Document:

Unassociated Document

    Exhibit
      4.1

     

    INDENTURE

     

    between

     

    THE
      NATIONAL COLLEGIATE STUDENT LOAN TRUST 200_-_,

    as
      Issuer

     

    and

     

    U.S.
      BANK
      NATIONAL ASSOCIATION,

    as
      Indenture Trustee

     

    Relating
      To:

    The
      National Collegiate Student Loan Trust 200_-_

     

    Dated
      as
      of ______ __, 200_ 

     

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    THE
      NATIONAL COLLEGIATE STUDENT LOAN TRUST 200_-_

     

      Reconciliation
        between Trust Indenture Act of 1939, as amended (the “Trust Indenture Act” or
“TIA”) and this Indenture of Trust, dated as of __________ __,
        200_.

     

      
        	
                Trust
                  Indenture Act Section

              	
                 

              	
                Indenture
                  Section

              
	 	 	 
	
                Section 310(a)(1)

              	 	
                6.11

              
	
                Section
                  310(a)(3)

              	 	
                6.10

              
	
                Section
                  310(b)

              	 	
                6.11

              
	
                Section
                  313(c)

              	 	
                3.24,
                  5.17(c)

              
	
                Section
                  314(c)

              	 	
                3.14

              
	
                Section
                  314(d)(1)

              	 	
                3.14

              
	
                Section
                  318

              	 	
                11.12

              
	 	 	 

      

    ____________________

      NOTE:
        This reconciliation shall not, for any purpose, be deemed to be a part of
        the
        Indenture.

     

    Attention
      should also be directed to Section 318(c) of the Trust Indenture Act, which
      provides that the provisions of Sections 310 to and including 317 of the Trust
      Indenture Act are a part of and govern every qualified indenture, whether or
      not
      physically contained therein.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    TABLE
      OF
      CONTENTS

     

    

        
          	
                  ARTICLE
                    I

                
	
                  Definitions
                    and Usage

                
	 	 
	
                  SECTION
                    1.01

                	
                  Definitions
                    and Usage

                
	 	 
	
                  ARTICLE
                    II

                
	
                  The
                    Notes

                
	 	 
	
                  SECTION
                    2.01

                	
                  Form

                
	
                  SECTION
                    2.02

                	
                  Execution,
                    Authentication and Delivery

                
	
                  SECTION
                    2.03

                	
                  Temporary
                    Notes

                
	
                  SECTION
                    2.04

                	
                  Registration;
                    Registration of Transfer and Exchange

                
	
                  SECTION
                    2.05

                	
                  Mutilated,
                    Destroyed, Lost or Stolen Notes

                
	
                  SECTION
                    2.06

                	
                  Persons
                    Deemed Owner

                
	
                  SECTION
                    2.07

                	
                  Payment
                    of Principal and Interest; Defaulted Interest

                
	
                  SECTION
                    2.08

                	
                  Cancellation

                
	
                  SECTION
                    2.09

                	
                  Release
                    of Collateral

                
	
                  SECTION
                    2.10

                	
                  Book-Entry
                    Notes

                
	
                  SECTION
                    2.11

                	
                  Notices
                    to Clearing Agency

                
	
                  SECTION
                    2.12

                	
                  Definitive
                    Notes

                
	
                  SECTION
                    2.13

                	
                  Tax
                    Treatment

                
	 	 
	
                  ARTICLE
                    III

                
	
                  Covenants

                
	 	 
	
                  SECTION
                    3.01

                	
                  Payment
                    to Noteholders

                
	
                  SECTION
                    3.02

                	
                  Maintenance
                    of Office or Agency

                
	
                  SECTION
                    3.03

                	
                  Money
                    for Payments To Be Held in Trust

                
	
                  SECTION
                    3.04

                	
                  Existence

                
	
                  SECTION
                    3.05

                	
                  Protection
                    of Indenture Trust Estate

                
	
                  SECTION
                    3.06

                	
                  Opinions
                    as to Indenture Trust Estate

                
	
                  SECTION
                    3.07

                	
                  Performance
                    of Obligations; Servicing of Financed Student Loans

                
	
                  SECTION
                    3.08

                	
                  Negative
                    Covenants

                
	
                  SECTION
                    3.09

                	
                  Annual
                    Statement as to Compliance

                
	
                  SECTION
                    3.10

                	
                  Issuer
                    May Consolidate, etc., Only on Certain Terms

                
	
                  SECTION
                    3.11

                	
                  Successor
                    or Transferee

                
	
                  SECTION
                    3.12

                	
                  No
                    Other Business

                
	
                  SECTION
                    3.13

                	
                  No
                    Borrowing

                
	
                  SECTION
                    3.14

                	
                  Disposing
                    of Financed Student Loans

                
	
                  SECTION
                    3.15

                	
                  Guarantees,
                    Loans, Advances and Other Liabilities

                
	
                  SECTION
                    3.16

                	
                  Capital
                    Expenditures

                
	
                  SECTION
                    3.17

                	
                  Restricted
                    Payments

                
	
