not limited to: (i) costs of
refurbishing and securing such Manufactured Home; (ii) transportation expenses
incurred in moving the Manufactured Home; (iii) reasonable legal fees and
expenses of outside counsel; and (iv) sales commissions paid to Persons that are
not Affiliates of the Servicer. The Servicer shall not incur any Liquidation
Expenses unless it determines in its good faith business judgment that incurring
such expenses will increase the Net Liquidation Proceeds from such Manufactured
Home and Mortgaged Property and that the Servicer will be reimbursed for such
Liquidation Expenses.

     Section 4.13 Purchaser to Cooperate.
                  ----------------------

          (a)  Upon payment in full of any Contract, the Servicer will notify
the Purchaser and the Indenture Trustee on the next Distribution Date by a
certificate of a Servicing Officer (which certification shall include a
statement to the effect that all amounts received or to be received in
connection with such payment which are required to be deposited in the Note
Account pursuant to Section 4.05 have been deposited). The Servicer is
authorized to execute an instrument in satisfaction of such Contract and to do
such other acts and execute such other documents as the Servicer deems necessary
to discharge the Obligor thereunder and eliminate the security interest in the
Manufactured Home. The Servicer shall determine when a Contract has been paid in
full. To the extent insufficient payments are received on a Contract mistakenly
determined by the Servicer to be prepaid or paid in full and satisfied, the
shortfall shall be paid by the Servicer out of its own funds by deposit into the
Note Account.

          (b)  From time to time as appropriate for servicing and foreclosure in
connection with any Land Home Contract, the Indenture Trustee shall, upon
written request of a Servicing Officer and delivery to the Indenture Trustee of
a receipt signed by such Servicing Officer, cause the original Land Home
Contract and the related Land Home Contract File to be released to the Servicer
and shall execute such documents as the Servicer shall deem necessary to the
prosecution of any such proceedings. The Indenture Trustee shall stamp the face
of each such Land Home Contract to be released to the Servicer with a notation
that the Land Home Contract has been assigned to the Indenture Trustee.

                                      -37-
<PAGE>

          (c)  The Servicer's receipt of a Land Home Contract and/or Land Home
Contract File shall obligate the Servicer to return the original Land Home
Contract and the related Land Home Contract File to the Indenture Trustee, or
any person acting on behalf of the Indenture Trustee, when its need by the
Servicer has ceased unless the Contract shall be liquidated, repurchased or
replaced as described in Section 3.05.

          (d)  Upon request of a Servicing Officer, the Purchaser shall, at the
expense of the Servicer, perform such acts as are reasonably requested by the
Servicer (including the execution of documents) and otherwise cooperate with the
Servicer in the enforcement of rights and remedies with respect to Contracts.

     Section 4.14 Servicing and Other Compensation.
                  --------------------------------

     The Servicer, as compensation for its activities hereunder including the
payment of fees and expenses of the Indenture Trustee pursuant to the Indenture,
shall be entitled to receive on each Distribution Date the Monthly Servicing Fee
and Repossession Profits pursuant to Section 5.02.

     Additional servicing compensation in the form of Servicer Deficiency
Amounts, Late Payment Fees or Extension Fees and any transfer of equity or
assumption fees shall be retained by the Servicer. The Servicer shall not be
reimbursed for its costs and expenses in servicing the Contracts except as
otherwise expressly provided herein.

     No transfer, sale, pledge or other disposition of the Servicer's right to
receive all or any portion of the Monthly Servicing Fee shall be made, and any
such attempted transfer, sale, pledge or other disposition shall be void, unless
such transfer is made to a successor Servicer in connection with the assumption
by such successor Servicer of the duties hereunder pursuant to Section 6.07 and
all (and not a portion) of the Monthly Servicing Fee is transferred to such
successor Servicer.

     Section 4.15 Custody of Contracts.
                  --------------------

          (a)  Subject to the terms and conditions of this Section 4.15, the
Servicer agrees to act as custodian of the Contract Files (other than the Land
Home Contract Files) for the benefit of the Purchaser and the Indenture Trustee.
The Noteholders by their acceptance of the Notes, consent to the Servicer acting
as custodian, and the Servicer agrees to maintain the Contract Files (other than
the Land Home Contract Files) as custodian therefor.

          (b)  The Servicer agrees to maintain the related Contract Files (other
than the Land Home Contract Files) at its offices where they are presently
maintained, or at such other offices of the Servicer in the State of California
as shall from time to time be identified to the Indenture Trustee by ten days'
prior written notice. The Servicer may temporarily move individual Contract
Files, Land Home Contract Files or, in each case, any portion thereof without
notice as necessary to conduct collection and other servicing activities in
accordance with its customary practices and procedures.

          (c)  As custodian, the Servicer shall have and perform the following
powers and duties:

                                      -38-
<PAGE>

               (i)   hold the Contract Files (other than the Land Home Contract
Files) on behalf of the Purchaser, the Indenture Trustee and the Noteholders,
maintain accurate records pertaining to each Contract to enable it to comply
with the terms and conditions of this Agreement, maintain a current inventory
thereof and conduct annual physical inspections of Contract Files held by it
under this Agreement;

               (ii)  implement policies and procedures in writing and signed by
a Servicing Officer, with respect to persons authorized to have access to the
Contract Files on the Servicer's premises and the receipting for Contract Files
taken from their storage area by an employee of the Servicer for purposes of
servicing or any other purposes; and

               (iii) attend to all details in connection with maintaining
custody of the Contract Files on behalf of the Purchaser, the Indenture Trustee
and the Noteholders.

          (d)  In performing its duties under this Section 4.15, the Servicer
agrees to act in accordance with the standard of care set forth in Section 4.02.
The Servicer shall promptly report to the Indenture Trustee and the Purchaser
any failure by it to hold the Contract Files as herein provided, and shall
promptly take appropriate action to remedy any such failure. In acting as
custodian of the Contract Files, the Servicer further agrees not to assert any
beneficial ownership interests in the Contracts, or the Contract Files. The
Servicer agrees to indemnify Noteholders, the Indenture Trustee and the
Purchaser for any and all liabilities, obligations, losses, damages, payments,
costs or expenses of any kind whatsoever which may be imposed on, incurred or
asserted against the Noteholders, the Indenture Trustee and the Purchaser as the
result of any act or omission by the Servicer relating to the maintenance and
custody of the Contract Files; provided, however, that the Servicer will not be
                               --------  -------
liable for any portion of any such amount resulting from the negligence or
willful misconduct of any other Person.

          (e)  Not later than 60 days from the Closing Date, the Contract Seller
shall deliver, or cause to be delivered, to the Indenture Trustee the following:

               (i)   the Land Home Contract Files;

               (ii)  the original Land Home Contracts endorsed as provided in
Section 3.02(x) (which endorsement may be manual or facsimile signature) on
behalf of the Contract Seller; and

               (iii) Assignments from the Contract Seller to the Purchaser and
from the Purchaser to the Indenture Trustee, which Assignments shall be in form
and substance for recording, but shall not be recorded except as required by
Section 4.20 below;

Notwithstanding anything to the contrary contained in this Section 4.15(e), in
those instances where the public recording office retains the original Mortgage,
the Assignment of the Mortgage or the intervening Assignments of the Mortgage
after it has been recorded, the Contract Seller shall be deemed to have
satisfied its obligations hereunder upon delivery to the Purchaser of a copy of
such Mortgage, such Assignment or Assignments of Mortgage certified by the
public recording office to be a true copy of the recorded original thereof.

