Common use of Targeted Overcollateralization Amount Clause in Contracts

Targeted Overcollateralization Amount. As of any Distribution Date, (a) prior to the Stepdown Date, the sum of (i) 3.45% of the Cut-off Date Pool Principal Balance and (ii) the Aggregate Class B Early Distribution Amount, and (b) on and after the Stepdown Date, the lesser of (i) the sum of (A) 3.45% of the Cut-off Date Pool Principal Balance and (B) the Aggregate Class B Early Distribution Amount and (ii) the greater of (A) the excess of (I) 10.90% of the Pool Principal Balance as of the last day of the related Due Period over (II) the excess of (x) the sum of the Class Certificate Balances of the Class B-1 and Class B-2 Certificates as of the Closing Date over (y) the aggregate of distributions made in respect of principal to the Class B-1 and Class B-2 Certificates on all prior Distribution Dates and (B) 0.50% of the Cut-off Date Pool Principal Balance. Tax Matters Person ------------------ The person designated as "tax matters person" in the manner provided under Treasury regulation ss.1.860F-4(d) and temporary Treasury regulation ss.301.6231(a)(7)-1T. Initially, the Tax Matters Person shall be the Trustee. Tax Matters Person Certificate ------------------------------ The Class R Certificate with a Denomination of .00001%. Termination Price ----------------- As defined in Section 9.01. Transfer -------- Any direct or indirect transfer or sale of any Ownership Interest in a Class R Certificate. Transfer Affidavit ------------------ As defined in Section 5.02(c). Transferor Certificate ---------------------- As defined in Section 5.02(b). Trigger Event ------------- With respect to any Distribution Date, if (a) the six-month rolling average of 60+ Day Delinquent Loans equals or exceeds 42.16% of the Senior Enhancement Percentage; provided, that if the Class Certificate Balance of the Senior Certificates has been reduced to zero, a Trigger Event will have occurred if the six-month rolling average of 60+ Day Delinquent Loans equals or exceeds 16.40% or (b) the aggregate amount of Realized Losses incurred since the Cut-off Date through the last day of the related Due Period divided by the Cut-off Date Pool Principal Balance exceeds the applicable percentages set forth below with respect to that Distribution Date: ------------------------------------ ------------------------------------------- Distribution Date Occurring In Percentage ------------------------------------ ------------------------------------------- November 2006 - October 2007 2.80% (or 3.15% if the Class Certificate Balance of the Class B-2 Certificates has been reduced to zero and no part of that reduction was due to the application of Realized Loss Amounts) for the first month plus an additional 1/12th of 1.45% (or 1/12th of 1.10% if the Class Certificate Balance of the Class B-2 Certificates has been reduced to zero and no part of that reduction was due to the application of Realized Loss Amounts) for each month thereafter ------------------------------------ ------------------------------------------- November 2007 - October 2008 4.25% for the first month plus an additional 1/12th of 0.50% for each month thereafter ------------------------------------ ------------------------------------------- November 2008 - October 2009 4.75% for the first month plus an ------------------------------------ ------------------------------------------- ------------------------------------ ------------------------------------------- additional 1/12th of 0.50% for each month thereafter ------------------------------------ ------------------------------------------- November 2009 and thereafter 5.25% ------------------------------------ ------------------------------------------- Trustee ------- JPMorgan Chase Bank and its successors and, if a successor trustee is appointed hereunder, such successor. Trustee Fee ----------- As to any Distribution Date, an amount equal to one-twelfth of the Trustee Fee Rate multiplied by the Pool Principal Balance as of such Distribution Date. Trustee Fee Rate ---------------- With respect to each Loan, 0.02% per annum. Trust Fund ---------- The corpus of the trust created hereunder consisting of (a) the Loans and all interest and principal received, or receivable, on or with respect thereto after the Cut-off Date to the extent not applied in computing the Cut-off Date Principal Balance thereof and all interest and principal payments on such Loans received prior to the Cut-off Date in respect of installments of interest and principal due thereafter; (b) the Certificate Account, the Distribution Account, the Net WAC Cap Account, the Reserve Fund, the Excess Reserve Fund and all amounts deposited therein pursuant to the applicable provisions of this Agreement; (c) property that secured a Loan and has been acquired by foreclosure, deed-in-lieu of foreclosure or otherwise; (d) the Yield Maintenance Agreement; (e) the MGIC Policy and (f) all proceeds of the conversion, voluntary or involuntary, of any of the foregoing. Trustee Permitted Withdrawal Amount ----------------------------------- Means an aggregate amount not to exceed (a) with respect to costs associated with the transitioning of servicing, $75,000 per servicing transition event and (b) with respect to amounts (other than the Trustee Fee) which are payable to the Trustee pursuant to Section 8.05 hereof, $150,000 per annum. Unpaid Realized Loss Amount --------------------------- For any Class of Subordinate Certificates and as to any Distribution Date, the excess of (a) the cumulative amount of Applied Realized Loss Amounts with respect to that Class for all prior Distribution Dates over (b) the cumulative amount of Realized Loss Amortization Amounts with respect to that Class for all prior Distribution Dates. Underwriter Exemption --------------------- Prohibited Transaction Exemption 2002-41, 67 Fed Reg. 54487 (August 22, 2002), or any successor thereto. Underwriters ------------ Wachovia Capital Markets, LLC and Credit Suisse First Boston LLC. Voting Rights ------------- The portion of the voting rights of all of the Certificates, which is allocated to any Certificate. With respect to any date of determination, the Offered Certificates shall be allocated 100% of all Voting Rights. The Voting Rights allocated to each Class of the Offered Certificates shall be the fraction, expressed as a percentage, the numerator of which is the Class Certificate Balance of such Class then outstanding and the denominator of which is the aggregate Stated Principal Balance of the Loans then outstanding. The Voting Rights allocated to each Class of Certificates shall be allocated among the Certificates of each such Class in accordance with their respective Percentage Interests. The Class X and the Class R Certificates will not have any Voting Rights. Yield Maintenance Agreement --------------------------- The Master Agreement (including the Schedule thereto and the Transactions thereunder each evidenced by a Confirmation (each as defined in the Yield Maintenance Agreement) dated as of October 31, 2003, by and between the Counterparty and the Trustee not in its individual capacity, but solely as trustee for the benefit of the Certificateholders of the Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-4. Yield Maintenance Stated Termination ------------------------------------ July 25, 2006, subject to the Following Business Day Convention (as such term is defined in the Yield Maintenance Agreement).

