POOLING AND SERVICING AGREEMENT

Pooling and Servicing Agreement

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RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC., | JPMORGAN CHASE BANK, N.A. | RESIDENTIAL FUNDING CORPORATION,

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Title: POOLING AND SERVICING AGREEMENT
Governing Law: New York Date: 6/16/2005

RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.,

Depositor,

RESIDENTIAL FUNDING CORPORATION,

Master Servicer,

and

JPMORGAN CHASE BANK, N.A.

Trustee

POOLING AND SERVICING AGREEMENT

Dated as of May 1, 2005

Mortgage Loan Backed Certificates

Series 2005-SP1

<TABLE>

ARTICLE I

DEFINITIONS

Section 1.01. Definitions........................................................................... 7

Accretion Directed Certificates.................................................................. 7

Accretion Termination Date....................................................................... 7

Accrual Certificates............................................................................. 7

Accrual Distribution Amount...................................................................... 7

Accrued Certificate Interest..................................................................... 7

Adjusted Mortgage Rate........................................................................... 8

Aggregate Planned Principal Balance.............................................................. 8

Advance.......................................................................................... 8

Affiliate........................................................................................ 8

Agreement........................................................................................ 8

Amount Held for Future Distribution.............................................................. 8

Appraised Value.................................................................................. 9

Assignment....................................................................................... 9

Assignment Agreement............................................................................. 9

Assignment of Proprietary Lease.................................................................. 9

Available Distribution Amount.................................................................... 9

Bankruptcy Amount................................................................................ 10

Bankruptcy Code.................................................................................. 10

Bankruptcy Loss.................................................................................. 10

Book-Entry Certificate........................................................................... 10

Business Day..................................................................................... 10

Calendar Quarter................................................................................. 10

Capitalization Reimbursement Amount.............................................................. 10

Capitalization Reimbursement Shortfall Amount.................................................... 10

Cash Liquidation................................................................................. 11

Certificate...................................................................................... 11

Certificate Account.............................................................................. 11

Certificate Account Deposit Date................................................................. 11

Certificateholder or Holder...................................................................... 11

Certificate Owner................................................................................ 11

Certificate Principal Balance.................................................................... 11

Certificate Register and Certificate Registrar................................................... 12

Class............................................................................................ 12

Class A Certificates............................................................................. 12

Class A-I Certificates........................................................................... 12

Class A-I-PO Collection Shortfall, Class A-II-PO Collection Shortfall, Class A-III-PO

Collection Shortfall or Class A-IV-PO Collection Shortfall....................................... 12

Class A-I-PO Distribution Amount, Class A-II-PO Distribution Amount, Class A-III-PO

Distribution Amount or Class A-IV-PO Distribution Amount......................................... 12

Class A-II Certificates.......................................................................... 13

Class A-II-3 Accretion Termination Date.......................................................... 13

Class A-II-3 Accrual Distribution Amount......................................................... 13

Class A-III Certificates......................................................................... 13

Class A-III-5 Accretion Termination Date......................................................... 13

Class A-III-7 Accretion Termination Date......................................................... 13

Class A-III-5 Accrual Distribution Amount........................................................ 13

Class A-III-7 Accrual Distribution Amount........................................................ 14

Class A-IO Certificates.......................................................................... 14

Class A-IV Certificates.......................................................................... 14

Class A-PO Collection Shortfall.................................................................. 14

Class A-PO Certificates.......................................................................... 14

Class B Certificates............................................................................. 14

Class B-1 Certificate............................................................................ 14

Class B-2 Certificate............................................................................ 14

Class B-3 Certificate............................................................................ 15

Class M Certificates............................................................................. 15

Class M-1 Certificate............................................................................ 15

Class M-2 Certificate............................................................................ 15

Class M-3 Certificate............................................................................ 15

Class R Certificate.............................................................................. 15

Class R-I Certificate............................................................................ 15

Class R-II Certificate........................................................................... 15

Class R-III Certificate.......................................................................... 15

Closing Date..................................................................................... 16

Code............................................................................................. 16

Commission....................................................................................... 16

Cooperative...................................................................................... 16

Cooperative Apartment............................................................................ 16

Cooperative Lease................................................................................ 16

Cooperative Loans................................................................................ 16

Cooperative Stock................................................................................ 16

Cooperative Stock Certificate.................................................................... 16

Corporate Trust Office........................................................................... 16

Corresponding Class.............................................................................. 16

Credit Repository................................................................................ 16

Credit Support Depletion Date.................................................................... 16

Curtailment...................................................................................... 17

Custodial Account................................................................................ 17

Custodial Agreement.............................................................................. 17

Custodian........................................................................................ 17

Cut-off Date..................................................................................... 17

Cut-off Date Balance............................................................................. 17

Cut-off Date Principal Balance................................................................... 17

Debt Service Reduction........................................................................... 17

Deficient Valuation.............................................................................. 17

Definitive Certificate........................................................................... 17

Deleted Mortgage Loan............................................................................ 17

Delinquent....................................................................................... 17

Depository....................................................................................... 18

Depository Participant........................................................................... 18

Destroyed Mortgage Note.......................................................................... 18

Determination Date............................................................................... 18

Discount Fraction................................................................................ 18

Discount Mortgage Loan........................................................................... 18

Discount Net Mortgage Loan....................................................................... 18

Discount Net Mortgage Rate....................................................................... 18

Disqualified Organization........................................................................ 18

Distribution Date................................................................................ 19

Due Date......................................................................................... 19

Due Period....................................................................................... 19

Eligible Account................................................................................. 19

Eligible Funds................................................................................... 19

Eligible Master Servicing Compensation........................................................... 20

ERISA............................................................................................ 20

Event of Default................................................................................. 20

Excess Bankruptcy Loss........................................................................... 20

Excess Loss...................................................................................... 20

Excess Special Hazard Loss....................................................................... 20

Excess Subordinate Principal Amount.............................................................. 20

Exchange Act..................................................................................... 20

Extraordinary Events............................................................................. 20

Extraordinary Losses............................................................................. 21

Fannie Mae....................................................................................... 21

FASIT............................................................................................ 21

FDIC............................................................................................. 21

FHA.............................................................................................. 21

Final Certification.............................................................................. 21

Final Distribution Date.......................................................................... 21

Fitch............................................................................................ 21

Foreclosure Profits.............................................................................. 21

Freddie Mac...................................................................................... 22

Fraud Losses..................................................................................... 22

Group I Cut-off Date Balance..................................................................... 22

Fraud Loss Amount................................................................................ 22

Group I Loan..................................................................................... 22

Group I Pool Stated Principal Balance............................................................ 22

Group I Senior Certificates...................................................................... 23

Group I Senior Percentage........................................................................ 23

Group I Senior Principal Distribution Amount..................................................... 23

Group II Cut-off Date Balance.................................................................... 23

Group II Loan.................................................................................... 23

Group II Lockout Percentage...................................................................... 23

Group II Pool Stated Principal Balance........................................................... 23

Group II Senior Certificates..................................................................... 23

Group II Senior Percentage....................................................................... 23

Group II Senior Principal Distribution Amount.................................................... 24

Group III Cut-off Date Balance................................................................... 24

Group III Loan................................................................................... 24

Group III Lockout Percentage..................................................................... 24

Group III Pool Stated Principal Balance.......................................................... 24

Group III Senior Certificates.................................................................... 24

Group III Senior Percentage...................................................................... 24

Group III Senior Principal Distribution Amount................................................... 24

Group IV Cut-off Date Balance.................................................................... 24

Group IV Loan.................................................................................... 24

Group IV Pool Stated Principal Balance........................................................... 25

Group IV Senior Certificates..................................................................... 25

Group IV Senior Percentage....................................................................... 25

Group IV Senior Principal Distribution Amount.................................................... 25

Hazardous Materials.............................................................................. 25

Highest Priority................................................................................. 25

Independent...................................................................................... 25

Initial Certificate Principal Balance............................................................ 25

Initial Notional Amount.......................................................................... 25

Initial Subordinate Class Percentage............................................................. 26

Insurance Proceeds............................................................................... 26

Interest Accrual Period.......................................................................... 26

Interest Only Certificate........................................................................ 26

Interim Certification............................................................................ 26

Interested Person................................................................................ 26

Late Collections................................................................................. 26

Liquidation Proceeds............................................................................. 27

Loan Group....................................................................................... 27

Loan-to-Value Ratio.............................................................................. 27

Lower Priority................................................................................... 27

Lowest Priority.................................................................................. 27

Maturity Date.................................................................................... 27

MERS............................................................................................. 27

MERS System...................................................................................... 27

MIN.............................................................................................. 27

Modified Mortgage Loan........................................................................... 27

Modified Net Mortgage Rate....................................................................... 28

MOM Loan......................................................................................... 28

Monthly Payment.................................................................................. 28

Moody's.......................................................................................... 28

Mortgage......................................................................................... 28

Mortgage File.................................................................................... 28

Mortgage Loan Schedule........................................................................... 28

Mortgage Loans................................................................................... 29

Mortgage Note.................................................................................... 29

Mortgage Rate.................................................................................... 29

Mortgaged Property............................................................................... 29

Mortgagor........................................................................................ 29

Net Mortgage Rate................................................................................ 29

Non-Discount Mortgage Loan....................................................................... 29

Non-Primary Residence Loans...................................................................... 30

Non-United States Person......................................................................... 30

Nonrecoverable Advance........................................................................... 30

Nonsubserviced Mortgage Loan..................................................................... 30

Notice........................................................................................... 30

Notional Amount.................................................................................. 30

Officers' Certificate............................................................................ 31

Opinion of Counsel............................................................................... 31

Optional Termination Date........................................................................ 31

Outstanding Mortgage Loan........................................................................ 31

Ownership Interest............................................................................... 31

Pass-Through Rate................................................................................ 31

Paying Agent..................................................................................... 32

Percentage Interest.............................................................................. 32

Permitted Investments............................................................................ 32

Permitted Transferee............................................................................. 33

Person........................................................................................... 33

Planned Principal Balance........................................................................ 33

Pool Strip Rate.................................................................................. 33

Prepayment Assumption............................................................................ 33

Prepayment Distribution Percentage............................................................... 33

Prepayment Distribution Trigger.................................................................. 34

Prepayment Interest Shortfall.................................................................... 35

Prepayment Period................................................................................ 35

Primary Insurance Policy......................................................................... 35

Principal Only Certificates...................................................................... 35

Principal Prepayment............................................................................. 35

Principal Prepayment in Full..................................................................... 35

Program Guide.................................................................................... 35

Purchase Price................................................................................... 35

Qualified Insurer................................................................................ 36

Qualified Substitute Mortgage Loan............................................................... 36

Rating Agency.................................................................................... 36

Realized Loss.................................................................................... 37

Record Date...................................................................................... 37

Regular Certificates............................................................................. 37

Regular Interest................................................................................. 38

Related Classes.................................................................................. 38

Relief Act....................................................................................... 38

Relief Act Shortfalls............................................................................ 38

REMIC............................................................................................ 38

REMIC Administrator.............................................................................. 38

REMIC I.......................................................................................... 38

REMIC I A-I-IO Regular Interests................................................................. 38

REMIC I A-III-IO Regular Interests............................................................... 39

REMIC I A-IV-IO Regular Interests................................................................ 39

REMIC I Pass-Through Rate........................................................................ 39

REMIC I Regular Interests........................................................................ 39

REMIC I Regular Interest I-SUB................................................................... 39

REMIC I Regular Interest I-ZZZ................................................................... 39

REMIC I Regular Interest A-I-PO.................................................................. 40

REMIC I Regular Interest II-SUB.................................................................. 40

REMIC I Regular Interest II-ZZZ.................................................................. 40

REMIC I Regular Interest A-II-PO................................................................. 40

REMIC I Regular Interest III-SUB................................................................. 40

REMIC I Regular Interest III-ZZZ................................................................. 40

REMIC I Regular Interest A-III-PO................................................................ 40

REMIC I Regular Interest IV-SUB.................................................................. 40

REMIC I Regular Interest IV-ZZZ.................................................................. 40

REMIC I Regular Interest A-IV-PO................................................................. 40

REMIC I Subordinated Balance Ratio............................................................... 40

REMIC II......................................................................................... 41

REMIC II A-I-IO Regular Interests................................................................ 41

REMIC II A-III-IO Regular Interests.............................................................. 41

REMIC II A-IV-IO Regular Interests............................................................... 41

REMIC II Pass-Through Rate....................................................................... 41

REMIC II Regular Interests....................................................................... 42

REMIC II Regular Interest A-I-1.................................................................. 42

REMIC II Regular Interest A-I-2.................................................................. 42

REMIC II Regular Interest A-I-3.................................................................. 42

REMIC II Regular Interest A-I-4.................................................................. 42

REMIC II Regular Interest A-I-5.................................................................. 42

REMIC II Regular Interest A-I-6.................................................................. 42

REMIC II Regular Interest A-I-7.................................................................. 43

REMIC II Regular Interest A-I-8.................................................................. 43

REMIC II Regular Interest A-I-9.................................................................. 43

REMIC II Regular Interest A-I-10................................................................. 43

REMIC II Regular Interest A-I-PO................................................................. 43

REMIC II Regular Interest A-II-1................................................................. 43

REMIC II Regular Interest A-II-2................................................................. 43

REMIC II Regular Interest A-II-3................................................................. 43

REMIC II Regular Interest A-II-4................................................................. 43

REMIC II Regular Interest A-II-5................................................................. 43

