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Info - Argent Securities Inc Assset Back Pass Thr Certs Ser 2003-W5 - 8-K - For 10/9/03 - EX-4.1

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Argent Securities Inc Assset Back Pass Thr Certs Ser 2003-W5 8-K

For 10/9/03 EX-4.1

Filed On 10/21/03 1:32pm ET SEC File 333-105957-05 Accession Number 882377-3-1687

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0/ 21/ 03 Ar gent Secur i t i es I nc As. . 2003- W5 8-K{2, 7} 10/ 09/ 03 2: 378hacher Pr of f i t t . . LLP/ FA

?Current Report Form 8-K

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1: 8- K Ar gent Secur i t i es I nc. 7 16K2: EX-4.1 Pooling and Servicing Agreement 371 1.16M

?EX-4.1 Pooling and Servicing Agreement

Exhibit Table of Contents

age (sequential) (alphabetic) Top

Alternative Formats (Word, et al.)AssignmentCertificates, TheDepositorLoss Mitigation Action PlanLost Note AffidavitMaster ServicerMortgage Loan Purchase AgreementMortgage Loan SchedulePooling and Servicing AgreementPrepayment Charge ScheduleRemic IRemic IiRemic IiiRemic IvRemic ProvisionsSection 10.01. REMIC AdministrationSection 10.02. Prohibited Transactions andActivitiesSection 10.03. Master Servicer and TrusteeIndemnificationSection 1.01. Defined Terms

1 1st Page - Filing Submission" Depositor" Master Servicer" Trustee" Pooling and Servicing Agreement3 The Certificates5 Remic Provisions8 Remic I9 Remic Ii10 Remic Iii11 Remic Iv12 Section 1.01. Defined Terms66 Section 1.02. Allocation of Certain Interest Shortfalls67 Section 1.03 Rights of the NIMS Insurer" Section 2.01. Conveyance of Mortgage Loans

70 Section 2.02. Acceptance of REMIC I by the Trustee71 Section 2.03. Repurchase or Substitution of Mortgage

Loans by the Seller or the Depositor; Payment ofPrepayment Charge Payment Amounts

74 Section 2.04. [Reserved]" Section 2.05. Representations, Warranties and

Covenants of the Master Servicer

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Section 1.02. Allocation of Certain InterestShortfallsSection 1.03 Rights of the NIMS InsurerSection 11.01. AmendmentSection 11.02. Recordation of Agreement;CounterpartsSection 11.03. Limitation on Rights ofCertificateholders

Section 11.04. Governing LawSection 11.05. NoticesSection 11.06. Severability of ProvisionsSection 11.07. Notice to Rating Agencies and tNIMS InsurerSection 11.08. Article and Section ReferencesSection 11.09. Grant of Security InterestSection 11.10 Third Party RightsSection 2.01. Conveyance of Mortgage LoansSection 2.02. Acceptance of REMIC I by theTrustee

Section 2.03. Repurchase or Substitution ofMortgage Loans by the Seller or the DepositorPayment of Prepayment Charge Payment AmouSection 2.04. [Reserved]Section 2.05. Representations, Warranties andCovenants of the Master ServicerSection 2.06. Issuance of the REMIC I RegularInterests and the Class R-I InterestSection 3.01. Master Servicer to Act as MasterServicerSection 3.02. Collection of Certain Mortgage LPaymentsSection 3.03. [Reserved]Section 3.04. Collection Account, Escrow Accoand Distribution AccountSection 3.05. Permitted Withdrawals From theCollection Account, Escrow Account andDistribution AccountSection 3.06. Investment of Funds in theCollection Account, the Escrow Account, the RAccount and the Distribution AccountSection 3.07. Payment of Taxes, Insurance andOther Charges

Section 3.08. Maintenance of Hazard InsuranceSection 3.09. Maintenance of Mortgage BlankeInsuranceSection 3.10. Fidelity Bond; Errors and OmissiInsuranceSection 3.11. Enforcement of Due-On-SaleClauses; Assumption AgreementsSection 3.12. Realization Upon DefaultedMortgage LoansSection 3.13. Title, Management and Dispositioof REO Property

77 Section 2.06. Issuance of the REMIC I RegularInterests and the Class R-I Interest

79 Section 3.01. Master Servicer to Act as MasterServicer

81 Section 3.02. Collection of Certain Mortgage LoanPayments

82 Section 3.03. [Reserved]" Section 3.04. Collection Account, Escrow Account and

Distribution Account

86 Section 3.05. Permitted Withdrawals From theCollection Account, Escrow Account and DistributionAccount

89 Section 3.06. Investment of Funds in the CollectionAccount, the Escrow Account, the REO Account andthe Distribution Account

90 Section 3.07. Payment of Taxes, Insurance and OtherCharges

91 Section 3.08. Maintenance of Hazard Insurance92 Section 3.09. Maintenance of Mortgage Blanket

Insurance

" Section 3.10. Fidelity Bond; Errors and OmissionsInsurance" Section 3.11. Enforcement of Due-On-Sale Clauses;

Assumption Agreements93 Section 3.12. Realization Upon Defaulted Mortgage

Loans95 Section 3.13. Title, Management and Disposition of

REO Property98 Section 3.14. [Reserved]" Section 3.15. Reports of Foreclosure and Abandonment

of Mortgaged Properties99 Section 3.16. Optional Purchase of Defaulted Mortgage

Loans" Section 3.17. Trustee to Cooperate; Release of

Mortgage Files101 Section 3.18. Servicing Compensation

" Section 3.19. Statement as to Compliance102 Section 3.20. Independent Public Accountants'

Servicing Report" Section 3.21. Access to Certain Documentation" Section 3.22. [Reserved]" Section 3.23. Advance Facility

105 Section 4.01. Distributions

117 Section 4.02. Statements to Certificateholders120 Section 4.03. Remittance Reports and Other Reports to

the Trustee; Advances; Payments in Respect ofPrepayment Interest Shortfalls

122 Section 4.04. Allocation of Realized Losses124 Section 4.05. Compliance with Withholding

Requirements125 Section 4.06. Commission Reporting126 Section 4.07. [Reserved]

" Section 4.08. [Reserved]" Section 4.09. [Reserved]


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Section 3.14. [Reserved]Section 3.15. Reports of Foreclosure andAbandonment of Mortgaged PropertiesSection 3.16. Optional Purchase of DefaultedMortgage LoansSection 3.17. Trustee to Cooperate; Release ofMortgage FilesSection 3.18. Servicing CompensationSection 3.19. Statement as to Compliance

Section 3.20. Independent Public Accountants'Servicing ReportSection 3.21. Access to Certain DocumentationSection 3.22. [Reserved]Section 3.23. Advance FacilitySection 4.01. DistributionsSection 4.02. Statements to CertificateholdersSection 4.03. Remittance Reports and OtherReports to the Trustee; Advances; Payments inRespect of Prepayment Interest ShortfallsSection 4.04. Allocation of Realized Losses

Section 4.05. Compliance with WithholdingRequirementsSection 4.06. Commission ReportingSection 4.07. [Reserved]Section 4.08. [Reserved]Section 4.09. [Reserved]Section 4.10 Net WAC Rate Carryover ReserveAccountSection 5.01. The CertificatesSection 5.02. Registration of Transfer andExchange of CertificatesSection 5.03. Mutilated, Destroyed, Lost or StoCertificatesSection 5.04. Persons Deemed OwnersSection 5.05. Certain Available InformationSection 6.01. Liability of the Depositor and theMaster ServicerSection 6.02. Merger or Consolidation of theDepositor or the Master ServicerSection 6.03. Limitation on Liability of theDepositor, the Master Servicer and OthersSection 6.04. Limitation on Resignation of theMaster Servicer

Section 6.05. Rights of the Depositor in Respecthe Master ServicerSection 6.06. Sub-Servicing Agreements Betwethe Master Servicer and Sub-ServicersSection 6.07. Successor Sub-ServicersSection 6.08. Liability of the Master ServicerSection 6.09. No Contractual Relationship BetwSub-Servicers and the NIMS Insurer, the Trustor CertificateholdersSection 6.10. Assumption or Termination of SuServicing Agreements by Trustee

" Section 4.10 Net WAC Rate Carryover ReserveAccount

129 Section 5.01. The Certificates131 Section 5.02. Registration of Transfer and Exchange of

Certificates136 Section 5.03. Mutilated, Destroyed, Lost or Stolen

Certificates" Section 5.04. Persons Deemed Owners" Section 5.05. Certain Available Information

138 Section 6.01. Liability of the Depositor and the MasterServicer

" Section 6.02. Merger or Consolidation of the Depositoror the Master Servicer

" Section 6.03. Limitation on Liability of the Depositor,the Master Servicer and Others

139 Section 6.04. Limitation on Resignation of the MasterServicer

140 Section 6.05. Rights of the Depositor in Respect of theMaster Servicer

" Section 6.06. Sub-Servicing Agreements Between the

Master Servicer and Sub-Servicers142 Section 6.07. Successor Sub-Servicers

" Section 6.08. Liability of the Master Servicer" Section 6.09. No Contractual Relationship Between

Sub-Servicers and the NIMS Insurer, the Trustee orCertificateholders

143 Section 6.10. Assumption or Termination of Sub-Servicing Agreements by Trustee

" Section 6.11. Sub-Servicing Accounts144 Section 7.01. Master Servicer Events of Default146 Section 7.02. Trustee to Act; Appointment of

Successor148 Section 7.03. Notification to Certificateholders" Section 7.04. Waiver of Master Servicer Events of

Default149 Section 8.01. Duties of Trustee150 Section 8.02. Certain Matters Affecting the Trustee151 Section 8.03. The Trustee Not Liable for Certificates or

Mortgage Loans152 Section 8.04. Trustee May Own Certificates

" Section 8.05. Trustee's Fees and Expenses" Section 8.06. Eligibility Requirements for Trustee

153 Section 8.07. Resignation and Removal of the Trustee" Section 8.08. Successor Trustee

154 Section 8.09. Merger or Consolidation of Trustee" Section 8.10. Appointment of Co-Trustee or Separate

Trustee155 Section 8.11. Appointment of Custodians156 Section 8.12. Appointment of Office or Agency

" Section 8.13. Representations and Warranties of theTrustee

157 Section 9.01 Termination Upon Repurchase orLiquidation of All Mortgage Loans

159 Section 9.02 Additional Termination Requirements


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Section 6.11. Sub-Servicing AccountsSection 7.01. Master Servicer Events of DefaulSection 7.02. Trustee to Act; Appointment ofSuccessorSection 7.03. Notification to CertificateholdersSection 7.04. Waiver of Master Servicer EventsDefaultSection 8.01. Duties of TrusteeSection 8.02. Certain Matters Affecting the Tru