Targeted Overcollateralization Amount. As of any Distribution Date, (a) prior to the Stepdown Date, the sum of (i) 3.454.00% of the Cut-off Date Pool Principal Balance and (ii) the Aggregate Class B Early Distribution Amount, and (b) on and after the Stepdown Date, the lesser of (i) the sum of (A) 3.454.00% of the Cut-off Date Pool Principal Balance and (B) the Aggregate Class B Early Distribution Amount and (ii) the greater of (A) the excess of (I) 10.908.00% of the Pool Principal Balance as of the last day of the related Due Period over (II) the excess of (x) the sum of the Class Certificate Balances of the Class B-1 and Class B-2 Certificates as of the Closing Date over (y) the aggregate of distributions made in respect of principal to the Class B-1 and Class B-2 Certificates on all prior Distribution Dates and (B) 0.50% of the Cut-off Date Pool Principal Balance. Tax Matters Person ------------------ The person designated as "tax matters person" in the manner provided under Treasury regulation ss.1.860F-4(d) and temporary Treasury regulation ss.301.6231(a)(7)-1T. Initially, the Tax Matters Person shall be the Trustee. Tax Matters Person Certificate ------------------------------ The Class R Certificate with a Denomination of .00001%. Termination Price ----------------- As defined in Section 9.01. Transfer -------- Any direct or indirect transfer or sale of any Ownership Interest in a Class R Certificate. Transfer Affidavit ------------------ As defined in Section 5.02(c). Transferor Certificate ---------------------- As defined in Section 5.02(b). Trigger Event ------------- With respect to any Distribution Date, if (a) the six-month rolling average of 60+ Day Delinquent Loans equals or exceeds 42.1640.00% of the Senior Enhancement Percentage; provided, that if the Class Certificate Balance of the Senior Certificates has been reduced to zero, a Trigger Event will have occurred if the six-month rolling average of 60+ Day Delinquent Loans equals or exceeds 16.40% or (b) the aggregate amount of Realized Losses incurred since the Cut-off Date through the last day of the related Due Period divided by the Cut-off Date Pool Principal Balance exceeds the applicable percentages set forth below with respect to that Distribution Date: ------------------------------------ ------------------------------------------- ----------------------------------------- ------------------------------------- Distribution Date Occurring In Percentage ------------------------------------ ------------------------------------------- November ----------------------------------------- ------------------------------------- March 2006 - October February 2007 2.803.50% (or 3.15% if the Class Certificate Balance of the Class B-2 Certificates has been reduced to zero and no part of that reduction was due to the application of Realized Loss Amounts) for the first month plus an additional 1/12th of 1.45% (or 1/12th of 1.10% if the Class Certificate Balance of the Class B-2 Certificates has been reduced to zero and no part of that reduction was due to the application of Realized Loss Amounts) for each month thereafter ------------------------------------ ------------------------------------------- November ----------------------------------------- ------------------------------------- March 2007 - October February 2008 4.25% for the first month plus an additional 1/12th of 0.50% for each month thereafter ------------------------------------ ------------------------------------------- November ----------------------------------------- ------------------------------------- March 2008 - October February 2009 4.75% for the first month plus an ------------------------------------ ------------------------------------------- ------------------------------------ ------------------------------------------- additional 1/12th of 0.50% for each month thereafter ------------------------------------ ------------------------------------------- November ----------------------------------------- ------------------------------------- March 2009 and thereafter 5.25% ------------------------------------ ------------------------------------------- ----------------------------------------- ------------------------------------- Trustee ------- JPMorgan Chase Bank and its successors and, if a successor trustee is appointed hereunder, such successor. Trustee Fee ----------- As to any Distribution Date, an amount equal to one-twelfth of the Trustee Fee Rate multiplied by the Pool Principal Balance as of such Distribution Date. Trustee Fee Rate ---------------- With respect to each Loan, 0.02% per annum. Trust Fund ---------- The corpus of the trust created hereunder consisting of (a) the Loans and all interest and principal received, or receivable, on or with respect thereto after the Cut-off Date to the extent not applied in computing the Cut-off Date Principal Balance thereof and all interest and principal payments on such Loans received prior to the Cut-off Date in respect of installments of interest and principal due thereafter; (b) the Certificate Account, the Distribution Account, the Net WAC Cap Account, the Reserve Fund, the Excess Reserve Fund and all amounts deposited therein pursuant to the applicable provisions of this Agreement; (c) property that secured a Loan and has been acquired by foreclosure, deed-in-lieu of foreclosure or otherwise; (d) the Yield Maintenance Agreement; and (e) the MGIC Policy and (f) all proceeds of the conversion, voluntary or involuntary, of any of the foregoing. Trustee Permitted Withdrawal Amount ----------------------------------- Means an aggregate amount not to exceed (a) with respect to costs associated with the transitioning of servicing, $75,000 per servicing transition event and (b) with respect to amounts (other than the Trustee Fee) which are payable to the Trustee pursuant to Section 8.05 hereof, $150,000 per annum. Unpaid Realized Loss Amount --------------------------- For any Class of Subordinate Certificates and as to any Distribution Date, the excess of (a) the cumulative amount of Applied Realized Loss Amounts with respect to that Class for all prior Distribution Dates over (b) the cumulative amount of Realized Loss Amortization Amounts with respect to that Class for all prior Distribution Dates. Underwriter Exemption --------------------- Prohibited Transaction Exemption 2002-41, 67 Fed Reg. 54487 (August 22, 2002), or any successor thereto. Underwriters ------------ Wachovia Capital Markets, LLC and Credit Suisse First Boston LLC. Voting Rights ------------- The portion of the voting rights of all of the Certificates, which is allocated to any Certificate. With respect to any date of determination, the Offered Certificates shall be allocated 100% of all Voting Rights. The Voting Rights allocated to each Class of the Offered Certificates shall be the fraction, expressed as a percentage, the numerator of which is the Class Certificate Balance of such Class then outstanding and the denominator of which is the aggregate Stated Principal Balance of the Loans then outstanding. The Voting Rights allocated to each Class of Certificates shall be allocated among the Certificates of each such Class in accordance with their respective Percentage Interests. The Class X and the Class R Certificates will not have any Voting Rights. Yield Maintenance Agreement --------------------------- The Master Agreement (including the Schedule thereto and the Transactions transactions thereunder each evidenced by a Confirmation (each as defined in the Yield Maintenance Agreementconfirmation) dated as of October 31February 27, 2003, by and between the Counterparty and the Trustee not in its individual capacityTrustee, but solely a copy of which is attached hereto as trustee for the benefit of the Certificateholders of the Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-4. Exhibit L. Yield Maintenance Stated Termination ------------------------------------ July May 25, 20062005, subject to the Following Business Day Convention (as such term is defined in the Yield Maintenance Agreement).

Targeted Overcollateralization Amount. As of any Distribution Date, (a) prior to the Stepdown Date, the sum of (i) 3.454.00% of the Cut-off Date Pool Principal Balance and (ii) the Aggregate Class B Early Distribution Amount, and (b) on and after the Stepdown Date, the lesser of (i) the sum of (A) 3.454.00% of the Cut-off Date Pool Principal Balance and (B) the Aggregate Class B Early Distribution Amount and (ii) the greater of (A) the excess of (I) 10.908.00% of the Pool Principal Balance as of the last day of the related Due Period over (II) the excess of (x) the sum of the Class Certificate Balances of the Class B-1 and Class B-2 Certificates as of the Closing Date over (y) the aggregate of distributions made in respect of principal to the Class B-1 and Class B-2 Certificates on all prior Distribution Dates and (B) 0.50% of the Cut-off Date Pool Principal Balance. Tax Matters Person ------------------ The person designated as "tax matters person" in the manner provided under Treasury regulation ss.1.860F-4(d) and temporary Treasury regulation ss.301.6231(a)(7)-1T. Initially, the Tax Matters Person shall be the Trustee. Tax Matters Person Certificate ------------------------------ The Class R Certificate with a Denomination of .00001%. Termination Price ----------------- As defined in Section 9.01. Transfer -------- Any direct or indirect transfer or sale of any Ownership Interest in a Class R Certificate. Transfer Affidavit ------------------ As defined in Section 5.02(c). Transferor Certificate ---------------------- As defined in Section 5.02(b). Trigger Event ------------- With respect to any Distribution Date, if (a) the six-month rolling average of 60+ Day Delinquent Loans equals or exceeds 42.1640% of the Senior Enhancement Percentage; provided, that if the Class Certificate Balance of the Senior Certificates has been reduced to zero, a Trigger Event will have occurred if the six-month rolling average of 60+ Day Delinquent Loans equals or exceeds 16.4020% or (b) the aggregate amount of Realized Losses incurred since the Cut-off Date through the last day of the related Due Period divided by the Cut-off Date Pool Principal Balance exceeds the applicable percentages set forth below with respect to that Distribution Date: ------------------------------------ ------------------------------------------- ------------------------------- -------------------------- Distribution Date Occurring In Percentage ------------------------------------ ------------------------------------------- November ------------------------------- -------------------------- September 2005 - August 2006 3.00% ------------------------------- -------------------------- September 2006 - October August 2007 2.803.75% (or 3.15% if the