                                      -39-
<PAGE>

     Within 90 days following the Closing Date, the Indenture Trustee shall
review each Land Home Contract File to determine that all required documents set
forth in each item of the first paragraph of this Section 4.15(e) have been
executed and received and that such documents relate to the Land Home Contracts
identified on the Contract Schedule. For purposes of this determination, the
Indenture Trustee may rely on the purported due execution and genuineness of any
signature thereon. If within such 90 day period the Indenture Trustee finds that
any document constituting a part of a Land Home Contract File was not executed,
defective or received or is unrelated to the Land Home Contracts identified in
the Contract Schedule (in this Section 4.15(e), a "defect"), the Indenture
Trustee shall promptly upon the conclusion of its review notify the Servicer.
The Servicer shall have a period of 90 days from receipt of such notice within
which to correct or cure any such defect after the Servicer has been notified of
such. If the Servicer cannot correct or cure any such defect with respect to a
Land Home Contract within such 90 day period, it shall comply with the
provisions of Section 3.05 hereof.

     If recordation of any Assignment is required hereunder, the original of
each such recorded Assignment shall be delivered to the Indenture Trustee within
10 days following the date on which it is returned to the Contract Seller by the
office with which such Assignment was filed for recordation. Upon receipt by the
Indenture Trustee of the recorded Assignment, such recorded Assignment shall
become part of the Land Home Contract File.

          (f)  Custodial Arrangements. The Trustee may appoint a custodian who
               ----------------------
is acceptable to the Servicer and the Contract Seller and who, upon execution of
a custodial agreement, shall maintain possession of the Land Home Contract
Files, together with assignments in recordable form, or such part of them as the
Trustee shall direct, as agent of the Trustee pursuant to the terms of such
custodial agreement. The appointment of such custodian shall not relieve the
Trustee of its obligations hereunder. The Trustee will notify the Rating
Agencies upon the appointment of any custodian.

          The Trustee shall keep the Servicer apprised at all times after the
Closing Date of the location of the Land Home Contract Files. The Trustee shall
take all steps that are reasonably necessary or appropriate in order to
facilitate the Servicer's access to the Land Home Contract Files during normal
business hours of the Trustee or any custodian and shall cooperate fully with
the Servicer in securing such access.

     Section 4.16 Management of REO Property.
                  --------------------------

          (a)  If the Indenture Trustee acquires any REO Property pursuant to
[Section 4.16], the Servicer shall have full power and authority, subject only
to the specific requirements and prohibitions of this Agreement, to do any and
all things in connection therewith as are consistent with the manner in which
the Servicer manages and operates similar property owned by the Servicer or any
of its Affiliates, all on such terms and for such period as the Servicer deems
to be in the best interests of Noteholders, and the Purchaser and, consistent
therewith, shall withdraw from the REO Account, to the extent of amounts on
deposit therein with respect to such REO Property, funds necessary for the
proper operation, management and maintenance of such REO Property, including:

                                      -40-
<PAGE>

               (i)   all insurance premiums due and payable in respect to such
REO Property;

               (ii)  all real estate taxes and assessments in respect to such
REO Property that may result in the imposition of a lien thereon; and

               (iii) all costs and expenses necessary to maintain such REO
Property.

     To the extent that amounts on deposit in the REO Account in respect of any
REO Property are insufficient for the purposes set forth in (i)-(iii) above with
respect to such REO Property, the Servicer shall advance from its own funds such
amount as is necessary for such purposes if, but only if, the Servicer would
make such advances if the Servicer owned such REO Property and if in the
Servicer's judgment, the payment of such amounts will be recoverable from the
operation or sale of such REO Property.

          (b)  Notwithstanding the foregoing, the Servicer shall not:

               (i)   authorize or permit any construction on any REO Property,
other than the completion of a building or other improvement thereon, and then
only if more than ten percent of the construction of such building or other
improvement was completed before default on the related Contract became
imminent, all within the meaning of Section 856(e)(4)(B) of the Code; or

               (ii)  directly operate, or allow any other Person to directly
operate, any REO Property on any date more than 90 days after its date of
acquisition.

          (c)  The Servicer may contract with any Independent Contractor for the
operation and management of any REO Property, provided that:

               (i)   the terms and conditions of any such contract may not be
inconsistent herewith;

               (ii)  any such contract shall require, or shall be administered
to require, that (A) the Independent Contractor pay all costs and expenses
incurred in connection with the operation and management of such REO Property,
including those listed in subsection (a) hereof, (B) hold all related revenues
in a segregated account, which shall be an Eligible Account, and (C) remit all
related revenues collected (net of such costs and expenses and any fees retained
by such Independent Contractor) to the Servicer on a monthly or more frequent
basis;

               (iii) none of the provisions of this Section 4.16(c) relating to
any such contract or to actions taken through any such Independent Contractor
shall be deemed to relieve the Servicer of any of its duties and obligations to
the Purchaser and to the Indenture Trustee on behalf of the Noteholders with
respect to the operation and management of any such REO Property; and

               (iv)  the Servicer shall be obligated with respect thereto to the
same extent as if it alone were performing all duties and obligations in
connection with the operation and management of such REO Property.

                                      -41-
<PAGE>

     The Servicer shall be entitled to enter into any agreement with any
Independent Contractor performing services for it related to its duties and
obligations hereunder for indemnification of the Servicer by such Independent
Contractor, and nothing in this Agreement shall be deemed to limit or modify
such indemnification. The Servicer shall be entitled to pay all fees owed to any
such Independent Contractor out of the REO Account pursuant to Section 4.16.

          (d)  Subject to Section 4.16(b), the Servicer shall itself be entitled
to operate and manage any foreclosure property and, in such event, shall be
entitled to pay itself a monthly management fee in accordance with Section 4.16;
provided that the amount of such management fee shall not exceed the amount
customarily charged for the operation and management of similar property in the
locality of such REO Property by property managers other than the Servicer or
its Affiliates.

     Section 4.17 Reports to the Securities and Exchange Commission.
                  -------------------------------------------------

     The Servicer shall use reasonable efforts to assist the Contract Seller and
the Purchaser in obtaining any information maintained by it in the ordinary
course of performing its duties hereunder that is necessary for the Contract
Seller, on behalf of the Trust Fund, and the Purchaser to cause to be filed with
the Securities and Exchange Commission any periodic reports required to be filed
under the provisions of the Securities Exchange Act of 1934, as amended, and the
rules and regulations of the Securities and Exchange Commission thereunder.

     Section 4.18 Annual Statement as to Compliance.
                  ---------------------------------

     The Servicer will deliver to the Contract Seller, the Purchaser and each
Rating Agency on or before [_____]of each year, commencing in 2001, an Officer's
Certificate (i) stating that a review of the activities of the Servicer during
the preceding calendar year and of performance under this Agreement has been
made under such officer's supervision, and (ii) stating that to the best of such
officer's knowledge, based on such review, the Servicer has fulfilled all its
obligations under this Agreement throughout such year, or, if there has been a
default in the fulfillment of any such obligation, specifying each such default
known to such officer and the nature and status thereof.