REMIC II Regular Interest A-II-6................................................................. 44

REMIC II Regular Interest A-II-7................................................................. 44

REMIC II Regular Interest A-II-8................................................................. 44

REMIC II Regular Interest A-II-9................................................................. 44

REMIC II Regular Interest A-II-10................................................................ 44

REMIC II Regular Interest A-II-11................................................................ 44

REMIC II Regular Interest A-II-12................................................................ 44

REMIC II Regular Interest A-II-13................................................................ 44

REMIC II Regular Interest A-II-PO................................................................ 44

REMIC II Regular Interest A-III-1................................................................ 44

REMIC II Regular Interest A-III-2................................................................ 45

REMIC II Regular Interest A-III-3................................................................ 45

REMIC II Regular Interest A-III-5................................................................ 45

REMIC II Regular Interest A-III-6................................................................ 45

REMIC II Regular Interest A-III-7................................................................ 45

REMIC II Regular Interest A-III-9................................................................ 45

REMIC II Regular Interest A-III-10............................................................... 45

REMIC II Regular Interest A-III-PO............................................................... 45

REMIC II Regular Interest A-IV-1................................................................. 45

REMIC II Regular Interest A-IV-2................................................................. 45

REMIC II Regular Interest A-IV-PO................................................................ 46

REMIC III........................................................................................ 46

REMIC Provisions................................................................................. 46

REO Acquisition.................................................................................. 46

REO Disposition.................................................................................. 46

REO Imputed Interest............................................................................. 46

REO Proceeds..................................................................................... 46

REO Property..................................................................................... 46

Reportable Modified Mortgage Loan................................................................ 46

Repurchase Event................................................................................. 46

Repurchase Price................................................................................. 46

Request for Release.............................................................................. 47

Required Insurance Policy........................................................................ 47

Residential Funding.............................................................................. 47

Responsible Officer.............................................................................. 47

Sale Agreement................................................................................... 47

Schedule of Discount Fractions................................................................... 47

Seller........................................................................................... 47

Security Agreement............................................................................... 48

Senior Accelerated Distribution Percentage....................................................... 48

Senior Certificates.............................................................................. 49

Senior Percentage................................................................................ 49

Senior Principal Distribution Amount............................................................. 49

Senior Support Certificates...................................................................... 49

Servicing Accounts............................................................................... 49

Servicing Advances............................................................................... 49

Servicing Fee.................................................................................... 49

Servicing Fee Rate............................................................................... 50

Senior Interest Distribution Amount.............................................................. 50

Servicing Modification........................................................................... 50

Servicing Officer................................................................................ 50

Special Hazard Amount............................................................................ 50

Special Hazard Loss.............................................................................. 51

Standard & Poor's................................................................................ 51

Startup Date..................................................................................... 51

Stated Principal Balance......................................................................... 51

Subclass......................................................................................... 51

Subordination.................................................................................... 51

Subordinate Certificate.......................................................................... 52

Subordinate Class Percentage..................................................................... 52

Subordinate Percentage........................................................................... 52

Subordinate Principal Distribution Amount........................................................ 52

Subsequent Recoveries............................................................................ 53

Subserviced Mortgage Loan........................................................................ 53

Subservicer...................................................................................... 53

Subservicer Advance.............................................................................. 53

Subservicing Account............................................................................. 53

Subservicing Agreement........................................................................... 53

Subservicing Fee................................................................................. 53

Subservicing Fee Rate............................................................................ 53

Super Senior Certificates........................................................................ 53

Targeted Principal Balance..................................................................... 53

Tax Returns...................................................................................... 53

Transfer......................................................................................... 54

Transferee....................................................................................... 54

Transferor....................................................................................... 54

Trust Fund....................................................................................... 54

Uniform Single Attestation Program for Mortgage Bankers.......................................... 54

Uncertificated Accrued Interest.................................................................. 54

Uncertificated Class A-I-IO REMIC III Regular Interests.......................................... 55

Uncertificated Class A-III-IO REMIC III Regular Interests........................................ 55

Uncertificated Class A-IV-IO REMIC III Regular Interests......................................... 55

Uncertificated Notional Amount................................................................... 55

Uncertificated Pass-Through Rate................................................................. 56

Uncertificated Principal Balance................................................................. 56

Uncertificated REMIC Regular Interest Distribution Amount........................................ 56

Uncertificated REMIC III Regular Interests....................................................... 56

Uninsured Cause.................................................................................. 56

United States Person............................................................................. 56

VA............................................................................................... 56

Voting Rights.................................................................................... 57

ARTICLE II

CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

Section 2.01. Conveyance of Mortgage Loans.......................................................... 59

Section 2.02. Acceptance by Trustee................................................................. 63

Section 2.03. Representations, Warranties and Covenants of the Master Servicer and the Depositor.... 65

Section 2.04. Representations and Warranties of Residential Funding................................. 67

Section 2.05. Execution and Authentication of Certificates; Conveyance of Uncertificated REMIC

Regular Interests................................................................... 69

ARTICLE III

ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

Section 3.01. Master Servicer to Act as Servicer.................................................... 70

Section 3.02. Subservicing Agreements Between Master Servicer and Subservicers; Enforcement of

Subservicers' Obligations............................................................. 71

Section 3.03. Successor Subservicers................................................................ 72

Section 3.04. Liability of the Master Servicer...................................................... 73

Section 3.05. No Contractual Relationship Between Subservicer and Trustee or Certificateholders..... 73

Section 3.06. Assumption or Termination of Subservicing Agreements by Trustee....................... 73

Section 3.07. Collection of Certain Mortgage Loan Payments; Deposits to Custodial Account........... 74

Section 3.08. Subservicing Accounts; Servicing Accounts............................................. 76

Section 3.09. Access to Certain Documentation and Information Regarding the Mortgage Loans.......... 78

Section 3.10. Permitted Withdrawals from the Custodial Account...................................... 78

Section 3.11. Maintenance of Primary Insurance Coverage............................................. 80

Section 3.12. Maintenance of Fire Insurance and Omissions and Fidelity Coverage..................... 80

Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and Modification Agreements; Certain

Assignments........................................................................... 82

Section 3.14. Realization Upon Defaulted Mortgage Loans............................................. 84

Section 3.15. Trustee to Cooperate; Release of Mortgage Files....................................... 86

Section 3.16. Servicing and Other Compensation; Eligible Master Servicing

Compensation.......................................................................... 87

Section 3.17. Reports to the Trustee and the Depositor.............................................. 89

Section 3.18. Annual Statement as to Compliance..................................................... 89

Section 3.19. Annual Independent Public Accountants' Servicing Report............................... 90

Section 3.20. Right of the Depositor in Respect of the Master Servicer.............................. 90

Section 3.21. Advance Facility...................................................................... 91

ARTICLE IV

PAYMENTS TO CERTIFICATEHOLDERS

Section 4.01. Certificate Account................................................................... 96

Section 4.02. Distributions......................................................................... 96

Section 4.03. Statements to Certificateholders; Statements to Rating Agencies; Exchange Act

Reporting...........................................................................111

Section 4.04. Distribution of Reports to the Trustee and the Depositor; Advances by the Master

Servicer............................................................................113

Section 4.05. Allocation of Realized Losses.........................................................115

Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property.........................116

Section 4.07. Optional Purchase of Defaulted Mortgage Loans.........................................117

ARTICLE V

THE CERTIFICATES

Section 5.01. The Certificates......................................................................118

Section 5.02. Registration of Transfer and Exchange of Certificates.................................120

Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates.....................................126

Section 5.04. Persons Deemed Owners.................................................................126

Section 5.05. Appointment of Paying Agent...........................................................127

ARTICLE VI

THE DEPOSITOR AND THE MASTER SERVICER

Section 6.01. Respective Liabilities of the Depositor and the Master Servicer.......................128

Section 6.02. Merger or Consolidation of the Depositor or the Master Servicer; Assignment of Rights

and Delegation of Duties by Master Servicer.........................................128

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

and Others............................................................................129

Section 6.04. Depositor and Master Servicer Not to Resign...........................................130

ARTICLE VII

DEFAULT

Section 7.01. Events of Default.....................................................................131

Section 7.02. Trustee or Depositor to Act; Appointment of Successor.................................132

Section 7.03. Notification to Certificateholders....................................................134

Section 7.04. Waiver of Events of Default...........................................................134

ARTICLE VIII

CONCERNING THE TRUSTEE

Section 8.01. Duties of Trustee.....................................................................135

Section 8.02. Certain Matters Affecting the Trustee.................................................136

Section 8.03. Trustee Not Liable for Certificates or Mortgage Loans.................................138

Section 8.04. Trustee May Own Certificates..........................................................138

Section 8.05. Master Servicer to Pay Trustee's Fees and Expenses; Indemnification...................138

Section 8.06. Eligibility Requirements for Trustee..................................................139

Section 8.07. Resignation and Removal of the Trustee................................................139

Section 8.08. Successor Trustee.....................................................................140

Section 8.09. Merger or Consolidation of Trustee....................................................141

Section 8.10. Appointment of Co-Trustee or Separate Trustee.........................................141

Section 8.11. Appointment of Custodians.............................................................142

ARTICLE IX

TERMINATION

Section 9.01. Termination Upon Purchase by the Master Servicer or Liquidation of All Mortgage Loans.144

Section 9.02. Additional Termination Requirements...................................................146

ARTICLE X

REMIC PROVISIONS

Section 10.01. REMIC Administration..................................................................148

Section 10.02. Master Servicer, REMIC Administrator and Trustee Indemnification......................151

Section 10.03. Distributions on the REMIC I Regular Interests and REMIC II Regular Interests.........152

Section 10.04. Distributions on the Uncertificated REMIC III Regular Interests.......................153

ARTICLE XI

MISCELLANEOUS PROVISIONS

Section 11.01. Amendment.............................................................................154

Section 11.02. Recordation of Agreement; Counterparts................................................156

Section 11.03. Limitation on Rights of Certificateholders............................................157

Section 11.04. Governing Law.........................................................................157

Section 11.05. Notices...............................................................................158

Section 11.06. Notices to Rating Agencies............................................................158

Section 11.07. Severability of Provisions............................................................159

Section 11.08. Supplemental Provisions for Resecuritization..........................................159

Exhibit A Form of Class A Certificate

Exhibit B Form of Class M Certificate

Exhibit C Form of Class B Certificate

Exhibit D Form of Class R Certificate

Exhibit E Form of Custodial Agreement

Exhibit F-1 Group I Loan Schedule

Exhibit F-2 Group II Loan Schedule

Exhibit F-3 Group III Loan Schedule

Exhibit F-4 Group IV Loan Schedule

Exhibit G Forms of Request for Release

Exhibit H-1 Form of Transfer Affidavit and Agreement

Exhibit H-2 Form of Transferor Certificate

Exhibit I Form of Investor Representation Letter

Exhibit J Form of Transferor Representation Letter

Exhibit K Text of Amendment to Pooling and Servicing Agreement Pursuant to Section 11.01(e) for a Limited

Guaranty

Exhibit L Form of Limited Guaranty

Exhibit M Form of Lender Certification for Assignment of Mortgage Loan

Exhibit N Form of Rule 144A Investment Representation

Exhibit O [Reserved]

Exhibit P Schedule of Discount Fractions

Exhibit Q Form of Request for Exchange

Exhibit R-1 Form of Form 10-K Certification

Exhibit R-2 Form of Back-Up Certification to Form 10-K Certificate

Exhibit S Information to be Provided by the Master Servicer to the Rating Agencies Relating to Reportable

Modified Mortgage Loans

Exhibit T: Aggregate Planned Principal Balances and Planned Principal Balances

Exhibit U: Targeted Principal Balances

</TABLE>

<PAGE>

This Pooling and Servicing Agreement, effective as of May 1, 2005,

among RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC., as the depositor (together with

its permitted successors and assigns, the "Depositor"), RESIDENTIAL FUNDING

CORPORATION, as master servicer (together with its permitted successors and

assigns, the "Master Servicer"), and JPMORGAN CHASE BANK, N.A., a banking

association organized under the laws of the United States, as trustee (together

with its permitted successors and assigns, the "Trustee").

PRELIMINARY STATEMENT:

The Depositor intends to sell mortgage loan backed certificates

(collectively, the "Certificates"), to be issued hereunder in forty-five

classes, which in the aggregate will evidence the entire beneficial ownership

interest in the Mortgage Loans (as defined herein).

REMIC I

As provided herein, the REMIC Administrator will make an election to

treat the segregated pool of assets consisting of the Group I Loans, Group II

Loans, Group III Loans and Group IV Loans and certain other related assets

subject to this Agreement as a real estate mortgage investment conduit (a

"REMIC") for federal income tax purposes, and such segregated pool of assets

will be designated as "REMIC I." The Class R-I Certificates will represent the

sole class of "residual interests" in REMIC I for purposes of the REMIC

Provisions (as defined herein) under federal income tax law. The following table

irrevocably sets forth the designation, remittance rate (the "REMIC I

Pass-Through Rate") and initial Uncertificated Principal Balance for each of the

"regular interests" in REMIC I (the "REMIC I Regular Interests"). The "latest

possible maturity date" (determined for purposes of satisfying Treasury

regulation Section 1.860G-1(a)(4)(iii)) for each REMIC I Regular Interest shall

be the date set forth below. None of the REMIC I Regular Interests will be

certificated.