Class Certificate Balance of the Class B-2 Certificates has been reduced to zero and no part of that reduction was due to the application of Realized Loss Amounts) for the first month plus an additional 1/12th of 1.45% (or 1/12th of 1.10% if the Class Certificate Balance of the Class B-2 Certificates has been reduced to zero and no part of that reduction was due to the application of Realized Loss Amounts) for each month thereafter ------------------------------------ ------------------------------------------- November ------------------------------- -------------------------- September 2007 - October August 2008 4.25% for the first month plus an additional 1/12th of 0.50% for each month ------------------------------- -------------------------- September 2008 and thereafter ------------------------------------ ------------------------------------------- November 2008 - October 2009 4.75% for the first month plus an ------------------------------------ ------------------------------------------- ------------------------------------ ------------------------------------------- additional 1/12th of 0.50% for each month thereafter ------------------------------------ ------------------------------------------- November 2009 and thereafter 5.25% ------------------------------------ ------------------------------------------- ------------------------------- -------------------------- Trustee ------- JPMorgan Chase Bank and its successors and, if a successor trustee is appointed hereunder, such successor. Trustee Fee ----------- As to any Distribution Date, an amount equal to one-twelfth of the Trustee Fee Rate multiplied by the Pool Principal Balance as of such Distribution Date. Trustee Fee Rate ---------------- With respect to each Loan, 0.02% per annum. Trust Fund ---------- The corpus of the trust created hereunder consisting of (a) the Loans and all interest and principal received, or receivable, on or with respect thereto after the Cut-off Date to the extent not applied in computing the Cut-off Date Principal Balance thereof and all interest and principal payments on such Loans received prior to the Cut-off Date in respect of installments of interest and principal due thereafter; (b) the Certificate Account, the Distribution Account, the Net WAC Cap Account, the Reserve Fund, the Excess Reserve Fund and all amounts deposited therein pursuant to the applicable provisions of this Agreement; (c) property that secured a Loan and has been acquired by foreclosure, deed-in-lieu of foreclosure or otherwise; (d) the Yield Maintenance Agreement; (e) the MGIC Policy and (f) all proceeds of the conversion, voluntary or involuntary, of any of the foregoing. Trustee Permitted Withdrawal Amount ----------------------------------- Means an aggregate amount not to exceed (a) with respect to costs associated with the transitioning of servicing, $75,000 per servicing transition event and (b) with respect to amounts (other than the Trustee Fee) which are payable to the Trustee pursuant to Section 8.05 hereof, $150,000 per annum. Unpaid Realized Loss Amount --------------------------- For any Class of Subordinate Certificates and as to any Distribution Date, the excess of (a) the cumulative amount of Applied Realized Loss Amounts with respect to that Class for all prior Distribution Dates over (b) the cumulative amount of Realized Loss Amortization Amounts with respect to that Class for all prior Distribution Dates. Underwriter Exemption --------------------- Prohibited Transaction Exemption 20022000-4158, 67 Fed 65 Fed. Reg. 54487 67765 (August 22, 20022000), as amended (or any successor thereto. Underwriters ------------ Wachovia Capital Markets, LLC and Credit Suisse First Boston LLC). Voting Rights ------------- The portion of the voting rights of all of the Certificates, which is allocated to any Certificate. With respect to any date of determination, the Offered Certificates shall be allocated 100% of all Voting Rights. The Voting Rights allocated to each Class of the Offered Certificates shall be the fraction, expressed as a percentage, the numerator of which is the Class Certificate Balance of such Class then outstanding and the denominator of which is the aggregate Stated Principal Balance of the Loans then outstanding. The Voting Rights allocated to each Class of Certificates shall be allocated among the Certificates of each such Class in accordance with their respective Percentage Interests. The Class X and the Class R Certificates will not have any Voting Rights. Unless an Insurer Default exists, the Insurer will be entitled to exercise the rights of the holders of the Class AV-1A Certificates. Yield Maintenance Agreement --------------------------- The Master Agreement (including the Schedule thereto and the Transactions transactions thereunder each evidenced by a Confirmation (each as defined in the Yield Maintenance Agreementconfirmation) dated as of October 31August 27, 2003, 2002 by and between the Counterparty and the Trustee not in its individual capacityTrustee, but solely a copy of which is attached hereto as trustee for the benefit of the Certificateholders of the Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-4. Exhibit L. Yield Maintenance Stated Termination ------------------------------------ July 2527, 20062005, subject to the Following Business Day Convention (as such term is defined in the Yield Maintenance Agreement).