     Section 4.19 Annual Independent Public Accountants' Servicing Report.
                  -------------------------------------------------------

     On or before [_____] of each year, commencing in 2001, the Servicer, at its
expense, shall cause a firm of independent public accountants which is a member
of the American Institute of Certified Public Accountants to furnish a statement
to the Contract Seller, the Purchaser the Indenture Trustee and each Rating
Agency to the effect that such firm has examined certain documents and records
relating to the servicing of the Contracts under this Agreement and, at the
option of the Servicer, manufactured housing installment sale contracts and
installment loan agreements under pooling and servicing agreements substantially
similar to this Agreement with regard to servicing procedures (such statement to
have attached thereto a schedule setting forth the pooling and servicing
agreements covered thereby, including this Agreement) and that, on the basis of
such examination conducted substantially in compliance with this Agreement or
such agreements, as the case may be, and generally accepted auditing standards,
such servicing has been conducted substantially in compliance with this
Agreement or

                                      -42-
<PAGE>

such pooling and servicing agreements, as the case may be, except for such
exceptions as such firm believes to be immaterial and such other exceptions or
errors in records that may be set forth in such statement. For purposes of such
statement, such firm may assume conclusively that all indentures among the
Contract Seller, the Servicer, the Purchaser and an indenture trustee relating
to notes or pooling agreements among the Contract Seller, the Servicer and a
trustee relating to certificates evidencing an interest in actuarial and/or
simple interest manufactured housing contracts are substantially similar to one
another, except for any such pooling and servicing agreement which by its terms
specifically states otherwise.

     Section 4.20 Retitling of Land Home Contracts.
                  --------------------------------

          (a)  If the Contract Seller or the Servicer receives actual notice or
knowledge that GreenPoint Bank, the parent of the Contract Seller, is no longer
assigned a long-term senior debt rating from Moody's of Baa3 or higher, of BBB-
or higher from S&P, the Servicer shall promptly provide notice to the Purchaser
and the Indenture Trustee that GreenPoint Bank no longer has such rating. If at
any time during the term of this Agreement the Indenture Trustee receives
written notice from the Servicer or the Contract Seller that GreenPoint Bank
does not have a long-term senior debt rating from Moody's of Baa3 or higher, of
BBB- or higher from S&P, or if the Indenture Trustee otherwise becomes aware
that the Contract Seller is no longer assigned such rating, the Indenture
Trustee, at the Contract Seller's expense, shall file promptly in the
appropriate recording offices the assignments to the Indenture Trustee of each
Mortgage securing a Land Home Contract sold by the Contract Seller to the
Purchaser and pledged to the Trust Fund.

          (b)  If at any time GreenPoint Bank does not own, directly or
indirectly, at least 51% of the membership interests of GreenPoint, GreenPoint
shall promptly provide notice to the Purchaser and the Indenture Trustee that
GreenPoint Bank no longer has such ownership interest. If at any time during the
term of this Agreement the Indenture Trustee receives written notice from
GreenPoint that GreenPoint Bank does not own, directly or indirectly, at least
51% of the membership interests of GreenPoint, or if the Indenture Trustee
otherwise becomes aware that GreenPoint Bank no longer has such ownership
interest, the Indenture Trustee, at the Contract Seller's expense, shall file
promptly in the appropriate recording offices the assignments to the Indenture
Trustee on behalf of the Trust Fund of each Mortgage securing a Land Home
Contract.

     Section 4.21 Notice of Rating Change.
                  -----------------------

     In the event that Notes are not rated in the highest rating category by the
Rating Agencies on the Closing Date, the Servicer shall give written notice to
the Auction Agent of the initial ratings on the Notes by S&P and Moody's
substantially in the form of the Notice of Ratings. If there is a change in any
of the ratings of the Notes at any time, the Servicer shall give written notice
to the Auction Agent or if the Notes are no longer maintained in Book-Entry Form
by the Depository, to the Indenture Trustee, substantially in the form of the
Notice of Ratings within three (3) Business Days of its receipt of notice of
such change, but not later than the close of business on the Business Day
immediately preceding an Auction Date (as defined in Schedule I) if the Servicer
has received written notice of such change in a rating or ratings prior to 12:00
noon on such Business Day, and the Auction Agent or the Indenture Trustee, as
applicable, shall

                                      -43-
<PAGE>

take into account such change in rating or ratings for purposes hereof and any
Auction, so long as such Notice of Ratings is received by the Auction Agent or
Indenture Trustee no later than the close of business on such Business Day.

                                   ARTICLE V

                     MONTHLY ADVANCES AND MONTHLY REPORTS

     Section 5.01 Monthly Advances by the Servicer.
                  --------------------------------

          (a)  By the close of business on the day prior to each Distribution
Date, the Servicer shall (i) cause to be deposited, out of its own funds, in the
Note Account the Monthly Advance for the related Distribution Date, (ii) direct
the Indenture Trustee to apply all or a portion of the Excess Contract Payments
in the Note Account to make such Monthly Advance, or (iii) do any combination of
clauses (i) and (ii) to make such Monthly Advance. To the extent that an Excess
Contract Payment (or any portion thereof) that has been applied pursuant to
clause (ii) or (iii) is required for application as to all or a portion of a
Scheduled Payment due on the related Contract, the Servicer shall deposit, out
of its own funds, the amount of such Excess Contract Payment (or the portion
thereof required for such Scheduled Payment) into the Note Account on the
immediately succeeding Due Date, and the amount so deposited will become part of
the Outstanding Amount Advanced.

          (b)  The Servicer shall reimburse itself for the Outstanding Amount
Advanced out of (i) collections of delinquent payments of principal and interest
on Contracts as to which the Servicer previously made a Monthly Advance, (ii)
available funds in the Note Account attributable to Excess Contract Payments or
(iii) any combination of clauses (i) and (ii) above.

          (c)  If the Servicer determines that any advance made pursuant to
Section 5.01(a) has become a Nonrecoverable Advance and at the time of such
determination there exists an Outstanding Amount Advanced, then the Servicer
shall reimburse itself out of funds in the Note Account for the amount of such
Nonrecoverable Advance for the next succeeding Distribution Date by withdrawing
such amount pursuant to Section 5.02(v), but not in excess of such Outstanding
Amount Advanced. If a Contract becomes a Liquidated Contract and at such time
there exists an Outstanding Amount Advanced, then the Servicer shall reimburse
itself out of funds in the Note Account for the portion of Monthly Advances
equal to the aggregate of delinquent Scheduled Payments on such Contract to the
Due Date in the Collection Period in which such Contract became a Liquidated
Contract, but not in excess of such Outstanding Amount Advanced. Notwithstanding
any other provision of this Agreement, under no circumstances shall the Servicer
be required to make a Monthly Advance that the Servicer determines if made would
be a Nonrecoverable Advance.