Section 8.03. The Trustee Not Liable forCertificates or Mortgage LoansSection 8.04. Trustee May Own CertificatesSection 8.05. Trustee's Fees and ExpensesSection 8.06. Eligibility Requirements for TrustSection 8.07. Resignation and Removal of theTrusteeSection 8.08. Successor TrusteeSection 8.09. Merger or Consolidation of TrustSection 8.10. Appointment of Co-Trustee orSeparate Trustee

Section 8.11. Appointment of CustodiansSection 8.12. Appointment of Office or AgencySection 8.13. Representations and Warranties othe TrusteeSection 9.01 Termination Upon Repurchase orLiquidation of All Mortgage LoansSection 9.02 Additional Termination RequiremSellerThe CertificatesTrustee

160 Section 10.01. REMIC Administration162 Section 10.02. Prohibited Transactions and Activities163 Section 10.03. Master Servicer and Trustee

Indemnification164 Section 11.01. Amendment165 Section 11.02. Recordation of Agreement;

Counterparts" Section 11.03. Limitation on Rights of

Certificateholders

166 Section 11.04. Governing Law" Section 11.05. Notices

167 Section 11.06. Severability of Provisions" Section 11.07. Notice to Rating Agencies and the

NIMS Insurer168 Section 11.08. Article and Section References

" Section 11.09. Grant of Security Interest169 Section 11.10 Third Party Rights179 Assignment313 Lost Note Affidavit314 Seller

320 Mortgage Loan Purchase Agreement362 Loss Mitigation Action Plan370 Mortgage Loan Schedule371 Prepayment Charge Schedule

EX-4.1 1st Page of 371 TOC Top Pr evi ous Next Bot t om J ust 1st

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ARGENT SECURITIES INC.?

Depositor

AMERIQUEST MORTGAGE COMPANY?

Master Servicer

and

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Trustee

___________________________________________?

POOLING AND SERVICING AGREEMENTDat ed as of Oct ober 1, 2003
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_________________________________________

Asset - Backed Pass- Thr ough Cer t i f i cat es

Ser i es 2003- W5

EX-4.1 2nd Page of 371 TOC 1st Pr evi ous Next Bot t om J ust 2nd

TABLE OF CONTENTS

SECTION PAGE- - - - - - - - - - -

ARTICLE I

DEFINITIONS

SECTI ON 1. 01. Def i ned Terms. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4SECTI ON 1. 02. Al l ocat i on of Cert ai n I nt erest Short f al l s . . . . . . . . . . . . . . . . . . . . . . 57SECTI ON 1. 03 Ri ght s of t he NI MS I nsurer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

ARTICLE II

CONVEYANCE OF MORTGAGE LOANS;ORIGINAL ISSUANCE OF CERTIFICATES

SECTI ON 2. 01. Conveyance of Mor t gage Loans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59SECTI ON 2. 02. Accept ance of REMI C I by the Tr ust ee. . . . . . . . . . . . . . . . . . . . . . . . . . . 61

SECTI ON 2. 03. Repur chase or Subst i t ut i on of Mor t gage Loans by t heSel l er or t he Deposi t or ; Payment of Prepayment Charge Payment Amount s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63SECTI ON 2. 04. [ Reser ved] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66SECTI ON 2. 05. Repr esent at i ons, Warr ant i es and Covenant s of t he Mast er

Ser vi cer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66SECTI ON 2. 06. I ssuance of t he REMI C I Regul ar I nt erest s and t he Cl ass R- I

I nt erest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68SECTI ON 2. 07. Conveyance of t he REMI C I Regul ar I nt erest s; Accept ance of

REMI C I I by t he Tr ust ee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69SECTI ON 2. 08. I ssuance of Cl ass R Cer t i f i cates. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69

ARTICLE III

ADMINISTRATION AND SERVICINGOF THE MORTGAGE LOANS

SECTI ON 3. 01. Master Servi cer t o Act as Master Servi cer. . . . . . . . . . . . . . . . . . . . . . 70SECTI ON 3. 02. Col l ect i on of Cert ai n Mort gage Loan Payment s. . . . . . . . . . . . . . . . . . . 72SECTI ON 3. 03. [ Reser ved] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73SECTI ON 3. 04. Col l ect i on Account , Escr ow Account and Di st r i but i on Account .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73SECTI ON 3. 05. Per mi t t ed Wi t hdr awal s From t he Col l ect i on Account , Escr ow

Account and Di st r i but i on Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77SECTI ON 3. 06. I nvest ment of Funds i n t he Col l ect i on Account , t he Escr ow

Account , t he REO Account and the Di st r i but i on Account . . . . . . . . . . 80

i i

EX-4.1 3rd Page of 371 TOC 1st Previ ous Next Bot t om J ust 3rd

SECTION PAGE

- - - - - - - - - - -SECTI ON 3. 07. Payment of Taxes, I nsur ance and Ot her Char ges. . . . . . . . . . . . . . . . . . 81SECTI ON 3. 08. Mai ntenance of Hazard I nsur ance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82SECTI ON 3. 09. Mai ntenance of Mor t gage Bl anket I nsur ance. . . . . . . . . . . . . . . . . . . . . . 82SECTI ON 3. 10. Fi del i t y Bond; Er r ors and Omi ssi ons I nsur ance. . . . . . . . . . . . . . . . . . 83SECTI ON 3. 11. Enf orcement of Due- On- Sal e Cl auses; Assumpt i on Agreement s.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83SECTI ON 3. 12. Real i zat i on Upon Def aul t ed Mort gage Loans. . . . . . . . . . . . . . . . . . . . . . 84SECTI ON 3. 13. Ti t l e, Management and Di sposi t i on of REO Propert y. . . . . . . . . . . . . . 86SECTI ON 3. 14. [ Reser ved] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89SECTI ON 3. 15. Repor t s of Forecl osure and Abandonment of Mor t gaged

Pr oper t i es. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89SECTI ON 3. 16. Opt i onal Pur chase of Def aul t ed Mort gage Loans. . . . . . . . . . . . . . . . . . 89SECTI ON 3. 17. Trust ee t o Cooperat e; Rel ease of Mort gage Fi l es. . . . . . . . . . . . . . . . 90SECTI ON 3. 18. Ser vi ci ng Compensat i on. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91SECTI ON 3. 19. Stat ement as t o Compl i ance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92
http://www.secinfo.com/$/SEC/Page.asp?P=882377-3-1687-2-2-28925http://www.secinfo.com/$/SEC/Page.asp?P=882377-3-1687-2-3-32498http://www.secinfo.com/$/SEC/Page.asp?P=882377-3-1687-2-3-32498http://www.secinfo.com/$/SEC/Page.asp?P=882377-3-1687-2-2-28925


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SECTI ON 3. 20. I ndependent Publ i c Account ant s' Servi ci ng Report . . . . . . . . . . . . . . . 92SECTI ON 3. 21. Access to Cer t ai n Document at i on. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93SECTI ON 3. 22. [ Reser ved] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93SECTI ON 3. 23. Advance Faci l i t y. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93

ARTICLE IV

PAYMENTS TO CERTIFICATEHOLDERS

SECTI ON 4. 01. Di st r i but i ons. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96SECTI ON 4. 02. St at ement s t o Cer t i f i cat ehol der s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107SECTI ON 4. 03. Remi t t ance Report s and Ot her Report s t o the Trust ee; Advances;

Payment s i n Respect of Prepayment I nt erest Short f al l s. . . . . . . . . 111

SECTI ON 4. 04. Al l ocat i on of Real i zed Losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113SECTI ON 4. 05. Compl i ance wi t h Wi t hhol di ng Requi r ement s. . . . . . . . . . . . . . . . . . . . . . 115SECTI ON 4. 06. Commi ssi on Repor t i ng. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115SECTI ON 4. 07. [ Reser ved] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116SECTI ON 4. 08. [ Reser ved] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117SECTI ON 4. 09. [ Reser ved] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117SECTI ON 4. 10 Net WAC Rat e Car r yover Reser ve Account . . . . . . . . . . . . . . . . . . . . . . . . 117

ARTICLE V?

THE CERTIFICATES

SECTI ON 5. 01. The Cer t i f i cat es. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119SECTI ON 5. 02. Regi st r at i on of Tr ansf er and Exchange of Cer t i f i cat es. . . . . . . . . 121SECTI ON 5. 03. Mut i l at ed, Dest r oyed, Lost or Stol en Cer t i f i cat es. . . . . . . . . . . . . 126SECTI ON 5. 04. Per sons Deemed Owner s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126

i i i

EX-4.1 4th Page of 371 TOC 1st Previ ous Next Bot t om J ust 4t h

SECTION PAGE- - - - - - - - - - -

SECTI ON 5. 05. Cer t ai n Avai l abl e I nf or mati on. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126

ARTICLE VI

THE DEPOSITOR AND THE MASTER SERVICER

SECTI ON 6. 01. Li abi l i t y of t he Deposi t or and t he Mast er Ser vi cer . . . . . . . . . . . . 128SECTI ON 6. 02. Merger or Consol i dat i on of t he Deposi t or or t he Mast er

Ser vi cer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128SECTI ON 6. 03. Li mi t at i on on Li abi l i t y of t he Deposi t or , t he Mast er Servi cer and Ot hers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128

SECTI ON 6. 04. Li mi t at i on on Resi gnat i on of t he Mast er Ser vi cer . . . . . . . . . . . . . . 129SECTI ON 6. 05. Ri ght s of t he Deposi t or i n Respect of t he Mast er Servi cer . . . . . 130SECTI ON 6. 06. Sub- Servi ci ng Agr eement s Between the Mast er Servi cer and

Sub- Ser vi cer s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130SECTI ON 6. 07. Successor Sub- Ser vi cers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132SECTI ON 6. 08. Li abi l i t y of t he Mast er Ser vi cer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132SECTI ON 6. 09. No Cont r actual Rel at i onshi p Between Sub- Servi cers and

t he NI MS I nsur er , t he Tr ust ee or Cer t i f i cat ehol der s. . . . . . . . . . . 132SECTI ON 6. 10. Assumpt i on or Termi nat i on of Sub- Servi ci ng Agreement s

by Trust ee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133SECTI ON 6. 11. Sub- Servi ci ng Account s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133

ARTICLE VII

DEFAULT

SECTI ON 7. 01. Master Servi cer Event s of Def aul t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134SECTI ON 7. 02. Trust ee t o Act ; Appoi nt ment of Successor . . . . . . . . . . . . . . . . . . . . . . 136SECTI ON 7. 03. Not i f i cat i on t o Cer t i f i cat ehol der s. . . . . . . . . . . . . . . . . . . . . . . . . . . . 138SECTI ON 7. 04. Wai ver of Master Ser vi cer Event s of Def aul t . . . . . . . . . . . . . . . . . . . 138