                  SECTION
                    3.18

                	
                  Notice
                    of Events of Default

                
	
                  SECTION
                    3.19

                	
                  Further
                    Instruments and Acts

                
	
                  SECTION
                    3.20

                	
                  Additional
                    Covenants

                
	
                  SECTION
                    3.21

                	
                  Covenant
                    Regarding Financed Student Loans

                
	
                  SECTION
                    3.22

                	
                  Additional
                    Representations of the Issuer

                
	
                  SECTION
                    3.23

                	
                  Issuer
                    Separateness Covenants

                
	
                  SECTION
                    3.24

                	
                  Reports
                    by Issuer

                
	 	 
	
                  ARTICLE
                    IV

                
	
                  Satisfaction
                    and Discharge

                
	 	 
	
                  SECTION
                    4.01

                	
                  Satisfaction
                    and Discharge of Indenture

                
	
                  SECTION
                    4.02

                	
                  Application
                    of Trust Money

                
	
                  SECTION
                    4.03

                	
                  Repayment
                    of Moneys Held by Paying Agent

                
	 	 
	
                  ARTICLE
                    V

                
	
                  Remedies

                
	 	 
	
                  SECTION
                    5.01

                	
                  Events
                    of Default

                
	
                  SECTION
                    5.02

                	
                  Acceleration
                    of Maturity; Rescission and Annulment

                
	
                  SECTION
                    5.03

                	
                  Collection
                    of Indebtedness and Suits for Enforcement by Indenture
                    Trustee

                
	
                  SECTION
                    5.04

                	
                  Remedies;
                    Priorities

                
	
                  SECTION
                    5.05

                	
                  Optional
                    Preservation of the Financed Student Loans

                
	
                  SECTION
                    5.06

                	
                  Limitation
                    of Suits

                
	
                  SECTION
                    5.07

                	
                  Unconditional
                    Rights of Noteholders To Receive Principal and Interest

                
	
                  SECTION
                    5.08

                	
                  Restoration
                    of Rights and Remedies

                
	
                  SECTION
                    5.09

                	
                  Rights
                    and Remedies Cumulative

                
	
                  SECTION
                    5.10

                	
                  Delay
                    or Omission Not a Waiver

                
	
                  SECTION
                    5.11

                	
                  Control
                    by Noteholders

                
	
                  SECTION
                    5.12

                	
                  Waiver
                    of Past Defaults

                
	
                  SECTION
                    5.13

                	
                  Undertaking
                    for Costs

                
	
                  SECTION
                    5.14

                	
                  Waiver
                    of Stay or Extension Laws

                
	
                  SECTION
                    5.15

                	
                  Action
                    on Notes

                
	
                  SECTION
                    5.16

                	
                  Performance
                    and Enforcement of Certain Obligations

                
	
                  SECTION
                    5.17

                	
                  Notice
                    of Defaults

                
	 	 
	
                  ARTICLE
                    VI

                
	
                  The
                    Indenture Trustee

                
	 	 
	
                  SECTION
                    6.01

                	
                  Duties
                    of Indenture Trustee

                
	
                  SECTION
                    6.02

                	
                  Rights
                    of Indenture Trustee

                
	
                  SECTION
                    6.03

                	
                  Individual
                    Rights of Indenture Trustee

                
	
                  SECTION
                    6.04

                	
                  Indenture
                    Trustee’s Disclaimer

                
	
                  SECTION
                    6.05

                	
                  Notice
                    of Defaults

                
	
                  SECTION
                    6.06

                	
                  Reports
                    by Indenture Trustee to Noteholders

                
	
                  SECTION
                    6.07

                	
                  Compensation
                    and Indemnity

                
	
                  SECTION
                    6.08

                	
                  Replacement
                    of Indenture Trustee

                
	
                  SECTION
                    6.09

                	
                  Successor
                    Indenture Trustee by Merger

                
	
                  SECTION
                    6.10

                	
                  Appointment
                    of Co-Trustee or Separate Trustee

                
	
                  SECTION
                    6.11

                	
                  Eligibility;
                    Disqualification

                
	 	 
	
                  ARTICLE
                    VII

                
	
                  Noteholders’
                    Lists and Reports

                
	 	 
	
                  SECTION
                    7.01

                	
                  Issuer
                    To Furnish Indenture Trustee Names and Addresses of
                    Noteholders

                
	
                  SECTION
                    7.02

                	
                  Preservation
                    of Information; Communications to Noteholders

                
	
                  SECTION
                    7.03

                	
                  Reports
                    by Issuer

                
	 	 
	
                  ARTICLE
                    VIII

                
	
                  Accounts,
                    Disbursements and Releases

                
	 	 
	
                  SECTION
                    8.01

                	
                  Collection
                    of Money

                
	
                  SECTION
                    8.02

                	
                  Trust
                    Accounts

                
	
                  SECTION
                    8.03

                	
                  General
                    Provisions Regarding Accounts

                
	
                  SECTION
                    8.04

                	
                  Release
                    of Indenture Trust Estate

                
	