     Section 5.02 Permitted Withdrawals from the Note Account.
                  -------------------------------------------

     The Servicer may, from time to time as provided herein, make withdrawals
from the Note Account of amounts deposited therein pursuant to Section 4.05 and
the Indenture that are attributable to the Contracts for the following purposes:

                                      -44-
<PAGE>

               (i)   to pay to the Contract Seller with respect to each Contract
sold by it or property acquired in respect thereof that has been repurchased or
replaced pursuant to Section 3.05, all amounts received thereon that are
specified in such Section to be property of the Contract Seller;

               (ii)  to reimburse itself for the payment of taxes or charges out
of Liquidation Proceeds (to the extent not previously retained from such
Liquidation Proceeds prior to their deposit) or out of payments expressly made
by the related Obligor to reimburse the Servicer for such taxes or charges, as
permitted by Section 4.06;

               (iii) to pay to itself the Senior Monthly Servicing Fee and
Servicer Deficiency Amounts and Repossession Profits, if any;

               (iv)  to reimburse itself or a previous Servicer out of
Liquidation Proceeds (to the extent not previously retained from Liquidation
Proceeds prior to their deposit in the Note Account) in respect of a
Manufactured Home and out of payments by the related Obligor (to the extent of
payments expressly made by the Obligor to reimburse the Servicer for insurance
premiums) for expenses incurred by it in respect of such Manufactured Home that
are specified in this Agreement as being reimbursable to it or to a previous
Servicer;

               (v)   to reimburse itself for any Nonrecoverable Advances and for
Monthly Advances in respect of Liquidated Contracts, in each case, in accordance
with Section 5.01(c);

               (vi)  after the Note Balance has been reduced to zero, all
amounts owing to the Special Account have been deposited to reimburse the
Servicer for expenses incurred and reimbursable to the Servicer pursuant to
Section 6.05; and

               (vii) to withdraw any amount deposited in the Note Account that
was not required to be deposited therein (including any collections on the
Contracts that, pursuant to Section 2.01(a), are not part of the Trust Fund).

     Since, in connection with withdrawals pursuant to clauses (i), (ii) and
(iv) of this Section 5.02, the Servicer's entitlement thereto is limited to
collections or other recoveries on the related Contract, the Servicer shall keep
and maintain separate accounting, on a Contract by Contract basis, for the
purpose of justifying any withdrawal from the Note Account pursuant to such
clauses.

     Section 5.03 Monthly Reports.
                  ---------------

     At least two Business Days prior to each Distribution Date, the Servicer
shall cause the Indenture Trustee, the Insurer, the Rating Agencies and the
Purchaser to receive a Monthly Report, which report shall include the following
information with respect to the immediately following Distribution Date:

          (a)  the Distribution Amount for such Distribution Date;

                                      -45-
<PAGE>

          (b)  the amount of principal to be distributed to the Noteholders,
separately stating the contribution thereto from each of the amounts specified
in clauses (a) through (f), inclusive, of the definition of Total Regular
Principal Amount and from the amount of clause (b) of the definition of Formula
Principal Distribution Amount;

          (c)  the amount of interest to be distributed the Noteholders on such
Distribution Date;

          (d)  the remaining Note Balance after giving effect to the payment of
principal to be made on such Distribution Date (on which interest will be
calculated on the next succeeding Distribution Date);

          (e)  the Pass-Through Rate and the Holdover Amount;

          (f)  the existence of any Servicer Termination Event;

          (g)  the number of and aggregate remaining principal balance of
Contracts with payments delinquent 31 to 59, 60 to 89, and 90 or more days,
respectively;

          (h)  the number of Contracts that were repurchased or replaced by the
Contract Seller in accordance with Section 3.05 during the prior Collection
Period, identifying such Contracts and (i) the Repurchase Price of such
Contracts and (ii) the amount, if any, paid by the Contract Seller due to the
differences, if any, between the remaining principal balances of the replaced
Contracts and the Eligible Substitute Contracts;

          (i)  the aggregate principal balances of all Contracts that are not
Liquidated Contracts and in respect of which the related Manufactured Homes have
been repossessed or foreclosed upon;

          (j)  the Enhancement Payment, if any, on such Distribution Date;

          (k)  the amount of any Monthly Advance and the Outstanding Amount
Advanced with respect to such Distribution Date;

          (l)  the amounts, if any, deposited into the Special Account for such
Distribution Date;

          (m)  (i) the Net Weighted Average Contract Rate for the Collection
Period immediately preceding the month of such Distribution Date and (ii) the
Net Weighted Average Contract Rate for the Collection Period occurring in the
month in which such Distribution Date occurs;

          (n)  the number of Manufactured Homes currently held by the Servicer
due to repossessions and the aggregate principal balance of the related
defaulted Contracts;

          (o)  the Pool Principal Balance, expressed as a percentage of the Cut-
Off Date Pool Principal Balance;

                                      -46-
<PAGE>

          (p)  the aggregate of the Deficiency Amounts and Servicer Deficiency
Amounts received for the preceding Collection Period;

          (q)  any additional items required to be set forth in the Monthly
Report pursuant to the Insurance Agreement;

          (r)  amounts paid to the Noteholders on such Distribution Date in
respect of the Net Funds Cap Carryover Amount;

          (s)  the Cumulative Realized Losses and the Current Realized Loss
Ratio, each as of such Distribution Date; and

     Copies of all Monthly Reports shall be provided by the Servicer to each
Rating Agency. The Indenture Trustee shall be under any duty to recalculate or
verify the information provided to it by the Servicer. The Servicer shall
deliver a written notice to the Indenture Trustee not later than three Business
Days next preceding a Distribution Date if it cannot provide the Indenture
Trustee with a Monthly Report for such Distribution Date.

     Section 5.04 Certificate of Servicing Officer.
                  --------------------------------

     Each Monthly Report pursuant to Section 5.03 shall be accompanied by a
certificate of a Servicing Officer substantially in the form of Exhibit F,
                                                                ---------
certifying the accuracy of the Monthly Report and that such officer is not aware
of the occurrence of an Event of Default or of an event that, with notice or
lapse of time or both, would become an Event of Default, or if such officer is
aware that such an event has occurred and is continuing, specifying the event
and its status.

     Section 5.05 Other Data.
                  ----------

     In addition, the Servicer, at the request of the Purchaser, the Indenture
Trustee or the Note Administrator, shall furnish the to the Purchaser and/or the
Indenture Trustee such underlying data as may reasonably be requested.

                                  ARTICLE VI

                     THE CONTRACT SELLER AND THE SERVICER

     Section 6.01 Liabilities to Obligors.
                  -----------------------

     No liability to any Obligor under any of the Contracts arising out of any
act or omission to act of the Servicer in servicing the Contracts prior to the
Closing Date is intended to be assumed by the Contract Seller, the Purchaser,
the Indenture Trustee, the Note Administrator or the Noteholders under or as a
result of this Agreement and the transactions contemplated hereby and, to the
maximum extent permitted and valid under mandatory provisions of law, the
Contract Seller, the Purchaser, the Indenture Trustee, the Note Administrator
and the Noteholders expressly disclaim such assumption.

                                      -47-
<PAGE>

     Section 6.02 Servicer's Indemnities.
                  ----------------------

     The Servicer shall defend and indemnify the Trust Fund, the Indenture
Trustee, the Note Administrator, the Purchaser, the Contract Seller and the
Noteholders against any and all costs, expenses, losses, damages, claims or
liabilities, including reasonable fees and expenses of counsel and expenses of
litigation, arising from third party claims or actions (including penalties or
fees imposed by any governmental or regulatory body or agency) in respect of any
action taken by the Servicer with respect to any Contract or Manufactured Home
constituting a failure by the Servicer to perform its obligations under this
Agreement. This indemnity shall survive any Event of Default (but a Servicer's
obligations under this Section 6.02 shall not relate to any actions of any
subsequent Servicer after an Event of Default) and any payment of the amount
owing under, or any repurchase by the Contract Seller of, any such Contract.