ARTICLE VIII

CONCERNING THE TRUSTEE

SECTI ON 8. 01. Dut i es of Tr ust ee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139SECTI ON 8. 02. Cer t ai n Mat t er s Af f ect i ng t he Tr ust ee. . . . . . . . . . . . . . . . . . . . . . . . . 140SECTI ON 8. 03. The Trust ee Not Li abl e f or Cert i f i cates or Mort gage Loans. . . . . 141SECTI ON 8. 04. Trust ee May Own Cert i f i cates. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142SECTI ON 8. 05. Trust ee' s Fees and Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142
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SECTI ON 8. 06. El i gi bi l i t y Requi r ement s f or Tr ust ee. . . . . . . . . . . . . . . . . . . . . . . . . . 142SECTI ON 8. 07. Resi gnat i on and Removal of t he Tr ust ee. . . . . . . . . . . . . . . . . . . . . . . . 143SECTI ON 8. 08. Successor Trust ee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143

i v


SECTION PAGE- - - - - - - - - - -

SECTI ON 8. 09. Merger or Consol i dat i on of Tr ust ee. . . . . . . . . . . . . . . . . . . . . . . . . . . 144SECTI ON 8. 10. Appoi nt ment of Co- Trust ee or Separate Trust ee. . . . . . . . . . . . . . . . 144SECTI ON 8. 11. Appoi ntment of Cust odi ans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145SECTI ON 8. 12. Appoi nt ment of Of f i ce or Agency. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146SECTI ON 8. 13. Repr esent at i ons and Warr ant i es of t he Tr ust ee. . . . . . . . . . . . . . . . 146

ARTICLE IX

TERMINATION

SECTI ON 9. 01 Ter mi nat i on Upon Repur chase or Li qui dat i on of Al l Mor t gage Loans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147

SECTI ON 9. 02 Addi t i onal Ter mi nat i on Requi r ement s. . . . . . . . . . . . . . . . . . . . . . . . . . 149

ARTICLE X?

REMIC PROVISIONS

SECTI ON 10. 01. REMI C Admi ni st r at i on. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150SECTI ON 10. 02. Pr ohi bi t ed Transact i ons and Act i vi t i es. . . . . . . . . . . . . . . . . . . . . . . 152SECTI ON 10. 03. Master Servi cer and Trust ee I ndemni f i cat i on. . . . . . . . . . . . . . . . . . 153

ARTICLE XI

MISCELLANEOUS PROVISIONS

SECTI ON 11. 01. Amendment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154SECTI ON 11. 02. Recor dat i on of Agr eement ; Count erpar t s. . . . . . . . . . . . . . . . . . . . . . . 155SECTI ON 11. 03. Li mi t at i on on Ri ght s of Cer t i f i cat ehol der s. . . . . . . . . . . . . . . . . . . 155SECTI ON 11. 04. Governi ng Law. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156SECTI ON 11. 05. Not i ces. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156SECTI ON 11. 06. Sever abi l i t y of Provi si ons. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157SECTI ON 11. 07. Not i ce t o Rat i ng Agenci es and t he NI MS I nsur er. . . . . . . . . . . . . . . 157SECTI ON 11. 08. Ar t i cl e and Sect i on Ref erences. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158

SECTI ON 11. 09. Gr ant of Secur i t y I nt er est. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158SECTI ON 11. 10 Thi r d Par t y Ri ght s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159

v


EXHIBITS

Exhi bi t A- 1 For m of Cl ass AV- 1 Cer t i f i cat eExhi bi t A- 2 For m of Cl ass AV- 2 Cer t i f i cat eExhi bi t A- 3 Form of Cl ass AF-1 Cert i f i cat eExhi bi t A- 4 Form of Cl ass AF-2 Cert i f i cat eExhi bi t A- 5 Form of Cl ass AF-3 Cert i f i cat eExhi bi t A- 6 Form of Cl ass AF-4 Cert i f i cat e

Exhi bi t A- 7 Form of Cl ass AF-5 Cert i f i cat eExhi bi t A- 8 Form of Cl ass AF-6 Cert i f i cat eExhi bi t A- 9 For m of Cl ass M- 1 Cer t i f i cat eExhi bi t A- 10 For m of Cl ass M- 2 Cer t i f i cat eExhi bi t A- 11 For m of Cl ass M- 3 Cer t i f i cat eExhi bi t A- 12 For m of Cl ass M- 4 Cer t i f i cat eExhi bi t A- 13 For m of Cl ass M- 5 Cer t i f i cat eExhi bi t A- 14 For m of Cl ass MV- 6 Cer t i f i cat eExhi bi t A- 15 For m of Cl ass MF- 6 Cer t i f i cat eExhi bi t A- 16 For m of Cl ass CE Cer t i f i cat eExhi bi t A- 17 Form of Cl ass P Cert i f i cat eExhi bi t A- 18 For m of Cl ass R Cer t i f i cat eExhi bi t A- 19 For m of Cl ass R- X Cer t i f i cateExhi bi t B For m of Lost Not e Af f i davi tExhi bi t C- 1 Form of Trustee' s I ni t i al Cert i f i cat i onExhi bi t C- 2 Form of Trustee' s Fi nal Cert i f i cat i onExhi bi t C- 3 For m of Trustee' s Recei pt of Mor t gage Not e


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Exhi bi t D Form of Mor t gage Loan Pur chase AgreementExhi bi t E Request f or Rel easeExhi bi t F- 1 For m of Tr ansf er or Repr esent at i on Let t er and For m of Tr ansf er ee

Repr esent at i on Let t er i n Connect i on wi t h Tr ansf er of Cl ass CEand Cl ass P Cert i f i cates Pur suant t o Rul e 144A Under t he 1933 Act

Exhi bi t F- 2 For m of Transf er Af f i davi t and Agr eement and For m of Transf er orAf f i davi t i n Connecti on wi t h Tr ansf er of Resi dual Cer t i f i cat es

Exhi bi t G For m of Cer t i f i cat i on wi t h r espect t o ERI SA and t he CodeExhi bi t H For m of Cap Cont r acts Exhi bi t I Loss Mi t i gat i on Acti on Pl anExhi bi t J - 1 For m of Cer t i f i cat i on t o Be Pr ovi ded by t he Deposi t or wi t h

For m 10- KExhi bi t J - 2 For m of Cer t i f i cat i on t o Be Pr ovi ded t o Deposi t or by t he Tr ust ee

Exhi bi t K [ Reser ved]Exhi bi t L [ Reser ved]Exhi bi t M Annual St at ement of Compl i ance pursuant t o Sect i on 3. 19

Schedul e 1 Mor t gage Loan Schedul eSchedul e 2 Prepayment Char ge Schedul e

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Thi s Pool i ng and Ser vi ci ng Agr eement , i s dat ed and ef f ect i veas of Oct ober 1, 2003, among ARGENT SECURI TI ES I NC. , as Deposi t or , AMERI QUESTMORTGAGE COMPANY, as Mast er Ser vi cer and DEUTSCHE BANK NATI ONAL TRUST COMPANY,as Trust ee.

PRELIMINARY STATEMENT:

The Deposi t or i nt ends t o sel l pass- t hr ough cer t i f i cat es(col l ect i vel y, the "Certificates") , t o be i ssued her eunder i n mul t i pl e cl asses,whi ch i n t he aggr egat e wi l l evi dence t he ent i r e benef i ci al owner shi p i nt er est i neach REMI C ( as def i ned herei n) cr eat ed hereunder. The Tr ust Fund wi l l consi st ofa segr egated pool of asset s consi st i ng of t he Mort gage Loans and cert ai n otherr el at ed asset s subj ect t o t hi s Agr eement .


?REMIC I- - - - - - -

As pr ovi ded her ei n, t he Tr ust ee wi l l el ect t o tr eat t he

segr egated pool of asset s consi st i ng of t he Mort gage Loans and cert ai n otherr el ated asset s ( other t han any Mast er Servi cer Prepayment Char ge PaymentAmounts, t he Net WAC Rat e Car r yover Reser ve Account and t he Cap Cont r act s )subj ect t o t hi s Agr eement as a REMI C f or f ederal i ncome t ax pur poses, and suchsegr egat ed pool of asset s wi l l be desi gnat ed as "REMIC I." The Cl ass R- II nt erest wi l l be t he sol e cl ass of "residual interests" i n REMI C I f or pur posesof t he REMI C Pr ovi si ons ( as def i ned her ei n) . The f ol l owi ng tabl e i r r evocabl yset s f or t h t he desi gnat i on, t he REMI C I Remi t t ance Rat e, t he i ni t i alUncer t i f i cat ed Bal ance and, sol el y f or pur poses of sat i sf yi ng Tr easur yregul at i on secti on 1. 860G- 1( a) ( 4) ( i i i ) , t he "latest possible maturity date" f oreach of t he REMI C I Regul ar I nt er est s ( as def i ned her ei n) . None of t he REMI C IRegul ar I nt erest s wi l l be cert i f i cat ed.

REMI C I I ni t i al Lat est Possi bl eDesi gnat i on Remi t t ance Rate Uncer t i f i cated Bal ance Matur i t y Date(1)- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

I - LTAA Var i abl e(2) $735, 000, 243. 02 December 2033

I - LTAV1 Var i abl e(2) $ 4, 129, 800. 00 December 2033I - LTAV2 Var i abl e(2) $ 1, 028, 640. 00 December 2033I - LTAF1 Var i abl e(2) $ 267, 300. 00 December 2033I - LTAF2 Var i abl e(2) $ 142, 990. 00 December 2033I - LTAF3 Var i abl e(2) $ 163, 755. 00 December 2033I - LTAF4 Var i abl e(2) $ 98, 470. 00 December 2033I - LTA5 Var i abl e( 2) $ 74, 685. 00 December 2033I - LTAF6 Var i abl e(2) $ 131, 860. 00 December 2033I - LTM1 Var i abl e( 2) $ 468, 750. 00 December 2033I - LTM2 Var i abl e( 2) $ 375, 000. 00 December 2033I - LTM3 Var i abl e( 2) $ 131, 250. 00 December 2033I - LTM4 Var i abl e( 2) $ 93, 750. 00 December 2033I - LTM5 Var i abl e( 2) $ 93, 750. 00 December 2033I - LTMV6 Var i abl e( 2) $ 43, 750. 00 December 2033I - LTMF6 Var i abl e( 2) $ 50, 000. 00 December 2033I - LTZZ Var i abl e(2) $ 7, 706, 254. 96 December 2033
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I - LTP Var i abl e(2) $ 100. 00 December 2033I - 1SUB Var i abl e( 2) $ 20, 007. 76 December 2033I - 1GRP Var i abl e( 2) $ 102, 603. 76 December 2033I - 2SUB Var i abl e( 2) $ 4, 983. 45 December 2033I - 2GRP Var i abl e( 2) $ 25, 556. 25 December 2033I - 3SUB Var i abl e( 2) $ 4, 258. 85 December 2033I - 3GRP Var i abl e( 2) $ 21, 840. 05 December 2033

I - XX Var i abl e(2) $749, 820, 997. 86 December 2033________________( 1) Sol el y f or pur poses of Secti on 1. 860G- 1( a) ( 4) ( i i i ) of t he Tr easur y

r egul at i ons, t he Di st r i but i on Dat e i mmedi at el y f ol l owi ng t he mat ur i t ydate f or t he Mort gage Loan wi t h the l atest matur i t y date has beendesi gnated as t he "latest possible maturity date" f or each REMI C I

Regul ar I nt er est .( 2) Cal cul at ed i n accor dance wi t h t he def i ni t i on of "REMIC I RemittanceRate" her ei n.