                  SECTION
                    8.05

                	
                  Opinion
                    of Counsel

                
	
                  SECTION
                    8.06

                	
                  Cost
                    of Issuance Account

                
	
                  SECTION
                    8.07

                	
                  Application
                    of Collections

                
	
                  SECTION
                    8.08

                	
                  Reserve
                    Account

                
	
                  SECTION
                    8.09

                	
                  Statements
                    to Noteholders

                
	
                  SECTION
                    8.10

                	
                  Pre-Funding
                    Account

                
	
                  SECTION
                    8.11

                	
                  Advances

                
	
                  SECTION
                    8.12

                	
                  Future
                    Distribution Account

                
	 	 
	
                  ARTICLE
                    IX

                
	
                  Supplemental
                    Indentures

                
	 	 
	
                  SECTION
                    9.01

                	
                  Supplemental
                    Indentures Without Consent of Noteholders

                
	
                  SECTION
                    9.02

                	
                  Supplemental
                    Indentures with Consent of Noteholders

                
	
                  SECTION
                    9.03

                	
                  Execution
                    of Supplemental Indentures

                
	
                  SECTION
                    9.04

                	
                  Effect
                    of Supplemental Indenture

                
	
                  SECTION
                    9.05

                	
                  [Reserved]

                
	
                  SECTION
                    9.06

                	
                  Reference
                    in Notes to Supplemental Indentures

                
	
                  SECTION
                    9.07

                	
                  Conformity
                    With the Trust Indenture Act

                
	 	 
	
                  ARTICLE
                    X

                
	
                  Reporting
                    Requirements

                
	 	 
	
                  SECTION
                    10.01

                	
                  Annual
                    Statement as to Compliance

                
	
                  SECTION
                    10.02

                	
                  Annual
                    Independent Public Accountants’ Servicing Report

                
	
                  SECTION
                    10.03

                	
                  Assessment
                    of Compliance and Attestation Reports.

                
	 	 
	
                  ARTICLE
                    XI

                
	
                  Miscellaneous

                
	 	 
	
                  SECTION
                    11.01

                	
                  Compliance
                    Certificates and Opinions, etc

                
	
                  SECTION
                    11.02

                	
                  Form
                    of Documents Delivered to Indenture Trustee

                
	
                  SECTION
                    11.03

                	
                  Acts
                    of Noteholders

                
	
                  SECTION
                    11.04

                	
                  Notices,
                    etc., to Indenture Trustee, Issuer and Rating Agencies

                
	
                  SECTION
                    11.05

                	
                  Notices
                    to Noteholders; Waiver

                
	
                  SECTION
                    11.06

                	
                  Alternate
                    Payment and Notice Provisions

                
	
                  SECTION
                    11.07

                	
                  Effect
                    of Headings and Table of Contents

                
	
                  SECTION
                    11.08

                	
                  Successors
                    and Assigns

                
	
                  SECTION
                    11.09

                	
                  Separability

                
	
                  SECTION
                    11.10

                	
                  Benefits
                    of Indenture

                
	
                  SECTION
                    11.11

                	
                  Legal
                    Holidays

                
	
                  SECTION
                    11.12

                	
                  Governing
                    Law

                
	
                  SECTION
                    11.13

                	
                  Counterparts

                
	
                  SECTION
                    11.14

                	
                  Recording
                    of Indenture

                
	
                  SECTION
                    11.15

                	
                  Trust
                    Obligations

                
	
                  SECTION
                    11.16

                	
                  No
                    Petition

                
	
                  SECTION
                    11.17

                	
                  Inspection

                
	
                  SECTION
                    11.18

                	
                  Third-Party
                    Beneficiaries

                

        

    

    

    
      	
              APPENDIX
                A

            	
              Definitions
                and Usage

            
	
              APPENDIX
                B

            	
              Provisions
                Relating to Bearing Interest at an Auction Rate

            
	
              APPENDIX
                C

            	
              Notice
                of Payment Default

            
	
              APPENDIX
                D

            	
              Notice
                of Cure of Payment Default

            
	
              APPENDIX
                E

            	
              Notice
                of Event of Default

            
	
              APPENDIX
                F

            	
              Notice
                of Waiver/Cure of Event of Default

            
	
              APPENDIX
                G

            	
              Notice
                of Proposed Change in Auction Period

            
	
              APPENDIX
                H

            	
              Notice
                Regarding Establishment of Auction Period

            
	
              APPENDIX
                I

            	
              Notice
                of Change in Auction Date

            

    

     

      
        	
                SCHEDULE
                  A

              	
                Schedule
                  of Initial Financed Student Loans

              
	
                SCHEDULE
                  B

              	
                Schedule
                  of Subsequent Student Loans

              
	
                SCHEDULE
                  C

              	
                List
                  of TERI Guaranty Agreements

              
	
                SCHEDULE
                  D

              	
                List
                  of Student Loan Purchase
                  Agreements

              

      

    

    

      
        	