     Section 6.03 Operation of Indemnities.
                  ------------------------

     Indemnification under this Article VII shall include reasonable fees and
expenses of counsel and expenses of litigation. Any amounts received by the
Indenture Trustee or the Purchaser from the Servicer pursuant to this Article
VII shall be deposited in the Note Account pursuant to Section 4.05. If the
Servicer has made any indemnity payments to the Indenture Trustee or the
Purchaser pursuant to this Article VII and the Indenture Trustee or the
Purchaser thereafter collects any of such amounts from others, the Indenture
Trustee or the Purchaser will repay such amounts collected to the Servicer,
together with any interest collected thereon.

     Section 6.04 Merger or Consolidation of the Contract Seller or the
                  -----------------------------------------------------
Servicer.
--------

     The Contract Seller and the Servicer will each keep in full effect their
existence, rights and franchises as a Delaware limited liability company, and
will obtain and preserve its qualification to do business as a foreign limited
liability company in each jurisdiction in which such qualification is or shall
be necessary to protect the validity and enforceability of this Agreement, the
Notes or any of the Contracts and to perform its duties under this Agreement.

     Any Person into which the Contract Seller or the Servicer may be merged or
consolidated, or any corporation or association resulting from any merger,
conversion or consolidation to which the Contract Seller or the Servicer shall
be a party, or any Person succeeding to the business of the Contract Seller or
the Servicer, shall be the successor of the Contract Seller or the Servicer
hereunder, without the execution or filing of any paper or any further act on
the part of any of the parties hereto, anything herein to the contrary
notwithstanding; provided, however, that the successor or surviving Person to
                 --------  -------
the Servicer shall satisfy the requirements of Section 6.07 with respect to the
qualifications of a successor to the Servicer. The Contract Seller and the
Servicer shall promptly notify each Rating Agency and the Insurer of any such
merger to which it is a party.

     The conversion of GreenPoint's organizational structure from a Delaware
limited liability company to a corporation, partnership or other such entity
shall not require the consent of any party or notice to any party and shall not
in any way affect the rights or obligations of GreenPoint as Contract Seller or
Servicer hereunder.

                                      -48-
<PAGE>

     Section 6.05 Limitation on Liability of the Contract Seller, the Servicer
                  ------------------------------------------------------------
and Others.
----------

     Neither the Contract Seller, the Servicer nor any of their members,
managers, officers, employees or agents shall be under any liability to the
Purchaser or the Noteholders for any errors in judgment or any action taken or
for refraining from the taking of any action, pursuant to this Agreement;
provided, however, that this provision shall not protect the Contract Seller or
--------  -------
any such Person against any liability that would otherwise be imposed by reason
of its willful misconduct, or gross negligence; provided, further that this
                                                --------  -------
provision shall not protect the Servicer or any such Person against any
liability that would otherwise be imposed by reason of its willful misconduct or
gross negligence. The Contract Seller, the Servicer and any of their members,
managers, officers, employees or agents may rely on any document of any kind
prima facie properly executed and submitted by any Person respecting any matters
arising hereunder. Neither the Contract Seller nor the Servicer shall be under
any obligation to appear in, prosecute or defend any legal action which arises
under this Agreement (other than in connection with the enforcement by the
Servicer of any Contract in accordance with this Agreement) and which in its
opinion may involve it in any expenses or liability; provided, however, that the
                                                     --------  -------
Servicer may in its discretion undertake any such other legal action which it
may deem necessary or desirable in respect to this Agreement and the rights and
duties of the parties hereto. In such event, the legal expenses and costs of
such other legal action and any liability resulting therefrom shall be expenses,
costs and liabilities payable from the Note Account, and the Servicer shall be
entitled to be reimbursed therefor out of the Note Account as provided by
Section 5.02.

     Section 6.06 Assignment by Servicer.
                  ----------------------

     Notwithstanding any provision to the contrary in this Agreement without the
consent of the Purchaser, the Servicer may, with the consent of the Insurer
(provided that if an Insurer Default has occurred and is continuing, no consent
of the Insurer needs to be obtained), which consent shall not be unreasonably
withheld, assign its rights and delegate its duties and obligations under this
Agreement; provided that the Person shall execute and deliver to the Indenture
           --------
Trustee and the Purchaser an agreement, in form and substance reasonably
satisfactory to the Indenture Trustee and the Purchaser, which contains an
assumption by such Person of the due and punctual performance and observance of
each covenant and condition to be performed or observed by the Servicer under
this Agreement; and further provided that each Rating Agency's rating of the
                    ------- --------
Notes in effect immediately prior to such assignment and delegation will not be
withdrawn or reduced as a result of such assignment and delegation, as evidenced
by a letter from each Rating Agency. In the case of any such assignment and
delegation, the Servicer shall be released from its obligations under this
Agreement, except that the Servicer shall remain liable for all liabilities and
obligations incurred by it as Servicer hereunder prior to the satisfaction of
the conditions to such assignment and in such delegation.

     Section 6.07 Successor to the Servicer.
                  -------------------------

     In connection with the termination of the Servicer's responsibilities and
duties under this Agreement pursuant to Section 8.01 and the Indenture, the
Indenture Trustee shall (i) succeed to and assume all of the Servicer's
responsibilities, rights, duties and obligations under this Agreement (except
the duty to pay and indemnify the Indenture Trustee pursuant to Section 6.08
hereof), or (ii) with the consent of the Contract Seller, the Purchaser and the
Insurer (provided

                                      -49-
<PAGE>

that if an Insurer Default has occurred and is continuing, no consent of the
Insurer needs to be obtained), which consent shall not be unreasonably withheld,
appoint a successor. In connection with any appointment of a successor Servicer,
the Indenture Trustee may make such arrangements for the compensation of such
successor out of payments on Contracts as it and such successor shall agree or
such court shall determine; provided, however, that the Monthly Servicing Fee
                            --------  -------
shall not be in excess of a monthly amount equal to 1/12th of the product of 1%
and the Pool Principal Balance for the Distribution Date in respect of which
such compensation is being paid without the consent of all of the Noteholders
and notice to each Rating Agency. If the Servicer's duties, responsibilities and
liabilities under this Agreement should be terminated pursuant to Section 6.06
or 7.01, the Servicer shall discharge such duties and responsibilities during
the period from the date it acquires knowledge of such termination until the
effective date thereof with the same degree of diligence and prudence which it
is obligated to exercise under this Agreement, shall cooperate with the
Indenture Trustee and any successor Servicer in effecting the termination of the
Servicer's responsibilities and rights hereunder, and shall take no action
whatsoever that might impair or prejudice the rights or financial condition of
its successor. The assignment by a Servicer pursuant to Section 6.06 or removal
of Servicer pursuant to Section 7.01 shall not become effective until a
successor shall be appointed pursuant to this Section 6.07 and shall in no event
relieve the Contract Seller of liability pursuant to Section 3.05 for breach of
the representations and warranties made pursuant to Section 3.02 or 3.03. The
Servicer being terminated pursuant to Section 7.01 or Section 6.06 shall bear
all costs of a transfer of servicing therefrom, including but not limited to
those of the Indenture Trustee reasonably allocable to specific employees and
overhead, legal fees and expenses, and costs of amending the Agreement, if
necessary.