2


?REMIC II

As pr ovi ded her ei n, t he Tr ust ee wi l l el ect t o tr eat t hesegr egated pool of assets consi st i ng of t he REMI C I Regul ar I nt er est s as a REMI Cf or f eder al i ncome t ax pur poses, and such segr egat ed pool of asset s wi l l bedesi gnated as "REMIC II." The Cl ass R- I I I nt er est wi l l evi dence t he sol e cl assof "residual interests" i n REMI C I I f or pur poses of t he REMI C Provi si ons underf eder al i ncome t ax l aw. The f ol l owi ng tabl e i r r evocabl y set s f or t h thedesi gnat i on, t he Pass- Thr ough Rat e, t he i ni t i al aggr egat e Cer t i f i cat e Pr i nci palBal ance and, sol el y f or pur poses of sat i sf yi ng Tr easur y regul at i on sect i on1. 860G- 1( a) ( 4) ( i i i ) , t he "latest possible maturity date" f or t he i ndi cat edCl asses of Cert i f i cat es.

I ni t i al Aggregat eCer t i f i cat e Lat est Possi bl e

Desi gnat i on Pass - Thr ough Rate Pri nci pal Bal ance Matur i t y Date(1)- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Cl ass AV- 1 Var i abl e( 2) $825, 960, 000. 00 December 2033Cl ass AV- 2 Var i abl e( 2) $205, 728, 000. 00 December 2033Cl ass AF- 1 Var i abl e(2) $ 53, 460, 000. 00 December 2033Cl ass AF- 2 2. 800% per annum( 3) $ 28, 598, 000. 00 December 2033Cl ass AF- 3 3. 500% per annum( 3) $ 32, 751, 000. 00 December 2033Cl ass AF- 4 4. 660% per annum( 3) ( 4) $ 19, 694, 000. 00 December 2033Cl ass AF- 5 5. 850% per annum( 3) ( 4) $ 14, 937, 000. 00 December 2033Cl ass AF- 6 5. 030% per annum( 3) ( 4) $ 26, 372, 000. 00 December 2033Cl ass M- 1 Var i abl e( 2) $ 93, 750, 000. 00 December 2033Cl ass M- 2 Var i abl e( 2) $ 75, 000, 000. 00 December 2033Cl ass M- 3 Var i abl e( 2) $ 26, 250, 000. 00 December 2033Cl ass M- 4 Var i abl e( 2) $ 18, 750, 000. 00 December 2033Cl ass M- 5 Var i abl e( 2) $ 18, 750, 000. 00 December 2033Cl ass MV- 6 Var i abl e( 2) $ 8, 750, 000. 00 December 2033Cl ass MF- 6 5. 850% per annum( 3) ( 4) $ 10, 000, 000. 00 December 2033

Cl ass CE I nt erest Var i abl e(5) $ 41, 250, 495. 95 December 2033Cl ass P I nt erest N/ A( 6) $ 100. 00 December 2033

________________( 1) Sol el y f or pur poses of Secti on 1. 860G- 1( a) ( 4) ( i i i ) of t he Tr easur y

r egul at i ons, t he Di st r i but i on Dat e i mmedi at el y f ol l owi ng t he mat ur i t y dat ef or t he Mort gage Loans wi t h t he l atest matur i t y date has been desi gnated ast he "latest possible maturity date" f or each Cl ass of Cer t i f i cat es.

( 2) Cal cul at ed i n accor dance wi t h t he def i ni t i on of "Pass-Through Rate" herei n.( 3) Subj ect t o the rel ated Net WAC Pass - Thr ough Rate.( 4) Subj ect t o i ncrease i n accor dance wi t h t he def i ni t i on of "Pass-Through

Rate" her ei n.( 5) The Cl ass CE I nt er est wi l l accr ue i nt er est at i t s var i abl e Pass- Thr ough

Rat e on t he Not i onal Amount of t he Cl ass CE I nt er est out st andi ng f r om t i met o t i me whi ch shal l equal t he Uncer t i f i cat ed Bal ance of t he REMI C I Regul arI nt er est s. The Cl ass CE I nt er est wi l l not accr ue i nt er est on i t sUncer t i f i cat ed Bal ance.

( 6) The Cl ass P I nt er est wi l l not accr ue i nt er est .

3


?REMIC III- - - - - - - - -


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As provi ded her ei n, t he Tr ust ee shal l make an el ect i on tot r eat t he segr egat ed pool of asset s consi st i ng of t he Cl ass CE I nt er est as aREMI C f or f ederal i ncome tax pur poses, and such segr egated pool of asset s wi l lbe desi gnat ed as "REMIC III." The Cl ass R- I I I I nt er est r epr esent s t he sol e cl assof "residual interests" i n REMI C I I I f or pur poses of t he REMI C Pr ovi si ons.

The f ol l owi ng t abl e set s f or t h ( or descr i bes) t he Cl assdesi gnat i on, Pass- Thr ough Rat e and Or i gi nal Cl ass Cer t i f i cat e Pr i nci pal Bal ancef or t he i ndi cat ed Cl ass of Cer t i f i cat es t hat r epr esent s a "regular interest" i nREMI C I I I cr eat ed hereunder:

I ni t i al Aggregat e

Cert i f i cat e Lat est Possi bl eCl ass Desi gnat i on Pass - Thr ough Rate Pri nci pal Bal ance Matur i t y Date(1)- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -Cl ass CE Cert i f i cat es Vari abl e(2) $ 41, 250, 495. 95 December 2033

_______________( 1) Sol el y f or pur poses of Secti on 1. 860G- 1( a) ( 4) ( i i i ) of t he Tr easur y

r egul at i ons, t he Di st r i but i on Dat e i mmedi at el y f ol l owi ng t he mat ur i t y dat ef or t he Mort gage Loans wi t h t he l atest matur i t y date has been desi gnated ast he "latest possible maturity date" f or t he Cl ass CE Cer t i f i cat es.

( 2) The Cl ass CE Cer t i f i cat es wi l l r ecei ve 100% of amount s recei ved i n r espectof t he Cl ass CE I nt er est .

4


?REMIC IV- - - - - - - -

As pr ovi ded her ei n, t he Tr ust ee shal l make an el ect i on to t r eat t hesegr egat ed pool of asset s consi st i ng of t he Cl ass P I nt er est as a REMI C f orf ederal i ncome t ax pur poses, and such segr egated pool of asset s wi l l bedesi gnated as "REMIC IV." The Cl ass R- I V I nt er est r epr esent s t he sol e cl ass of"residual interests" i n REMI C I V f or pur poses of t he REMI C Provi si ons.

The f ol l owi ng t abl e set s f or t h ( or descr i bes) t he Cl ass desi gnat i on,Pass- Thr ough Rat e and Or i gi nal Cl ass Cer t i f i cat e Pr i nci pal Bal ance f or t hei ndi cat ed Cl ass of Cer t i f i cat es t hat r epr esent s a "regular interest" i n REMI C I Vcr eat ed her eunder :

I ni t i al Aggregat eCert i f i cat e Lat est Possi bl e

Cl ass Desi gnat i on Pass - Thr ough Rate Pri nci pal Bal ance Matur i t y Date(1)- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -Cl ass P Cert i f i cat es Vari abl e(2) $100. 00 December 2033

_______________( 1) Sol el y f or pur poses of Secti on 1. 860G- 1( a) ( 4) ( i i i ) of t he Tr easur y

r egul at i ons, t he Di st r i but i on Dat e i mmedi at el y f ol l owi ng t he mat ur i t y dat ef or t he Mort gage Loans wi t h t he l atest matur i t y date has been desi gnated ast he "latest possible maturity date" f or t he Cl ass P Cert i f i cat es.

( 2) The Cl ass P Cer t i f i cat es wi l l r ecei ve 100% of amount s r ecei ved i n r espectof t he Cl ass P I nt er est .

As of t he Cut - of f Date, t he Gr oup I Mort gage Loans had anaggr egate Schedul ed Pri nci pal Bal ance equal t o $1, 026, 037, 610. 05, t he Gr oup I IMort gage Loans had an aggr egate Schedul ed Pr i nci pal Bal ance equal t o$255, 562, 465. 72 and t he Gr oup I I I Mor t gage Loans had an aggr egat e Schedul edPri nci pal Bal ance equal t o $218, 400, 520. 18.

I n consi derat i on of t he mut ual agr eement s herei n cont ai ned,t he Deposi t or , t he Mast er Ser vi cer and t he Tr ust ee agr ee as f ol l ows:

5


ARTICLE I

DEFINITIONS?

SECTION 1.01. Defined Terms.

Whenever used i n t hi s Agr eement , i ncl udi ng, wi t houtl i mi t at i on, i n the Pr el i mi nar y St at ement her et o, t he f ol l owi ng wor ds and


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phr ases, unl ess t he cont ext ot herwi se r equi r es, shal l have t he meani ngsspeci f i ed i n t hi s Art i c l e. Unl ess ot herwi se speci f i ed, al l cal cul at i onsdescri bed herei n shal l be made on t he basi s of a 360- day year consi st i ng oft wel ve 30- day mont hs and al l cal cul at i ons on each Regul ar I nt erest shal l be madeon t he basi s of a 360- day year and t he act ual number of days i n t he mont h.