<TABLE>

REMIC I REGULAR INTEREST REMIC I PASS-THROUGH UNCERTIFICATED REMIC I LATEST POSSIBLE

DESIGNATION RATE PRINCIPAL BALANCE MATURITY DATE

I-SUB 5.00% $394.55 June 2035

I-ZZZ 5.00% $196,708,088.73 June 2035

REMIC I A-I-IO Regular Interests (1) (2) June 2035

I-PO 0.00% $549,055.00 June 2035

II-SUB 5.25% $657.40 June 2035

II-ZZZ 5.25% $328,033,347.37 June 2035

II-PO 0.00% $626,019.00 June 2035

III-SUB 6.00% $354.89 June 2035

III-ZZZ 6.00% $176,913,686.51 June 2035

REMIC I A-III-IO Regular (1) (2) June 2035

Interests

III-PO 0.00% $519,504.00 June 2035

IV-SUB 6.25% $255.33 June 2035

IV-ZZZ 6.25% $127,178,020.94 June 2035

REMIC I A-IV-IO Regular Interests (1) (2) June 2035

IV-PO 0.00% $462,578.00 June 2035

</TABLE>

_______________

(1) Calculated as provided in the definition of REMIC I Pass-Through Rate.

(2) REMIC I A-I-IO Regular Interests, REMIC I A-III-IO Regular Interests

and REMIC I A-IV-IO Regular Interests will not have an Uncertificated

Principal Balance.

<PAGE>

REMIC II

As provided herein, the REMIC Administrator will make an election to

treat the segregated pool of assets consisting of the REMIC I Regular Interests

as a real estate mortgage investment conduit (a "REMIC") for federal income tax

purposes, and such segregated pool of assets will be designated as "REMIC II."

The Class R-II Certificates will represent the sole class of "residual

interests" in REMIC II for purposes of the REMIC Provisions (as defined herein)

under federal income tax law. The following table irrevocably sets forth the

designation, remittance rate (the "REMIC II Pass-Through Rate") and initial

Uncertificated Principal Balance for each of the "regular interests" in REMIC II

(the "REMIC II Regular Interests"). The "latest possible maturity date"

(determined for purposes of satisfying Treasury regulation Section

1.860G-1(a)(4)(iii)) for each REMIC II Regular Interest shall be the date set

forth below. None of the REMIC II Regular Interests will be certificated.

<TABLE>

Latest Possible Maturity

REMIC II Regular Interest Designation REMIC II Pass-Through Rate Uncertificated Principal Balance Date

REMIC II Regular Interest A-I-1 5.00% $ 76,200,000.00 September 25, 2034

REMIC II Regular Interest A-I-2 5.00% $ 769,697.00 September 25, 2034

REMIC II Regular Interest A-I-3 5.00% $ 31,990,500.00 September 25, 2034

REMIC II Regular Interest A-I-4 5.00% $ 10,340,400.00 September 25, 2034

REMIC II Regular Interest A-I-5 5.00% $ 21,831,000.00 September 25, 2034

REMIC II Regular Interest A-I-6 5.00% $ 3,105,900.00 September 25, 2034

REMIC II Regular Interest A-I-7 5.00% $ 5,556,900.00 September 25, 2034

REMIC II Regular Interest A-I-8 5.00% $ 6,100,400.00 September 25, 2034

REMIC II Regular Interest A-I-9 5.00% $ 5,937,600.00 September 25, 2034

REMIC II Regular Interest A-I-10 5.00% $ 30,930,603.00 September 25, 2034

REMIC II A-I-IO Regular Interests (1) (2) September 25, 2034

REMIC II Regular Interest A-I-PO 0.00% $ 549,055.00 September 25, 2034

REMIC II Regular Interest A-II-1 5.25% $ 33,000,000.00 September 25, 2034

REMIC II Regular Interest A-II-2 5.25% $ 120,945,900.00 September 25, 2034

REMIC II Regular Interest A-II-3 5.25% $ 6,784,100.00 September 25, 2034

REMIC II Regular Interest A-II-4 5.25% $ 17,158,000.00 September 25, 2034

REMIC II Regular Interest A-II-5 5.25% $ 10,413,800.00 September 25, 2034

REMIC II Regular Interest A-II-6 5.25% $ 15,305,300.00 September 25, 2034

REMIC II Regular Interest A-II-7 5.25% $ 16,625,200.00 September 25, 2034

REMIC II Regular Interest A-II-8 5.25% $ 28,554,200.00 September 25, 2034

REMIC II Regular Interest A-II-9 5.25% $ 5,021,800.00 September 25, 2034

REMIC II Regular Interest A-II-10 5.25% $ 13,360,000.00 September 25, 2034

REMIC II Regular Interest A-II-11 5.25% $ 7,717,800.00 September 25, 2034

REMIC II Regular Interest A-II-12 5.25% $ 3,955,500.00 September 25, 2034

REMIC II Regular Interest A-II-13 5.25% $ 42,618,400.00 September 25, 2034

REMIC II Regular Interest A-II-PO 0.00% $ 626,019.00 September 25, 2034

REMIC II Regular Interest A-III-1 6.00% $ 31,117,000.00 September 25, 2034

REMIC II Regular Interest A-III-2 6.00% $ 39,417,000.00 September 25, 2034

REMIC II Regular Interest A-III-3 6.00% $ 57,000,000.00 September 25, 2034

REMIC II Regular Interest A-III-5 6.00% $ 9,183,000.00 September 25, 2034

REMIC II Regular Interest A-III-6 6.00% $ 3,647,500.00 September 25, 2034

REMIC II Regular Interest A-III-7 6.00% $ 4,444,500.00 September 25, 2034

REMIC II Regular Interest A-III-9 6.00% $ 3,556,000.00 September 25, 2034

REMIC II Regular Interest A-III-10 6.00% $ 25,000,000.00 September 25, 2034

REMIC II A-III-IO Regular Interests (1) (2) September 25, 2034

REMIC II Regular Interest A-III-PO 0.00% $ 519,504.00 September 25, 2034

REMIC II Regular Interest A-IV-1 6.25% $ 111,272,321.00 September 25, 2034

REMIC II Regular Interest A-IV-2 6.25% $ 13,352,679.00 September 25, 2034

REMIC II A-IV-IO Regular Interests (1) (2) September 25, 2034

REMIC II Regular Interest A-IV-PO 0.00% $ 462,578.00 September 25, 2034

REMIC II Regular Interest M-1 (1) $ 8,310,000.00 September 25, 2034

REMIC II Regular Interest M-2 (1) $ 3,324,000.00 September 25, 2034

REMIC II Regular Interest M-3 (1) $ 2,077,000.00 September 25, 2034

REMIC II Regular Interest R-III 6.00% $ 50.00 September 25, 2034

REMIC II Regular Interest B-1 (1) $ 1,246,000.00 September 25, 2034

REMIC II Regular Interest B-2 (1) $ 1,246,000.00 September 25, 2034

REMIC II Regular Interest B-3 (1) $ 418,705.72 September 25, 2034

</TABLE>

___________________________

(1) Calculated as provided in the definition of REMIC II Pass-Through Rate.

(2) REMIC II A-I-IO Regular Interests, REMIC II A-III-IO Regular Interests

and REMIC II A-IV-IO Regular Interests will not have an Uncertificated

Principal Balance.

<PAGE>

REMIC III

As provided herein, the REMIC Administrator will elect to treat the

segregated pool of assets consisting of the REMIC II Regular Interests as a

REMIC for federal income tax purposes, and such segregated pool of assets will

be designated as REMIC III. The Class R-III Certificates will represent the sole

class of "residual interests" in REMIC III for purposes of the REMIC Provisions

under federal income tax law. The following table irrevocably sets forth the

designation, Pass-Through Rate, aggregate Initial Certificate Principal Balance,

certain features, Maturity Date and initial ratings for each Class of

Certificates comprising the interests representing "regular interests" in REMIC

III and the Class R-III Certificates. The "latest possible maturity date"

(determined solely for purposes of satisfying Treasury Regulation Section

1.860G-1(a)(4)(iii)) for each Class of REMIC III Regular Certificates shall be

the date set forth below.

<TABLE>

AGGREGATE

INITIAL

CERTIFICATE

PRINCIPAL INITIAL

DESIGNATION TYPE PASS-THROUGH BALANCE FEATURES MATURITY DATE RATINGS(7)

S&P MOODY'S

Class A-I-1 Senior 5.00% $ 76,200,000.00 Super Senior/Fixed Rate September 25, 2034 AAA Aaa

Class A-I-2 Senior 5.00% $ 769,697.00 Senior Support/Fixed September 25, 2034 AAA Aaa

Rate

Class A-I-3 Senior 5.00% $ 31,990,500.00 Senior/PAC/Fixed Rate September 25, 2034 AAA Aaa

Class A-I-4 Senior 5.00% $ 10,340,400.00 Senior/PAC/Fixed Rate September 25, 2034 AAA Aaa

Class A-I-5 Senior 5.00% $ 21,831,000.00 Senior/PAC/Fixed Rate September 25, 2034 AAA Aaa

Class A-I-6 Senior 5.00% $ 3,105,900.00 Senior/PAC/Fixed Rate September 25, 2034 AAA Aaa

Class A-I-7 Senior 5.00% $ 5,556,900.00 Senior/PAC/Fixed Rate September 25, 2034 AAA Aaa

Class A-I-8 Senior 5.00% $ 6,100,400.00 Senior//PAC/Fixed Rate September 25, 2034 AAA Aaa

Class A-I-9 Senior 5.00% $ 5,937,600.00 Senior/PAC/Fixed Rate September 25, 2034 AAA Aaa

Class A-I-10 Senior 5.00% $ 30,930,603.00 Senior/Companion/Fixed September 25, 2034 AAA Aaa

Rate

Class A-I-IO (2) Senior 5.00% $0.00 Senior/Interest September 25, 2034 AAA Aaa

Only/Fixed Rate

Class A-I-PO Senior 0.00% $ 549,055.98 Senior/Principal Only September 25, 2034 AAA Aaa

Class A-II-1 Senior 5.25% $ 33,000,000.00 Senior/Lockout/Fixed September 25, 2034 AAA Aaa

Rate

Class A-II-2 Senior 5.25% $ 120,945,900.00 Senior/Accretion September 25, 2034 AAA Aaa

Directed/Fixed Rate

Class A-II-3 Senior 5.25% $ 6,784,100.00 Senior/Accrual/ Fixed September 25, 2034 AAA Aaa

Rate

Class A-II-4 Senior 5.25% $ 17,158,000.00 Senior/PAC/Fixed Rate September 25, 2034 AAA Aaa

Class A-II-5 Senior 5.25% $ 10,413,800.00 Senior/PAC/Fixed Rate September 25, 2034 AAA Aaa

Class A-II-6 Senior 5.25% $ 15,305,300.00 Senior/PAC/Fixed Rate September 25, 2034 AAA Aaa

Class A-II-7 Senior 5.25% $ 16,625,200.00 Senior/PAC/Fixed Rate September 25, 2034 AAA Aaa

Class A-II-8 Senior 5.25% $ 28,554,200.00 Senior/PAC/Fixed Rate September 25, 2034 AAA Aaa

Class A-II-9 Senior 5.25% $ 5,021,800.00 Senior/PAC/Fixed Rate September 25, 2034 AAA Aaa

Class A-II-10 Senior 5.25% $ 13,360,000.00 Senior/PAC/Fixed Rate September 25, 2034 AAA Aaa

Class A-II-11 Senior 5.25% $ 7,717,800.00 Senior/PAC/Fixed Rate September 25, 2034 AAA Aaa

Class A-II-12 Senior 5.25% $ 3,955,500.00 Senior/PAC/Fixed Rate September 25, 2034 AAA Aaa

Class A-II-13 Senior 5.25% $ 42,618,400.00 Senior/Companion/Fixed September 25, 2034 AAA Aaa

Rate

Class A-II-PO Senior 0.00% $ 626,019.09 Senior/Principal Only September 25, 2034 AAA Aaa

Class A-III-1 Senior 6.00% $ 31,117,000.00 Super September 25, 2034 AAA Aaa

Senior/Lockout/Fixed

Rate

Class A-III-2 Senior 5.00% $ 39,417,000.00 Senior/PAC/Fixed Rate September 25, 2034 AAA Aaa

Class A-III-3 Senior 5.40% $ 57,000,000.00 Senior/Accretion September 25, 2034 AAA Aaa

Directed/TAC/Fixed Rate

Class A-III-4 Senior 6.00% $ 0.00 Senior/Interest September 25, 2034 AAA Aaa

Only/Fixed Rate

Class A-III-5 Senior 6.00% $ 9,183,000.00 Senior/Accrual/Companion/September 25, 2034 AAA Aaa

Rate

Class A-III-6 Senior 6.00% $ 3,647,500.00 Senior/Accretion September 25, 2034 AAA Aaa

Directed/Fixed Rate

Class A-III-7 Senior 6.00% $ 4,444,500.00 Senior/Accrual/ Fixed September 25, 2034 AAA Aaa

Rate

Class A-III-8 Senior 6.00% $ 0.00 Senior/Interest Only/ September 25, 2034 AAA Aaa

Fixed Rate

Class A-III-9 Senior 6.00% $ 3,556,000.00 Senior September 25, 2034 AAA Aa1

Support/Lockout/Fixed

Rate

Class A-III-10 Senior 5.00% $ 25,000,000.00 Super Senior/PAC/ Fixed September 25, 2034 AAA Aaa

Rate

Class A-III-IO (3) Senior 6.00% $ 0.00 Senior/Interest September 25, 2034 AAA Aaa

Only/Fixed Rate

Class A-III-PO Senior 0.00% $ 519,503.50 Senior/Principal Only September 25, 2034 AAA Aaa

Class A-IV-1 Senior 7.00% $ 111,272,321.00 Senior/Fixed Rate September 25, 2034 AAA Aaa

Class A-IV-2 Senior 0.00% $ 13,352,679.00 Senior/Principal Only September 25, 2034 AAA Aaa

Class A-IV-IO Senior 6.25% $ 0.00 Senior/Interest September 25, 2034 AAA Aaa

(4) Only/Fixed Rate

Class A-IV-PO Senior 0.00% $ 462,577.75 Senior/Principal Only September 25, 2034 AAA Aaa

Class R-I Residual 5.00% $100.00 Residual September 25, 2034 AAA Aaa

Class R-II Residual 6.00% $50.00 Residual September 25, 2034 AAA Aaa

Class R-III Residual 6.00% $50.00 Residual September 25, 2034 AAA Aaa

Class M-1 Mezzanine Variable $ 8,310,000.00 Mezzanine/Variable Rate September 25, 2034 AA Aa2

Rate (1)

Class M-2 Mezzanine Variable $ 3,324,000.00 Mezzanine/ Variable September 25, 2034 A A2

Rate (1) Rate

Class M-3 Mezzanine Variable $ 2,077,000.00 Mezzanine/Variable Rate September 25, 2034 BBB Ba2

Rate (1)

Class B-1 Subordinate Variable $1,246,000.00 Subordinate/Variable September 25, 2034 BB N/A

Rate (1) Rate

Class B-2 Subordinate Variable $1,246,000.00 Subordinate/Variable September 25, 2034 B N/A

Rate (1) Rate

Class B-3 Subordinate Variable $418,705.40 Subordinate/Variable September 25, 2034 N/A N/A

Rate (1) Rate

</TABLE>

_______________

(1) Calculated in accordance with the definition of "Pass-Through Rate"

herein.