                EXHIBIT
                  A-1

              	
                Form
                  of Class A-1 Note

              
	
                EXHIBIT
                  A-2

              	
                Form
                  of Class A-2 Note

              
	
                EXHIBIT
                  A-3

              	
                Form
                  of Class A-3 Note

              
	
                EXHIBIT
                  A-4

              	
                Form
                  of Class A-4 Note

              
	
                EXHIBIT
                  A-5

              	
                Form
                  of Class A-5 Note

              
	
                EXHIBIT
                  A-6

              	
                Form
                  of Class A-IO Note

              
	
                EXHIBIT
                  A-7

              	
                Form
                  of Class BNote

              
	
                EXHIBIT
                  A-8

              	
                Form
                  of Class C Note

              
	
                EXHIBIT
                  A-9

              	
                Form
                  of Class D Note

              
	
                EXHIBIT
                  B

              	
                Form
                  of Student Loan Acquisition Certificate

              
	
                EXHIBIT
                  C

              	
                Relevant
                  Servicing Criteria 

              

      

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    INDENTURE
      dated as of ______ __, 200_, between THE NATIONAL COLLEGIATE STUDENT LOAN TRUST
      200_-_, a Delaware statutory trust (the “Issuer”), and U.S. BANK NATIONAL
      ASSOCIATION, a national banking association, as trustee and not in its
      individual capacity (the “Indenture Trustee”).

     

     

    W I T N E S S E T H:

     

    WHEREAS,
      the Issuer is duly created as a statutory trust under the laws of the State
      of
      Delaware and by proper action has duly authorized the execution and delivery
      of
      this Indenture, which Indenture provides for the issuance of student loan
      asset-backed notes to finance the acquisition of certain student loans from
      The
      National Collegiate Funding LLC (the “Depositor”) and the payment to holders of
      the Notes; and

     

    WHEREAS,
      this Indenture is subject to the provisions of the Trust Indenture Act of 1939,
      as amended (the “Trust Indenture Act” or “TIA”), that are deemed to be
      incorporated into this Indenture and shall, to the extent applicable, be
      governed by such provisions;

     

      NOW,
        THEREFORE, each party agrees as follows for the benefit of the other party
        and
        for the equal and ratable benefit of the holders of the Issuer’s Class A-1 Notes
        (the “Class A-1 Notes”), Class A-2 Notes (the “Class A-2 Notes”), Class A-3
        Notes (the “Class A-3 Notes”), Class A-4 Notes (the “Class A-4 Notes”), Class
        A-5 Notes (the “Class A-5 Notes”), Class A-IO Notes (the “Class A-IO Notes”),
        Auction Rate Class B Notes (the “Class B Notes”), Auction Rate Class C Notes
        (the “Class C Notes”) and Auction Rate Class D Notes (the “Class D Notes” and
        together with the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes,
        the
        Class A-4 Notes, the Class A-5 Notes, the Class A-IO Notes, the Class B Notes
        and the Class C Notes, the “Notes”):

     

    GRANTING
      CLAUSE

     

      The
        Issuer hereby Grants to the Indenture Trustee at the Closing Date with respect
        to the Financed Student Loans, as trustee for the benefit of the holders
        of the
        Notes, all the Issuer’s right, title and interest in and to the
        following

     

      (a)  the
        Financed Student Loans, and all obligations of the Obligors thereunder including
        all moneys paid thereunder on or after the Cutoff Date (or, in the case of
        Subsequent Student Loans, on or after the related Subsequent Cutoff
        Date);

     

      (b)  all
        Servicing Agreements and all Student Loan Purchase Agreements, including
        the
        right of the Issuer to cause the Sellers to repurchase or the Servicers to
        purchase, Student Loans from the Issuer under circumstances described
        therein;

     

      (c)  each
        Guarantee Agreement, including the right of the Issuer to cause the Guarantee
        Agency to make Guarantee Payments in respect of the Student Loans, the TERI
        Deposit and Security Agreement and the Issuer’s rights to the TERI Pledge Fund
        as the same relate to the Student Loans and the proceeds thereof, and each
        of
        the other Basic Documents;

     

    (d)  all
      funds
      on deposit from time to time in the Trust Accounts related to the Notes (and
      sub-accounts thereof), including the Reserve Account Initial Deposit and the
      Pre-Funded Amount; and

     

    (e)  all
      present and future claims, demands, causes and choses in action in respect
      of
      any or all of the foregoing and all payments on or under and all proceeds of
      every kind and nature whatsoever in respect of any or all of the foregoing,
      including all proceeds of the conversion, voluntary or involuntary, into cash
      or
      other liquid property, all cash proceeds, accounts, accounts receivable, notes,
      drafts, acceptances, chattel paper, checks, deposit accounts, insurance
      proceeds, condemnation awards, rights to payment of any and every kind and
      other
      forms of obligations and receivables, instruments and other property which
      at
      any time constitute all or part of or are included in the proceeds of any of
      the
      foregoing (collectively, “Collateral”).