"Accrued Certificate Interest": Wi t h r espect t o any Cl ass ofCer t i f i cat es ( ot her t han the Cl ass P Cer t i f i cat es and the Resi dual Cer t i f i cat es)and each Di st r i but i on Dat e, i nt er est accrued dur i ng t he rel at ed I nt er est AccrualPer i od at t he Pass- Thr ough Rat e f or such Cer t i f i cat e f or such Di st r i but i on Dat eon t he Cer t i f i cat e Pr i nci pal Bal ance, i n t he case of t he Cl ass A Cer t i f i cat esand t he Mezzani ne Cer t i f i cat es, or on the Not i onal Amount , i n the case of t heCl ass CE Cer t i f i cat es, of such Cer t i f i cat e i mmedi at el y pr i or t o such

Di str i but i on Dat e. The Cl ass P Cert i f i cat es are not ent i t l ed to di str i but i ons i nr espect of i nt er est and, accor di ngl y, wi l l not accr ue i nt er est . Al ldi str i but i ons of i nt erest on the Adj ustabl e- Rat e Cert i f i cat es wi l l be cal cul at edon t he basi s of a 360- day year and t he act ual number of days i n the appl i cabl eI nt erest Accr ual Per i od. Al l di str i but i ons of i nt erest on Fi xed-Rat eCer t i f i cat es and the Cl ass CE Cer t i f i cat es wi l l be based on a 360- day yearconsi st i ng of t wel ve 30- day mont hs. Accrued Cer t i f i cat e I nt er est wi t h r espect t oeach Di st r i but i on Dat e, as t o any Cl ass A Cer t i f i cat e, Mezzani ne Cer t i f i cat e orCl ass CE Cer t i f i cat e, shal l be reduced by an amount equal t o t he por t i onal l ocabl e to such Cer t i f i cat e pur suant t o Sect i on 1. 02 her eof of t he sum of ( a)t he aggr egat e Pr epayment I nt er est Shor t f al l , i f any, f or such Di st r i but i on Dat et o t he extent not cover ed by payment s pur suant t o Sect i on 4. 03( e) or al l ocatedt o t he Cl ass CE Cer t i f i cat es and ( b) t he aggr egat e amount of any Rel i ef ActI nt erest Shor t f al l , i f any, f or such Di str i but i on Dat e not al l ocat ed to theCl ass CE Cer t i f i cat es pur suant t o Secti on 1. 02. I n addi t i on, Accr ued Cer t i f i cat eI nt er est wi t h respect t o each Di st r i but i on Dat e, as t o any Cl ass CE Cer t i f i cat e,shal l be reduced by an amount equal t o t he port i on al l ocabl e t o such Cl ass CE

Cer t i f i cat e of Real i zed Losses, i f any, pur suant t o Sect i on 4. 04 her eof ."Adjustable-Rate Certificates": The Cl ass AV Cer t i f i cat es, t he

Cl ass AF- 1 Cer t i f i cat es and t he Mezzani ne Cer t i f i cat es ( ot her t han t he Cl assMF- 6 Cer t i f i cat es) .

"Adjustable-Rate Mortgage Loan": Each of t he Mort gage Loansi dent i f i ed on t he Mort gage Loan Schedul e as havi ng a Mort gage Rate t hat i ssubj ect t o adj ust ment .

"Adjustment Date": Wi t h respect t o t he Adj ust abl e- Rat eMort gage Loans, t he f i r st day of t he mont h i n whi ch t he Mort gage Rate of suchMort gage Loan changes pur suant t o t he rel ated Mort gage Note. The f i r stAdj ust ment Date f ol l owi ng the Cut - of f Date as t o each Adj ust abl e- Rate Mort gageLoan i s set f ort h i n the Mort gage Loan Schedul e.

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"Advance": As t o any Mort gage Loan or REO Proper t y, anyadvance made by t he Mast er Servi cer or a successor Mast er Servi cer i n respect ofany Di st r i but i on Dat e r epr esent i ng the aggr egat e of al l payment s of pr i nci paland i nt er est , net of t he Ser vi ci ng Fee, t hat wer e due dur i ng t he rel at ed DuePer i od on t he Mort gage Loans and t hat were del i nquent on t he r el atedDet ermi nat i on Dat e, pl us cer t ai n amounts r epr esent i ng assumed payment s notcovered by any curr ent net i ncome on t he Mort gaged Pr opert i es acqui r ed byf orecl osur e or deed i n l i eu of f or ecl osur e as det er mi ned pur suant t o Sect i on4. 03.

"Affiliate": Wi t h r espect t o any speci f i ed Per son, any ot herPerson cont r ol l i ng or cont r ol l ed by or under common cont r ol wi t h such speci f i edPer son. For t he pur poses of t hi s def i ni t i on, "control" when used wi t h r espect t oany speci f i ed Person means t he power t o di r ect t he management and pol i ci es ofsuch Per son, di r ect l y or i ndi r ect l y, whet her t hr ough t he owner shi p of vot i ngsecuri t i es, by cont r act or otherwi se, and t he t erms "controlling" and"controlled" have meani ngs cor r el at i ve t o t he f oregoi ng.

"Agreement": Thi s Pool i ng and Servi ci ng Agr eement and al lamendment s hereof and suppl ements her et o.

"Allocated Realized Loss Amount": Wi t h respect t o anyDi st r i but i on Dat e and any Cl ass of Mezzani ne Cer t i f i cat es, t he sum of ( i ) anyReal i zed Losses al l ocat ed t o such Cl ass of Cer t i f i cat es on such Di st r i but i onDate and ( i i ) t he amount of any Al l ocated Real i zed Loss Amount f or such Cl ass ofCer t i f i cat es r emai ni ng unpai d f r om t he pr evi ous Di st r i but i on Dat e.

"Applicable Regulations": As t o any Mort gage Loan, al lf eder al , st at e and l ocal l aws, st at ut es, r ul es and r egul at i ons appl i cabl e
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t her et o.

"Assignment": An assi gnment of Mor t gage, not i ce of t r ansf er orequi val ent i nst r ument , i n r ecor dabl e f or m ( except i ng t her ef r om i f appl i cabl e,t he mort gage recor dat i on i nf ormat i on whi ch has not been retur ned by t heappl i cabl e recor der ' s of f i ce and/ or t he assi gnee' s name) , whi ch i s suf f i ci entunder t he l aws of t he j ur i sdi ct i on wher ei n t he rel at ed Mor t gaged Pr oper t y i sl ocat ed t o ref l ect of r ecor d t he sal e of t he Mor t gage.

"Available Funds": Wi t h respect t o any Di st r i but i on Dat e, anamount equal t o ( 1) t he sum of ( a) t he aggr egate of t he amount s on deposi t i nt he Col l ect i on Account and Di st r i but i on Account as of t he cl ose of busi ness ont he rel ated Determi nat i on Date, ( b) t he aggr egate of any amount s r ecei ved i n

r espect of an REO Proper t y wi t hdr awn f r om any REO Account and deposi t ed i n t heDi st r i but i on Account f or such Di st r i but i on Dat e pur suant t o Sect i on 3. 13, ( c)t he aggr egate of any amount s deposi t ed i n t he Di st r i but i on Account by t he MasterSer vi cer i n r espect of Pr epayment I nt er est Shor t f al l s f or such Di st r i but i on Dat epur suant t o Sect i on 4. 03( e) , ( d) t he aggr egate of any Advances made by t heMast er Ser vi cer f or such Di st r i but i on Dat e pur suant t o Sect i on 4. 03 and (e) t heaggr egat e of any Advances made by t he successor Mast er Servi cer or t he Trust eef or such Di st r i but i on Dat e pur suant t o Sect i on 7. 02( b) , r educed (t o not l esst han zer o) by (2) t he sum of ( x) t he por t i on of t he amount descr i bed i n cl ause( 1) ( a) above t hat r epr esent s ( i ) Mont hl y Payment s on t he Mort gage Loans r ecei vedf r om a Mort gagor on or pr i or t o t he Determi nat i on Date but due dur i ng any DuePer i od subsequent t o t he r el at ed Due Per i od, ( i i ) Pr i nci pal Pr epayment s on t heMort gage Loans r ecei ved af t er t he r el ated Prepayment Per i od ( t ogether wi t h anyi nt er est

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payment s r ecei ved wi t h such Pr i nci pal Prepayment s t o the ext ent t hey representt he payment of i nt erest accrued on t he Mort gage Loans dur i ng a per i od subsequentt o the end of t he pr i or cal endar mont h) , ( i i i ) Li qui dat i on Pr oceeds andI nsur ance Pr oceeds r ecei ved i n respect of t he Mort gage Loans af t er t he r el atedPrepayment Per i od, ( i v) amount s r ei mbur sabl e or payabl e to t he Deposi t or, t heMast er Ser vi cer , t he Tr ust ee, t he Sel l er or any Sub- Ser vi cer pur suant t o Sect i on3. 05 or Sect i on 3. 06 or ot her wi se payabl e i n respect of Extr aor di nar y Tr ust FundExpenses, ( v) St ayed Funds, ( vi ) t he Tr ust ee Fee payabl e f r om t he Di st r i but i onAccount pur suant t o Sect i on 8. 05, ( vi i ) amount s deposi t ed i n t he Col l ect i onAccount or t he Di st r i but i on Account i n er r or and ( vi i i ) t he amount of anyPrepayment Char ges col l ect ed by t he Mast er Ser vi cer and t he amount of any Mast erSer vi cer Prepayment Char ge Payment Amounts and ( y) amounts r ei mbur sabl e t o t he

Tr ust ee f or an advance made pur suant t o Sect i on 7. 02( b) whi ch advance t heTr ust ee has deter mi ned t o be nonr ecover abl e f r om t he St ayed Funds i n r espect ofwhi ch i t was made.

"Bankruptcy Code": The Bankrupt cy Ref or m Act of 1978 ( Ti t l e 11of t he Uni t ed St ates Code) , as amended.

"Bankruptcy Loss": Wi t h r espect t o any Mort gage Loan, aReal i zed Loss r esul t i ng f r om a Def i ci ent Val uat i on or Debt Ser vi ce Reduct i on.

"Book-Entry Certificate": Any Cert i f i cat e regi stered i n thename of t he Deposi t or y or i t s nomi nee. I ni t i al l y, t he Book- Ent r y Cer t i f i cat eswi l l be t he Cl ass A Cer t i f i cat es and t he Mezzani ne Cer t i f i cat es.

"Book-Entry Custodian": The cust odi an appoi nt ed pur suant t oSect i on 5. 01.

"Business Day": Any day ot her t han a Sat ur day, a Sunday or aday on whi ch banki ng or savi ngs and l oan i nst i t ut i ons i n the St at e ofCal i f or ni a, t he St at e of New Yor k, or i n t he ci t y i n whi ch t he Cor por at e Tr ustOf f i ce of t he Tr ust ee i s l ocat ed, ar e aut hor i zed or obl i gat ed by l aw orexecut i ve or der t o be cl osed.