Targeted Overcollateralization Amount. As of any Distribution Date, (a) prior to the Stepdown Date, the sum of (i) 3.452.60% of the Cut-off Date Pool Principal Balance and (ii) the Aggregate Class B Early Distribution Amount, and (b) on and after the Stepdown Date, the lesser of (i) the sum of (A) 3.452.60% of the Cut-off Date Pool Principal Balance and (B) the Aggregate Class B Early Distribution Amount and (ii) the greater of (A) the excess of (I) 10.905.20% of the Pool Principal Balance as of the last day of the related Due Period over (II) the excess of (x) the sum of the Class Certificate Balances of the Class B-1 and Class B-2 Certificates as of the Closing Date over (y) the aggregate of distributions made in respect of principal to the Class B-1 and Class B-2 Certificates on all prior Distribution Dates and (B) 0.50% of the Cut-off Date Pool Principal Balance. Tax Matters Person ------------------ The person designated as "tax matters person" in the manner provided under Treasury regulation ss.1.860F-4(d) and temporary Treasury regulation ss.301.6231(a)(7)-1T. Initially, the Tax Matters Person shall be the Trustee. Tax Matters Person Certificate ------------------------------ The Class R Certificate with a Denomination of .00001%. Termination Price ----------------- As defined in Section 9.01. Transfer -------- Any direct or indirect transfer or sale of any Ownership Interest in a Class R Certificate. Transfer Affidavit ------------------ As defined in Section 5.02(c). Transferor Certificate ---------------------- As defined in Section 5.02(b). Trigger Event ------------- With respect to any Distribution Date, if (a) the six-month rolling average of 60+ Day Delinquent Loans equals or exceeds 42.1645% of the Senior Enhancement Percentage; provided, that if the Class Certificate Balance of the Senior Certificates has been reduced to zero, a Trigger Event will have occurred if the six-month rolling average of 60+ Day Delinquent Loans equals or exceeds 16.4020% or (b) the aggregate amount of Realized Losses incurred since the Cut-off Date through the last day of the related Due Period divided by the Cut-off Date Pool Principal Balance exceeds the applicable percentages set forth below with respect to that Distribution Date: ------------------------------------ ------------------------------------------- ----------------------------------------- -------------------------------------- Distribution Date Occurring In Percentage ------------------------------------ ------------------------------------------- November ----------------------------------------- -------------------------------------- June 2005 - May 2006 3.00% ----------------------------------------- -------------------------------------- June 2006 - October May 2007 2.803.75% (or 3.15% if the Class Certificate Balance of the Class B-2 Certificates has been reduced to zero and no part of that reduction was due to the application of Realized Loss Amounts) for the first month plus an additional 1/12th of 1.45% (or 1/12th of 1.10% if the Class Certificate Balance of the Class B-2 Certificates has been reduced to zero and no part of that reduction was due to the application of Realized Loss Amounts) for each month thereafter ------------------------------------ ------------------------------------------- November 2007 - October ----------------------------------------- -------------------------------------- June 2007- May 2008 4.25% for the first month plus an additional 1/12th of 0.50% for each month ----------------------------------------- -------------------------------------- June 2008 and thereafter ------------------------------------ ------------------------------------------- November 2008 - October 2009 4.75% for the first month plus an ------------------------------------ ------------------------------------------- ------------------------------------ ------------------------------------------- additional 1/12th of 0.50% for each month thereafter ------------------------------------ ------------------------------------------- November 2009 and thereafter 5.25% ------------------------------------ ------------------------------------------- ----------------------------------------- -------------------------------------- Trustee ------- JPMorgan Chase Bank and its successors and, if a successor trustee is appointed hereunder, such successor. Trustee Fee ----------- As to any Distribution Date, an amount equal to one-twelfth of the Trustee Fee Rate multiplied by the Pool Principal Balance as of such Distribution Date. Trustee Fee Rate ---------------- With respect to each Loan, 0.02% per annum. Trust Fund ---------- The corpus of the trust created hereunder consisting of (a) the Loans and all interest and principal received, or receivable, on or with respect thereto after the Cut-off Date to the extent not applied in computing the Cut-off Date Principal Balance thereof and all interest and principal payments on such Loans received prior to the Cut-off Date in respect of installments of interest and principal due thereafter; (b) the Certificate Account, the Distribution Account, the Net WAC Cap Account, the Reserve Fund, the Excess Reserve Fund and all amounts deposited therein pursuant to the applicable provisions of this Agreement; (c) property that secured a Loan and has been acquired by foreclosure, deed-in-lieu of foreclosure or otherwise; (d) the Yield Maintenance Agreement; and (e) the MGIC Policy and (f) all proceeds of the conversion, voluntary or involuntary, of any of the foregoing. Trustee Permitted Withdrawal Amount ----------------------------------- Means an aggregate amount not to exceed (a) with respect to costs associated with the transitioning of servicing, $75,000 per servicing transition event and (b) with respect to amounts (other than the Trustee Fee) which are payable to the Trustee pursuant to Section 8.05 hereof, $150,000 per annum. Unpaid Realized Loss Amount --------------------------- For any Class of Subordinate Certificates and as to any Distribution Date, the excess of (a) the cumulative amount of related