AMERICAN CAPITAL STRATEGIES LTD
EX-10.3
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<title>EXECUTION COPY</title>



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<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.3</font></b></p>



<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>



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<p align="right" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXECUTION

COPY</font></b></p>



<p align="right" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>



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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TRANSFER AND SERVICING AGREEMENT</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">by and among</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ACAS BUSINESS LOAN TRUST 2002&#150;1,</font></b></p>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">as the Issuer</font></u>,</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ACAS BUSINESS LOAN LLC, 2002&#150;1,</font></b></p>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">as the Trust Depositor</font></u>,</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMERICAN CAPITAL STRATEGIES, LTD.,</font></b></p>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">as the Originator, the Servicer and the Swap

Guarantor</font></u>,</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WELLS FARGO BANK MINNESOTA, NATIONAL

ASSOCIATION,</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">as the Indenture Trustee and as the Backup

Servicer</font></u></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated as of March 15, 2002</font></p>



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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ACAS Business Loan Trust Notes Series 2002&#150;1</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class A, Class B and Class C Notes</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>





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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TABLE OF CONTENTS</font></u></b></p>



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  <p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;text-indent:0in;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleIDefinitions" title="Click to goto ARTICLE I  DEFINITIONS">ARTICLE I&#160; DEFINITIONS</a></font></b></p>

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  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section1_01Definitions_" title="Click to goto Section&#160;1.01 Definitions.">Section&nbsp;1.01</a></font></p>

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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section1_01Definitions_" title="Click to goto Section&#160;1.01 Definitions.">Definitions.</a></font></p>

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  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section1_02OtherTerms_" title="Click to goto Section&#160;1.02 Other Terms.">Section&nbsp;1.02</a></font></p>

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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section1_02OtherTerms_" title="Click to goto Section&#160;1.02 Other Terms.">Other Terms.</a></font></p>

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  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section1_03ComputationOfTimePeriods" title="Click to goto Section&#160;1.03 Computation of Time Periods.">Section&nbsp;1.03</a></font></p>

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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section1_03ComputationOfTimePeriods" title="Click to goto Section&#160;1.03 Computation of Time Periods.">Computation of Time Periods.</a></font></p>

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  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section1_04Interpretation_" title="Click to goto Section&#160;1.04 Interpretation.">Section&nbsp;1.04</a></font></p>

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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section1_04Interpretation_" title="Click to goto Section&#160;1.04 Interpretation.">Interpretation.</a></font></p>

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  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section1_05Sectionreferences_" title="Click to goto Section&#160;1.05 Section&#160;References.">Section&nbsp;1.05</a></font></p>

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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section1_05Sectionreferences_" title="Click to goto Section&#160;1.05 Section&#160;References.">Section&nbsp;References.</a></font></p>

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  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section1_06Calculations_" title="Click to goto Section&#160;1.06 Calculations.">Section&nbsp;1.06</a></font></p>

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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section1_06Calculations_" title="Click to goto Section&#160;1.06 Calculations.">Calculations.</a></font></p>

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  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

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  <p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;text-indent:0in;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleIiEstablishmentOfIssuerTra" title="Click to goto ARTICLE II  ESTABLISHMENT OF ISSUER; TRANSFER OF LOAN ASSETS">ARTICLE II&#160;

  ESTABLISHMENT OF ISSUER; TRANSFER OF LOAN ASSETS</a></font></b></p>

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  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_01CreationAndFundingOfIss" title="Click to goto Section&#160;2.01 Creation and Funding of Issuer; Transfer of Loan Assets.">Section&nbsp;2.01</a></font></p>

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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_01CreationAndFundingOfIss" title="Click to goto Section&#160;2.01 Creation and Funding of Issuer; Transfer of Loan Assets.">Creation and Funding of Issuer; Transfer of

  Loan Assets.</a></font></p>

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  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_02ConditionsToTransferOfL" title="Click to goto Section&#160;2.02 Conditions to Transfer of Loan Assets to Issuer.">Section&nbsp;2.02</a></font></p>

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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_02ConditionsToTransferOfL" title="Click to goto Section&#160;2.02 Conditions to Transfer of Loan Assets to Issuer.">Conditions to Transfer of Loan Assets to

  Issuer.</a></font></p>

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  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_03AcceptanceByIssuer_" title="Click to goto Section&#160;2.03 Acceptance by Issuer.">Section&nbsp;2.03</a></font></p>

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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_03AcceptanceByIssuer_" title="Click to goto Section&#160;2.03 Acceptance by Issuer.">Acceptance by Issuer.</a></font></p>

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  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_04ConveyanceOfSubstituteLo" title="Click to goto Section&#160;2.04 Conveyance of Substitute Loans.">Section&nbsp;2.04</a></font></p>

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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_04ConveyanceOfSubstituteLo" title="Click to goto Section&#160;2.04 Conveyance of Substitute Loans.">Conveyance of Substitute Loans.</a></font></p>

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  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_05ReleaseOfReleasedAmounts" title="Click to goto Section&#160;2.05 Release of Released Amounts.">Section&nbsp;2.05</a></font></p>

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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_05ReleaseOfReleasedAmounts" title="Click to goto Section&#160;2.05 Release of Released Amounts.">Release of Released Amounts.</a></font></p>

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  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_06DeliveryOfLoanFiles_" title="Click to goto Section&#160;2.06 Delivery of Loan Files.">Section&nbsp;2.06</a></font></p>

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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_06DeliveryOfLoanFiles_" title="Click to goto Section&#160;2.06 Delivery of Loan Files.">Delivery of Loan Files.</a></font></p>

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  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_07CertificationByIndenture" title="Click to goto Section&#160;2.07 Certification by Indenture Trustee; Possession of Loan Files.">Section&nbsp;2.07</a></font></p>

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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_07CertificationByIndenture" title="Click to goto Section&#160;2.07 Certification by Indenture Trustee; Possession of Loan Files.">Certification by Indenture Trustee; Possession

  of Loan Files.</a></font></p>

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  <p style="font-size:10.0pt;margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

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  <p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;text-indent:0in;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleIiiRepresentationsAndWarrant" title="Click to goto ARTICLE III  REPRESENTATIONS AND WARRANTIES">ARTICLE III&#160; REPRESENTATIONS AND WARRANTIES</a></font></b></p>

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  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_01RepresentationsAndWarrant" title="Click to goto Section&#160;3.01 Representations and Warranties Regarding the Originator.">Section&nbsp;3.01</a></font></p>

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  <td width="581" valign="top" style="padding:0in 0in 0in 0in;width:435.7pt;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_01RepresentationsAndWarrant" title="Click to goto Section&#160;3.01 Representations and Warranties Regarding the Originator.">Representations and Warranties Regarding

  the Originator.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="141" valign="top" style="padding:0in 0in 0in 0in;width:105.7pt;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_02RepresentationsAndWarrant" title="Click to goto Section&#160;3.02 Representations and Warranties Regarding Each Loan and as to Certain Loans in the Aggregate.">Section&nbsp;3.02</a></font></p>

  </td>

  <td width="581" valign="top" style="padding:0in 0in 0in 0in;width:435.7pt;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_02RepresentationsAndWarrant" title="Click to goto Section&#160;3.02 Representations and Warranties Regarding Each Loan and as to Certain Loans in the Aggregate.">Representations and Warranties Regarding

  Each Loan and as to Certain Loans in the Aggregate.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="141" valign="top" style="padding:0in 0in 0in 0in;width:105.7pt;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_03RepresentationsAndWarrant" title="Click to goto Section&#160;3.03 Representations and Warranties Regarding the Initial Loans in the Aggregate.">Section&nbsp;3.03</a></font></p>

  </td>

  <td width="581" valign="top" style="padding:0in 0in 0in 0in;width:435.7pt;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_03RepresentationsAndWarrant" title="Click to goto Section&#160;3.03 Representations and Warranties Regarding the Initial Loans in the Aggregate.">Representations and Warranties Regarding

  the Initial Loans in the Aggregate.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="141" valign="top" style="padding:0in 0in 0in 0in;width:105.7pt;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_04RepresentationsAndWarrant" title="Click to goto Section&#160;3.04 Representations and Warranties Regarding the Loan Files.">Section&nbsp;3.04</a></font></p>

  </td>

  <td width="581" valign="top" style="padding:0in 0in 0in 0in;width:435.7pt;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_04RepresentationsAndWarrant" title="Click to goto Section&#160;3.04 Representations and Warranties Regarding the Loan Files.">Representations and Warranties Regarding

  the Loan Files.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="141" valign="top" style="padding:0in 0in 0in 0in;width:105.7pt;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_05RepresentationsAndWarrant" title="Click to goto Section&#160;3.05 Representations and Warranties Regarding Concentrations of Initial Loans.">Section&nbsp;3.05</a></font></p>

  </td>

  <td width="581" valign="top" style="padding:0in 0in 0in 0in;width:435.7pt;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_05RepresentationsAndWarrant" title="Click to goto Section&#160;3.05 Representations and Warranties Regarding Concentrations of Initial Loans.">Representations and Warranties Regarding

  Concentrations of Initial Loans.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="141" valign="top" style="padding:0in 0in 0in 0in;width:105.7pt;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_06RepresentationsAndWarrant" title="Click to goto Section&#160;3.06 Representations and Warranties Regarding the Trust Depositor.">Section&nbsp;3.06</a></font></p>

  </td>

  <td width="581" valign="top" style="padding:0in 0in 0in 0in;width:435.7pt;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_06RepresentationsAndWarrant" title="Click to goto Section&#160;3.06 Representations and Warranties Regarding the Trust Depositor.">Representations and Warranties Regarding

  the Trust Depositor.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="141" valign="top" style="padding:0in 0in 0in 0in;width:105.7pt;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_07RepresentationsAndWarrant" title="Click to goto Section&#160;3.07 Representations and Warranties Regarding the Servicer.">Section&nbsp;3.07</a></font></p>

  </td>

  <td width="581" valign="top" style="padding:0in 0in 0in 0in;width:435.7pt;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_07RepresentationsAndWarrant" title="Click to goto Section&#160;3.07 Representations and Warranties Regarding the Servicer.">Representations and Warranties Regarding

  the Servicer.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="141" valign="top" style="padding:0in 0in 0in 0in;width:105.7pt;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_08RepresentationsAndWarrant" title="Click to goto Section&#160;3.08 Representations and Warranties of the Backup Servicer and the Indenture Trustee.">Section&nbsp;3.08</a></font></p>

  </td>

  <td width="581" valign="top" style="padding:0in 0in 0in 0in;width:435.7pt;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_08RepresentationsAndWarrant" title="Click to goto Section&#160;3.08 Representations and Warranties of the Backup Servicer and the Indenture Trustee.">Representations and Warranties of the

  Backup Servicer and the Indenture Trustee.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="141" valign="top" style="padding:0in 0in 0in 0in;width:105.7pt;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="581" valign="top" style="padding:0in 0in 0in 0in;width:435.7pt;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="722" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:541.4pt;">

  <p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;text-indent:0in;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleIvPerfectionOfTransferAndP" title="Click to goto ARTICLE IV  PERFECTION OF TRANSFER AND PROTECTION OF SECURITY INTERESTS">ARTICLE IV&#160;

  PERFECTION OF TRANSFER AND PROTECTION OF SECURITY INTERESTS</a></font></b></p>

  </td>

 </tr>

 <tr>

  <td width="141" valign="top" style="padding:0in 0in 0in 0in;width:105.7pt;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_01CustodyOfLoans_" title="Click to goto Section&#160;4.01 Custody of Loans.">Section&nbsp;4.01</a></font></p>

  </td>

  <td width="581" valign="top" style="padding:0in 0in 0in 0in;width:435.7pt;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_01CustodyOfLoans_" title="Click to goto Section&#160;4.01 Custody of Loans.">Custody of Loans.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="141" valign="top" style="padding:0in 0in 0in 0in;width:105.7pt;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_02Filing_" title="Click to goto Section&#160;4.02 Filing.">Section&nbsp;4.02</a></font></p>

  </td>

  <td width="581" valign="top" style="padding:0in 0in 0in 0in;width:435.7pt;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_02Filing_" title="Click to goto Section&#160;4.02 Filing.">Filing.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="141" valign="top" style="padding:0in 0in 0in 0in;width:105.7pt;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section403changesinnamecorporate" title="Click to goto Section&#160;4.03 Changes in Name, Corporate Structure or Location.">Section&nbsp;4.03</a></font></p>

  </td>

  <td width="581" valign="top" style="padding:0in 0in 0in 0in;width:435.7pt;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section403changesinnamecorporate" title="Click to goto Section&#160;4.03 Changes in Name, Corporate Structure or Location.">Changes in Name, Corporate Structure or

  Location.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="141" valign="top" style="padding:0in 0in 0in 0in;width:105.7pt;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_04ChiefExecutiveOffice_" title="Click to goto Section&#160;4.04 Chief Executive Office.">Section&nbsp;4.04</a></font></p>

  </td>

  <td width="581" valign="top" style="padding:0in 0in 0in 0in;width:435.7pt;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_04ChiefExecutiveOffice_" title="Click to goto Section&#160;4.04 Chief Executive Office.">Chief Executive Office.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="141" valign="top" style="padding:0in 0in 0in 0in;width:105.7pt;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_05CostsAndExpenses_" title="Click to goto Section&#160;4.05 Costs and Expenses.">Section&nbsp;4.05</a></font></p>

  </td>

  <td width="581" valign="top" style="padding:0in 0in 0in 0in;width:435.7pt;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_05CostsAndExpenses_" title="Click to goto Section&#160;4.05 Costs and Expenses.">Costs and Expenses.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="141" valign="top" style="padding:0in 0in 0in 0in;width:105.7pt;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_06SaleTreatment_" title="Click to goto Section&#160;4.06 Sale Treatment.">Section&nbsp;4.06</a></font></p>

  </td>

  <td width="581" valign="top" style="padding:0in 0in 0in 0in;width:435.7pt;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_06SaleTreatment_" title="Click to goto Section&#160;4.06 Sale Treatment.">Sale Treatment.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="141" valign="top" style="padding:0in 0in 0in 0in;width:105.7pt;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_07SeparatenessFromTrustDep" title="Click to goto Section&#160;4.07 Separateness from Trust Depositor.">Section&nbsp;4.07</a></font></p>

  </td>

  <td width="581" valign="top" style="padding:0in 0in 0in 0in;width:435.7pt;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_07SeparatenessFromTrustDep" title="Click to goto Section&#160;4.07 Separateness from Trust Depositor.">Separateness from Trust Depositor.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="141" valign="top" style="padding:0in 0in 0in 0in;width:105.7pt;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="581" valign="top" style="padding:0in 0in 0in 0in;width:435.7pt;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="722" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:541.4pt;">

  <p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;text-indent:0in;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleVServicingOfLoans" title="Click to goto ARTICLE V  SERVICING OF LOANS">ARTICLE V&#160; SERVICING OF LOANS</a></font></b></p>

  </td>

 </tr>

 <tr>

  <td width="141" valign="top" style="padding:0in 0in 0in 0in;width:105.7pt;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_01AppointmentAndAcceptance" title="Click to goto Section&#160;5.01 Appointment and Acceptance; Responsibility for Loan Administration.">Section&nbsp;5.01</a></font></p>

  </td>

  <td width="581" valign="top" style="padding:0in 0in 0in 0in;width:435.7pt;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_01AppointmentAndAcceptance" title="Click to goto Section&#160;5.01 Appointment and Acceptance; Responsibility for Loan Administration.">Appointment and Acceptance; Responsibility

  for Loan Administration.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="141" valign="top" style="padding:0in 0in 0in 0in;width:105.7pt;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_02GeneralDuties_" title="Click to goto Section&#160;5.02 General Duties.">Section&nbsp;5.02</a></font></p>

  </td>

  <td width="581" valign="top" style="padding:0in 0in 0in 0in;width:435.7pt;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_02GeneralDuties_" title="Click to goto Section&#160;5.02 General Duties.">General Duties.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="141" valign="top" style="padding:0in 0in 0in 0in;width:105.7pt;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_03Administration_" title="Click to goto Section&#160;5.03 Administration.">Section&nbsp;5.03</a></font></p>

  </td>

  <td width="581" valign="top" style="padding:0in 0in 0in 0in;width:435.7pt;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_03Administration_" title="Click to goto Section&#160;5.03 Administration.">Administration.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="141" valign="top" style="padding:0in 0in 0in 0in;width:105.7pt;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_04DispositionUponTerminatio" title="Click to goto Section&#160;5.04 Disposition upon Termination of Loan.">Section&nbsp;5.04</a></font></p>

  </td>

  <td width="581" valign="top" style="padding:0in 0in 0in 0in;width:435.7pt;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_04DispositionUponTerminatio" title="Click to goto Section&#160;5.04 Disposition upon Termination of Loan.">Disposition upon Termination of Loan.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="141" valign="top" style="padding:0in 0in 0in 0in;width:105.7pt;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_05Subservicers_" title="Click to goto Section&#160;5.05 Subservicers.">Section&nbsp;5.05</a></font></p>

  </td>

  <td width="581" valign="top" style="padding:0in 0in 0in 0in;width:435.7pt;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_05Subservicers_" title="Click to goto Section&#160;5.05 Subservicers.">Subservicers.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="141" valign="top" style="padding:0in 0in 0in 0in;width:105.7pt;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_06FurtherAssurance_" title="Click to goto Section&#160;5.06 Further Assurance.">Section&nbsp;5.06</a></font></p>

  </td>

  <td width="581" valign="top" style="padding:0in 0in 0in 0in;width:435.7pt;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_06FurtherAssurance_" title="Click to goto Section&#160;5.06 Further Assurance.">Further Assurance.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="141" valign="top" style="padding:0in 0in 0in 0in;width:105.7pt;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_07NoticeToObligors_" title="Click to goto Section&#160;5.07 Notice to Obligors.">Section&nbsp;5.07</a></font></p>

  </td>

  <td width="581" valign="top" style="padding:0in 0in 0in 0in;width:435.7pt;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_07NoticeToObligors_" title="Click to goto Section&#160;5.07 Notice to Obligors.">Notice to Obligors.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="141" valign="top" style="padding:0in 0in 0in 0in;width:105.7pt;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_08CollectionEffortsModific" title="Click to goto Section&#160;5.08 Collection Efforts; Modification of Loans; Release of Loan Files.">Section&nbsp;5.08</a></font></p>

  </td>

  <td width="581" valign="top" style="padding:0in 0in 0in 0in;width:435.7pt;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_08CollectionEffortsModific" title="Click to goto Section&#160;5.08 Collection Efforts; Modification of Loans; Release of Loan Files.">Collection Efforts; Modification of Loans;

  Release of Loan Files.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="141" valign="top" style="padding:0in 0in 0in 0in;width:105.7pt;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_09PrepaidLoan_" title="Click to goto Section&#160;5.09 Prepaid Loan.">Section&nbsp;5.09</a></font></p>

  </td>

  <td width="581" valign="top" style="padding:0in 0in 0in 0in;width:435.7pt;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_09PrepaidLoan_" title="Click to goto Section&#160;5.09 Prepaid Loan.">Prepaid Loan.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="141" valign="top" style="padding:0in 0in 0in 0in;width:105.7pt;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_10Acceleration_" title="Click to goto Section&#160;5.10 Acceleration.">Section&nbsp;5.10</a></font></p>

  </td>

  <td width="581" valign="top" style="padding:0in 0in 0in 0in;width:435.7pt;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_10Acceleration_" title="Click to goto Section&#160;5.10 Acceleration.">Acceleration.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="141" valign="top" style="padding:0in 0in 0in 0in;width:105.7pt;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_11Taxes_" title="Click to goto Section&#160;5.11 Taxes.">Section&nbsp;5.11</a></font></p>

  </td>

  <td width="581" valign="top" style="padding:0in 0in 0in 0in;width:435.7pt;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_11Taxes_" title="Click to goto Section&#160;5.11 Taxes.">Taxes.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="141" valign="top" style="padding:0in 0in 0in 0in;width:105.7pt;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_12InsurancePremiums_" title="Click to goto Section&#160;5.12 Insurance Premiums.">Section&nbsp;5.12</a></font></p>

  </td>

  <td width="581" valign="top" style="padding:0in 0in 0in 0in;width:435.7pt;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_12InsurancePremiums_" title="Click to goto Section&#160;5.12 Insurance Premiums.">Insurance Premiums.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="141" valign="top" style="padding:0in 0in 0in 0in;width:105.7pt;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_13Remittances_" title="Click to goto Section&#160;5.13 Remittances.">Section&nbsp;5.13</a></font></p>

  </td>

  <td width="581" valign="top" style="padding:0in 0in 0in 0in;width:435.7pt;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_13Remittances_" title="Click to goto Section&#160;5.13 Remittances.">Remittances.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="141" valign="top" style="padding:0in 0in 0in 0in;width:105.7pt;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_14ServicerAdvances_" title="Click to goto Section&#160;5.14 Servicer Advances.">Section&nbsp;5.14</a></font></p>

  </td>

  <td width="581" valign="top" style="padding:0in 0in 0in 0in;width:435.7pt;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_14ServicerAdvances_" title="Click to goto Section&#160;5.14 Servicer Advances.">Servicer Advances.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="141" valign="top" style="padding:0in 0in 0in 0in;width:105.7pt;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_15RealizationUponDefaulted" title="Click to goto Section&#160;5.15 Realization upon Defaulted Loan.">Section&nbsp;5.15</a></font></p>

  </td>

  <td width="581" valign="top" style="padding:0in 0in 0in 0in;width:435.7pt;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_15RealizationUponDefaulted" title="Click to goto Section&#160;5.15 Realization upon Defaulted Loan.">Realization upon Defaulted Loan.</a></font></p>

  </td>

 </tr>

</table>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_16MaintenanceOfInsurancePo" title="Click to goto Section&#160;5.16 Maintenance of Insurance Policies.">Section&nbsp;5.16</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_16MaintenanceOfInsurancePo" title="Click to goto Section&#160;5.16 Maintenance of Insurance Policies.">Maintenance of Insurance Policies.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_17OtherServicerCovenants_" title="Click to goto Section&#160;5.17 Other Servicer Covenants.">Section&nbsp;5.17</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_17OtherServicerCovenants_" title="Click to goto Section&#160;5.17 Other Servicer Covenants.">Other Servicer Covenants.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_18ServicingCompensation_" title="Click to goto Section&#160;5.18 Servicing Compensation.">Section&nbsp;5.18</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_18ServicingCompensation_" title="Click to goto Section&#160;5.18 Servicing Compensation.">Servicing Compensation.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_19PaymentOfCertainExpenses" title="Click to goto Section&#160;5.19 Payment of Certain Expenses by Servicer.">Section&nbsp;5.19</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_19PaymentOfCertainExpenses" title="Click to goto Section&#160;5.19 Payment of Certain Expenses by Servicer.">Payment of Certain Expenses by Servicer.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_20Records_" title="Click to goto Section&#160;5.20 Records.">Section&nbsp;5.20</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_20Records_" title="Click to goto Section&#160;5.20 Records.">Records.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_21Inspection_" title="Click to goto Section&#160;5.21 Inspection.">Section&nbsp;5.21</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_21Inspection_" title="Click to goto Section&#160;5.21 Inspection.">Inspection.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_22TheBackupServicer_" title="Click to goto Section&#160;5.22 The Backup Servicer.">Section&nbsp;5.22</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_22TheBackupServicer_" title="Click to goto Section&#160;5.22 The Backup Servicer.">The Backup Servicer.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_23Reserved_" title="Click to goto Section&#160;5.23 [Reserved].">Section&nbsp;5.23</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_23Reserved_" title="Click to goto Section&#160;5.23 [Reserved].">[Reserved].</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_24CovenantsOfTheBackupSer" title="Click to goto Section&#160;5.24 Covenants of the Backup Servicer.">Section&nbsp;5.24</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_24CovenantsOfTheBackupSer" title="Click to goto Section&#160;5.24 Covenants of the Backup Servicer.">Covenants of the Backup Servicer.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_25AppointmentOfSuccessorBa" title="Click to goto Section&#160;5.25 Appointment of Successor Backup Servicer; Successor Backup Servicer to Act.">Section&nbsp;5.25</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_25AppointmentOfSuccessorBa" title="Click to goto Section&#160;5.25 Appointment of Successor Backup Servicer; Successor Backup Servicer to Act.">Appointment of Successor Backup Servicer;

  Successor Backup Servicer to Act.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">

  <p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;text-indent:0in;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleViCovenantsOfTheTrustDepos" title="Click to goto ARTICLE VI  COVENANTS OF THE TRUST DEPOSITOR ">ARTICLE VI&#160;

  COVENANTS OF THE TRUST DEPOSITOR</a></font></b></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_01LegalExistence_" title="Click to goto Section&#160;6.01 Legal Existence.">Section&nbsp;6.01</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_01LegalExistence_" title="Click to goto Section&#160;6.01 Legal Existence.">Legal Existence.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_02LoansNotToBeEvidencedB" title="Click to goto Section&#160;6.02 Loans Not to Be Evidenced by Promissory Notes.">Section&nbsp;6.02</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_02LoansNotToBeEvidencedB" title="Click to goto Section&#160;6.02 Loans Not to Be Evidenced by Promissory Notes.">Loans Not to Be Evidenced by Promissory

  Notes.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_03SecurityInterests_" title="Click to goto Section&#160;6.03 Security Interests.">Section&nbsp;6.03</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_03SecurityInterests_" title="Click to goto Section&#160;6.03 Security Interests.">Security Interests.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_04DeliveryOfCollections_" title="Click to goto Section&#160;6.04 Delivery of Collections.">Section&nbsp;6.04</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_04DeliveryOfCollections_" title="Click to goto Section&#160;6.04 Delivery of Collections.">Delivery of Collections.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_05RegulatoryFilings_" title="Click to goto Section&#160;6.05 Regulatory Filings.">Section&nbsp;6.05</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_05RegulatoryFilings_" title="Click to goto Section&#160;6.05 Regulatory Filings.">Regulatory Filings.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_06ComplianceWithLaw_" title="Click to goto Section&#160;6.06 Compliance with Law.">Section&nbsp;6.06</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_06ComplianceWithLaw_" title="Click to goto Section&#160;6.06 Compliance with Law.">Compliance with Law.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_07Activities_" title="Click to goto Section&#160;6.07 Activities.">Section&nbsp;6.07</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_07Activities_" title="Click to goto Section&#160;6.07 Activities.">Activities.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_08Indebtedness_" title="Click to goto Section&#160;6.08 Indebtedness.">Section&nbsp;6.08</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_08Indebtedness_" title="Click to goto Section&#160;6.08 Indebtedness.">Indebtedness.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_09Guarantees_" title="Click to goto Section&#160;6.09 Guarantees.">Section&nbsp;6.09</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_09Guarantees_" title="Click to goto Section&#160;6.09 Guarantees.">Guarantees.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_10Investments_" title="Click to goto Section&#160;6.10 Investments.">Section&nbsp;6.10</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_10Investments_" title="Click to goto Section&#160;6.10 Investments.">Investments.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_11MergerSales_" title="Click to goto Section&#160;6.11 Merger; Sales.">Section&nbsp;6.11</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_11MergerSales_" title="Click to goto Section&#160;6.11 Merger; Sales.">Merger; Sales.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_12Distributions_" title="Click to goto Section&#160;6.12 Distributions.">Section&nbsp;6.12</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_12Distributions_" title="Click to goto Section&#160;6.12 Distributions.">Distributions.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_13OtherAgreements_" title="Click to goto Section&#160;6.13 Other Agreements.">Section&nbsp;6.13</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_13OtherAgreements_" title="Click to goto Section&#160;6.13 Other Agreements.">Other Agreements.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_14SeparateLegalExistence_" title="Click to goto Section&#160;6.14 Separate Legal Existence.">Section&nbsp;6.14</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_14SeparateLegalExistence_" title="Click to goto Section&#160;6.14 Separate Legal Existence.">Separate Legal Existence.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_15Reserved_" title="Click to goto Section&#160;6.15 [Reserved].">Section&nbsp;6.15</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_15Reserved_" title="Click to goto Section&#160;6.15 [Reserved].">[Reserved].</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_16LiabilityOfTrustDeposito" title="Click to goto Section&#160;6.16 Liability of Trust Depositor and Others.">Section&nbsp;6.16</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_16LiabilityOfTrustDeposito" title="Click to goto Section&#160;6.16 Liability of Trust Depositor and Others.">Liability of Trust Depositor and Others.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_17BankruptcyLimitations_" title="Click to goto Section&#160;6.17 Bankruptcy Limitations.">Section&nbsp;6.17</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_17BankruptcyLimitations_" title="Click to goto Section&#160;6.17 Bankruptcy Limitations.">Bankruptcy Limitations.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_18Reserved_" title="Click to goto Section&#160;6.18 [Reserved].">Section&nbsp;6.18</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_18Reserved_" title="Click to goto Section&#160;6.18 [Reserved].">[Reserved].</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_19ChiefExecutiveOffice_" title="Click to goto Section&#160;6.19 Chief Executive Office.">Section&nbsp;6.19</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_19ChiefExecutiveOffice_" title="Click to goto Section&#160;6.19 Chief Executive Office.">Chief Executive Office.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">

  <p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;text-indent:0in;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleViiEstablishmentOfAccounts" title="Click to goto ARTICLE VII  ESTABLISHMENT OF ACCOUNTS; DISTRIBUTIONS; RESERVE FUND">ARTICLE VII&#160; ESTABLISHMENT OF ACCOUNTS; DISTRIBUTIONS; RESERVE FUND</a></font></b></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_01TrustAccountsCollections" title="Click to goto Section&#160;7.01 Trust Accounts; Collections.">Section&nbsp;7.01</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_01TrustAccountsCollections" title="Click to goto Section&#160;7.01 Trust Accounts; Collections.">Trust Accounts; Collections.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_02ReserveFundDeposit_" title="Click to goto Section&#160;7.02 Reserve Fund Deposit.">Section&nbsp;7.02</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_02ReserveFundDeposit_" title="Click to goto Section&#160;7.02 Reserve Fund Deposit.">Reserve Fund Deposit.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_03TrustAccountProcedures_" title="Click to goto Section&#160;7.03 Trust Account Procedures.">Section&nbsp;7.03</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_03TrustAccountProcedures_" title="Click to goto Section&#160;7.03 Trust Account Procedures.">Trust Account Procedures.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_04SecurityholderDistribution" title="Click to goto Section&#160;7.04 Securityholder Distributions.">Section&nbsp;7.04</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_04SecurityholderDistribution" title="Click to goto Section&#160;7.04 Securityholder Distributions.">Securityholder Distributions.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_05AllocationsAndDistributio" title="Click to goto Section&#160;7.05 Allocations and Distributions.">Section&nbsp;7.05</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_05AllocationsAndDistributio" title="Click to goto Section&#160;7.05 Allocations and Distributions.">Allocations and Distributions.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_06DeterminationOfLibor_" title="Click to goto Section&#160;7.06 Determination of LIBOR.">Section&nbsp;7.06</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_06DeterminationOfLibor_" title="Click to goto Section&#160;7.06 Determination of LIBOR.">Determination of LIBOR.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">

  <p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;text-indent:0in;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleViiiServicerDefaultService" title="Click to goto ARTICLE VIII  SERVICER DEFAULT; SERVICE TRANSFER">ARTICLE VIII&#160; SERVICER DEFAULT; SERVICE TRANSFER</a></font></b></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_01ServicerDefault_" title="Click to goto Section&#160;8.01 Servicer Default.">Section&nbsp;8.01</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_01ServicerDefault_" title="Click to goto Section&#160;8.01 Servicer Default.">Servicer Default.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_02ServicerTransfer_" title="Click to goto Section&#160;8.02 Servicer Transfer.">Section&nbsp;8.02</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_02ServicerTransfer_" title="Click to goto Section&#160;8.02 Servicer Transfer.">Servicer Transfer.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_03AppointmentOfSuccessorSe" title="Click to goto Section&#160;8.03 Appointment of Successor Servicer; Reconveyance; Successor Servicer to Act.">Section&nbsp;8.03</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_03AppointmentOfSuccessorSe" title="Click to goto Section&#160;8.03 Appointment of Successor Servicer; Reconveyance; Successor Servicer to Act.">Appointment of Successor Servicer;

  Reconveyance; Successor Servicer to Act.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_04NotificationToSecurityhol" title="Click to goto Section&#160;8.04 Notification to Securityholders and Swap Counterparties.">Section&nbsp;8.04</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_04NotificationToSecurityhol" title="Click to goto Section&#160;8.04 Notification to Securityholders and Swap Counterparties.">Notification to Securityholders and Swap

  Counterparties.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_05EffectOfTransfer_" title="Click to goto Section&#160;8.05 Effect of Transfer.">Section&nbsp;8.05</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_05EffectOfTransfer_" title="Click to goto Section&#160;8.05 Effect of Transfer.">Effect of Transfer.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_06DatabaseFile_" title="Click to goto Section&#160;8.06 Database File.">Section&nbsp;8.06</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_06DatabaseFile_" title="Click to goto Section&#160;8.06 Database File.">Database File.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_07SuccessorServicerIndemnif" title="Click to goto Section&#160;8.07 Successor Servicer Indemnification.">Section&nbsp;8.07</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_07SuccessorServicerIndemnif" title="Click to goto Section&#160;8.07 Successor Servicer Indemnification.">Successor Servicer Indemnification.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_08ResponsibilitiesOfTheSuc" title="Click to goto Section&#160;8.08 Responsibilities of the Successor Servicer.">Section&nbsp;8.08</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_08ResponsibilitiesOfTheSuc" title="Click to goto Section&#160;8.08 Responsibilities of the Successor Servicer.">Responsibilities of the Successor Servicer.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_09RatingAgencyConditionFor" title="Click to goto Section&#160;8.09 Rating Agency Condition for Servicer Transfer.">Section&nbsp;8.09</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_09RatingAgencyConditionFor" title="Click to goto Section&#160;8.09 Rating Agency Condition for Servicer Transfer.">Rating Agency Condition for Servicer

  Transfer.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">

  <p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;text-indent:0in;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleIxReports" title="Click to goto ARTICLE IX  REPORTS">ARTICLE IX&#160; REPORTS</a></font></b></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_01MonthlyReports_" title="Click to goto Section&#160;9.01 Monthly Reports.">Section&nbsp;9.01</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_01MonthlyReports_" title="Click to goto Section&#160;9.01 Monthly Reports.">Monthly Reports.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_02OfficersCertificate_" title="Click to goto Section&#160;9.02 Officer&#146;s Certificate.">Section&nbsp;9.02</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_02OfficersCertificate_" title="Click to goto Section&#160;9.02 Officer&#146;s Certificate.">Officer&#146;s Certificate.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_03OtherData_" title="Click to goto Section&#160;9.03 Other Data.">Section&nbsp;9.03</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_03OtherData_" title="Click to goto Section&#160;9.03 Other Data.">Other Data.</a></font></p>

  </td>

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 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_04AnnualReportOfAccountant" title="Click to goto Section&#160;9.04 Annual Report of Accountants.">Section&nbsp;9.04</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_04AnnualReportOfAccountant" title="Click to goto Section&#160;9.04 Annual Report of Accountants.">Annual Report of Accountants.</a></font></p>

  </td>

 </tr>

</table>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



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  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_05AnnualStatementOfComplia" title="Click to goto Section&#160;9.05 Annual Statement of Compliance from Servicer.">Section&nbsp;9.05</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_05AnnualStatementOfComplia" title="Click to goto Section&#160;9.05 Annual Statement of Compliance from Servicer.">Annual Statement of Compliance from

  Servicer.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_06AnnualSummaryStatement_" title="Click to goto Section&#160;9.06 Annual Summary Statement.">Section&nbsp;9.06</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_06AnnualSummaryStatement_" title="Click to goto Section&#160;9.06 Annual Summary Statement.">Annual Summary Statement.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_07ReportsOfForeclosureAnd" title="Click to goto Section&#160;9.07 Reports of Foreclosure and Abandonment of Mortgaged Property.">Section&nbsp;9.07</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_07ReportsOfForeclosureAnd" title="Click to goto Section&#160;9.07 Reports of Foreclosure and Abandonment of Mortgaged Property.">Reports of Foreclosure and Abandonment of

  Mortgaged Property.</a></font></p>

  </td>

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 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_08Notices_" title="Click to goto Section&#160;9.08 Notices.">Section&nbsp;9.08</a></font></p>

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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_08Notices_" title="Click to goto Section&#160;9.08 Notices.">Notices.</a></font></p>

  </td>

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  <p style="font-size:10.0pt;margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

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  <p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;text-indent:0in;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleXTermination" title="Click to goto ARTICLE X  TERMINATION">ARTICLE X&#160; TERMINATION</a></font></b></p>

  </td>

 </tr>

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  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_01SaleOfLoanAssets_" title="Click to goto Section&#160;10.01 Sale of Loan Assets.">Section&nbsp;10.01</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_01SaleOfLoanAssets_" title="Click to goto Section&#160;10.01 Sale of Loan Assets.">Sale of Loan Assets.</a></font></p>

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  <p style="font-size:10.0pt;margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

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  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">

  <p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;text-indent:0in;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleXiRemediesUponMisrepresentat" title="Click to goto ARTICLE XI  REMEDIES UPON MISREPRESENTATION; REPURCHASE OPTION">ARTICLE XI&#160;

  REMEDIES UPON MISREPRESENTATION; REPURCHASE OPTION</a></font></b></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section1101repurchasesoforsubstit" title="Click to goto Section&#160;11.01 Repurchases of, or Substitution for, Loans for Breach of Representations and Warranties.">Section&nbsp;11.01</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section1101repurchasesoforsubstit" title="Click to goto Section&#160;11.01 Repurchases of, or Substitution for, Loans for Breach of Representations and Warranties.">Repurchases of, or Substitution for, Loans

  for Breach of Representations and Warranties.</a></font></p>

  </td>

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 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section11_02ReassignmentOfRepurchase" title="Click to goto Section&#160;11.02 Reassignment of Repurchased or Substituted Loans.">Section&nbsp;11.02</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section11_02ReassignmentOfRepurchase" title="Click to goto Section&#160;11.02 Reassignment of Repurchased or Substituted Loans.">Reassignment of Repurchased or Substituted

  Loans.</a></font></p>

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  <p style="font-size:10.0pt;margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

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  <p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;text-indent:0in;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleXiiIndemnities" title="Click to goto ARTICLE XII  INDEMNITIES">ARTICLE XII&#160; INDEMNITIES</a></font></b></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_01IndemnificationByService" title="Click to goto Section&#160;12.01 Indemnification by Servicer.">Section&nbsp;12.01</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_01IndemnificationByService" title="Click to goto Section&#160;12.01 Indemnification by Servicer.">Indemnification by Servicer.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_02IndemnificationByTrustD" title="Click to goto Section&#160;12.02 Indemnification by Trust Depositor.">Section&nbsp;12.02</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_02IndemnificationByTrustD" title="Click to goto Section&#160;12.02 Indemnification by Trust Depositor.">Indemnification by Trust Depositor.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_03LiabilitiesToObligors_" title="Click to goto Section&#160;12.03 Liabilities to Obligors.">Section&nbsp;12.03</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_03LiabilitiesToObligors_" title="Click to goto Section&#160;12.03 Liabilities to Obligors.">Liabilities to Obligors.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_04TaxIndemnification_" title="Click to goto Section&#160;12.04 Tax Indemnification.">Section&nbsp;12.04</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_04TaxIndemnification_" title="Click to goto Section&#160;12.04 Tax Indemnification.">Tax Indemnification.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_05Adjustments_" title="Click to goto Section&#160;12.05 Adjustments.">Section&nbsp;12.05</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_05Adjustments_" title="Click to goto Section&#160;12.05 Adjustments.">Adjustments.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_06OperationOfIndemnities_" title="Click to goto Section&#160;12.06 Operation of Indemnities.">Section&nbsp;12.06</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_06OperationOfIndemnities_" title="Click to goto Section&#160;12.06 Operation of Indemnities.">Operation of Indemnities.</a></font></p>

  </td>

 </tr>

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  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">

  <p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;text-indent:0in;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleXiiiMiscellaneous" title="Click to goto ARTICLE XIII  MISCELLANEOUS">ARTICLE XIII&#160; MISCELLANEOUS</a></font></b></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_01Amendment_" title="Click to goto Section&#160;13.01 Amendment.">Section&nbsp;13.01</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_01Amendment_" title="Click to goto Section&#160;13.01 Amendment.">Amendment.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_02ProtectionOfTitletoIss" title="Click to goto Section&#160;13.02 Protection of Title&#160;to Issuer.">Section&nbsp;13.02</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_02ProtectionOfTitletoIss" title="Click to goto Section&#160;13.02 Protection of Title&#160;to Issuer.">Protection of Title&nbsp;to Issuer.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_03GoverningLaw_" title="Click to goto Section&#160;13.03 Governing Law.">Section&nbsp;13.03</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_03GoverningLaw_" title="Click to goto Section&#160;13.03 Governing Law.">Governing Law.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_04Notices_" title="Click to goto Section&#160;13.04 Notices.">Section&nbsp;13.04</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_04Notices_" title="Click to goto Section&#160;13.04 Notices.">Notices.</a></font></p>

  </td>

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 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_05SeverabilityOfProvisions" title="Click to goto Section&#160;13.05 Severability of Provisions.">Section&nbsp;13.05</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_05SeverabilityOfProvisions" title="Click to goto Section&#160;13.05 Severability of Provisions.">Severability of Provisions.</a></font></p>

  </td>

 </tr>

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  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_06ThirdPartyBeneficiaries_" title="Click to goto Section&#160;13.06 Third Party Beneficiaries.">Section&nbsp;13.06</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_06ThirdPartyBeneficiaries_" title="Click to goto Section&#160;13.06 Third Party Beneficiaries.">Third Party Beneficiaries.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_07Counterparts_" title="Click to goto Section&#160;13.07 Counterparts.">Section&nbsp;13.07</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_07Counterparts_" title="Click to goto Section&#160;13.07 Counterparts.">Counterparts.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_08Headings_" title="Click to goto Section&#160;13.08 Headings.">Section&nbsp;13.08</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_08Headings_" title="Click to goto Section&#160;13.08 Headings.">Headings.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_09NoBankruptcyPetitionDi" title="Click to goto Section&#160;13.09 No Bankruptcy Petition; Disclaimer.">Section&nbsp;13.09</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_09NoBankruptcyPetitionDi" title="Click to goto Section&#160;13.09 No Bankruptcy Petition; Disclaimer.">No Bankruptcy Petition; Disclaimer.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_10Jurisdiction_" title="Click to goto Section&#160;13.10 Jurisdiction.">Section&nbsp;13.10</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_10Jurisdiction_" title="Click to goto Section&#160;13.10 Jurisdiction.">Jurisdiction.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_11TaxCharacterization_" title="Click to goto Section&#160;13.11 Tax Characterization.">Section&nbsp;13.11</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_11TaxCharacterization_" title="Click to goto Section&#160;13.11 Tax Characterization.">Tax Characterization.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_12ProhibitedTransactionsWi" title="Click to goto Section&#160;13.12 Prohibited Transactions with Respect to the Issuer.">Section&nbsp;13.12</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_12ProhibitedTransactionsWi" title="Click to goto Section&#160;13.12 Prohibited Transactions with Respect to the Issuer.">Prohibited Transactions with Respect to the

