Common use of AND CERTAIN OTHER ASSETS Clause in Contracts

AND CERTAIN OTHER ASSETS. Certificate No: A-1-[ ] A-2-[ ] A-3-[ ] A-4-[ ] M-1-[ ] M-2-[ ] M-3-[ ] B-1-[ ] B-2-[ ] B-3-[ ] Cut-off Date: January 1, 2004 First Distribution Date: February 25, 2004 Initial Certificate Balance of this Certificate ("Denomination"): $[ ] Initial Certificate [A-1] [$737,480,000] Balances of all [A-2] [$300,000,000] Certificates of this [A-3] [$111,000,000] Class: [A-4] [$41,208,000] [M-1] [$91,964,000] [M-2] [$72,987,000] [M-3] [$21,895,000] [B-1] [$18,247,000] [B-2] [$18,247,000] [B-3] [$18,247,000] MORGAN STANLEY ABS CAPITAL I INC. Morgan Stanley ABS C▇▇▇▇▇▇ ▇ ▇▇▇. Trust 2004-NC1 Mortgag▇ ▇▇▇▇-▇▇▇▇▇▇▇ Certificates, Series 2004-NC1 [Class A-][Class M-][Class B] evidencing a percentage interest in the distributions allocable to the Certificates of the above-referenced Class. Principal in respect of this Certificate is distributable monthly as set forth herein. Accordingly, the Certificate Balance at any time may be less than the Certificate Balance as set forth herein. This Certificate does not evidence an obligation of, or an interest in, and is not guaranteed by the Depositor, the Responsible Party, the Servicer or the Trustee referred to below or any of their respective affiliates. Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any governmental agency or instrumentality. This certifies that CEDE & CO. is the registered owner of the Percentage Interest evidenced by this Certificate (obtained by dividing the denomination of this Certificate by the aggregate of the denominations of all Certificates of the Class to which this Certificate belongs) in certain monthly distributions pursuant to a Pooling and Servicing Agreement dated as of the Cut-off Date specified above (the "Agreement") among Morgan Stanley ABS Capital I Inc., as depositor (the "Depositor"), HomE▇ ▇▇▇▇i▇▇▇▇ ▇▇rporation, as servicer (the "Servicer"), NC Capital Corporation, as responsible party (the "Responsible Party"), and Deutsche Bank National Trust Company, as trustee (the "Trustee"). To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound. Reference is hereby made to the further provisions of this Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. This Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose unless manually countersigned by an authorized signatory of the Trustee. * * *

AND CERTAIN OTHER ASSETS. Certificate No: A-1-[ ] A-2-[ ] A-3-[ ] A-4-[ ] M-1-[ ] M-2-[ ] M-3-[ ] B-1-[ ] B-2-[ ] B-3-[ ] Cut-off Date: January July 1, 2004 2003 First Distribution Date: February August 25, 2004 2003 Initial Certificate Balance of this Certificate ("Denomination"): $[ ] Initial Certificate [A-1] [$737,480,000304,660,000] Balances of all [A-2] [$300,000,000$ 165,869,000] Certificates of this [A-3] [$111,000,000] Class: [A-4] [$41,208,000] [M-1] [$91,964,00036,307,000] Class: [M-2] [$72,987,00030,497,000] [M-3] [$21,895,00010,166,000] [B-1] [$18,247,000$ 8,423,000] [B-2] [$18,247,000$ 5,518,000] [B-3] [$18,247,000$ 8,714,000] MORGAN STANLEY ABS CAPITAL I INC. Morgan Stanley ABS C▇▇▇ ▇a▇▇▇▇▇ ▇ Inc. Trust 2003-NC7 M▇▇▇. Trust 2004-NC1 Mortgag▇ ▇▇▇e ▇▇▇▇-▇▇▇▇▇▇▇ hrough Certificates, Series 20042003-NC1 NC7 [Class A-][Class M-][Class B] evidencing a percentage interest in the distributions allocable to the Certificates of the above-referenced Class. Principal in respect of this Certificate is distributable monthly as set forth herein. Accordingly, the Certificate Balance at any time may be less than the Certificate Balance as set forth herein. This Certificate does not evidence an obligation of, or an interest in, and is not guaranteed by the Depositor, the Responsible Party, the Servicer or the Trustee referred to below or any of their respective affiliates. Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any governmental agency or instrumentality. This certifies that CEDE & CO. is the registered owner of the Percentage Interest evidenced by this Certificate (obtained by dividing the denomination of this Certificate by the aggregate of the denominations of all Certificates of the Class to which this Certificate belongs) in certain monthly distributions pursuant to a Pooling and Servicing Agreement dated as of the Cut-off Date specified above (the "Agreement") among Morgan Stanley ABS Capital I Inc., as depositor (the "Depositor"), HomE▇ ▇▇▇▇iq ▇▇▇▇ ▇▇rporation▇ing Corporation, as servicer (the "Servicer"), NC Capital Corporation, as responsible party (the "Responsible Party"), and Deutsche Bank National Trust Company, as trustee (the "Trustee"). To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound. Reference is hereby made to the further provisions of this Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. This Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose unless manually countersigned by an authorized signatory of the Trustee. * * *

AND CERTAIN OTHER ASSETS. Certificate No: A-1-[ ] A-2-[ ] A-3-[ ] A-4-[ ] M-1-[ ] M-2-[ ] M-3-[ ] B-1-[ ] B-2-[ ] B-3-[ ] B-4-[ ] Cut-off Date: January February 1, 2004 First Distribution Date: February March 25, 2004 Initial Certificate Balance of this Certificate ("Denomination"): $[ ] Initial Certificate [A-1] [$737,480,000326,448,000] Balances of all [A-2] [$300,000,000272,891,000] Certificates of this [A-3] [$111,000,000] Class: [A-4] [$41,208,000] [M-1] [$91,964,00045,961,000] Class: [M-2] [$72,987,00038,608,000] [M-3] [$21,895,0009,192,000] [B-1] [$18,247,00011,031,000] [B-2] [$18,247,0009,192,000] [B-3] [$18,247,0007,354,000] [B-4] [$7,354,000] MORGAN STANLEY ABS CAPITAL I INC. Morgan Stanley ABS C▇▇▇▇▇▇ ▇ ▇▇▇. Trust 2004-NC1 NC2 Mortgag▇ ▇▇▇▇-▇▇▇▇▇▇▇ Certificates, Series 2004-NC1 NC2 [Class A-][Class M-][Class B] evidencing a percentage interest in the distributions allocable to the Certificates of the above-referenced Class. Principal in respect of this Certificate is distributable monthly as set forth herein. Accordingly, the Certificate Balance at any time may be less than the Certificate Balance as set forth herein. This Certificate does not evidence an obligation of, or an interest in, and is not guaranteed by the Depositor, the Responsible Party, the Servicer or the Trustee referred to below or any of their respective affiliates. Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any governmental agency or instrumentality. This certifies that CEDE & CO. is the registered owner of the Percentage Interest evidenced by this Certificate (obtained by dividing the denomination of this Certificate by the aggregate of the denominations of all Certificates of the Class to which this Certificate belongs) in certain monthly distributions pursuant to a Pooling and Servicing Agreement dated as of the Cut-off Date specified above (the "Agreement") among Morgan Stanley ABS Capital I Inc., as depositor (the "Depositor"), HomE▇ Coun▇▇▇▇i▇▇e ▇▇▇▇ ▇▇rporationoans Servicing LP, as servicer (the "Servicer"), NC Capital Corporation, as responsible party (the "Responsible Party"), and Deutsche Bank National Trust Company, as trustee (the "Trustee"). To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound. To be added to the Class B-4 Certificates while such Certificate remains a Private Certificate. [No transfer of a Certificate of this Class shall be made unless the Trustee shall have received either (i) a representation letter from the transferee of such Certificate, acceptable to and in form and substance satisfactory to the Trustee, to the effect that such transferee is not an employee benefit plan subject to Section 406 of ERISA or Section 4975 of the Code or any materially similar provisions of applicable Federal, state or local law ("Similar Law") or a person acting on behalf of or investing plan assets of any such plan, which representation letter shall not be an expense of the Trustee, or (ii) if the transferee is an insurance company, a representation letter that it is purchasing such Certificates with the assets of its general account and that the purchase and holding of such Certificates are covered under Sections I and III of PTCE 95-60, or (iii) in the case of a Certificate presented for registration in the name of an employee benefit plan subject to ERISA, or a