"Cap Contracts": Col l ecti vel y, t he Cl ass AV- 1 Cap Cont r act ,t he Cl ass AV- 2 Cap Cont r act and t he Mezzani ne Cap Cont r act .

"Certificate": Any one of t he Deposi t or ' s Asset - BackedPass- Thr ough Cer t i f i cat es, Seri es 2003- W5, Cl ass AV- 1, Cl ass AV- 2, Cl ass AF- 1,Cl ass AF- 2, Cl ass AF- 3, Cl ass AF- 4, Cl ass AF- 5, Cl ass AF- 6, Cl ass M- 1, Cl assM- 2, Cl ass M- 3, Cl ass M- 4, Cl ass M- 5, Cl ass MV- 6, Cl ass MF- 6, Cl ass CE, Cl ass Pand Cl ass R, i ssued under t hi s Agr eement .

"Certificate Factor": Wi t h r espect t o any Cl ass of Regul arCer t i f i cat es as of any Di st r i but i on Dat e, a f r act i on, expr essed as a deci malcar r i ed to si x pl aces, t he numer at or of whi ch i s t he aggr egat e Cer t i f i cat e
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Pr i nci pal Bal ance ( or t he Not i onal Amount , i n t he case of t he Cl ass CECer t i f i cat es) of such Cl ass of Cer t i f i cat es on such Di st r i but i on Dat e (af t ergi vi ng ef f ect t o any di st r i but i ons of pr i nci pal and al l ocat i ons of Real i zedLosses i n r educt i on of t he Cer t i f i cat e Pr i nci pal Bal ance ( or t he Not i onalAmount , i n t he case of t he Cl ass CE Cer t i f i cat es) of such Cl ass of Cer t i f i cat est o be made on such Di st r i but i on Date) , and t he denomi nator of whi ch i s t hei ni t i al

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aggr egat e Cer t i f i cat e Pr i nci pal Bal ance ( or t he Not i onal Amount , i n t he case oft he Cl ass CE Cer t i f i cat es) of such Cl ass of Cer t i f i cat es as of t he Cl osi ng Dat e.

"Certificateholder" or "Holder": The Per son i n whose name aCert i f i cat e i s r egi stered i n t he Cert i f i cat e Regi ster, except t hat aDi squal i f i ed Or gani zat i on or a Non- Uni t ed St at es Per son shal l not be a Hol der ofa Resi dual Cer t i f i cat e f or any pur poses her eof and, sol el y f or t he pur poses ofgi vi ng any consent pur suant t o thi s Agr eement , any Cer t i f i cat e r egi st er ed i n t hename of t he Deposi t or or t he Mast er Ser vi cer or any Af f i l i at e t her eof shal l bedeemed not t o be out st andi ng and t he Vot i ng Ri ght s t o whi ch i t i s ent i t l ed shal lnot be t aken i nt o account i n determi ni ng whether t he r equi si t e percent age ofVot i ng Ri ght s necessar y t o ef f ect any such consent has been obt ai ned, except asotherwi se pr ovi ded i n Sect i on 11. 01. The Tr ust ee and the NI MS I nsurer mayconcl usi vel y rel y upon a cer t i f i cat e of t he Deposi t or or t he Mast er Ser vi cer i ndet er mi ni ng whet her a Cer t i f i cat e i s hel d by an Af f i l i at e t her eof . Al lr ef er ences her ei n to "Holders" or "Certificateholders" shal l ref l ect t he r i ght sof Cer t i f i cat e Owner s as t hey may i ndi r ect l y exer ci se such r i ght s t hr ough t he

Deposi t or y and par t i ci pat i ng member s t her eof , except as ot her wi se speci f i edher ei n; pr ovi ded, however , t hat t he Tr ust ee and t he NI MS I nsur er shal l ber equi r ed to recogni ze as a "Holder" or "Certificateholder" onl y t he Per son i nwhose name a Cer t i f i cat e i s r egi st er ed i n t he Cer t i f i cat e Regi st er .

"Certificate Margin": Wi t h respect t o t he Adj ust abl e- Rat eCer t i f i cat es and, f or pur poses of t he Mar ker Rat e, t he speci f i ed REMI C I IRegul ar I nt er est , as f ol l ows:

Cl ass REMI C I I Regul ar I nt er est Cer t i f i cat e Mar gi n- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

( 1) ( %) ( 2) ( %)AV- 1 REMI C I I Regul ar I nt er est I I - LTAV1 0. 400 0. 800AV- 2 REMI C I I Regul ar I nt er est I I - LTAV2 0. 380 0. 760AF- 1 REMI C I I Regul ar I nt er est I I - LTAF1 0. 160 0. 160M- 1 REMI C I I Regul ar I nt er est I I - LTM1 0. 700 1. 050M- 2 REMI C I I Regul ar I nt er est I I - LTM2 1. 850 2. 775M- 3 REMI C I I Regul ar I nt er est I I - LTM3 2. 250 3. 375M- 4 REMI C I I Regul ar I nt er est I I - LTM4 3. 750 5. 625M- 5 REMI C I I Regul ar I nt er est I I - LTM5 3. 750 5. 625

MV- 6 REMI C I I Regul ar I nt er est I I - LTMV6 3. 750 5. 625____________

( 1) For each Di st r i but i on Dat e t hr ough and i ncl udi ng t he Opt i onalTer mi nat i on Dat e.

( 2) For each Di st r i but i on Dat e t her eaf t er .

"Certificate Owner": Wi t h r espect t o a Book- Ent r y Cer t i f i cat e,t he Per son who i s t he benef i ci al owner of such Cer t i f i cat e as r ef l ect ed on thebooks of t he Deposi t or y or on the books of a Deposi t or y Par t i ci pant or on thebooks of an i ndi r ect par t i ci pat i ng br oker age f i r m f or whi ch a Deposi t or yPar t i ci pant act s as agent .

"Certificate Principal Balance": Wi t h respect t o each Cl ass ACer t i f i cat e, Mezzani ne Cer t i f i cat e or Cl ass P Cer t i f i cat e as of any dat e ofdet er mi nat i on, t he Cer t i f i cat e Pr i nci pal Bal ance of such Cer t i f i cat e on theDi st r i but i on Date i mmedi at el y pr i or t o such dat e of det er mi nat i on, mi nus al ldi st r i but i ons al l ocabl e t o pr i nci pal made t her eon and i n t he case of a Mezzani neCer t i f i cat e, Real i zed Losses al l ocat ed t her et o on such i mmedi at el y pr i orDi st r i but i on Dat e ( or , i n t he case of any dat e of det er mi nat i on up t o andi ncl udi ng t he f i rs t Di s tr i but i on Dat e, t he i ni t i al Cert i f i cat e Pr i nci pal

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Bal ance of such Cer t i f i cat e, as st at ed on t he f ace t her eof ) . Wi t h respect t oeach Cl ass CE Cert i f i cate as of any date of determi nat i on, an amount equal t ot he Per cent age I nt er est evi denced by such Cer t i f i cat e t i mes t he excess, i f any,


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of ( A) t he t hen aggr egat e Uncer t i f i cat ed Bal ances of t he REMI C I Regul arI nt er est s over ( B) t he then aggr egat e Cer t i f i cat e Pr i nci pal Bal ances of t heCl ass A Cer t i f i cat es, t he Mezzani ne Cer t i f i cat es and the Cl ass P Cer t i f i cat est hen out st andi ng.

"Certificate Register" and "Certificate Registrar": Ther egi st er mai nt ai ned and t he r egi st r ar appoi nt ed pur suant t o Sect i on 5. 02.

"Class": Col l ect i vel y, al l of t he Cert i f i cat es bear i ng t hesame cl ass desi gnat i on.

"Class A Certificate": Any one of t he Cl ass AV Cer t i f i cat es ort he Cl ass AF Cer t i f i cat es.

"Class A Principal Distribution Amount": Wi t h respect t o anyDi st r i but i on Dat e, an amount equal t o t he sum of ( i ) t he Cl ass AV- 1 Pr i nci palDi st r i but i on Amount , ( i i ) t he Cl ass AV- 2 Pr i nci pal Di st r i but i on Amount and (i i i )t he Cl ass AF Pr i nci pal Di st r i but i on Amount .

"Class AF Allocation Percentage": Wi t h respect t o the Cl ass AFCer t i f i cat es and any Di st r i but i on Dat e, t he per cent age equi val ent of a f r act i on,t he numerat or of whi ch i s ( x) t he Gr oup I I I Pr i nci pal Remi t t ance Amount f or suchDi st r i but i on Dat e and the denomi nat or of whi ch i s ( y) t he Pr i nci pal Remi t t anceAmount f or such Di st r i but i on Date.

"Class AF Certificates": The Cl ass AF- 1 Cer t i f i cat es, t heCl ass AF- 2 Cer t i f i cat es, t he Cl ass AF- 3 Cer t i f i cat es, t he Cl ass AF- 4Cer t i f i cat es, t he Cl ass AF- 5 Cer t i f i cat es and t he Cl ass AF- 6 Cer t i f i cat es.

"Class AF Principal Distribution Shortfall" : Wi t h respect t o

any Di st r i but i on Dat e ( a) pr i or t o the St epdown Dat e or i f a Tr i gger Event i s i nef f ect, t he excess of ( i ) t he aggr egat e Cl ass AF Cer t i f i cat e Pr i nci pal Bal anceover ( i i ) t he Gr oup I I I Pr i nci pal Di st r i but i on Amount and ( b) on or af t er t heSt epdown Dat e and i f a Tr i gger Event i s not i n ef f ect , t he excess of ( i ) t heCl ass AF Pr i nci pal Di st r i but i on Amount over ( i i ) t he Gr oup I I I Pr i nci palDi st r i but i on Amount , i n ei t her case, not l ess t hen zer o.

"Class AF Shortfall Allocation Percentage": Wi t h r espect t oany Di st r i but i on Date, t he per cent age equi val ent of a f r act i on, t he numer at or ofwhi ch i s ( x) t he Cl ass AF Pr i nci pal Di str i but i on Short f al l f or such Di str i but i onDat e and t he denomi nat or of whi ch i s ( y) t he Seni or Pr i nci pal Di st r i but i onShor t f al l f or such Di st r i but i on Dat e.