Applied Realized Loss Amounts with respect to that Class for all prior Distribution Dates over (b) the cumulative amount of related Realized Loss Amortization Amounts with respect to that Class for all prior Distribution Dates. Underwriter Exemption --------------------- Prohibited Transaction Exemption 20022000-4158, 67 Fed 65 Fed. Reg. 54487 67765 (August 22, 20022000), as amended (or any successor thereto. Underwriters ------------ Wachovia Capital Markets, LLC and Credit Suisse First Boston LLC). Voting Rights ------------- The portion of the voting rights of all of the Certificates, which is allocated to any Certificate. With respect to any date of determination, the Offered Certificates shall be allocated 100% of all Voting Rights. The Voting Rights allocated to each Class of the Offered Certificates shall be the fraction, expressed as a percentage, the numerator of which is the Class Certificate Balance of such Class then outstanding and the denominator of which is the aggregate Stated Principal Balance of the Loans then outstanding. The Voting Rights allocated to each Class of Certificates shall be allocated among the Certificates of each such Class in accordance with their respective Percentage Interests. The Class X and the Class R Certificates will not have any Voting Rights. Yield Maintenance Agreement --------------------------- The Master Agreement (including the Schedule thereto and the Transactions transactions thereunder each evidenced by a Confirmation (each as defined in the Yield Maintenance Agreementconfirmation) dated as of October 31June 14, 2003, 2002 by and between the Counterparty and the Trustee not in its individual capacity, but solely as trustee for the benefit of the Certificateholders Holders of the Equity One ABS, Inc. Mortgage Pass-Through Class AV-1 Certificates, Series 2003-4. a copy of which is attached hereto as Exhibit L. Yield Maintenance Stated Termination ------------------------------------ July June 25, 2006, subject to the Following Business Day Convention (as such term is defined in the Yield Maintenance Agreement)2004.

Targeted Overcollateralization Amount. As of any Distribution Date, (a) prior to the Stepdown Date, the sum of (i) 3.454.00% of the Cut-off Date Pool Principal Balance and (ii) the Aggregate Class B Early Distribution Amount, and (b) on and after the Stepdown Date, the lesser of (i) the sum of (A) 3.454.00% of the Cut-off Date Pool Principal Balance and (B) the Aggregate Class B Early Distribution Amount and (ii) the greater of (A) the excess of (I) 10.9011.00% of the Pool Principal Balance as of the last day of the related Due Period over (II) the excess of (x) the sum Class Certificate Balance of the Class Certificate Balances of the Class B-1 and Class B-2 B Certificates as of the Closing Date over (y) the aggregate of distributions made in respect of principal to the Class B-1 and Class B-2 B Certificates on all prior Distribution Dates and (B) 0.50% of the Cut-off Date Pool Principal Balance. Tax Matters Person ------------------ The person designated as "tax matters person" in the manner provided under Treasury regulation ss.1.860F-4(d) and temporary Treasury regulation ss.301.6231(a)(7)-1T. Initially, the Tax Matters Person shall be the Trustee. Tax Matters Person Certificate ------------------------------ The Class R Certificate with a Denomination of .00001%. Termination Price ----------------- As defined in Section 9.01. Transfer -------- Any direct or indirect transfer or sale of any Ownership Interest in a Class R Certificate. Transfer Affidavit ------------------ As defined in Section 5.02(c). Transferor Certificate ---------------------- As defined in Section 5.02(b). Trigger Event ------------- With respect to any Distribution Date, if (a) the six-month rolling average of 60+ Day Delinquent Loans equals or exceeds 42.1641.00% of the Senior Enhancement Percentage; provided, that if the Class Certificate Balance of the Senior Certificates has been reduced to zero, a Trigger Event will have occurred if the six-month rolling average of 60+ Day Delinquent Loans equals or exceeds 16.40% or (b) the aggregate amount of Realized Losses incurred since the Cut-off Date through the last day of the related Due Period divided by the Cut-off Date Pool Principal Balance exceeds the applicable percentages set forth below with respect to that Distribution Date: ------------------------------------ ------------------------------------------- ----------------------------------------- -------------------------------------- Distribution Date Occurring In Percentage ------------------------------------ ------------------------------------------- November ----------------------------------------- -------------------------------------- August 2006 - October July 2007 2.803.50% (or 3.15% if the Class Certificate Balance of the Class B-2 Certificates has been reduced to zero and no part of that reduction was due to the application of Realized Loss Amounts) for the first month plus an additional 1/12th of 1.45% (or 1/12th of 1.10% if the Class Certificate Balance of the Class B-2 Certificates has been reduced to zero and no part of that reduction was due to the application of Realized Loss Amounts) for each month thereafter ------------------------------------ ------------------------------------------- November ----------------------------------------- -------------------------------------- August 2007 - October July 2008 4.25% for the first month plus an additional 1/12th of 0.50% for each month thereafter ------------------------------------ ------------------------------------------- November ----------------------------------------- -------------------------------------- August 2008 - October July 2009 4.75% for the first month plus an ------------------------------------ ------------------------------------------- ------------------------------------ ------------------------------------------- additional 1/12th of 0.50% for each month thereafter ------------------------------------ ------------------------------------------- November ----------------------------------------- -------------------------------------- ----------------------------------------- -------------------------------------- August 2009 and thereafter 5.25% ------------------------------------ ------------------------------------------- ----------------------------------------- -------------------------------------- Trustee ------- JPMorgan Chase Bank and its successors and, if a successor trustee is appointed hereunder, such successor. Trustee Fee ----------- As to any Distribution Date, an amount equal to one-twelfth of the Trustee Fee Rate multiplied by the Pool Principal Balance as of such Distribution Date. Trustee Fee Rate ---------------- With respect to each Loan, 0.02% per annum. Trust Fund ---------- The corpus of the trust created hereunder consisting of (a) the Loans and all interest and principal received, or receivable, on or with respect thereto after the Cut-off Date to the extent not applied in computing the Cut-off Date Principal Balance thereof and all interest and principal payments on such Loans received prior to the Cut-off Date in respect of installments of interest and principal due thereafter; (b) the Certificate Account, the Distribution Account, the Net WAC Cap Account, the Reserve Fund, the Excess Reserve Fund and all amounts deposited therein pursuant to the applicable provisions of this Agreement; (c) property that secured a Loan and has been acquired by foreclosure, deed-in-lieu of foreclosure or otherwise; (d) the Yield Maintenance Agreement; (e) the MGIC Policy and (f) all proceeds of the conversion, voluntary or involuntary, of any of the foregoing. Trustee Permitted Withdrawal Amount ----------------------------------- Means an aggregate amount not to exceed (a) with respect to costs associated with the transitioning of servicing, $75,000 per servicing transition event and (b) with respect to amounts (other than the Trustee Fee) which are payable to the Trustee pursuant to Section 8.05 hereof, $150,000 per annum. Unpaid Realized Loss Amount --------------------------- For any Class of Subordinate Certificates and as to any Distribution Date, the excess of (a) the cumulative amount of Applied Realized Loss Amounts with respect to that Class for all prior Distribution Dates over (b) the cumulative amount of Realized Loss Amortization Amounts with respect to that Class for all prior Distribution Dates. Underwriter Exemption --------------------- Prohibited Transaction Exemption 2002-41, 67 Fed Reg. 54487 (August 22, 2002), or any successor thereto. Underwriters ------------ Wachovia Capital Markets, LLC and Credit Suisse First Boston LLC. Voting Rights ------------- The portion of the voting rights of all of the Certificates, which is allocated to any Certificate. With respect to any date of determination, the Offered Certificates shall be allocated 100% of all Voting Rights. The Voting Rights allocated to each Class of the Offered Certificates shall be the fraction, expressed as a percentage, the numerator of which is the Class Certificate Balance of such Class then outstanding and the denominator of which is the aggregate Stated Principal Balance of the Loans then outstanding. The Voting Rights allocated to each Class of Certificates shall be allocated among the Certificates of each such Class in accordance with their respective Percentage Interests. The Class X and the Class R Certificates will not have any Voting Rights. Yield Maintenance Agreement --------------------------- The Master Agreement (including the Schedule thereto and the Transactions transactions thereunder each evidenced by a Confirmation (each as defined in the Yield Maintenance Agreementconfirmation) dated as of October July 31, 2003, by and between the Counterparty and the Trustee not in its individual capacityTrustee, but solely a copy of which is attached hereto as trustee for the benefit of the Certificateholders of the Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-4. Exhibit L. Yield Maintenance Stated Termination ------------------------------------ July April 25, 2006, subject to the Following Business Day Convention (as such term is defined in the Yield Maintenance Agreement).

Targeted Overcollateralization Amount. As of any Distribution Date, (a) prior to the Stepdown Date, the sum of (i) 3.453.40% of the Cut-off Date Pool Principal Balance and (ii) the Aggregate Class B Early Distribution Amount, and (b) on and after the Stepdown Date, the lesser of (i) the sum of (A) 3.453.40% of the Cut-off Date Pool Principal Balance and (B) the Aggregate Class B Early Distribution Amount and (ii) the greater of (A) the excess of (I) 10.906.80% of the Pool Principal Balance as of the last day of the related Due Period over (II) the excess of (x) the sum of the Class Certificate Balances of the Class B-1 and Class B-2 Certificates as of the Closing Date over (y) the aggregate of distributions made in respect of principal to the Class B-1 and Class B-2 Certificates on all prior Distribution Dates and (B) 0.50% of the Cut-off Date Pool Principal Balance. Tax Matters Person ------------------ The person designated as "tax matters person" in the manner provided under Treasury regulation ss.1.860F-4(d) and temporary Treasury regulation ss.301.6231(a)(7)-1T. Initially, the Tax Matters Person shall be the Trustee. Tax Matters Person Certificate ------------------------------ The Class R Certificate with a Denomination of .00001%. Termination Price ----------------- As defined in Section 9.01. Transfer -------- Any direct or indirect transfer or sale of any Ownership Interest in a Class R Certificate. Transfer Affidavit ------------------ As defined in Section 5.02(c). Transferor Certificate ---------------------- As defined in Section 5.02(b). Trigger Event ------------- With respect to any Distribution Date, if (a) the six-month rolling average of 60+ Day Delinquent Loans equals or exceeds 42.1645% of the Senior Enhancement Percentage; provided, that if the Class Certificate Balance of the Senior Certificates has been reduced to zero, a Trigger Event will have occurred if the