     Any successor appointed as provided herein shall execute, acknowledge and
deliver to the Servicer and to the Indenture Trustee an instrument accepting
such appointment, whereupon such successor shall become fully vested with all
the rights, powers, duties, responsibilities, obligations and liabilities of the
Servicer, with like effect as if originally named as a party to this Agreement
and the Notes. Any assignment by or termination of the Servicer pursuant to
Section 6.06 or 7.01 or the termination of this Agreement pursuant to Section
8.01 and the Indenture shall not affect any claims that the Purchaser may have
against the Servicer arising prior to any such termination or resignation.

     The Servicer shall timely deliver to the successor the funds in the Note
Account and REO Account and all Contract Files, Land Home Contract Files and
related documents and statements held by it hereunder and the Servicer shall
account for all funds and shall execute and deliver such instruments and do such
other things as reasonably may be required to more fully and definitely vest and
confirm in the successor all such rights, powers, duties, responsibilities,
obligations and liabilities of the Servicer. Without limitation, the Indenture
Trustee is authorized and empowered to execute and deliver on behalf of the
Servicer, as attorney-in-fact or otherwise, any and all documents and other
instruments (including transfer instruments in respect of Notes of title and
financing statements relating to the Manufactured Homes), and to do any and all
acts or things necessary or appropriate to effect the purposes of such notice of
termination.

     Upon a successor's acceptance of appointment as such, the Indenture Trustee
shall notify in writing the Noteholders and each Rating Agency of such
appointment.

                                      -50-
<PAGE>

     Section 6.08 Servicer to Pay Fees and Expenses of Purchaser.
                  ----------------------------------------------

     The Servicer covenants and agrees to pay, from its own funds, to the
Indenture Trustee from time to time, and the Indenture Trustee shall be entitled
to, reasonable compensation (which shall not be limited by any provision of law
in regard to the compensation of a trustee of an express trust) for all services
rendered by it in the execution of the trust created under the Indenture and in
the exercise and performance of any of the powers and duties hereunder of the
Indenture Trustee, and the Servicer will pay (out of its own funds) or reimburse
the Indenture Trustee, to the extent requested by the Indenture Trustee, for all
reasonable expenses, disbursements and advances incurred or made by the
Indenture Trustee in accordance with any of the provisions of this Agreement and
the Indenture, and the reasonable compensation and the expenses and
disbursements of its counsel and of all persons not regularly in its employ, and
the expenses incurred by the Indenture Trustee in connection with the
appointment of an office or agency pursuant to the Indenture, except any such
expense, disbursement or advance as may arise from its negligence or bad faith.
The Servicer also covenants and agrees to indemnify (out of its own funds) the
Indenture Trustee for, and to hold the Indenture Trustee harmless against, any
loss, liability or expense incurred without negligence or bad faith on the part
of the Indenture Trustee arising out of or in connection with the acceptance or
administration of this trust and its duties hereunder or under the Indenture,
including the costs and expenses of defending itself against any claim or
liability in connection with the exercise or performance of any of its powers or
duties hereunder. The covenants in this Section 6.08 shall be for the benefit of
the Indenture Trustee in such capacity hereunder and under the Indenture, and
shall survive the termination of this Agreement and/or the Indenture.

                                  ARTICLE VII

                               EVENTS OF DEFAULT

     Section 7.01 Events of Default.
                  -----------------

     In case one or more of the following Events of Default shall occur and be
continuing, that is to say:

          (a)  any failure by the Servicer to make any deposit or payment, or to
remit to the Indenture Trustee any payment, required to be made under the terms
of this Agreement which continues unremedied for a period of five days after the
date upon which written notice of such failure, requiring the same to be
remedied, shall have been given to the Servicer by the Indenture Trustee or to
the Servicer and the Indenture Trustee by the Holders of Notes evidencing
Fractional Interests aggregating not less than 25%; or

          (b)  failure on the part of the Servicer duly to observe or perform in
any material respect any other of the covenants or agreements on the part of the
Servicer set forth in this Agreement, including the failure to deliver a Monthly
Report, which continues unremedied for a period of 30 days after the date on
which written notice of such failure, requiring the same to be remedied, shall
have been given to the Servicer by the Indenture Trustee or to the Servicer, the
Indenture Trustee and the Contract Seller by the Holders of Notes evidencing
Fractional Interests aggregating not less than 25%; or

                                      -51-
<PAGE>

          (c)  a decree or order of a court or agency or supervisory authority
having jurisdiction in the premises in an involuntary case under any present or
future federal or state bankruptcy, insolvency or similar law or appointing a
conservator or receiver or liquidator in any insolvency, readjustment of debt,
marshaling of assets and liabilities or similar proceedings, or for the winding-
up or liquidation of its affairs, shall have been entered against the Servicer,
and such decree or order shall have remained in force undischarged or unstayed
for a period of 60 days; or

          (d)  the Servicer shall consent to the appointment of a conservator or
receiver or liquidator in any insolvency, readjustment of debt, marshaling of
assets and liabilities or similar proceedings of or relating to the Servicer or
of or relating to all or substantially all of the Servicer's property; or

          (e)  the Servicer shall admit in writing its inability to pay its
debts generally as they become due, file a petition to take advantage of any
applicable insolvency or reorganization statute, make an assignment for the
benefit of its creditors, or voluntarily suspend payment of its obligations or
take any corporate action in furtherance of the foregoing;

then, and in each and every such case, so long as such Event of Default shall
not have been cured or waived, the Indenture Trustee may with the consent of the
Insurer (which consent shall not be unreasonably withheld; provided that if an
Insurer Default has occurred and is continuing, no consent of the Insurer needs
to be obtained), and the Purchaser shall at the written direction of the Insurer
so long as no Insurer Default has occurred and is continuing, terminate all the
rights and obligations of the Servicer under this Agreement and with respect to
the Contracts and the proceeds thereof, except any responsibility for its acts
or omissions during its tenure as Servicer hereunder. The Indenture Trustee
shall send a copy of a notice of any Event of Default to each Rating Agency, the
Insurer and the Contract Seller. On or after the receipt by the Servicer of such
written notice, all authority and power of the Servicer under this Agreement,
whether with respect to the Contracts or otherwise, shall pass to and be vested
in the successor appointed pursuant to Section 6.07. Upon the occurrence of an
Event of Default which shall not have been remedied, the Indenture Trustee may
also pursue whatever rights it may have at law or in equity to damages,
including injunctive relief and specific performance. The Indenture Trustee will
have no obligation to take any action or institute, conduct or defend any
litigation under this Agreement at the request, order or direction of any of the
Noteholders or the Insurer unless such Noteholders or the Insurer have offered
to the Indenture Trustee reasonable security or indemnity against the costs,
expenses and liabilities which the Indenture Trustee may incur.