     

    The
      foregoing Grant is made in trust to secure the payment of principal of and/or
      interest on, as applicable, and any other amounts owing in respect of, the
      Notes, equally and ratably, without prejudice, priority or distinction, except
      as otherwise provided for herein, and to secure compliance with the provisions
      of this Indenture, all as provided in this Indenture.

     

    The
      Indenture Trustee, as Indenture Trustee on behalf of the holders of the Notes,
      acknowledges such Grant, accepts the trusts under this Indenture in accordance
      with the provisions of this Indenture and agrees to perform its duties required
      in this Indenture to the best of its ability to the end that the interests
      of
      the holders of the Notes may be adequately and effectively
      protected.

     

    ARTICLE
      I

     

    Definitions
      and Usage

     

    SECTION
      1.01  Definitions
      and Usage.
      Except
      as otherwise specified herein or as the context may otherwise require,
      capitalized terms used but not defined herein are defined in Appendix A and
      Appendix B hereto, which also contain rules as to usage that shall be applicable
      herein.

     

    ARTICLE
      II

     

    The
      Notes

     

    SECTION
      2.01  Form.
      The
      Notes, together with the Indenture Trustee’s certificate of authentication,
      shall be in substantially the forms set forth in Exhibits A-1 through A-9,
      with such appropriate insertions, omissions, substitutions and other variations
      as are required or permitted by this Indenture and may have such letters,
      numbers or other marks of identification and such legends or endorsements placed
      thereon as may, consistently herewith, be determined by the officers executing
      the Notes, as evidenced by their execution of the Notes. Any portion of the
      text
      of any Note may be set forth on the reverse thereof, with an appropriate
      reference thereto on the face of the Note.

     

    The
      Definitive Notes shall be typewritten, printed, lithographed or engraved or
      produced by any combination of these methods (with or without steel engraved
      borders), all as determined by the officers executing such Notes, as evidenced
      by their execution of such Notes.

     

      Each
        Note
        shall be dated the date of its authentication. The terms of the Notes set
        forth
        in Exhibits A-1 through A-9, are part of the terms of this
        Indenture.

     

    SECTION
      2.02  Execution,
      Authentication and Delivery.
      The
      Notes shall be executed on behalf of the Issuer by any of its Authorized
      Officers. The signature of any such Authorized Officer on the Notes may be
      manual or facsimile.

     

    Notes
      bearing the manual or facsimile signature of individuals who were at any time
      Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that
      such individuals or any of them have ceased to hold such offices prior to the
      authentication and delivery of such Notes or did not hold such offices at the
      date of such Notes.

     

      The
        Indenture Trustee shall upon an Issuer Order authenticate and deliver Notes
        for
        original issue in (i) an aggregate principal amount of $_________ with respect
        to the Class A-1 Notes, $_________ with respect to the Class A-2 Notes,
        $_________ with respect to the Class A-3 Notes, $_________ with respect to
        the
        Class A-4 Notes, $_________ with respect to the Class A-5 Notes, $_________
        with
        respect to the Class B Notes, $_________ with respect to the Class C Notes,
        $_________ with respect to the Class D Notes, $_________, and (ii) an aggregate
        Notional Amount of $_________ with respect to the Class A-IO
        Notes.

     

      Each
        Note
        shall be dated the date of its authentication. The Notes shall be issuable
        as
        registered Notes in minimum denominations (or in the case of the Class A-IO
        Notes, minimum Notional Amounts) of $100,000 and in integral multiples of
        $1,000
        in excess thereof.

     

    No
      Note
      shall be entitled to any benefit under this Indenture or be valid or obligatory
      for any purpose, unless there appears on such Note a certificate of
      authentication substantially in the form provided for herein executed by the
      Indenture Trustee by the manual signature of one of its authorized signatories,
      and such certificate upon any Note shall be conclusive evidence, and the only
      evidence, that such Note has been duly authenticated and delivered
      hereunder.

     

    SECTION
      2.03  Temporary
      Notes.
      Pending
      the preparation of Definitive Notes, the Issuer may execute, and upon receipt
      of
      an Issuer Order the Indenture Trustee shall authenticate and deliver, temporary
      Notes which are printed, lithographed, typewritten, mimeographed or otherwise
      produced, of the tenor of the Definitive Notes in lieu of which they are issued
      and with such variations not inconsistent with the terms of this Indenture
      as
      the officers executing such Notes may determine, as evidenced by their execution
      of such Notes.

     

      If
        temporary Notes are issued, the Issuer will cause Definitive Notes to be
        prepared without unreasonable delay. After the preparation of Definitive
        Notes,
        the temporary Notes shall be exchangeable for Definitive Notes upon surrender
        of
        the temporary Notes at the office or agency of the Issuer to be maintained
        as
        provided in Section 3.02, without charge to the holder of the Notes. Upon
        surrender for cancellation of any one or more temporary Notes, the Issuer
        shall
        execute and the Indenture Trustee shall authenticate and deliver in exchange
        therefor a like initial principal amount or initial Notional Amount, as
        applicable, of Definitive Notes of authorized denominations. Until so exchanged,
        the temporary Notes shall in all respects be entitled to the same benefits
        under
        this Indenture as Definitive Notes.