plan or arrangement subject to Section 4975 of the Code (or comparable provisions of any subsequent enactments) or a plan subject to Similar Law, or a trustee of any such plan or any other person acting on behalf of any such plan or arrangement or using such plan's or arrangement's assets, an Opinion of Counsel satisfactory to the Trustee and the Servicer, which Opinion of Counsel shall not be an expense of the Trustee, the Servicer or the Trust Fund, addressed to the Trustee, to the effect that the purchase or holding of such Certificate will not result in the assets of the Trust Fund being deemed to be "plan assets" and subject to the prohibited transaction provisions of ERISA and the Code and will not subject the Trustee or the Servicer to any obligation in addition to those expressly undertaken in this Agreement or to any liability.] Reference is hereby made to the further provisions of this Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. This Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose unless manually countersigned by an authorized signatory of the Trustee. * * *

AND CERTAIN OTHER ASSETS. Certificate No: A-1-[ ] A-2-[ ] A-3-[ ] A-4-[ ] M-1-[ ] M-2-[ ] M-3-[ ] B-1-[ ] B-2-[ ] B-3-[ ] Cut-off Date: January June 1, 2004 2003 First Distribution Date: February July 25, 2004 2003 Initial Certificate Balance of this Certificate ("Denomination"): $[ ] Initial Certificate [A-1] [$737,480,000454,648,000] Balances of all [A-2] [$300,000,000$ 188,828,000] Certificates of this [A-3] [$111,000,000] Class: [A-4] [$41,208,000] [M-1] [$91,964,00047,665,000] Class: [M-2] [$72,987,00041,310,000] [M-3] [$21,895,00013,902,000] [B-1] [$18,247,00010,725,000] [B-2] [$18,247,000$ 7,150,000] [B-3] [$18,247,00014,299,000] MORGAN STANLEY ABS CAPITAL I INC. Morgan Stanley ABS C▇▇▇▇▇▇ ▇ ▇▇▇. Trust 2004-NC1 Mortgag▇ ▇▇▇▇-▇▇▇▇▇▇▇ ABS CAPITAL I INC. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ABS Capital I Inc. Trust 2003-NC6 Mortgage Pass-Through Certificates, Series 20042003-NC1 NC6 [Class A-][Class M-][Class B] evidencing a percentage interest in the distributions allocable to the Certificates of the above-referenced Class. Principal in respect of this Certificate is distributable monthly as set forth herein. Accordingly, the Certificate Balance at any time may be less than the Certificate Balance as set forth herein. This Certificate does not evidence an obligation of, or an interest in, and is not guaranteed by the Depositor, the Responsible Party, the Servicer or the Trustee referred to below or any of their respective affiliates. Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any governmental agency or instrumentality. This certifies that CEDE & CO. is the registered owner of the Percentage Interest evidenced by this Certificate (obtained by dividing the denomination of this Certificate by the aggregate of the denominations of all Certificates of the Class to which this Certificate belongs) in certain monthly distributions pursuant to a Pooling and Servicing Agreement dated as of the Cut-off Date specified above (the "Agreement") among Morgan Stanley ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ABS Capital I Inc., as depositor (the "Depositor"), HomE▇ ▇▇▇▇i▇▇▇▇ ▇▇rporationHomEq Servicing Corporation, as servicer (the "Servicer"), NC Capital Corporation, as responsible party (the "Responsible Party"), and Deutsche Bank National Trust Company, as trustee (the "Trustee"). To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound. Reference is hereby made to the further provisions of this Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. This Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose unless manually countersigned by an authorized signatory of the Trustee. * * *