     Section 7.02 Waiver of Defaults.
                  ------------------

     The Insurer so long as no Insurer Default has occurred and is continuing or
if an Insurer Default has occurred and is continuing, Holders of Notes
evidencing Fractional Interests aggregating not less than 25% may waive any
default by the Servicer in the performance of its obligations hereunder and its
consequences, except that a default in the making of any required remittance to
the Purchaser for distribution on any of the Notes may be waived only by the
affected Noteholders. Upon any such waiver of a past default, such default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to
have been remedied for every

                                      -52-
<PAGE>

purpose of this Agreement. No such waiver shall extend to any subsequent or
other default or impair any right consequent thereon except to the extent
expressly so waived.

     Section 7.03 Notification to Noteholders.
                  ---------------------------

          (a)  Upon any such termination pursuant to Section 7.01 or the
Indenture, the Indenture Trustee shall give prompt written notice thereof to the
Purchaser and the Contract Seller.

          (b)  Within 60 days after the occurrence of any Event of Default, the
Indenture Trustee shall transmit by mail to the Purchaser and the Contract
Seller notice of each such Event of Default hereunder known to the Indenture
Trustee, unless such Event of Default shall have been cured or waived.

     Section 7.04 Effect of Transfer.
                  ------------------

          (a)  After a transfer of servicing duties to a successor Servicer
pursuant to Section 6.04, 6.06, 6.07, 7.01 or the Indenture, the Indenture
Trustee or the successor Servicer may notify Obligors to make payments that are
due under the Contracts after the effective date of the transfer of servicing
duties directly to the successor Servicer.

          (b)  After the transfer of servicing duties to a successor Servicer
pursuant to Section 6.04, 6.06, 6.07, 7.01 or the Indenture, the replaced
Servicer shall have no further obligations with respect to the management,
administration, servicing or collection of the Contracts, but in the case of a
transfer pursuant to Section 6.07, 7.01 or the Indenture shall remain liable for
any liability arising from the replaced Servicer's actions hereunder and shall
remain entitled to any compensation due the replaced Servicer that had already
accrued prior to such transfer.

          (c)  A transfer of servicing duties to a successor Servicer shall not
affect the rights and duties of the parties hereunder (including but not limited
to the indemnities of the Servicer pursuant to Article VII), other than those
relating to the management, administration, servicing or collection of the
Contracts.

     Section 7.05 Transfer of the Account.
                  -----------------------

     Notwithstanding the provisions of Section 7.01 or the Indenture, if the
Note Account shall be maintained with the Servicer or an Affiliate of the
Servicer and an Event of Default shall occur and be continuing, the Servicer,
after five days' written notice from the Indenture Trustee, or in any event
within ten days after the occurrence of the Event of Default, shall establish a
new account, which shall be an Eligible Account, conforming with the
requirements of this Agreement, with a depository institution other than the
Servicer or an Affiliate of the Servicer, and shall promptly transfer all funds
in the Note Account to such new Note Account, which shall thereafter be deemed
the Note Account for the purposes hereof.

                                      -53-
<PAGE>

                                  ARTICLE VIII

                                  TERMINATION

     Section 8.01 Termination.
                  -----------

          (a)  The respective obligations and responsibilities of the Contract
Seller, the Servicer (except as to Section 6.08) and the Purchaser shall
terminate upon the termination of the Indenture and the final payment or other
liquidation (or any advance with respect thereto) of the last Contract or the
disposition of all property acquired under repossession of any Contract and the
remittance of all funds due hereunder.

                                  ARTICLE IX

                           MISCELLANEOUS PROVISIONS

     Section 9.01 Amendment.
                  ---------

     This Agreement may be amended from time to time by the Contract Seller, the
Servicer and the Purchaser, with the consent of the Indenture Trustee and the
Insurer, which consent shall not be unreasonably withheld (provided that if an
Insurer Default has occurred and is continuing, no such consent needs to be
obtained) without the consent of any of the Noteholders, (i) to cure any
ambiguity, (ii) to correct or supplement any provisions herein, (iii) to add to
the duties or obligations of the Servicer, (iv) to obtain a rating from a
nationally recognized rating agency or to maintain or improve the ratings the
Notes by each Rating Agency (it being understood that after obtaining ratings
for the Notes from Moody's and S&P, none of the Purchaser, the Contract Seller
or the Servicer is obligated to obtain, maintain or improve any rating assigned
to the Notes) or (v) to make such other provisions with respect to matters or
questions arising under this Agreement, as shall not be inconsistent with any
other provisions herein; provided that such action shall not, as evidenced by an
Opinion of Counsel, adversely affect in any material respect the interests of
any Noteholder.

     This Agreement may also be amended from time to time by the Contract
Seller, the Servicer and the Purchaser with the consent of the Indenture Trustee
and the Insurer, which consent shall not be unreasonably withheld (provided that
if an Insurer Default has occurred and is continuing, no such consent needs to
be obtained), and with the consent of the Holders of a Majority In Interest of
the Notes affected thereby for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Agreement or
of modifying in any manner the rights of the Holders of Notes; provided,
however, that no such amendment shall (i) reduce in any manner the amount of, or
delay the timing of, payments required to be distributed on any Note without the
consent of the Holder of such Note, (ii) adversely affect in any material
respect the interests of the Holders of any Notes in a manner other than as
described in (i), without the consent of the Holders of Notes evidencing
Percentage Interests aggregating 66% or (iii) reduce the aforesaid percentages
of Notes the Holders of which are required to consent to any such amendment,
without the consent of the Holders of all such Notes then outstanding.

                                      -54-
<PAGE>

     Promptly after the execution of any amendment to this Agreement requiring
the consent of Noteholders, the Indenture Trustee shall furnish written
notification of the substance of such amendment to each Noteholder, the Insurer
and each Rating Agency.

     It shall not be necessary for the consent of Noteholders under this Section
9.01 to approve the particular form of any proposed amendment, but it shall be
sufficient if such consent shall approve the substance thereof. The manner of
obtaining such consents and of evidencing the authorization of the execution
thereof by Noteholders shall be subject to such reasonable regulations as the
Indenture Trustee may prescribe.

     Nothing in this Agreement shall require the Purchaser to enter into an
amendment without receiving an Opinion of Counsel, satisfactory to the
[Purchaser] that (i) such amendment is permitted and is not prohibited by this
Agreement and that all requirements for amending this Agreement have been
complied with; and (ii) either (A) the amendment does not adversely affect in
any material respect the interests of any Noteholder or (B) the conclusion set
forth in the immediately preceding clause (A) is not required to be reached
pursuant to this Section 9.01.

     Section 9.02 Recordation of Agreement; Counterparts.
                  --------------------------------------

     This Agreement is subject to recordation in all appropriate public offices
for real property records in all the counties or other comparable jurisdictions
in which any or all of the properties subject to the Contracts are situated, and
in any other appropriate public recording office or elsewhere, such recordation
to be effected by the Servicer at its expense.

     For the purpose of facilitating the recordation of this Agreement as herein
provided and for other purposes, this Agreement may be executed simultaneously
in any number of counterparts, each of which counterparts shall be deemed to be
an original, and such counterparts shall constitute but one and the same
instrument.

     Section 9.03 Governing Law.
                  -------------

     THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE
SUBSTANTIVE LAWS OF THE STATE OF CALIFORNIA APPLICABLE TO AGREEMENTS MADE AND TO
BE PERFORMED IN THE STATE OF CALIFORNIA AND THE OBLIGATIONS, RIGHTS AND REMEDIES
OF THE PARTIES HERETO AND THE NOTEHOLDERS SHALL BE DETERMINED IN ACCORDANCE WITH
SUCH LAWS.