  Issuer.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_13MergerOrConsolidationOf" title="Click to goto Section&#160;13.13 Merger or Consolidation of Originator or Servicer.">Section&nbsp;13.13</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_13MergerOrConsolidationOf" title="Click to goto Section&#160;13.13 Merger or Consolidation of Originator or Servicer.">Merger or Consolidation of Originator or

  Servicer.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_14AssignmentOrDelegationB" title="Click to goto Section&#160;13.14 Assignment or Delegation by the Originator.">Section&nbsp;13.14</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_14AssignmentOrDelegationB" title="Click to goto Section&#160;13.14 Assignment or Delegation by the Originator.">Assignment or Delegation by the Originator.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_15LimitationOfLiabilityOf" title="Click to goto Section&#160;13.15 Limitation of Liability of Owner Trustee.">Section&nbsp;13.15</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_15LimitationOfLiabilityOf" title="Click to goto Section&#160;13.15 Limitation of Liability of Owner Trustee.">Limitation of Liability of Owner Trustee.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_16NoPartnership_" title="Click to goto Section&#160;13.16 No Partnership.">Section&nbsp;13.16</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_16NoPartnership_" title="Click to goto Section&#160;13.16 No Partnership.">No Partnership.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_17SuccessorsAndAssigns_" title="Click to goto Section&#160;13.17 Successors and Assigns.">Section&nbsp;13.17</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_17SuccessorsAndAssigns_" title="Click to goto Section&#160;13.17 Successors and Assigns.">Successors and Assigns.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_18ActsOfHolders_" title="Click to goto Section&#160;13.18 Acts of Holders.">Section&nbsp;13.18</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_18ActsOfHolders_" title="Click to goto Section&#160;13.18 Acts of Holders.">Acts of Holders.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_19DurationOfAgreement_" title="Click to goto Section&#160;13.19 Duration of Agreement.">Section&nbsp;13.19</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_19DurationOfAgreement_" title="Click to goto Section&#160;13.19 Duration of Agreement.">Duration of Agreement.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_20ServicerAssignmentAndRe" title="Click to goto Section&#160;13.20 Servicer Assignment and Resignation.">Section&nbsp;13.20</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_20ServicerAssignmentAndRe" title="Click to goto Section&#160;13.20 Servicer Assignment and Resignation.">Servicer Assignment and Resignation.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">

  <p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;text-indent:0in;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleXivSwapGuaranty" title="Click to goto ARTICLE XIV  SWAP GUARANTY">ARTICLE XIV&#160; SWAP GUARANTY</a></font></b></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section14_01UnconditionalUndertaking_" title="Click to goto Section&#160;14.01 Unconditional Undertaking.">Section&nbsp;14.01</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section14_01UnconditionalUndertaking_" title="Click to goto Section&#160;14.01 Unconditional Undertaking.">Unconditional Undertaking.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section14_02ObligationsAbsolute_" title="Click to goto Section&#160;14.02 Obligations Absolute.">Section&nbsp;14.02</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section14_02ObligationsAbsolute_" title="Click to goto Section&#160;14.02 Obligations Absolute.">Obligations Absolute.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section14_03PariPassuTreatmentOfOb" title="Click to goto Section&#160;14.03 Pari Passu Treatment of Obligations of Swap Guarantor.">Section&nbsp;14.03</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section14_03PariPassuTreatmentOfOb" title="Click to goto Section&#160;14.03 Pari Passu Treatment of Obligations of Swap Guarantor.">Pari Passu Treatment of Obligations of Swap

  Guarantor.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section14_04Waiver_" title="Click to goto Section&#160;14.04 Waiver.">Section&nbsp;14.04</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section14_04Waiver_" title="Click to goto Section&#160;14.04 Waiver.">Waiver.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section14_05Subrogation_" title="Click to goto Section&#160;14.05 Subrogation.">Section&nbsp;14.05</a></font></p>

  </td>

  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.48%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section14_05Subrogation_" title="Click to goto Section&#160;14.05 Subrogation.">Subrogation.</a></font></p>

  </td>

 </tr>

</table>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBITS AND SCHEDULES</font></u></b></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.98%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;A</font></p>

  </td>

  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.02%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Assignment</font></p>

  </td>

 </tr>

 <tr>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.98%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;B</font></p>

  </td>

  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.02%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Closing Certificate of Trust Depositor</font></p>

  </td>

 </tr>

 <tr>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.98%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;C</font></p>

  </td>

  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.02%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Closing Certificate of Servicer/Originator</font></p>

  </td>

 </tr>

</table>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">iii</font></p>





<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



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</font></div>



<font size="2" face="Times New Roman"><font size="2" style="font-size:10.0pt;">
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</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.98%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;D&#150;1</font></p>

  </td>

  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.02%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Initial Certificate</font></p>

  </td>

 </tr>

 <tr>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.98%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;D&#150;2</font></p>

  </td>

  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.02%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Final Certificate</font></p>

  </td>

 </tr>

 <tr>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.98%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;E</font></p>

  </td>

  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.02%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Request for Release of Documents</font></p>

  </td>

 </tr>

 <tr>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.98%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;F</font></p>

  </td>

  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.02%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Certificate Regarding Repurchased Loans</font></p>

  </td>

 </tr>

 <tr>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.98%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;G</font></p>

  </td>

  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.02%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">List of Loans</font></p>

  </td>

 </tr>

 <tr>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.98%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;H</font></p>

  </td>

  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.02%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Monthly Report to Securityholders and Swap Counterparties</font></p>

  </td>

 </tr>

 <tr>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.98%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;I</font></p>

  </td>

  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.02%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Subsequent Transfer Agreement</font></p>

  </td>

 </tr>

 <tr>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.98%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;J</font></p>

  </td>

  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.02%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Subsequent Purchase Agreement</font></p>

  </td>

 </tr>

 <tr>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.98%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit K</font></p>

  </td>

  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.02%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Credit and Collection Policy</font></p>

  </td>

 </tr>

 <tr>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.98%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit L</font></p>

  </td>

  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.02%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">List of Subordinated Loans</font></p>

  </td>

 </tr>

</table>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">iv</font></p>





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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TRANSFER AND SERVICING AGREEMENT</font></u></b></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THIS TRANSFER AND SERVICING AGREEMENT</font></b>,

dated as of March 15, 2002, is by and among:</p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font style="font-weight:bold;">ACAS BUSINESS LOAN TRUST 2002&#150;1</font></b>, a business

trust created and existing under the laws of the State of Delaware, as the issuer

(together with its successors and assigns, in such capacity, the &#147;<u>Issuer</u>&#148;);</p>



<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font style="font-weight:bold;">ACAS BUSINESS LOAN LLC, 2002&#150;1</font></b>, a Delaware

limited liability company, as the trust depositor (together with its successor

and assigns, in such capacity, the &#147;<u>Trust Depositor</u>&#148;);</p>



<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font style="font-weight:bold;">AMERICAN CAPITAL STRATEGIES, LTD.</font></b>, a

Delaware corporation (together with its successors and assigns, &#147;<u>ACAS</u>&#148;),

as the servicer (together with its successors and assigns, in such capacity,

the &#147;<u>Servicer</u>&#148;), as the originator (together with its wholly&#150;owned

subsidiaries, successors and assigns, in such capacity, the &#147;<u>Originator</u>&#148;)

and as the swap guarantor (together with its successors and assigns, in such

capacity, the &#147;<u>Swap Guarantor</u>&#148;); and</p>



<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font style="font-weight:bold;">WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION</font></b>

(together with its successors and assigns, &#147;<u>Wells Fargo</u>&#148;), not in its

individual capacity but as the indenture trustee (together with its successors

and assigns, in such capacity, the &#147;<u>Indenture Trustee</u>&#148;), and not in its

individual capacity but as the backup servicer (together with its successors

and assigns, in such capacity, the &#147;<u>Backup Servicer</u>&#148;).</p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">R</font></u>  <u>E</u>  <u>C</u>  <u>I</u>

<u>T</u>  <u>A</u>  <u>L</u>  <u>S</u></b></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>, in the

regular course of its business, the Originator originates, purchases and/or

acquires Loans (as defined herein);</p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>, the Trust

Depositor acquired the Initial Loans from the Originator and may acquire from

time to time thereafter certain Substitute Loans (such Initial Loans and

Substitute Loans, together with certain related property as more fully

described herein, being the Loan Assets as defined herein);</p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>, it was a

condition to the Trust Depositor&#146;s acquisition of the Initial Loans from the

Originator that the Originator make certain representations and warranties

regarding the Loan Assets for the benefit of the Trust Depositor as well as the

Issuer;</p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>, on the

Closing Date (defined herein) the Trust Depositor will fund the Issuer by

selling, conveying and assigning all its right, title and interest in such Loan

Assets and certain other assets to the Issuer;</p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>, the Issuer

is willing to purchase and accept assignment of the Loan Assets from the Trust

Depositor pursuant to the terms hereof; and</p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>, the

Servicer is willing to service the Loan Assets for the benefit and account of

the Issuer pursuant to the terms hereof;</p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NOW, THEREFORE</font></b>,

based upon the above recitals, the mutual premises and agreements contained

herein, and other good and valuable consideration, the receipt and sufficiency

of which are hereby acknowledged, the parties hereto, intending to be legally

bound, hereby agree as follows:</p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>





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</font></div>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><a name="ArticleIDefinitions"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE I</font></b></a></h1>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h1>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">DEFINITIONS</font></b></h1>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section1_01Definitions_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;1.01</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Definitions</u>.</h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Whenever used in this Agreement, the following words and phrases,

unless the context otherwise requires, shall have the following meanings:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>ACAS</u>&#148; has the meaning given to such term in the <u>Preamble</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>ACAS Transfer Agreement</u>&#148; means the ACAS Transfer Agreement,

dated as of the date hereof, between ACAS and the Trust Depositor, as amended,

modified, restated, replaced, waived, substituted, supplemented or extended

from time to time.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Addition Notice</u>&#148; means, with respect to any transfer of

Substitute Loans to the Issuer pursuant to <u>Section&nbsp;2.04</u> (and the

Trust Depositor&#146;s corresponding prior purchase of such Loans from the

Originator), a notice, which shall be given at least five (5) days prior to the

related Subsequent Transfer Date, identifying the Substitute Loans to be

transferred, the Outstanding Loan Balance of such Substitute Loans and the

related Substitution Event (with respect to an identified Loan or Loans then in

the Loan Pool) to which such Substitute Loan relates, with such notice to be

signed both by the Trust Depositor and the Originator.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Additional Principal Amount</u>&#148; means, with respect to any Payment

Date, an amount equal to, but in no event less than zero, the excess of the

Aggregate Outstanding Principal Balance prior to any distribution on such day

over (i)&nbsp;the sum of the Aggregate Outstanding Loan Balance as of the last

Business Day of the related Collection Period and (ii)&nbsp;all Principal

Collections on deposit in the Collection Account as of the last Day of the

immediately preceding Collection Period.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Additional Servicing Fee</u>&#148; means an amount, in addition to the

Servicing Fee, necessary to induce a Successor Servicer to serve as Servicer

hereunder.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Affiliate</u>&#148; of any specified Person means any other Person

controlling or controlled by, or under common control with, such specified

Person.&#160; For the purposes of this

definition, &#147;control&#148; (including the terms &#147;controlling&#148;, &#147;controlled by&#148; and

&#147;under common control with&#148;), when used with respect to any specified Person

means the possession, direct or indirect, of the power to vote 5% or more of

the voting securities of such Person or to direct or cause the direction of the

management and policies of such Person whether through the ownership of voting

securities, by contract or otherwise.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Agented Notes</u>&#148; means one or more promissory notes issued by an

Eligible Obligor wherein (a)&nbsp;the note(s) are originated in accordance with

the Credit and Collection Policy as a part of a syndicated loan transaction,

(b) upon an assignment of the note to the Trust Depositor under the ACAS

Transfer Agreement and in turn to the Issuer under this Agreement, the original

note will be endorsed to the Indenture Trustee, and held by the Indenture

Trustee, on behalf of the Noteholders and the Swap Counterparties, (c) the

Issuer, as assignee of the note, will have all of the rights (but none of the

obligations) of the Originator with respect to such note and the Collateral,

including the right to receive and collect payments directly in its own name

and to enforce its rights directly against the Obligor thereof, (d) the note is

secured by an undivided interest in the Collateral which also secures and is

shared by, on a pro&#150;rata basis, all other holders of such Obligor&#146;s notes of

equal priority and (e)&nbsp;other than with respect to the Loan to Marcal which

will be sold to the Trust Depositor and the Issuer, respectively, on the Closing

Date, the Originator (or American Capital Financial Services, Inc., a

wholly&#150;owned subsidiary of the Originator) is the collateral agent and payment

agent for all noteholders of such Obligor; <i><u><font style="font-style:italic;">provided</font></u></i>,

<i><u><font style="font-style:italic;">however</font></u></i>, Agented Notes

shall not include (1)&nbsp;the obligations, if any, of any agents under the

Loan Documents evidencing such Agented Loans, and (2) the interests, rights and

obligations under the Loan Documents evidencing such Agented Notes that are

retained by the Originator or are owned or owed by other noteholders.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Aggregate Notional Amount</u>&#148; shall have the meaning given to such

term in the Indenture.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>





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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Aggregate Outstanding Loan Balance</u>&#148; means, with respect to any

Payment Date, an amount equal to the aggregate remaining Outstanding Loan

Balance of the Loans as of the last day of the related Collection Period after

giving effect to Defaulted Loans, Prepaid Loans, Ineligible Loans and Excess

Loans.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Aggregate Outstanding Principal Balance</u>&#148; means, as of any date

of determination, the sum of the Outstanding Principal Balances of each Class

of Notes outstanding on such date.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Agreement</u>&#148; means this Transfer and Servicing Agreement, as

amended, modified, restated, replaced, waived, substituted, supplemented or

extended from time to time.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Assignment</u>&#148; means each Assignment, substantially in the form of

<u>Exhibit&nbsp;A</u>, relating to an assignment, transfer and conveyance of

Loans and related property by the Trust Depositor to the Issuer.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Assignment Date</u>&#148; means each date on which the Trust Depositor

transfers Loans, or portions thereof, to the Issuer, which date shall be

(i)&nbsp;the Closing Date, in the case of the Initial Loans and (ii)&nbsp;the

applicable Subsequent Transfer Date, in the case of the Subsequent Loans.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Assignment of Mortgage</u>&#148; means, as to each Loan secured by an

interest in real property, one or more assignments, notices of transfer or

equivalent instruments, each in recordable form and sufficient under the laws

of the relevant jurisdiction to reflect the transfer of an undivided interest

in the related mortgage, deed of trust, security deed or similar security

instrument and all other documents related to such Loan to the Issuer as

assignee of the Trust Depositor and to grant a perfected Lien thereon in favor

of the Indenture Trustee on behalf of the Noteholders and the Swap

Counterparties; <i><u><font style="font-style:italic;">provided</font></u></i>, <i><u><font style="font-style:italic;">however</font></u></i>, with respect to Agented Notes

and all other Loans where a collateral agent has been appointed under the

related Loan Documents to hold the collateral securing the Loan, Assignment of

Mortgage shall mean such documents, including assignments, notices of transfer

or equivalent instruments, each in recordable form as necessary, as are

sufficient under the laws of the relevant jurisdiction to reflect the transfer

to the Originator (or American Capital Financial Services, Inc., a wholly&#150;owned

subsidiary of the Originator), as collateral agent for all noteholders of the

Obligor, of the related mortgage, deed of trust, security deed or other similar

instrument securing such notes and all other documents relating to such notes

and to grant a perfected Lien thereon by the Obligor in favor of the Originator

(or American Capital Financial Services, Inc., a wholly&#150;owned subsidiary of the

Originator), as collateral agent for all such noteholders.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Available Amounts</u>&#148; means, as of any Payment Date, the sum of

(i)&nbsp;all Collections on deposit in the Collection Account as of the

immediately preceding Determination Date (ii)&nbsp;all Investment Earnings

credited to the Trust Accounts as of the last day of the immediately preceding

Collection Period, and (iii)&nbsp;all amounts on deposit in the Reserve Fund.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Backup Servicer</u>&#148; has the meaning given to such term in the <u>Preamble</u>

and includes any successor backup servicer hereunder.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Backup Servicer Termination Notice</u>&#148; has the meaning given to

such term in <u>subsection&nbsp;5.25(a)</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Backup Servicer Transfer</u>&#148; has the meaning given to such term in

<u>subsection&nbsp;5.25(b)</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Backup Servicing Fee</u>&#148; has the meaning given to such term in the

fee letter, dated as of the date hereof, among the Originator, the Trust

Depositor, the Issuer and the Backup Servicer, as amended, modified, restated,

replaced, waived, substituted, supplemented or extended from time to time.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Business Day</u>&#148; means any day which is neither a Saturday or a

Sunday, nor another day on which banking institutions in the cities of New

York, New York or Minneapolis, Minnesota are authorized or obligated by law,

executive order, or governmental decree to be closed.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Business Trust Statute</u>&#148; means Chapter&nbsp;38 of Title&nbsp;12

of the Delaware Code, 12&nbsp;Del Code 3801 <u>et</u>. <u>seq</u>., as the same

may be amended from time to time, or any successor legislation thereto.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Case Logic</u>&#148; means Case Logic, Inc. and CL Holdings, Inc.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>





<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman"><font size="2" style="font-size:10.0pt;">
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</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Casualty Loss</u>&#148; means, with respect to any item of Collateral,

the loss, theft, damage beyond repair or governmental condemnation or seizure

of such item of Collateral.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Certificate</u>&#148; means each ACAS Business Loan Trust 2002&#150;1

Certificate representing a beneficial equity interest in the Issuer and issued

pursuant to the Trust Agreement.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Certificate Distribution Account</u>&#148; has the meaning given to such

term in the Trust Agreement.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Certificate Register</u>&#148; has the meaning given to such term in the

Trust Agreement.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Certificateholder</u>&#148; has the meaning given to such term in the

Trust Agreement.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Class</u>&#148; means any of the group of Notes identified herein as, as

applicable, the Class&nbsp;A Notes, the Class&nbsp;B Notes or the Class&nbsp;C

Notes.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Class A Interest Amount</u>&#148; means, with respect to each Interest

Accrual Period, an amount equal to the product of (i) the Outstanding Principal

Balance of the Class A Notes as of the first day of such Interest Accrual

Period (after giving effect to all distributions made on such day) and

(ii)&nbsp;the applicable Class A Interest Rate for such Interest Accrual

Period.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Class&nbsp;A Interest Rate</u>&#148; means the annual rate of interest

payable with respect to the Class A Notes, which shall be equal to 2.40% for

the first Payment Date and, thereafter, shall be equal to LIBOR plus 0.50% per

annum (in each case calculated on the basis of a year of 360 days and actual

days elapsed in the Interest Accrual Period).</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Class&nbsp;A Expected Maturity Date</u>&#148; means November 20, 2005.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Class&nbsp;A Noteholder</u>&#148; means each Person in whose name a

Class&nbsp;A Note is registered in the Note Register.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Class&nbsp;A Notes</u>&#148; means the ACAS Business Loan Trust 2002&#150;1,

Class A Loan&#150;Backed Notes, Series 2002&#150;1, issued pursuant to the Indenture.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Class A Trigger</u>&#148; means any Payment Date on or after November

20, 2005 on which any of the Class A Notes shall be outstanding.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Class B Accrued Payable</u>&#148; means, with respect to any Payment

Date, the sum of, for each preceding Payment Date, the excess, if any, of (i)

the amount that would have been calculated as the Class B Interest Amount on

each such preceding Payment Date if the calculation was made using <u>clause

(ii)(a)</u> of the definition of &#147;Class B Interest Amount&#148; only and <u>clause

(ii)(b)</u> of the definition was not used over (ii) the amount calculated as

the Class B Interest Amount on each such preceding Payment Date, together with

interest thereon at the then applicable Class&nbsp;B Interest Rate.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Class B Interest Amount</u>&#148; means, with respect to each Interest

Accrual Period, an amount equal to the product of (i) the applicable Class B

Interest Rate for such Interest Accrual Period and (ii)&nbsp;the lesser of (a)

the Outstanding Principal Balance of the Class B Notes as of the first day of

such Interest Accrual Period (after giving effect to all distributions on such

day) and (b) the excess, if any, of (x) the Aggregate Outstanding Loan Balance

as of the last day of the related Collection Period over (y) the Outstanding

Principal Balance of the Class A Notes as of the first day of such Interest

Accrual Period (after giving effect to all distributions on such day); <i><u><font style="font-style:italic;">provided</font></u></i>, <i><u><font style="font-style:italic;">however</font></u></i>, that for purposes of this

definition, in no event will the amount determined pursuant to <u>clause (b)</u>

hereof be less than zero.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Class&nbsp;B Interest Rate</u>&#148; means the annual rate of interest

payable with respect to the Class&nbsp;B Notes, which shall be equal to 3.40%

for the first Payment Date and, thereafter, shall be equal to LIBOR plus 1.50%

per annum (in each case calculated on the basis of a year of 360 days and

actual days elapsed in the Interest Accrual Period).</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Class&nbsp;B Expected Maturity Date</u>&#148; means March 20, 2007.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>





<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman"><font size="2" style="font-size:10.0pt;">
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</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Class&nbsp;B Noteholder</u>&#148; means each Person in whose name a

Class&nbsp;B Note is registered in the Note Register.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Class&nbsp;B Notes</u>&#148; means the ACAS Business Loan Trust 2002&#150;1,

Class B Loan&#150;Backed Notes, Series 2002&#150;1, issued pursuant to the Indenture.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Class B Trigger</u>&#148; means any Payment Date on or after March 20,

2007 on which any of the Class B Notes shall be outstanding.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Class&nbsp;C Expected Maturity Date</u>&#148; means June 20, 2009.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Class&nbsp;C Noteholder</u>&#148; means each Person in whose name a

Class&nbsp;C Note is registered in the Note Register.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Class&nbsp;C Notes</u>&#148; means the ACAS Business Loan Trust 2002&#150;1,

Class C Loan&#150;Backed Notes, Series 2002&#150;1, issued pursuant to the Indenture.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Closing Date</u>&#148; means March 15, 2002.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Code</u>&#148; means the Internal Revenue Code of 1986, as amended from

time to time, or any successor legislation thereto.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Collateral</u>&#148; means the assets of each Obligor that have been

pledged as security for each Loan, including but not limited to real and

personal property, accounts receivable, inventory, equipment and intellectual

property rights.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Collection Account</u>&#148; means the Trust Account so designated and

established pursuant to <u>Section&nbsp;7.01</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Collection Period</u>&#148; means (a) with respect to the first Payment

Date, the period from and including the Initial Cut&#150;Off Date to but excluding

the 10th day of the calendar month in which such Payment Date occurs, and (b)

with respect to any subsequent Payment Date, the period from and including the

10th day of the previous calendar month to but excluding the 10th day of the

calendar month in which such Payment Date occurs.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Collections</u>&#148; means all payments received on or with respect to

the Loans in the Loan Pool or the related Collateral, including, without

limitation, Net Trust Swap Receipts, Swap Breakage Receipts, Scheduled

Payments, Prepayments, Prepayment Premiums, Insurance Proceeds, Liquidation

Proceeds and Late Charges, all as related to amounts attributable to the Loans

in the Loan Pool or the related Collateral, but excluding any Excluded Amounts

and Retained Interest.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Commission</u>&#148; means the United States Securities and Exchange

Commission or any successor thereto.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Computer Records</u>&#148; means the computer records generated by the

Servicer or any subservicer that provide information relating to the Loans and

that were used by the Originator in selecting the Loans conveyed to the Trust

Depositor pursuant to <u>Section&nbsp;2.01</u> (and any Substitute Loans

conveyed to the Trust Depositor pursuant to <u>Section&nbsp;2.04</u>).</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Contractual Obligation</u>&#148; means, with respect to any Person, any

provision of any securities issued by such Person or any indenture, mortgage,

deed of trust, contract, undertaking, agreement, instrument or other document

to which such Person is a party or by which it or any of its property is bound

or is subject.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Corporate Trust Office</u>&#148; means, with respect to the Indenture

Trustee or Owner Trustee, as applicable, the office of the Indenture Trustee or

Owner Trustee at which at any particular time its corporate trust business

shall be principally administered, which offices at the date of the execution

of this Agreement are located at the addresses set forth in <u>Section&nbsp;13.04</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>CP Transaction</u>&#148; means the Loan Funding and Servicing Agreement,

dated as of March&nbsp;31, 1999, among ACS Funding Trust I, the Servicer, the

Investors named therein, Variable Funding Capital Corporation, First Union

Securities, Inc. (f/k/a First Union Capital Markets Corp.), First Union

National Bank and Wells Fargo Bank Minnesota, National Association (f/k/a

Norwest Bank Minnesota, National Association), as amended, modified,</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>





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</font></div>



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</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">restated, replaced, waived, substituted, supplemented or extended from

time to time, and all documents executed in connection therewith and all

transactions contemplated thereby.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Credit and Collection Policy</u>&#148; means those credit, collection,

customer relation and service policies relating to the Loans and related Loan

Files described in <u>Exhibit K</u>, as the same may be amended or modified

from time to time in accordance with <u>subsection&nbsp;5.17(g)</u>; and, with

respect to any Successor Servicer, the collection procedures and policies of

such Person at the time such Person becomes Successor Servicer.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Cut&#150;Off Date</u>&#148; means either or both (as the context may require)

the Initial Cut&#150;Off Date and any Subsequent Cut&#150;Off Date, as applicable to the

Loan or Loans in question.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Cycle Gear</u>&#148; means Cycle Gear, Inc.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Date of Processing</u>&#148; means, with respect to any transaction or

Collection, the date on which such transaction or Collection is first recorded

(and, in the case of a transaction or Collection related to a particular Loan,

identified as to such particular Loan) on the Originator&#146;s or Servicer&#146;s

computer master file of Loans (without regard to the effective date of such

recordation).</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Deal Agent</u>&#148; means First Union Securities, Inc., as deal agent

under the CP Transaction.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Defaulted Loan</u>&#148; means a Loan in the Loan Pool with respect to

which there has occurred one or more of the following: (i)&nbsp;the occurrence

of both (a)&nbsp;any portion of a payment of interest on or principal of such

Loan is not paid when due (without giving effect to any grace period) and (b)&nbsp;within

one hundred twenty (120) days of when such delinquent payment was first due,

all delinquencies have not been cured, (ii) an Insolvency Event has occurred

with respect to the related Obligor, (iii) the related Obligor has suffered any

material adverse change, (iv)&nbsp;the Servicer has determined in its sole

discretion, in accordance with its Credit and Collection Policy, that such Loan

is not collectible or (v)&nbsp;if on a quarterly mark&#150;to&#150;market the value is

written down due to a credit event, then that portion of the Loan is defaulted.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Deferred Interest Loans</u>&#148; means a Loan that requires the Obligor

to pay only a portion of the accrued and unpaid interest on a current basis,

the remainder of which is deferred and paid later together with interest

thereon as a lump sum and is treated as Interest Collections at the time it is

received.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Definitive Notes</u>&#148; shall have the meaning specified in the

Indenture.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Delinquent</u>&#148; means, with

respect to a Loan, (i) both (a) any portion of a payment of interest or

principal on such Loan is not paid when due (without giving effect to any grace

period) and (b) within sixty (60) days of when such delinquent payment was

first due all delinquencies have not been cured, (ii) the Loan is modified,

waived or varied by the Servicer or any subservicer due to an Obligor&#146;s

inability to pay principal or interest or (iii) the related Obligor is not

paying any of the accrued and unpaid interest on a current basis.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Determination Date</u>&#148; means, with respect to any Payment Date,

the third (3rd) Business Day prior to such Payment Date.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Eligible Deposit Account</u>&#148; means either (a)&nbsp;a segregated

account with a Qualified Institution, or (b)&nbsp;a segregated trust account

with the corporate trust department of a depository institution organized under

the laws of the United States or any one of the states thereof, including the

District of Columbia (or any domestic branch of a foreign bank), and acting as

a trustee for funds deposited in such account, so long as any of the securities

of such depository institution shall have a (i)&nbsp;in the case of Moody&#146;s, a

credit rating in one of its short&#150;term credit rating categories that signifies

investment grade, (ii)&nbsp;in the case of Fitch, a short&#150;term credit rating of

at least &#147;F&#150;1+&#148;, and (iii)&nbsp;in the case of S&amp;P, a commercial paper,

short&#150;term debt rating of &#147;A&#150;1+&#148; and a long&#150;term unsecured debt rating of

&#147;AA&#150;&#148;.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Eligible Investments</u>&#148; means, with respect to any Payment Date,

negotiable instruments or securities or other investments maturing on or before

such Payment Date (a)&nbsp;which, except in the case of demand or time

deposits, investments in money market funds and Eligible Repurchase

Obligations, are represented by instruments in bearer or registered form or

ownership of which is represented by book entries by a clearing agency or by a

Federal</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>





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<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reserve Bank in favor of depository institutions eligible to have an

account with such Federal Reserve Bank who hold such investments on behalf of

their customers, (b)&nbsp;that, as of any date of determination, mature by

their terms on or prior to the Payment Date immediately following such date of

determination, and (c)&nbsp;that evidence:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; direct

obligations of, and obligations fully guaranteed as to full and timely payment

by, the United States (or by any agency thereof to the extent such obligations

are backed by the full faith and credit of the United States);</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; demand

deposits, time deposits or certificates of deposit of depository institutions

or trust companies incorporated under the laws of the United States or any

state thereof and subject to supervision and examination by federal or state

banking or depository institution authorities; <i><u><font style="font-style:italic;">provided</font></u></i>, <i><u><font style="font-style:italic;">however</font></u></i>,

that at the time of the Issuer&#146;s investment or contractual commitment to invest

therein, the commercial paper, if any, and short-term unsecured debt

obligations (other than such obligation whose rating is based on the credit of

a Person other than such institution or trust company) of such depository

institution or trust company shall have a credit rating from each Rating Agency

in the Highest Required Investment Category granted by such Rating Agency,

which, in the case of Fitch, shall be &#147;F&#150;1+&#148;;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; commercial

paper, or other short term obligations, having, at the time of the Issuer&#146;s

investment or contractual commitment to invest therein, a rating in the Highest

Required Investment Category granted by each Rating Agency, which, in the case

of Fitch, shall be &#147;F&#150;1+&#148;;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; demand

deposits, time deposits or certificates of deposit that are fully insured by

the FDIC and either have a rating on their certificates of deposit or

short-term deposits from Moody&#146;s and S&amp;P of &#147;P&#150;1&#148; and &#147;A&#150;1+&#148;, respectively,

and, if rated by Fitch, from Fitch of &#147;F&#150;1+&#148;;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; notes

that are payable on demand or bankers&#146; acceptances issued by any depository

institution or trust company referred to in <u>clause (ii)</u> above;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; investments

in taxable money market funds or other regulated investment companies having,

at the time of the Issuer&#146;s investment or contractual commitment to invest

therein, a rating of the Highest Required Investment Category from Moody&#146;s,

S&amp;P and Fitch (if rated by Fitch) or otherwise subject to satisfaction of

the Rating Agency Condition;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; time

deposits (having maturities of not more than ninety (90) days) by an entity the

commercial paper of which has, at the time of the Issuer&#146;s investment or

contractual commitment to invest therein, a rating of the Highest Required

Investment Category granted by each Rating Agency;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Eligible

Repurchase Obligations with a rating acceptable to the Rating Agencies, which,

in the case of Fitch, shall be &#147;F&#150;1+&#148; and in the case of S&amp;P shall be

&#147;A&#150;1+&#148;; or</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ix)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any

negotiable instruments or securities or other investments subject to

satisfaction of the Rating Agency Condition.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Indenture Trustee may purchase or sell to itself or an Affiliate,

as principal or agent, the Eligible Investments described above.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Eligible Loan</u>&#148; means, as of any date of determination, each

Loan with respect to which each of the following is true:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Loan and the pledge of Collateral thereunder is valid, binding and enforceable,

except the enforcement may be limited by insolvency, bankruptcy, moratorium,

reorganization or other similar laws affecting enforceability of creditors&#146;

rights and the availability of equitable remedies, and, except with respect to

the Loan to Omnova, the Loan contains a clause substantially to the effect that

the related Obligor agrees to make payments without any deduction, offset,

netting, recoupment, defenses, reservation of rights or counterclaim;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>





<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Loan is evidenced by an Underlying Note that has been duly authorized and that

is in full force and effect and constitutes the legal, valid and binding

obligation of the Obligor of such Loan to pay the stated amount of the Loan and

interest thereon;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Loan was originated in accordance with the terms of the Credit and Collection

Policy and arose in the ordinary course of the Originator&#146;s business from the

loaning of money to the Obligor thereof;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Loan is not a Defaulted Loan and is not Delinquent;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Obligor of such Loan has executed all appropriate documentation required by the

Originator;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Loan, together with the Loan File related thereto, is a &#147;general intangible&#148;,

&#147;payment intangible&#148;, an &#147;instrument&#148;, an &#147;account&#148;, or &#147;chattel paper&#148; within

the meaning of the UCC of all jurisdictions that govern the perfection of a

security interest granted therein;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all

material consents, licenses, approvals or authorizations of, or registrations

or declarations with, any Governmental Authority required to be obtained,

effected or given in connection with the making of such Loan have been duly

obtained, effected or given and are in full force and effect;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Loan is denominated and payable only in United States dollars in the United

States;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Loan bears some current interest, which is due and payable monthly or

quarterly;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Loan, together with the Loan File related thereto, does not contravene in any

material respect any Requirements of Law (including, without limitation, laws,

rules and regulations relating to usury, truth in lending, fair credit billing,

fair credit reporting, equal credit opportunity, fair debt collection practices

and privacy) and with respect to which no party to the Loan File related

thereto is in material violation of any such Requirements of Law;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(11)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; no

consent or waiver is required in connection with the transfer of the Loan or

the Loans File, or, if such consent or waiver is required, such consent or

waiver has been obtained, and, if such Loan is secured by an interest in real

property, an Assignment of Mortgage has been delivered to the Indenture Trustee

(excluding the Loan to Cycle Gear);</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(12)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Loan was documented and closed in accordance with the Credit and Collection

Policy, including the delivery of relevant opinions and assignments, and there

is only one current original Underlying Note with respect to such Loan and such

Underlying Note has been delivered to the Indenture Trustee and is duly

endorsed;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(13)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Loan and all related Collateral are free of any Liens except for Permitted

Liens, and all filings and other actions required to perfect the security

interest of (i)&nbsp;the Indenture Trustee in the Originator&#146;s, the Trust

Depositor&#146;s and the Issuer&#146;s interest in the Collateral have been made or taken

and (ii)&nbsp;in the case of Agented Notes, the collateral agent, as agent for

all noteholders of the related Obligor, in the Collateral;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(14)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Loan has an original term to maturity of no more than one hundred twenty&#150;one

(121) months, and is either fully amortizing in installments (which

installments need not be in identical amounts) over such term or the principal

amount thereof is due in a single installment at the end of such term;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(15)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; no

right of rescission, set off, counterclaim, defense or other material dispute

has been asserted with respect to such Loan;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(16)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any

related Collateral with respect to such Loan is insured under an Insurance

Policy in accordance with the Credit and Collection Policy;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>





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<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(17)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Obligor with respect to such Loan is an Eligible Obligor;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(18)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; such

Loan does not represent payment obligations relating to &#147;put&#148; rights;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(19)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Loan is not a loan or extension of credit made by the Originator or one of its

subsidiaries to an Obligor for the purpose of making any principal, interest

(other than deferred interest) or other payment on a loan to the same Obligor

necessary in order to keep such loan from becoming delinquent and such Loan is

not being kept current by the Originator or one of its Affiliates making any

other loans to this Obligor;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(20)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; no

provision of the Loan has been waived, altered or modified in any way, except

by instruments or documents contained in the Loan File relating to the Loan;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(21)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Loan has an Eligible Risk Rating, with the exception of Loans to two (2)

Obligors representing less than 8.3% of the Initial Aggregate Outstanding Loan

Balance;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(22)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Loan is an &#147;eligible asset&#148; as defined in Rule 3a&#150;7 of the Investment Company

Act of 1940, as amended;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(23)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; if

such Loan was originated on or after December 1, 2000, the Obligor of such Loan

has waived all rights of set&#150;off, counterclaim, rescission and/or defense to

payment against the Originator of the Loan and all assignees thereof;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(24)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; with

respect to Agented Notes, the related Loan Documents (a) shall include a note

purchase agreement containing provisions relating to the appointment and duties

of a payment agent and a collateral agent and intercreditor and (if applicable)

subordination provisions substantially similar to the forms provided to and

approved by the Deal Agent in the CP Transaction, and (b) are duly authorized,

fully and properly executed and are the valid, binding and unconditional

payment obligation of the Obligor thereof;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(25)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; with

respect to Agented Notes (other than the Loan to Marcal), the Originator (or

American Capital Financial Services, Inc., a wholly&#150;owned subsidiary of the

Originator) has been appointed the collateral agent of the security and the

payment agent for all such notes prior to such Agented Note becoming a part of

the Loan Assets;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(26)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; with

respect to Agented Notes, if the entity serving as the collateral agent of the

security for all syndicated notes of the Obligor has or will change from the

time of the origination of the notes, all appropriate assignments of the

collateral agent&#146;s rights in and to the collateral on behalf of the noteholders

have been executed and filed or recorded as appropriate prior to such Agented

Note becoming a part of the Loan Assets;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(27)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; with

respect to Agented Notes, all required notifications, if any, have been given

to the collateral agent, the payment agent and any other parties required by

the Loan Documents of, and all required consents, if any, have been obtained

with respect to, the Originator&#146;s assignment of the Agented Notes and the

Originator&#146;s right, title and interest in the Collateral to the Issuer as

assignee of the Trust Depositor and the Indenture Trustee&#146;s security interest

therein on behalf of the Securityholders and the Swap Counterparties;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(28)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; with

respect to Agented Notes, the right to control the actions of and to replace

the collateral agent and/or the paying agent of the syndicated notes is by the

Note Majority;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(29)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; with

respect to Agented Notes, all syndicated notes of the Obligor of the same

priority are cross&#150;defaulted, the Collateral securing such notes is held by the

collateral agent for the benefit of all holders of the syndicated notes, and

all holders of such notes (a) have an undivided interest in the collateral </font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>





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<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">securing such notes, (b) share in the proceeds of the sale or other

disposition of such collateral on a pro&#150;rata basis and (c)&nbsp;may transfer or

assign their right, title and interest in the Collateral securing such notes;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(30)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; with

regard to the Loan to Case Logic, the Underlying Note evidencing the Loan has

been issued in the name of the Issuer and received by the Indenture Trustee

within fifteen (15) Business Days after the Closing Date;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(31)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all

information in the List of Loans is true and correct;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(32)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all

original or certified documentation, including but not limited to the original

Underlying Notes, required to be delivered to the Indenture Trustee with

respect to such Loans has been or will be delivered on the related Assignment

Date (or, in the case of the Loan to Case Logic, within fifteen (15) Business

Days after the Closing Date);</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(33)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; immediately

prior to the transfer of the Loan, the Originator held good and indefeasible

title to and was the sole owner of the Loan being transferred to the Trust

Depositor and the Issuer, subject to no Liens or rights of others except for

Permitted Liens, and upon such transfer, the Issuer will hold good and

indefeasible title to and be the sole owner of such Loans;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(34)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to

the actual knowledge of the Originator, the documents signed by a Responsible

Officer of the Originator, contained in the Loan Files, do not (taken as a

whole together with the other components of the Loan File) contain any untrue

statement of material fact or omit to state a material fact necessary to make

the statements contained therein not misleading in light of the circumstances

under which they were made;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(35)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; as

of the related assignment date, no payment related default, breach or violation

has occurred under the Underlying Note, and no event which, with the passage of

time or with notice and the expiration of any grace or cure period, would

constitute a payment related default, breach or violation;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(36)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all

parties executing the Underlying Note had a legal capacity to execute the

Underlying Note at the time it was executed; and</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(37)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; as

of the Initial&#150;Cut Off Date, no Loan contained a provision obligating the

Originator to make additional fundings with respect to the Underlying Note.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Eligible Obligor</u>&#148; means, as of any date of determination, any

Obligor that satisfies each of the following requirements at all times:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; such

Obligor is not in the gaming, nuclear waste, bio&#150;tech, oil and gas or real

estate industries;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; such

Obligor is a legal operating entity, duly organized, validly existing and in

good standing under the laws of its jurisdiction of organization;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

business being financed by such Obligor has an Operating History of at least

sixty (60) months from the date of its incorporation;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; such

Obligor is not the subject of any Insolvency Event;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; such

Obligor is not an Affiliate of any other Obligor hereto (other than as a result

of being an Affiliate of the Originator);</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; no

other Loan of such Obligor is delinquent for more than thirty (30) days;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; such

Obligor is not a Governmental Authority;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>





<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



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</font></div>



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</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; such

Obligor is in compliance with all material terms and conditions of its Loan

Documents;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; such

Obligor&#146;s principal office and any related Collateral are located in the United

States; and</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; such

Obligor has an Eligible Risk Rating.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Eligible Repurchase Obligations</u>&#148; means repurchase obligations

with respect to any security that is a direct obligation of, or fully

guaranteed by, the United States or any agency or instrumentality thereof, the

obligations of which are backed by the full faith and credit of the United

States, in either case entered into with a depository institution or trust

company (acting as principal) described in <u>clauses (c)(ii</u>) and <u>(c)(iv)</u>

of the definition of Eligible Investments.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Eligible Risk Rating</u>&#148; means, on any date of determination, with

respect to a designated Obligor, a risk rating of &#147;Grade 3&#148; or &#147;Grade 4.&#148;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Event of Default</u>&#148; shall have the meaning specified in <u>Section&nbsp;5.01</u>

of the Indenture.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Excess Loan</u>&#148; means, as of any date of determination, each Loan

selected by the Servicer in accordance with <u>Section&nbsp;11.01</u> at such

time as there shall have been discovered a breach of any of the representations

and warranties set forth in <u>Section&nbsp;3.05</u>, the removal of which

pursuant to <u>Section&nbsp;11.01</u> and the Originator&#146;s repurchase thereof

or substitution of a Substitute Loan therefor pursuant to <u>Section&nbsp;11.01</u>

shall remedy such breach.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Exchange Act</u>&#148; means the Securities Exchange Act of 1934, as

amended from time to time, or any successor legislation thereto.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Excluded Amounts</u>&#148; means any collections with respect to

repurchased or substituted Loans.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>FDIC</u>&#148; shall mean the Federal Deposit Insurance Corporation, or

any successor thereto.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Fee Event</u>&#148; shall have the meaning given to such term in the