AND CERTAIN OTHER ASSETS. Certificate No: . A-1-[ ] : A-2-[ ] A-3-[ ] A-4-[ ] M-1-[ ] M-2-[ ] M-3-[ ] B-1-[ ] B-2-[ ] B-3-[ ] Cut-off DateDate : January May 1, 2004 2003 First Distribution DateDate : February June 25, 2004 2003 Initial Certificate Balance of this Certificate ("Denomination"): ) : $[ ] ------------ Initial Certificate [A-1] [$737,480,000502,341,000] Balances of all [A-2] [$300,000,000$ 100,000,000] Certificates of this Class [A-3] [$111,000,000] Class: [A-4] [$41,208,000211,716,000] [M-1] [$91,964,00063,818,000] [M-2] [$72,987,00055,276,000] [M-3] [$21,895,00017,588,000] [B-1] [$18,247,00013,065,000] [B-2] [$18,247,00011,055,000] : [B-3] [$18,247,00012,563,000] MORGAN STANLEY ABS CAPITAL I INC. Morgan Stanley ABS C▇▇▇Capital I Inc. Tr▇▇▇ ▇ ▇▇▇. Trust 2004-NC1 Mortgag▇ ▇▇▇0▇-▇▇▇▇▇▇▇ Mortgage Pass-Through Certificates, Series 20042003-NC1 NC5 [Class A-][Class M-][Class B] evidencing a percentage interest in the distributions allocable to the Certificates of the above-referenced Class. Principal in respect of this Certificate is distributable monthly as set forth herein. Accordingly, the Certificate Balance at any time may be less than the Certificate Balance as set forth herein. This Certificate does not evidence an obligation of, or an interest in, and is not guaranteed by the Depositor, the Responsible Party, the Servicer or the Trustee referred to below or any of their respective affiliates. Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any governmental agency or instrumentality. This certifies that CEDE & CO. is the registered owner of the Percentage Interest evidenced by this Certificate (obtained by dividing the denomination of this Certificate by the aggregate of the denominations of all Certificates of the Class to which this Certificate belongs) in certain monthly distributions pursuant to a Pooling and Servicing Agreement dated as of the Cut-off Date specified above (the "Agreement") among Morgan Stanley ABS Capital I Inc., as depositor a▇ ▇▇▇▇s▇▇▇▇ (the ▇he "Depositor"), HomE▇ ▇▇▇▇i▇▇▇▇ ▇▇rporationHomEq Servicing Corporation, as servicer (the "Servicer"), NC Capital Corporation, as responsible party (the "Responsible Party"), and Deutsche Bank National Trust Company, as trustee (the "Trustee"). To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound. Reference is hereby made to the further provisions of this Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. This Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose unless manually countersigned by an authorized signatory of the Trustee. * * *

AND CERTAIN OTHER ASSETS. Certificate No: A-1-[ ] A-2-[ ] A-3-[ ] A-4-[ ] A-5-[ ] M-1-[ ] M-2-[ ] M-3-[ ] B-1-[ ] B-2-[ ] B-3-[ ] Cut-off Date: January July 1, 2004 First Distribution Date: February August 25, 2004 Initial Certificate Balance of this Certificate ("Denomination"): $[ ] Initial Certificate [A-1] [$737,480,000484,050,00] Balances of all [A-2] [$300,000,000200,000,000] Certificates of this [A-3] [$111,000,000160,500,000] Class: [A-4] [$41,208,00057,873,000] [A-5] [$65,750,000] [M-1] [$91,964,00076,230,000] [M-2] [$72,987,00066,025,000] [M-3] [$21,895,00015,006,000] [B-1] [$18,247,00018,007,000] [B-2] [$18,247,00014,406,000] [B-3] [$18,247,00015,606,000] MORGAN STANLEY ABS CAPITAL I INC. Morgan Stanley ABS C▇▇▇▇▇▇ ▇ ▇▇▇. Trust 2004-NC1 NC6 Mortgag▇ ▇▇▇▇-▇▇▇▇▇▇▇ Certificates, Series 2004-NC1 NC6 [Class A-][Class M-][Class B] evidencing a percentage interest in the distributions allocable to the Certificates of the above-referenced Class. Principal in respect of this Certificate is distributable monthly as set forth herein. Accordingly, the Certificate Balance at any time may be less than the Certificate Balance as set forth herein. This Certificate does not evidence an obligation of, or an interest in, and is not guaranteed by the Depositor, the Responsible Party, the Servicer Servicers or the Trustee referred to below or any of their respective affiliates. Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any governmental agency or instrumentality. This certifies that CEDE & CO. is the registered owner of the Percentage Interest evidenced by this Certificate (obtained by dividing the denomination of this Certificate by the aggregate of the denominations of all Certificates of the Class to which this Certificate belongs) in certain monthly distributions pursuant to a Pooling and Servicing Agreement dated as of the Cut-off Date specified above (the "Agreement") among Morgan Stanley ABS Capital I Inc., as depositor (the "Depositor"), HomEChas▇ ▇▇▇▇ia▇▇▇▇ ▇▇rporationrtgage Corporation, as servicer, HomEq Servicing Corporation, as servicer, New Century Mortgage Corporation, as servicer (collectively, the "ServicerServicers"), NC Capital Corporation, as responsible party (the "Responsible Party"), and Deutsche Bank National Trust Company, as trustee (the "Trustee"). To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound. Reference is hereby made to the further provisions of this Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. This Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose unless manually countersigned authenticated by an authorized signatory of the Trustee. * * *

AND CERTAIN OTHER ASSETS. Certificate No: A-1-[ [__] A-2-[ ] A-3-[ ] A-4-[ [__] M-1-[ [__] M-2-[ [__] M-3-[ [__] B-1-[ [__] B-2-[ [__] B-3-[ [__] B-4-[__] Cut-off Date: January November 1, 2004 First Distribution Date: February 25December 27, 2004 Initial Certificate Balance of this Certificate ("Denomination"): $[ ] Initial Certificate Balances of all Certificates of this Class: [A-1] [$737,480,000168,437,000] Balances of all [A-2] [$300,000,000] Certificates of this [A-3] [$111,000,000] Class: [A-4] [$41,208,00077,054,000] [M-1] [$91,964,00018,803,000] [M-2] [$72,987,00014,591,000] [M-3] [$21,895,0004,513,000] [B-1] [$18,247,0003,610,000] [B-2] [$18,247,0003,460,000] [B-3] [$18,247,0002,105,000] MORGAN STANLEY ABS CAPITAL I INC. Morgan Stanley ABS C▇▇▇▇▇▇ ▇ ▇▇▇. [B-4] [$3,009,000] CUSIP: [A-1] 81375WCL8 [A-2] 81375WCH7 [M-1] 81375WCJ3 [M-2] 81375WCK0 [M-3] 81375WCC8 [B-1] 81375WCD6 [B-2] 81375WCE4 [B-3] 81375WCF1 [B-4] 81375WCG9 SECURITIZED ASSET BACKED RECEIVABLES LLC Securitized Asset Backed Receivables LLC Trust 2004-NC1 Mortgag▇ ▇▇▇▇NC3 Mortgage Pass-▇▇▇▇▇▇▇ Through Certificates, Series 2004-NC1 NC3 [Class A-][Class M-][Class BB-] evidencing a percentage interest in the distributions allocable to the Certificates of the above-referenced Class. Principal in respect of this Certificate is distributable monthly as set forth herein. Accordingly, the Certificate Balance at any time may be less than the Certificate Balance as set forth herein. This Certificate does not evidence an obligation of, or an interest in, and is not guaranteed by the Depositor, the Responsible Party, the Servicer or the Trustee referred to below or any of their respective affiliates. Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any governmental agency or instrumentality. This certifies that CEDE & CO. is the registered owner of the Percentage Interest evidenced by this Certificate (obtained by dividing the denomination of this Certificate by the aggregate of the denominations of all Certificates of the Class to which this Certificate belongs) in certain monthly distributions pursuant to a Pooling and Servicing Agreement dated as of the Cut-off Date specified above (the "Agreement") among Morgan Stanley ABS Capital I Inc.Securitized Asset Backed Receivables LLC, as depositor (the "Depositor"), HomE▇ ▇▇▇▇i▇▇▇▇ ▇▇rporationLitton Loan Servicing LP, as servicer (the "Servicer"), NC Capital CorporationCorp▇▇▇▇▇▇n, as responsible party (the "Responsible Party"), and Deutsche Bank National Trust Company, as trustee (the "Trustee"). To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound. Reference is hereby made to the further provisions of this Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. This Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose unless manually countersigned authenticated by an authorized signatory of the Trustee. * * *