     Section 9.04 Calculations.
                  ------------

     Except as otherwise provided in this Agreement, all Pass-Through Rate,
interest rate and basis point calculations under this Agreement will be made
with respect to variable rate Notes on the basis of the actual number of days
elapsed during the related Interest Accrual Period and a 360-day year and with
respect to fixed rate Notes on the basis of a 360 day year and 12 thirty day
months, and will be carried out to at least three decimal places. Interest on
the Regular Notes with respect to a Distribution Date will accrue during the
related Interest Accrual Period.

                                      -55-
<PAGE>

Section 9.05  Notices.
              -------

          (a)  The Indenture Trustee shall use its best efforts to promptly
provide notice to each Rating Agency with respect to each of the following of
which it has actual knowledge:

          1.   Any material change or amendment to this Agreement;

          2.   The occurrence of any Event of Default that has not been cured;

          3.   The resignation or termination of the Servicer or the Indenture
Trustee and the appointment of any successor or any assignment of this Agreement
pursuant to Section 6.06;

          4.   The repurchase or substitution of Contracts pursuant to Section
3.05; and

          5.   Any shortfalls arising from the failure of the Servicer to
advance as required pursuant to Section 5.01 hereof.

     In addition, the Servicer shall promptly furnish to each Rating Agency
copies of the following:

          1.   Each report to Noteholders described in [the Indenture];

          2.   Each annual statement as to compliance described in Section 4.18;
and

          3.   Each annual independent public accountants' servicing report
described in Section 4.19.

     All directions, demands and notices hereunder shall be in writing and shall
be deemed to have been duly given when delivered to (a) in the case of the
Contract Seller and the Servicer: GreenPoint Credit, LLC, 10089 Willow Creek
Road, San Diego, California 92131, Attention: Manager, Investor Servicing (or
such other address as may be hereafter furnished to the Contract Seller, the
Insurer, the Indenture Trustee and the Purchaser by the Servicer in writing),
with copies to Howard Bluver, Esq., GreenPoint Bank, 90 Park Avenue, New York,
New York 10016, (b) in the case of the Purchaser, c/o GreenPoint Credit, LLC,
10089 Willow Creek Road, San Diego, California 92131, Attention: Manager,
Investor Servicing or such other address as the Purchaser may hereafter furnish
to the Contract Seller, the Insurer, the Indenture Trustee and the Servicer; (c)
in the case of the Insurer, [___] Insurance Corporation,
[__________________________] or such other address as the Insurer may hereafter
furnish to the Contract Seller, the Indenture Trustee, the Purchaser and the
Servicer, (d) in the case of the Rating Agencies, (i) Moody's Investors Service,
Inc., Manufactured Housing Monitoring Department, 99 Church Street, New York,
New York 10007 and (ii) S&P, 55 Water Street, New York, New York 10041, (e) in
the case of the Auction Agent, [__________________], [ and (f) in the case of
the Market Agent, Salomon Smith Barney Inc., 388 Greenwich Street, New York, New
York 10013, Attention: General Counsel], and Notices to Noteholders shall be
deemed given when mailed, first class postage prepaid, to their respective
addresses appearing in the Note Register.

                                      -56-
<PAGE>

Section 9.06 Severability of Provisions.
             --------------------------

     If any one or more of the covenants, agreements, provisions or terms of
this Agreement shall be for any reason whatsoever held invalid, then such
covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or enforceability of the other provisions of this
Agreement or of the Notes or the rights of the Holders thereof.

Section 9.07 Assignment.
             ----------

     Notwithstanding anything to the contrary contained herein, except as
provided pursuant to Sections 6.04 and 6.06, this Agreement may not be assigned
by the Servicer without the prior written consent of the Purchaser, the
Indenture Trustee and the Contract Seller.

Section 9.08 Inspection and Audit Rights.
             ---------------------------

     The Servicer agrees that, on reasonable prior notice, it will permit any
representative of the Contract Seller or the Indenture Trustee during the
Servicer's normal business hours, to examine all the books of account, records,
reports and other papers of the Servicer relating to the Contracts, to make
copies and extracts therefrom, to cause such books to be audited by independent
certified public accountants selected by the Contract Seller or the Indenture
Trustee and to discuss its affairs, finances and accounts relating to the
Contracts with its officers, employees and independent public accountants (and
by this provision the Servicer hereby authorizes such accountants to discuss
with such representative such affairs, finances and accounts), all at such
reasonable times and as often as may be reasonably requested. Any out-of-pocket
expense incident to the exercise by the Contract Seller or the Indenture Trustee
of any right under this Section 9.08 shall be borne by the party requesting such
inspection; all other such expenses shall be borne by the Servicer.

Section 9.09 Third Party Beneficiary
             -----------------------

Each of the Insurer and the Indenture Trustee shall be a third party beneficiary
of this Agreement. The Insurer and the Indenture Trustee shall be entitled to
(i) bring a claim against the Contract Seller for its failure to perform its
obligations under this Agreement, (ii) proceed against the Servicer in
accordance with the provisions of Section 4.11, (iii) bring a claim against the
Servicer for any failure by the Servicer to make Monthly Advances as required
under Section 5.01, (iv) make any request in accordance with Section 5.05, (v)
act upon any rights granted in Section 9.08 or (vi) make any deposit or other
payment required under this Agreement.

                                      -57-
<PAGE>

     IN WITNESS WHEREOF, GreenPoint and the Purchaser have caused their names to
be signed hereto by their respective officers thereunto duly authorized as of
the day and year first above written.

                                         GREENPOINT ASSET LLC,
                                         as the Purchaser

                                         By:_____________________________
                                             Name:
                                             Title:

                                         GREENPOINT CREDIT, LLC,
                                         as Contract Seller and Servicer

                                         By:_____________________________
                                             Name:  Charles O. Ryan
                                             Title: Vice President
<PAGE>

STATE OF CALIFORNIA       )
                          ) ss.
COUNTY OF SAN DIEGO       )

     On March [ ], 2000 before me, _________________, Notary Public, personally
appeared Charles O. Ryan, proved to me on the basis of satisfactory evidence to
be the person whose name is subscribed to the within instrument and acknowledged
to me that he executed the same in his authorized capacity and that by his
signature on the instrument the person, or the entity upon behalf of which the
person acted, executed the instrument.

     WITNESS my hand and official seal.

                                        ___________________
                                        Notary Public

                                        My Commission expires_________________

[Notarial Seal]
<PAGE>

STATE OF CALIFORNIA       )
                          ) ss.
COUNTY OF SAN DIEGO       )

     On March [ ], 2000 before me, _________________, Notary Public, personally
appeared Charles O. Ryan, proved to me on the basis of satisfactory evidence to
be the person whose name is subscribed to the within instrument and acknowledged
to me that he executed the same in his authorized capacity and that by his
signature on the instrument the person, or the entity upon behalf of which the
person acted, executed the instrument.

         WITNESS my hand and official seal.

                                        ______________________
                                        Notary Public

                                        My Commission expires________________

[Notarial Seal]

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