Indenture.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Fitch</u>&#148; means Fitch, Inc. or any successor thereto.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Fixed Rate Loans</u>&#148; means Loans with a fixed interest rate.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Fixed Rate Permitted Excess Amount</u>&#148; shall have the meaning

given to such term in the Indenture.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Floating Rate Loans</u>&#148; means Loans with a floating interest rate

based on the prime interest rate plus a spread.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Floating Rate Permitted Excess Amount</u>&#148; shall have the meaning

given to such term in the Indenture.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Governmental Authority</u>&#148; means, with respect to any Person, any

nation or government, any state or other political subdivision thereof, any

central bank (or similar monetary or regulatory authority) thereof, any entity

exercising executive, legislative, judicial, regulatory or administrative

functions of or pertaining to government, and any court or arbitrator having

jurisdiction over such Person.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Grade 2</u>&#148; means that, under the Originator&#146;s loan grading

system, which ranks loans based on its analysis of the credit quality of the

underlying assets, (i) the Obligor is performing below expectations and the

loan risk has increased since origination; (ii) the Obligor may be out of

compliance with debt covenants; <i><u><font style="font-style:italic;">however</font></u></i>,

loan payments are not more than one hundred twenty (120) days past due; and

(iii) the Originator will increase procedures to monitor the Obligor and will

write down the fair value of the loan if it is deemed to be impaired in

accordance with the Credit and Collection Policy.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>





<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman"><font size="2" style="font-size:10.0pt;">
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</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Grade 3</u>&#148; means that, under the Originator&#146;s loan grading

system, which ranks loans based on its analysis of credit quality of the

underlying assets, the Obligor is performing as expected, the risk factors are

neutral to favorable and the Loan risk is at an acceptable level that is

similar to the risk at the time of origination.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Grade 4</u>&#148; means that, under the Originator&#146;s loan grading

system, which ranks loans based on its analysis of credit quality of the

underlying assets, the Obligor is performing above expectations, the trends and

risk factors are generally favorable and the Loan involves the least amount of

risk in the Originator&#146;s portfolio.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Highest Required Investment Category</u>&#148; means (i)&nbsp;with

respect to ratings assigned by Fitch (if such investment is rated by Fitch),

F&#150;1+for short&#150;term instruments and AAA for long&#150;term instruments,

(ii)&nbsp;with respect to ratings assigned by Moody&#146;s, A2 and P&#150;1 for one (1)

month instruments, A1 and P&#150;1 for three (3) month instruments, Aa3 and P&#150;1 for

six (6) month instruments and Aaa and P&#150;1 for instruments with a term in excess

of six (6) months, and (iii)&nbsp;with respect to ratings assigned by S&amp;P,

A&#150;1+ for short&#150;term instruments and AAA for long&#150;term instruments.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Holder</u>&#148; means (i)&nbsp;with respect to a Certificate, the

Person in whose name such Certificate is registered in the Certificate

Register, and (ii)&nbsp;with respect to a Note, the Person in whose name such

Note is registered in the Note Register.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Indebtedness</u>&#148; means, with respect to any Person at any date,

(a)&nbsp;all indebtedness of such Person for borrowed money or for the deferred

purchase price of property or services (other than current liabilities incurred

in the ordinary course of business and payable in accordance with customary

trade practices) or which is evidenced by a note, bond, debenture or similar

instrument, (b)&nbsp;all obligations of such Person under capital leases,

(c)&nbsp;all obligations of such Person in respect of acceptances issued or

created for the account of such Person, and (d)&nbsp;all liabilities secured by

any Lien on any property owned by such Person even though such Person has not

assumed or otherwise become liable for the payment thereof.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Indenture</u>&#148; means the Indenture, dated as of the date hereof,

between the Issuer and the Indenture Trustee, as amended, modified, restated,

replaced, waived, substituted, supplemented or extended from time to time.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Indenture Collateral</u>&#148; has the meaning given to such term in the

&#147;granting clause&#148; of the Indenture.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Indenture Trustee</u>&#148; means the Person acting as Indenture Trustee

under the Indenture, its successors in interest and any successor trustee under

the Indenture.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Indenture Trustee Fee</u>&#148; has the meaning given to such term in

the fee letter, dated as of the date hereof, among the Originator, the Trust

Depositor, the Issuer and the Indenture Trustee, as amended, modified,

restated, replaced, waived, substituted, supplemented or extended from time to

time.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Independent</u>&#148; means, when used with respect to any specified

Person, a Person who (i)&nbsp;is in fact independent of each of the Issuer, the

Trust Depositor or ACAS, (ii)&nbsp;is not a director, officer or employee of

any Affiliate of any of the Issuer, the Trust Depositor or ACAS, (iii)&nbsp;is

not a Person related to any officer or director of any of the Issuer, the Trust

Depositor or ACAS or any of their respective Affiliates, (iv)&nbsp;is not a

holder (directly or indirectly) of more than 10% of any voting securities of

any of the Issuer, the Trust Depositor or ACAS or any of their respective

Affiliates, and (v)&nbsp;is not connected with any of the Issuer, the Trust Depositor

or ACAS as an officer, employee, promoter, underwriter, trustee, partner,

director or Person performing similar functions; <i><u><font style="font-style:italic;">provided</font></u></i>, <i><u><font style="font-style:italic;">however</font></u></i>,

a Person that otherwise satisfies the requirements of <u>clauses&nbsp;(i)</u>

through <u>(v)</u>, but is a director, officer or manager of a bankruptcy

remote special purpose Affiliate of ACAS, will be deemed to be Independent for

purposes hereof.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Independent Accountants</u>&#148; has the meaning given to such term in <u>subsection&nbsp;9.04(a).</u></font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Ineligible Loan</u>&#148; has the meaning given to such term in <u>Section&nbsp;11.01

</u>and includes such Loans described in <u>subsection&nbsp;12.05(b)</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Initial Aggregate Outstanding Loan Balance</u>&#148; means the Aggregate

Outstanding Loan Balance as of the Initial Cut&#150;Off Date of the Loans

transferred to the Issuer as of the Closing Date.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>





<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman"><font size="2" style="font-size:10.0pt;">
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</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Initial Aggregate Outstanding Principal Balance</u>&#148; means, when

used in the context of a reference to an individual Class&nbsp;of Notes, the

initial class principal balance applicable to such Class, and otherwise means,

collectively, the sum of the Initial Class&nbsp;A Principal Balance, the

Initial Class&nbsp;B Principal Balance and the Initial Class&nbsp;C Principal

Balance, i.e., $196,397,068.03.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Initial Class&nbsp;A Principal Balance</u>&#148; means $98,198,000.00.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Initial Class&nbsp;B Principal Balance</u>&#148; means $49,099,000.00.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Initial Class&nbsp;C Principal Balance</u>&#148; means $49,100,068.03.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Initial Cut&#150;Off Date</u>&#148; means February&nbsp;10, 2002.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Initial Loans</u>&#148; means those Loans conveyed to the Issuer on the

Closing Date and identified on the initial List of Loans required to be

delivered pursuant to <u>subsection&nbsp;2.02(iv)</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Initial Purchaser</u>&#148; means First Union Securities, Inc.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Insolvency Event</u>&#148; means, with respect to a specified Person,

(a)&nbsp;the filing of a decree or order for relief by a court having

jurisdiction in the premises in respect of such Person or any substantial part

of its property in an involuntary case under any applicable Insolvency Law now

or hereafter in effect, or appointing a receiver, liquidator, assignee,

custodian, trustee, sequestrator or similar official for such Person or for any

substantial part of its property, or ordering the winding&#150;up or liquidation of

such Person&#146;s affairs, and such decree or order shall remain unstayed or

undismissed and in effect for a period of sixty (60) consecutive days; or

(b)&nbsp;the commencement by such Person of a voluntary case under any

applicable Insolvency Law now or hereafter in effect, or the consent by such

Person to the entry of an order for relief in an involuntary case under such

law, taking possession by a receiver, liquidator, assignee, custodian, trustee,

sequestrator or similar official for such Person or for any substantial part of

this property, or the making by such Person of any general assignment for the

benefit of creditors, or the failure by such Person generally to pay its debts

as such debts become due, or the taking of action by such Person in furtherance

of any of the foregoing.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Insolvency Laws</u>&#148; means the Bankruptcy Code of the United States

and all other applicable liquidation, conservatorship, bankruptcy, moratorium,

rearrangement, receivership, insolvency, reorganization, suspension of payments

or similar debtor relief laws from time to time in effect affecting the rights

of creditors generally.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Insolvency Proceeds</u>&#148; has the meaning given to such term in <u>Section&nbsp;10.01</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Insurance Policy</u>&#148; means, with respect to any Loan, an insurance

policy covering physical damage to or loss of the related Collateral, and any

other insurance policies relating to such Loan, including but not limited to

title, property, hazard, liability, life and/or accident insurance policies.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Insurance Proceeds</u>&#148; means, depending on the context, any

amounts payable or any payments made under any Insurance Policy covering a Loan

or the Collateral.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Interest Accrual Period</u>&#148; means the period from and including

the most recent Payment Date to but excluding the following Payment Date; <i><u><font style="font-style:italic;">provided</font></u></i>, <i><u><font style="font-style:italic;">that</font></u></i>, the initial Interest Accrual

Period following the Closing Date shall be the period from and including the

Closing Date to but excluding the first Payment Date following the Closing

Date.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Interest Collection Account</u>&#148; means a sub&#150;account of the

Collection Account established pursuant to <u>Section&nbsp;7.01</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Interest Collections</u>&#148; mean, with respect to any Collection

Period, the aggregate amount of (i)&nbsp;the payments received by the Servicer

on the Loans attributable to interest on such Loans, including payments of

capitalized interest with respect to Deferred Interest Loans and all Late

Charges and default and waiver charges, (ii) all Liquidation Proceeds on

Defaulted Loans whether attributable to interest or principal, (iii)&nbsp;any

Net Trust Swap Receipts and Swap Breakage Receipts and (iv)&nbsp;the interest

portion of all Prepayments.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>





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</font></div>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Internal Revenue Code</u>&#148; means the Internal Revenue Code of 1986,

as amended from time to time, or any successor legislation thereto.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Investment Earnings</u>&#148; means the investment earnings (net of

losses and investment expenses) on amounts on deposit in the Trust Accounts to

be credited to the Collection Account on the applicable Payment Date pursuant

to <u>Section&nbsp;7.03</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Issuer</u>&#148; means the trust created by the Trust Agreement and

funded pursuant to this Agreement, consisting primarily of the Loan Assets.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Late Charges</u>&#148; means any late payment fees paid by Obligors in

accordance with the Servicer&#146;s Credit and Collection Policy.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Legal Final Maturity Date</u>&#148; has the meaning given to such term

in the Indenture.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>LIBOR</u>&#148; means, as to any Payment Date, the London interbank

offered rate for one (1) month Eurodollar deposits, as determined by the

Indenture Trustee on the related Determination Date, in accordance with <u>Section&nbsp;7.06</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Lien</u>&#148; means any mortgage, deed of trust, pledge, hypothecation,

assignment, deposit arrangement, encumbrance, lien (statutory or other), equity

interest, participation interest, preference, priority or other security

agreement or preferential arrangement of any kind or nature whatsoever,

including, without limitation, any conditional sale or other title retention

agreement, and any financing lease having substantially the same economic

effect as any of the foregoing.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Liquidation Expenses</u>&#148; means, with respect to any Loan, the

aggregate amount of all out&#150;of&#150;pocket expenses reasonably incurred by the

Servicer (including amounts paid to any subservicer) and any reasonably

allocated costs of internal counsel, in each case in accordance with the

Servicer&#146;s Credit and Collection Policy in connection with the foreclosure and

disposition of any related Collateral or the bankruptcy of an Obligor upon or

after the expiration or earlier termination or acceleration of such Loan, and

other out&#150;of&#150;pocket costs related to the liquidation of any such Collateral,

including the attempted collection of any amount owing pursuant to such Loan if

it is a Defaulted Loan, but only to the extent gross recoveries with respect to

such Loan provide funds sufficient, after payment of all principal and accrued

finance charges due with respect to such Loan, to cover such expenses and

costs; <i><u><font style="font-style:italic;">provided</font></u>, <u>however</u></i>,

to the extent any such &#147;Liquidation Expenses&#148; relate to any Loan with a

Retained Interest, such expenses shall be allocated pro&#150;rata to such Loan based

on the Outstanding Loan Balance of such Loan included in the Loan Pool and the

outstanding loan balance of the Retained Interest.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Liquidation Proceeds</u>&#148; means, with respect to a Defaulted Loan,

proceeds from the sale of the Collateral, Insurance Proceeds and any other

recoveries with respect to such Defaulted Loan and the related Collateral, net

of Liquidation Expenses and amounts, if any, so received that are required

either to be refunded to the Obligor on such Loan or paid to a third party.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>List of Loans</u>&#148; means the list identifying each Loan constituting

part of the Loan Assets, which list shall consist of the initial List of Loans

reflecting the Initial Loans transferred to the Issuer on the Closing Date,

together with any Subsequent List of Loans amending the most current List of

Loans reflecting the Substitute Loans transferred to the Issuer on the related

Subsequent Transfer Date (together with a deletion from such list of the

related Loan or Loans identified on the corresponding Addition Notice with

respect to which a Substitution Event has occurred), and (1)&nbsp;which list in

each case (a)&nbsp;identifies by account number and Obligor name each Loan

included in the Loan Pool, and (b)&nbsp;sets forth as to each such Loan

(i)&nbsp;the Outstanding Loan Balance as of the applicable Cut&#150;Off Date, and (ii)&nbsp;the

maturity date, and (2)&nbsp;which list (as in effect on the Closing Date) is

attached to this Agreement as <u>Exhibit&nbsp;G</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Loan</u>&#148; means the payment obligations of each Obligor to the

Originator under senior or subordinated loans created under the related Loan

Documents and evidenced by an Underlying Note, transferred by the Originator to

the Trust Depositor and by the Trust Depositor to the Issuer, and including

both Initial Loans and Substitute Loans.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Loan Assets</u>&#148; has the meaning given to such term in <u>subsection&nbsp;2.01(b)</u>

hereof (and in <u>subsection&nbsp;2.04(a)</u> hereof in respect of Substitute

Loans and related assets transferred to the Issuer pursuant to Subsequent

Transfer Agreements).</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>





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</font></div>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Loan Documents</u>&#148; means, with respect to any Loan, the related

Underlying Note and any related loan agreement, security agreement, note

purchase agreement (if applicable), intercreditor and/or subordination

agreement (if applicable), mortgage, assignment of Loans, all guarantees and

UCC financing statements and continuation statements (including amendments or

modifications thereof) executed by the Obligor thereof or by another Person on

the Obligor&#146;s behalf in respect of such Loan and the related Underlying Note,

and for each Loan secured by real property, an Assignment of Mortgage

(excluding the Loan to Cycle Gear), and for all Loans secured by an Underlying

Note, an assignment in blank signed by an officer of the Originator.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Loan File</u>&#148; means, with respect to each Loan, the Loan

Documents, and such other documents, if any, that the Servicer keeps on file in

accordance with its Credit and Collection Policy and all other documents

originally delivered to the Originator or held by the Servicer with respect to

any Loan; <i><u><font style="font-style:italic;">provided</font></u></i>, <i><u><font style="font-style:italic;">that</font></u></i>, all documents, other than the

Underlying Note along with any assignment (which may be by allonge),

constituting the Loan File may be copies of such documents.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Loan Pool</u>&#148; means, as of any date of determination, the Initial

Loans and the Substitute Loans (if any), other than any such Loans that

(i)&nbsp;have been reconveyed by the Issuer to the Trust Depositor, and

concurrently by the Trust Depositor to the Originator, pursuant to <u>Section&nbsp;11.02</u>

hereof, or (ii)&nbsp;have been paid (or prepaid) in full.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>London Banking Day</u>&#148; means any day on which dealings in deposits

in United States dollars are transacted in the London interbank market.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Marcal</u>&#148; means Marcal Paper Mills, Inc.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Materially Modified Loan</u>&#148; means a Loan that has been

terminated, released (including pursuant to prepayment), amended, modified,

waived or subject to an equivalent similar undertaking or agreement by the

Servicer which is not permitted under the standards and criteria set forth in <u>Sections&nbsp;5.08</u>

and/or <u>5.09</u> hereof, as applicable.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Maturity Date</u>&#148; means, as applicable, the Class&nbsp;A Expected

Maturity Date, the Class&nbsp;B Expected Maturity Date or the Class&nbsp;C

Expected Maturity Date.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Monthly Report</u>&#148; has the meaning given to such term in <u>Section&nbsp;9.01</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Moody&#146;s</u>&#148; means Moody&#146;s Investors Service, Inc. or any successor

thereto.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Net Trust Swap Payments</u>&#148; means, with respect to each Payment

Date, the excess, if any, of (i)&nbsp;the payments required to be made on such

date by the Issuer to the Swap Counterparties under <u>Section 2(a</u>) of each

Swap over (ii) the payments required to be made on such date by the Swap

Counterparties to the Issuer under <u>Section 2(a)</u> of each Swap, together

with any interest thereon.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Net Trust Swap Receipts</u>&#148; means, with respect to each Payment

Date, the excess, if any, of (i)&nbsp;the payments required to be made on such

date by the Swap Counterparties to the Issuer under <u>Section 2(a)</u> of each

Swap over (ii) the payments required to be made on such date by the Issuer to

the Swap Counterparties under <u>Section 2(a)</u> of each Swap, together with

any interest thereon.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>New York Business Day</u>&#148; means any Business Day in the city of

New York, New York.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Note</u>&#148; means any one of the notes of the Issuer of any

Class&nbsp;executed and authenticated in accordance with the Indenture.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Note Distribution Account</u>&#148; means the account established and

maintained as such pursuant to <u>Section&nbsp;7.01</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Note Register</u>&#148; has the meaning given to such term in <u>Section&nbsp;2.04</u>

of the Indenture.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Note Majority</u>&#148; means, with respect to Agented Notes, the

holders of the notes evidencing not less than 66 2/3% of the outstanding amount

of all such notes of the Obligor.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>





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</font></div>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Obligor</u>&#148; means, with respect to any Loan, the Person or Persons

obligated to make payments with respect to such Loan, including any guarantor thereof.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Officer&#146;s Certificate</u>&#148; shall mean a certificate signed by any

officer of the Trust Depositor or the Servicer and delivered to the Owner

Trustee or the Indenture Trustee, as the case may be.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Omnova</u>&#148; means Omnova Solutions, Inc.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>One&#150;Month Index Maturity</u>&#148; has the meaning given to such term in

<u>Section&nbsp;7.06</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Operating History</u>&#148; means, with respect to any specified Person,

the time since the date of such Person&#146;s incorporation that it has continuously

operated its business; <i><u><font style="font-style:italic;">provided</font></u></i>,

<i><u><font style="font-style:italic;">however</font></u></i>, the Operating

History of any Person newly formed as a result of a merger of two or more

Persons or as a result of the acquisition of one or more Persons by a newly

formed Person (&#147;<u>Merged Parties</u>&#148;) shall be based on the weighted average

(by relative sales) of the Operating Histories of the Merged Parties (excluding

for such purposes, entities that are created only for the purpose of being

acquisition entities); <u>for</u>  <u>example</u>, if Corporation A, with sales

of $10 million, has an Operating History of 4 years, and Corporation B, with

sales of $20 million, has an Operating History of 8 years, merge to form

&#147;NEWCO&#148;, the Operating History of NEWCO will be 6.67 years.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Opinion of Counsel</u>&#148; means a written opinion of counsel, who may

be outside counsel, or internal counsel (except with respect to federal

securities law (including the Trust Indenture Act) or tax law matters), for the

Trust Depositor or the Servicer and who shall be reasonably acceptable to the

Owner Trustee or the Indenture Trustee, as the case may be.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Originator</u>&#148; has the meaning given to such term in the <u>Preamble</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Other Assets</u>&#148; has the meaning given to such term in <u>subsection&nbsp;13.09(b)</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Outstanding</u>&#148; has the meaning given to such term in the

Indenture.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Outstanding Loan Balance</u>&#148; means, with respect to a Loan, as of

any date of determination, the sum of the total remaining amounts of principal

payable as of such time by the Obligor thereunder, exclusive of (a) interest

payments and (b) capitalized interest amounts, it being understood that any

principal previously covered by a Servicer Advance will be excluded from

principal amounts payable for purposes of this definition.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Outstanding Principal Balance</u>&#148; means, with respect to any Class

of Notes, as of any date of determination, the aggregate initial principal

amount thereof, plus, in the case of the Class B Notes only, the capitalized

interest from the Class B Accrued Payable, as reduced by the aggregate amount

of any distributions applied in reduction of such principal amount.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Owner Trustee</u>&#148; means the Person acting, not in its individual

capacity, but solely as Owner Trustee, under the Trust Agreement, its

successors in interest and any successor owner trustee under the Trust

Agreement.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Owner Trustee Fee</u>&#148; has the meaning given to such term in the

fee letter, dated as of the date hereof, among the Owner Trustee, the Trust

Depositor, the Originator and the Issuer, as amended, modified, restated,

replaced, waived, substituted, supplemented or extended from time to time.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Paying Agent</u>&#148; has the meaning given to such term in <u>Section&nbsp;3.03</u>

of the Indenture and <u>Section&nbsp;3.10</u> of the Trust Agreement.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Payment Date</u>&#148; shall mean the 20th day of each calendar month

or, if such 20th day is not a Business Day, the next succeeding Business Day,

with the first such Payment Date hereunder occurring in March, 2002.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Permitted Liens</u>&#148; means:</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>





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<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman"><font size="2" style="font-size:10.0pt;">
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<br clear="all" style="page-break-before:always;">

</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; with respect to

Loans in the Loan Pool:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Liens

in favor of the Trust Depositor created pursuant to the ACAS Transfer Agreement

and transferred to the Issuer pursuant hereto;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Liens

in favor of the Issuer created pursuant to this Agreement; and</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Liens

in favor of the Indenture Trustee created pursuant to the Indenture and/or this

Agreement; and</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; with respect to the

interest of the Originator, the Trust Depositor and the Issuer in the related

Collateral:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; materialmen&#146;s,

warehousemen&#146;s, mechanics&#146; and other Liens arising by operation of law in the

ordinary course of business for sums not due or sums that are being contested

in good faith;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Liens

for state, municipal and other local taxes if such taxes shall not at the time

be due and payable or if the Trust Depositor shall currently be contesting the

validity thereof in good faith by appropriate proceedings;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Liens

in favor of the Trust Depositor created, and transferred by the Trust Depositor

to the Issuer, pursuant to the ACAS Transfer Agreement and this Agreement;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Liens

in favor of the Issuer created pursuant to this Agreement;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Liens

in favor of the Indenture Trustee created pursuant to the Indenture and/or this

Agreement;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; purchase

money security interests in equipment and Liens held by senior lenders with

respect to any subordinated Loans listed on <u>Exhibit L</u>; and</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; with

respect to Agented Notes, Liens in favor of the collateral agent on behalf of

all noteholders of the related Obligor.</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Person</u>&#148; means any individual, corporation, estate, partnership,

business trust, limited liability company, sole proprietorship, joint venture,

association, joint stock company, trust (including any beneficiary thereof),

unincorporated organization, government, agency or political subdivision

thereof, or any other entity.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Prepaid Loan</u>&#148; means any Loan that has terminated or been

prepaid in full prior to its scheduled expiration date, other than a Defaulted

Loan.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Piper Aircraft</u>&#148; means New Piper Aircraft, Inc.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Prepayment</u>&#148; means any and all (i)&nbsp;partial and full

prepayments, including any Prepayment Premiums, on a Loan (including, with

respect to any Loan and any Collection Period), (ii)&nbsp;any Scheduled Payment

(or portion thereof) that is due in a subsequent Collection Period that the

Servicer has received (and to the extent permission therefor was necessary,

expressly permitted the related Obligor to make) in advance of its scheduled

due date, (iii)&nbsp;Liquidation Proceeds and (iv)&nbsp;amounts received in

respect of Transfer Deposit Amounts.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Prepayment Amount</u>&#148; has the meaning given to such term in <u>Section&nbsp;5.09</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Prepayment Premiums</u>&#148; means any prepayment premiums paid by an

Obligor in connection with any Prepayment.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Principal Collection Account</u>&#148; means a sub&#150;account of the

Collection Account established pursuant to <u>Section&nbsp;7.01</u>.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>





<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman"><font size="2" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='17',FILE='C:\C2\tstreeter\3717_1\t_622979\j3717_ex10d3.htm',USER='tstreet',CD='May 13 09:25 2002' -->
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</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Principal Collections</u>&#148; means, with respect to any Collection

Period, the sum of, without duplication:&#160;

(i) the aggregate amount of payments received by the Servicer on the

Loans attributable to principal on such Loans; (ii) the principal portion of

any Loan repurchased by the Originator; (iii) the principal portion of all

Prepayments and (iv) all other amounts received with respect to the Loans that

are not Interest Collections.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Private Placement Memorandum</u>&#148; has the meaning given to such

term in the Purchase Agreement.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Purchase Agreement</u>&#148; means the Purchase Agreement, dated as of

March 15, 2002, among the Initial Purchaser, the Trust Depositor, the Issuer

and ACAS, as amended, modified, restated, replaced, waived, substituted,

supplemented or extended from time to time.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Qualified Eligible Investments</u>&#148; means Eligible Investments

acquired by the Indenture Trustee in its name and in its capacity as Indenture

Trustee at the written direction of the Issuer, which are held by the Indenture

Trustee in the Collection Account or the Reserve Fund and with respect to which

(a)&nbsp;the Indenture Trustee has noted its interest therein on its books and

records, and (b)&nbsp;the Indenture Trustee has purchased such investments at

the written direction of the Issuer for value without notice of any adverse

claim thereto (and, if such investments are securities or other financial

assets or interests therein, within the meaning of Section&nbsp;8&#150;102 of the

UCC as enacted in Minnesota, without acting in collusion with a securities

intermediary in violating such securities intermediary&#146;s obligations to

entitlement holders in such assets, under Section&nbsp;8&#150;504 of such UCC, to

maintain a sufficient quantity of such assets in favor of such entitlement

holders), and (c)&nbsp;either (i)&nbsp;such investments are in the possession of

the Indenture Trustee, or (ii)&nbsp;such investments, (A) if certificated

securities and in bearer form, have been delivered to the Indenture Trustee, or

in registered form, have been delivered to the Indenture Trustee and either

registered by the issuer in the name of the Indenture Trustee or endorsed by

effective endorsement to the Indenture Trustee or in blank; (B) if

uncertificated securities, the ownership of which has been registered to the

Indenture Trustee on the books of the issuer thereof (or another Person, other

than a securities intermediary, either becomes the registered owner of the

uncertified security on behalf of the Indenture Trustee or, having previously

become the registered owner, acknowledges that it holds for the Indenture

Trustee); or (C) if securities entitlements (within the meaning of

Section&nbsp;8&nbsp;&#150;&nbsp;102 of the UCC as enacted in Minnesota) representing

interests in securities or other financial assets (or interests therein) held

by a securities intermediary (within the meaning of said Section&nbsp;8&#150;102), a

securities intermediary indicates by book entry that a security or other

financial asset has been credited to the Indenture Trustee&#146;s securities account

with such securities intermediary.&#160; Any

such Qualified Eligible Investment may be purchased by or through the Indenture

Trustee or any of its Affiliates acting at the written direction of the Issuer.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Qualified Institution</u>&#148; means (a)&nbsp;the corporate trust

department of the Indenture Trustee, or (b)&nbsp;a depository institution

organized under the laws of the United States or any one of the states thereof

or the District of Columbia (or any domestic branch of a foreign bank),

(i)&nbsp;(A) that has either (1)&nbsp;a long&#150;term unsecured debt rating

acceptable to the Rating Agencies, which, in the case of S&amp;P, shall be

&#147;AA&#150;&#148;, and in the case of Fitch, shall be &#147;AAA&#148; or (2)&nbsp;a short&#150;term

unsecured debt rating or certificate of deposit rating acceptable to the Rating

Agencies, which, in the case of S&amp;P, shall be &#147;A&#150;1+&#148;, and in the case of

Fitch, shall be &#147;F&#150;1+&#148;, (B)&nbsp;the parent corporation, if such parent

corporation guarantees the obligations of the depository institution, of which

has either (1) a long&#150;term unsecured debt rating acceptable to the Rating

Agencies, which, in the case of S&amp;P, shall be &#147;AA&#150;&#148;, and in the case of

Fitch, shall be &#147;AAA&#148; or (2) a short&#150;term unsecured debt rating or certificate

of deposit rating acceptable to the Rating Agencies, which, in the case of

S&amp;P, shall be &#147;A&#150;1+&#148;, and in the case of Fitch, shall be &#147;F&#150;1+&#148; or

(C)&nbsp;otherwise satisfies the Rating Agency Condition, and (ii)&nbsp;whose

deposits are insured by the FDIC and satisfies the Rating Agency Condition.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Qualified Swap Counterparty</u>&#148; has the meaning given to such term

in the Indenture.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Rating Agency</u>&#148; means each of S&amp;P, Moody&#146;s and Fitch, so

long as such Persons maintain a rating on the Class A Notes and the Class B

Notes; and if any of S&amp;P, Moody&#146;s or Fitch no longer maintains a rating on

the Class A Notes and the Class B Notes, such other nationally recognized

statistical rating organization selected by the Trust Depositor.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Rating Agency Condition</u>&#148; means, with respect to any action or

series of related actions or proposed transaction or series of related proposed

transactions, that each Rating Agency shall have notified the Trust Depositor,

the Owner</font></p>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>





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</font></div>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee and the Indenture Trustee in writing that such action or series

of related actions or the consummation of such proposed transaction or series

of related transactions will not result in a Ratings Effect.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Ratings Effect</u>&#148; means, with respect to any action or series of

related actions or proposed transaction or series of related proposed

transactions, a reduction or withdrawal of the rating of any outstanding

Class&nbsp;with respect to which a Rating Agency has previously issued a rating

as a result of such action or series of related actions or the consummation of

such proposed transaction or series of related transactions.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Record Date</u>&#148; means, with respect to a Payment Date, (i) for book&#150;entry

Notes, the calendar day immediately preceding a Payment Date and (ii) if

definitive Notes are issued and for the Class C Notes, the last Business Day of

the preceding calendar month.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Reference Banks</u>&#148; means leading banks selected by the Indenture

Trustee and engaged in transactions in Eurodollar deposits in the international

Eurocurrency market.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Released Amounts</u>&#148; means, with respect to any payment or

collection received with respect to any Loan on any Business Day (whether such

payment or collection is received by the Servicer, the Owner Trustee or the

Trust Depositor), an amount equal to that portion of such payment or collection

constituting Excluded Amounts or Retained Interest.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Representative Amount</u>&#148; means an amount that is representative for

a single transaction in the relevant market at the relevant time.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Required Holders</u>&#148; means (i)&nbsp;prior to the payment in full

of the Class&nbsp;A Notes and the Class B Notes, the Class&nbsp;A Noteholders

and Class&nbsp;B Noteholders evidencing more than 66&nbsp;2/3% of the aggregate

Outstanding Principal Balance of all Class&nbsp;A Notes and Class B Notes

outstanding and (ii)&nbsp;from and after the payment in full of the Class A

Notes and the Class&nbsp;B Notes, Class&nbsp;C Noteholders evidencing more than

66&nbsp;2/3% of the aggregate Outstanding Principal Balance of all Class&nbsp;C

Notes outstanding.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Required Reserve Amount</u>&#148; means, with respect to any Payment

Date, an amount equal to the sum of (i)&nbsp;the Outstanding Loan Balance of

all Delinquent Loans and (ii)&nbsp;three (3) times the sum of the Class A Interest

Amount and Class B Interest Amount due on the next Payment Date.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Requirements of Law</u>&#148; for any Person means the certificate of

incorporation or articles of association and by&#150;laws or other organizational or

governing documents of such Person, and any law, treaty, rule, regulation, or

order or determination of an arbitrator or Governmental Authority, in each case

applicable to or binding upon such Person or to which such Person is subject,

whether Federal, state or local (including, without limitation, usury laws, the

Federal Truth in Lending Act and Regulation&nbsp;Z and Regulation&nbsp;B of the

Board of Governors of the Federal Reserve System).</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Reserve Fund</u>&#148; means the Reserve Fund established and maintained

pursuant to <u>Section&nbsp;7.01</u> hereof.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Reserve Fund Initial Deposit</u>&#148; means the product of (a) the sum

of the Outstanding Principal Balance of the Class A Notes and Class B Notes as

of the Closing Date, (b) the weighted average interest rate of the Class A

Interest Rate and the Class B Interest Rate in effect for the initial Interest

Accrual Period (weighted by the Outstanding Principal Balance of each of the

Class&nbsp;A Notes and Class&nbsp;B Notes) and (c) the quotient of 90 divided

by 360.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Responsible Officer</u>&#148; means, with respect to the Owner Trustee,

any officer in its Corporate Trust Administration Department (or any similar

group of a successor Owner Trustee), and with respect to the Indenture Trustee,

has the meaning given to such term in the Indenture.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Retained Interest</u>&#148; means, for each Loan, the following interests,

rights and obligations in such Loan and under the associated Loan Documents,

which are being retained by the Originator:&#160;

(i)&nbsp;all of the obligations, if any, to provide additional funding

with respect to such Loan, (ii)&nbsp;all of the rights and obligations, if any,

of the agent(s) under the documentation evidencing such Loan, (iii) the

applicable portion of the interests, rights and obligations under the

documentation evidencing such Loan that relate to such portion(s) of the

indebtedness that is owned by another</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>





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</font></div>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">lender or is being retained by the Originator, (iv) any unused,

commitment or similar fees associated with the additional funding obligations

that are not being transferred in accordance with <u>clause (i)</u> of this

definition, (v) any agency or similar fees associated with the rights and

obligations of the agent that are not being transferred in accordance with <u>clause

(ii)</u> of this definition, (vi) any advisory, consulting or similar fees due

from the Obligor associated with services provided by the agent that are not

being transferred in accordance with <u>clause (ii)</u> of this definition, and

(vii) any and all warrants, options, and other equity instruments issued in the

name of the Originator or its Affiliates in connection with or relating to any

Loan.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>S&amp;P</u>&#148; means Standard &amp; Poor&#146;s Ratings Services, a

division of The McGraw&#150;Hill Companies, Inc.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Scheduled Payment</u>&#148; means, with respect to any Loan, the

monthly, quarterly, semi&#150;annual or annual financing (whether interest,

principal or principal and interest) payment scheduled to be made by the

related Obligor under the terms of such Loan on and after the related Cut&#150;Off

Date and any such payment received after the related Cut&#150;Off Date, it being understood

that Scheduled Payments do not include any Excluded Amounts.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Securities</u>&#148; means the Notes and the Certificate, or any of

them.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Securities Act</u>&#148; means the Securities Act of 1933, as amended

from time to time, or any successor legislation thereto.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Securityholders</u>&#148; means the Holders of the Notes or the

Certificate.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Servicer</u>&#148; means initially ACAS, or its successor; after any

Servicer Transfer hereunder, means the Successor Servicer appointed pursuant to

<u>Article&nbsp;VIII</u> with respect to the duties and obligations required of

the Servicer under this Agreement.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Servicer Advance</u>&#148; means, with respect to any Payment Date, the

amounts, if any, deposited by the Servicer in the Collection Account for such

Payment Date in respect of Scheduled Payments pursuant to <u>Section&nbsp;5.14</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Servicer Default</u>&#148; shall have the meaning given to such term in <u>Section&nbsp;8.01</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Servicing Fee</u>&#148; has the meaning given to such term in <u>Section&nbsp;5.18</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Servicing Fee Percentage</u>&#148; means 1.00%.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Servicer Transfer</u>&#148; has the meaning given to such term in <u>subsection&nbsp;8.02(b)</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Servicing Officer</u>&#148; means any officer of the Servicer involved

in, or responsible for, the administration and servicing of Loans whose name

appears on a list of servicing officers appearing in an Officer&#146;s Certificate

furnished to the Indenture Trustee by the Servicer, as the same may be amended

from time to time.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Solvent</u>&#148; means, as to any Person at any time, that (a)&nbsp;the

fair value of the property of such Person is greater than the amount of such

Person&#146;s liabilities (including disputed, contingent and unliquidated

liabilities), as such value is established and liabilities evaluated for

purposes of Section&nbsp;101(32) of the Bankruptcy Code; (b)&nbsp;such Person

is able to realize upon its property and pay its debts and other liabilities

(including disputed, contingent and unliquidated liabilities) as they mature in

the normal course of business; (c)&nbsp;such Person does not intend to, and

does not believe that it will, incur debts or liabilities beyond such Person&#146;s

ability to pay as such debts and liabilities mature; and (d)&nbsp;such Person

is not engaged in business or a transaction, and is not about to engage in a

business or a transaction, for which such Person&#146;s property would constitute

unreasonably small capital.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Subsequent Cut&#150;Off Date</u>&#148; means the date specified as such for

Substitute Loans in the related Subsequent Transfer Agreement.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Subsequent List of Loans</u>&#148; means a list, in the form of the

initial List of Loans delivered on the Closing Date, but listing each

Substitute Loan transferred to the Issuer pursuant to the related Subsequent

Transfer Agreement.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>





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</font></div>



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</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Subsequent Purchase Agreement</u>&#148; means, with respect to any

Substitute Loans, the agreement between the Originator and the Trust Depositor

pursuant to which the Originator will transfer the Substitute Loans to the

Trust Depositor, the form of which is attached to hereto as <u>Exhibit&nbsp;J</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Subsequent Transfer Agreement</u>&#148; means the agreement described in

<u>Section&nbsp;2.04</u> hereof, the form of which is attached hereto as <u>Exhibit&nbsp;I</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Subsequent Transfer Date</u>&#148; means any date on which Substitute

Loans are transferred to the Issuer.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Substitute Loan</u>&#148; means a Loan that is (a)&nbsp;transferred to

the Issuer under <u>Section&nbsp;2.04</u> with respect to which a related

Substitution Event has occurred with respect to a Loan or Loans then held in

the Loan Pool and identified in the related Addition Notice and

(b)&nbsp;becomes part of the Loan Pool.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Substitute Loan Qualification Conditions</u>&#148; means, with respect

to any Substitute Loan being transferred to the Issuer pursuant to <u>Section&nbsp;2.04</u>,

the accuracy of each of the following statements as of the related Cut&#150;Off Date

for such Loan:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Outstanding Loan

Balance of such Substitute Loan is not less than that of the Loan identified on

the related Addition Notice as the Loan to be reassigned by the Issuer to the

Trust Depositor and reconveyed to the Originator in exchange for such

Substitute Loan;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the remaining

maturity of the Substitute Loan is less than or equal to the remaining maturity

of the Loan identified on the related Addition Notice as the Loan to be

reassigned by the Issuer to the Trust Depositor and reconveyed to the

Originator in exchange for such Substitute Loan;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the current interest

rate on such Substitute Loan is not less than the current interest rate on the

Loan identified on the related Addition Notice as the Loan to be reassigned by

the Issuer to the Trust Depositor and reconveyed to the Originator in exchange

for such Substitute Loan;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the total interest

rate (inclusive of any deferred interest component) of the Substitute Loan is

greater than or equal to the total interest rate on the Loan identified on the

related Addition Notice as the Loan to be reassigned by the Issuer to the Trust

Depositor and reconveyed to the Originator in exchange for such Substitute

Loan;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Obligor of such

Substitute Loan is not already an Obligor of any Loan owned by the Issuer;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; no adverse

selection procedure shall have been employed in the selection of such

Substitute Loan from the Originator&#146;s portfolio;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all actions or

additional actions (if any) necessary to perfect the security interest and

assignment of such Substitute Loan and related Collateral to the Trust

Depositor, the Issuer, and the Indenture Trustee shall have been taken as of or

prior to the Subsequent Transfer Date;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the maturity date

for the last Scheduled Payment due under such Substitute Loan is not later than

June 20, 2012;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the weighted

average life of such Loan is less than or equal to the Loan being replaced;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; for Prepaid Loans

only, prior to such substitution the Originator has received written

confirmation from the Rating Agencies (which shall respond to the Originator

within five (5) Business Days after receiving written confirmation from the

Originator of its intention to substitute a Loan) that the proposed

substitution will not result in a Ratings Effect; <i><u><font style="font-style:italic;">provided</font></u></i>, <i><u><font style="font-style:italic;">however</font></u></i>,

that any failure by each of the Rating Agencies to respond to the Originator

shall be deemed to be non&#150;approval by the Rating Agencies; <i><u><font style="font-style:italic;">provided</font></u></i>, <i><u><font style="font-style:italic;">further</font></u></i>, <i><u><font style="font-style:italic;">however</font></u></i>, only notice to, and not confirmation from,

Fitch shall be required; and</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Eligible Risk

Rating of the Substitute Loan is equal to or higher than the Loan being

replaced.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>





<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman"><font size="2" style="font-size:10.0pt;">
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</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Substitution Event</u>&#148; shall have occurred if a Loan then held by

the Issuer and identified in the related Addition Notice is either (a)&nbsp;a

Prepaid Loan, (b)&nbsp;a Defaulted Loan, (c)&nbsp;a Loan that has a covenant default,

(d)&nbsp;a Materially Modified Loan, (e)&nbsp;an Excess Loan or (f)&nbsp;the

subject of a breach of a representation or warranty under this Agreement or

other provision, which breach or other provision, in the absence of the

substitution of a Substitute Loan for such Loan pursuant to <u>Section&nbsp;2.04</u>,

would require the payment of the Transfer Deposit Amount to the Issuer in

respect of such Loan pursuant to <u>Section&nbsp;11.01</u>; <i><u><font style="font-style:italic;">provided</font></u></i>, <i><u><font style="font-style:italic;">however</font></u></i>, that no Substitution Event

shall be permitted under <u>clauses (a)&nbsp;&#150;&nbsp;(d)</u> to the extent

Substitute Loans having an aggregate Outstanding Loan Balance as of the date of

substitution of greater than 20% of the Initial Aggregate Outstanding Loan

Balance have previously been substituted under such clauses.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Successor Backup Servicer</u>&#148; has the meaning given to such term

in <u>subsection&nbsp;5.25(a)</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Successor Servicer</u>&#148; has the meaning given to such term in <u>subsection&nbsp;8.02(b)</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Swap</u>&#148; has the meaning given to such term in the Indenture.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Swap Breakage Costs</u>&#148; means, for any Swap Transaction, any amount

(other than Net Trust Swap Payments applicable thereto) payable by the Issuer

for the early termination of that Swap Transaction or any portion thereof.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Swap Breakage Receipts</u>&#148; means, for any Swap Transaction, any

amount (other than Net Trust Swap Receipts applicable thereto) payable to the

Issuer for the early termination of that Swap Transaction or any portion

thereof.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Swap Counterparty</u>&#148; has the meaning given to such term in the