AND CERTAIN OTHER ASSETS. Certificate No: A-1-[ [__] A-2-[ [__] A-3-[ [__] A-4-[ [__] A-5-[__] M-1-[ [__] M-2-[ [__] M-3-[ [__] B-1-[ [__] B-2-[ [__] B-3-[ [__] Cut-off Date: January August 1, 2004 First Distribution Date: February 25September 27, 2004 Initial Certificate Balance of this Certificate ("Denomination"): $[ [____________________] Initial Certificate [A-1] [$737,480,000565,874,000] Balances of all [A-2] [$300,000,000200,000,000] Certificates of this Class: [A-3] [$111,000,000155,750,000] Class: [A-4] [$41,208,00059,253,000] [A-5] [$63,200,000] [M-1] [$91,964,00091,643,000] [M-2] [$72,987,00068,732,000] [M-3] [$21,895,00022,911,000] [B-1] [$18,247,00019,638,000] [B-2] [$18,247,00016,365,000] [B-3] [$18,247,00019,638,000] MORGAN STANLEY ABS CAPITAL I INC. Morgan Stanley ABS C▇▇Cap▇▇▇▇ ▇ ▇▇▇. Trust ▇▇ust 2004-NC1 Mortgag▇ WMC2 Mortgage ▇▇▇▇-▇-T▇▇▇▇▇▇ Certificates, Series 2004-NC1 WMC2 [Class A-][Class M-][Class B] evidencing a percentage interest in the distributions allocable to the Certificates of the above-referenced Class. Principal in respect of this Certificate is distributable monthly as set forth herein. Accordingly, the Certificate Balance at any time may be less than the Certificate Balance as set forth herein. This Certificate does not evidence an obligation of, or an interest in, and is not guaranteed by the Depositor, the Responsible Party, the Servicer or the Trustee referred to below or any of their respective affiliates. Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any governmental agency or instrumentality. This certifies that CEDE & CO. is the registered owner of the Percentage Interest evidenced by this Certificate (obtained by dividing the denomination of this Certificate by the aggregate of the denominations of all Certificates of the Class to which this Certificate belongs) in certain monthly distributions pursuant to a Pooling and Servicing Agreement dated as of the Cut-off Date specified above (the "Agreement") among Morgan Stanley ABS Capital I Inc., as depositor (the "Depositor"), HomE▇ ▇▇▇▇i▇▇▇▇ ▇▇rporation, as servicer (the "Servicer"), NC Capital CorporationWMC Mortgage Corp., as responsible party (the "Responsible Party"), and Deutsche Bank National Trust Company, as trustee (the "Trustee"). To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound. Reference is hereby made to the further provisions of this Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. This Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose unless manually countersigned authenticated by an authorized signatory of the Trustee. * * *.

AND CERTAIN OTHER ASSETS. Certificate No: A-1-[ ] A-2-[ ] A-3-[ ] A-4-[ ] M-1-[ ] M-2-[ ] M-3-[ ] M-4-[ ] M-5-[ ] B-1-[ ] B-2-[ ] B-3-[ ] Cut-off Date: January August 1, 2004 First Distribution Date: February September 25, 2004 Initial Certificate Balance of this Certificate ("Denomination"): $[ ] Initial Certificate [A-1] [$737,480,000634,982,000] Balances of all [A-2] [$300,000,000185,400,000] Certificates of this [A-3] [$111,000,00066,500,000] Class: [A-4] [$41,208,00073,500,000] [M-1] [$91,964,00040,815,000] [M-2] [$72,987,00039,016,000] [M-3] [$21,895,00024,010,000] [M-4] [$39,016,000] [M-5] [$21,008,000] [B-1] [$18,247,00015,006,000] [B-2] [$18,247,00018,007,000] [B-3] [$18,247,00014,406,000] MORGAN STANLEY ABS CAPITAL I INC. Morgan Stanley ABS C▇Ca▇▇▇▇▇ ▇ I ▇▇▇. Trust ▇rust 2004-NC1 Mortgag▇ NC7 Mortgage ▇▇▇▇-▇▇h▇▇▇▇▇ Certificates▇ertificates, Series 2004-NC1 NC7 [Class A-][Class M-][Class B] evidencing a percentage interest in the distributions allocable to the Certificates of the above-referenced Class. Principal in respect of this Certificate is distributable monthly as set forth herein. Accordingly, the Certificate Balance at any time may be less than the Certificate Balance as set forth herein. This Certificate does not evidence an obligation of, or an interest in, and is not guaranteed by the Depositor, the Responsible Party, Trustee or any other party to the Servicer or the Trustee Agreement referred to below or any of their respective affiliates. Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any governmental agency or instrumentality. This certifies that CEDE & CO. is the registered owner of the Percentage Interest evidenced by this Certificate (obtained by dividing the denomination of this Certificate by the aggregate of the denominations of all Certificates of the Class to which this Certificate belongs) in certain monthly distributions pursuant to a Pooling and Servicing Agreement dated as of the Cut-off Date specified above (the "Agreement") among Morgan Stanley ABS Capital I Inc., as depositor (the "Depositor"), HomEChas▇ ▇▇▇▇ia▇▇▇▇ ▇▇rporationrtgage Corporation, as servicer (the "Servicer")servicer, HomEq Servicing Corporation, as servicer, New Century Mortgage Corporation, as servicer, NC Capital Corporation, as responsible party (the "Responsible Party")party, and Deutsche Bank National Trust Company, as trustee (the "Trustee"). To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound. Reference is hereby made to the further provisions of this Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. This Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose unless manually countersigned authenticated by an authorized signatory of the Trustee. * * *

AND CERTAIN OTHER ASSETS. Certificate No: A-1-[ ] A-2-[ ] A-3-[ ] A-4-[ ] M-1-[ ] M-2-[ ] M-3-[ ] B-1-[ ] B-2-[ ] B-3-[ ] Cut-off Date: January 1, 2004 First Distribution Date: February 25, 2004 Initial Certificate Balance of this Certificate ("Denomination"): $[ ] Initial Certificate [A-1] [$737,480,000] Balances of all [A-2] [$300,000,000] Certificates of this [A-3] [$111,000,000] Class: [A-4] [$41,208,000] [M-1] [$91,964,000] [M-2] [$72,987,000] [M-3] [$21,895,000] [B-1] [$18,247,000] [B-2] [$18,247,000] [B-3] [$18,247,000] MORGAN STANLEY ABS CAPITAL I INC. Morgan Stanley ABS C▇Capital I Inc. ▇▇▇▇▇ ▇ ▇▇▇. Trust 2004-NC1 Mortgag▇ ▇2▇▇▇-▇▇▇▇▇▇▇ Mortgage Pass-Through Certificates, Series 2004-NC1 [Class A-][Class M-][Class B] evidencing a percentage interest in the distributions allocable to the Certificates of the above-referenced Class. Principal in respect of this Certificate is distributable monthly as set forth herein. Accordingly, the Certificate Balance at any time may be less than the Certificate Balance as set forth herein. This Certificate does not evidence an obligation of, or an interest in, and is not guaranteed by the Depositor, the Responsible Party, the Servicer or the Trustee referred to below or any of their respective affiliates. Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any governmental agency or instrumentality. This certifies that CEDE & CO. is the registered owner of the Percentage Interest evidenced by this Certificate (obtained by dividing the denomination of this Certificate by the aggregate of the denominations of all Certificates of the Class to which this Certificate belongs) in certain monthly distributions pursuant to a Pooling and Servicing Agreement dated as of the Cut-off Date specified above (the "Agreement") among Morgan Stanley ABS Capital I Inc., as depositor ▇▇ ▇▇p▇▇▇▇▇▇ (the "Depositor"), HomE▇ ▇▇▇▇i▇▇▇▇ ▇▇rporationHomEq Servicing Corporation, as servicer (the "Servicer"), NC Capital Corporation, as responsible party (the "Responsible Party"), and Deutsche Bank National Trust Company, as trustee (the "Trustee"). To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound. Reference is hereby made to the further provisions of this Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. This Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose unless manually countersigned by an authorized signatory of the Trustee. * * *

AND CERTAIN OTHER ASSETS. Certificate No: A-1-[ ] A-2-[ ] A-3-[ ] A-4-[ ] M-1-[ ] M-2-[ ] M-3-[ ] B-1-[ ] B-2-[ ] B-3-[ ] B-4-[ ] Cut-off Date: January April 1, 2004 First Distribution Date: February May 25, 2004 Initial Certificate Balance $[ ] of this Certificate ("Denomination"): $[ ] Initial Certificate Balances of all [A-1] [$737,480,000822,069,000] Balances Certificates of all this Class: [A-2] [$300,000,00075,000,000] Certificates of this [A-3] [$111,000,000187,000,000] Class: [A-4] [$41,208,00069,111,000] [M-1] [$91,964,00084,896,000] [M-2] [$72,987,00074,285,000] [M-3] [$21,895,00021,224,000] [B-1] [$18,247,00017,687,000] [B-2] [$18,247,00017,687,000] [B-3] [$18,247,00016,272,000] [B-4] [$12,735,000] MORGAN STANLEY ABS CAPITAL I INC. Morgan Stanley ABS C▇▇▇▇▇▇ ▇ ▇▇▇. Trust 2004-NC1 NC3 Mortgag▇ ▇▇▇▇-▇▇▇▇▇▇▇ Certificates, Series 2004-NC1 NC3 [Class A-][Class M-][Class B] evidencing a percentage interest in the distributions allocable to the Certificates of the above-referenced Class. Principal in respect of this Certificate is distributable monthly as set forth herein. Accordingly, the Certificate Balance at any time may be less than the Certificate Balance as set forth herein. This Certificate does not evidence an obligation of, or an interest in, and is not guaranteed by the Depositor, the Responsible Party, the Servicer or the Trustee referred to below or any of their respective affiliates. Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any governmental agency or instrumentality. This certifies that CEDE & CO. is the registered owner of the Percentage Interest evidenced by this Certificate (obtained by dividing the denomination of this Certificate by the aggregate of the denominations of all Certificates of the Class to which this Certificate belongs) in certain monthly distributions pursuant to a Pooling and Servicing Agreement dated as of the Cut-off Date specified above (the "Agreement") among Morgan Stanley ABS Capital I Inc., as depositor (the "Depositor"), HomE▇ Coun▇▇▇▇i▇▇e ▇▇▇▇ ▇▇rporationoans Servicing LP, as servicer (the "Servicer"), NC Capital Corporation, as responsible party (the "Responsible Party"), and Deutsche Bank National Trust Company, as trustee (the "Trustee"). To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound. Reference is hereby made to the further provisions of this Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. This Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose unless manually countersigned authenticated by an authorized signatory of the Trustee. * * *

AND CERTAIN OTHER ASSETS. Certificate No: A-1-[ [__] A-2-[ [__] A-3-[ [__] A-4-[ [__] M-1-[ [__] M-2-[ [__] M-3-[ [__] B-1-[ [__] B-2-[ [__] B-3-[ [__] Cut-off Date: January July 1, 2004 First Distribution Date: February August 25, 2004 Initial Certificate Balance $[ ] of this Certificate ("Denomination"): $[ ] Initial Certificate [A-1] [$737,480,000341,652,000] Balances of all [A-2] [$300,000,000100,000,000] Certificates of this Class: [A-3] [$111,000,000117,000,000] Class: [A-4] [$41,208,00037,390,000] [M-1] [$91,964,00049,701,000] [M-2] [$72,987,00042,974,000] [M-3] [$21,895,00011,211,000] [B-1] [$18,247,00011,211,000] [B-2] [$18,247,00011,211,000] [B-3] [$18,247,0009,342,000] MORGAN STANLEY ABS CAPITAL I INC. Morgan Stanley ABS C▇▇Cap▇▇▇▇ ▇ ▇▇▇. Trust ▇▇ust 2004-NC1 Mortgag▇ WMC1 Mortgage ▇▇▇▇-▇-T▇▇▇▇▇▇ Certificates, Series 2004-NC1 WMC1 [Class A-][Class M-][Class B] evidencing a percentage interest in the distributions allocable to the Certificates of the above-referenced Class. Principal in respect of this Certificate is distributable monthly as set forth herein. Accordingly, the Certificate Balance at any time may be less than the Certificate Balance as set forth herein. This Certificate does not evidence an obligation of, or an interest in, and is not guaranteed by the Depositor, the Responsible Party, the Servicer or the Trustee referred to below or any of their respective affiliates. Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any governmental agency or instrumentality. This certifies that CEDE & CO. is the registered owner of the Percentage Interest evidenced by this Certificate (obtained by dividing the denomination of this Certificate by the aggregate of the denominations of all Certificates of the Class to which this Certificate belongs) in certain monthly distributions pursuant to a Pooling and Servicing Agreement dated as of the Cut-off Date specified above (the "Agreement") among Morgan Stanley ABS Capital I Inc., as depositor (the "Depositor"), HomE▇ ▇▇▇▇i▇▇▇▇ ▇▇rporation, as servicer (the "Servicer"), NC Capital CorporationWMC Mortgage Corp., as responsible party (the "Responsible Party"), and Deutsche Bank National Trust Company, as trustee (the "Trustee"). To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound. Reference is hereby made to the further provisions of this Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. This Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose unless manually countersigned authenticated by an authorized signatory of the Trustee. * * *.