"Class AF-1 Certificate": Any one of t he Cl ass AF- 1Cer t i f i cat es execut ed by t he Tr ust ee, and aut hent i cat ed and del i ver ed by t heCer t i f i cat e Regi st r ar , subst ant i al l y i n t he f or m annexed her et o as Exhi bi t A- 3and evi denci ng a Regul ar I nt er est i n REMI C I I f or pur poses of t he REMI C

Pr ovi si ons."Class AF-2 Certificate": Any one of t he Cl ass AF- 2

Cer t i f i cat es execut ed by t he Tr ust ee, and aut hent i cat ed and del i ver ed by t heCert i f i cat e Regi str ar , substant i al l y i n the f orm

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annexed her et o as Exhi bi t A- 4 and evi denci ng a Regul ar I nt er est i n REMI C I I f orpur poses of t he REMI C Pr ovi si ons.

"Class AF-3 Certificate": Any one of t he Cl ass AF- 3Cer t i f i cat es execut ed by t he Tr ust ee, and aut hent i cat ed and del i ver ed by t heCer t i f i cat e Regi st r ar , subst ant i al l y i n t he f or m annexed her et o as Exhi bi t A- 5and evi denci ng a Regul ar I nt er est i n REMI C I I f or pur poses of t he REMI CPr ovi si ons.



"Class AF-6 Certificate": Any one of t he Cl ass AF- 6


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Cert i f i cat es execut ed by t he Tr ust ee, and aut hent i cat ed and del i ver ed by t heCer t i f i cat e Regi st r ar , subst ant i al l y i n t he f or m annexed her et o as Exhi bi t A- 8and evi denci ng a Regul ar I nt er est i n REMI C I I f or pur poses of t he REMI CPr ovi si ons.

"Class AF Principal Distribution Amount" Wi t h r espect t o anyDi st r i but i on Dat e an amount , not l ess t han zer o, equal t o t he excess of ( x) theaggr egat e Cer t i f i cat e Pr i nci pal Bal ance of t he Cl ass AF Cer t i f i cat es i mmedi at el ypr i or t o such Di st r i but i on Dat e over ( y) t he l esser of ( A) t he pr oduct of ( i )61. 00% and ( i i ) t he aggr egat e St at ed Pr i nci pal Bal ance of t he Gr oup I I I Mor t gageLoans as of t he l ast day of t he rel at ed Due Per i od ( af t er gi vi ng ef f ect t oschedul ed payment s of pr i nci pal due dur i ng t he r el ated Due Peri od, t o t he extentr ecei ved or advanced, and unschedul ed col l ect i ons of pr i nci pal r ecei ved dur i ng

t he rel ated Prepayment Per i od) and (B) t he aggr egate St ated Pri nci pal Bal ance oft he Gr oup I I I Mor t gage Loans as of t he l ast day of t he rel ated Due Per i od ( af t ergi vi ng ef f ect t o schedul ed payment s of pr i nci pal due dur i ng t he r el at ed DuePer i od, t o the extent r ecei ved or advanced, and unschedul ed col l ect i ons ofpr i nci pal r ecei ved dur i ng t he r el ated Prepayment Per i od) mi nus $1, 092, 003.

"Class AV Certificates": The Cl ass AV- 1 Cer t i f i cat es and theCl ass AV- 2 Cer t i f i cat es.

"Class AV-1 Allocation Percentage": Wi t h respect t o t he Cl assAV- 1 Cer t i f i cat es and any Di st r i but i on Dat e, t he per cent age equi val ent of af r act i on, t he numer at or of whi ch i s ( x) t he Gr oup I Pri nci pal Remi t t ance Amountf or such Di st r i but i on Dat e and t he denomi nat or of whi ch i s ( y) t he Pr i nci palRemi t t ance Amount f or such Di st r i but i on Date.

"Class AV-1 Cap Contract": The cap cont r act between DeutscheBank Nat i onal Trust Company, as Trust ee and t he count erpart y t hereunder , whi ch

i s f or t he benef i t of t he Hol der s of t he Cl ass AV- 1 Cer t i f i cat es, a f or m ofwhi ch i s at t ached her et o as Exhi bi t H.

11


"Class AV-1 Principal Distribution Amount" Wi t h r espect t o anyDi st r i but i on Dat e, an amount , not l ess t han zer o, equal t o the excess of ( x) theCer t i f i cat e Pr i nci pal Bal ance of t he Cl ass AV- 1 Cer t i f i cat es i mmedi at el y pr i ort o such Di st r i but i on Dat e over ( y) t he l esser of ( A) t he pr oduct of ( i ) 61. 00%and ( i i ) t he aggr egat e St at ed Pr i nci pal Bal ance of t he Gr oup I Mor t gage Loans asof t he l ast day of t he rel at ed Due Per i od ( af t er gi vi ng ef f ect t o schedul edpayment s of pr i nci pal due dur i ng the r el at ed Due Per i od, t o t he extent r ecei vedor advanced, and unschedul ed col l ect i ons of pr i nci pal r ecei ved dur i ng ther el at ed Pr epayment Peri od) and ( B) t he aggr egat e St at ed Pr i nci pal Bal ance of t heGr oup I Mor t gage Loans as of t he l ast day of t he r el at ed Due Per i od (af t ergi vi ng ef f ect t o schedul ed payment s of pr i nci pal due dur i ng t he r el at ed DuePer i od, t o the extent r ecei ved or advanced, and unschedul ed col l ect i ons ofpr i nci pal r ecei ved dur i ng t he r el ated Prepayment Per i od) mi nus $5, 130, 188.

"Class AV-1 Principal Distribution Shortfall" : Wi t h respect t oany Di st r i but i on Dat e ( a) pr i or t o the St epdown Dat e or i f a Tr i gger Event i s i nef f ect, t he excess of ( i ) t he aggr egat e Cer t i f i cat e Pr i nci pal Bal ance of t heCl ass AV- 1 Cer t i f i cat es over ( i i ) t he Gr oup I Pr i nci pal Di st r i but i on Amount and( b) on or af t er t he St epdown Dat e and i f a Tr i gger Event i s not i n ef f ect , t heexcess of ( i ) t he Cl ass AV- 1 Pr i nci pal Di st r i but i on Amount over ( i i ) t he Gr oup IPr i nci pal Di st r i but i on Amount , i n ei t her case, not l ess t hen zer o.

"Class AV-1 Shortfall Allocation Percentage": Wi t h respect t oany Di st r i but i on Date, t he per cent age equi val ent of a f r act i on, t he numer at or ofwhi ch i s ( x) t he Cl ass AV- 1 Pr i nci pal Di str i but i on Short f al l f or such

Di st r i but i on Dat e and t he denomi nat or of whi ch i s ( y) t he Seni or Pr i nci palDi st r i but i on Shor t f al l f or such Di st r i but i on Dat e.

"Class AV-1 Certificate": Any one of t he Cl ass AV- 1Cer t i f i cat es execut ed by t he Tr ust ee, and aut hent i cat ed and del i ver ed by t heCer t i f i cat e Regi st r ar , subst ant i al l y i n t he f or m annexed her et o as Exhi bi t A- 1and evi denci ng a Regul ar I nt er est i n REMI C I I f or pur poses of t he REMI CPr ovi si ons.

"Class AV-2 Allocation Percentage": Wi t h respect t o t he Cl assAV- 2 Cer t i f i cat es and any Di st r i but i on Dat e, t he per cent age equi val ent of af r act i on, t he numer at or of whi ch i s ( x) t he Gr oup I I Pri nci pal Remi t t ance Amountf or such Di st r i but i on Dat e and t he denomi nat or of whi ch i s ( y) t he Pr i nci palRemi t t ance Amount f or such Di st r i but i on Date.

"Class AV-2 Cap Contract": The cap cont r act between DeutscheBank Nat i onal Trust Company, as Trust ee and t he count erpart y t hereunder , whi ch
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i s f or t he benef i t of t he Hol der s of t he Cl ass AV- 2 Cer t i f i cat es, a f or m ofwhi ch i s at t ached her et o as Exhi bi t H.

"Class AV-2 Certificate": Any one of t he Cl ass AV- 2Cer t i f i cat es execut ed by t he Tr ust ee, and aut hent i cat ed and del i ver ed by t heCer t i f i cat e Regi st r ar , subst ant i al l y i n t he f or m annexed her et o as Exhi bi t A- 2and evi denci ng a Regul ar I nt er est i n REMI C I I f or pur poses of t he REMI CPr ovi si ons.

"Class AV-2 Principal Distribution Amount" Wi t h r espect t o anyDi st r i but i on Dat e, an amount , not l ess t han zer o, equal t o the excess of ( x) theCer t i f i cat e Pr i nci pal Bal ance of t he Cl ass AV- 2 Cer t i f i cat es i mmedi at el y pr i ort o such Di st r i but i on Dat e over ( y) t he l esser of ( A) t he pr oduct

12


of ( i ) 61. 00% and ( i i ) t he aggr egat e St at ed Pr i nci pal Bal ance of t he Gr oup I IMor t gage Loans as of t he l ast day of t he rel at ed Due Per i od ( af t er gi vi ng ef f ectt o schedul ed payment s of pr i nci pal due dur i ng t he rel ated Due Peri od, t o theextent r ecei ved or advanced, and unschedul ed col l ect i ons of pr i nci pal r ecei veddur i ng t he r el ated Prepayment Per i od) and (B) t he aggr egate St ated Pri nci palBal ance of t he Gr oup I I Mort gage Loans as of t he l ast day of t he r el ated DuePeri od ( af t er gi vi ng ef f ect t o schedul ed payment s of pr i nci pal due dur i ng t her el ated Due Per i od, t o t he ext ent r ecei ved or advanced, and unschedul edcol l ect i ons of pr i nci pal r ecei ved dur i ng t he rel at ed Pr epayment Per i od) mi nus$1, 277, 812.

"Class AV-2 Principal Distribution Shortfall" : Wi t h respect t oany Di st r i but i on Dat e ( a) pr i or t o the St epdown Dat e or i f a Tr i gger Event i s i nef f ect, t he excess of ( i ) t he Cl ass AV- 2 Cer t i f i cat e Pr i nci pal Bal ance over ( i i )t he Gr oup I I Pr i nci pal Di st r i but i on Amount and ( b) on or af t er t he St epdown Dat eand i f a Tr i gger Event i s not i n ef f ect, t he excess of ( i ) t he Cl ass AV- 2Pr i nci pal Di str i but i on Amount over ( i i ) t he Group I I Pr i nci pal Di str i but i onAmount , i n ei t her case, not l ess t hen zer o.

"Class AV-2 Shortfall Allocation Percentage": Wi t h respect t oany Di st r i but i on Date, t he per cent age equi val ent of a f r act i on, t he numer at or ofwhi ch i s ( x) t he Cl ass AV- 2 Pr i nci pal Di str i but i on Short f al l f or suchDi st r i but i on Dat e and t he denomi nat or of whi ch i s ( y) t he Seni or Pr i nci palDi st r i but i on Shor t f al l f or such Di st r i but i on Dat e.