Indenture.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Swap Guarantor</u>&#148; means ACAS.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Swap Guaranty Requirements</u>&#148; has the meaning given to such term

in <u>Section&nbsp;14.01</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Swap Transaction</u>&#148; means each interest rate swap transaction

between the Issuer and a Swap Counterparty that is governed by a Swap.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Tape</u>&#148; has the meaning given to such term in <u>subsection&nbsp;5.22(b)(ii)</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Tax Opinion</u>&#148; means, with respect to any action, an Opinion of

Counsel to the effect that, for federal income tax purposes, (i)&nbsp;following

such action the Issuer will not be deemed to be an association, taxable

mortgage pool, or publicly traded partnership taxable as a corporation, and

(ii)&nbsp;such action will not affect the tax characterization as debt of the

Class A Notes and the Class B Notes or any outstanding Class&nbsp;issued by the

Issuer for which an Opinion of Counsel has been provided that such Notes are

debt.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Telerate Page 3750</u>&#148; means the display page currently so

designated on the Dow Jones Telerate Service (or such other page as may replace

that page on that service for the purpose of displaying comparable rates or

prices).</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Transaction Documents</u>&#148; means this Agreement, the Indenture, the

Trust Agreement, the Administration Agreement, the ACAS Transfer Agreement, any

Subsequent Transfer Agreement, any Subsequent Purchase Agreement, the Purchase

Agreement, any Swap, and all documents executed in connection with, or

identified as &#147;Transaction Documents&#148; in, any of the foregoing documents, all

as the same are amended, modified, restated, replaced, waived, substituted,

supplemented or extended from time to time.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Transfer Date</u>&#148; means the Business Day immediately preceding

each Payment Date.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Transfer Deposit Amount</u>&#148; means, with respect to each Ineligible

Loan or Excess Loan, on any date of determination, the sum of the Outstanding

Loan Balance of such Loan, together with accrued interest thereon through such

date of determination at the interest rate provided for thereunder, and any

outstanding Servicer Advances thereon reimbursement of which has not been

waived by the Servicer entitled thereto.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>





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<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Trust Account Property</u>&#148; means the Trust Accounts, all amounts

and investments held from time to time in any Trust Account (whether in the

form of deposit accounts, physical property, book&#150;entry securities,

uncertificated securities or otherwise), including, without limitation, the

Reserve Fund Initial Deposit, and all proceeds of the foregoing.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Trust Accounts</u>&#148; means, collectively, the Collection Account

(including the Interest Collection Account and Principal Collection Account),

the Reserve Fund, the Note Distribution Account and the Certificate

Distribution Account, or any of them.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Trust Agreement</u>&#148; means the Trust Agreement, dated as of March

1, 2002, between the Trust Depositor and the Owner Trustee, as amended,

modified, restated, replaced, waived, substituted, supplemented or extended

from time to time.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Trust Depositor</u>&#148; has the meaning given to such term in the <u>Preamble</u>,

or any successor entity thereto.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Trust Estate</u>&#148; shall have the meaning given to such term in the

Trust Agreement.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Trustees</u>&#148; means the Owner Trustee and the Indenture Trustee, or

any of them individually as the context may require.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>UCC</u>&#148; means the Uniform Commercial Code, as amended from time to

time, as in effect in the applicable jurisdiction.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>UCC Filing Locations</u>&#148; means the State of Delaware.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Uncollectible Advance</u>&#148; means, with respect to any Determination

Date and any Loan, the amount, if any, advanced by the Servicer pursuant to <u>Section&nbsp;5.14</u>

which the Servicer has, as of such Determination Date, determined in good faith

will not be ultimately recoverable by the Servicer.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Underlying Note</u>&#148; means the promissory note of an Obligor

evidencing a Loan.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>United States</u>&#148; means the United States of America.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Unreimbursed Servicer Advances</u>&#148; means, at any time, the amount

of all previous Servicer Advances (or portions thereof) as to which the

Servicer has not been reimbursed as of such time pursuant to <u>Sections&nbsp;7.01</u>

or <u>7.05</u> and which the Servicer has determined in its sole discretion are

Uncollectible Advances, and with respect to which the Servicer has given a

written certification to such effect to each Trustee.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>USD&#150;LIBOR&#150;Reference Banks</u>&#148; has the meaning given to such term

in <u>subsection 7.06(a)</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Vice President</u>&#148; of any Person means any vice president of such

Person, whether or not designated by a number or words before or after the

title &#147;Vice President,&#148; who is a duly elected officer of such Person in such

capacity.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section1_02OtherTerms_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;1.02</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Other Terms</u>.</h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All accounting terms used but not specifically defined herein shall be

construed in accordance with generally accepted accounting principles.&#160; The symbol &#147;$&#148; shall mean the lawful

currency of the United States.&#160; All

terms used in Article 9 of the UCC in the State of New York, and not

specifically defined herein, are used herein as defined in such Article 9.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section1_03ComputationOfTimePeriods"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;1.03</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Computation of Time

Periods</u>.</h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise stated in this Agreement, in the computation of a

period of time from a specified date to a later specified date, the word &#147;from&#148;

means &#147;from and including&#148;, the words &#147;to&#148; and &#147;until&#148; each mean &#147;to but

excluding&#148;, and the word &#147;within&#148; means &#147;from and excluding a specified date

and to and including a later specified date&#148;.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>





<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman"><font size="2" style="font-size:10.0pt;">
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section1_04Interpretation_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;1.04</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Interpretation</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In this Agreement, unless a contrary intention appears:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

singular number includes the plural number and <i><font style="font-style:italic;">vice

versa</font></i>;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; reference

to any Person includes such Person&#146;s successors and assigns but, if applicable,

only if such successors and assigns are permitted by the Transaction Documents;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; reference

to any gender includes each other gender;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; reference

to day or days without further qualification means calendar days;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; unless

otherwise stated, reference to any time means New York, New York time;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; references

to &#147;writing&#148; include printing, typing, lithography, electronic or other means

of reproducing words in a visible form;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; reference

to any agreement (including any Transaction Document), document or instrument

means such agreement, document or instrument as amended, modified,

supplemented, replaced, restated, waived or extended and in effect from time to

time in accordance with the terms thereof and, if applicable, the terms of the

other Transaction Documents, and reference to any promissory note includes any

promissory note that is an extension or renewal thereof or a substitute or

replacement therefor; and</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; reference

to any Requirement of Law means such Requirement of Law as amended, modified,

codified, replaced or reenacted, in whole or in part, and in effect from time

to time, including rules and regulations promulgated thereunder and reference

to any Section&nbsp;or other provision of any Requirement of Law means that

provision of such Requirement of Law from time to time in effect and constituting

the substantive amendment, modification, codification, replacement or

reenactment of such Section&nbsp;or other provision.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section1_05Sectionreferences_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;1.05</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Section&nbsp;References</u>.</h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All Section&nbsp;references (including in the <u>Preamble</u>), unless

otherwise indicated, shall be to Sections&nbsp;(and the <u>Preamble</u>) in

this Agreement.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section1_06Calculations_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;1.06</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Calculations</u>.</h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as otherwise provided herein, all interest rate and basis point

calculations hereunder will be made on the basis of a 360&#150;day year and the

actual days elapsed in the relevant period and will be carried out to at least

three decimal places.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><a name="ArticleIiEstablishmentOfIssuerTra"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE II</font></b></a></h1>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h1>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ESTABLISHMENT OF ISSUER; TRANSFER OF LOAN ASSETS</font></b></h1>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h1>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section2_01CreationAndFundingOfIss"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.01</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Creation and Funding of

Issuer; Transfer of Loan Assets</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Issuer shall be

created pursuant to the terms and conditions of the Trust Agreement upon the

execution and delivery of the Trust Agreement and the filing by the Owner

Trustee of an appropriately completed Certificate of Trust (as defined in the

Trust Agreement) under the Business Trust Statute.&#160; The Trust Depositor, as settlor of the Issuer, shall fund and

convey assets to the Issuer pursuant to the terms and provisions hereof.&#160; The Issuer shall be administered pursuant to

the provisions of this Agreement, the Administration Agreement and the Trust

Agreement for the benefit of the Securityholders and the Swap

Counterparties.&#160; The Owner Trustee is

hereby</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>





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<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">specifically recognized by the parties hereto as empowered to conduct

business dealings on behalf of the Issuer in accordance with the terms hereof

and of the Trust Agreement.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to and upon

the terms and conditions set forth herein, the Trust Depositor hereby sells,

transfers, assigns, sets over and otherwise conveys to the Issuer, for a

purchase price consisting of $145,333,029.32 in cash (less placement expenses

and certain other expenses associated with the initial offer and sale of the

Notes, the proceeds of which represent the consideration paid by the Issuer

herein) and the Certificate of the Issuer in the original certificate balance

of $10.00, all of the right, title and interest of the Trust Depositor in and

to the following (the items in (i)&#150;(vii) below, but in each case excluding the

Retained Interest and Excluded Amounts, being collectively referred to herein

as the &#147;<u>Loan Assets</u>&#148;):</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Initial Loans and all Collections and other monies due or to become due in

payment of such Loans on and after the Initial Cut&#150;Off Date, including any

Prepayment amounts, any Prepayment Premiums, any Late Charges, any payments in

respect of a casualty or early termination, any Insurance Proceeds and any

Liquidation Proceeds received with respect to the foregoing;</font></p>



<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Collateral related to such Loans (to the extent the Originator, other than

solely in its capacity as collateral agent under any loan agreement with an

Obligor, has been granted a Lien thereon), including the security interest of

the Trust Depositor in such Collateral, all proceeds from any sale or other

disposition of such Collateral and all Insurance Policies;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Loan Files and all documents and records (including computer records) relating

thereto;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all

guarantees, indemnities, warranties and other agreements or arrangements of

whatever character from time to time supporting or securing payment of such

Loans;</font></p>



<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Trust Accounts and all Trust Account Property (to the extent of the Trust

Depositor&#146;s interest if any therein); and</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all

income, payments, products, proceeds and other benefits of any and all of the

foregoing.</font></p>



<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Originator and

the Trust Depositor acknowledge that the representations and warranties of the

Originator and Trust Depositor in <u>Sections&nbsp;3.01</u>, <u>3.02</u>, <u>3.03</u>,

<u>3.04</u> and <u>3.05</u> will run to and be for the benefit of the Issuer,

the Trustees and the Swap Counterparties, and the Issuer and the Trustees may

enforce, directly without joinder of Trust Depositor, the repurchase

obligations of the Originator with respect to breaches of such representations

and warranties as set forth herein and in <u>Section&nbsp;11.01</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The sale, transfer,

assignment, set&#150;over and conveyance of the Loan Assets by the Trust Depositor

to the Issuer pursuant to this Agreement does not constitute and is not

intended to result in a creation or an assumption by the Trust Depositor or the

Issuer of any obligation of the Originator in connection with the Loan Assets,

or any agreement or instrument relating thereto, including, without limitation,

(i) any obligation to any Obligor, if any, not financed by the Originator, (ii)

any taxes, fees, or other charges imposed by any Governmental Authority and

(iii)&nbsp;any insurance premiums that remain owing with respect to any Loan at

the time such Loan is sold hereunder.&#160;

The Trust Depositor also hereby assigns to the Issuer all of the Trust

Depositor&#146;s right, title and interest (but none of its obligations) under the

ACAS Transfer Agreement, including but not limited to the Trust Depositor&#146;s

right to exercise the remedies created by the ACAS Transfer Agreement.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Originator, the

Trust Depositor and the Issuer intend and agree that (i)&nbsp;the transfer of

the Loan Assets to the Trust Depositor and the transfer of the Loan Assets to

the Issuer are intended to be a sale, conveyance and transfer of ownership of

the Loan Assets rather than the mere granting of a security interest to secure

a borrowing and (ii)&nbsp;such Loan Assets shall not be part of the

Originator&#146;s or the Trust Depositor&#146;s estate in the event of a filing of a

bankruptcy petition or other action by or against such Person under any Insolvency

Law.&#160; In the event, however, that

notwithstanding such intent and agreement, such transfers are deemed to be a

grant of a mere security interest to secure indebtedness, the Originator shall

be deemed to have granted (and hereby does grant) the</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>





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<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman"><font size="2" style="font-size:10.0pt;">
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust Depositor and the Trust Depositor shall be deemed to have granted

(and hereby does grant) the Issuer, as the case may be, a perfected first

priority security interest in such Loan Assets, and this Agreement shall

constitute a security agreement under Requirements of Law securing the

repayment of the purchase price paid hereunder, the obligations and/or

interests represented by the Securities and the obligations of the Issuer under

the Swap Transactions and the Swaps, in the order and priorities, and subject

to the other terms and conditions of, this Agreement, the Indenture, the Trust

Agreement and the Swaps, together with such other obligations or interests as

may arise hereunder and thereunder in favor of the parties hereto and thereto.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If any such

transfer of the Loan Assets is deemed to be the mere granting of a security

interest to secure a borrowing, the Trust Depositor may, to secure the Trust

Depositor&#146;s own borrowing under this Agreement (to the extent that the transfer

of the Loan Assets hereunder is deemed to be a mere granting of a security

interest to secure a borrowing) repledge and reassign (i) all or a portion of

the Loan Assets pledged to the Trust Depositor by the Originator and with

respect to which the Trust Depositor has not released its security interest at

the time of such pledge and assignment, and (ii) all proceeds thereof.&#160; Such repledge and reassignment may be made

by the Trust Depositor with or without a repledge and reassignment by the Trust

Depositor of its rights under any agreement with the Originator, and without

further notice to or acknowledgment from the Originator.&#160; The Originator waives, to the extent

permitted by Requirements of Law, all claims, causes of action and remedies,

whether legal or equitable (including any right of setoff), against the Trust

Depositor or any assignee of the Trust Depositor relating to such action by the

Trust Depositor in connection with the transactions contemplated by this

Agreement.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section2_02ConditionsToTransferOfL"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.02</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Conditions to Transfer

of Loan Assets to Issuer</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On or before the Closing Date, the Originator or the Trust Depositor,

as applicable, shall deliver or cause to be delivered to the Owner Trustee and

the Indenture Trustee each of the following documents, certificates and other

items:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a

certificate of an officer of the Originator substantially in the form of <u>Exhibit&nbsp;C</u>

hereto;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; copies

of resolutions of the Board of Directors of the Originator and the Servicer of

the Executive Committee of the Board of Directors of the Originator and the

Servicer approving the execution, delivery and performance of this Agreement

and the transactions contemplated hereunder, certified in each case by the

Secretary or an Assistant Secretary of the Originator, the Servicer and the

member of the Trust Depositor;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; officially

certified recent evidence of due incorporation and good standing of the

Originator, the Servicer and the Trust Depositor under the laws of the State of

Delaware;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

initial List of Loans, certified by an officer of the Trust Depositor, together

with an Assignment substantially in the form of <u>Exhibit&nbsp;A</u> (along

with the delivery of any instruments and Loan Documents as required under <u>Section&nbsp;2.06</u>

below);</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a

certificate of an officer of the Trust Depositor substantially in the form of <u>Exhibit&nbsp;B</u>

hereto;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a

letter from Ernst &amp; Young, or another nationally recognized accounting

firm, addressed to the Originator and the Trust Depositor, (a)&nbsp;stating

that such firm has reviewed a sample of the Initial Loans and performed

specific procedures for such sample with respect to certain loan terms and

(b)&nbsp;identifying those Initial Loans that do not conform to the procedures;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a

letter from each Rating Agency assigning to each of the Offered Notes the

ratings disclosed in the Private Placement Memorandum;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; copies

of resolutions of the Board of Managers of the Trust Depositor or of the

Executive Committee of the Board of Managers of the Trust Depositor approving

the execution, delivery and performance of this Agreement and the transactions

contemplated hereunder, certified in each case by the Secretary or an Assistant

Secretary of the Trust Depositor;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>





<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman"><font size="2" style="font-size:10.0pt;">
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</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ix)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; evidence

of proper filing with appropriate offices in the UCC Filing Locations of UCC

financing statements executed by the Originator, as debtor, naming the Trust

Depositor as secured party (and the Issuer as assignee) and identifying the

Loan Assets as collateral; and evidence of proper filing with appropriate

officers in the UCC Filing Locations of UCC financing statements delivered by

the Trust Depositor, as debtor, naming the Issuer as secured party (and the

Indenture Trustee as assignee) and identifying the Loan Assets as collateral;

and evidence of proper filing with appropriate officers in the UCC Filing

Locations of UCC financing statements delivered by the Issuer and naming the

Indenture Trustee as secured party and identifying the Indenture Collateral, as

collateral;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; an

Officer&#146;s Certificate listing the Servicer&#146;s Servicing Officers;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; evidence

of deposit in the Collection Account of all funds received with respect to the

Initial Loans on and after the Initial Cut&#150;Off Date to the date two (2) days

preceding the Closing Date, together with an Officer&#146;s Certificate from the

Servicer to the effect that such amount is correct;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; evidence

of deposit in the Reserve Fund of the Reserve Fund Initial Deposit by the

Issuer;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xiii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a

fully executed copy of each Transaction Document;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xiv)&#160;&#160;&#160;&#160;&#160;&#160;&#160; opinions

of counsel for the Originator and the Trust Depositor, in form and substance

satisfactory to the Initial Purchaser (and including as an addressee thereof

each Rating Agency);</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; an

opinion of Winston &amp; Strawn to the effect that, for federal income tax

purposes, the Class&nbsp;A Notes and Class&nbsp;B Notes will be characterized

as debt and the Issuer will not be characterized as an association, taxable

mortgage pool, or publicly traded partnership taxable as a corporation; and</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xvi)&#160;&#160;&#160;&#160;&#160;&#160;&#160; an

opinion of Winston &amp; Strawn to the effect that the Issuer will not be

subject to income tax imposed by the State of Maryland, and holders of the

Class A Notes and the Class B Notes that are not otherwise subject to State of

Maryland income tax jurisdiction will not become subject to income taxation by

the State of Maryland solely as a result of their ownership of the Class A

Notes and Class B Notes.</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section2_03AcceptanceByIssuer_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.03</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Acceptance by Issuer</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On the Closing Date, if the conditions set forth in <u>Section&nbsp;2.02</u>

have been satisfied or waived, the Issuer shall issue to, or upon the order of,

the Trust Depositor the Certificate representing ownership of a beneficial

interest in 100% of the Issuer and the Issuer shall issue, and the Indenture

Trustee shall authenticate, to, or upon the order of, the Trust Depositor the

Notes secured by the Indenture Collateral.&#160;

The Owner Trustee hereby acknowledges its acceptance, on behalf of the

Issuer, of the Loan Assets, and declares that it shall maintain such right,

title and interest in accordance with the terms of this Agreement and the Trust

Agreement upon the terms herein and therein set forth.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section2_04ConveyanceOfSubstituteLo"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.04</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Conveyance of Substitute

Loans</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to <u>subsections&nbsp;2.01(d)</u>

and <u>(e)</u> above and the satisfaction of the conditions set forth in <u>subsection&nbsp;2.04(c)</u>,

the Originator may at its option (but shall not be obligated to) sell,

transfer, assign, set over and otherwise convey to the Trust Depositor (by

delivery of an executed Subsequent Purchase Agreement substantially in the form

attached as <u>Exhibit&nbsp;J</u> hereto), without recourse other than as

expressly provided herein and therein (and the Trust Depositor shall be

required to purchase through cash payment or by exchange of one or more related

Loans released by the Issuer to the Trust Depositor on the Subsequent Transfer

Date), all of the right, title and interest of the Originator in and to the

following (the items in <u>clauses (i)&#150;(vii)</u> below, but in each case

excluding the Retained Interest and the Excluded Amounts, upon such transfer,

becoming part of the &#147;<u>Loan Assets</u>&#148;):</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Substitute Loans identified in the related Addition Notice and all Collections

and other monies received in payment of such Substitute Loans on and after the

related Subsequent Cut&#150;Off</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>





<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman"><font size="2" style="font-size:10.0pt;">
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</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date, including any Prepayment amounts, any Prepayment Premiums, any

Late Charges, any payments in respect of a casualty or early termination, any

Insurance Proceeds and any Liquidation Proceeds received with respect to the

foregoing;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Collateral related to such Loans (to the extent the Originator, other than

solely in its capacity as collateral agent under any loan agreement with an

Obligor, has been granted a Lien thereon), including the security interest of

the Trust Depositor in such Collateral, all proceeds from any sale or other

disposition of such Collateral and all Insurance Policies;</font></p>



<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Loan Files and all documents and records (including computer records) relating

thereto;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all

guarantees, indemnities, warranties and other agreements or arrangements of

whatever character from time to time supporting or securing payment of such

Loans;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Trust Accounts and all Trust Account Property (to the extent of the Trust

Depositor&#146;s interest if any therein); and</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all

income, payments, products, proceeds and other benefits of any and all of the

foregoing.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to <u>subsections&nbsp;2.01(d)</u>

and <u>(e)</u> and the conditions set forth in <u>subsection&nbsp;2.04(c)</u>,

the Trust Depositor shall sell, transfer, assign, set over and otherwise convey

to the Issuer, without recourse other than as expressly provided herein and

therein, (i)&nbsp;all the right, title and interest of the Trust Depositor in

and to the Substitute Loans purchased pursuant to <u>subsection&nbsp;2.04(a)</u>,

and (ii)&nbsp;all other rights and property interests consisting of Loan Assets

related to such Substitute Loans (the property in <u>clauses (i)&#150;(ii)</u>

above, upon such transfer, shall then be included in the term &#147;<u>Loan Assets</u>&#148;).</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Originator shall

transfer to the Trust Depositor and the Trust Depositor shall transfer to the

Issuer the Substitute Loans and the other property and rights related thereto

described in <u>subsection&nbsp;2.04(a)</u>, in the case of the Originator, or <u>subsection&nbsp;2.04(b)</u>,

in the case of the Trust Depositor, above only upon the satisfaction of each of

the following conditions on or prior to the related Subsequent Transfer Date

(and the delivery of a related Addition Notice by the Trust Depositor shall be

deemed a representation and warranty by the Trust Depositor and of the

Originator that such conditions have been or will be, as of the related

Subsequent Transfer Date, satisfied):</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Trust Depositor shall have provided the Issuer and the Indenture Trustee with a

timely Addition Notice complying with the definition thereof contained herein,

which notice shall in any event be no later than five (5) days prior to the

date of addition;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; there

shall have occurred, with respect to each such Substitute Loan, a corresponding

Substitution Event with respect to one or more Loans then in the Loan Pool;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Substitute Loan(s) being conveyed to the Issuer satisfy the Substitute Loan

Qualification Conditions;</font></p>



<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Originator shall have delivered to the Trust Depositor a duly executed written

Subsequent Purchase Agreement, which shall include a Subsequent List of Loans

listing the Substitute Loans;</font></p>



<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Trust Depositor shall have delivered to the Issuer a duly executed written

Subsequent Transfer Agreement, which shall include a Subsequent List of Loans

listing the Substitute Loans;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Trust Depositor shall have deposited or caused to be deposited in the

Collection Account all Collections received with respect to the Substitute

Loans on and after the related Subsequent Cut&#150;Off Date;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</font></p>





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<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; as

of each Subsequent Transfer Date, neither the Originator nor the Trust

Depositor was insolvent nor will either of them have been made insolvent by

such transfer nor is either of them aware of any pending insolvency;</font></p>



<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; no

selection procedures believed by the Originator or the Trust Depositor to be

adverse to the interests of the Securityholders or the Swap Counterparties

shall have been utilized in selecting the Substitute Loans;</font></p>



<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ix)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; each

of the representations and warranties made by the Originator and Trust

Depositor pursuant to <u>subsections&nbsp;3.02</u> (including without

limitation that such Substitute Loan is an Eligible Loan), <u>3.03(b)(i)</u>, <u>(ii)</u>

and <u>(iv)</u>, <u>3.04</u>, and <u>3.05</u> applicable to the Substitute

Loans shall be true and correct as of the related Subsequent Transfer Date; <i><u><font style="font-style:italic;">provided</font></u>, <u>however</u></i>, that,

(a)&nbsp;with respect to the representation and warranty made by the Originator

and Trust Depositor in <u>subsection&nbsp;3.05(a)</u>, such representation and

warranty shall only apply to a Loan that is being substituted for a Loan that

is not an Eligible Loan, (b)&nbsp;the representations and warranties made by

the Originator and Trust Depositor in <u>subsections&nbsp;3.03(b)(iv)</u> and <u>3.05</u>

shall be determined as if such Substitute Loan were included in the Loan Pool

as of the Initial Cut&#150;Off Date and (c)&nbsp;the representation in clause 37 of

the definition of Eligible Loan shall not apply to Substitute Loans that are

not fully funded Loans;</font></p>



<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Originator shall, at its own expense, on or prior to the Subsequent Transfer

Date, indicate in its Computer Records that ownership of the Substitute Loans

identified on the Subsequent List of Loans in the Subsequent Transfer Agreement

has been sold to the Issuer through the Trust Depositor pursuant to this Agreement;

and</font></p>



<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; prior

to such substitution the Originator has received written confirmation from the

Rating Agencies (which shall respond to the Originator within five (5) Business

Days after receiving written notice from the Originator of its intention to

substitute a Loan) that the proposed substitution will not result in a Ratings

Effect; <i><u><font style="font-style:italic;">provided</font></u></i>, <i><u><font style="font-style:italic;">however</font></u></i>, that any failure by each of

the Rating Agencies to respond to the Originator shall be deemed to be a

non&#150;approval by the Rating Agencies; <i><u><font style="font-style:italic;">provided</font></u>,

<u>further</u>, <u>however</u></i>, with respect to the substitution of a

Prepaid Loan, only notice to, and not confirmation from, Fitch shall be

required.</font></p>



<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section2_05ReleaseOfReleasedAmounts"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.05</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Release of Released

Amounts</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Indenture

Trustee hereby agrees to release to the Issuer from the Loan Assets, and the

Issuer hereby agrees to release to the Trust Depositor, an amount equal to the

Released Amounts immediately upon identification thereof and upon receipt of an

Officer&#146;s Certificate of the Servicer, which release shall be automatic and

shall require no further act by the Indenture Trustee or the Issuer; <i><u><font style="font-style:italic;">provided</font></u></i>,<i><font style="font-style:italic;">  <u>that</u></font></i>, the Indenture Trustee or Issuer shall execute

and deliver such instruments of release and assignment, or otherwise confirm

the foregoing release, as may reasonably be requested by the Trust Depositor in

writing.&#160; Upon such release, such

Released Amounts shall not constitute and shall not be included in the Loan

Assets.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Immediately upon the

release to the Trust Depositor by the Indenture Trustee of the Released Amounts,

the Trust Depositor hereby irrevocably agrees to release to the Originator such

Released Amounts, which release shall be automatic and shall require no further

act by the Trust Depositor; <i><u><font style="font-style:italic;">provided</font></u></i>,<i><font style="font-style:italic;">  <u>that</u></font></i>, the Trust Depositor shall

execute and deliver such instruments of release and assignment, or otherwise

confirming the foregoing release of any Released Amounts, as may be reasonably

requested by the Originator.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section2_06DeliveryOfLoanFiles_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.06</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Delivery of Loan Files</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Originator and

the Trust Depositor shall deliver possession of all &#147;instruments&#148; (within the

meaning of Article&nbsp;9 of the UCC) not constituting part of &#147;chattel paper&#148;

(within the meaning of such Article&nbsp;9) that evidence any Loan, including

all Underlying Notes, and all other portions of the Loan Files to the Indenture

Trustee on behalf of the Issuer and the Swap Counterparties five (5) Business

Days prior to the applicable Assignment Date, in each case endorsed in blank

without recourse.&#160; Pursuant to <u>Section&nbsp;3.06</u>

of the Indenture, the Issuer is required to deliver such instruments and Loan

Files to the Indenture Trustee as pledgee under the Indenture for the benefit

of the</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p>





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</font></div>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Noteholders and the Swap Counterparties.&#160; Accordingly, the Issuer hereby authorizes and directs the

Originator and the Trust Depositor to deliver possession of all such

instruments and the Loan Files to the Indenture Trustee on behalf of and for

the account of the Issuer, and agrees that such delivery shall satisfy the

condition set forth in the first sentence of this <u>Section&nbsp;2.06</u>.&#160; The Originator and the Trust Depositor shall

also identify on the List of Loans (including any deemed amendment thereof

associated with any Substitute Loans), whether by attached schedule or marking

or other effective identifying designation, all Loans that are or are evidenced

by such instruments.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Prior to the

occurrence of an Event of Default or a Servicer Default, the Indenture Trustee

shall not record the Assignments of Mortgage delivered pursuant to <u>subsection&nbsp;2.06(a)</u>

and the definition of Loan Documents.&#160;

Upon the occurrence of an Event of Default or a Servicer Default, the

Indenture Trustee shall cause to be recorded in the appropriate offices each

Assignment of Mortgage delivered to it with respect to all Loans except those

Loans covered by the proviso to the definition of Assignment of Mortgage.&#160; Each such recording shall be at the expense

of the Servicer; <i><u><font style="font-style:italic;">provided</font></u></i>,

<i><u><font style="font-style:italic;">however</font></u></i>, to the extent the

Servicer does not pay such expense, then the Indenture Trustee shall be

reimbursed pursuant to the provisions of <u>Section&nbsp;7.05</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If the Indenture

Trustee does not receive the Underlying Note for the Loan to Case Logic issued

in the name of the Issuer as provided in <u>clause 30</u> of the definition of

Eligible Loan, the Indenture Trustee shall promptly notify the Originator, the

Trust Depositor and the Issuer of same and such Loan shall be deemed to be an

Ineligible Loan.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section2_07CertificationByIndenture"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.07</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Certification by

Indenture Trustee; Possession of Loan Files</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On or prior to the

applicable Assignment Date, the Indenture Trustee shall review the Loan Files

required to be delivered pursuant to <u>subsection&nbsp;2.06(a)</u> on the

applicable Assignment Date and shall deliver to the Originator, the Trust

Depositor, the Swap Counterparties and the Servicer a certification in the form

attached hereto as <u>Exhibit&nbsp;D&#150;1</u> on or prior to such Assignment

Date.&#160; Within 360 days after each

Assignment Date, the Indenture Trustee shall deliver to the Originator, the

Servicer, the Trust Depositor, the Swap Counterparties and any Noteholder who

requests a copy from the Indenture Trustee a final certification in the form

attached hereto as <u>Exhibit&nbsp;D&#150;2</u> evidencing the completeness of the

Loan Files with respect to the Loans being transferred on such Assignment Date.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If the Indenture

Trustee during the process of reviewing the Loan Files finds any document

constituting a part of a Loan File which is not properly executed, has not been

received, is unrelated to a Loan identified in the List of Loans, or does not

conform in a material respect to the requirements of the definition of Loan

File, or the description thereof as set forth in the List of Loans, the

Indenture Trustee shall promptly so notify the Originator, the Trust Depositor

and the Servicer.&#160; In performing any

such review, the Indenture Trustee may conclusively rely on the Originator as

to the purported genuineness of any such document and any signature

thereon.&#160; It is understood that the

scope of the Indenture Trustee&#146;s review of the Loan Files is limited solely to

confirming that the documents listed in the definition of Loan File have been

executed and received and relate to the Loans identified in the List of Loans; <i><u><font style="font-style:italic;">provided</font></u></i>, <i><u><font style="font-style:italic;">however</font></u></i>, with respect to the UCC

financing statements referenced in the definition of Loan File, the Indenture

Trustee&#146;s sole responsibility will be to confirm that the Loan File contains

UCC financing statements and not to make determinations about the materiality

of such UCC financing statements.&#160; The

Originator agrees to use reasonable efforts to remedy a material defect in a

document constituting part of a Loan File of which it is so notified by the

Indenture Trustee.&#160; If, however, within

thirty (30) days after the Indenture Trustee&#146;s notice to it respecting such

material defect the Originator has not remedied the defect and such defect

materially and adversely affects the value of the related Loan, such Loan will

be treated as an &#147;Ineligible Loan&#148; and the Originator will (i)&nbsp;substitute

in lieu of such Loan a Substitute Loan in the manner and subject to the

conditions set forth in <u>Section&nbsp;11.01</u> or (ii)&nbsp;repurchase such

Loan at a purchase price equal to the Transfer Deposit Amount, which purchase

price shall be deposited in the Collection Account within such thirty (30) day

period.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Release of Entire

Loan File Upon Substitution</u>.&#160;

Subject to <u>subsection&nbsp;5.08(c)</u>, upon receipt by the Indenture

Trustee of a certification of a Servicing Officer of the Servicer of such

substitution or of such purchase and the deposit of the amounts described in <u>subsection&nbsp;2.07(b)</u>

in the Collection Account (which certification shall be in the form of <u>Exhibit&nbsp;E</u>

hereto), the Indenture Trustee shall release to the Servicer for release to the

Originator the related Loan File and the Indenture Trustee and the Issuer shall

execute, without recourse, and deliver such instruments of transfer</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>





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</font></div>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">prepared by the Servicer necessary to transfer all right, title and

interest in such Loan to the Originator free and clear of any Liens created by

the Transaction Documents.&#160; All costs of

any such transfer shall be borne by the Servicer.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Partial Release

of Loan File and/or Collateral</u>.&#160;

Subject to <u>subsection&nbsp;5.08(d)</u>, if in connection with taking

any action in connection with a Loan (including, without limitation, the

amendment to documents in the Loan File and/or a revision to Collateral), the

Servicer requires any item constituting part of the Loan File, or the release

from the Lien of the related Loan of all or part of any Collateral, the

Servicer shall deliver to the Indenture Trustee a certificate to such effect in

the form attached as <u>Exhibit&nbsp;E</u> hereto.&#160; Upon receipt of such certification, the Indenture Trustee shall

deliver to the Servicer within two (2) Business Days of such request (if such

request was received by 2:00 p.m., central time), the requested documentation,

and the Indenture Trustee shall execute, without recourse, and deliver such

instruments of transfer necessary to release all or the requested part of the

Collateral from the Lien of the related Loan and/or the Lien under the

Transaction Documents.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Annual

Certification</u>.&#160; On the Payment Date

in March of each year, commencing March 2003, the Indenture Trustee shall

deliver to the Originator, the Trust Depositor, each Swap Counterparty and the

Servicer a certification detailing all transactions with respect to the Loans

for which the Indenture Trustee holds the Loan Files pursuant to this Agreement

during the prior calendar year.&#160; Such

certification shall list all Loan Files which were released by or returned to

the Indenture Trustee during the prior calendar year, the date of such release

or return and the reason for such release or return.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><a name="ArticleIiiRepresentationsAndWarrant"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE III</font></b></a></h1>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h1>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">REPRESENTATIONS AND WARRANTIES</font></b></h1>



<h1 align="left" style="margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h1>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Originator makes, and upon execution of each Subsequent Purchase

Agreement is deemed to make, the following representations and warranties, on

which the Trust Depositor will rely in conveying the Loan Assets on the

applicable Assignment Date to the Issuer, and on which the Issuer, the

Securityholders and the Swap Counterparties will rely.&#160; The Trust Depositor acknowledges that such

representations and warranties are being made by the Originator for the benefit

of the Issuer, the Securityholders and the Swap Counterparties.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Such representations and warranties speak as of the execution and

delivery of this Agreement and as of the applicable Assignment Date, but shall

survive the sale, transfer and assignment of the Loan Assets to the

Issuer.&#160; The repurchase obligation or

substitution obligation of the Originator set forth in <u>Section&nbsp;11.01</u>

constitutes the sole remedy available for a breach of a representation or

warranty of the Originator set forth in <u>Sections&nbsp;3.01</u>, <u>3.02</u>,

<u>3.03</u>, <u>3.04</u> or <u>3.05</u> of this Agreement.&#160; Notwithstanding the foregoing, the

Originator shall not be deemed to be remaking any of the representations set

forth in <u>Section&nbsp;3.03</u> on a Subsequent Transfer Date with respect to

the Substitute Loans, as such representations relate solely to the composition of

the Initial Loans conveyed on the Closing Date.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section3_01RepresentationsAndWarrant"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.01</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Representations and

Warranties Regarding the Originator</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By its execution of this Agreement and each Subsequent Purchase

Agreement, the Originator represents and warrants that:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Organization and

Good Standing</u>.&#160; The Originator is a

corporation duly organized, validly existing and in good standing under the

laws of the jurisdiction of its organization and has the requisite corporate

power to own or lease its assets and to transact the business in which it is

currently engaged.&#160; The Originator is

duly qualified to do business as a foreign corporation and is in good standing

in each jurisdiction in which 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 not reasonably be expected have a material adverse

effect on the business, properties, assets, or condition (financial or

otherwise) of the Originator or Trust Depositor.&#160; The Originator is properly licensed in each jurisdiction to the

extent required by the laws of such jurisdiction in order to originate, and (if

the Originator is to be the Servicer) service the Loans in accordance with the

terms of this Agreement.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Authorization</u>.&#160; The Originator has the power and authority

to make, execute, deliver and perform this Agreement and the other Transaction

Documents to which the Originator is a party and all of the transactions</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>





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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">contemplated under this Agreement and the other Transaction Documents

to which the Originator is a party, and has taken all necessary corporate

action to authorize the execution, delivery and performance of this Agreement

and the other Transaction Documents to which the Originator is a party.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Valid Sale</u>.&#160; This Agreement and each Subsequent Purchase

Agreement, if any, shall effect a valid sale, transfer and assignment of the

Loan Assets from the Originator to the Trust Depositor, enforceable against the

Originator in accordance with their terms.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Binding

Agreements</u>.&#160; This Agreement and the

other Transaction Documents to which the Originator is a party constitute the

legal, valid and binding obligation of the Originator enforceable in accordance

with their terms, except as enforcement of such terms may be limited by

bankruptcy, insolvency or similar laws affecting the enforcement of creditors&#146;

rights generally and by the availability of equitable remedies.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Consent

Required</u>.&#160; The Originator 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 in connection with the execution, delivery, performance,

validity or enforceability of this Agreement and the other Transaction

Documents to which the Originator is a party except (i) for the filing of the

UCC financing statements and (ii) such consents, licenses, approvals,

authorizations, registrations and declarations which have been obtained and are

in full force and effect.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Violations</u>.&#160; The Originator&#146;s execution, delivery and

performance of this Agreement and the other Transaction Documents to which the

Originator is a party will not violate any provision of any Requirements of Law

or any order or decree of any court or the Certificate of Incorporation or

Bylaws of the Originator, or constitute (with or without notice or lapse of

time or both) a material breach of any mortgage, indenture, contract or other

agreement to which the Originator is a party or by which the Originator or any

of the Originator&#146;s properties may be bound.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Litigation</u>.&#160; No litigation or administrative proceeding

of or before any court, tribunal or governmental body is currently pending, or,

to the knowledge of the Originator, threatened, against the Originator or any

of its respective properties or with respect to this Agreement or any other

Transaction Document to which the Originator is a party that, if adversely

determined, would, in the reasonable opinion of the Originator, be expected to

have a material adverse effect on the business, properties, assets or condition

(financial or other) of the Originator or the transactions contemplated by this

Agreement or any other Transaction Document to which the Originator is a party.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Name and

Location; No Changes</u>.&#160; The

Originator&#146;s name and location (within the meaning of Article&nbsp;9 of the

UCC) are as set forth in <u>Section&nbsp;13.04</u>.&#160; The Originator has not changed its name, identity, structure,

existence or state of incorporation, whether by amendment of its certificate of

incorporation, by reorganization or otherwise, and has not changed its location

(within the meaning of Article 9 of the UCC) within the four (4) months

preceding the Closing Date.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Bulk Sales</u>.&#160; The execution, delivery and performance of

this Agreement by the Originator do not require compliance with any &#147;bulk

sales&#148; laws by the Originator.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Solvency</u>.&#160; The Originator on each date of, and after

giving effect to, the transfer of the Loans and any Substitute Loans, as the

case may be, to the Trust Depositor pursuant to the ACAS Transfer Agreement is

and will be Solvent.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Use of Proceeds</u>.&#160; No proceeds of the sale of any Initial Loan

or Substitute Loan hereunder received by the Originator will be used by the

Originator to purchase or carry any &#147;margin stock&#148; as such term is defined in

Regulation&nbsp;T, U or X of the Board of Governors of the Federal Reserve

System.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>An Investment

Company</u>.&#160; The Originator is properly

registered as an &#147;investment company&#148; within the meaning, and is in compliance

with all requirements, of the Investment Company Act of 1940, as amended.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</font></p>





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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Taxes</u>.&#160; To the best of the Originator&#146;s knowledge,

(i)&nbsp;the Originator has filed all tax returns required to be filed in the

normal course of its business and has paid or made adequate provisions for the

payment of all taxes, assessments and other governmental charges due from the

Originator or is contesting any such tax, assessment or other governmental

charge in good faith through appropriate proceedings, (ii)&nbsp;no tax Lien has

been filed with respect thereto, and (iii)&nbsp;no claim is being asserted with

respect to any such tax, fee or other charge.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Sale Treatment</u>.&#160; The Originator has treated the transfer of

Loan Assets to the Trust Depositor for all purposes (other than for financial

accounting purposes) as a sale and purchase on all of its relevant books,

records, financial statements and other applicable documents, except to the

extent applicable tax laws require otherwise.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Marking of Files</u>.&#160; The Originator will have, at its own

expense, prior to the close of business on the Closing Date, (i)&nbsp;indicated

in its Computer Records that ownership of the Loans transferred by it to the

Trust Depositor and identified on the List of Loans have been sold to the Trust

Depositor and (ii)&nbsp;cause to be affixed to the original of each Underlying

Note and the copy of each loan agreement the following legend:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This loan agreement/note is subject to a security interest granted to

Wells Fargo Bank Minnesota, National Association, as Indenture Trustee on

behalf of the Noteholders and the Swap Counterparties.&#160; UCC&#150;1 Financing Statements covering this

loan agreement/note have been filed with the Secretary of State of the State of

Delaware.&#160; Such Lien will be released

only in connection with appropriate filings in such offices.&#160; Consequently, potential purchasers of this

loan agreement/note must refer to such filings to determine whether such Lien

has been released.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Security Interest</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; This

Agreement creates a valid, continuing and enforceable security interest (as

defined in the applicable UCC) in the Loan Assets in favor of the Trust

Depositor, which security interest is prior to all other Liens (except for

Permitted Liens), and is enforceable as such against creditors of and

purchasers from the Originator;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; such

Loans, along with the related Loan Files, constitute either a &#147;general

intangible,&#148; an &#147;instrument,&#148; an &#147;account,&#148; &#147;investment property,&#148; or &#147;chattel

paper,&#148; within the meaning of the applicable UCC;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Originator owns and has good and marketable title to such Loan Assets free and

clear of any Lien (other than Permitted Liens), claim or encumbrance of any

Person;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Originator has received all consents and approvals required by the terms of the