     

    SECTION
      2.04  Registration;
      Registration of Transfer and Exchange.
      (a) The
      Indenture Trustee shall cause to be kept a register (the “Note Register”) in
      which, subject to such reasonable regulations as it may prescribe, the Issuer
      shall provide for the registration of Notes and the registration of transfers
      and exchanges of Notes as herein provided. The Indenture Trustee shall be “Note
      Registrar” for the purpose of registering Notes and transfers of Notes as herein
      provided. Upon any resignation of any Note Registrar, the Issuer shall promptly
      appoint a successor.

     

    (b)  If
      a
      Person other than the Indenture Trustee is appointed by the Issuer as Note
      Registrar, the Issuer will give the Indenture Trustee prompt written notice
      of
      the appointment of such Note Registrar and of the location, and any change
      in
      the location, of the Note Register, and the Indenture Trustee shall have the
      right to inspect the Note Register at all reasonable times and to obtain copies
      thereof, and the Indenture Trustee shall have the right to rely upon a
      certificate executed on behalf of the Note Registrar by an Executive Officer
      thereof as to the names and addresses of the holders of the Notes and the
      principal amounts or Notional Amount, as applicable, and number of such
      Notes.

     

      (c)  Every
        Note presented or surrendered for registration of transfer or exchange shall
        be
        duly endorsed by, or be accompanied by a written instrument of transfer in
        form
        satisfactory to the Indenture Trustee duly executed by the holder of the
        Notes
        thereof or such holder’s attorney duly authorized in writing, with such
        signature guaranteed by an “eligible guarantor institution” meeting the
        requirements of the Note Registrar, which requirements include membership
        or
        participation in Securities Transfer Agent’s Medallion Program (“STAMP”) or such
        other “signature guarantee program” as may be determined by the Note Registrar
        in addition to, or in substitution for, STAMP, all in accordance with the
        Exchange Act.

     

      (d)  No
        service charge shall be made to a holder of the Notes for any registration
        of
        transfer or exchange of Notes, but the Indenture Trustee may require payment
        of
        a sum sufficient to cover any tax or other governmental charge that may be
        imposed in connection with any registration of transfer or exchange of Notes,
        other than exchanges pursuant to Section 2.03 or 9.06 not involving any
        transfer.

     

      (e)  On
        the
        Closing Date, the Issuer will execute and the Indenture Trustee will, upon
        Issuer Order, authenticate one or more Global Notes in an aggregate principal
        amount (or, in the case of the Class A-IO Notes, an aggregate Notional Amount)
        that shall equal the applicable Original Principal Balance for each Class
        of
        Notes.

     

    The
      Global Notes, pursuant to the Depository’s instructions, shall be delivered by
      the Administrator on behalf of the Depository to and deposited with the DTC
      Custodian, and shall be registered in the name of Cede & Co. and shall bear
      a legend substantially to the following effect:

     

    “Unless
      this Note is presented by an authorized representative of The Depository Trust
      Company, a New York corporation (“DTC”), to the Issuer or its agent for
      registration of transfer, exchange or payment, and any Note issued is registered
      in the name of Cede & Co. or in such other name as is requested by an
      authorized representative of DTC (and any payment is made to Cede & Co. or
      to such other entity as is requested by an authorized representative of DTC),
      ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
      PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
      an interest herein.”

     

    The
      Global Notes may be deposited with such other Depository as the Administrator
      may from time to time designate, and shall bear such legend as may be
      appropriate; provided
      that
      such successor Depository maintains a book-entry system that qualifies to be
      treated as “registered form” under Section 163(f) of the Code.

     

    The
      Issuer and the Indenture Trustee are hereby authorized to execute and deliver
      a
      Note Depository Agreement with the Depository relating to the Global
      Notes.

     

      (f)  With
        respect to Notes registered in the Note Register in the name of Cede & Co.,
        as nominee of the Depository, the Administrator, the Back-Up Administrator,
        the
        Owner Trustee and the Indenture Trustee shall have no responsibility or
        obligation to Participants or Indirect Participants or Beneficial Owners
        for
        which the Depository holds Notes from time to time as a Depository. Without
        limiting the immediately preceding sentence, the Administrator, the Back-Up
        Administrator, the Owner Trustee and the Indenture Trustee shall have no
        responsibility or obligation with respect to (a) the accuracy of the records
        of
        the Depository, Cede & Co., or any Participant or Indirect Participant or
        Beneficial Owners with respect to the ownership interest in the Notes, (b)
        the
        delivery to any Participant or Indirect Participant or any other Person,
        other
        than a registered Noteholder, (c) the payment to any Participant or Indirect
        Participant or any other Person, other than a registered Noteholder as shown
        in
        the Note Register, of any amount with respect to any distribution of principal
        or interest on the Notes or (d) the making of book-entry transfers among
        Participants of the Depository with respect to Notes registered in the Note
        Register in the name of the nominee of the Depository. No Person other than
        a
        registered Noteholder as shown in the Note Register shall receive a Note
        evidencing such Note.