(2) The Class A-I-IO Certificates or any Subclass thereof issued pursuant

to Section 5.01(d) represent ownership of the Uncertificated Class

A-I-IO REMIC III Regular Interests represented.

(3) The Class A-III-IO Certificates or any Subclass thereof issued pursuant

to Section 5.01(d) represent ownership of the Uncertificated Class

A-III-IO REMIC III Regular Interests represented by such Class or

Subclass on such date.

(4) The Class A-IV-IO Certificates or any Subclass thereof issued pursuant

to Section 5.01(d) represent ownership of the Uncertificated Class

A-IV-IO REMIC III Regular Interests represented by such Class or

Subclass on such date.

The Group I Loans have an aggregate Cut-off Date Principal Balance

equal to $197,257,638.28. The Group II Loans have an aggregate Cut-off Date

Principal Balance equal to $328,660,023.77. The Group III Loans have an

aggregate Cut-off Date Principal Balance equal to $177,433,545.40. The Group IV

Loans have an aggregate Cut-off Date Principal Balance equal to $127,640,854.27.

The Mortgage Loans are fixed-rate, fully amortizing, first lien mortgage loans

having terms to maturity at origination or modification of generally not more

than 30 years. The Mortgage Loans have an aggregate Cut-off Date Principal

Balance equal to $830,992,061.72.

In consideration of the mutual agreements herein contained, the

Depositor, the Master Servicer and the Trustee agree as follows:

<PAGE>

ARTICLE I

DEFINITIONS

Section 1.01. Definitions.

Whenever used in this Agreement, the following words and phrases,

unless the context otherwise requires, shall have the meanings specified in this

Article.

Accretion Directed Certificates: Any one of the Class A-II-2, Class

A-III-3 or Class A-III-6 Certificates.

Accretion Termination Date: Any of the Class A-II-3 Accretion

Termination Date, Class A-III-5 Accretion Termination Date or Class A-III-7

Accretion Termination Date.

Accrual Certificates: Any of the Class A-II-3, Class A-III-5 and Class

A-III-7 Certificates.

Accrual Distribution Amount: Any of the Class A-II-3 Accrual

Distribution Amount, Class A-III-5 Accrual Distribution Amount or Class A-III-7

Accrual Distribution Amount.

Accrued Certificate Interest: With respect to each Distribution Date,

as to any Class of Certificates (other than the Principal Only Certificates), an

amount equal to interest accrued during the related Interest Accrual Period at

the related Pass-Through Rate on the Certificate Principal Balance or Notional

Amount thereof immediately prior to such Distribution Date. Accrued Certificate

Interest will be calculated on the basis of a 360-day year, consisting of twelve

30-day months. In each case Accrued Certificate Interest on any Class of

Certificates will be reduced by interest shortfalls from the Mortgage Loans in

the related Loan Group, if any, allocated to such Class of Certificates for such

Distribution Date, to the extent not covered with respect to the Senior

Certificates by the Subordination provided by the Class B Certificates and Class

M Certificates and, with respect to each Class of Subordinate Certificates to

the extent not covered by the Subordination provided by each Subordinate

Certificate with a Lower Priority, including in each case:

(i) Prepayment Interest Shortfalls on the Mortgage Loans in the

related Loan Group, to the extent not offset by the Master

Servicer with a payment of Eligible Master Servicing

Compensation as provided in Section 4.01), allocated among the

Certificates on a pro rata basis in accordance with the amount

of Accrued Certificate Interest payable from the related Loan

Group for such Distribution Date absent such shortfalls,

(ii) the interest portion (adjusted to the Net Mortgage Rate (or

the Modified Net Mortgage Rate in the case of a Modified

Mortgage Loan)) of Realized Losses on the Mortgage Loans in

the related Loan Group (including Excess Losses from the

related Loan Group) not allocated solely to one or more

specific Classes of Certificates pursuant to Section 4.05,

(iii) the interest portion of Advances that were (A) previously made

with respect to a Mortgage Loan or REO Property on the

Mortgage Loans in the related Loan Group, which remained

unreimbursed following the Cash Liquidation or REO Disposition

of such Mortgage Loan or REO Property or (B) made with respect

to delinquencies that were ultimately determined to be Excess

Losses from the related Loan Group, and

<PAGE>

(iv) any other interest shortfalls not covered by the subordination

provided by the Class M Certificates and Class B Certificates,

including interest that is not collectible from the Mortgagor

pursuant to the Relief Act or similar legislation or

regulations as in effect from time to time,

with all such reductions allocated among all of the related Certificates in

proportion to their respective amounts of Accrued Certificate Interest payable

on such Distribution Date absent such reductions. In addition to that portion of

the reductions described in the preceding sentence that are allocated to any

Class of Class B Certificates or any Class of Class M Certificates, Accrued

Certificate Interest on such Class of Class B Certificates or such Class of

Class M Certificates will be reduced by the interest portion (adjusted to the

Net Mortgage Rate) of Realized Losses that are allocated solely to such Class of

Class B Certificates or such Class of Class M Certificates pursuant to Section

4.05.

Adjusted Mortgage Rate: With respect to any Mortgage Loan and any date

of determination, the Mortgage Rate borne by the related Mortgage Note, less the

related Subservicing Fee Rate.

Aggregate Planned Principal Balance: With respect to certain Classes of

Certificates as so identified and each Distribution Date, the amount set forth

for such Classes on such Distribution Date on Exhibit T hereto.

Advance: As to any Mortgage Loan, any advance made by the Master

Servicer, pursuant to Section 4.04.

Affiliate: With respect to any Person, any other Person controlling,

controlled by or under common control with such first Person. For the purposes

of this definition, "control" means the power to direct the management and

policies of such Person, directly or indirectly, whether through the ownership

of voting securities, by contract or otherwise; and the terms "controlling" and

"controlled" have meanings correlative to the foregoing.

Agreement: This Pooling and Servicing Agreement and all amendments

hereof and supplements hereto.

Amount Held for Future Distribution: As to any Distribution Date, the

total of the amounts held in the Custodial Account at the close of business on

the preceding Determination Date on account of (i) Liquidation Proceeds,

Subsequent Recoveries, REO Proceeds, Insurance Proceeds, Principal Prepayments,

Mortgage Loan purchases made pursuant to Section 2.02, 2.03, 2.04 or 4.07 and

Mortgage Loan substitutions made pursuant to Section 2.03 or 2.04 received or

made in the month of such Distribution Date (other than such Liquidation

Proceeds, Subsequent Recoveries, REO Proceeds, Insurance Proceeds and purchases

of Mortgage Loans that the Master Servicer has deemed to have been received in

the preceding month in accordance with Section 3.07(b)) and (ii) payments which

represent early receipt of scheduled payments of principal and interest due on a

date or dates subsequent to the Due Date in the related Due Period.

<PAGE>

Appraised Value: As to any Mortgaged Property, one of the following:

(i) the lesser of (a) the appraised value of such Mortgaged Property based upon

the appraisal made at the time of the origination of the related Mortgage Loan,

and (b) the sales price of the Mortgaged Property at such time of origination or

(ii) in the case of a Mortgaged Property securing a refinanced or modified

Mortgage Loan, one of (1) the appraised value based upon the appraisal made at

the time of origination of the loan which was refinanced or modified, (2) the

appraised value determined in an appraisal made at the time of refinancing or

modification or (3) the sales price of the Mortgaged Property.

Assignment: An assignment of the Mortgage, notice of transfer or

equivalent instrument, in recordable form, sufficient under the laws of the

jurisdiction wherein the related Mortgaged Property is located to reflect of

record the sale of the Mortgage Loan to the Trustee for the benefit of

Certificateholders, which assignment, notice of transfer or equivalent

instrument may be in the form of one or more blanket assignments covering

Mortgages secured by Mortgaged Properties located in the same county, if

permitted by law and accompanied by an Opinion of Counsel to that effect.

Assignment Agreement: The Assignment and Assumption Agreement, dated

the Closing Date, between Residential Funding and the Depositor relating to the

transfer and assignment of the Mortgage Loans.

Assignment of Proprietary Lease: With respect to a Cooperative Loan,

the assignment of the related Cooperative Lease from the Mortgagor to the

originator of the Cooperative Loan.

Available Distribution Amount: As to any Distribution Date and each

Loan Group, an amount equal to (a) the sum of (i) the amount relating to the

related Mortgage Loans on deposit in the Custodial Account as of the close of

business on the immediately preceding Determination Date and amounts deposited

in the Custodial Account in connection with the substitution of Qualified

Substitute Mortgage Loans that are related Mortgage Loans, (ii) the amount of

any Advance made on the immediately preceding Certificate Account Deposit Date

with respect to the related Mortgage Loans, (iii) any amount deposited in the

Certificate Account on the related Certificate Account Deposit Date pursuant to

Section 3.12(a) in respect of the related Mortgage Loans, (iv) any amount that

the Master Servicer is not permitted to withdraw from the Custodial Account

pursuant to Section 3.16(e) in respect of the related Mortgage Loans and (v) any

amount deposited in the Certificate Account pursuant to Section 4.07 or 9.01 in

respect of the related Mortgage Loans, reduced by (b) the sum as of the close of

business on the immediately preceding Determination Date of (x) the Amount Held

for Future Distribution with respect to the related Mortgage Loans and (y)

amounts permitted to be withdrawn by the Master Servicer from the Custodial

Account in respect of the related Mortgage Loans pursuant to clauses (ii)-(x),

inclusive, of Section 3.10(a).

Bankruptcy Amount: As of any date of determination, an amount equal to

$100,000, less the sum of any amounts allocated through Section 4.05 for

Bankruptcy Losses on the Mortgage Loans up to such date of determination. The

Bankruptcy Amount may be further reduced by the Master Servicer (including

accelerating the manner in which such coverage is reduced) provided that prior

to any such reduction, the Master Servicer shall (i) obtain written confirmation

from each Rating Agency that such reduction shall not reduce the rating assigned

to the Class A, Class M and Class B Certificates by such Rating Agency below the

lower of the then-current rating or the rating assigned to such Certificates as

of the Closing Date by such Rating Agency and (ii) provide a copy of such

written confirmation to the Trustee.

<PAGE>

Bankruptcy Code: The Bankruptcy Code of 1978, as amended.

Bankruptcy Loss: With respect to any Mortgage Loan, a Deficient

Valuation or Debt Service Reduction; provided, however, that neither a Deficient

Valuation nor a Debt Service Reduction shall be deemed a Bankruptcy Loss

hereunder so long as the Master Servicer has notified the Trustee in writing

that the Master Servicer is diligently pursuing any remedies that may exist in

connection with the representations and warranties made regarding the related

Mortgage Loan and either (A) the related Mortgage Loan is not in default with

regard to payments due thereunder or (B) delinquent payments of principal and

interest under the related Mortgage Loan and any premiums on any applicable

primary hazard insurance policy and any related escrow payments in respect of

such Mortgage Loan are being advanced on a current basis by the Master Servicer

or a Subservicer, in either case without giving effect to any Debt Service

Reduction.

Book-Entry Certificate: Any Certificate registered in the name of the

Depository or its nominee.

Business Day: Any day other than (i) a Saturday or a Sunday or (ii) a

day on which banking institutions in the States of New York, California,

Minnesota, Illinois, Texas, Iowa or Michigan (and such other state or states in

which the Custodial Account or the Certificate Account are at the time located)

are required or authorized by law or executive order to be closed.

Calendar Quarter: A Calendar Quarter shall consist of one of the

following time periods in any given year: January 1 through March 31, April 1

through June 30, July 1 though September 30, and October 1 through December 31.