Loan Assets to the sale of the Loan Assets under the ACAS Transfer Agreement to

the Trust Depositor;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Originator has caused the filing of all appropriate financing statements in the

proper filing office in the appropriate jurisdictions under Requirements of Law

in order to perfect the security interest in such Loan Assets granted to the

Trust Depositor under the ACAS Transfer Agreement;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; other

than the security interest granted to the Trust Depositor pursuant to the ACAS

Transfer Agreement and this Agreement, the Originator has not pledged,

assigned, sold, granted a security interest in or otherwise conveyed any of

such Loan Assets.&#160; The Originator has

not authorized the filing of and is not aware of any financing statements

against the Originator that include a description of collateral covering such

Loan Assets other than any financing statement (A)&nbsp;relating to the

security interest granted to the Trust Depositor under the ACAS Transfer

Agreement and this Agreement, or (B)&nbsp;that has been terminated.&#160; The Originator is not aware of the filing of

any judgment or tax Lien filings against the Originator;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all

original executed copies of each Underlying Note that constitute or evidence

the Loan Assets have been delivered to the Indenture Trustee;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33</font></p>





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</font></div>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Originator has received a written acknowledgment from the Indenture Trustee

that the Indenture Trustee or its bailee is holding the Underlying Notes that

constitute or evidence the Loan Assets solely on behalf of and for the benefit

of the Noteholders and the Swap Counterparties; and</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ix)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; none

of the Underlying Notes that constitute or evidence the Loan Assets has any

marks or notations indicating that they have been pledged, assigned or

otherwise conveyed to any Person other than the Issuer and the Indenture

Trustee, as assignees of the Trust Depositor.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(q)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Value Given</u>.&#160; The cash payments received by the Originator

in respect of the purchase price of each Loan sold under the ACAS Transfer

Agreement constitutes the face value of such Loan and reasonably equivalent

value in consideration for the transfer to the Trust Depositor of such Loan

under the ACAS Transfer Agreement, such transfer was not made for or on account

of an antecedent debt owed by the Originator to the Trust Depositor, and such

transfer was not and is not voidable or subject to avoidance under any

Insolvency Law.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(r)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Mortgages</u>.&#160; Other than the Loan to Cycle Gear, if a Loan

is secured by real property and the Originator, other than solely in its

capacity as collateral agent under any Loan Document with an Obligor, is the

mortgagee, the mortgage has been assigned by the Originator to the Trust Depositor

and by the Trust Depositor to the Issuer and the Assignment of Mortgage has

been delivered to the Indenture Trustee.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(s)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Selection

Procedures</u>.&#160; No selection procedures

determined by the Originator to be materially adverse to the interests of the

Trust Depositor were utilized by the Originator in selecting the Loans to be

sold, assigned, transferred, set&#150;over and otherwise conveyed hereunder.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(t)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Environmental</u>.&#160; At the

time of origination of each Loan where real property that is material to the

operations of the related business serves as Collateral for such Loan, the

related mortgaged property was free of contamination from toxic substances or

hazardous wastes requiring action under Requirements of Law or is subject to

ongoing environmental rehabilitation approved by the Servicer, and, as of the

Closing Date, the Originator has no knowledge of any such contamination from

toxic substances or hazardous waste material on any such real property unless

such items are below action levels.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The representations and warranties in <u>subsection&nbsp;3.01(p)</u>

shall survive the termination of this Agreement and such representations and

warranties may not be waived by any party hereto.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section3_02RepresentationsAndWarrant"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.02</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Representations and

Warranties Regarding Each Loan and as to Certain Loans in the Aggregate</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Originator represents and warrants (x) with respect to <u>subsections&nbsp;(a)&#150;(b)</u>

below, as to each Loan to be transferred on the related Assignment Date as of

the applicable Cut&#150;Off Date, and (y) with respect to <u>subsections&nbsp;(c)&#150;(d)</u>

below, as to the Loan Pool in the aggregate as of the applicable Cut&#150;Off Date

(after giving effect to the addition of any Substitute Loans to the Loan Pool),

that:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>List of Loans</u>.&#160; The information set forth in the List of

Loans (as the same may be amended or deemed amended in respect of a conveyance

of Substitute Loans on a Subsequent Transfer Date) is true, complete and

correct as of the applicable Cut&#150;Off Date.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Eligible Loan</u>.&#160; Such Loan satisfies the criteria for the

definition of Eligible Loan set forth in this Agreement as of the date of its

conveyance hereunder (or, with respect to clause 37 of the definition of

Eligible Loan, as of the Initial Cut&#150;Off Date).</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Fraud</u>.&#160; Each Loan was originated without any fraud

or material misrepresentation by the Originator or, to the best of the

Originator&#146;s knowledge, on the part of the Obligor.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Loans Secured by

Real Property</u>.&#160; Less than 40% of the

Aggregate Outstanding Loan Balance of the Loan Pool consists of Loans

principally secured by real property.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>





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</font></div>



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</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section3_03RepresentationsAndWarrant"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.03</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Representations and

Warranties Regarding the Initial Loans in the Aggregate</u>.</h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Originator represents and warrants, as of the Closing Date, that:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Amounts</u>.&#160; The Aggregate Outstanding Loan Balance of

the Loans as of the Initial Cut&#150;Off Date equals the sum of the principal

balance of the Class&nbsp;A Notes, the Class&nbsp;B Notes, the Class&nbsp;C

Notes and the Certificate on the Closing Date.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Characteristics</u>.&#160; The Initial Loans as of the Initial Cut&#150;Off

Date have the following additional characteristics: (i)&nbsp;no Loan has a

remaining maturity of more than 91&nbsp;months; (ii)&nbsp;the final Scheduled

Payment on the Loan with the latest maturity is not later than June 1, 2009;

(iii)&nbsp;no Loan was originated after the Initial Cut&#150;Off Date; (iv)&nbsp;not

more than 22.9% of the Initial Loans (as measured by the Aggregate Outstanding

Loan Balance) provide for Scheduled Payments due on a basis other than monthly.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section3_04RepresentationsAndWarrant"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.04</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Representations and

Warranties Regarding the Loan Files</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Originator represents and warrants as of the applicable Assignment

Date that (i)&nbsp;to the extent that any Loans were pledged as collateral for

the CP Transaction, immediately prior to such date (as applicable), a

collateral custodian under the CP Transaction had possession of each such

original Underlying Note and a copy of the Loan and the related complete Loan

File, and there were no other custodial agreements relating to the same in

effect except for a custodial agreement between ACAS and ACS Funding Trust I

with respect to the CP Transaction; (ii)&nbsp;each of such documents which is

required to be signed by the Obligor has been signed by the Obligor in the

appropriate spaces; (iii)&nbsp;all blanks on any form have been properly filled

in and each form has otherwise been correctly prepared; and (iv)&nbsp;the

complete Loan File for each Loan is in the possession of the Indenture Trustee.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section3_05RepresentationsAndWarrant"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.05</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Representations and

Warranties Regarding Concentrations of Initial Loans</u>.</h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Originator represents and warrants as of the Closing Date, as to

the composition of the Initial Loans in the Loan Pool as of the Initial Cut&#150;Off

Date, that:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the sum of the

Outstanding Loan Balances of Obligors that are in the same industry (by SIC

code) shall not exceed 7.6%;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">[<u>Reserved</u>]</font></b>; and</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the sum of the

Outstanding Loan Balances of Obligors that have their principal executive

offices in the same State of the United States shall not exceed 20.4%.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section3_06RepresentationsAndWarrant"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.06</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Representations and

Warranties Regarding the Trust Depositor</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By its execution of this Agreement and each Subsequent Transfer

Agreement, the Trust Depositor represents and warrants to the Issuer, the

Indenture Trustee, the Securityholders and the Swap Counterparties that:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Confirmation of

the Originator&#146;s Representations and Warranties</u>.&#160; The representations and warranties set forth in <u>Section&nbsp;3.01</u>,

<u>Section&nbsp;3.02</u>, <u>Section&nbsp;3.03</u>, <u>Section&nbsp;3.04</u>

and <u>Section&nbsp;3.05</u> of this Agreement and in the ACAS Transfer

Agreement are true and correct.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Organization and

Good Standing</u>.&#160; The Trust Depositor

is a limited liability company duly organized, validly existing and in good

standing under the laws of Delaware and has the power to own its assets and to

transact the business in which it is currently engaged.&#160; The Trust Depositor is duly qualified to do

business as a foreign entity and is in good standing in each jurisdiction in

which 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 not reasonably be expected have a material adverse effect on the

business, properties, assets, or condition (financial or other) of the Trust

Depositor or the Issuer.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>





<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Authorization</u>.&#160; The Trust Depositor has the power and

authority to make, execute, deliver and perform this Agreement and the other

Transaction Documents to which it is a party and all of the transactions

contemplated under this Agreement and the other Transaction Documents to which

it is a party, and to create the Issuer and cause it to make, execute, deliver

and perform its obligations under this Agreement and the other Transaction

Documents to which it is a party, and has taken all necessary corporate action

to authorize the execution, delivery and performance of this Agreement and the

other Transaction Documents to which it is a party and to cause the Issuer to

be created.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Valid Sale</u>.&#160; This Agreement and each Subsequent Transfer

Agreement, if any, shall effect a valid sale, transfer and assignment of the

Loan Assets from the Trust Depositor to the Issuer, enforceable against the

Trust Depositor and creditors of and purchasers from the Trust Depositor.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Binding

Agreements</u>.&#160; This Agreement and the

other Transaction Documents to which the Trust Depositor is a party constitute

the legal, valid and binding obligation of the Trust Depositor enforceable in

accordance with their terms, except as enforcement of such terms may be limited

by applicable Insolvency Laws and general principles of equity, whether

considered in a suit at law or in equity.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Consent

Required</u>.&#160; The Trust Depositor 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 in connection with the execution, delivery, performance,

validity or enforceability of this Agreement or the other Transaction Documents

to which it is a party except (i)&nbsp;for the filing of the UCC financing statements

and (ii) such consents, licenses, approvals, authorizations, registrations and

declarations which have been obtained and are in full force and effect.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Violations</u>.&#160; The execution, delivery and performance of

this Agreement and the other Transaction Documents to which it is a party by

the Trust Depositor, and the consummation of the transactions contemplated

hereby and thereby, will not violate any Requirement of Law applicable to the

Trust Depositor, or constitute a material breach of any mortgage, indenture,

contract or other agreement to which the Trust Depositor is a party or by which

the Trust Depositor or any of the Trust Depositor&#146;s properties may be bound, or

result in the creation or imposition of any security interest, Lien, charge,

pledge, preference, equity or encumbrance of any kind upon any of its

properties pursuant to the terms of any such mortgage, indenture, contract or

other agreement, other than as contemplated by the Transaction Documents.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Litigation</u>.&#160; No litigation or administrative proceeding

of or before any court, tribunal or governmental body is currently pending, or

to the knowledge of the Trust Depositor threatened, against the Trust Depositor

or any of its properties or with respect to this Agreement, the other Transaction

Documents to which it is a party or the Securities (1) that, if adversely

determined, would in the reasonable judgment of the Trust Depositor be expected

to have a material adverse effect on the business, properties, assets or

condition (financial or otherwise) of the Trust Depositor or the Issuer or the

transactions contemplated by this Agreement or the other Transaction Documents

to which the Trust Depositor is a party or (2) seeking to adversely affect the

federal income tax or other federal, state or local tax attributes of the

Certificate or Notes.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Bulk Sales</u>.&#160; The execution, delivery and performance of

this Agreement do not require compliance with any &#147;bulk sales&#148; laws by the

Trust Depositor.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Solvency</u>.&#160; The Trust Depositor, at the time of and

after giving effect to each conveyance of Loan Assets hereunder, is and will be

Solvent.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Taxes</u>.&#160; The Trust Depositor has filed or caused to

be filed all tax returns that, to its knowledge, are required to be filed and

has paid all taxes shown to be due and payable on such returns or on any

assessments made against it or any of its property and all other taxes, fees or

other charges imposed on it or any of its property by any Governmental

Authority (other than any amount of tax due, the validity of which is currently

being contested in good faith by appropriate proceedings and with respect to

which reserves in accordance with generally accepted accounting principles have

been provided on the books of the Trust Depositor); no tax Lien has been filed

and, to the Trust Depositor&#146;s knowledge, no claim is being asserted, with

respect to any such tax, fee or other charge.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p>





<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Name and

Location; No Changes</u>.&#160; The Trust

Depositor&#146;s name and location (within the meaning of Article&nbsp;9 of the UCC)

are as set forth in <u>Section&nbsp;13.04</u>.&#160;

The Trust Depositor has not changed its name, identity, structure,

existence or state of formation, whether by amendment of its certificate of

formation, by reorganization or otherwise, and has not changed its location

(within the meaning of Article 9 of the UCC) within the four (4) months

preceding the Closing Date.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Not an Investment

Company</u>.&#160; The Trust Depositor is not

required to be registered as an &#147;investment company&#148; within the meaning of the

Investment Company Act of 1940, as amended (or the Trust Depositor is exempt

from all provisions of such act).</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Sale Treatment</u>.&#160; The Trust Depositor has treated the transfer

of Loan Assets to the Trust Depositor for all purposes (other than for

financial accounting purposes) as a sale and purchase on all of its relevant

books, records, financial statements and other applicable documents, except to

the extent applicable tax laws require otherwise.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Security Interest</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; This

Agreement creates a valid, continuing and enforceable security interest (as

defined in the applicable UCC) in the Loan Assets in favor of the Issuer, which

security interest is prior to all other Liens (except for Permitted Liens), and

is enforceable as such against creditors of and purchasers from the Trust

Depositor;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; such

Loans, along with the related Loan Files, constitute either a &#147;general

intangible,&#148; an &#147;instrument,&#148; an &#147;account,&#148; &#147;investment property,&#148; or &#147;chattel

paper,&#148; within the meaning of the applicable UCC;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Trust Depositor owns and has good and marketable title to such Loan Assets free

and clear of any Lien (other than Permitted Liens), claim or encumbrance of any

Person;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Trust Depositor has received all consents and approvals required by the terms

of the Loan Assets to the sale of the Loan Assets hereunder to the Issuer;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Trust Depositor has caused the filing of all appropriate financing statements

in the proper filing office in the appropriate jurisdictions under Requirements

of Law in order to perfect the security interest in such Loan Assets granted to

the Issuer under this Agreement;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; other

than the security interest granted to the Issuer pursuant to this Agreement,

the Trust Depositor has not pledged, assigned, sold, granted a security

interest in or otherwise conveyed any of such Loan Assets;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Trust Depositor has not authorized the filing of and is not aware of any

financing statements against the Trust Depositor that include a description of

collateral covering such Loan Assets other than any financing statement

(A)&nbsp;relating to the security interest granted to the Issuer under this

Agreement, or (B)&nbsp;that has been terminated;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Trust Depositor is not aware of the filing of any judgment or tax Lien filings

against the Trust Depositor;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ix)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all

original executed copies of each Underlying Note that constitute or evidence

the Loan Assets have been delivered to the Indenture Trustee;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Trust Depositor has received a written acknowledgment from the Indenture

Trustee that the Indenture Trustee or its bailee is holding the Underlying

Notes that constitute or evidence the Loan Assets solely on behalf of and for

the benefit of the Securityholders and the Swap Counterparties; and</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>





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</font></div>



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</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; none

of the Underlying Notes that constitute or evidence the Loan Assets has any

marks or notations indicating that they have been pledged, assigned or

otherwise conveyed to any Person other than the Issuer and the Indenture

Trustee.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Liens</u>.&#160; The Trust Depositor owns each Loan Asset to

be sold by it hereunder free and clear of any Liens except as provided herein,

and upon the sale, transfer or assignment hereunder, the Issuer shall

(i)&nbsp;become the owner of each Loan Asset then existing or thereafter

arising, free and clear of any Lien except as provided herein or

(ii)&nbsp;acquire a first priority perfected security interest in such Loan

Asset.&#160; No effective financing statement

or other instrument similar in effect covering any Loan Asset or the

Collections with respect thereto shall at any time be on file in any recording

office except such as may be filed in favor of the Issuer relating to this

Agreement or otherwise as provided under this Agreement.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(q)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Value Given</u>.&#160; The cash payments received by the Trust

Depositor in respect of the purchase price of each Loan sold hereunder

constitutes the face value of such Loan and reasonably equivalent value in

consideration for the transfer to the Issuer of such Loan under this Agreement,

such transfer was not made for or on account of an antecedent debt owed by the

Trust Depositor to the Issuer, and such transfer was not and is not voidable or

subject to avoidance under any Insolvency Law.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The representations and warranties in <u>subsection&nbsp;3.01(o)</u>

shall survive the termination of this Agreement and such representations and

warranties may not be waived by any party hereto.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section3_07RepresentationsAndWarrant"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.07</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Representations and

Warranties Regarding the Servicer</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Servicer represents and warrants to the Owner Trustee, the

Indenture Trustee, the Securityholders and the Swap Counterparties that:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Organization and

Good Standing</u>.&#160; The Servicer is a

corporation duly organized, validly existing and in good standing under the

laws of the jurisdiction of its organization and has the corporate power to own

its assets and to transact the business in which it is currently engaged.&#160; The Servicer is duly qualified to do

business as a foreign corporation and is in good standing in each jurisdiction

in which 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 not reasonably be expected to have a material adverse effect on the

business, properties, assets, or condition (financial or otherwise) of the

Servicer or the Issuer.&#160; The Servicer is

properly licensed in each jurisdiction to the extent required by the laws of

such jurisdiction to service the Loans in accordance with the terms hereof.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Authorization</u>.&#160; The Servicer has the power and authority to

make, execute, deliver and perform this Agreement and the other Transaction

Documents to which the Servicer is a party and all of the transactions

contemplated under this Agreement and the other Transaction Documents to which

the Servicer is a party, and has taken all necessary corporate action to

authorize the execution, delivery and performance of this Agreement and the

other Transaction Documents to which the Servicer is a party.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Binding Obligations</u>.&#160; This Agreement and the other Transaction

Documents to which the Servicer is a party constitute the legal, valid and

binding obligation of the Servicer enforceable in accordance with their terms,

except as enforcement of such terms may be limited by Insolvency Laws and

general principles of equity, whether considered in a suit at law or in equity.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Consent

Required</u>.&#160; 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 in connection with the execution, delivery, performance,

validity or enforceability of this Agreement and the other Transaction

Documents to which the Servicer is a party except (i)&nbsp;for the filing of

the UCC financing statements and (ii)&nbsp;such consents, licenses, approvals,

authorizations, registrations and declarations which have been obtained and are

in full force and effect.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Violations</u>.&#160; The execution, delivery and performance of

this Agreement and the other Transaction Documents to which the Servicer is a

party by the Servicer will not violate any Requirements of Law applicable to

the Servicer, or constitute a material breach of any mortgage, indenture,

contract or other agreement to</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>





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</font></div>



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</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">which the Servicer is a party or by which the Servicer or any of the

Servicer&#146;s properties may be bound, or result in the creation of or imposition

of any security interest, Lien, pledge, preference, equity or encumbrance of

any kind upon any of its properties pursuant to the terms of any such mortgage,

indenture, contract or other agreement, other than as contemplated by the

Transaction Documents.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Litigation</u>.&#160; 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 or any other Transaction Document

to which the Servicer is a party that, if adversely determined, would, in the

reasonable judgment of the Servicer, be expected to have a material adverse

effect on the business, properties, assets or condition (financial or

otherwise) of the Servicer or the Issuer or the transactions contemplated by

this Agreement or any other Transaction Document to which the Servicer is a

party.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Reports</u>.&#160; All reports, certificates and other written

information furnished by the Servicer with respect to the Loans are correct in

all material respects.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section3_08RepresentationsAndWarrant"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.08</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Representations and

Warranties of the Backup Servicer and the Indenture Trustee</u>.</h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each of the Backup Servicer and Indenture Trustee hereby represents and

warrants to the Issuer, the Originator, the Servicer, the Trust Depositor, the

Owner Trustee, the Securityholders and the Swap Counterparties, as follows:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Organization</u>.&#160; It is a national banking association duly

organized, validly existing and in good standing under the federal laws of the

United States with all requisite power and authority to own its properties and

to conduct its business as presently conducted and to enter into and perform

its obligations pursuant to this Agreement.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Good Standing</u>.&#160; It is duly qualified to do business as a

national banking association and is in good standing, and has obtained all

necessary licenses and approvals, in all jurisdictions in which the ownership

or lease of its property and the conduct of its business requires such

qualification, licenses or approvals, except where the failure to so qualify or

have such licenses or approvals has not had, and would not be reasonably

expected to have, a material adverse effect on the interests of the

Securityholders or the Swap Counterparties.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Authorization</u>.&#160; It has the power and authority to execute

and deliver this Agreement and to carry out its terms, and it has duly

authorized the execution, delivery and performance of this Agreement by all

requisite action.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Violations</u>.&#160; The consummation of the transactions

contemplated by, and the fulfillment of the terms of, this Agreement by it will

not (i) conflict with, result in any breach of any of the terms or provisions

of, or constitute a default under, its articles of association, bylaws or any

Contractual Obligation by which it or any of its property is bound, (ii) result

in the creation or imposition of any Lien upon any of its properties pursuant

to the terms of any Contractual Obligation (other than the Agreement), or (iii)

violate any Requirements of Law.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Consent Required</u>.&#160; No consent, approval, authorization, order,

registration, filing, qualification, license or permit of or with any

Governmental Authority having jurisdiction over it or any of its respective

properties is required to be obtained in order for it to enter into this

Agreement or perform its obligations hereunder.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Binding

Obligation</u>.&#160; This Agreement

constitutes its legal, valid and binding obligation, enforceable in accordance

with its terms, except as such enforceability may be limited by

(i)&nbsp;applicable Insolvency Laws and (ii)&nbsp;general principles of equity

(whether considered in a suit at law or in equity).</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Litigation</u>.&#160; There are no proceedings or investigations

pending or, to the best of its knowledge, threatened, against it before any

Governmental Authority (i)&nbsp;asserting the invalidity of this Agreement,

(ii)&nbsp;seeking to prevent the consummation of any of the transactions

contemplated by this Agreement or (iii)&nbsp;seeking any</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>





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<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">determination or ruling that might (in its reasonable judgment) have a

material adverse effect on the interests of the Securityholders or the Swap

Counterparties.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><a name="ArticleIvPerfectionOfTransferAndP"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE IV</font></b></a></h1>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PERFECTION OF TRANSFER AND<br>

PROTECTION OF SECURITY INTERESTS</font></b></h1>



<h1 align="left" style="margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h1>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section4_01CustodyOfLoans_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.01</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Custody of Loans</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The contents of each Loan File shall be held in the custody of the

Indenture Trustee under the terms of this Agreement and the Indenture for the

benefit of, and as agent for, the Securityholders and the Swap Counterparties.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section4_02Filing_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.02</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Filing</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On or prior to the Closing Date, the Originator, Trust Depositor and

Servicer shall cause the UCC financing statement(s) referred to in <u>subsection&nbsp;2.02(ix)</u>

hereof to be filed, and from time to time the Servicer shall take and cause to

be taken such actions and execute such documents as are necessary or desirable

or as the Owner Trustee or Indenture Trustee (acting at the direction of the

Required Holders) may reasonably request to perfect and protect the Indenture

Trustee&#146;s first priority perfected security interest in the Loan Assets against

all other Persons, including, without limitation, 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.&#160;

Notwithstanding the obligations of the Originator, the Trust Depositor

and the Servicer set forth in the preceding sentence, the Originator, the Trust

Depositor and the Servicer hereby authorize the Owner Trustee to prepare and

file, at the expense of the Servicer, UCC financing statements (including but

not limited to renewal, continuation or in lieu statements) and amendments or

supplements thereto or other instruments as the Owner Trustee may from time to

time deem necessary or appropriate in order to perfect and maintain the

security interest granted hereunder in accordance with the UCC.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section403changesinnamecorporate"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.03</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Changes in Name,

Corporate Structure or Location</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; During the term of

this Agreement, none of the Originator, the Servicer, the Trust Depositor or

the Issuer shall change its name, identity, structure, existence or location

(as defined in Article 9 of the UCC) without first giving at least thirty (30)

days&#146; prior written notice to the Owner Trustee, the Indenture Trustee and each

Swap Counterparty.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If any change in

either the Servicer&#146;s, the Originator&#146;s, the Trust Depositor&#146;s or the Issuer&#146;s

name, identity, structure, existence, location (as defined in Article 9 of the

UCC) or other action would make any financing or continuation statement or

notice of ownership interest or Lien relating to any Loan Asset seriously

misleading within the meaning of applicable provisions of the UCC or any title

statute, the Servicer, no later than five (5) Business Days after the effective

date of such change, shall file such amendments as may be required to preserve

and protect the Indenture Trustee&#146;s security interest in the Loan Assets and

the proceeds thereof.&#160; Promptly after

taking any of the foregoing actions, the Servicer shall deliver to the Owner

Trustee and the Indenture Trustee an Opinion of Counsel reasonably acceptable

to the Owner Trustee and the Indenture Trustee stating that, in the opinion of

such counsel, all financing statements or amendments necessary to preserve and

protect the Indenture Trustee&#146;s security interest in the Loan Assets have been

filed, and reciting the details of such filing.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section4_04ChiefExecutiveOffice_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.04</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Chief Executive Office</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the term of this Agreement, and subject to the other terms and

provisions herein relating to changes in location, the Originator will maintain

its chief executive office in one of the States of the United States.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>





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</font></div>



<font size="2" face="Times New Roman"><font size="2" style="font-size:10.0pt;">
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</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section4_05CostsAndExpenses_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.05</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Costs and Expenses</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Servicer agrees to pay all reasonable costs and disbursements in

connection with the perfection and the maintenance of perfection, as against

all third parties, of the Issuer&#146;s and the Indenture Trustee&#146;s right, title and

interest in and to the Loan Assets (including, without limitation, the security

interest in the Collateral related thereto and the security interests provided

for in the Indenture).</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section4_06SaleTreatment_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.06</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Sale Treatment</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust Depositor shall treat the transfer of Loan Assets made

hereunder for all purposes (other than for financial accounting purposes) as a

sale and purchase on all of its relevant books, records, financial statements

and other applicable documents.&#160;

Notwithstanding the preceding sentence, for federal income tax purposes,

the transfer of Loan Assets by the Trust Depositor hereunder shall not be

treated as a sale and purchase for federal income tax purposes so long as the

Issuer is disregarded as a separate entity pursuant to Treasury Regulations

Section&nbsp;301.7701&#150;3(b)(1)(ii).</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section4_07SeparatenessFromTrustDep"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.07</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Separateness from Trust

Depositor</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Originator agrees to take or refrain from taking or engaging in

with respect to the Trust Depositor each of the actions or activities specified

in the &#147;substantive consolidation&#148; opinion of Winston &amp; Strawn (including

any certificates of the Originator attached thereto), delivered on the Closing

Date, upon which the conclusions therein are based.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><a name="ArticleVServicingOfLoans"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE V</font></b></a></h1>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h1>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SERVICING OF LOANS</font></b></h1>



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<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section5_01AppointmentAndAcceptance"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.01</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Appointment and

Acceptance; Responsibility for Loan Administration</u>.</h2>



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<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ACAS is hereby

appointed as Servicer pursuant to this Agreement.&#160; ACAS accepts the appointment and agrees to act as the Servicer

pursuant to this Agreement.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Servicer will

have the sole obligation to manage, administer, service and make collections on

the Loans and perform or cause to be performed all contractual and customary

undertakings of the holder of the Loans to the Obligor.&#160; The Owner Trustee, at the written request of

a Servicing Officer, shall furnish the Servicer with any powers of attorney or

other documents necessary or appropriate in the opinion of the Owner Trustee to

enable the Servicer to carry out its servicing and administrative duties

hereunder.&#160; The Servicer is hereby

appointed the Servicer hereunder until such time as any Servicer Transfer may

be effected under <u>Article&nbsp;VIII</u>.</font></p>



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<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section5_02GeneralDuties_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.02</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>General Duties</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Servicer will

service, administer and enforce the Loans in the Loan Pool on behalf of the

Issuer and will have full power and authority to do any and all things in

connection with such servicing and administration which it deems necessary or

desirable and as shall not contravene the provisions of this Agreement.&#160; The Servicer will manage, service,

administer, and make collections on the Loans in the Loan Pool with reasonable

care, using that degree of skill and attention that the Servicer exercises with

respect to all comparable loans that it services for itself or others.&#160; The Servicer&#146;s duties will include

collection and posting of all payments, responding to inquiries of Obligors

regarding the Loans in the Loan Pool, investigating delinquencies, accounting

for collections, furnishing monthly and annual statements with respect to

collections and payments in accordance with <u>Article&nbsp;IX</u> hereof and

with its customary standards, policies and procedures, and using its best

efforts to maintain the perfected first priority security interest of the

Indenture Trustee in the Loan Assets.&#160;

The Servicer will follow its customary standards, policies, and

procedures and will have full power and authority, acting alone (and consistent

with its customary standards, policies and procedures, in its own name), to do

any and all things in connection with such managing, servicing, administration

and collection, including, without limitation, litigation, that it deems

necessary or desirable.</font></p>



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<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If the Servicer

commences a legal proceeding to enforce a Defaulted Loan pursuant to <u>Section&nbsp;5.15</u>

or commences or participates in a legal proceeding (including a bankruptcy

proceeding) relating to or involving a Loan in the Loan Pool, the Issuer will

be deemed to have automatically assigned such Loan to the Servicer immediately

prior to the commencement of any such legal proceeding, for purposes of

commencing or participating in any such proceeding as a party or claimant, and

the Servicer is authorized and empowered by the Issuer, pursuant to this <u>subsection&nbsp;5.02(b)</u>,

to execute and deliver, on behalf of itself and the Issuer, any and all

instruments of satisfaction or cancellation, or partial or full release or

discharge, and all other notices, demands, claims, complaints, responses,

affidavits or other documents or instruments in connection with any such

proceedings.&#160; If in any enforcement suit

or legal proceeding it is held that the Servicer may not enforce a Loan on the

grounds that it is not a real party in interest or a holder entitled to enforce

the Loan, then the Owner Trustee will, at the Servicer&#146;s expense and direction,

take steps on behalf of the Issuer to enforce the Loan, including bringing suit

in the Issuer&#146;s name.</font></p>



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<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section5_03Administration_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.03</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Administration</u>.</h2>



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<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Servicer will act as administrator for the Issuer and the Owner

Trustee under the Transaction Documents and will provide the notices and

perform other administration obligations required to be provided or performed

by the Issuer and/or the Owner Trustee under the Transaction Documents.&#160; The Servicer shall monitor the performance

of the Issuer and the Owner Trustee and shall advise the Owner Trustee when

action is necessary to comply with the Issuer&#146;s or the Owner Trustee&#146;s duties

under the Transaction Documents.&#160; The

Servicer shall prepare for execution by the Owner Trustee or Issuer or shall

cause the preparation by other appropriate Persons of all such documents,

reports, filings, instruments, certificates and opinions as it shall be the

duty of the Issuer or the Owner Trustee to prepare, file or deliver pursuant to

the Transaction Documents.&#160; The Servicer

will also perform the accounting functions of the Issuer which the Owner Trustee

is required to perform under the Trust Agreement, including but not limited to

maintaining the books of the Issuer, filing tax returns for the Issuer and

delivering tax related reports to Noteholders, except Form&nbsp;1099s and

Schedule&nbsp;K&#150;1s, which shall be the responsibility of the Indenture Trustee

and Owner Trustee, respectively.</font></p>



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<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section5_04DispositionUponTerminatio"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.04</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Disposition upon

Termination of Loan</u>.</h2>



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<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon the termination of a Loan included in the Loan Pool as a result of

a default by the Obligor thereunder, and upon any such Loan becoming a

Defaulted Loan, the Servicer will use commercially reasonable efforts to

dispose of any related Collateral for a purchase price equal to the fair market

value thereof as reasonably determined by the Servicer.</font></p>



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<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section5_05Subservicers_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.05</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Subservicers</u>.</h2>



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<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Servicer may enter into servicing agreements with one or more

subservicers (including any Affiliate of the Servicer) to perform all or a

portion of the servicing functions on behalf of the Servicer; <i><u><font style="font-style:italic;">provided</font></u></i>,<i><font style="font-style:italic;">  <u>that</u></font></i>, the Servicer shall remain obligated and be

liable to the Issuer for servicing and administering the Loans in the Loan Pool

in accordance with the provisions of this Agreement without diminution of such

obligation and liability by virtue of the appointment of such subservicer, to

the same extent and under the same terms and conditions as if the Servicer

alone were servicing and administering such Loans.&#160; The fees and expenses of the subservicer (if any) will be as

agreed between the Servicer and its subservicer and neither the Owner Trustee, the

Issuer, the Indenture Trustee, the Swap Counterparties nor the Securityholders

will have any responsibility therefor.&#160;

All actions of a subservicer taken pursuant to such a subservicer

agreement will be taken as an agent of the Servicer with the same force and

effect as though performed by the Servicer.</font></p>



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<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section5_06FurtherAssurance_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.06</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Further Assurance</u>.</h2>



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<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Owner Trustee and the Indenture Trustee will, at the written

request of the Servicer, furnish the Servicer, and the Servicer will furnish

any subservicer, with any powers of attorney and other documents necessary or

appropriate to enable the Servicer or a subservicer, as applicable, to carry

out its servicing and administrative duties under this Agreement, the forms of

which documents shall be prepared by the Servicer and submitted for execution

to the Owner Trustee or the Indenture Trustee, as the case may be.&#160; The Servicer shall not, nor shall the</font></p>



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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Servicer permit any sub&#150;servicer to, initiate any action in the Indenture

Trustee&#146;s name if such action were to require the Indenture Trustee to become

registered to do business in any state in which it was not already registered

and without both obtaining the Indenture Trustee&#146;s written consent and

indicating the Servicer&#146;s or such sub&#150;servicer&#146;s representative capacity.</font></p>



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<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section5_07NoticeToObligors_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.07</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Notice to Obligors</u>.</h2>



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<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Servicer will not be required to notify any Obligor that such

Obligor&#146;s Loan, or any security interest in such Loan or related Collateral,

has been sold, transferred, assigned, or conveyed pursuant to this Agreement; <i><u><font style="font-style:italic;">provided</font></u></i>,<i><font style="font-style:italic;">  <u>that</u></font></i>, in the event that the Servicer is replaced,

then if the place for payment pursuant to any Loan is changed, the Successor

Servicer must give each related Obligor prompt written notice of the

appointment of the Successor Servicer and the place to which such Obligor

should make payments pursuant to each such Loan.</font></p>



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<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section5_08CollectionEffortsModific"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.08</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Collection Efforts;

Modification of Loans; Release of Loan Files</u>.</h2>



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<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Servicer will

make reasonable efforts to collect all payments called for under the terms and

provisions of the Loans in the Loan Pool as and when the same become due, and

will follow those collection procedures which it follows with respect to all

comparable loans that it services for itself or others.</font></p>



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<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Servicer may,

subject to <u>Sections&nbsp;5.09</u> and <u>5.10</u>, at the request of an

Obligor and at the Servicer&#146;s option, waive, modify or otherwise vary any

provision of a Loan in accordance with its Credit and Collection Policy; <i><u><font style="font-style:italic;">provided</font></u></i>, <i><u><font style="font-style:italic;">that</font></u></i>, (i)&nbsp;no such waiver,

modification or variance shall be used to circumvent the Required Reserve

Amount, (ii)&nbsp;except as provided in <u>Sections&nbsp;5.09</u>, <u>5.10</u>

and <u>5.15</u>, no such waiver, modification or variance shall have a material

adverse effect on the Noteholders or the Swap Counterparties, and (iii)&nbsp;if

any Loan is waived, modified or varied due to an Obligor&#146;s inability to pay

principal or interest, then the Loan shall be treated as a Delinquent Loan as

of the payment date that would have been missed had such Loan not been so

waived, modified or varied.</font></p>



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<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Upon the payment in

full of any Loan, the receipt by the Servicer of a notification that payment in

full will be escrowed in a manner customary for such purposes or the deposit

into the Collection Account of the purchase price of any Loan acquired by the

Trust Depositor, the Servicer or another Person pursuant to this Agreement, or

any other Transaction Document, the Servicer will immediately notify the

Indenture Trustee by a certification in the form of <u>Exhibit&nbsp;E</u> attached

hereto (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 Collection Account have been or will be so

deposited) of a Servicing Officer and shall request delivery to it of the Loan

File.&#160; Upon receipt of such

certification and request, the Indenture Trustee shall in accordance with <u>subsection&nbsp;2.07(c)</u>

release, within two (2) Business Days (if such request was received by 2:00 p.m.

central time), the related Loan File to the Servicer.&#160; Expenses incurred in connection with any instrument of

satisfaction or deed of reconveyance shall be payable by the Servicer and shall

not be chargeable to the Collection Account or the Note Distribution Account.</font></p>



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<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; From time to time

and as appropriate for the servicing or foreclosure of any Loan, the Indenture

Trustee shall, upon request of the Servicer and delivery to the Indenture

Trustee of a certification in the form of <u>Exhibit&nbsp;E</u> attached hereto

signed by a Servicing Officer, release the related Loan File to the Servicer

within two (2) Business Days (if such request was received by 2:00 p.m. central

time), and the Indenture Trustee shall execute such documents as shall be

necessary to the prosecution of any such proceedings.&#160; The Servicer shall return the Loan File to the Indenture Trustee

when the need therefor by the Servicer no longer exists, unless the Loan has

been liquidated and the Liquidation Proceeds relating to the Loan have been

deposited in the Collection Account or the Loan File or such document has been

delivered to an attorney, or to a public trustee or other public official as

required by the Requirements of Law, for purposes of initiating or pursuing

legal action or other proceedings for the foreclosure or repossession of

Collateral either judicially or non&#150;judicially, and the Servicer has delivered

to the Indenture Trustee a certificate of a Servicing Officer certifying as to

the name and address of the Person to whom such Loan File or such document was

delivered and the purpose or purposes of such delivery.&#160; Upon receipt of a certificate of a Servicing

Officer stating that such Loan was liquidated, the servicing receipt relating

to such Loan shall be released by the Indenture Trustee to the Servicer.</font></p>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Indenture

Trustee shall execute and deliver to the Servicer any court pleadings, requests

for trustee&#146;s sale or other documents provided to it necessary to the

foreclosure or trustee&#146;s sale in respect of Collateral or to any legal action

brought to obtain judgment against any Obligor on the Underlying Note or other

agreement securing Collateral or to obtain a deficiency judgment, or to enforce

any other remedies or rights provided by the Underlying Note or other agreement

securing Collateral or otherwise available at law or in equity.&#160; Together with such documents or pleadings,

the Servicer shall deliver to the Indenture Trustee a certificate of a

Servicing Officer requesting that such pleadings or documents be executed by

the Indenture Trustee and certifying as to the reason such documents or

pleadings are required and that the execution and delivery thereof by the

Indenture Trustee will not invalidate or otherwise adversely affect the Lien of

the agreement securing Collateral, except for the termination of such a Lien

upon completion of the foreclosure or trustee&#146;s sale.&#160; The Indenture Trustee shall, upon receipt of a written request from

a Servicing Officer, execute any document provided to the Indenture Trustee by

the Servicer or take any other action requested in such request that is, in the

opinion of the Servicer as evidenced by such request, required or appropriate

by any state or other jurisdiction to discharge the Lien securing Collateral

upon the satisfaction thereof and the Indenture Trustee will sign and post, but

will not guarantee receipt of, any such documents to the Servicer, or such

other party as the Servicer may direct, within five (5) Business Days of the Indenture

Trustee&#146;s receipt of such certificate or documents.&#160; Such certificate or documents shall establish to the Indenture

Trustee&#146;s satisfaction that the related Loan has been paid in full by or on

behalf of the Obligor (or subject to a deficiency claim against such Obligor)

and that such payment has been deposited in the Collection Account.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding

anything contained in this <u>Section&nbsp;5.08</u> to the contrary, in no

event may the Servicer possess in excess of fifteen (15) Loan Files (excluding

Loan Files for Loans which have been paid in full or repurchased) at any given

time.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section5_09PrepaidLoan_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.09</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Prepaid Loan</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Servicer may, at its option and in accordance with its Credit and

Collection Policy, agree to permit a Loan in the Loan Pool that is not otherwise

contractually prepayable by its terms to (a)&nbsp;prepay in part or

(b)&nbsp;become a Prepaid Loan; <i><u><font style="font-style:italic;">provided</font></u></i>,<i><font style="font-style:italic;">  <u>that</u></font></i>, if the Originator is acting

as the Servicer hereunder, the Servicer will not permit the early termination

or full prepayment of such a Loan unless (i)&nbsp;such early termination or

full prepayment would not result in the Issuer receiving an amount (the &#147;<u>Prepayment

Amount</u>&#148;) less than the sum of (A) the Outstanding Loan Balance on the date

of such prepayment, plus any accrued and unpaid interest payments thereon and

(B) any Unreimbursed Servicer Advances thereon (unless effectively waived and

released by the Servicer) or (ii)&nbsp;if such early termination or full

prepayment would result in the Issuer receiving a Prepayment Amount less than

the amount set forth in <u>clause&nbsp;(i)</u>, the Originator shall have

agreed to pay the Issuer the difference between the Prepayment Amount actually

paid and the amount set forth in <u>clause&nbsp;(i)</u> (such payment by the

Originator also to be considered a &#147;<u>Prepayment Amount</u>&#148;).</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section5_10Acceleration_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.10</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Acceleration</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Servicer, at its option and consistent with its Credit and

Collection Policy, may accelerate (or elect not to accelerate) the maturity of

all or any Scheduled Payments under any Loan in the Loan Pool under which a

default under the terms thereof has occurred and is continuing (after the lapse

of any applicable grace period); <i><u><font style="font-style:italic;">provided</font></u></i>,<i><font style="font-style:italic;">  <u>that</u></font></i>, promptly after such Loan

becomes a Defaulted Loan, the Servicer shall either accelerate the Scheduled

Payments due under the Loan or take other action in accordance with the

Originator&#146;s past practice, including foreclosing on the related Collateral, to

realize upon the value of such Loan and the related Collateral to the fullest

extent permitted by the terms of such Loan.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section5_11Taxes_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.11</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Taxes</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the extent provided for in any Loan in the Loan Pool, the Servicer

will make reasonable efforts to collect (or cause to be collected) all payments

with respect to amounts due for taxes and assessments relating to such Loans

and remit such amounts to the appropriate Governmental Authority on or prior to

the date such payments are due.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44</font></p>





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</font></div>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section5_12InsurancePremiums_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.12</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Insurance Premiums</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the extent provided for in any Loan in the Loan Pool, the Servicer

will make reasonable efforts to collect (or cause to be collected) all payments

with respect to amounts due for insurance premiums relating to such Loans or

the Collateral and remit such amounts to the appropriate insurer on or prior to

the date such payments are due.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section5_13Remittances_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.13</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Remittances</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Servicer will service all Collections in accordance with <u>Section&nbsp;7.01</u>

hereof.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section5_14ServicerAdvances_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.14</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Servicer Advances</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For each Collection Period, if the Servicer determines that any