"Class CE Certificate": Any one of t he Cl ass CE Cer t i f i cat esexecut ed, aut hent i cat ed and del i ver ed by t he Tr ust ee, subst ant i al l y i n t he f or mannexed heret o as Exhi bi t A- 16 and evi denci ng a Regul ar I nt erest i n REMI C I I If or pur poses of t he REMI C Pr ovi si ons.

"Class CE Interest": An uncer t i f i cat ed i nt er est i n t he Tr ustFund hel d by t he Tr ust ee on behal f of t he Hol der s of t he Cl ass CE Cer t i f i cat es,evi denci ng a Regul ar I nt er est i n REMI C I I f or pur poses of t he REMI C Pr ovi si ons.

"Class M-1 Certificate": Any one of t he Cl ass M- 1 Cer t i f i cat esexecut ed by t he Tr ust ee, and aut hent i cat ed and del i ver ed by t he Cer t i f i cat eRegi st r ar , subst ant i al l y i n t he f or m annexed her et o as Exhi bi t A- 9 andevi denci ng a Regul ar I nt er est i n REMI C I I f or pur poses of t he REMI C Pr ovi si ons.

"Class M-1 Principal Distribution Amount": Wi t h respect t o anyDi st r i but i on Dat e, an amount , not l ess t han zer o, equal t o the excess of ( x) theaggr egat e Cer t i f i cat e Pr i nci pal Bal ance of t he Cl ass A Cer t i f i cat es ( af t ert aki ng i nt o account t he payment of t he Cl ass A Pr i nci pal Di st r i but i on Amount onsuch Di st r i but i on Dat e) , and ( i i ) t he Cer t i f i cat e Pr i nci pal Bal ance of t he Cl assM- 1 Cer t i f i cat es i mmedi at el y pr i or t o such Di st r i but i on Dat e over ( y) t he l esserof ( A) t he pr oduct of ( i ) 73. 50% and ( i i ) t he aggr egat e St at ed Pr i nci pal Bal anceof t he Mort gage Loans as of t he l ast day of t he rel at ed Due Peri od ( af t er gi vi ngef f ect t o schedul ed payment s of pr i nci pal due dur i ng t he r el at ed Due Per i od, t ot he ext ent r ecei ved or advanced, and unschedul ed col l ect i ons of pr i nci palr ecei ved dur i ng the r el ated Prepayment Per i od) and ( B) t he aggr egate St atedPr i nci pal Bal ance of t he Mor t gage Loans as of t he l ast day of t he r el at ed DuePeri od ( af t er gi vi ng ef f ect t o schedul ed payment s of pr i nci pal due dur i ng t her el at ed Due Peri od, t o t he extent r ecei ved or

13


advanced, and unschedul ed col l ect i ons of pr i nci pal r ecei ved dur i ng t he r el at ed


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Prepayment Per i od) mi nus $7, 500, 003.

"Class M-2 Certificate": Any one of t he Cl ass M- 2 Cer t i f i cat esexecut ed by t he Tr ust ee, and aut hent i cat ed and del i ver ed by t he Cer t i f i cat eRegi st r ar , subst ant i al l y i n t he f or m annexed her et o as Exhi bi t A- 10 andevi denci ng a Regul ar I nt erest i n REMI C I I f or pur poses of t he REMI C Pr ovi si ons.

"Class M-2 Principal Distribution Amount": Wi t h respect t o anyDi st r i but i on Dat e, an amount , not l ess t han zer o, equal t o the excess of ( x) theaggr egat e Cer t i f i cat e Pr i nci pal Bal ance of t he Cl ass A Cer t i f i cat es ( af t ert aki ng i nt o account t he payment of t he Cl ass A Pr i nci pal Di st r i but i on Amount onsuch Di st r i but i on Dat e) , ( i i ) t he Cer t i f i cat e Pr i nci pal Bal ance of t he Cl ass M- 1Cer t i f i cat es ( af t er t aki ng i nt o account t he payment of t he Cl ass M- 1 Pr i nci pal

Di st r i but i on Amount on such Di st r i but i on Dat e) and (i i i ) t he Cer t i f i cat ePr i nci pal Bal ance of t he Cl ass M- 2 Cer t i f i cat es i mmedi at el y pr i or t o suchDi st r i but i on Dat e over ( y) t he l esser of ( A) t he pr oduct of ( i ) 83. 50% and ( i i )t he aggr egate St ated Pri nci pal Bal ance of t he Mort gage Loans as of t he l ast dayof t he r el at ed Due Per i od (af t er gi vi ng ef f ect t o schedul ed payment s ofpr i nci pal due dur i ng t he r el at ed Due Per i od, t o t he ext ent r ecei ved or advanced,and unschedul ed col l ect i ons of pr i nci pal r ecei ved dur i ng t he rel ated PrepaymentPer i od) and (B) t he aggr egate St ated Pri nci pal Bal ance of t he Mort gage Loans asof t he l ast day of t he rel at ed Due Per i od ( af t er gi vi ng ef f ect t o schedul edpayment s of pr i nci pal due dur i ng the r el at ed Due Per i od, t o t he extent r ecei vedor advanced, and unschedul ed col l ect i ons of pr i nci pal r ecei ved dur i ng ther el ated Pr epayment Per i od) mi nus $7, 500, 003.


"Class M-3 Principal Distribution Amount": Wi t h respect t o anyDi st r i but i on Dat e, an amount , not l ess t han zer o, equal t o the excess of ( x) theaggr egat e Cer t i f i cat e Pr i nci pal Bal ance of t he Cl ass A Cer t i f i cat es ( af t ert aki ng i nt o account t he payment of t he Cl ass A Pr i nci pal Di st r i but i on Amount onsuch Di st r i but i on Dat e) , ( i i ) t he Cer t i f i cat e Pr i nci pal Bal ance of t he Cl ass M- 1Cer t i f i cat es ( af t er t aki ng i nt o account t he payment of t he Cl ass M- 1 Pr i nci palDi st r i but i on Amount on such Di st r i but i on Dat e) , ( i i i ) t he Cer t i f i cat e Pr i nci palBal ance of t he Cl ass M- 2 Cer t i f i cat es ( af t er t aki ng i nt o account t he payment oft he Cl ass M- 2 Pr i nci pal Di st r i but i on Amount on such Di st r i but i on Dat e) and ( i v)t he Cer t i f i cat e Pr i nci pal Bal ance of t he Cl ass M- 3 Cer t i f i cat es i mmedi at el ypr i or t o such Di st r i but i on Dat e over ( y) t he l esser of ( A) t he pr oduct of ( i )87. 00% and ( i i ) t he aggr egat e St at ed Pr i nci pal Bal ance of t he Mor t gage Loans asof t he l ast day of t he rel at ed Due Per i od ( af t er gi vi ng ef f ect t o schedul edpayment s of pr i nci pal due dur i ng the r el at ed Due Per i od, t o t he extent r ecei vedor advanced, and unschedul ed col l ect i ons of pr i nci pal r ecei ved dur i ng ther el at ed Pr epayment Peri od) and ( B) t he aggr egat e St at ed Pr i nci pal Bal ance of t he

Mor t gage Loans as of t he l ast day of t he rel at ed Due Per i od ( af t er gi vi ng ef f ectt o schedul ed payment s of pr i nci pal due dur i ng t he rel ated Due Peri od, t o theextent r ecei ved or advanced, and unschedul ed col l ect i ons of pr i nci pal r ecei veddur i ng the r el ated Prepayment Per i od) mi nus $7, 500, 003.

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EX-4.1 21st Page of 371 TOC 1st Previ ous Next Bot t om J ust 21st


"Class M-4 Principal Distribution Amount": Wi t h respect t o anyDi st r i but i on Dat e, an amount , not l ess t han zer o, equal t o the excess of ( x) theaggr egat e Cer t i f i cat e Pr i nci pal Bal ance of t he Cl ass A Cer t i f i cat es ( af t ert aki ng i nt o account t he payment of t he Cl ass A Pr i nci pal Di st r i but i on Amount onsuch Di st r i but i on Dat e) , ( i i ) t he Cer t i f i cat e Pr i nci pal Bal ance of t he Cl ass M- 1Cer t i f i cat es ( af t er t aki ng i nt o account t he payment of t he Cl ass M- 1 Pr i nci palDi st r i but i on Amount on such Di st r i but i on Dat e) , ( i i i ) t he Cer t i f i cat e Pr i nci palBal ance of t he Cl ass M- 2 Cer t i f i cat es ( af t er t aki ng i nt o account t he payment oft he Cl ass M- 2 Pr i nci pal Di st r i but i on Amount on such Di st r i but i on Dat e) , ( i v) t heCer t i f i cat e Pr i nci pal Bal ance of t he Cl ass M- 3 Cer t i f i cat es ( af t er t aki ng i nt oaccount t he payment of t he Cl ass M- 3 Pr i nci pal Di st r i but i on Amount on suchDi st r i but i on Dat e) , and (v) t he Cer t i f i cat e Pr i nci pal Bal ance of t he Cl ass M- 4Cer t i f i cat es i mmedi at el y pr i or t o such Di st r i but i on Dat e over ( y) t he l esser of( A) t he pr oduct of ( i ) 89. 50% and (i i ) t he aggr egat e St at ed Pr i nci pal Bal ance oft he Mor t gage Loans as of t he l ast day of t he r el at ed Due Per i od ( af t er gi vi ngef f ect t o schedul ed payment s of pr i nci pal due dur i ng t he r el at ed Due Per i od, t ot he ext ent r ecei ved or advanced, and unschedul ed col l ect i ons of pr i nci palr ecei ved dur i ng the r el ated Prepayment Per i od) and ( B) t he aggr egate St ated


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Pr i nci pal Bal ance of t he Mor t gage Loans as of t he l ast day of t he r el at ed DuePeri od ( af t er gi vi ng ef f ect t o schedul ed payment s of pr i nci pal due dur i ng t her el ated Due Per i od, t o t he ext ent r ecei ved or advanced, and unschedul edcol l ect i ons of pr i nci pal r ecei ved dur i ng t he rel at ed Pr epayment Per i od) mi nus$7, 500, 003.


"Class M-5 Principal Distribution Amount": Wi t h respect t o anyDi st r i but i on Dat e, an amount , not l ess t han zer o, equal t o the excess of ( x) the

aggr egat e Cer t i f i cat e Pr i nci pal Bal ance of t he Cl ass A Cer t i f i cat es ( af t ert aki ng i nt o account t he payment of t he Cl ass A Pr i nci pal Di st r i but i on Amount onsuch Di st r i but i on Dat e) , ( i i ) t he Cer t i f i