Capitalization Reimbursement Amount: As to any Distribution Date and

each Loan Group, the amount of Advances or Servicing Advances that were added to

the Stated Principal Balance of the related Mortgage Loans during the prior

calendar month and reimbursed to the Master Servicer or Subservicer on or prior

to such Distribution Date pursuant to Section 3.10(a)(vii), plus the

Capitalization Reimbursement Shortfall Amount remaining unreimbursed from any

prior Distribution Date and reimbursed to the Master Servicer or Subservicer on

or prior to such Distribution Date.

Capitalization Reimbursement Shortfall Amount: As to any Distribution

Date, the amount, if any, by which the amount of Advances or Servicing Advances

that were added to the Stated Principal Balance of the Mortgage Loans during the

preceding calendar month exceeds the amount of principal payments on the

Mortgage Loans included in the Available Distribution Amount for that

Distribution Date.

<PAGE>

Cash Liquidation: As to any defaulted Mortgage Loan other than a

Mortgage Loan as to which an REO Acquisition occurred, a determination by the

Master Servicer that it has received all Insurance Proceeds, Liquidation

Proceeds and other payments or cash recoveries which the Master Servicer

reasonably and in good faith expects to be finally recoverable with respect to

such Mortgage Loan.

Certificate: Any Class A Certificate, Class M Certificate, Class B

Certificate or Class R Certificate.

Certificate Account: The account or accounts created and maintained

pursuant to Section 4.01, which shall be entitled "JPMorgan Chase Bank, N.A., as

trustee, in trust for the registered holders of Residential Asset Mortgage

Products, Inc., Mortgage Loan Backed Certificates, Series 2005-SP1" and which

must be an Eligible Account.

Certificate Account Deposit Date: As to any Distribution Date, the

Business Day prior thereto.

Certificateholder or Holder: The Person in whose name a Certificate is

registered in the Certificate Register, except that neither a Disqualified

Organization nor a Non-United States Person shall be a holder of a Class R

Certificate for any purpose hereof. Solely for the purpose of giving any consent

or direction pursuant to this Agreement, any Certificate, other than a Class R

Certificate, registered in the name of the Depositor, the Master Servicer or any

Subservicer or any Affiliate thereof shall be deemed not to be outstanding and

the Percentage Interest or Voting Rights evidenced thereby shall not be taken

into account in determining whether the requisite amount of Percentage Interests

or Voting Rights necessary to effect any such consent or direction has been

obtained. All references herein to "Holders" or "Certificateholders" shall

reflect the rights of Certificate Owners as they may indirectly exercise such

rights through the Depository and participating members thereof, except as

otherwise specified herein; provided, however, that the Trustee shall be

required to recognize as a "Holder" or "Certificateholder" only the Person in

whose name a Certificate is registered in the Certificate Register.

Certificate Owner: With respect to a Book-Entry Certificate, the Person

who is the beneficial owner of such Certificate, as reflected on the books of an

indirect participating brokerage firm for which a Depository Participant acts as

agent, if any, and otherwise on the books of a Depository Participant, if any,

and otherwise on the books of the Depository.

Certificate Principal Balance: With respect to each Certificate (other

than any Interest Only Certificate), on any date of determination, an amount

equal to:

(i) the Initial Certificate Principal Balance of such Certificate

as specified on the face thereof, plus

(ii) any Subsequent Recoveries added to the Certificate Principal

Balance of such Certificate pursuant to Section 4.02, plus

(iii) in the case of each Accrual Certificate, an amount equal to

the aggregate Accrued Certificate Interest added to the

Certificate Principal Balance thereof prior to such date of

determination, minus

<PAGE>

(iv) the sum of (x) the aggregate of all amounts previously

distributed with respect to such Certificate (or any

predecessor Certificate) and applied to reduce the Certificate

Principal Balance thereof pursuant to Section 4.02(a) and (y)

the aggregate of all reductions in Certificate Principal

Balance deemed to have occurred in connection with Realized

Losses which were previously allocated to such Certificate (or

any predecessor Certificate) pursuant to Section 4.05;

provided, that the Certificate Principal Balance of the Class of Subordinate

Certificates with the Lowest Priority at any given time shall be further reduced

by an amount equal to the Percentage Interest evidenced by such Certificate

multiplied by the excess, if any, of (A) the then aggregate Certificate

Principal Balance of all Classes of Certificates then outstanding over (B) the

then aggregate Stated Principal Balance of the Mortgage Loans.

Certificate Register and Certificate Registrar: The register maintained

and the registrar appointed pursuant to Section 5.02.

Class: Collectively, all of the Certificates or uncertificated interests

bearing the same designation.

Class A Certificates: Any one of the Class A-I-I, Class A-I-2, Class

A-I-3, Class A-I-4, Class A-I-5, Class A-I-6, Class A-I-7, Class A-I-8, Class

A-I-9, Class A-I-10, Class A-I-IO, Class A-I-PO, Class A-II-1, Class A-II-2,

Class A-II-3, Class A-II-4, Class A-II-5, Class A-II-6, Class A-II-7, Class

A-II-8, Class A-II-9, Class A-II-10, Class A-II-11, Class A-II-12, Class

A-II-13, Class A-II-PO, Class A-III-1, Class A-III-2, Class A-III-3, Class

A-III-4, Class A-III-5, Class A-III-6, Class A-III-7, Class A-III-8, Class

A-III-9, Class A-III-10, Class A-III-IO, Class A-III-PO, Class A-IV-1, Class

A-IV-2, Class A-IV-IO or Class A-IV-PO Certificates executed by the Trustee and

authenticated by the Certificate Registrar substantially in the form annexed

hereto as Exhibit A, senior to the Class M Certificates and Class B Certificates

with respect to distributions and the allocation of Realized Losses in respect

of the Mortgage Loans as set forth in Section 4.05, and evidencing an interest

designated as a "regular interest" in REMIC III for purposes of the REMIC

Provisions.

Class A-I Certificates: Any one of the Class A-I-I, Class A-I-2, Class

A-I-3, Class A-I-4, Class A-I-5, Class A-I-6, Class A-I-7, Class A-I-8, Class

A-I-9, Class A-I-10, Class A-I-IO or Class A-I-PO Certificates.

Class A-I-PO Collection Shortfall, Class A-II-PO Collection Shortfall,

Class A-III-PO Collection Shortfall or Class A-IV-PO Collection Shortfall: With

respect to the Cash Liquidation or REO Disposition of a related Discount

Mortgage Loan and any Distribution Date, the excess of the amount described in

Section 4.02(b)(i)(C)(1) in respect of the Class A-I-PO, Class A-II-PO, Class

A-III-PO or Class A-IV-PO Certificates, respectively, over the amount described

in Section 4.02(b)(i)(C)(2) in respect of the Class A-I-PO, Class A-II-PO, Class

A-III-PO or Class A-IV-PO Certificates.

Class A-I-PO Distribution Amount, Class A-II-PO Distribution Amount,

Class A-III-PO Distribution Amount or Class A-IV-PO Distribution Amount: As

defined in Section 4.02(b)(i). Any of the Class A-I-PO Distribution Amount,

Class A-II-PO Distribution Amount, Class A-III-PO Distribution Amount and Class

A-IV-PO Distribution Amount will also be referred to as the Class A-PO

Distribution Amount as applicable.

<PAGE>

Class A-II Certificates: Any one of the Class A-II-1, Class A-II-2,

Class A-II-3, Class A-II-4, Class A-II-5, Class A-II-6, Class A-II-7, Class

A-II-8, Class A-II-9, Class A-II-10, Class A-II-11, Class A-II-12, Class A-II-13

or Class A-II-PO Certificates.

Class A-II-3 Accretion Termination Date: The earlier to occur of (i)

the Distribution Date on which the Certificate Principal Balance of the Class

A-II-2 Certificates has been reduced to zero and (ii) the Credit Support

Depletion Date.

Class A-II-3 Accrual Distribution Amount: With respect to each

Distribution Date preceding the Class A-II-3 Accretion Termination Date, an

amount equal to the aggregate amount of Accrued Certificate Interest on the

Class A-II-3 Certificates for such date which will be added to the Certificate

Principal Balance of the Class A-II-3 Certificates and distributed to the

holders of the Class A-II-2 Certificates in the manner and priority pursuant to

section 4.02(f) hereof, as principal, in reduction of the Certificate Principal

Balance of the Class A-II-2 Certificates; provided that, with respect to each

Distribution Date on or after the Class A-II-3 Accretion Termination Date, the

entire amount of Accrued Certificate Interest on the Class A-II-3 Certificates

for that date will be payable to the holders of the Class A-II-3 Certificates as

interest pursuant to Section 4.02(c)(i) hereof on the Class A-II-3 Accretion

Termination Date; and provided, further, that if the Class A-II-3 Accretion

Termination Date is the Credit Support Depletion Date, the entire amount of

Accrued Certificate Interest for that date will be payable as interest to the

Class A-II-3 Certificateholders pursuant to Section 4.02(a)(i) hereof.

Class A-III Certificates: Any one of the Class A-III-1, Class A-III-2,

Class A-III-3, Class A-III-4, Class A-III-5, Class A-III-6, Class A-III-7, Class

A-III-8, Class A-III-9, Class A-III-10, Class A-III-IO or Class A-III-PO

Certificates.

Class A-III-5 Accretion Termination Date: The earlier to occur of (i)

the Distribution Date on which the Certificate Principal Balance of the Class

A-III-3 Certificates has been reduced to zero and (ii) the Credit Support

Depletion Date.

Class A-III-7 Accretion Termination Date: The earlier to occur of (i)

the Distribution Date on which the Certificate Principal Balance of the Class

A-III-6 Certificates has been reduced to zero and (ii) the Credit Support

Depletion Date.

Class A-III-5 Accrual Distribution Amount: With respect to each

Distribution Date preceding the Class A-III-5 Accretion Termination Date, an

amount equal to the aggregate amount of Accrued Certificate Interest on the

Class A-III-5 Certificates for such date which will be added to the Certificate

Principal Balance of the Class A-III-5 Certificates and distributed first, to

the holders of the Class A-III-3 Certificates as principal, in reduction of the

Certificate Principal Balance of the Class A-III-3 Certificates to its Targeted

Principal Balance, and then to the Class A-III-5 Certificates as principal, in

reduction of its Certificate Principal Balance, pursuant to Section 4.02(g)

hereof; provided that, with respect to each Distribution Date on or after the

Class A-III-5 Accretion Termination Date, the entire amount of Accrued

Certificate Interest on the Class A-III-5 Certificates for that date will be

payable to the holders of the Class A-III-5 Certificates as interest pursuant to

Section 4.02(c)(i) hereof, on the Class A-III-5 Accretion Termination Date; and

provided further, that if the Class A-III-5 Accretion Termination Date is the

Credit Support Depletion Date, the entire amount of Accrued Certificate Interest

for that date will be payable as interest to the Class A-III-5

Certificateholders pursuant to Section 4.02(a)(i) hereof.

<PAGE>

Class A-III-7 Accrual Distribution Amount: With respect to each

Distribution Date the Class A-III-7 Accretion Termination Date, an amount equal

to the aggregate amount of Accrued Certificate Interest on the Class A-III-7

Certificates for such date which will be added to the Certificate Principal

Balance of the Class A-III-7 Certificates and distributed to the holders of the

Class A-III-6 Certificates as principal, in reduction of the Certificate

Principal Balance of the Class A-III-6 Certificates, pursuant to Section 4.02(h)

hereof; provided that, with respect to each Distribution Date on or after the

Class A-III-7 Accretion Termination Date, the entire Accrued Certificate

Interest on the Class A-III-7 Certificates for that date will be payable to the

holders of the Class A-III-7 Certificates as interest pursuant to Section

4.02(c)(i), on the Class A-III-7 Accretion Termination Date; and provided

further, that if the Class A-III-7 Accretion Termination Date is the Credit

Support Depletion Date, the entire amount of Accrued Certificate Interest for

that date will be payable as interest to the Class A-III-7 Certificateholders

pursuant to Section 4.02(a)(i) hereof.

Class A-IO Certificates: Any of the Class A-I-IO, Class A-III-IO or

Class A-IV-IO Certificates.

Class A-IV Certificates: Any one of the Class A-IV-1, Class A-IV-2,

Class-A-IV-IO or Class A-IV-PO Certificates.

Class A-PO Collection Shortfall: The Class A-I-PO Collection Shortfall,

Class A-II-PO Collection Shortfall, Class A-III-PO Collection Shortfall or Class

A-IV-PO Collection Shortfall will be referred to collectively herein as the

Class A-P Collection Shortfall.

Class A-PO Certificates: Any one of the Class A-I-PO, Class A-II-PO,

Class A-III-PO or Class A-IV-PO Certificates.

Class B Certificates: Any one of the Class B-1, Class B-2 or Class B-3

Certificates.

Class B-1 Certificate: Any one of the Class B-1 Certificates executed

by the Trustee and authenticated by the Certificate Registrar substantially in

the form annexed hereto as Exhibit C, senior to the Class B-2 and Class B-3

Certificates with respect to distributions and the allocation of Realized Losses

in respect of the Mortgage Loans as set forth in Section 4.05, and evidencing an

interest designated as a "regular interest" in REMIC III for purposes of the

REMIC Provisions.

Class B-2 Certificate: Any one of the Class B-2 Certificates executed

by the Trustee and authenticated by the Certificate Registrar substantially in

the form annexed hereto as Exhibit C, senior to the Class B-3 Certificates with

respect to distributions and the allocation of Realized Losses in respect of the

Mortgage Loans as set forth in Section 4.05, and evidencing an interest

designated as a "regular interest" in REMIC III for purposes of the REMIC

Provisions.