Scheduled Payment (or portion thereof) that was due and payable pursuant to a

Loan in the Loan Pool during such Collection Period was not received prior to

the end of such Collection Period, the Servicer has the right to elect, but is

not obligated, to make a Servicer Advance in an amount up to the amount of such

delinquent Scheduled Payment (or portion thereof) if the Servicer reasonably

believes that the advance will be reimbursed by the related Obligor.&#160; The Servicer will deposit any Servicer

Advances into the Collection Account on or prior to 11:00 a.m. (New York City

time) on the related Transfer Date, in immediately available funds.&#160; The Servicer will be entitled to be

reimbursed for Servicer Advances pursuant to <u>subsections&nbsp;7.05(a)</u>

and <u>7.05(b)</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section5_15RealizationUponDefaulted"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.15</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Realization upon

Defaulted Loan</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Servicer will use its reasonable best efforts consistent with its

Credit and Collection Policy in its servicing of Loans to repossess or

otherwise comparably convert the ownership of any Collateral relating to a

Defaulted Loan and will retain a sales agent to sell such Collateral consistent

with its current practices.&#160; The

Servicer will follow such other practices and procedures as it deems necessary

or advisable and as are customary and usual in its servicing of loans and other

actions by the Servicer in order to realize upon such Collateral, which

practices and procedures may include reasonable efforts to enforce all

obligations of Obligors and foreclosing upon and selling such Collateral at a

public or private sale in circumstances.&#160;

Without limiting the generality of the foregoing, the Servicer may sell

any such Collateral to the Servicer or its Affiliates for a purchase price

equal to the then fair market value thereof.&#160;

The Servicer will remit to the Collection Account the Liquidation

Proceeds received in connection with the sale or disposition of Collateral

relating to a Defaulted Loan in accordance with <u>Section&nbsp;7.01</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section5_16MaintenanceOfInsurancePo"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.16</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Maintenance of Insurance

Policies</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Servicer will

use its reasonable best efforts to ensure that each Obligor maintains an Insurance

Policy with respect to the related Collateral in an amount at least equal to

the original Outstanding Loan Balance of the related Loan in the Loan Pool; <i><u><font style="font-style:italic;">provided</font></u></i>,<i><font style="font-style:italic;">  <u>that</u></font></i>, the Servicer, in accordance with its Credit

and Collection Policy, may allow Obligors to self&#150;insure.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Additionally, the

Servicer will require that each Obligor maintain property damage insurance

during the term of each Loan in the Loan Pool in amounts and against risks

customarily insured against.&#160; If an

Obligor fails to maintain property damage insurance, the Servicer may, but is

under no obligation to, purchase and maintain such insurance on behalf of, and

at the expense of, the Obligor in accordance with the Servicer&#146;s Credit and

Collection Policy.&#160; In connection with

its activities as Servicer of the Loans, the Servicer agrees to present, on

behalf of itself, the Issuer, the Indenture Trustee, the Swap Counterparties

and the Securityholders, claims to the insurer under each Insurance Policy, and

to settle, adjust and compromise such claims, in each case, consistent with the

terms of each Loan and the Servicer&#146;s Credit and Collection Policy.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45</font></p>





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</font></div>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section5_17OtherServicerCovenants_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.17</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Other Servicer Covenants</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Servicer hereby covenants that:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Loan Files</u>.&#160; The Servicer will, at its own cost and

expense, maintain copies of all Loan Files in its possession in accordance with

its customary procedures.&#160; Without

limiting the generality of the preceding sentence, the Servicer will not

dispose of any documents constituting the Loan Files in any manner that is

inconsistent with the performance of its obligations as the Servicer pursuant

to this Agreement and will not dispose of any Loan except as contemplated by

this Agreement.</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Compliance with

Law</u>.&#160; The Servicer will comply, in

all material respects, with all Requirements of Law applicable to the Servicer

or the Loans in the Loan Pool; <i><u><font style="font-style:italic;">provided</font></u></i>,<i><font style="font-style:italic;">  <u>that</u></font></i>, the Servicer may contest any

such Requirements of Law in any reasonable manner that will not materially and

adversely affect the value of (or the rights of the Indenture Trustee, the

Securityholders or the Swap Counterparties with respect to) the Loan Assets.</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Obligations with

Respect to Loans; Modifications</u>.&#160;

The Servicer will duly fulfill and comply with, in all material

respects, all obligations on the part of the Trust Depositor to be fulfilled or

complied with under or in connection with each Loan in the Loan Pool and will

do nothing to impair the rights of the Indenture Trustee, the Securityholders or

the Swap Counterparties in, to and under the Loan Assets.&#160; The Servicer will perform such obligations

under the Loans in the Loan Pool and will not modify, waive or vary the Loans,

except as otherwise permitted hereby.</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Bankruptcy

Petition</u>.&#160; Prior to the date that is

one (1) year and one (1) day after the payment in full of all amounts owing in

respect of all outstanding Securities, the Servicer will not institute against

the Trust Depositor, or the Issuer, or join any other Person in instituting against

the Trust Depositor or the Issuer, any bankruptcy, reorganization, arrangement,

insolvency or liquidation proceedings or other similar proceedings under the

laws of the United States or any state of the United States.&#160; This <u>subsection&nbsp;5.17(d)</u> will survive

the termination of this Agreement.</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Location of Loan

Files</u>.&#160; The Loan Files shall remain

at all times in the possession of the Indenture Trustee unless the Servicer

requests that a Loan File be delivered to it in order to enforce the rights of

the Issuer thereunder or for other purposes related to the servicing of the

Loans, to the extent provided in <u>Section&nbsp;5.08</u>.</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Regulatory

Filings</u>.&#160; The Servicer, on behalf of

the Trust Depositor, shall make any filings, reports, notices, applications and

registrations with, and seek any consents or authorizations from, the

Commission and any state securities authority as may be necessary or that the

Trust Depositor deems advisable to comply with any federal or state securities

or reporting requirements laws.</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Modification of

Credit and Collection Policy</u>.&#160; The

Servicer shall not amend or modify its Credit and Collection Policy in a manner

that would have a material adverse effect on the Securityholders or the Swap

Counterparties.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Swap Covenants</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; So

long as any of the Notes are outstanding, if on any date either:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

then current Aggregate Notional Amount of all Swap Transactions hedging the

Fixed Rate Loans exceeds the Outstanding Loan Balance of the Fixed Rate Loans

for the corresponding Collection Period by more than the Fixed Rate Permitted

Excess Amount; or</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Aggregate Notional Amount for any future calculation period of all Swap

Transactions hedging the Fixed Rate Loans exceeds the projected Outstanding

Loan Balance of the Fixed Rate Loans for the corresponding Collection Period by

more than the Fixed Rate Permitted Excess Amount.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">46</font></p>





<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman"><font size="2" style="font-size:10.0pt;">
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</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">then, not later than 1:00 p.m. (New York City time) on the date that is

the second (2nd) New York Business Day prior to the Determination Date

preceding the next Payment Date, the Servicer will notify the Indenture

Trustee, the Swap Counterparties and the Rating Agencies of such event and with

effect on such next Payment Date one or more of the Swap Transactions hedging

the Fixed Rate Loans will be reduced or amended in accordance with the terms of

the applicable Swaps so that the Aggregate Notional Amount for each calculation

period of the Swap Transactions hedging the Fixed Rate Loans will not exceed the

Outstanding Loan Balance of the Fixed Rate Loans at the end of the

corresponding Collection Period or as projected to be outstanding at the end of

the corresponding Collection Period.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; So

long as any of the Notes are outstanding, if on any date either:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

then current Aggregate Notional Amount of all Swap Transactions hedging the

Floating Rate Loans exceeds the Outstanding Loan Balance of the Floating Rate

Loans for the corresponding Collection Period by more than the Floating Rate

Permitted Excess Amount; or</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the

Aggregate Notional Amount for any future calculation period of all Swap

Transactions hedging the Floating Rate Loans exceeds the projected Outstanding

Loan Balance of the Floating Rate Loans for the corresponding Collection Period

by more than the Floating Rate Permitted Excess Amount;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">then, not later than 1:00 p.m. (New York City time) on the date that is

the second (2nd) New York Business Day prior to the Determination Date

preceding the next Payment Date, the Servicer will notify the Indenture

Trustee, the Swap Counterparties and the Rating Agencies of such event and with

effect on such next Payment Date one or more of the Swap Transactions hedging

the Floating Rate Loans will be reduced or amended in accordance with the terms

of the applicable Swaps so that the Aggregate Notional Amount of the Swap

Transactions hedging the Floating Rate Loans will not exceed the Outstanding

Loan Balance of the Floating Rate Loans at the end of the corresponding

Collection Period or as projected to be outstanding at the end of the

corresponding Collection Period.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section5_18ServicingCompensation_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.18</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Servicing Compensation</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As compensation for its servicing activities hereunder and

reimbursement for its expenses as set forth in <u>Section&nbsp;5.19</u>, the

Servicer shall be entitled to receive a monthly servicing fee in respect of any

Collection Period (or portion thereof) prior to the termination of the Issuer

(with respect to each Collection Period, the &#147;<u>Servicing Fee</u>&#148;) equal to

one&#150;twelfth of the product of (A)&nbsp;the Servicing Fee Percentage and (B) the

Aggregate Outstanding Loan Balance of the Loans as of the first day of such

Collection Period.&#160; The Servicing Fee is

payable out of Interest Collections.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section5_19PaymentOfCertainExpenses"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.19</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Payment of Certain

Expenses by Servicer</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Servicer will be required to pay all expenses incurred by it in

connection with its activities under this Agreement, including fees and

disbursements of independent accountants, the Owner Trustee (including with

respect to an administrator acting on behalf of the Owner Trustee and the

Issuer), the Indenture Trustee, taxes imposed on the Servicer, expenses

incurred in connection with payments and reports pursuant to this Agreement,

and all other fees and expenses not expressly stated under this Agreement to be

for the account of the Issuer or the Trust Depositor.&#160; The Servicer will be required to pay all reasonable fees and

expenses (including, without limitation, legal fees and expenses) owing to the

Owner Trustee or the Indenture Trustee in connection with the maintenance of

the Trust Accounts.&#160; The Servicer shall

be required to pay such expenses for its own account and shall not be entitled

to any payment or reimbursement therefor other than (i)&nbsp;the Servicing Fee,

and (ii)&nbsp;the reimbursement for Liquidation Expenses to the extent gross

recoveries with respect to a Loan are sufficient, after payment of all

principal and finance charges due with respect to such Loan, to cover such

expenses.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section5_20Records_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.20</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Records</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Servicer shall, during the period it is Servicer hereunder, maintain

such books of account and other records as will enable the Owner Trustee and

the Indenture Trustee to determine the status of each Loan.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47</font></p>





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</font></div>



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</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section5_21Inspection_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.21</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Inspection</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; At all times during

the term hereof, the Servicer shall afford the Owner Trustee and the Indenture

Trustee and their respective authorized agents reasonable access during normal

business hours to the Servicer&#146;s or any subservicer&#146;s records relating to the

Loans and the Servicer&#146;s performance or observance of the terms of this

Agreement.&#160; The Servicer and any

subservicer will cause its personnel to assist in any examination of such

records by the Owner Trustee or the Indenture Trustee, or such authorized

agents, and allow copies of the same to be made.&#160; The examination referred to in this <u>subsection&nbsp;5.21(a)</u>&nbsp;will

be conducted in a manner that does not unreasonably interfere with the

Servicer&#146;s or subservicer&#146;s normal operations or customer or employee

relations.&#160; Without otherwise limiting

the scope of the examination, the Owner Trustee or the Indenture Trustee may,

using generally accepted audit procedures, verify the status of each Loan and

review the Computer Records and other records relating thereto for conformity

to Monthly Reports prepared pursuant to <u>Article&nbsp;IX</u> and compliance

with the standards represented to exist as to each Loan in this Agreement.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; At all times during

the term hereof, the Servicer shall keep available a copy of the List of Loans

at its principal executive office for inspection by Securityholders and Swap

Counterparties.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Servicer shall,

if given reasonable notice by the Indenture Trustee after the end of any

Collection Period, provide the Indenture Trustee with a copy of the Computer

Record.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For

so long as any of the Notes are outstanding and are &#147;restricted securities&#148;

within the meaning of Rule&nbsp;144(a)(3) of the Securities Act, (1)&nbsp;the

Servicer will provide or cause to be provided to any holder of such Notes and

any prospective purchaser thereof designated by such holder, upon the request

of such a holder or prospective purchaser, the information required to be

provided to such holder or prospective purchaser by Rule&nbsp;144A(d)(4) under

the Securities Act; and (2)&nbsp;the Servicer shall update such information

from time to time in order to prevent such information from becoming false and

misleading and will take such other actions as are necessary to ensure that the

safe harbor exemption from the registration requirements of the Securities Act

under Rule&nbsp;144A is and will be available for resales of such Notes

conducted in accordance with Rule 144A.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section5_22TheBackupServicer_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.22</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>The Backup Servicer</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Issuer, the

Indenture Trustee and the Trust Depositor hereby appoint Wells Fargo Bank

Minnesota, National Association to act as Backup Servicer in accordance with

the terms of this Agreement.&#160; Wells

Fargo Bank Minnesota, National Association hereby accepts such appointment and

agrees to perform the duties and responsibilities with respect thereto set

forth herein.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Backup Servicer

shall perform the following duties and obligations:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On

or before the Closing Date, the Backup Servicer shall accept from the Servicer

delivery of the information required to be set forth in the Monthly Reports in

hard copy and in an agreed upon electronic format.</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Not

later than 12:00 noon New York time two (2) Business Days prior to each

Determination Date, the Servicer shall provide to the Backup Servicer and the

Backup Servicer shall accept delivery of tape in an agreed upon electronic

format (the &#147;<u>Tape</u>&#148;) from the Servicer, which shall include but not be

limited to the following information:&#160;

(x) for each Loan, the (1)&nbsp;Loan number, (2)&nbsp;legal name of the

related Obligor, (3)&nbsp;state of the Obligor&#146;s chief executive office,

(4)&nbsp;SIC Code, (5)&nbsp;outstandings at cost, (6)&nbsp;type of Loan (i.e.,

term Loan or Revolving Loan), (7)&nbsp;type of security interest (i.e., senior

or subordinated), (8)&nbsp;term payment type (i.e., amortizing or balloon),

(9)&nbsp;origination date, (10)&nbsp;maturity date, (11)&nbsp;benchmark for the

Loan&#146;s interest rate, (12)&nbsp;margin, (13)&nbsp;frequency of Scheduled

Payments, (14)&nbsp;controlling interest, (15)&nbsp;the collection status,

(16)&nbsp;the Loan status, and (17)&nbsp;the Outstanding Loan Balance, and

(y)&nbsp;the Aggregate Outstanding Loan Balance.</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Prior

to the related Payment Date, the Backup Servicer shall review the Monthly

Report to ensure that it is complete on its face and that the following items

in such Monthly Report have been accurately calculated, if applicable, and

reported:&#160; (A)&nbsp;the Aggregate

Outstanding Loan Balance, (B) the</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48</font></p>





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</font></div>



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</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Backup Servicing Fee, (C) the Loans that are thirty (30) or more days

Delinquent (other than Defaulted Loans), (D) the Defaulted Loans, (E) the

Portfolio Yield and (F) the principal and interest payments due to

Noteholders.&#160; The Backup Servicer shall

notify the Indenture Trustee, the Initial Purchaser and the Servicer of any

disagreements with the Monthly Report based on such review not later than the

Business Day preceding such Payment Date.</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If

the Servicer disagrees with the report provided under <u>subsection&nbsp;5.22(b)(iii)</u>

by the Backup Servicer or if the Servicer or any subservicer has not reconciled

such discrepancy, the Backup Servicer agrees to confer with the Servicer to

resolve such disagreement on or prior to the next succeeding Determination Date

and shall settle such discrepancy with the Servicer, if possible, and notify

the Indenture Trustee, the Swap Counterparties and the Initial Purchaser of the

resolution thereof.&#160; The Servicer hereby

agrees to cooperate, at its own expense, with the Backup Servicer in

reconciling any discrepancies herein.&#160;

If, within twenty (20) days after the delivery of the report provided

under <u>subsection&nbsp;5.22(b)(iii)</u> by the Backup Servicer, such

discrepancy is not resolved, the Backup Servicer shall promptly notify the

Servicer, the Indenture Trustee, the Swap Counterparties and the Initial

Purchaser of the continued existence of such discrepancy.&#160; Following receipt of such notice by the

Indenture Trustee, the Swap Counterparties and the Initial Purchaser, the

Servicer shall deliver to the Indenture Trustee, the Swap Counterparties, the

Initial Purchaser, and the Backup Servicer, no later than the related Payment

Date, a certificate describing the nature and amount of such discrepancies and

the actions the Servicer proposes to take with respect thereto.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; After the Servicer&#146;s

and Backup Servicer&#146;s receipt of an effective notice of termination terminating

the Servicer in accordance with this Agreement, all authority, power, rights

and responsibilities of the Servicer under this Agreement, whether with respect

to the Loans or otherwise, shall pass to and be vested in the Backup Servicer,

and the Backup Servicer shall be deemed the successor Servicer, subject to and

in accordance with the provisions of <u>Section&nbsp;8.03</u>, as long as the

Backup Servicer is not prohibited by Requirements of Law from fulfilling the

same, as evidenced by an Opinion of Counsel.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any Person (i) into

which the Backup Servicer may be merged or consolidated, (ii) that may result

from any merger or consolidation to which the Backup Servicer shall be a party,

or (iii) that may succeed to the properties and assets of the Backup Servicer

substantially as a whole, which Person in any of the foregoing cases executes

an agreement of assumption to perform every obligation of the Backup Servicer

hereunder, shall be the successor to the Backup Servicer under this Agreement

without further act on the part of any of the parties to this Agreement.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As compensation for

its backup servicing activities hereunder, the Backup Servicer shall be

entitled to receive the Backup Servicing Fee from the Servicer.&#160; The Backup Servicer&#146;s entitlement to receive

the Backup Servicing Fee (other than due and unpaid Backup Servicer Fees owed

through such date) shall cease on the earliest to occur of:&#160; (i) it becoming the Successor Servicer, (ii)

its removal as Backup Servicer, or (iii) the termination of this Agreement.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Backup Servicer

undertakes to perform only such duties and obligations as are specifically set

forth in this Agreement, it being expressly understood by all parties hereto

that there are no implied duties or obligations of the Backup Servicer

hereunder.&#160; Without limiting the

generality of the foregoing, the Backup Servicer, except as expressly set forth

herein, shall have no obligation to supervise, verify, monitor or administer

the performance of the Servicer.&#160; The

Backup Servicer may act through its agents, attorneys and custodians in

performing any of its duties and obligations under this Agreement, it being

understood by the parties hereto that the Backup Servicer will be responsible

for any misconduct or negligence on the part of such agents, attorneys or custodians

acting on the routine and ordinary day&#150;to&#150;day operations for and on behalf of

the Backup Servicer.&#160; Neither the Backup

Servicer nor any of its officers, directors, employees or agents shall be

liable, directly or indirectly, for any damages or expenses arising out of the

services performed under this Agreement, other than damages or expenses that

result from the gross negligence or willful misconduct of it or them or the

failure to perform materially in accordance with this Agreement.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Backup Servicer

shall not be liable for any obligation of the Servicer contained in this

Agreement or for any errors of the Servicer contained in any Tape, certificate

or other data or document delivered to the Backup Servicer hereunder or on

which the Backup Servicer must rely in order to perform its obligations</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</font></p>





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</font></div>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">hereunder, and the parties hereto each agree to look only to the

Servicer to perform such obligations.&#160;

With respect to <u>subsection&nbsp;5.22(b)</u>, the Backup Servicer, in

the performance of its duties and obligations hereunder, is entitled to rely

conclusively, and shall be fully protected in so relying, on the contents of

each Tape, including, but not limited to, the completeness and accuracy

thereof, provided by the Servicer.&#160; The

Backup Servicer shall have no responsibility and shall not be in default

hereunder or incur any liability for any failure, error, malfunction or any

delay in carrying out any of its respective duties under this Agreement if such

failure or delay results from the Backup Servicer acting in accordance with

information prepared or supplied by a Person other than the Backup Servicer or

the failure of any such other Person to prepare or provide such information.&#160; The Backup Servicer shall have no

responsibility, shall not be in default and shall incur no liability for

(i)&nbsp;any act or failure to act of any third party (other than any agent,

attorney or custodian acting on behalf of such Backup Servicer), including the

Servicer (ii)&nbsp;any inaccuracy or omission in a notice or communication

received by the Backup Servicer from any third party (other than any agent,

attorney or custodian acting on behalf of such Backup Servicer), (iii)&nbsp;the

invalidity or unenforceability of any Loan under Requirements of Law,

(iv)&nbsp;the breach or inaccuracy of any representation or warranty made with

respect to any Loan, or (v)&nbsp;the acts or omissions of any successor Backup

Servicer.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section5_23Reserved_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.23</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>[<u>Reserved</u>].</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section5_24CovenantsOfTheBackupSer"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.24</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Covenants of the Backup

Servicer</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Backup Servicer hereby covenants that:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Backup Servicer

will comply in all material respects with all Requirements of Law.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Backup Servicer

will preserve and maintain its existence, rights, franchises and privileges as

a national banking association in good standing under the federal laws of the

United States.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Backup Servicer

shall perform in all material respects all of its obligations and duties under

this Agreement.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section5_25AppointmentOfSuccessorBa"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.25</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Appointment of Successor

Backup Servicer; Successor Backup Servicer to Act</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Backup Servicer

may be removed, with or without cause, by the Majority Noteholders or the

Indenture Trustee, by notice given in writing to the Backup Servicer (the &#147;<u>Backup

Servicer Termination Notice</u>&#148;).&#160; The

Backup Servicer shall continue to perform all backup servicing functions under

this Agreement until the date specified in the Backup Servicer Termination

Notice or, if no such date is specified, until a date mutually agreed by the

Backup Servicer and the Indenture Trustee.&#160;

The Indenture Trustee shall as promptly as possible after the giving of

a Backup Servicer Termination Notice appoint a Successor Backup Servicer (the &#147;<u>Successor

Backup Servicer</u>&#148;), and such Successor Backup Servicer shall accept its

appointment by a written assumption in a form acceptable to the Indenture

Trustee and Owner Trustee.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the event that a

Successor Backup Servicer has not been appointed and has not accepted its

appointment at the time when the then Backup Servicer has ceased to act as

Backup Servicer, the Indenture Trustee shall petition a court of competent

jurisdiction to appoint any established financial institution having a net

worth of at least $50,000,000 and whose regular business includes the backup

servicing of loans similar to the Loans as the Successor Backup Servicer

hereunder.&#160; The Successor Backup

Servicer shall be the successor in all respects to the Backup Servicer in its

capacity as Backup Servicer under this Agreement and the transactions set forth

or provided for herein, shall be subject to all the responsibilities, duties

and liabilities relating thereto placed on the Backup Servicer by the terms and

provisions hereof, and the terminated Backup Servicer shall be relieved of such

responsibilities, duties and liabilities arising after such backup servicer

transfer (the &#147;<u>Backup Servicer Transfer</u>&#148;); <i><u><font style="font-style:italic;">provided</font></u></i>, <i><u><font style="font-style:italic;">however</font></u></i>,

that the Successor Backup Servicer shall not be liable for any acts or

omissions of the Backup Servicer occurring prior to such Backup Servicer

Transfer or for any breach by the Backup Servicer of any of its representations

and warranties contained herein or in any related document or agreement.&#160; As compensation therefor, the Successor

Backup Servicer shall be entitled to receive reasonable compensation equal to

the monthly Backup Servicing Fee from the Servicer.&#160; Notwithstanding anything else herein to the contrary, in no event

shall the Issuer or the Indenture Trustee be liable for any Backup Servicing

Fee or for any differential in the amount of the backup servicing fee paid

hereunder and the amount necessary to induce any Successor Backup Servicer to

act as</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Backup Servicer under this Agreement and the transactions set forth or

provided for herein.&#160; The Issuer, the Indenture

Trustee and such successor shall take such action, consistent with this

Agreement, as shall be necessary to effectuate any such succession.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><a name="ArticleViCovenantsOfTheTrustDepos"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE VI</font></b></a></h1>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h1>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">COVENANTS OF THE TRUST DEPOSITOR</font></b></h1>



<h1 align="left" style="margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h1>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section6_01LegalExistence_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.01</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Legal Existence</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the term of this Agreement, the Trust Depositor will keep in

full force and effect its existence, rights and franchises as a limited

liability company under the laws of the jurisdiction of its organization and

will obtain and preserve its qualification to do business in each jurisdiction

in which such qualification is or shall be necessary to protect the validity

and enforceability of this Agreement, the other Transaction Documents and each

other instrument or agreement necessary or appropriate to the proper

administration of this Agreement and the transactions contemplated hereby.&#160; In addition, all transactions and dealings

between the Trust Depositor and its Affiliates will be conducted on an

arm&#146;s&#150;length basis.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section6_02LoansNotToBeEvidencedB"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.02</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Loans Not to Be

Evidenced by Promissory Notes</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust Depositor will take no action to cause any Loan not

originally evidenced by an Underlying Note to be evidenced by an instrument (as

defined in the UCC), except in connection with the enforcement or collection of

such Loan.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section6_03SecurityInterests_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.03</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Security Interests</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust Depositor will not sell, pledge, assign or transfer to any

other Person, or grant, create, incur, assume or suffer to exist any Lien on

any Loan in the Loan Pool or related Collateral, whether now existing or

hereafter transferred to the Issuer, or any interest therein.&#160; The Trust Depositor will immediately notify

the Owner Trustee, each Swap Counterparty and the Indenture Trustee of the

existence of any Lien on any Loan in the Loan Pool or related Collateral, and

the Trust Depositor shall defend the right, title and interest of the Issuer

in, to and under the Loans in the Loan Pool and the related Collateral against

all claims of third parties; <i><u><font style="font-style:italic;">provided</font></u>,

<u>however</u></i>, that nothing in this <u>Section&nbsp;6.03</u> shall prevent

or be deemed to prohibit the Trust Depositor from suffering to exist Permitted

Liens upon any of the Loans in the Loan Pool or any related Collateral.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section6_04DeliveryOfCollections_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.04</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Delivery of Collections</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust Depositor agrees to pay to the Servicer promptly (but in no

event later than two&nbsp;(2) Business Days after receipt) all Collections

received by the Trust Depositor in respect of the Loans, for application in

accordance with <u>Section&nbsp;7.05</u> hereof.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section6_05RegulatoryFilings_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.05</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Regulatory Filings</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust Depositor shall make any filings, reports, notices,

applications and registrations with, and seek any consents or authorizations

from, the Commission and any state securities authority on behalf of the Issuer

as may be necessary or that the Trust Depositor deems advisable to comply with

any federal or state securities or reporting requirements laws.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section6_06ComplianceWithLaw_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.06</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Compliance with Law</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust Depositor hereby agrees to comply in all material respects

with all Requirements of Law applicable to the Trust Depositor.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>





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</font></div>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section6_07Activities_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.07</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Activities</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust Depositor shall not engage in any business or activity of any

kind, or enter into any transaction or indenture, mortgage, instrument,

agreement, contract, lease or other undertaking, which is not directly related

to the transactions contemplated and authorized by this Agreement or the other

Transaction Documents; <i><u><font style="font-style:italic;">provided</font></u></i>,

<i><u><font style="font-style:italic;">however</font></u></i>, that the Trust

Depositor may purchase and sell (or grant Liens in respect of) assets similar

to the Loan Assets to other Persons in securitization or other non&#150;recourse

financing transactions involving the Originator or any of its Affiliates on

terms and conditions (with respect to liabilities and restrictions on its

activities, as well as restrictions on its interactions with the Originator or

its Affiliates, relevant to the &#147;bankruptcy remoteness&#148; or &#147;substantive

consolidation&#148; analysis relating to the Trust Depositor) substantially similar

to the terms and conditions applicable to the Trust Depositor under the

Transaction Documents, so long as the Securityholders and the Swap

Counterparties are not materially and adversely affected thereby and the Rating

Agency Condition is satisfied.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section6_08Indebtedness_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.08</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Indebtedness</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust Depositor shall not create, incur, assume or suffer to exist

any Indebtedness or other liability whatsoever, except (i)&nbsp;obligations

incurred under this Agreement and the other Transaction Documents,

(ii)&nbsp;liabilities incident to the maintenance of its corporate existence in

good standing or (iii)&nbsp;liabilities necessarily incurred to facilitate

securitizations referred to in the proviso in <u>Section&nbsp;6.07</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section6_09Guarantees_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.09</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Guarantees</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust Depositor shall not become or remain liable, directly or

contingently, in connection with any Indebtedness or other liability of any

other Person, whether by guarantee, endorsement (other than endorsements of

negotiable instruments for deposit or collection in the ordinary course of

business), agreement to purchase or repurchase, agreement to supply or advance

funds, or otherwise except in connection with the transactions described in <u>Section&nbsp;6.07</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section6_10Investments_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.10</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Investments</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust Depositor shall not make or suffer to exist any loans or

advances to, or extend any credit to, or make any investments (by way of

transfer of property, contributions to capital, purchase of stock or securities

or evidences of indebtedness, acquisition of the business or assets, or

otherwise) in, any Person except (i)&nbsp;for purchases of Loans from the

Originator or as otherwise contemplated by the Transaction Documents,

(ii)&nbsp;for investments in Eligible Investments in accordance with the terms

of this Agreement, (iii)&nbsp;as may be necessary to facilitate securitizations

referred to in the proviso in <u>Section&nbsp;6.07</u> or (iv)&nbsp;for

acquisition of the Class&nbsp;C Notes and the Certificate.&#160; Without limiting the generality of the

foregoing, the Trust Depositor shall not: (i)&nbsp;provide credit to any

Securityholder for the purpose of enabling such Securityholder to purchase any

Securities or (ii)&nbsp;lend any money to the Issuer.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section6_11MergerSales_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.11</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Merger; Sales</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust Depositor shall not enter into any transaction of merger or

consolidation, liquidate or dissolve itself (or suffer any liquidation or

dissolution), acquire or be acquired by any Person, or convey, sell, lease or

otherwise dispose of all or substantially all of its property or business,

except as provided for in this Agreement.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section6_12Distributions_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.12</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Distributions</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust Depositor shall not declare or pay, directly or indirectly,

any dividend or make any other distribution (whether in cash or other property)

with respect to the profits, assets or capital of the Trust Depositor or any

Person&#146;s interest therein, or purchase, redeem or otherwise acquire for value

any of its member interests now or hereafter outstanding, except that, so long

as no Event of Default has occurred and is continuing, no Event of Default

would occur as a result thereof or after giving effect thereto, and the Trust

Depositor would continue to be Solvent as a result thereof and after giving

effect thereto, the Trust Depositor may declare and pay distributions to its

members.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52</font></p>





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</font></div>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section6_13OtherAgreements_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.13</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Other Agreements</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust Depositor shall not become a party to, or permit any of its

properties to be bound by, any indenture, mortgage, instrument, contract,

agreement, lease or other undertaking, except this Agreement and the other

Transaction Documents to which it is a party and any agreement relating to

another securitization transaction permitted by <u>Section&nbsp;6.07</u>; nor

shall it amend or modify the provisions of its Certificate of Formation or

limited liability company operating agreement, or issue any power of attorney

other than to the Owner Trustee, the Indenture Trustee or the Servicer, except

in accordance with the Transaction Documents.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section6_14SeparateLegalExistence_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.14</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Separate Legal Existence</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust Depositor shall:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Maintain

its own deposit account or accounts, separate from those of any Affiliate, with

commercial banking institutions.&#160; The

funds of the Trust Depositor will not be diverted to any other Person or for

other than authorized uses of the Trust Depositor.</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Ensure

that, to the extent that it shares the same officers or other employees as any

of its members or Affiliates, the salaries of and the expenses related to

providing benefits to such officers and other employees shall be fairly

allocated among such entities, and each such entity shall bear its fair share

of the salary and benefit costs associated with all such common officers and

employees.</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Ensure

that, to the extent that it jointly contracts with any of its members or

Affiliates to do business with vendors or service providers or to share

overhead expenses, the costs incurred in so doing shall be allocated fairly

among such entities, and each such entity shall bear its fair share of such

costs.&#160; To the extent that the Trust

Depositor contracts or does business with vendors or service providers when the

goods and services provided are partially for the benefit of any other Person,

the costs incurred in so doing shall be fairly allocated to or among such

entities for whose benefit the goods and services are provided, and each such

entity shall bear its fair share of such costs.&#160; All material transactions between Trust Depositor and any of its

Affiliates shall be only on an arm&#146;s length basis.</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To

the extent that the Trust Depositor and any of its members or Affiliates have

offices in the same location, there shall be a fair and appropriate allocation

of overhead costs among them, and each such entity shall bear its fair share of

such expenses.</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Conduct

its affairs strictly in accordance with its Certificate of Formation and

limited liability company operating agreement and observe all necessary,

appropriate and customary limited liability company formalities, including, but

not limited to, holding all regular and special members&#146; and managers&#146; meetings

appropriate to authorize all limited liability company action, keeping separate

and accurate minutes of its meetings, passing all resolutions or consents

necessary to authorize actions taken or to be taken, and maintaining accurate

and separate books, records and accounts, including, but not limited to,

payroll and intercompany transaction accounts.</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Take

or refrain from taking, as applicable, each of the activities specified in the

&#147;substantive consolidation&#148; opinion of Winston &amp; Strawn, delivered on the

Closing Date, upon which the conclusions expressed therein are based.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section6_15Reserved_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.15</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>[<u>Reserved</u>].</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section6_16LiabilityOfTrustDeposito"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.16</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Liability of Trust

Depositor and Others</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust Depositor shall be liable in accordance herewith only to the

extent of the obligations specifically undertaken by the Trust Depositor under

this Agreement.&#160; The Trust Depositor and

any director, officer, employee or agent of the Trust Depositor may rely in

good faith on any document of any kind, prima facie properly executed and

submitted by any Person respecting any matters arising hereunder.&#160; The Trust Depositor and any director,

officer, employee or agent of the Trust Depositor shall be reimbursed by the

Indenture Trustee for any liability or</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53</font></p>





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</font></div>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">expense incurred by reason of the Indenture Trustee&#146;s willful

misfeasance, bad faith or gross negligence (except errors in judgment) in the

performance of its duties hereunder, or by reason of the reckless disregard of

its obligations and duties hereunder.&#160;

The Trust Depositor shall not be under any obligation to appear in,

prosecute or defend any legal action that shall not be incidental to its

obligations under this Agreement and that in its opinion may involve it in any

expense or liability.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section6_17BankruptcyLimitations_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.17</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Bankruptcy Limitations</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust Depositor shall not, without the affirmative vote of a

majority of the managers of the Trust Depositor (which must include the

affirmative vote of at least two duly appointed Independent managers) (A)

dissolve or liquidate, in whole or in part, or institute proceedings to be

adjudicated bankrupt or insolvent, (B) consent to the institution of bankruptcy

or insolvency proceedings against it, (C) file a petition seeking or consent to

reorganization or relief under any applicable federal or state law relating to

bankruptcy, (D) consent to the appointment of a receiver, liquidator, assignee,

trustee, sequestrator (or other similar official) of the limited liability

company or a substantial part of its property, (E) make a general assignment

for the benefit of creditors, (F)&nbsp;admit in writing its inability to pay

its debts generally as they become due, or (G) take any limited liability

company action in furtherance of the actions set forth in <u>clauses (A)</u>

through <u>(F)</u> above; <i><u><font style="font-style:italic;">provided</font></u></i>,

<i><u><font style="font-style:italic;">however</font></u></i>, that no manager

may be required by any member of the Trust Depositor to consent to the

institution of bankruptcy or insolvency proceedings against the Trust Depositor

so long as it is Solvent.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section6_18Reserved_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.18</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>[<u>Reserved</u>].</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section6_19ChiefExecutiveOffice_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.19</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Chief Executive Office</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the term of this Agreement, the Trust Depositor will maintain

its chief executive office in one of the States of the United States.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><a name="ArticleViiEstablishmentOfAccounts"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE VII</font></b></a></h1>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h1>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ESTABLISHMENT OF ACCOUNTS; DISTRIBUTIONS; RESERVE FUND</font></b></h1>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h1>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section7_01TrustAccountsCollections"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.01</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Trust Accounts;

Collections</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On or before the

Closing Date, the Trust Depositor shall establish the Collection Account

(including two sub&#150;accounts, the Interest Collection Account and the Principal

Collection Account), the Note Distribution Account and the Reserve Fund, each

with and in the name of the Indenture Trustee for the benefit of the

Securityholders and the Swap Counterparties.&#160;

The Servicer and Indenture Trustee are hereby required to ensure that

each of the Trust Accounts is established and maintained as an Eligible Deposit

Account with a Qualified Institution.&#160;

If any institution with which any of the accounts established pursuant

to this <u>subsection&nbsp;7.01(a)</u> are established ceases to be a Qualified

Institution, the Servicer, or if the Servicer fails to do so, the Indenture

Trustee (as the case may be) shall within ten (10) Business Days establish a

replacement account at a Qualified Institution after notice of such event.&#160; The Indenture Trustee and the Servicer shall

insure that each Qualified Institution maintaining an Eligible Deposit Account

agrees in writing to comply with all instructions originated by the Indenture

Trustee directing disposition of the funds in such account without the further

consent of the Trust Depositor or Issuer.&#160;

The Trust Depositor and the Issuer agree and acknowledge that the

Indenture Trustee is to have &#147;control&#148; (within the meaning of the UCC) of

collateral comprised of &#147;Investment Property&#148; (within the meaning of the UCC)

for all purposes of this Agreement.&#160; For

all purposes of this Agreement, the Indenture Trustee&#146;s &#147;jurisdiction&#148; in

respect of matters governed by the UCC shall be the State of Minnesota.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Servicer shall

deposit or cause to be deposited, without deposit into any intervening account,

into the Collection Account not later than two (2) Business Days following the

actual receipt of such remittance by the Servicer, all Collections on deposit

with the Servicer in the form of available funds and all Collections otherwise

received by the Servicer.&#160; Collections

constituting Interest Collections shall be deposited in the Interest Collection

Account, and Collections constituting Principal Collections shall be deposited

in the Principal Collection Account.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54</font></p>





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</font></div>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding <u>subsection&nbsp;7.01(b)</u>,

the Servicer shall deposit or cause to be deposited, on the applicable

Assignment Date, in immediately available funds into the Collection Account all

Collections received after the applicable Cut&#150;Off Date and through and

including the date two (2) days preceding the applicable Assignment Date in

respect of Loans being transferred to the Issuer on such date.&#160; Such Collections constituting Interest

Collections shall be deposited in the Interest Collection Account, and those

constituting Principal Collections shall be deposited in the Principal

Collection Account.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">[<u>Reserved</u>].</font></b></font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding <u>subsections&nbsp;7.01(b)</u>

and <u>(c)</u>, if (i)&nbsp;the Servicer makes a deposit into the Collection

Account in respect of a Collection of a Loan in the Loan Pool and such

Collection was received by the Servicer in the form of a check that is not

honored for any reason, or (ii)&nbsp;the Servicer makes a mistake with respect

to the amount of any Collection and deposits an amount that is less than or

more than the actual amount of such Collection, the Servicer shall

appropriately adjust the amount subsequently deposited into the Collection Account

to reflect such dishonored check or mistake.&#160;

Any Scheduled Payment in respect of which a dishonored check is received

shall be deemed not to have been paid.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section7_02ReserveFundDeposit_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.02</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Reserve Fund Deposit</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On the Closing Date, the Owner Trustee, on behalf of the Issuer, shall

deposit the Reserve Fund Initial Deposit into the Reserve Fund from the net

proceeds of the sale of Securities.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section7_03TrustAccountProcedures_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.03</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Trust Account Procedures</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If the Servicer so

directs in writing, the Indenture Trustee shall accept such directions as

directions of the Issuer and shall invest the amounts in the Trust Accounts in

Qualified Eligible Investments of the type specified in such written direction

that mature or are withdrawable not later than one (1) Business Day prior to

the next succeeding Payment Date, except for investments in <u>subsection&nbsp;(vi)</u>

of the definition of Eligible Investments.&#160;

Once such funds are invested, the Indenture Trustee shall not change the

investment of such funds.&#160; Funds in the

Trust Accounts not so invested must be insured to the extent permitted by law

by the Bank Insurance Fund or the Savings Association Insurance Fund of the

Federal Deposit Insurance Corporation.&#160;

Subject to the restrictions herein, the Indenture Trustee may purchase a

Qualified Eligible Investment from itself or an Affiliate.&#160; Subject to the other provisions hereof, the

Indenture Trustee shall have sole control over each such investment and the

income thereon, and any certificate or other instrument evidencing any such

investment, if any, shall be delivered directly to the Indenture Trustee or its

agent, together with each document of transfer, if any, necessary to transfer

title to such investment to the Indenture Trustee in a manner which complies

with this <u>Section&nbsp;7.03</u>.&#160; All

Investment Earnings on investments of funds in the Trust Accounts shall be

deposited in the Collection Account pursuant to <u>Section&nbsp;7.01</u> and

distributed on the next Payment Date pursuant to <u>Section&nbsp;7.05</u>.&#160; The Trust Depositor and the Issuer agree and

acknowledge that the Indenture Trustee is to have &#147;control&#148; (within the meaning

of Section&nbsp;9&#150;104 of the UCC as enacted in New York) of collateral

comprised of &#147;Investment Property&#148; (within the meaning of Section&nbsp;9&#150;102 of

the UCC as enacted in New York) for all purposes of this Agreement.&#160; For all purposes of this Agreement, the

Indenture Trustee&#146;s &#147;jursidiction&#148; in respect of matters governed by the UCC

shall be the State of Minnesota.&#160; In the

absence of timely written direction from the Servicer, the Indenture Trustee

shall invest amounts in the Trust Accounts in Qualified Eligible Investments of

the type specified in <u>clause&nbsp;(vi)</u> of the definition of Eligible

Investments herein.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On each

Determination Date, the Servicer shall instruct the Indenture Trustee to, and

on each Payment Date the Indenture Trustee shall, transfer to the Note

Distribution Account, for distribution as provided in <u>Section&nbsp;7.05</u>,

all Interest Collections and Principal Collections on deposit in the

Collections Account, all funds on deposit in the Reserve Fund and all

Investment Earnings from the Trust Accounts.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section7_04SecurityholderDistribution"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.04</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Securityholder

Distributions</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each Noteholder and

Certificateholder as of the related Record Date shall be paid on the next

succeeding Payment Date by check mailed to such Noteholder or Certificateholder

at the address for such Noteholder or Certificateholder appearing on the Note

Register or Certificate Register or by wire transfer if such</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55</font></p>





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</font></div>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Noteholder or Certificateholder provides written instructions to the

Indenture Trustee, or Owner Trustee, respectively, at least ten (10) days prior

to such Payment Date.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Indenture