     

      (g)  Upon
        delivery by the Depository to the Indenture Trustee of written notice to
        the
        effect that the Depository has determined to substitute a new nominee in
        place
        of Cede & Co., and subject to the provisions hereof with respect to the
        payment of distributions by the mailing of checks or drafts to the registered
        Noteholder appearing as registered owners in the Note Register on a Record
        Date,
        the name “Cede & Co.” in this Indenture shall refer to such new nominee of
        the Depository.

     

      (h)  Subject
        to the preceding paragraphs, upon surrender for registration of transfer
        of any
        Note at the office of the Note Registrar and, upon satisfaction of the
        conditions set forth below, the Issuer shall execute in the name of the
        designated transferee or transferees, a new Note of the same principal balance
        or Notional Amount and dated the date of authentication by the Indenture
        Trustee. The Note Registrar shall notify the Administrator and the Indenture
        Trustee of any such transfer. 

     

       

       

       

       

     

     

      No
        Note
        may be acquired directly or indirectly by a fiduciary of, on behalf of, or
        with
“Plan Assets” (within the meaning of Section 2510.3-101 of the U.S. Department
        of Labor regulations (the “Plan Asset Regulation”)) of, an “employee benefit
        plan” as defined in Section 3(3) of ERISA, a “plan” within the meaning of
        Section 4975 of the Code or any other entity whose underlying assets include
        Plan Assets by reason of any plan’s investment in the entity, which is subject
        to Title I of ERISA or Section 4975 of the Code (a “Plan”), unless (i) such Note
        is rated investment grade or better as of the date of purchase, (ii) the
        transferee of the Note believes that the Note is properly treated as
        indebtedness without substantial equity features for purposes of the Plan
        Asset
        Regulation and agrees to so treat such Note and (iii) the acquisition and
        holding of the Note do not result in a violation of the prohibited transaction
        rules of ERISA or Section 4975 of the Code (A) because it is covered by an
        applicable exemption, including Prohibited Transaction Class Exemption 96-23,
        95-60, 91-38, 90-1 or 84-14, or (B) by reason of the Trust, the Administrator,
        the Back-up Administrator, the Underwriters, the Servicers, the Indenture
        Trustee, the Owner Trustee, any other provider of credit support or any of
        their
        affiliates not being a “Party in Interest” (within the meaning of Section 3(14)
        of ERISA) with respect to such Plan. Any transferee of a Note shall be deemed
        to
        have represented that such transferee is acquiring a Note in conformance
        with
        the requirements of the preceding sentence.

     

    The
      Indenture Trustee shall have no obligation or duty to monitor, determine or
      inquire as to compliance with any restrictions on transfer imposed under this
      Indenture or under applicable law with respect to any transfer of any interest
      in any Note (including any transfers between or among Participants, members
      or
      Beneficial Owners in any Note) other than to require delivery of such
      certificates and other documentation or evidence as are expressly required
      by,
      and to do so if and when expressly required by, the terms of this Indenture,
      and
      to examine the same to determine substantial compliance as to form with the
      express requirements hereof.

     

    SECTION
      2.05  Mutilated,
      Destroyed, Lost or Stolen Notes.
      If
      (i) any mutilated Note is surrendered to the Indenture Trustee, or the
      Indenture Trustee receives evidence to its satisfaction of the destruction,
      loss
      or theft of any Note, and (ii) there is delivered to the Indenture Trustee
      such security or indemnity as may be required by it to hold the Issuer and
      the
      Indenture Trustee harmless, then, in the absence of notice to the Issuer, the
      Note Registrar or the Indenture Trustee that such Note has been acquired by
      a
      bona fide purchaser, and provided that the requirements of Section 8-405 of
      the UCC are met, the Issuer shall execute and upon its request the Indenture
      Trustee shall authenticate and deliver, in exchange for or in lieu of any such
      mutilated, destroyed, lost or stolen Note, a replacement Note; provided,
      however,
      that if
      any such destroyed, lost or stolen Note, but not a mutilated Note, shall have
      become or within 15 days shall be due and payable instead of issuing a
      replacement Note, the Issuer may pay such destroyed, lost or stolen Note when
      so
      due or payable without surrender thereof. If, after the delivery of such
      replacement Note or payment of a destroyed, lost or stolen Note pursuant to
      the
      proviso to the preceding sentence, a bona fide purchaser of the original Note
      in
      lieu of which such replacement Note was issued presents for payment such
      original Note, the Issuer and the Indenture Trustee shall be entitled to recover
      such replacement Note (or such payment) from the Person to whom it was delivered
      or any Person taking such replacement Note from such Person to whom such
      replacement Note was delivered or any assignee of such Person, except a bona
      fide purchaser, and shall be entitled to recover upon the security or indemnity
      provided therefor to the extent of any loss, damage, cost or expense incurred
      by
      the Issuer or the Indenture Trustee in connection therewith.