Class B-3 Certificate: Any one of the Class B-3 Certificates executed

by the Trustee and authenticated by the Certificate Registrar substantially in

the form annexed hereto as Exhibit C, and evidencing an interest designated as a

"regular interest" in REMIC III for purposes of the REMIC Provisions.

<PAGE>

Class M Certificates: Any one of the Class M-1, Class M-2 or Class M-3

Certificates.

Class M-1 Certificate: Any one of the Class M-1 Certificates executed

by the Trustee and authenticated by the Certificate Registrar substantially in

the form annexed hereto as Exhibit B, senior to the Class M-2, Class M-3 and

Class B Certificates with respect to distributions and the allocation of

Realized Losses in respect of the Mortgage Loans as set forth in Section 4.05,

and evidencing an interest designated as a "regular interest" in REMIC III for

purposes of the REMIC Provisions.

Class M-2 Certificate: Any one of the Class M-2 Certificates executed

by the Trustee and authenticated by the Certificate Registrar substantially in

the form annexed hereto as Exhibit B, senior to the Class M-3 and Class B

Certificates with respect to distributions and the allocation of Realized Losses

in respect of the Mortgage Loans as set forth in Section 4.05, and evidencing an

interest designated as a "regular interest" in REMIC III for purposes of the

REMIC Provisions.

Class M-3 Certificate: Any one of the Class M-3 Certificates executed

by the Trustee and authenticated by the Certificate Registrar substantially in

the form annexed hereto as Exhibit B, senior to the Class B Certificates with

respect to distributions and the allocation of Realized Losses in respect of the

Mortgage Loans as set forth in Section 4.05, and evidencing an interest

designated as a "regular interest" in REMIC III for purposes of the REMIC

Provisions.

Class R Certificate: Any one of the Class R-I Certificates, Class R-II

or Class R-III Certificates.

Class R-I Certificate: Any one of the Class R-I Certificates executed

by the Trustee and authenticated by the Certificate Registrar substantially in

the form annexed hereto as Exhibit D and evidencing an interest designated as a

"residual interest" in REMIC I for purposes of the REMIC Provisions.

Class R-II Certificate: Any one of the Class R-II Certificates executed

by the Trustee and authenticated by the Certificate Registrar substantially in

the form annexed hereto as Exhibit D and evidencing an interest designated as a

"residual interest" in REMIC II for purposes of the REMIC Provisions.

Class R-III Certificate: Any one of the Class R-III Certificates

executed by the Trustee and authenticated by the Certificate Registrar

substantially in the form annexed hereto as Exhibit D and evidencing an interest

designated as a "residual interest" in REMIC III for purposes of the REMIC

Provisions.

Closing Date: May 31, 2005.

Code: The Internal Revenue Code of 1986.

Commission: The Securities and Exchange Commission.

<PAGE>

Cooperative: A private, cooperative housing corporation which owns or

leases land and all or part of a building or buildings, including apartments,

spaces used for commercial purposes and common areas therein and whose board of

directors authorizes, among other things, the sale of Cooperative Stock.

Cooperative Apartment: A dwelling unit in a multi-dwelling building

owned or leased by a Cooperative, which unit the Mortgagor has an exclusive

right to occupy pursuant to the terms of a proprietary lease or occupancy

agreement.

Cooperative Lease: With respect to a Cooperative Loan, the proprietary

lease or occupancy agreement with respect to the Cooperative Apartment occupied

by the Mortgagor and relating to the related Cooperative Stock, which lease or

agreement confers an exclusive right to the holder of such Cooperative Stock to

occupy such apartment.

Cooperative Loans: Any of the Mortgage Loans made in respect of a

Cooperative Apartment, evidenced by a Mortgage Note and secured by (i) a

Security Agreement, (ii) the related Cooperative Stock Certificate, (iii) an

assignment of the Cooperative Lease, (iv) financing statements and (v) a stock

power (or other similar instrument), and ancillary thereto, a recognition

agreement between the Cooperative and the originator of the Cooperative Loan,

each of which was transferred and assigned to the Trustee pursuant to Section

2.01 and are from time to time held as part of the Trust Fund.

Cooperative Stock: With respect to a Cooperative Loan, the single

outstanding class of stock, partnership interest or other ownership instrument

in the related Cooperative.

Cooperative Stock Certificate: With respect to a Cooperative Loan, the

stock certificate or other instrument evidencing the related Cooperative Stock.

Corporate Trust Office: The principal office of the Trustee at which at

any particular time its corporate trust business with respect to this Agreement

shall be administered, which office at the date of the execution of this

instrument is located at 4 New York Plaza, 6th Floor, New York, New York 10004,

Attention: Worldwide Securities Services/Global Debt, RAMP, Series 2005-SP1.

Corresponding Class: With respect to each REMIC II Regular Interest,

the Class of Certificates with the corresponding designation.

Credit Repository: Equifax, Transunion and Experian, or their successors

in interest.

Credit Support Depletion Date: The first Distribution Date on which the

Certificate Principal Balances of the Subordinate Certificates have been reduced

to zero.

Curtailment: Any Principal Prepayment made by a Mortgagor which is not a

Principal Prepayment in Full.

Custodial Account: The custodial account or accounts created and

maintained pursuant to Section 3.07 in the name of a depository institution, as

custodian for the holders of the Certificates, for the holders of certain other

interests in mortgage loans serviced or sold by the Master Servicer and for the

Master Servicer, into which the amounts set forth in Section 3.07 shall be

deposited directly. Any such account or accounts shall be an Eligible Account.

<PAGE>

Custodial Agreement: An agreement that may be entered into among the

Depositor, the Master Servicer, the Trustee and a Custodian in substantially the

form of Exhibit E hereto.

Custodian: A custodian appointed pursuant to a Custodial Agreement.

Cut-off Date: May 1, 2005.

Cut-off Date Balance: The Group I Cut-off Date Balance, Group II

Cut-off Date Balance, Group III Cut-off Date Balance or Group IV Cut-off Date

Balance, as the case may be.

Cut-off Date Principal Balance: As to any Mortgage Loan, the unpaid

principal balance thereof at the Cut-off Date after giving effect to all

installments of principal due on or prior thereto (or due during the month of

May 2005), whether or not received.

Debt Service Reduction: With respect to any Mortgage Loan, a reduction

in the scheduled Monthly Payment for such Mortgage Loan by a court of competent

jurisdiction in a proceeding under the Bankruptcy Code, except such a reduction

constituting a Deficient Valuation or any reduction that results in a permanent

forgiveness of principal.

Deficient Valuation: With respect to any Mortgage Loan, a valuation by

a court of competent jurisdiction of the Mortgaged Property in an amount less

than the then outstanding indebtedness under the Mortgage Loan, or any reduction

in the amount of principal to be paid in connection with any scheduled Monthly

Payment that constitutes a permanent forgiveness of principal, which valuation

or reduction results from a proceeding under the Bankruptcy Code.

Definitive Certificate: Any definitive, fully registered Certificate.

Deleted Mortgage Loan: A Mortgage Loan replaced or to be replaced with a

Qualified Substitute Mortgage Loan.

Delinquent: As used herein, a Mortgage Loan is considered to be: "30 to

59 days" or "30 or more days" delinquent when a payment due on any scheduled due

date remains unpaid as of the close of business on the next following monthly

scheduled due date; "60 to 89 days" or "60 or more days" delinquent when a

payment due on any scheduled due date remains unpaid as of the close of business

on the second following monthly scheduled due date; and so on. The determination

as to whether a Mortgage Loan falls into these categories is made as of the

close of business on the last business day of each month. For example, a

Mortgage Loan with a payment due on July 1 that remained unpaid as of the close

of business on August 31 would then be considered to be 30 to 59 days

delinquent. Delinquency information as of the Cut-off Date is determined and

prepared as of the close of business on the last business day immediately prior

to the Cut-off Date.

Depository: The Depository Trust Company, or any successor Depository

hereafter named. The nominee of the initial Depository for purposes of

registering those Certificates that are to be Book-Entry Certificates is Cede &

Co. The Depository shall at all times be a "clearing corporation" as defined in

Section 8-102(5) of the Uniform Commercial Code of the State of New York and a

"clearing agency" registered pursuant to the provisions of Section 17A of the

Exchange Act.

<PAGE>

Depository Participant: A broker, dealer, bank or other financial

institution or other Person for whom from time to time a Depository effects

book-entry transfers and pledges of securities deposited with the Depository.

Destroyed Mortgage Note: A Mortgage Note the original of which was

permanently lost or destroyed and has not been replaced.

Determination Date: With respect to any Distribution Date, the second

Business Day prior to such Distribution Date.

Discount Fraction: With respect to each Discount Mortgage Loan, in Loan

Group I, Loan Group II, Loan Group III or Loan Group IV, the fraction expressed

as a percentage, the numerator of which is the related Discount Net Mortgage

Rate minus the related Net Mortgage Rate (or the initial Net Mortgage Rate with

respect to any Discount Mortgage Loans as to which the Mortgage Rate is modified

pursuant to 3.07(a)) for such Mortgage Loan and the denominator of which is the

related Discount Net Mortgage Rate. The Discount Fraction with respect to each

Discount Mortgage Loan is set forth as Exhibit P hereto.

Discount Mortgage Loan: Any Group I Loan, Group II Loan, Group III Loan

or Group IV Loan having a Net Mortgage Rate (or the initial Net Mortgage Rate)

of less than the related Discount Net Mortgage Rate per annum and any Group I

Loan, Group II Loan, Group III Loan, Group IV Loan deemed to be a Discount

Mortgage Loan pursuant to the definition of Qualified Substitute Mortgage Loan.

Discount Net Mortgage Loan: With respect to the Loans Group I, any

Group I Loan with a Net Mortgage Rate less than 5.00% per annum. With respect to

the Loan Group II, any Group Loan with a Net Mortgage Rate less than 5.25% per

annum. With respect to the Loan Group III, any Group III Loan with a Net

Mortgage Rate less than 6.00% per annum. With respect to the Loan Group IV, any

Group IV Loan with a Net Mortgage Rate less than 6.25% per annum.

Discount Net Mortgage Rate: With respect to Loan Group I, Loan Group

II, Loan Group III and Loan Group IV, 5.00% per annum, 5.25% per annum, 6.00%

per annum and 6.25% per annum.

Disqualified Organization: Any organization defined as a "disqualified

organization" under Section 860E(e)(5) of the Code, which includes any of the

following: (i) the United States, any State or political subdivision thereof,

any possession of the United States, or any agency or instrumentality of any of

the foregoing (other than an instrumentality which is a corporation if all of

its activities are subject to tax and, except for Freddie Mac, a majority of its

board of directors is not selected by such governmental unit), (ii) a foreign

government, any international organization, or any agency or instrumentality of

any of the foregoing, (iii) any organization (other than certain farmers'

cooperatives described in Section 521 of the Code) which is exempt from the tax

imposed by Chapter 1 of the Code (including the tax imposed by Section 511 of

the Code on unrelated business taxable income) and (iv) rural electric and

<PAGE>

Disqualified Organization also includes any "electing large partnership," as

defined in Section 775(a) of the Code and any other Person so designated by the

Trustee based upon an Opinion of Counsel that the holding of an Ownership

Interest in a Class R Certificate by such Person may cause any REMIC or any

Person having an Ownership Interest in any Class of Certificates (other than

such Person) to incur a liability for any federal tax imposed under the Code

that would not otherwise be imposed but for the Transfer of an Ownership

Interest in a Class R Certificate to such Person. The terms "United States",

"State" and "international organization" shall have the meanings set forth in

Section 7701 of the Code or successor provisions.

Distribution Date: The 25th day of any month beginning in the month

immediately following the month of the initial issuance of the Certificates or,

if such 25th day is not a Business Day, the Business Day immediately following

such 25th day.

Due Date: With respect to any Distribution Date and any Mortgage Loan,

the day during the related Due Period on which the Monthly Payment is due.

Due Period: With respect to any Distribution Date, the calendar month

of such Distribution Date.

Eligible Account: An account that is any of the following: (i)

maintained with a depository institution the debt obligations of which have been

rated by each Rating Agency in its highest rating available, or (ii) an account

or accounts in a depository institution in which such accounts are fully insured

to the limits established by the FDIC, provided that any deposits not so insured

shall, to the extent acceptable to each Rating Agency, as evidenced in writing,

be maintained such that (as evidenced by an Opinion of Counsel delivered to the

Trustee and each Rating Agency) the registered Holders of Certificates have a

claim with respect to the funds in such account or a perfected first security

interest against any collateral (which shall be limited to Permitted

Investments) securing such funds that is superior to claims of any other

depositors or creditors of the depository institution with which such account is

maintained, or (iii) in the case of the Custodial Account, either (A) a trust

account or accounts maintained in the corporate trust department of JPMorgan

Chase Bank, N.A., or (B) an account or accounts maintained in the corporate

asset services department of Bank One, National Association as long as its short

term debt obligations are rated P-1 (or the equivalent) or better by each Rating

Agency, and its long term debt obligations are rated A2 (or the equivalent) or

better, by each Rating Agency, or (iv) in the case of the Certificate Account, a

trust account or accounts maintained in the corporate trust division of JPMorgan

Chase Bank, N.A., or (v) an account or accounts of a depository institution

acceptable to each Rating Agency (as evidenced in writing by each Rating Agency

that use of any such account as the Custodial Account or the Certificate Account

will not reduce the rating assigned to any Class of Certificates by such Rating

Agency below the lower of the then-current rating or the rating assigned to such

Certificates as of the Closing Date by such Rating Agency).