Trustee shall serve as the Paying Agent hereunder and shall make the payments

to the Securityholders required hereunder.&#160;

The Indenture Trustee hereby agrees that all amounts held by it for

payment hereunder will be held in trust for the benefit of the Securityholders.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section7_05AllocationsAndDistributio"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.05</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Allocations and

Distributions</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On each

Determination Date prior to the occurrence of an Event of Default or the

occurrence and continuance of a Class A Trigger or a Class B Trigger, the

Servicer shall instruct the Indenture Trustee in writing to withdraw, and on

the related Payment Date the Indenture Trustee shall withdraw, from the Note

Distribution Account the sum of (i)&nbsp;all Interest Collections,

(ii)&nbsp;all Investment Earnings on funds held in Trust Accounts and

(iii)&nbsp;all amounts from the Reserve Fund, to the extent there are

sufficient funds, to distribute to the following parties in the following order

of priority:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FIRST, pro&#150;rata, based on the amounts owed to such Persons under this

clause FIRST, to the Swap Counterparties, any amounts, including Net Trust Swap

Payments for the current and any prior Payment Dates, owing to the Swap

Counterparties under the Swaps (other than Swap Breakage Costs), together with

interest accrued thereon;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECOND, to the Indenture Trustee, the Backup Servicer and the Owner

Trustee, any amounts owed to such parties under the Transaction Documents for

fees and expenses, other than for fees, expenses and other amounts related to

indemnification; <i><u><font style="font-style:italic;">provided</font></u>, <u>however</u></i>,

that in no event shall the amounts payable pursuant to this clause SECOND (i)

to the Indenture Trustee and the Backup Servicer, in the aggregate, exceed

$5,000 for any twelve (12) month period (excluding amounts paid as part of the

Indenture Trustee Fee, the Backup Servicer Fee and recording expenses incurred

by the Indenture Trustee in recording Assignments of Mortgages after an Event

of Default or a Servicer Default to the extent not paid by the Servicer under <u>subsection&nbsp;2.06(b)</u>),

(ii)&nbsp;to the Owner Trustee, exceed $5,000 for any twelve (12) month period

(excluding amounts paid as part of the Owner Trustee Fee) and (iii) if a

Successor Servicer is being appointed, to the Indenture Trustee for costs and

expenses associated with that appointment, exceed $100,000 in the aggregate for

any given Servicer Transfer;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIRD, to the Servicer, reimbursement for the amount of any Servicer

Advances, relating to interest on the Loans, which were deposited in the

Interest Collection Account;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FOURTH, to the Servicer, the monthly Servicing Fee for the preceding

Collection Period, together with any amounts in respect of the Servicing Fee

that were due in respect of prior Collection Periods that remain unpaid;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FIFTH, to the holders of the Class&nbsp;A Notes, the Class&nbsp;A

Interest Amount for the related Interest Accrual Period and any related

Class&nbsp;A Interest Shortfall together with interest on such amount;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIXTH, to the holders of the Class&nbsp;B Notes, the Class&nbsp;B

Interest Amount for the related Interest Accrual Period and any Class&nbsp;B

Interest Shortfall together with interest on such amount;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SEVENTH, to the holders of the Class&nbsp;A Notes and Class&nbsp;B

Notes, sequentially and in reduction of their respective Outstanding Principal

Balance, until reduced to zero, an amount equal to the Additional Principal

Amount;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EIGHTH, to the Reserve Fund an amount, if any, which, when so

deposited, causes the balance of the Reserve Fund to equal the Required Reserve

Amount;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NINTH, to the holders of the Class B Notes, the Class B Accrued

Payable, to the extent not previously paid;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TENTH, pro&#150;rata, based on amounts owed to such Persons under this

clause TENTH, to the Swap Counterparties, any unpaid Swap Breakage Costs,

together with interest accrued thereon;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">56</font></p>





<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman"><font size="2" style="font-size:10.0pt;">
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</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ELEVENTH, pro&#150;rata, based on the amount owed to such Person under this

clause ELEVENTH, to the Indenture Trustee, the Backup Servicer and the Owner

Trustee, to the extent not paid pursuant to clause SECOND due to the

limitations set forth therein, amounts owed to such parties for fees and

expenses and other amounts, including such amounts related to indemnification

and, to a Successor Servicer, any Additional Servicing Fee; and</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TWELFTH, to the Owner Trustee for payment to the Certificateholders,

any remaining amounts.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On each

Determination Date after the occurrence of an Event of Default or the

occurrence and continuance of a Class A Trigger or a Class B Trigger, the

Servicer shall instruct the Indenture Trustee in writing to withdraw, and on

the related Payment Date the Indenture Trustee shall withdraw, from the Note

Distribution Account the sum of (i)&nbsp;all Interest Collections, (ii)&nbsp;all

Investment Earnings on funds held in Trust Accounts and (iii)&nbsp;all amounts

from the Reserve Fund, to the extent there are sufficient funds, to distribute

to the following parties in the following order of priority:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FIRST, pro&#150;rata, based on amounts owed to such Persons under this

clause FIRST, to the Swap Counterparties, any amounts, including Net Trust Swap

Payments for the current and any prior Payment Date, owing to the Swap

Counterparties under the Swaps (other than Swap Breakage Costs), together with

interest accrued thereon;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECOND, (A)&nbsp;following the occurrence of an Event of Default that

is not a Fee Event, to the Indenture Trustee, the Backup Servicer and the Owner

Trustee, any amounts owed to such parties under the Transaction Documents for

fees and expenses, other than for fees, expenses and other amounts related to

indemnification; <i><u><font style="font-style:italic;">provided</font></u>, <u>however</u></i>,

that in no event shall the amounts payable pursuant to this clause SECOND (i)

to the Indenture Trustee and the Backup Servicer, in the aggregate, exceed

$5,000 for any twelve (12) month period (excluding amounts paid as part of the

Indenture Trustee Fee, the Backup Servicer Fee and recording expenses incurred

by the Indenture Trustee in recording Assignments of Mortgages after an Event

of Default or a Servicer Default to the extent not paid by the Servicer under <u>subsection&nbsp;2.06(b)</u>),

(ii)&nbsp;to the Owner Trustee, exceed $5,000 for any twelve (12) month period

(excluding amounts paid as part of the Owner Trustee Fee) and (iii) if a

Successor Servicer is being appointed, to the Indenture Trustee for costs and

expenses associated with that appointment, exceed $100,000 in the aggregate for

any given Servicer Transfer and (B)&nbsp;after the occurrence of a Fee Event,

to the Indenture Trustee, the Backup Servicer and the Owner Trustee, any

amounts owed to such parties under the Transaction Documents for fees and

expenses, other than for fees, expenses and other amounts related to

indemnification;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIRD, to the Servicer, reimbursement for the amount of any Servicer

Advances relating to interest on the Loans which were deposited in the Interest

Collection Account;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FOURTH, to the Servicer, the monthly Servicing Fee for the preceding

Collection Period together with any amounts in respect of the Servicing Fee

that were due in respect of prior Collection Periods that remain unpaid;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FIFTH, to the holders of the Class&nbsp;A Notes, the Class&nbsp;A

Interest Amount for the related Interest Accrual Period and any Class&nbsp;A

Interest Shortfall Amount together with interest on such amount;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIXTH, to the holders of the Class&nbsp;B Notes, the Class&nbsp;B

Interest Amount for the related Interest Accrual Period and any Class&nbsp;B

Interest Shortfall Amount together with interest on such amount; and</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SEVENTH, the remaining amounts shall be included as Principal

Collections on such Payment Date.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On each

Determination Date, the Servicer shall instruct the Indenture Trustee in

writing to withdraw, and on the Payment Date the Indenture Trustee shall

withdraw, from the Note Distribution Account all Principal Collections and all

funds remaining on deposit therein, to the extent there are sufficient funds,

to distribute to the following parties in the following order of priority:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FIRST, to the Servicer, reimbursement for the amount of any Servicer

Advances relating to principal on the Loans which were deposited in the

Principal Collection Account;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">57</font></p>





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<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman"><font size="2" style="font-size:10.0pt;">
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECOND, to the holders of the Class&nbsp;A Notes until the Outstanding

Principal Balance of the Class&nbsp;A Notes equals zero;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIRD, to the holder of the Class B Notes, the Class B Accrued Payable

to the extent not previously paid;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FOURTH, to the holders of the Class&nbsp;B Notes, until the Outstanding

Principal Balance of the Class&nbsp;B Notes equals zero;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FIFTH, pro&#150;rata, based on the amounts owed to such Persons under this

clause FIFTH, to the Swap Counterparties, any unpaid Swap Breakage Costs,

together with interest accrued thereon;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIXTH, pro&#150;rata, based on the amounts owed to such Persons under this

clause SIXTH, to the Indenture Trustee, the Backup Servicer and the Owner

Trustee, to the extent not paid pursuant to clause SECOND of <u>subsection&nbsp;7.05(b)</u>

due to the limitations set forth therein, amounts owed to such parties for fees

and expenses and other amounts, including such amounts related to

indemnification, and, to a Successor Servicer, any Additional Servicing Fee;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SEVENTH, to the holder of the Class&nbsp;C Note until the Outstanding

Principal Balance of the Class&nbsp;C Note is reduced to zero; and .</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EIGHTH, to the Owner Trustee for payment to the Certificateholders, any

remaining amounts.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If on any Payment

Date, the aggregate amounts on deposit in the Collection Account and the

Reserve Fund are greater than or equal to the sum of (i) the Aggregate

Outstanding Principal Balance, (ii) the interest accrued thereon, (iii) any

accrued and unpaid Servicing Fee, (iv) unreimbursed Servicer Advances and (v)

amounts owed to the Swap Counterparties, including Swap Breakage Costs, the

Indenture Trustee, the Backup Servicer and the Owner Trustee, the amounts on

deposit in the Reserve Fund will be deposited in the Collection Account and

used to redeem the Notes in full.&#160; The

redemption price will be equal to the unpaid principal amount of the Notes plus

accrued and unpaid interest through the date of redemption.&#160; It shall be a condition precedent to such

redemption that all Swap Transactions then outstanding under any Swaps then in

effect shall be terminated and all amounts payable to the Swap Counterparties,

including Swap Breakage Costs, upon such termination shall be paid in full.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section7_06DeterminationOfLibor_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.06</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Determination of LIBOR</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Indenture

Trustee will determine the interest rate for each Interest Accrual Period by

determining the rate for deposits in U.S. Dollars for a period of one (1) month

(the &#147;<u>One&#150;Month Index Maturity</u>&#148;) which appears on Telerate Page 3750 as

of 11:00 a.m., London time, on the day that is three (3) London Banking Days

preceding that Interest Accrual Period (&#147;<u>LIBOR</u>&#148;).&#160; If such rate does not appear on Telerate

Page 3750 at such time, the rate for that Interest Accrual Period will be

determined as if the parties had specified &#147;USD&#150;LIBOR&#150;Reference Banks&#148; as the

applicable rate.&#160; &#147;USD&#150;LIBOR&#150;Reference

Banks&#148; means that the interest rate for an Interest Accrual Period will be

determined on the basis of the rates at which deposits in U.S. Dollars are

offered by the Reference Banks at approximately 11:00 a.m., London time, on the

day that is three&nbsp;(3) London Banking Days preceding the beginning of that

Interest Accrual Period to prime banks in the London interbank market for the

One&#150;Month Index Maturity commencing on the beginning of that Interest Accrual

Period and in a Representative Amount.&#160;

The Indenture Trustee will request the principal London office of each

of the Reference Banks to provide a quotation of its rate.&#160; If at least two (2) such quotations are

provided, the rate for that Interest Accrual Period will be the arithmetic mean

of the quotations.&#160; If fewer than two

(2) quotations are provided as requested, the rate for that Interest Accrual

Period will be the arithmetic mean of the rates quoted by major banks in New

York City, selected by the Indenture Trustee, at approximately 11:00 a.m., New

York City time, on the beginning of that Interest Accrual Period for loans in

U.S. Dollars to leading European banks for the One&#150;Month Index Maturity

commencing at the beginning of that Interest Accrual Period and in a

Representative Amount.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The establishment of

LIBOR by the Indenture Trustee and the Indenture Trustee&#146;s subsequent

calculation of the rates of interest applicable to the Notes, in the absence of

manifest error, will be final and binding.</font></p>



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<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><a name="ArticleViiiServicerDefaultService"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE VIII</font></b></a></h1>



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<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SERVICER DEFAULT; SERVICE TRANSFER</font></b></h1>



<h1 align="left" style="margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h1>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section8_01ServicerDefault_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.01</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Servicer Default</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Servicer Default</u>&#148; means the occurrence of any of the following:</font></p>



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<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any failure by the

Servicer to make any payment, transfer or deposit, or to give any instructions,

notice or report to the Owner Trustee or the Indenture Trustee pursuant to this

Agreement on or before the date occurring two (2) Business Days after the date

such payment, transfer or deposit, or such instruction, notice or report, is

required to be made or given, as the case may be, under the terms of this

Agreement;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any failure on the

part of the Servicer duly to observe or perform in any material respect any

other covenants or agreements of the Servicer set forth in this Agreement that

has a material adverse effect on the Noteholders or the Swap Counterparties,

which continues unremedied for a period of thirty (30) days after the first to

occur of (i)&nbsp;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 and the Indenture Trustee by the Noteholders, or

the Indenture Trustee on behalf of such Noteholders of Notes aggregating not

less than 25% of the Outstanding Principal Balance of any Class&nbsp;adversely

affected thereby and (ii)&nbsp;the date on which the Servicer becomes aware

thereof, and such failure continues to materially and adversely affect the

Noteholders or the Swap Counterparties for such period;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any representation,

warranty or certification made by the Servicer in this Agreement or in any

certificate delivered pursuant to this Agreement shall prove to have been

incorrect when made, which has a material adverse effect on the Noteholders or

the Swap Counterparties and which continues to be incorrect in any material

respect for a period of thirty (30) days after the first to occur of

(i)&nbsp;the date on which written notice of such incorrectness requiring the

same to be remedied shall have been given to the Servicer and the Owner Trustee

by the Indenture Trustee, or to the Servicer, the Owner Trustee and the Indenture

Trustee by Noteholders, or by the Indenture Trustee on behalf of Noteholders of

Notes aggregating not less than 25% of the Outstanding Principal Balance of any

Class&nbsp;adversely affected thereby and (ii)&nbsp;the date on which the

Servicer becomes aware thereof, and such incorrectness continues to materially

and adversely affect the Noteholders or the Swap Counterparties for such

period;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; an Insolvency Event

shall occur with respect to the Servicer;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Servicer shall

fail in any material respect to service the Loans in accordance with the Credit

and Collection Policy;</font></p>



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<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Servicer alters

or amends the Credit and Collection Policy in a manner that has a material

adverse effect on the Noteholders or the Swap Counterparties;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the rendering against

the Servicer of a final judgment, decree or order for the payment of money in

excess of U.S. $5,000,000 (individually or in the aggregate) and the

continuance of such judgment, decree or order unsatisfied and in effect for any

period of sixty&#150;one (61) consecutive days without a stay of execution; or</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the failure of the

Servicer to make any payment due with respect to aggregate recourse debt or

other obligations with an aggregate principal amount exceeding U.S. $2,500,000

or the occurrence of any event or condition that would permit acceleration of

such recourse debt or other obligations if such event or condition has not been

waived or cured.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the foregoing, a delay in or failure of performance

referred to under <u>clause (a)</u> above for a period of five (5) Business

Days or referred to under <u>clause (b)</u> or <u>(c)</u> for a period of sixty

(60) days (in addition to any period provided in <u>clause (a)</u>, <u>(b)</u>

or <u>(c)</u>) shall not constitute a Servicer Default until the expiration of

such additional five (5) Business Days or sixty (60) days, respectively, if

such delay or failure could not be prevented by</font></p>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">59</font></p>





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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the exercise of reasonable diligence by the Servicer and such delay or

failure was caused by an act of God or other events beyond the Servicer&#146;s

control.&#160; Upon the occurrence of any

such event, the Servicer shall not be relieved from using its best efforts to

perform its obligations in a timely manner in accordance with the terms of this

Agreement and the Servicer shall provide the Owner Trustee, the Indenture

Trustee, the Trust Depositor and each Swap Counterparty prompt notice of such

failure or delay by it, together with a description of its efforts to so

perform its obligations.&#160; The Servicer

shall immediately notify the Indenture Trustee and each Swap Counterparty in

writing of any Servicer Default.</font></p>



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<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section8_02ServicerTransfer_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.02</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Servicer Transfer</u>.</h2>



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<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If a Servicer

Default has occurred and is continuing, (x)&nbsp;the Required Holders, or

(y)&nbsp;the Indenture Trustee, may, by written notice (a &#147;<u>Termination

Notice</u>&#148;) delivered to the parties hereto, terminate all (but not less than

all) of the Servicer&#146;s management, administrative, servicing, custodial and

collection functions.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Upon delivery of the

notice required by <u>subsection&nbsp;8.02(a)</u> (or, if later, on a date

designated therein), and on the date that a successor Servicer shall have been

appointed pursuant to <u>Section&nbsp;8.03</u> (such appointment being herein

called a &#147;<u>Servicer Transfer</u>&#148;), all rights, benefits, fees, indemnities,

authority and power of the Servicer under this Agreement, whether with respect

to the Loans, the Loan Files or otherwise, shall pass to and be vested in such

successor (the &#147;<u>Successor Servicer</u>&#148;) pursuant to and under this <u>Section&nbsp;8.02</u>;

and, without limitation, the Successor Servicer is authorized and empowered to

execute and deliver on behalf of the Servicer, as attorney&#150;in&#150;fact or

otherwise, any and all documents and other instruments, and to do any and all

acts or things necessary or appropriate to effect the purposes of such notice

of termination.&#160; The Servicer agrees to

cooperate with the Successor Servicer in effecting the termination of the

responsibilities and rights of the Servicer hereunder, including, without limitation,

the transfer to the Successor Servicer for administration by it of all cash

amounts which shall at the time be held by the Servicer for deposit, or have

been deposited by the Servicer, in the Collection Account, or for its own

account in connection with its services hereafter or thereafter received with

respect to the Loans.&#160; The Servicer

shall transfer to the Successor Servicer (i)&nbsp;all records held by the

Servicer relating to the Loans in such electronic form as the Successor

Servicer may reasonably request and (ii)&nbsp;any Loan Files in the Servicer&#146;s

possession.&#160; In addition, the Servicer

shall permit access to its premises (including all computer records and

programs) to the Successor Servicer or its designee, and shall pay the

reasonable transition expenses of the Successor Servicer.&#160; Upon a Servicer Transfer, the Successor

Servicer shall also be entitled to receive the Servicing Fee for performing the

obligations of the Servicer.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section8_03AppointmentOfSuccessorSe"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.03</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Appointment of Successor

Servicer; Reconveyance; Successor Servicer to Act</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Upon delivery of the

notice required by <u>subsection&nbsp;8.02(a)</u> (or, if later, on a date

designated therein), the Servicer shall continue to perform all servicing

functions under this Agreement until the date specified in the Termination

Notice or, if no such date is specified, until a date mutually agreed by the

Servicer and the Indenture Trustee.&#160; The

Indenture Trustee shall as promptly as possible after the giving of or receipt

of a Termination Notice, appoint a Successor Servicer (which shall be the

Backup Servicer, in accordance with <u>subsection&nbsp;5.22(c)</u>), and such

Successor Servicer shall accept its appointment by a written assumption in a

form acceptable to the Indenture Trustee and Owner Trustee.&#160; If within sixty (60) days of delivery of a

Termination Notice the Backup Servicer does not accept appointment as the

Successor Servicer, the Indenture Trustee is unable to obtain any bids from

eligible servicers and the Servicer shall have yet to cure the Servicer

Default, then the Indenture Trustee shall offer the Trust Depositor, and the

Trust Depositor shall offer the Originator, the right to accept retransfer of

all the Loan Assets, and such parties may accept retransfer of such Loan Assets

in consideration of the Trust Depositor&#146;s delivery to the Collection Account on

or prior to the next upcoming Payment Date of a sum equal to the Aggregate

Outstanding Principal Balance of all Securities (other than the Certificates)

then outstanding, together with accrued and unpaid interest thereon through

such date of deposit and all other amounts due and owing to any Person under

the Transaction Documents, including amounts owing to each Swap Counterparty,

including Swap Breakage Costs, it being a condition precedent to such

retransfer that all Swap Transactions then outstanding under any Swaps then in

effect shall be terminated and all amounts payable to the Swap Counterparties,

including Swap Breakage Costs, upon such termination shall be paid in full; <i><u><font style="font-style:italic;">provided</font></u></i>,<i><font style="font-style:italic;">  <u>that</u></font></i>, the Indenture Trustee, if so directed by the

Required Holders in writing, need not accept and effect such reconveyance in

the absence of evidence (which may include valuations of an investment bank or

similar entity) reasonably acceptable to such</font></p>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60</font></p>





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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee or Required Holders that such retransfer would not constitute a

fraudulent conveyance of the Trust Depositor or the Originator.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the event that a

Successor Servicer has not been appointed and has not accepted its appointment

at the time when the then Servicer has ceased to act as Servicer, the Indenture

Trustee, without further action, shall automatically be appointed the Successor

Servicer. Notwithstanding the foregoing, if the Indenture Trustee is legally

unable or prohibited from so acting, it shall petition a court of competent

jurisdiction to appoint any established financial institution having a net

worth of at least $50,000,000 and whose regular business includes the servicing

of loans similar to the Loans as the Successor Servicer hereunder.&#160; On or after a Servicer Transfer, the

Successor Servicer shall be the successor in all respects to the Servicer in

its capacity as servicer under this Agreement and the transactions set forth or

provided for herein and shall be subject to all the responsibilities, duties and

liabilities relating thereto placed on the Servicer by the terms and provisions

hereof, and the terminated Servicer shall be relieved of such responsibilities,

duties and liabilities arising after such Servicer Transfer; <i><u><font style="font-style:italic;">provided</font></u>, <u>however</u></i>, that

(i)&nbsp;the Successor Servicer will not assume any obligations of the Servicer

described in <u>Section&nbsp;8.02</u> (ii)&nbsp;the Successor Servicer shall

not be liable for any acts or omissions of the Servicer occurring prior to such

Servicer Transfer or for any breach by the Servicer of any of its

representations and warranties contained herein or in any related document or

agreement and (iii) the terminated Servicer shall not be liable for any acts or

omission of any Successor Servicer occurring on and after such Servicer Transfer

or for any breach by any Successor Servicer of any of its representations and

warranties contained herein or in any related document or agreement.&#160; As compensation therefor, the Successor

Servicer shall be entitled to receive reasonable compensation equal to the

monthly Servicing Fee.&#160; Notwithstanding

anything else herein to the contrary, in no event shall the Indenture Trustee

or the Backup Servicer be liable for any Servicing Fee or for any differential

in the amount of the servicing fee paid hereunder and the amount necessary to

induce any Successor Servicer to act as Successor Servicer under this Agreement

and the transactions set forth or provided for herein.&#160; The Owner Trustee, Securityholders and the

Indenture Trustee and such successor shall take such action, consistent with

this Agreement, as shall be necessary to effectuate any such succession.&#160; To the extent the terminated Servicer has

made Servicer Advances, it shall be entitled to reimbursement of the same

notwithstanding its termination hereunder, to the same extent as if it had

continued to service the Loans hereunder.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section8_04NotificationToSecurityhol"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.04</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Notification to

Securityholders and Swap Counterparties</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Promptly following

the occurrence of any Servicer Default, the Servicer shall give written notice

thereof to the Trustees, the Trust Depositor and each Rating Agency at the

addresses described in <u>Section&nbsp;13.04</u> hereof, to each Swap

Counterparty at its address as set forth in the applicable Swap, and to the

Securityholders at their respective addresses appearing on the Note Register

and the Certificate Register, respectively.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Within ten (10) days

following any termination of a Servicer or appointment of a Successor Servicer

pursuant to this <u>Article&nbsp;VIII</u>, the Indenture Trustee shall give

written notice thereof to each Rating Agency and the Trust Depositor at the

addresses described in <u>Section&nbsp;13.04</u> hereof, to each Swap

Counterparty at its address as set forth in the applicable Swap and to the

Securityholders at their respective addresses appearing on the Note Register

and the Certificate Register, respectively.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section8_05EffectOfTransfer_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.05</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Effect of Transfer</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; After a Servicer

Transfer, the terminated Servicer shall have no further obligations with

respect to the management, administration, servicing, custody or collection of

the Loans and the Successor Servicer appointed pursuant to <u>Section&nbsp;8.03</u>

shall have all of such obligations, except that the terminated Servicer will

transmit or cause to be transmitted directly to the Successor Servicer for its

own account, promptly on receipt and in the same form in which received, any

amounts (properly endorsed where required for the Successor Servicer to collect

them) received as payments upon or otherwise in connection with the Loans.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A Servicer Transfer

shall not affect the rights and duties of the parties hereunder (including but

not limited to the indemnities of the Servicer) other than those relating to

the management, administration, servicing, custody or collection of the Loans.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">61</font></p>





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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section8_06DatabaseFile_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.06</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Database File</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon reasonable request by the Indenture Trustee or the Backup

Servicer, the Servicer will provide the Successor Servicer with a magnetic tape

containing the database file for each Loan (i)&nbsp;as of the applicable Cut&#150;Off

Date, (ii)&nbsp;thereafter, as of the last day of the preceding Collection

Period and on the Determination Date prior to a Servicer Default and

(iii)&nbsp;on and as of the Business Day before the actual commencement of

servicing functions by the Successor Servicer following the occurrence of a

Servicer Default.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section8_07SuccessorServicerIndemnif"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.07</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Successor Servicer

Indemnification</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The original Servicer shall defend, indemnify and hold the Successor

Servicer and any officers, directors, employees or agents of the Successor

Servicer harmless against any and all claims, losses, penalties, fines,

forfeitures, legal fees and related costs, judgments and any other costs, fees,

and expenses that the Successor Servicer may sustain in connection with the

claims asserted at any time by third parties against the Successor Servicer

which result from (i)&nbsp;any willful or grossly negligent act taken or

omission by the Servicer or (ii)&nbsp;a breach of any representations of the

Servicer in <u>Section&nbsp;3.07</u> hereof.&#160;

The indemnification provided by this <u>Section&nbsp;8.07</u> shall

survive the termination of this Agreement and the removal or resignation of the

Successor Servicer.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section8_08ResponsibilitiesOfTheSuc"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.08</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Responsibilities of the

Successor Servicer</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Successor

Servicer will not be responsible for delays attributable to the Servicer&#146;s

failure to deliver information, defects in the information supplied by the

Servicer or other circumstances beyond the control of the Successor Servicer.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Successor

Servicer will make arrangements with the Servicer for the prompt and safe transfer

of, and the Servicer shall provide to the Successor Servicer, all necessary

servicing files and records, including (as deemed necessary by the Successor

Servicer at such time): (i)&nbsp;microfiche loan documentation,

(ii)&nbsp;servicing system tapes, (iii)&nbsp;Loan payment history,

(iv)&nbsp;collections history and (v)&nbsp;the trial balances, as of the close

of business on the day immediately preceding conversion to the Successor

Servicer, reflecting all applicable Loan information.&#160; The current Servicer shall be obligated to pay the costs

associated with the transfer of the servicing files and records to the

Successor Servicer.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Successor

Servicer shall have no responsibility and shall not be in default hereunder nor

incur any liability for any failure, error, malfunction or any delay in

carrying out any of its duties under this Agreement if any such failure or

delay results from the Successor Servicer acting in accordance with information

prepared or supplied by a Person other than the Successor Servicer or the failure

of any such Person to prepare or provide such information.&#160; The Successor Servicer shall have no

responsibility, shall not be in default and shall incur no liability

(i)&nbsp;for any act or failure to act by any third party, including the

Servicer, the Trust Depositor or the Trustees or for any inaccuracy or omission

in a notice or communication received by the Successor Servicer from any third

party or (ii)&nbsp;which is due to or results from the invalidity,

unenforceability of any Loan under Requirements of Law or the breach or the

inaccuracy of any representation or warranty made with respect to any Loan.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If the Indenture

Trustee or any other Successor Servicer assumes the role of Successor Servicer

hereunder, such Successor Servicer shall be entitled to the benefits of (and

subject to the provisions of) <u>Section&nbsp;5.05</u> concerning delegation of

duties to subservicers.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section8_09RatingAgencyConditionFor"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.09</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Rating Agency Condition

for Servicer Transfer</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the foregoing provisions relating to a Servicer

Transfer, no Servicer Transfer shall be effective hereunder unless prior

written notice thereof shall have been given to the Rating Agencies, and the

Rating Agency Condition shall have been satisfied with respect thereto.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><a name="ArticleIxReports"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE IX</font></b></a></h1>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h1>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">REPORTS</font></b></h1>



<h1 align="left" style="margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h1>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section9_01MonthlyReports_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.01</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Monthly Reports</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to each Payment Date and the related Collection Period,

the Servicer will provide to each Trustee, the Backup Servicer, each Rating

Agency and the Initial Purchaser on the related Determination Date, a monthly

statement (a &#147;<u>Monthly Report</u>&#148;) substantially in the form of <u>Exhibit&nbsp;H</u>

hereto.&#160; On each Payment Date, the

Indenture Trustee will forward or make available to each Noteholder and each

Swap Counterparty a copy of the Monthly Report.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section9_02OfficersCertificate_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.02</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Officer&#146;s Certificate</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each Monthly Report delivered pursuant to <u>Section&nbsp;9.01</u>

shall be accompanied by a certificate of a Servicing Officer certifying the

accuracy of the Monthly Report and that no Servicer Default or event that with

notice or lapse of time or both would become a Servicer Default has occurred,

or if such event has occurred and is continuing, specifying the event and its

status.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section9_03OtherData_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.03</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Other

Data</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, the Servicer shall, upon the request of any Trustee, the

Backup Servicer or any Rating Agency, furnish such Trustee, Rating Agency or

the Backup Servicer, as the case may be, such underlying data used to generate

a Monthly Report as may be reasonably requested.&#160; The Servicer will also forward to the Indenture Trustee, the

Owner Trustee, each Swap Counterparty, each Rating Agency and the Initial

Purchaser (a)&nbsp;within sixty (60) days after each calendar quarter (except

the fourth calendar quarter), commencing with the quarter ending June&nbsp;30,

2002, the unaudited quarterly financial statement of the Servicer and

(b)&nbsp;within ninety (90) days after each fiscal year of the Servicer,

commencing with the fiscal year ending December 31, 2002, the audited annual

financial statement of the Servicer, together with the related report of the

independent accountants to the Servicer.&#160;

On the Payment Date following the receipt of each such financial

statements and report, the Indenture Trustee will forward to each Noteholder of

record a copy of such financial statements and report.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section9_04AnnualReportOfAccountant"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.04</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Annual Report of

Accountants</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Servicer shall

cause a firm of nationally recognized independent certified public accountants

(the &#147;<u>Independent Accountants</u>&#148;), who may also render other services to

the Servicer or its Affiliates, to deliver to the Indenture Trustee, the Owner

Trustee, each Swap Counterparty, the Backup Servicer and each Rating Agency, on

or before March 31 (ninety (90) days after the end of the Servicer&#146;s fiscal

year) of each year, beginning on March 31, 2003, a report addressed to the

Board of Directors of the Servicer, the Indenture Trustee and the Owner Trustee

indicating that (i)&nbsp;with respect to the twelve (12) months ended the

immediately preceding December&nbsp;31, to the effect that such Independent

Accountants have audited the financial statements of the Servicer, that as part

of that audit, nothing came to the attention of such Independent Accountant

that causes them to believe that the Servicer was not in compliance with any of

the terms, covenants, provisions or conditions of the relevant sections of the

Agreement, insofar as they relate to accounting matters, except for such

exceptions as such Independent Accountants shall believe to be immaterial and

such other exceptions as shall be set forth in such report, (ii)&nbsp;in connection

with the Independent Accountant&#146;s audit of the Servicer, there were no

exceptions or errors in records related to Loans serviced by the Servicer,

except for such exceptions as such Independent Accountants shall believe to be

immaterial and such other exceptions as shall be set forth in such report, and

(iii)&nbsp;the Independent Accountant has performed certain procedures as

agreed by the Servicer, the Indenture Trustee (subject to the provisions of

this <u>subsection&nbsp;9.04(a)</u>) and the Owner Trustee, whereby the

Independent Accountant will obtain the Monthly Report for four months with

respect to the twelve (12) months ended the immediately preceding

December&nbsp;31 and, for each Monthly Report, the Independent Accountant will

agree all amounts in the Monthly Report to the Servicer&#146;s computer, accounting

and other reports, which will include in such report any amounts which were not

in agreement.&#160; In the event such firm of

Independent Accountants requires the Indenture Trustee to agree to the

procedures performed by such firm of Independent Accountants, the Servicer

shall direct the Indenture Trustee in writing to so agree; it being understood

and agreed that the Indenture Trustee will deliver such letter of agreement in</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">conclusive reliance upon the direction of the Servicer, and the

Indenture Trustee will not make any independent inquiry or investigation as to,

and shall have no obligation or liability in respect of, the sufficiency,

validity or correctness of such procedures.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Independent

Accountant&#146;s report shall also indicate that the firm is independent of the

Servicer within the meaning of the Code of Professional Ethics of the American

Institute of Certified Public Accountants.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section9_05AnnualStatementOfComplia"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.05</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Annual Statement of

Compliance from Servicer</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Servicer will deliver to the Trustees, each Swap Counterparty and

each of the Rating Agencies, within ninety (90) days of the end of each fiscal

year commencing with the year ending December 31, 2002, an Officer&#146;s

Certificate stating that (a)&nbsp;a review of the activities of the Servicer

during the prior calendar year and of its performance under this Agreement was

made under the supervision of the officer signing such certificate and

(b)&nbsp;to such officer&#146;s knowledge, based on such review, the Servicer has

fully performed or caused to be performed in all material respects all its

obligations under this Agreement and no Servicer Default has occurred or is

continuing, or, if there has been a Servicer Default, specifying each such

default known to such officer and the nature and status thereof and the steps

being taken or necessary to be taken to remedy such event.&#160; A copy of such certificate may be obtained

by any Securityholder by a request in writing to the Indenture Trustee, with

respect to any Noteholder, or the Owner Trustee, with respect to any

Certificateholder.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section9_06AnnualSummaryStatement_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.06</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Annual Summary Statement</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Within ninety (90) days of the end of each fiscal year, commencing

December 31, 2002, the Servicer shall prepare and provide to each Trustee, each

Swap Counterparty and each Rating Agency a cumulative summary of the

information required to be included in the Monthly Reports for the Collection

Periods ending during the immediately preceding calendar year.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section9_07ReportsOfForeclosureAnd"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.07</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Reports of Foreclosure

and Abandonment of Mortgaged Property</u>.</h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each year the Servicer shall make the reports of foreclosures and

abandonment of any mortgaged property included in the Collateral as and to the

extent required by &#167; 6050J of the Code.&#160;

Promptly after filing any such report with the Code, the Servicer shall

provide the Indenture Trustee with an Officer&#146;s Certificate certifying that

such report has been filed.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section9_08Notices_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.08</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Notices</u>.</h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Servicer shall

furnish to the Indenture Trustee and each Swap Counterparty (i)&nbsp;promptly,

copies of any material and adverse notices (including, without limitation,

notices of defaults, breaches, potential defaults or potential breaches) given

to or received from its other lenders and (ii)&nbsp;immediately, notice of the

occurrence of any Event of Default or Servicer Default or of any situation

which the Servicer reasonably expects to develop into an Event of Default or

Servicer Default.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Servicer also

agrees to make available on a reasonable basis to any Noteholder or Swap

Counterparty a knowledgeable financial or accounting officer for the purpose of

answering reasonable questions respecting recent developments affecting the

Servicer or the financial statements of the Servicer and to permit any

Noteholder or Swap Counterparty, at such Noteholder&#146;s or Swap Counterparty&#146;s

sole cost and expense, upon reasonable advance notice and subject to reasonable

confidentiality restrictions, to inspect the Servicer&#146;s servicing facilities

during normal business hours and in a manner that does not unreasonably

interfere with the Servicer&#146;s normal operations or customer or employee

relations for the purpose of satisfying such Noteholder or Swap Counterparty

that the Servicer has the ability to service the Loans in accordance with this

Agreement.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">64</font></p>





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</font></div>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><a name="ArticleXTermination"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE X</font></b></a></h1>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h1>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">TERMINATION</font></b></h1>



<h1 align="left" style="margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h1>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 112.5pt;page-break-after:auto;text-autospace:none;text-indent:-76.5pt;"><a name="Section10_01SaleOfLoanAssets_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;10.01</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Sale

of Loan Assets</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Upon any sale of the

assets of the Issuer pursuant to <u>Section&nbsp;9.02</u> of the Trust

Agreement, the Servicer shall instruct the Indenture Trustee in writing to

deposit the proceeds from such sale after all payments and reserves therefrom

have been made (the &#147;<u>Insolvency Proceeds</u>&#148;) in the Collection

Account.&#160; On the Payment Date on which

the Insolvency Proceeds are deposited in the Collection Account (or, if such

proceeds are not so deposited on a Payment Date, on the Payment Date

immediately following such deposit), the Servicer shall instruct the Indenture

Trustee in writing to allocate and apply (after the application on such Payment

Date of Available Amounts pursuant to <u>Section&nbsp;7.05</u>) the Insolvency

Proceeds as if (and in the same order of priority as) the Insolvency Proceeds

were Available Amounts being allocated and distributed on such date pursuant to

<u>subsection&nbsp;7.05(c)</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As described in <u>Article&nbsp;IX</u>

of the Trust Agreement, notice of any termination of the Issuer shall be given

by the Servicer to the Owner Trustee, the Indenture Trustee and each Swap

Counterparty as soon as practicable after the Servicer has received notice thereof.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Following the

satisfaction and discharge of the Indenture, the payment in full of the

principal of and interest on the Notes, the termination of all Swap

Transactions then outstanding under all Swaps then in effect and the payment in

full of all amounts, including Swap Breakage Costs, payable to such Swap

Counterparties upon such terminations, the Certificateholders will succeed to

the rights of the Noteholders hereunder and the Owner Trustee will succeed to

the rights of the Indenture Trustee pursuant to this Agreement.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><a name="ArticleXiRemediesUponMisrepresentat"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE XI</font></b></a></h1>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h1>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">REMEDIES UPON MISREPRESENTATION; REPURCHASE OPTION</font></b></h1>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h1>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 112.5pt;page-break-after:auto;text-autospace:none;text-indent:-76.5pt;"><a name="Section1101repurchasesoforsubstit"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;11.01</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Repurchases

of, or Substitution for, Loans for Breach of Representations and Warranties</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon a discovery by the Servicer, the Trust Depositor or the Trustees

of a breach of a representation or warranty of the Originator and the Trust

Depositor as set forth in <u>Section&nbsp;3.01</u>, <u>Section&nbsp;3.02</u>, <u>Section&nbsp;3.03</u>,

<u>Section&nbsp;3.04</u>, and <u>Section&nbsp;3.05</u>, or as made or deemed

made in any Addition Notice or any Subsequent Purchase Agreement relating to

Substitute Loans, that materially and adversely affects the interest of the

Noteholders or any Swap Counterparty in such Loan (in either case without

regard to the benefits of the Reserve Fund) (an &#147;<u>Ineligible Loan</u>&#148;), or

of an inaccuracy with respect to the representations as to concentrations of

the Initial Loans made under <u>Section&nbsp;3.05</u>, the party discovering

the breach shall give prompt written notice to the other parties (and the

Servicer shall, with respect to an inaccuracy concerning concentrations, select

one or more Loans, without employing adverse selection, to be the related

Excess Loan for purposes of this Section); <i><u><font style="font-style:italic;">provided</font></u></i>,

<i><u><font style="font-style:italic;">that</font></u></i>, the Trustees shall

have no duty or obligation to inquire or to investigate the breach by the

Originator of any of such representations or warranties.&#160; The Trust Depositor and the Originator shall

repurchase each such Ineligible Loan or Excess Loan, at a repurchase price

equal to the Transfer Deposit Amount, not later than the next succeeding

Determination Date following the date the Trust Depositor or the Originator

becomes aware of, or receives written notice from any Trustee, the Servicer or

the Trust Depositor of, any such breach or inaccuracy and which breach or

inaccuracy has not otherwise been cured; <i><u><font style="font-style:italic;">provided</font></u>,

<u>however</u></i>, that if the Trust Depositor and the Originator are able to

effect a substitution for any such Ineligible Loan or Excess Loan in compliance

with <u>Section&nbsp;2.04</u>, the Trust Depositor and the Originator may, in

lieu of repurchasing such Loan, effect a substitution for such affected Loan

with a Substitute Loan not later than the date a repurchase of such affected

Loan would be required hereunder; and <i><u><font style="font-style:italic;">provided</font></u></i>,

<i><u><font style="font-style:italic;">further</font></u></i>, <i><u><font style="font-style:italic;">that</font></u></i>, with respect to a breach of a

representation or warranty relating to the Loans in the aggregate and not to

any particular Loan, the Trust Depositor and the Originator may select Loans

(without adverse selection) to repurchase (or substitute for) such that, had

such Loans not been included as part of the Loan Assets (and, in the case of a

substitution, had such Substitute Loan been included as part of the Loan Assets

instead of the selected Loan), there would have been no breach of such

representation or warranty.&#160; Notwithstanding

any other provision of this Agreement, the obligation of</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



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</font></div>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the Trust Depositor and the Originator described in this <u>Section&nbsp;11.01</u>

shall not (a)&nbsp;terminate or be deemed released by any party hereto upon a

Servicer Transfer pursuant to <u>Article&nbsp;VIII</u> or (b)&nbsp;include any

obligation to make payment on account of a breach of a Loan by an Obligor

subsequent to the date on which such Loan was transferred to the Issuer.&#160; The repurchase obligation described in this <u>Section&nbsp;11.01</u>

is in no way to be satisfied with monies in the Reserve Fund.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section11_02ReassignmentOfRepurchase"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;11.02</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Reassignment of Repurchased or

Substituted Loans</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon receipt by the Indenture Trustee for deposit in the Collection

Account of the amounts described in <u>Section&nbsp;11.01</u> (or upon the

Subsequent Transfer Date related to a Substitute Loan described in <u>Section&nbsp;11.01</u>),

and upon receipt of an Officer&#146;s Certificate of the Servicer in the form

attached hereto as <u>Exhibit&nbsp;F</u>, the Indenture Trustee and the Issuer

shall assign to the Trust Depositor, and the Trust Depositor shall assign to

the Originator, all of the Issuer&#146;s and the Indenture Trustee&#146;s (or Trust