six-month rolling average of 60+ Day Delinquent Loans equals or exceeds 16.4020% or (b) the aggregate amount of Realized Losses incurred since the Cut-off Date through the last day of the related Due Period divided by the Cut-off Date Pool Principal Balance exceeds the applicable percentages set forth below with respect to that Distribution Date: ------------------------------------ ------------------------------------------- Distribution Date Occurring In Percentage ------------------------------------ ------------------------------------------- November 2006 - October 2007 2.80% (or 3.15% if the Class Certificate Balance of the Class B-2 Certificates has been reduced to zero and no part of that reduction was due to the application of Realized Loss Amounts) for the first month plus an additional 1/12th of 1.45% (or 1/12th of 1.10% if the Class Certificate Balance of the Class B-2 Certificates has been reduced to zero and no part of that reduction was due to the application of Realized Loss Amounts) for each month thereafter ------------------------------------ ------------------------------------------- November 2007 September 2004 - October 2008 4.25August 2005 3.00% for the first month plus an additional 1/12th of 0.50% for each month thereafter ------------------------------------ ------------------------------------------- November 2008 - October 2009 4.75% for the first month plus an ------------------------------------ ------------------------------------------- ------------------------------------ ------------------------------------------- additional 1/12th of 0.50September 2005 - August 2006 3.75% for each month thereafter ------------------------------------ ------------------------------------------- November 2009 ------------------------------------ ------------------------------------------- September 2006 - August 2007 4.25% ------------------------------------ ------------------------------------------- ------------------------------------ ------------------------------------------- September 2007 and thereafter 5.254.75% ------------------------------------ ------------------------------------------- Trustee ------- JPMorgan Chase Bank and its successors and, if a successor trustee is appointed hereunder, such successor. Trustee Fee ----------- As to any Distribution Date, an amount equal to one-twelfth of the Trustee Fee Rate multiplied by the Pool Principal Balance as of such Distribution Date. Trustee Fee Rate ---------------- With respect to each Loan, 0.02% per annum. Trust Fund ---------- The corpus of the trust created hereunder consisting of (a) the Loans and all interest and principal received, or receivable, on or with respect thereto after the Cut-off Date to the extent not applied in computing the Cut-off Date Principal Balance thereof and all interest and principal payments on such Loans received prior to the Cut-off Date in respect of installments of interest and principal due thereafter; (b) the Certificate Account, the Distribution Account, the Net WAC Cap Account, the Reserve Fund, the Excess Reserve Fund Account and all amounts deposited therein pursuant to the applicable provisions of this Agreement; (c) property that secured a Loan and has been acquired by foreclosure, deed-in-lieu of foreclosure or otherwise; (d) the Yield Maintenance AgreementPolicy; and (e) the MGIC Policy and (f) all proceeds of the conversion, voluntary or involuntary, of any of the foregoing. Trustee Permitted Withdrawal Amount ----------------------------------- Means an aggregate amount not to exceed (a) with respect to costs associated with the transitioning of servicing, $75,000 per servicing transition event and (b) with respect to amounts (other than the Trustee Fee) which are payable to the Trustee pursuant to Section 8.05 hereof, $150,000 per annum. Unpaid Realized Loss Amount --------------------------- For any Class of Subordinate Certificates and as to any Distribution Date, the excess of (a) the cumulative amount of related Applied Realized Loss Amounts with respect to that Class for all prior Distribution Dates over (b) the cumulative amount of related Realized Loss Amortization Amounts with respect to that Class for all prior Distribution Dates. Underwriter Exemption --------------------- Prohibited Transaction Exemption 20022000-4158, 67 Fed 65 Fed. Reg. 54487 67765 (August 22, 20022000), as amended (or any successor thereto. Underwriters ------------ Wachovia Capital Markets, LLC and Credit Suisse First Boston LLC). Voting Rights ------------- The portion of the voting rights of all of the Certificates, which is allocated to any Certificate. With respect to any date of determination, the Offered Certificates shall be allocated 100% of all Voting Rights. The Voting Rights allocated to each Class of the Offered Certificates shall be the fraction, expressed as a percentage, the numerator of which is the Class Certificate Balance of such Class then outstanding and the denominator of which is the aggregate Stated Principal Balance of the Loans then outstanding. The Voting Rights allocated to each Class of Certificates shall be allocated among the Certificates of each such Class in accordance with their respective Percentage Interests. Unless an Insurer Default exists, the Insurer will be entitled to exercise the rights of the holders of the Class AF Certificates. The Class X and the Class R Certificates will not have any Voting Rights. Yield Maintenance Agreement --------------------------- The Master Agreement (including the Schedule thereto and the Transactions thereunder each evidenced by a Confirmation (each as defined in the Yield Maintenance Agreement) dated as of October 31, 2003, by and between the Counterparty and the Trustee not in its individual capacity, but solely as trustee for the benefit of the Certificateholders of the Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-4. Yield Maintenance Stated Termination ------------------------------------ July 25, 2006, subject to the Following Business Day Convention (as such term is defined in the Yield Maintenance Agreement).