Eligible Funds: With respect to each Loan Group, on any Distribution

Date, the portion, if any, of the related Available Distribution Amount

remaining after reduction by the sum of (i) the aggregate amount of Accrued

Certificate Interest on the related Senior Certificates, (ii) the applicable

Senior Principal Distribution Amount (determined without regard to Section

4.02(a)(ii)(Y)(D) hereof), (iii) the related Class A-PO Distribution Amount

(determined without regard to Section 4.02(b)(i)(E) hereof) and (iv) the

aggregate amount of Accrued Certificate Interest on the Class M, Class B-1 and

Class B-2 Certificates payable from the related Available Distribution Amount.

<PAGE>

Eligible Master Servicing Compensation: As determined with respect to

each Loan Group, with respect to any Distribution Date, an amount equal to

Prepayment Interest Shortfalls resulting from Principal Prepayments during the

related Prepayment Period and included in the related Available Distribution

Amount for such Distribution Date, but not more than the lesser of (a)

one-twelfth of 0.125% of the Stated Principal Balance of the Mortgage Loans in

the related Loan Group immediately preceding such Distribution Date and (b) the

sum of the Servicing Fee and all income and gain on amounts held in the

Custodial Account and the Certificate Account and payable to the

Certificateholders with respect to such Distribution Date; provided that for

purposes of this definition the amount of the Servicing Fee will not be reduced

pursuant to Section 7.02 except as may be required pursuant to the last sentence

of Section 7.02(a).

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

Event of Default: As defined in Section 7.01.

Excess Bankruptcy Loss: Any Bankruptcy Loss on the Mortgage Loans, or

portion thereof, which exceeds the then-applicable Bankruptcy Amount.

Excess Fraud Loss: Any Fraud Loss on the Mortgage Loans, or portion

thereof, which exceeds the then-applicable Fraud Loss Amount.

Excess Loss: Any Excess Special Hazard Loss, Excess Fraud Losses, Excess

Bankruptcy Loss or Extraordinary Loss.

Excess Special Hazard Loss: Any Special Hazard Loss on the Mortgage

Loans, or portion thereof, that exceeds the then-applicable Special Hazard

Amount.

Excess Subordinate Principal Amount: With respect to any Distribution

Date on which the aggregate Certificate Principal Balance of the Class of

Subordinate Certificates then outstanding with the Lowest Priority is to be

reduced to zero and on which Realized Losses are to be allocated to such class

or classes, the excess, if any, of (i) the amount that would otherwise be

distributable in respect of principal on such Class or Classes of Certificates

on such Distribution Date over (ii) the excess, if any, of the aggregate

Certificate Principal Balance of such class or classes of Certificates

immediately prior to such Distribution Date over the aggregate amount of

Realized Losses to be allocated to such classes of Certificates on such

Distribution Date as reduced by any amount calculated pursuant to Section

4.02(b)(i)(E).

Exchange Act: The Securities Exchange Act of 1934, as amended.

Extraordinary Events: Any of the following conditions with respect to a

Mortgaged Property (or, with respect to a Cooperative Loan, the Cooperative

Apartment) or Mortgage Loan causing or resulting in a loss which causes the

liquidation of such Mortgage Loan:

(a) losses that are of the type that would be covered by the fidelity

bond and the errors and omissions insurance policy required to be

maintained pursuant to Section 3.12(b) but are in excess of the

coverage maintained thereunder;

(b) nuclear reaction or nuclear radiation or radioactive contamination,

all whether controlled or uncontrolled, and whether such loss be direct

or indirect, proximate or remote or be in whole or in part caused by,

contributed to or aggravated by a peril covered by the definition of

the term "Special Hazard Loss";

<PAGE>

in hindering, combating or defending against an actual, impending or

expected attack;

1. by any government or sovereign power, de jure or defacto,

or by any authority maintaining or using military, naval or

air forces; or

2. by military, naval or air forces; or

3. by an agent of any such government, power, authority or

forces; or

4. any weapon of war employing atomic fission or radioactive

force whether in time of peace or war; or

5. insurrection, rebellion, revolution, civil war, usurped

power or action taken by governmental authority in hindering,

combating or defending against such an occurrence, seizure or

destruction under quarantine or customs regulations,

confiscation by order of any government or public authority;

or risks of contraband or illegal transportation or trade.

Extraordinary Losses: Any loss incurred on a Mortgage Loan caused by or

resulting from an Extraordinary Event.

Fannie Mae: Fannie Mae, a federally chartered and privately owned

corporation organized and existing under the Federal National Mortgage

Association Charter Act, or any successor thereto.

FASIT: A "financial asset securitization investment trust" within the

meaning of Section 860L of the Code.

FDIC: The Federal Deposit Insurance Corporation or any successor

thereto.

FHA: The Federal Housing Administration, or its successor.

Final Certification: As defined in Section 2.02.

Final Distribution Date: The Distribution Date on which the final

distribution in respect of the Certificates will be made pursuant to Section

9.01, which Final Distribution Date shall in no event be later than the end of

the 90-day liquidation period described in Section 9.02.

Fitch: Fitch, Inc., or its successor in interest.

Foreclosure Profits: As to any Distribution Date or related

Determination Date and any Mortgage Loan, the excess, if any, of Liquidation

Proceeds, Insurance Proceeds and REO Proceeds (net of all amounts reimbursable

therefrom pursuant to Section 3.10(a)(ii)) in respect of each Mortgage Loan or

REO Property for which a Cash Liquidation or REO Disposition occurred in the

related Prepayment Period over the sum of the unpaid principal balance of such

Mortgage Loan or REO Property (determined, in the case of an REO Disposition, in

accordance with Section 3.14) plus accrued and unpaid interest at the Mortgage

Rate on such unpaid principal balance from the Due Date to which interest was

last paid by the Mortgagor to the first day of the month following the month in

which such Cash Liquidation or REO Disposition occurred.

<PAGE>

Freddie Mac: The Federal Home Loan Mortgage Corporation, a corporate

instrumentality of the United States created and existing under Title III of the

Emergency Home Finance Act of 1970, as amended, or any successor thereto.

Fraud Losses: Losses on Mortgage Loans as to which there was fraud in

the origination of such Mortgage Loan.

Group I Cut-off Date Balance: $197,257,638.28.

Fraud Loss Amount: As of any date of determination after the Cut-off

Date, an amount equal to: (X) prior to the third anniversary of the Cut-off

Date, an amount equal to 1.0% of the aggregate outstanding principal balance of

all of the Mortgage Loans as of the Cut-off Date minus the aggregate amount of

Fraud Losses allocated solely to one or more specific Classes of related

Certificates in accordance with Section 4.05 of this Agreement since the Cut-off

Date up to such date of determination plus any Excess Fraud Losses on the

non-related Mortgage Loans allocated to the related group as set forth in

Section 4.05 and (Y) from the third to the fifth anniversary of the Cut-off

Date, an amount equal to (1) the lesser of (a) the Fraud Loss Amount as of the

most recent anniversary of the Cut-off Date and (b) 0.50% of the aggregate

outstanding principal balance of all of the Mortgage Loans as of the most recent

anniversary of the Cut-off Date minus (2) the aggregate amount of Fraud Losses

allocated solely to one or more specific Classes of Certificates in accordance

with Section 4.05 of this Agreement since the most recent anniversary of the

Cut-off Date up to such date of determination plus any Excess Fraud Losses on

the non-related Mortgage Loans allocated to the related group as set forth in

Section 4.05. On and after the fifth anniversary of the Cut-off Date, the Fraud

Loss Amount shall be zero.

Fraud Loss Amount may be further reduced by the Master Servicer

(including accelerating the manner in which such coverage is reduced) provided

that prior to any such reduction, the Master Servicer shall (i) obtain written

confirmation from each Rating Agency that such reduction shall not reduce the

rating assigned to any Class of Certificates by such Rating Agency below the

lower of the then-current rating or the rating assigned to such Certificates as

of the Closing Date by such Rating Agency and (ii) provide a copy of such

written confirmation to the Trustee.

Group I Loan: The Mortgage Loans designated on the Mortgage Loan

Schedule attached hereto as Exhibit F-1.

Group I Pool Stated Principal Balance: As to any date of determination,

the aggregate of the Stated Principal Balances of each Group I Loan that was an

Outstanding Mortgage Loan on the Due Date immediately preceding the Due Period

preceding such date of determination.

Group I Senior Certificates: Any of the Class A-I Certificates and Class

R-I Certificates.

<PAGE>

Group I Senior Percentage: As of any Distribution Date, the lesser of

100% and a fraction, expressed as a percentage, the numerator of which is the

aggregate Certificate Principal Balance of the Group I Senior Certificates

(other than the Class A-I-PO Certificates) immediately prior to such

Distribution Date and the denominator of which is the aggregate Stated Principal

Balance of all of the Mortgage Loans (or related REO Properties) (other than the

related Discount Fraction of each related Discount Mortgage Loan) in Loan Group

I immediately prior to such Distribution Date.

Group I Senior Principal Distribution Amount: As to any Distribution

Date, the lesser of (a) the balance of the Available Distribution Amount related

to Loan Group I remaining after the distribution therefrom of all amounts

required to be distributed therefrom pursuant to Section 4.02(a)(i) and Section

4.02(a)(ii)(X), and (b) the sum of the amounts required to be distributed

therefrom to the Group I Senior Certificateholders on such Distribution Date

pursuant to Section 4.02(a)(ii)(Y).

Group II Cut-off Date Balance: $328,660,023.77.

Group II Loan: The Mortgage Loans designated on the Mortgage Loan

Schedule attached hereto as Exhibit F-2.

Group II Lockout Percentage: With respect to the Class A-II-1

Certificates and any Distribution Date occurring prior to the Distribution Date

in June 2010, 0%. For any Distribution Date occurring after the first five years

following the Closing Date, the product of (a) a fraction, the numerator of

which is the sum of (i) $13,200,000 and (ii) the Certificate Principal Balance

of the Class A-II-1 Certificates, and the denominator of which is the aggregate

Certificate Principal Balance of the Class A-II-1, Class A-II-2 and Class A-II-3

Certificates (but in no event shall such fraction exceed 1), and (b) the

following percentage: (i) for any Distribution Date during the sixth year after

the Closing Date, 30%; (ii) for any Distribution Date during the seventh year

after the Closing Date, 40%; (iii) for any Distribution Date during the eighth

year after the Closing Date, 60%; (iv) for any Distribution Date during the

ninth year after the Closing Date, 80%; and (v) for any Distribution Date

thereafter, 100%.

Group II Pool Stated Principal Balance: As to any date of

determination, the aggregate of the Stated Principal Balances of each Group II

Loan that was an Outstanding Mortgage Loan on the Due Date immediately preceding

the Due Period preceding such date of determination.

Group II Senior Certificates: Any of the Class A-II Certificates.

Group II Senior Percentage: As of any Distribution Date, the lesser of

100% and a fraction, expressed as a percentage, the numerator of which is the

aggregate Certificate Principal Balance of the Group II Senior Certificates

(other than the Class A-II-PO Certificates) immediately prior to such

Distribution Date and the denominator of which is the aggregate Stated Principal

Balance of all of the Mortgage Loans (or related REO Properties) (other than the

related Discount Fraction of each related Discount Mortgage Loan) in Loan Group

II immediately prior to such Distribution Date.

Group II Senior Principal Distribution Amount: As to any Distribution

Date, the lesser of (a) the balance of the Available Distribution Amount related

to Loan Group II remaining after the distribution therefrom of all amounts

required to be distributed therefrom pursuant to Section 4.02(a)(i) and Section

4.02(a)(ii)(X), and (b) the sum of the amounts required to be distributed

therefrom to the Group II Senior Certificateholders on such Distribution Date

pursuant to Section 4.02(a)(ii)(Y).

<PAGE>

Group III Cut-off Date Balance: $177,433,545.40.

Group III Loan: The Mortgage Loans designated on the Mortgage Loan

Schedule attached hereto as Exhibit F-3.

Group III Lockout Percentage: With respect to the Class A-III-1

Certificates and Class A-III-9 Certificates and any Distribution Date occurring

prior to the Distribution Date in June 2010, 0%. For any Distribution Date

occurring after the first five years following the Closing Date, a percentage

determined as follows: (i) for any Distribution Date during the sixth year after

the Closing Date, 30%; (ii) for any Distribution Date during the seventh year

after the Closing Date, 40%; (iii) for any Distribution Date during the eighth

year after the Closing Date, 60%; (iv) for any Distribution Date during the

ninth year after the Closing Date, 80%; and (v) for any Distribution Date

thereafter, 100%.

Group III Pool Stated Principal Balance: As to any date of

determination, the aggregate of the Stated Principal Balances of each Group III

Loan that was an Outstanding Mortgage Loan on the Due Date immediately preceding

the Due Period preceding such date of determination.

Group III Senior Certificates: Any of the Class A-III, Class R-II and

Class R-III Certificates.

Group III Senior Percentage: As of any Distribution Date, the lesser of

100% and a fraction, expressed as a percentage, the numerator of which is the

aggregate Certificate Principal Balance of the Group III Senior Certificates

(other than the Class A-III-PO Certificates) immediately prior to such

Distribution Date and the denominator of which is the aggregate Stated Principal

Balance of all of the Mortgage Loans (or related REO Properties) (other than the

related Discount Fraction of each related Discount Mortgage Loan) in Loan Group

III immediately prior to such Distribution Date.