Depositor&#146;s, as applicable) right, title and interest in the repurchased or

substituted Loan and related Loan Assets without recourse, representation or warranty.&#160; Such reassigned Loan shall no longer

thereafter be included in any calculations of Outstanding Loan Balances

required to be made hereunder or otherwise be deemed a part of the Loan Pool.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><a name="ArticleXiiIndemnities"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE XII</font></b></a></h1>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h1>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">INDEMNITIES</font></b></h1>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h1>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section12_01IndemnificationByService"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;12.01</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Indemnification by Servicer</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Servicer agrees to indemnify, defend and hold the Indenture Trustee

(as such and in its individual capacity), the Owner Trustee (as such and in its

individual capacity), the Backup Servicer (as such and in its individual

capacity), each Swap Counterparty (as such and in its individual capacity) and

each Noteholder and Certificateholder harmless from and against any and all

claims, losses, penalties, fines, forfeitures, reasonable legal fees and

related costs, judgments, and any other reasonable costs, fees and expenses

that such Person may sustain as a result of the material failure of the

Servicer to perform its duties and service the Loans in compliance with the

terms of this Agreement, except to the extent arising from (a)&nbsp;the gross negligence,

willful misconduct or fraud by the Person claiming indemnification or

(b)&nbsp;an Obligor&#146;s financial difficulty.&#160;

The Servicer shall immediately notify the Indenture Trustee and the

Owner Trustee if a claim is made by any party with respect to this Agreement,

and the Servicer shall assume (with the consent of the indemnified party) the

defense and any settlement of any such claim and pay all expenses in connection

therewith, including reasonable counsel fees, and promptly pay, discharge and

satisfy any judgment or decree which may be entered against the indemnified

party in respect of such claim.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section12_02IndemnificationByTrustD"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;12.02</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Indemnification by Trust

Depositor</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Trust Depositor

agrees to indemnify, defend, and hold the Indenture Trustee (as such and in its

individual capacity), the Owner Trustee (as such and in its individual

capacity), the Backup Servicer (as such and in its individual capacity), each

Swap Counterparty (as such and in its individual capacity) and each Noteholder

and Certificateholder harmless from and against any and all claims, losses,

penalties, fines, forfeitures, reasonable legal fees and related costs,

judgments, and any other reasonable costs, fees and expenses that such Person

may sustain as a result of the material failure of the Trust Depositor to

perform its duties in compliance with the terms of this Agreement and in the

best interests of the Securityholders and the Swap Counterparties, except to

the extent arising from (a)&nbsp;the gross negligence, willful misconduct or

fraud by the Person claiming indemnification or (b)&nbsp;an Obligor&#146;s financial

difficulty.&#160; The Trust Depositor shall

immediately notify the Indenture Trustee and the Owner Trustee if a claim is

made by a third party with respect to this Agreement, and the Trust Depositor

shall assume (with the consent of the indemnified party) the defense and any

settlement of any such claim and pay all expenses in connection therewith,

including reasonable counsel fees, and promptly pay, discharge and satisfy any

judgment or decree which may be entered against the indemnified party in

respect of such claim.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Trust Depositor

agrees to indemnify, defend and hold harmless the Issuer, the Owner Trustee,

the Indenture Trustee and the Servicer from and against any taxes that may at

any time be asserted against any such Person with respect to the transactions

contemplated herein and in the other Transaction Documents, including any</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">66</font></p>





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</font></div>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">sales, gross receipts, general corporation, tangible personal property,

Maryland personal property replacement privilege or license taxes (but, in the

case of the Issuer, not including any taxes asserted with respect to, and as of

the date of, the sale of the Loans to the Issuer or the issuance and original

sale of the Securities, or asserted with respect to ownership of the Loans, or

federal or other income taxes arising out of distributions on the Certificate

or the Notes) and costs and expenses in defending against the same.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Trust Depositor

shall indemnify, defend and hold harmless the Issuer, the Owner Trustee, and

the Indenture Trustee, their officers, directors, agents and employees, from

and against all costs, expenses, losses, claims, damages and liabilities

arising out of or incurred in connection with the acceptance or performance of

the trusts and duties herein and, in the case of the Owner Trustee, in the

Trust Agreement and, in the case of the Indenture Trustee, in the Indenture,

and any other document or transaction contemplated in connection herewith or

therewith, except to the extent that such cost, expense, loss, claim, damage or

liability in the case of (i)&nbsp;the Owner Trustee, shall be due to the

willful misfeasance, bad faith or gross negligence of the Owner Trustee, or

shall arise from the breach by the Owner Trustee of any of its representations

or warranties set forth in <u>Section&nbsp;7.03</u> of the Trust Agreement, or

(ii)&nbsp;the Indenture Trustee, shall be due to the willful misfeasance, bad

faith or negligence of the Indenture Trustee.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Trust Depositor

shall be liable directly to and will indemnify any injured party or any other

creditor of the Issuer for all losses, claims, damages, liabilities and

expenses of the Issuer to the extent that the Trust Depositor would be liable

if the Issuer were a partnership under the Delaware Revised Uniform Limited

Partnership Act in which the Trust Depositor were a general partner; <i><u><font style="font-style:italic;">provided</font></u></i>, <i><u><font style="font-style:italic;">however</font></u></i>, that the Trust Depositor

shall not be liable for any losses incurred by a Certificateholder in the

capacity of an investor in the Certificate or a Noteholder in the capacity of

an investor in the Notes.&#160; In addition,

any third party creditors of the Issuer (other than in connection with the

obligations described in the immediately preceding sentence for which the Trust

Depositor shall not be liable) shall be deemed third party beneficiaries of

this paragraph.&#160; The obligations of the

Trust Depositor under this paragraph shall be evidenced by the Certificate

described in the Trust Agreement.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Trust Depositor

shall indemnify, defend and hold harmless the Owner Trustee and the Indenture

Trustee, their officers, directors, agents and employees, from and against any

loss, liability or expense incurred by reason of the Trust Depositor&#146;s or

Issuer&#146;s violation of federal or state securities laws in connection with the

offering and sale of the Notes.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section12_03LiabilitiesToObligors_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;12.03</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Liabilities to Obligors</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No obligation or liability to any Obligor under any of the Loans is

intended to be assumed by the Trustees, the Issuer, the Securityholders or the

Swap Counterparties under or as a result of this Agreement and the transactions

contemplated hereby.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section12_04TaxIndemnification_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;12.04</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Tax Indemnification</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Originator

agrees to pay, and to indemnify, defend and hold harmless the Trust Depositor,

the Issuer, the Trustees, the Backup Servicer, the Securityholders and the Swap

Counterparties from, any taxes that may at any time be asserted with respect

to, and as of the date of, the transfer of the Loans to the Trust Depositor,

the transfer by the Trust Depositor of the Loans to the Issuer and the further

pledge by the Issuer to the Indenture Trustee, including, without limitation,

any sales, gross receipts, general corporation, personal property, privilege or

license taxes (but not including any federal, state or other taxes arising out

of the creation of the Issuer and the issuance of the Notes and Certificates),

and costs, expenses and reasonable counsel fees in defending against the same,

whether arising by reason of the acts to be performed by the Originator or the

Servicer under this Agreement or imposed against the Issuer, the Trustees, the

Backup Servicer, a Noteholder, a Certificateholder, a Swap Counterparty or

otherwise.&#160; Notwithstanding any other

provision of this Agreement, the obligation of the Originator under this <u>Section&nbsp;12.04</u>

shall not terminate upon a Servicer Transfer pursuant to <u>Article&nbsp;VIII</u>

of this Agreement and shall survive any termination of this Agreement.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Originator

agrees to pay and to indemnify, defend and hold harmless the Issuer, the

Trustees and the Swap Counterparties, on an after&#150;tax basis (as hereinafter

defined), from any state or local personal property taxes, gross rent taxes,

leasehold taxes or similar taxes that may at any time be asserted with respect

to the</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">67</font></p>





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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ownership of the Loans (including security interests therein) and the

receipt of rentals therefrom by the Issuer, and costs, expenses and reasonable

counsel fees in defending against the same, excluding, however, taxes based

upon or measured by gross or net income or receipts (other than taxes imposed

specifically with respect to rentals). As used in this Section, the term

&#147;after&#150;tax basis&#148; shall mean, with respect to any payment to be received by an

indemnified Person, that the amount to be paid by the Originator shall be equal

to the sum of (i)&nbsp;the amount to be received without regard to this

sentence, plus (ii)&nbsp;any additional amount that may be required so that,

after reduction by all taxes imposed under any federal, state and local law,

and taking into account any current credits or deductions arising therefrom,

resulting either from the receipt of the payments described in both <u>clauses

(i)</u> and <u>(ii)</u> hereof, such sum shall be equal to the amount described

in <u>clause (i)</u> above.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section12_05Adjustments_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;12.05</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Adjustments</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Originator

agrees that, with respect to each Loan that provides for a prepayment amount

less than the amount calculated in accordance with the definition of

&#147;Prepayment Amount&#148;, the Originator shall indemnify the Trust Depositor or the

Issuer as assignee thereof in an amount at least equal to the excess of the

Prepayment Amount as calculated in accordance with the definition thereof over

the amount otherwise payable upon prepayment of such Loan.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Originator

hereby further agrees that if any real property collateral securing any Loan

described in <u>subsection&nbsp;3.02(d)</u> hereof becomes the subject of any

claims, proceedings, Liens or encumbrances with respect to any material

violation or claimed material violation of any federal or state environmental

laws or regulations, such Loan shall for all purposes hereunder be, at and

following the time of discovery by the Originator, the Trust Depositor, the

Servicer or any Trustee (it being understood and agreed that such Trustee is

under no duty of investigation) of such fact, deemed an Ineligible Loan subject

to the same remedial and recourse provisions hereunder as other Loans

determined to be Ineligible Loans hereunder.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section12_06OperationOfIndemnities_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;12.06</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Operation of Indemnities</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indemnification under this <u>Article&nbsp;XII</u> shall include,

without limitation, reasonable fees and expenses of counsel and expenses of

litigation.&#160; If the Servicer, Trust

Depositor or Originator has made any indemnity payments pursuant to this <u>Article&nbsp;XII</u>

and the indemnified party thereafter collects any of such amounts from others,

the indemnified party will repay such amounts collected to the Servicer, the

Originator or the Trust Depositor, as applicable, except that any payments

received by the indemnified parties from an insurance provider as a result of

the events under which the Servicer&#146;s, the Originator&#146;s or the Trust

Depositor&#146;s, as applicable, indemnity payments arose shall be repaid prior to

any repayment of the Servicer&#146;s, the Originator&#146;s or the Trust Depositor&#146;s, as

applicable, indemnity payment.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><a name="ArticleXiiiMiscellaneous"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE XIII</font></b></a></h1>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h1>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">MISCELLANEOUS</font></b></h1>



<h1 align="left" style="margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h1>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section13_01Amendment_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;13.01</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Amendment</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; This Agreement may

be amended by the Originator, the Trust Depositor, the Servicer, the Indenture

Trustee and the Owner Trustee on behalf of the Issuer, collectively, without

the consent of any Securityholders, to cure any ambiguity, to correct or

supplement any provisions in this Agreement that are inconsistent with the

provisions herein, or to add any other provisions with respect to matters or

questions arising under this Agreement that shall not be inconsistent with the

provisions of this Agreement; <i><u><font style="font-style:italic;">provided</font></u></i>,

<i><u><font style="font-style:italic;">however</font></u></i>, (i)&nbsp;that the

consent of the Noteholders shall be required unless the Issuer obtains an

Opinion of Counsel stating that the amendment does not adversely affect in any

material respect the interests of any Holder of the Class&nbsp;A Notes or

Class&nbsp;B Notes, (ii)&nbsp;the consent of each Swap Counterparty shall be

required for any amendments to <u>subsection 5.17(h)</u>, and (iii)&nbsp;for

all other such amendments, the consent of each Swap Counterparty shall be

required unless the Issuer obtains an Opinion of Counsel stating that the

amendment does not adversely affect in any material respect the interests of

the Swap Counterparties.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">68</font></p>





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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; This Agreement may

also be amended from time to time by the Originator, the Trust Depositor, the

Servicer, the Indenture Trustee and the Owner Trustee on behalf of the Issuer,

with the consent of the Required Holders and the Swap Counterparties, 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 Securityholders or the Swap Counterparties; <i><u><font style="font-style:italic;">provided</font></u>, <u>however</u></i>, that no such

amendment shall,</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; increase

or reduce in any manner the amount of, or accelerate or delay the timing of, or

change the method of calculating distributions which are required to be made on

any Note or the Certificate or the principal amount of the Notes or the

Certificate without the consent of each Securityholder affected thereby; or</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; change

the manner in which the Reserve Fund is applied, without the consent of each

Noteholder affected thereby; or</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; reduce

the aforesaid percentage required to consent to any amendment (including

through amendment of related definitions) without the consent of each

Noteholder affected thereby; or</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; modify,

amend or supplement the provisions of this Agreement relating to the allocation

of collections on the Loans without the consent of each Noteholder affected

thereby; or</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; make

any security issued by the Issuer payable in money other than U.S. dollars

without the consent of each Noteholder affected thereby;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Prior to the

execution of any such amendment or consent, the Indenture Trustee shall furnish

written notification of the substance of such amendment or consent, together

with a copy thereof, to each Rating Agency.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Promptly after the

execution of any such amendment or consent, the Owner Trustee and the Indenture

Trustee, as the case may be, shall furnish written notification of the

substance of such amendment or consent to each Certificateholder and

Noteholder, respectively.&#160; It shall not

be necessary for the consent of the Securityholders or the Swap Counterparties

pursuant to <u>subsection&nbsp;13.01(b)</u> to approve the particular form of

any proposed amendment or consent, but it shall be sufficient if such consent

shall approve the substance thereof.&#160;

The manner of obtaining such consents and of evidencing the

authorization by the Securityholders and the Swap Counterparties of the

execution thereof shall be subject to such reasonable requirements as the Owner

Trustee or the Indenture Trustee may prescribe.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Prior to the

execution of any amendment to this Agreement, the Owner Trustee and the

Indenture Trustee shall be entitled to receive and conclusively rely upon an

Opinion of Counsel stating that the execution of such amendment is authorized

and permitted by this Agreement.&#160; Such

Trustee may, but shall not be obligated to, enter into any such amendment that

affects such Trustee&#146;s own rights, duties, indemnities or immunities under this

Agreement or otherwise.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section13_02ProtectionOfTitletoIss"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;13.02</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Protection of Title&nbsp;to

Issuer</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Servicer shall

execute and file such financing statements, and cause to be executed and filed

such amendments or continuation statements, all in such manner and in such

places as may be required by Requirements of Law fully to preserve, maintain

and protect the interest of the Issuer, the Securityholders, the Swap

Counterparties, the Indenture Trustee and the Owner Trustee in the Loans and in

the proceeds thereof.&#160; The Servicer

shall deliver (or cause to be delivered) to the Owner Trustee and the Indenture

Trustee file&#150;stamped copies of, or filing receipts for, any document filed as

provided above, as soon as available following such filing.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Servicer shall

maintain or cause to be maintained accounts and records as to each Loan

accurately and in sufficient detail to permit (i)&nbsp;the reader thereof to

know at any time the status of such Loan, including payments and recoveries

made and payments owing (and the nature of each) and (ii)&nbsp;reconciliation

between payments or recoveries on (or with respect to) each Loan and the amounts

from time to time deposited in or</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">69</font></p>





<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman"><font size="2" style="font-size:10.0pt;">
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</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">credited to the Collection Account, including identifying amounts

credited to the Interest Collection Account and the Principal Collection

Account in respect of each Loan.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Servicer shall

maintain or cause to be maintained its computer systems so that, from and after

the time of sale under this Agreement of the Loans, the Servicer&#146;s master

computer records (including any backup archives) that shall refer to a Loan

indicate clearly the interest of the Issuer and the Indenture Trustee in such

Loan and that such Loan is owned by the Issuer and has been pledged to the

Indenture Trustee.&#160; Indication of the

Issuer&#146;s ownership of and the Indenture Trustee&#146;s interest in a Loan shall be

deleted from or modified on the Servicer&#146;s computer systems when, and only

when, the related Loan shall have been paid in full or repurchased or

substituted for.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Servicer shall

deliver to the Owner Trustee, the Indenture Trustee, each Swap Counterparty and

each Rating Agency promptly after the execution and delivery of this Agreement

and of each amendment hereto, an Opinion of Counsel either (A) stating that, in

the opinion of such counsel, all financing statements and continuation

statements have been executed and filed that are necessary fully to preserve

and protect the interest of the Issuer and the Indenture Trustee and reciting

the details of each filing or referring to prior Opinions of Counsel in which

such details are given, or (B) stating that, in the opinion of such counsel, no

such action shall be necessary to preserve and protect such interest.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section13_03GoverningLaw_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;13.03</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Governing Law</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; This Agreement shall

be construed in accordance with the laws of the State of New York and the

obligations, rights, and remedies of the parties under the Agreement shall be

determined in accordance with such laws.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; EACH PARTY HERETO

HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY REQUIREMENTS OF LAW, ANY

RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR

INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT.&#160; Each party hereto (i)&nbsp;certifies that no

representative, agent or attorney of any other party has represented, expressly

or otherwise, that such other party would not, in the event of litigation, seek

to enforce the foregoing waiver and (ii)&nbsp;acknowledges that it and the

other parties hereto have been induced to enter into this Agreement by, among

other things, the mutual waivers and certifications in this <u>subsection&nbsp;13.03(b)</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section13_04Notices_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;13.04</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Notices</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All notices, demands, certificates, requests and communications

hereunder (&#147;notices&#148;) shall be in writing and shall be effective (a)&nbsp;upon

receipt when sent through the U.S. mails, registered or certified mail, return

receipt requested, postage prepaid, with such receipt to be effective the date

of delivery indicated on the return receipt, or (b)&nbsp;one (1) Business Day

after delivery to an overnight courier, or (c)&nbsp;on the date personally delivered

to an Authorized Officer of the party to which sent, or (d)&nbsp;on the date

transmitted by legible telecopier transmission with a confirmation of receipt,

in all cases addressed to the recipient as follows:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If to the Servicer,

the Originator or the Swap Guarantor:</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">American Capital Strategies, Ltd.</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2 Bethesda Metro Center</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14<sup>th</sup> Floor</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bethesda, Maryland&#160; 20814</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Compliance

Officer</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Facsimile No.:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (301)&nbsp;654&#150;6714</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">70</font></p>





<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman"><font size="2" style="font-size:10.0pt;">
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</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If to the Trust

Depositor:</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ACAS Business Loan LLC, 2002&#150;1</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2 Bethesda Metro Center</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14<sup>th</sup> Floor</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bethesda, Maryland&#160; 20814</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160;

&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Compliance

Officer</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Facsimile No.:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (301)&nbsp;654&#150;6714</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If to the Indenture

Trustee:</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wells Fargo Bank Minnesota, National

Association</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sixth Street and Marquette Avenue</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MAC N9311&#150;161</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Minneapolis, Minnesota&#160; 55479</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160;

&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Corporate

Trust Services/Asset Backed Administration</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Facsimile No.:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (612) 667&#150;3464</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If to the Owner

Trustee:</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">First Union Trust Company, National

Association</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Rodney Square, 1<sup>st</sup> Floor</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">920 King Street</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wilmington, Delaware&#160; 19801</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160;

&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Corporate

Trust Administration</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Facsimile No.:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (302)&nbsp;888&#150;7544</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If to the Issuer:</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ACAS Business Loan Trust 2002&#150;1</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c/o First Union Trust Company, National

Association</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Rodney Square, 1<sup>st</sup> Floor</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">920 King Street</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wilmington, Delaware&#160; 19801</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160;

&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Corporate

Trust Administration</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Facsimile No.: &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (302)&nbsp;888&#150;7544</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If to S&amp;P:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Standard &amp; Poor&#146;s Ratings Service</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55 Water Street</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41st Floor</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, New York 10041</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention: &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Surveillance:&#160; Asset&#150;Backed Services</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Facsimile No.: &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (212) 438&#150;2662</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If to Moody&#146;s:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Moody&#146;s Investors Service, Inc.</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99 Church Street</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4th Floor</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, New York 10007</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention: &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ABS

Monitoring Department</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Facsimile No.: &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (212) 553&#150;0344</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">71</font></p>





<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman"><font size="2" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='71',FILE='C:\C2\tstreeter\3717_1\t_622979\j3717_ex10d3.htm',USER='tstreet',CD='May 13 09:25 2002' -->
<br clear="all" style="page-break-before:always;">

</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; If to Fitch:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fitch, Inc.</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One State Street Plaza</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, New York 10004</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160;

&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; CDO

Surveillance</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Facsimile No.:&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (212)

514&#150;6501</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ix)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If to the Initial

Purchaser:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">First Union Securities, Inc.</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Wachovia Center, Mail Code: NC0610</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">301 South College Street</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Charlotte, North Carolina&#160; 28288&#150;0610</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention: &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Asset

Securitization Division</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Facsimile No.:&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (704)

383&#150;4012</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If to a Swap

Counterparty:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>At the address set forth

for such party in the applicable Swap.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each party hereto may, by notice given in accordance herewith to each

of the other parties hereto, designate any further or different address to

which subsequent notices shall be sent.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section13_05SeverabilityOfProvisions"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;13.05</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Severability of Provisions</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If 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, the Notes, the Certificates or the rights of the Holders

thereof, and any such prohibition, invalidity or unenforceability in any jurisdiction

shall not invalidate or render unenforceable such covenants, agreements,

provisions or terms in any other jurisdiction.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section13_06ThirdPartyBeneficiaries_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;13.06</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Third Party Beneficiaries</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as otherwise specifically provided herein, the parties hereto

hereby manifest their intent that no third party, other than the Swap

Counterparties and the Owner Trustee, shall be deemed a third party beneficiary

of this Agreement, and specifically that the Obligors are not third party

beneficiaries of this Agreement.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section13_07Counterparts_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;13.07</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Counterparts</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement may be executed by facsimile signature and in several

counterparts, each of which shall be an original and all of which shall

together constitute but one and the same instrument.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section13_08Headings_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;13.08</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Headings</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The headings of the various Articles and Sections&nbsp;herein are for

convenience of reference only and shall not define or limit any of the terms or

provisions hereof.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section13_09NoBankruptcyPetitionDi"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;13.09</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>No Bankruptcy Petition;

Disclaimer</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each of the

Originator, the Indenture Trustee, the Servicer, the Issuer acting through the

Owner Trustee and each Holder (by acceptance of the applicable Securities)

covenants and agrees that, prior to the date that is one (1) year and one (1)

day after the payment in full of all amounts owing in respect of all

outstanding Classes of Notes rated by any Rating Agency, it will not institute

against the Trust Depositor, or the Issuer, or join any other Person in

instituting against the Trust Depositor or the Issuer, any bankruptcy,

reorganization, arrangement,</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">72</font></p>





<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman"><font size="2" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='72',FILE='C:\C2\tstreeter\3717_1\t_622979\j3717_ex10d3.htm',USER='tstreet',CD='May 13 09:25 2002' -->
<br clear="all" style="page-break-before:always;">

</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">insolvency or liquidation proceedings or other similar proceedings

under the laws of the United States or any state of the United States; <i><u><font style="font-style:italic;">provided</font></u></i>, <i><u><font style="font-style:italic;">however</font></u></i>, that nothing herein shall

prohibit the Indenture Trustee from filing proofs of claim or otherwise

participating in any such proceedings instituted by any other Person.&#160; This <u>Section&nbsp;13.09</u> will survive

the termination of this Agreement.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Issuer

acknowledges and agrees that the Certificates represent a beneficial interest

in the Issuer and Loan Assets only and the Securities do not represent an

interest in any assets (other than the Loan Assets) of the Trust Depositor

(including by virtue of any deficiency claim in respect of obligations not paid

or otherwise satisfied from the Loan Assets and proceeds thereof).&#160; In furtherance of and not in derogation of

the foregoing, to the extent that the Trust Depositor enters into other

securitization transactions as contemplated in <u>Section&nbsp;6.07</u>, the

Issuer acknowledges and agrees that it shall have no right, title or interest

in or to any assets (or interests therein), other than the Loan Assets,

conveyed or purported to be conveyed (whether by way of a sale, capital

contribution or by the granting of a Lien) by the Trust Depositor to any Person

other than the Issuer (the &#147;<u>Other Assets</u>&#148;).</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To the extent that,

notwithstanding the agreements contained in this <u>subsection&nbsp;13.09</u>,

the Issuer, any Securityholder or any Swap Counterparty, either

(i)&nbsp;asserts an interest in or claim to, or benefit from any Other Assets,

whether asserted against or through the Trust Depositor or any other Person

owned by the Trust Depositor, or (ii)&nbsp;is deemed to have any interest,

claim or benefit in or from any Other Assets, whether by operation of law,

legal process or pursuant to applicable provisions of Insolvency Laws or

otherwise (including without limitation pursuant to Section&nbsp;1111(b) of the

federal Bankruptcy Code, as amended), and whether deemed asserted against or

through the Trust Depositor or any other Person owned by the Trust Depositor,

then the Issuer, each Securityholder by accepting a Note or Certificate and

each Swap Counterparty further acknowledges and agrees that any such interest,

claim or benefit in or from the Other Assets is and shall be expressly

subordinated to the indefeasible payment in full of all obligations and

liabilities of the Trust Depositor that, under the terms of the documents

relating to the securitization of the Other Assets, are entitled to be paid

from, entitled to the benefits of, or otherwise secured by such Other Assets

(whether or not any such entitlement or security interest is legally perfected

or otherwise entitled to a priority of distribution under Requirements of Law,

including Insolvency Laws, and whether asserted against the Trust Depositor or

any other Person owned by the Trust Depositor), including, without limitation,

the payment of post&#150;petition interest on such other obligations and

liabilities.&#160; This subordination

agreement shall be deemed a subordination agreement within the meaning of

Section&nbsp;510(a) of the Bankruptcy Code.&#160;

Each of the Issuer, the Securityholders and the Swap Counterparties is

deemed to have acknowledged and agreed that no adequate remedy at law exists

for a breach of this <u>Section&nbsp;13.09</u> and that the terms and

provisions of this <u>Section&nbsp;13.09</u> may be enforced by an action for

specific performance.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The provisions of

this <u>Section&nbsp;13.09</u> shall be for the third party benefit of those

entitled to rely thereon and shall survive the termination of this Agreement.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section13_10Jurisdiction_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;13.10</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Jurisdiction</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any legal action or proceeding with respect to this Agreement may be

brought in the courts of the United States for the Southern District of New

York, and by execution and delivery of this Agreement, each party hereto

consents, for itself and in respect of its property, to the non&#150;exclusive

jurisdiction of those courts.&#160; Each such

party irrevocably waives any objection, including any objection to the laying

of venue or based on the grounds of forum non conveniens, which it may now or

hereafter have to the bringing of any action or proceeding in such jurisdiction

in respect of this Agreement or any document related hereto.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section13_11TaxCharacterization_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;13.11</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Tax Characterization</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding

the provisions of <u>Section 2.01</u> and <u>Section 2.04</u> hereof, the Trust

Depositor and Owner Trustee agree that, for federal and State of Maryland

income tax purposes and pursuant to Treasury Regulations Section 301.7701&#151;3(b),

in the event that the Trust Certificates and the Class C Notes are owned by a

single holder, the Issuer is to be disregarded as an entity separate from the

Trust Depositor, and in the event that the Trust Certificates and Class C Notes

are owned by more than one holder, the Issuer is to be treated as a partnership

the partners of which are the holders of the Trust Certificates and Class C

Notes.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">73</font></p>





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<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman"><font size="2" style="font-size:10.0pt;">
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</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section13_12ProhibitedTransactionsWi"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;13.12</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Prohibited Transactions with

Respect to the Issuer</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Originator shall not:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Provide credit to

any Noteholder or Certificateholder for the purpose of enabling such Noteholder

or Certificateholder to purchase Notes or Certificates, respectively;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Purchase any Notes

or Certificates in an agency or trustee capacity; or</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except in its

capacity as Servicer as provided in this Agreement, lend any money to the

Issuer.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section13_13MergerOrConsolidationOf"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;13.13</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Merger or Consolidation of

Originator or Servicer</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each of the

Originator and the Servicer will keep in full force and effect its existence,

rights and franchise as a Delaware corporation, and each of the Originator and

the Servicer will obtain and preserve its qualification to do business as a

foreign corporation in each jurisdiction in which such qualification is or

shall be necessary to protect the validity and enforceability of this Agreement

and of any of the Loans and to perform its duties under this Agreement.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any Person into

which the Originator or the Servicer, as the case may be, may be merged or

consolidated, or any corporation resulting from such merger or consolidation to

which the Originator or the Servicer, as the case may be, is a party, or any

Person succeeding by acquisition or transfer to substantially all of the assets

and the business of the Originator or the Servicer, as the case may be, shall

be the successor to the Originator or the Servicer, as the case may be,

hereunder, without execution or filing of any paper or any further act on the

part of any of the parties hereto, notwithstanding anything herein to the

contrary.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Upon the merger or

consolidation of the Originator or the Servicer, as the case may be, as

described in this <u>Section&nbsp;13.13</u>, the Originator or the Servicer, as

the case may be, shall provide the Indenture Trustee, each Swap Counterparty

and the Rating Agencies notice of such merger, consolidation or transfer of

substantially all of the assets and business within thirty (30) days after

completion of the same.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 112.5pt;page-break-after:auto;text-autospace:none;text-indent:-76.5pt;"><a name="Section13_14AssignmentOrDelegationB"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;13.14</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Assignment

or Delegation by the Originator</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as specifically authorized hereunder, the Originator may not

convey and assign or delegate any of its rights or obligations hereunder absent

the prior written consent of the Trust Depositor, the Trustees and each Swap

Counterparty, and any attempt to do so without such consent shall be void.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 112.5pt;page-break-after:auto;text-autospace:none;text-indent:-76.5pt;"><a name="Section13_15LimitationOfLiabilityOf"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;13.15</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Limitation

of Liability of Owner Trustee</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">First Union Trust Company, National Association acts on behalf of the

Issuer solely as Owner Trustee hereunder and not in its individual capacity,

and all Persons having any claim against the Issuer by reason of the

transactions contemplated by this Agreement or any other Transaction Document

shall look only to the Trust Estate under the Trust Agreement for payment or

satisfaction thereof.&#160; The Owner Trustee

makes no representations as to the validity or sufficiency of this Agreement,

any other Transaction Document, the Notes, or of any Loan or related

documents.&#160; The Owner Trustee shall at

no time have any responsibility or liability for or with respect to the

legality, validity and enforceability of any Loan, the perfection and priority

of any security interest created by any Loan in any Collateral, the maintenance

of any such perfection and priority, or for or with respect to the sufficiency

of the Trust Estate under the Trust Agreement or its ability to generate the

payments to be distributed to the Certificateholders under the Trust Agreement

or the Noteholders under the Indenture, including, without limitation,

(i)&nbsp;the existence, condition and ownership of any Collateral;

(ii)&nbsp;the existence and enforceability of any insurance thereon;

(iii)&nbsp;the existence and contents of any Loan on any computer or other

record thereof; (iv)&nbsp;the validity of the assignment of any Loan to the

Issuer or of any intervening assignment; (v)&nbsp;the completeness of any Loan;

(vi)&nbsp;the performance or enforcement of any Loan; (vii)&nbsp;the compliance

by the Issuer, the Trust Depositor or the Servicer with any covenant, agreement

or other obligation or the accuracy of any warranty or representation made

under any Transaction Document or in any related document; or (viii)&nbsp;or

any action of the Administrator, the Indenture Trustee or the Servicer or any

subservicer taken in the name of the Owner Trustee or the Issuer.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">74</font></p>





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<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 112.5pt;page-break-after:auto;text-autospace:none;text-indent:-76.5pt;"><a name="Section13_16NoPartnership_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;13.16</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>No

Partnership</u>.</h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nothing herein contained shall be deemed or construed to create a

co&#150;partnership or joint venture between the parties hereto, and the services of

the Servicer shall be rendered as an independent contractor and not as agent

for the Holders.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 112.5pt;page-break-after:auto;text-autospace:none;text-indent:-76.5pt;"><a name="Section13_17SuccessorsAndAssigns_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;13.17</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Successors

and Assigns</u>.</h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement shall inure to the benefit of

and be binding upon the parties hereto and their respective successors and

permitted assigns.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 112.5pt;page-break-after:auto;text-autospace:none;text-indent:-76.5pt;"><a name="Section13_18ActsOfHolders_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;13.18</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Acts

of Holders</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as otherwise specifically provided herein,

whenever Holder action, consent or approval is required under this Agreement,

such action, consent or approval shall be deemed to have been taken or given on

behalf of, and shall be binding upon, all Holders if the Required Holders agree

to take such action or give such consent or approval.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 112.5pt;page-break-after:auto;text-autospace:none;text-indent:-76.5pt;"><a name="Section13_19DurationOfAgreement_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;13.19</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Duration

of Agreement</u>.</h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement shall continue in existence

and effect until terminated as herein provided.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section13_20ServicerAssignmentAndRe"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;13.20</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Servicer Assignment and

Resignation</u>.</h2>



<h2 style="margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Servicer

shall not assign its rights and duties under this Agreement (other than in

connection with a subservicing arrangement) nor resign from the obligations and

duties hereby imposed on it as Servicer except (i) by mutual consent of the

Servicer, the Indenture Trustee, the Swap Counterparties and the Required

Holders, (ii) in connection with a merger, conversion or consolidation

permitted pursuant to <u>Section 13.13</u> (in which case the Person resulting

from the merger, conversion or consolidation shall be the successor of the

Servicer), (iii) in connection with an assignment permitted pursuant to <u>Section

13.13</u> (in which case the Assignee shall be the successor of the Servicer),

or (iv) upon the Servicer&#146;s determination that its duties hereunder are no

longer permissible under Requirements of Law or administrative determination

and such incapacity cannot be cured by the Servicer.&#160; Any such determination permitting the resignation of the Servicer

shall be evidenced by a written Opinion of Counsel to such effect delivered to

the Indenture Trustee, which Opinion of Counsel shall be in form and substance

reasonably acceptable to the Indenture Trustee.&#160; No such resignation shall become effective until a successor has

assumed the Servicer&#146;s responsibilities and obligations hereunder in accordance

with <u>Section 8.03</u>.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><a name="ArticleXivSwapGuaranty"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE XIV</font></b></a></h1>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h1>



<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SWAP GUARANTY</font></b></h1>



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<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section14_01UnconditionalUndertaking_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;14.01</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Unconditional Undertaking</u>.</h2>



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<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Swap Guarantor hereby unconditionally and irrevocably guarantees to

each Swap Counterparty the punctual payment when due of any Swap Breakage Costs

due such Swap Counterparty under its Swap and any other Transaction Document

(the &#147;<u>Swap Guaranty Requirements</u>&#148;).&#160;

In the event that the Issuer shall fail to pay the Swap Guaranty

Requirements when the same shall be required to be paid under the applicable

Swap or any such other document (it being understood that any payment by the

Issuer in respect of Swap Breakage Costs would be paid pursuant to <u>Section

7.05</u> hereof), then, upon either actual knowledge of an officer of the Swap

Guarantor or demand of the Indenture Trustee or the applicable Swap

Counterparty, the Swap Guarantor shall make payment upon demand to the

applicable Swap Counterparty to allow such Swap Guaranty Requirements to be

satisfied.&#160; The Swap Guarantor shall also

pay all costs, fees and expenses (including reasonable attorneys fees) incurred

by each Swap Counterparty in collecting or enforcing the Swap Guarantor&#146;s

obligations hereunder.</font></p>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">75</font></p>





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<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section14_02ObligationsAbsolute_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;14.02</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Obligations Absolute</u>.</h2>



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<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Swap Guarantor undertakes that, subject to the provisions of <u>Section&nbsp;14.01</u>,

the Swap Guaranty Requirements will be paid strictly in accordance with the

terms of this Agreement or any other Transaction Document, regardless of any

law, regulation or order now or hereafter in effect in any jurisdiction

affecting any of such terms or the rights of the applicable Swap Counterparty

with respect thereto.&#160; A separate action

or actions may be brought and prosecuted against the Swap Guarantor to enforce

the provisions of this <u>Article&nbsp;XIV</u>, irrespective of whether any

action is brought against the Issuer or whether the Issuer is joined in any

such action or actions.&#160; The liability

of the Swap Guarantor under this <u>Article&nbsp;XIV</u> shall be absolute and

unconditional irrespective of:</font></p>



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<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any

lack of validity or enforceability of any other provision of this Agreement or

any other Transaction Document as against the Originator, the Trust Depositor,

the Servicer, the Backup Servicer, the Indenture Trustee, the Owner Trustee or

the Issuer;</font></p>



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<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any

change in the time, manner or place of payment of, or in any other term of, all

or any of the Swap Guaranty Requirements, or any other amendment or waiver of

or any consent to departure from any other provision of this Agreement or any

Transaction Document;</font></p>



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<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any

taking, exchange, release or non&#150;perfection of any collateral, or any taking,

release or amendment or waiver of or consent to departure from any guaranty,

for all or any of the Swap Guaranty Requirements;</font></p>



<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any

manner of application of collateral, or proceeds thereof, to all or any of the

Swap Guaranty Requirements, or any manner of sale or other disposition of any

collateral for all or any of the Swap Guaranty Requirements or any other assets

of the Originator, the Trust Depositor, the Servicer, the Backup Servicer, the

Indenture Trustee, the Owner Trustee or the Issuer;</font></p>



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<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any

change, restructuring or termination of the corporate structure or existence of

the Originator, the Trust Depositor, the Servicer, the Backup Servicer, the

Indenture Trustee, the Owner Trustee or the Issuer; or</font></p>



<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any

other circumstance that might otherwise constitute a defense available to, or a

discharge of, the Originator, the Trust Depositor, the Servicer, the Backup

Servicer, the Indenture Trustee, the Owner Trustee or the Issuer.</font></p>



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<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This <u>Article&nbsp;XIV</u> shall continue to be effective or be

reinstated, as the case may be, if at any time any payment of any of the Swap

Guaranty Requirements is rescinded or must otherwise be returned by a Swap

Counterparty upon the insolvency, bankruptcy or reorganization of the Issuer or

the Swap Guarantor or otherwise, all as though payment had not been made.&#160; No provision of this <u>Article&nbsp;XIV</u>

may be amended, supplemented or modified, or any of the terms hereof waived

with respect to a Swap Counterparty, except in a writing signed by the Swap

Counterparties and the Swap Guarantor.</font></p>



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<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section14_03PariPassuTreatmentOfOb"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;14.03</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Pari Passu Treatment of

Obligations of Swap Guarantor</u>.</h2>



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<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Swap Guaranty Requirements of the Swap Guarantor under this <u>Article&nbsp;XIV</u>

do rank and will rank <u>pari</u>  <u>passu</u> in priority of payment with all

other unsecured and unsubordinated obligations for borrowed money of the Swap

Guarantor.</font></p>



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<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section14_04Waiver_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;14.04</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Waiver</u>.</h2>



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<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Swap Guarantor hereby waives notice of acceptance of this guaranty

and of the extension or continuation of the Swap Guaranty Requirements or any

part thereof, presentment, protest, notice, demand, action or delinquency in

respect of the Swap Guaranty Requirements or any part thereof, any other notice

with respect to any of the Swap Guaranty Requirements and this <u>Article&nbsp;XIV</u>,

and any requirement that the parties to this Agreement protect, secure, perfect

or insure any security interest or Lien or any property subject thereto, or

exhaust any right or take any action against the Issuer or any other Person,

entity or any collateral.</font></p>



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<h2 style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;page-break-after:auto;text-autospace:none;text-indent:-1.0in;"><a name="Section14_05Subrogation_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;14.05</font></b></a><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Subrogation</u>.</h2>



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<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Until payment in full in cash of all of the Swap Guaranty Requirements,

all other amounts payable under all Swaps and all amounts payable to the Class

A and Class B Noteholders under this Agreement and the other Transaction

Documents have been paid in full (including, without limitation, the

Outstanding Principal Balance of the Class A Notes and Class B Notes being

reduced to zero and all interest thereon having been paid in full), the Swap

Guarantor hereby waives and releases all rights of subrogation against the

Issuer and its property and all rights of indemnification, contribution and

reimbursement from the Issuer and its property, in each case in connection with

this <u>Article&nbsp;XIV</u> and any payments made hereunder, and regardless of

whether such rights arise by operation of law, pursuant to contract or

otherwise.</font></p>



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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IN WITNESS WHEREOF</font></b>,

the parties hereto have caused this Agreement to be duly executed by their

respective officers as of the day and year first above written.</p>



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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ACAS BUSINESS LOAN TRUST 2002&#150;1</font></b></p>

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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>

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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FIRST UNION TRUST COMPANY, NATIONAL<br>

  ASSOCIATION, not in its individual capacity but<br>

  solely as the Owner Trustee on behalf of the Issuer</font></p>

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  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>

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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>

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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>

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  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="44%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:44.74%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="44%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:44.74%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ACAS BUSINESS LOAN LLC, 2002&#150;1</font></b>,

  as the Trust Depositor</p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="44%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:44.74%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="44%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:44.74%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.58%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>

  </td>

  <td width="41%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:41.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:5.72%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>

  </td>

  <td width="39%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:39.02%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:5.72%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>

  </td>

  <td width="39%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:39.02%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:5.72%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="39%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:39.02%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:5.72%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.02%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="44%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:44.74%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMERICAN CAPITAL STRATEGIES, LTD.</font></b>,

  as the <br>

  Servicer, as the Originator and as the Swap Guarantor</p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="44%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:44.74%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="44%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:44.74%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.58%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>

  </td>

  <td width="41%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:41.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:5.26%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>

  </td>

  <td width="39%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:39.48%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:5.26%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>

  </td>

  <td width="39%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:39.48%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr height="0">

  <td width="399" style="border:none;"></td>

  <td width="26" style="border:none;"></td>

  <td width="12" style="border:none;"></td>

  <td width="2" style="border:none;"></td>

  <td width="1" style="border:none;"></td>

  <td width="281" style="border:none;"></td>

 </tr>

</table>



<p style="margin:0in 0in .0001pt 3.0in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Signatures Continued on the Following Page]</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">S-1</font></p>





<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman"><font size="2" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='S-1',FILE='C:\C2\tstreeter\3717_1\t_622979\j3717_ex10d3.htm',USER='tstreet',CD='May 13 09:25 2002' -->
<br clear="all" style="page-break-before:always;">

</font></font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="44%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:44.84%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WELLS FARGO BANK MINNESOTA, NATIONAL<br>

  ASSOCIATION</font></b>, as the Indenture Trustee and the Backup<br>

  Servicer</p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.16%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="44%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:44.84%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.16%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="44%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:44.84%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.56%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>

  </td>

  <td width="41%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:41.28%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>

  </td>

  <td width="39%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:39.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>

  </td>

  <td width="39%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:39.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr height="0">

  <td width="398" style="border:none;"></td>

  <td width="26" style="border:none;"></td>

  <td width="15" style="border:none;"></td>

  <td width="283" style="border:none;"></td>

 </tr>

</table>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">S-2</font></p>





<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



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