Group III Senior Principal Distribution Amount: As to any Distribution

Date, the lesser of (a) the balance of the Available Distribution Amount related

to Loan Group III remaining after the distribution therefrom of all amounts

required to be distributed therefrom pursuant to Section 4.02(a)(i) and Section

4.02(a)(ii)(X), and (b) the sum of the amounts required to be distributed

therefrom to the Group III Senior Certificateholders on such Distribution Date

pursuant to Section 4.02(a)(ii)(Y).

Group IV Cut-off Date Balance: $127,640,854.27.

Group IV Loan: The Mortgage Loans designated on the Mortgage Loan

Schedule attached hereto as Exhibit F-4.

Group IV Pool Stated Principal Balance: As to any date of

determination, the aggregate of the Stated Principal Balances of each Group IV

Loan that was an Outstanding Mortgage Loan on the Due Date immediately preceding

the Due Period preceding such date of determination.

<PAGE>

Group IV Senior Certificates: Any of the Class A-IV Certificates.

Group IV Senior Percentage: As of any Distribution Date, the lesser of

100% and a fraction, expressed as a percentage, the numerator of which is the

aggregate Certificate Principal Balance of the Group IV Senior Certificates

(other than the Class A-IV-PO Certificates) immediately prior to such

Distribution Date and the denominator of which is the aggregate Stated Principal

Balance of all of the Mortgage Loans (or related REO Properties) (other than the

related Discount Fraction of each related Discount Mortgage Loan) in Loan Group

IV immediately prior to such Distribution Date.

Group IV Senior Principal Distribution Amount: As to any Distribution

Date, the lesser of (a) the balance of the Available Distribution Amount related

to Loan Group IV remaining after the distribution therefrom of all amounts

required to be distributed therefrom pursuant to Section 4.02(a)(i) and Section

4.02(a)(ii)(X), and (b) the sum of the amounts required to be distributed

therefrom to the Group IV Senior Certificateholders on such Distribution Date

pursuant to Section 4.02(a)(ii)(Y).

Hazardous Materials: Any dangerous, toxic or hazardous pollutants,

chemicals, wastes, or substances, including, without limitation, those so

identified pursuant to the Comprehensive Environmental Response, Compensation

and Liability Act, 42 U.S.C. Section 9601 et seq., or any other environmental

laws now existing, and specifically including, without limitation, asbestos and

asbestos-containing materials, polychlorinated biphenyls, radon gas, petroleum

and petroleum products, urea formaldehyde and any substances classified as being

"in inventory", "usable work in progress" or similar classification which would,

if classified unusable, be included in the foregoing definition.

Highest Priority: As of any date of determination and any Loan Group,

the Class of Subordinate Certificates then outstanding with the earliest

priority for payments pursuant to Section 4.02(a), in the following order: Class

M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates.

Independent: When used with respect to any specified Person, means such

a Person who (i) is in fact independent of the Depositor, the Master Servicer

and the Trustee, or any Affiliate thereof, (ii) does not have any direct

financial interest or any material indirect financial interest in the Depositor,

the Master Servicer or the Trustee or in an Affiliate thereof, and (iii) is not

connected with the Depositor, the Master Servicer or the Trustee as an officer,

employee, promoter, underwriter, trustee, partner, director or person performing

similar functions.

Initial Certificate Principal Balance: With respect to each Class of

Certificates (other than the Interest Only Certificates), the Certificate

Principal Balance of such Class of Certificates as of the Cut-off Date as set

forth in the Preliminary Statement hereto.

Initial Notional Amount: With respect to the Class A-III-4

Certificates, $5,700,000. For federal income tax purposes, however, as of any

Distribution Date, the notional amount of the Class A-III-4 Certificates will be

equal to the Uncertificated Principal Balance of REMIC II Regular Interest

A-III-3. With respect to the Class A-III-8 Certificates, $10,736,166. For

federal income tax purposes, however, as of any Distribution Date, the notional

amount of the Class A-III-8 Certificates will be equal to the sum of the

Uncertificated Principal Balances of REMIC II Regular Interest A-III-2 and REMIC

II Regular Interest A-III-10. With respect to any Class A-I-IO Certificates or

Subclass thereof issued pursuant to Section 5.01(c), the aggregate Cut-off Date

Principal Balance of the Group I Loans corresponding to the Uncertificated Class

<PAGE>

A-I-IO REMIC II Regular Interests represented by such Class or Subclass on such

date. With respect to any Class A-III-IO Certificates or Subclass thereof issued

pursuant to Section 5.01(c), the aggregate Cut-off Date Principal Balance of the

Group III Loans corresponding to the Uncertificated Class A-III-IO REMIC II

Regular Interests represented by such Class or Subclass on such date. With

respect to any Class A-IV-IO Certificates or Subclass thereof issued pursuant to

Section 5.01(c), the aggregate Cut-off Date Principal Balance of the Group IV

Loans corresponding to the Uncertificated Class A-IV-IO REMIC II Regular

Interests represented by such Class or Subclass on such date.

Initial Subordinate Class Percentage: With respect to each Class of

Subordinate Certificates, an amount which is equal to the initial aggregate

Certificate Principal Balance of such Class of Subordinate Certificates divided

by the aggregate Stated Principal Balance of all the Mortgage Loans as of the

Cut-off Date as follows:

Class M-1: 1.00% Class B-1: 0.15%

Class M-2: 0.40% Class B-2: 0.15%

Class M-3: 0.25% Class B-3: 0.05%

Insurance Proceeds: Proceeds paid in respect of the Mortgage Loans

pursuant to any Primary Insurance Policy or any other related insurance policy

covering a Mortgage Loan, to the extent such proceeds are payable to the

mortgagee under the Mortgage, any Subservicer, the Master Servicer or the

Trustee and are not applied to the restoration of the related Mortgaged Property

(or, with respect to a Cooperative Loan, the related Cooperative Apartment) or

released to the Mortgagor in accordance with the procedures that the Master

Servicer would follow in servicing mortgage loans held for its own account.

Interest Accrual Period: With respect to any Certificates and any

Distribution Date, the calendar month preceding the month in which such

Distribution Date occurs.

Interest Only Certificate: Any of the Class A-I-IO, Class A-III-4,

Class A-III-8, Class A-III-IO or Class A-IV-IO Certificates.

Interim Certification: As defined in Section 2.02.

Interested Person: As of any date of determination, the Depositor, the

Master Servicer, the Trustee, any Mortgagor, any manager of a Mortgaged

Property, or any Person actually known to a Responsible Officer of the Trustee

to be an Affiliate of any of them.

Late Collections: With respect to any Mortgage Loan, all amounts

received during any Due Period, whether as late payments of Monthly Payments or

as Insurance Proceeds, Liquidation Proceeds or otherwise, which represent late

payments or collections of Monthly Payments due but delinquent for a previous

Due Period and not previously recovered.

Liquidation Proceeds: Amounts (other than Insurance Proceeds) received

by the Master Servicer in connection with the taking of an entire Mortgaged

Property by exercise of the power of eminent domain or condemnation or in

connection with the liquidation of a defaulted Loan through trustee's sale,

foreclosure sale or otherwise, other than REO Proceeds and Subsequent

Recoveries.

<PAGE>

Loan Group: With respect to the Class A-I Certificates, Class R-I

Certificates and REMIC I Regular Interests I-SUB, I-ZZZ, A-I-PO and each REMIC I

A-I-IO Regular Interest, the Group I Loans; with respect to the Class A-II

Certificates and REMIC I Regular Interests II-SUB, II-ZZZ and A-II-PO, the Group

II Loans; with respect to the Class A-III Certificates, Class R-II Certificates,

Class R-III Certificates and REMIC I Regular Interests III-SUB, III-ZZZ,

A-III-PO and each REMIC I A-III-IO Regular Interest, the Group III Loans, and

with respect to the Class M Certificates and Class B Certificates, the Group I

Loans, Group II Loans, Group III Loans and Group IV Loans.

Loan-to-Value Ratio: As of any date, the fraction, expressed as a

percentage, the numerator of which is the current principal balance of the

related Mortgage Loan at the date of determination and the denominator of which

is the Appraised Value of the related Mortgaged Property.

Lower Priority: As of any date of determination and any Class of

Subordinate Certificates, any other Class of Subordinate Certificates then

outstanding with a later priority for payments pursuant to Section 4.02(a).

Lowest Priority: As of any date of determination, the Class of

Subordinate Certificates then outstanding with the latest priority for payments

pursuant to Section 4.02(a), in the following order: Class B-3, Class B-2, Class

B-1, Class M-3, Class M-2 and Class M-1 Certificates.

Maturity Date: With respect to each Class of Certificates of regular

interest or Regular Interest issued by each of REMIC I and REMIC II, the latest

possible maturity date, for purposes of Section 1.860G-1(a)(4)(iii) of the

Treasury Regulations, by which the Certificate Principal Balance of each such

Class of Certificates representing a regular interest in the Trust Fund would be

reduced to zero, which is the date set forth in the Preliminary Statement.

MERS: Mortgage Electronic Registration Systems, Inc., a corporation

organized and existing under the laws of the State of Delaware, or any successor

thereto.

MERS(R) System: The system of recording transfers of Mortgages

electronically maintained by MERS.

MIN: The Mortgage Identification Number for Mortgage Loans registered

with MERS on the MERS(R)System.

Modified Mortgage Loan: Any Mortgage Loan that has been the subject of

a Servicing Modification.

Modified Net Mortgage Rate: As to any Mortgage Loan that is the subject

of a Servicing Modification, the Net Mortgage Rate, minus the rate per annum by

which the Mortgage Rate on such Mortgage Loan was reduced.

<PAGE>

MOM Loan: With respect to any Mortgage Loan, MERS acting as the

mortgagee of such Mortgage Loan, solely as nominee for the originator of such

Mortgage Loan and its successors and assigns, at the origination thereof.

Monthly Payment: With respect to any Mortgage Loan (including any REO

Property) and the Due Date in any Due Period, the payment of principal and

interest due thereon in accordance with the amortization schedule at the time

applicable thereto (after adjustment, if any, for Curtailments and for Deficient

Valuations occurring prior to such Due Date but before any adjustment to such

amortization schedule by reason of any bankruptcy, other than a Deficient

Valuation, or similar proceeding or any moratorium or similar waiver or grace

period and before any Servicing Modification that constitutes a reduction of the

interest rate on such Mortgage Loan).

Moody's: Moody's Investors Service, Inc., or its successor in interest.

Mortgage: With respect to each Mortgage Note related to a Mortgage Loan

which is not a Cooperative Loan, the mortgage, deed of trust or other comparable

instrument creating a first or junior lien on an estate in fee simple interest

in real property securing a Mortgage Note.

Mortgage File: The mortgage documents listed in Section 2.01 pertaining

to a particular Mortgage Loan and any additional documents required to be added

to the Mortgage File pursuant to this Agreement.

Mortgage Loan Schedule: The lists of the Mortgage Loans attached hereto

as Exhibit F-1, Exhibit F-2, Exhibit F-3 and Exhibit F-4 (as amended from time

to time to reflect the addition of Qualified Substitute Mortgage Loans), which

lists shall set forth at a minimum the following information as to each Mortgage

Loan:

(i) the Mortgage Loan identifying number ("RFC LOAN #");

(ii) [reserved];

(iii) the maturity of the Mortgage Note ("MATURITY DATE" or "MATURITY

DT");

(iv) the Mortgage Rate as of the Cut-off Date ("ORIG RATE");

(v) the Mortgage Rate as of the Cut-off Date for an adjustable rate

Mortgage Loan ("CURR RATE");

(vi) the Net Mortgage Rate as of the Cut-off Date ("CURR NET");

(vii) the scheduled monthly payment of principal, if any, and interest

as of the Cut-off Date ("ORIGINAL P & I" or "CURRENT P & I" for the

adjustable rate Mortgage Loans);

(viii) the Cut-off Date Principal Balance ("PRINCIPAL BAL");

(ix) the Loan-to-Value Ratio at origination ("LTV");

<PAGE>

(x) a code "T", "BT" or "CT" under the column "LN FEATURE," indicating

that the Mortgage Loan is secured by a second or vacation residence

(the absence of any such code means the Mortgage Loan is secured by a

primary residence); and

(xi) a code "N" under the column "OCCP CODE", indicating that the

Mortgage Loan is secured by a non-owner occupied residence (the absence

of any such code means the Mortgage Loan is secured by an owner

occupied residence).

Such schedules may consist of multiple reports that collectively set

forth all of the information required.

Mortgage Loans: Such of the mortgage loans transferred and assigned to

the Trustee pursuant to Section 2.01 as from time to time are held or deemed to

be held as a part of the Trust Fund, the Mortgage Loans originally so held being

identified in the initial Mortgage Loan Schedule, and Qualified Substitute

Mortgage Loans held or deemed held as part of the Trust Fund including, without

limitation, (i) with respect to each Cooperative Loan, the related Mortgage

Note, Security Agreement, Assignment of Proprietary Lease, Cooperative Stock

Certificate, Cooperative Lease and Mortgage File and all rights appertaining

thereto, and (ii) with respect to each Mortgage Loan other than a Cooperative

Loan, each related Mortgage Note, Mortgage and Mortgage File and all rights

appertaining thereto.

Mortgage Note: The originally executed note or other evidence of

indebtedness evidencing the indebtedness of a Mortgagor under a Mortgage Loan,

together with any modification th