     

    Upon
      the
      issuance of any replacement Note under this Section, the Issuer may require
      the
      payment by the holder of the Notes thereof of a sum sufficient to cover any
      tax
      or other governmental charge that may be imposed in relation thereto and any
      other reasonable expenses (including the fees and expenses of the Indenture
      Trustee) connected therewith.

     

    Every
      replacement Note issued pursuant to this Section in replacement of any
      mutilated, destroyed, lost or stolen Note shall constitute an original
      additional contractual obligation of the Issuer, whether or not the mutilated,
      destroyed, lost or stolen Note shall be at any time enforceable by anyone,
      and
      shall be entitled to all the benefits of this Indenture equally and
      proportionately with any and all other Notes duly issued hereunder.

     

    The
      provisions of this Section are exclusive and shall preclude (to the extent
      lawful) all other rights and remedies with respect to the replacement or payment
      of mutilated, destroyed, lost or stolen Notes.

     

    SECTION
      2.06  Persons
      Deemed Owner.
      Prior
      to due presentment for registration of transfer of any Note, the Issuer, the
      Indenture Trustee and any agent of the Issuer or the Indenture Trustee may
      treat
      the Person in whose name any Note is registered (as of the day of determination)
      as the owner of such Note for the purpose of receiving payments of principal
      of
      (with respect to each Class of Notes other than the Class A-IO Notes) and
      interest on such Note and for all other purposes whatsoever, whether or not
      such
      Note be overdue, and neither the Issuer or the Indenture Trustee nor any agent
      of the Issuer or the Indenture Trustee shall be affected by notice to the
      contrary.

     

      SECTION
        2.07  Payment
        of Principal and Interest; Defaulted Interest.
        (a)  Each
        Class of Notes shall accrue interest as provided in the applicable form of
        such
        Class set forth in Exhibits A-1 through A-9 respectively, and such interest
        accrued on each Class of Notes shall be payable on each applicable Distribution
        Date as specified therein and in the order set forth in Section 8.02 hereof,
        subject to Section 3.01. Interest shall accrue on each Class of Auction Rate
        Notes as described in Appendix B hereto. Any installment of interest or
        principal, if any, with respect to each Class of Notes payable on any applicable
        Note which is punctually paid or duly provided for by the Issuer on the
        applicable Distribution Date shall be paid to the Person in whose name such
        Note
        (or one or more Predecessor Notes) is registered on the Record Date by check
        mailed first-class, postage prepaid to such Person’s address as it appears on
        the Note Register on such Record Date, except that, unless Definitive Notes
        have
        been issued pursuant to Section 2.12, with respect to Notes registered on
        the
        Record Date in the name of the nominee of the Clearing Agency (initially,
        such
        nominee to be Cede & Co.), payment will be made by wire transfer in
        immediately available funds to the account designated by such nominee and
        except
        for the final installment of principal payable with respect to such Note
        on a
        Distribution Date or on the applicable Note Final Maturity Date which shall
        be
        payable as provided below. The funds represented by any such checks returned
        undelivered shall be held in accordance with Section 3.03.

     

      (b)  The
        principal of each Note (other than the Class A-IO Notes) shall be payable
        in
        installments on each Distribution Date as provided in the applicable form
        of
        Note set forth in Exhibits A-1 through A-9, respectively, to the extent the
        amount of funds required and available to be distributed in respect of principal
        on such Class of Notes pursuant to the terms of this Indenture; provided,
        however,
        the
        entire unpaid principal amount of each Class of Notes, other than the Class
        A-IO
        Notes, shall be due and payable on its respective Final Maturity Date.
        Notwithstanding the foregoing, the entire unpaid principal amount of the
        Notes,
        other than the Class A-IO Notes, shall be due and payable, if not previously
        paid, on the date on which an Event of Default shall have occurred and is
        continuing, if the Indenture Trustee or the Interested Noteholders holding
        a
        majority of the Outstanding Amount of the related Classes of Notes have declared
        the Notes to be immediately due and payable in the manner provided in
        Section 5.02. All principal payments on each Class of Class A Notes, other
        than the Class A-IO Notes, shall be made pro rata
        to the
        holders of such Class of Notes entitled thereto. All principal payments on
        each
        Class of Auction Rate Notes shall be made as described in Appendix B hereto.
        The
        Indenture Trustee shall notify the Person in whose name a Note is registered
        at
        the close of business on the Record Date preceding the Distribution Date
        on
        which the Issuer expects that the final installment of principal of and interest
        on any Class of Notes, other than the Class A-IO Notes, will be paid. Such
        notice shall be mailed or transmitted by facsimile prior to such final
        Distribution Date and shall specify that such final installment will be payable
        only upon presentation and surrender of such Note and shall specify the place
        where such Note may be presented and surrendered for payment of such
        installment.

     

    (c)  If
      the
      Issuer defaults in a payment of interest on any Class of the Notes, the Issuer
      shall pay defaulted interest (plus interest on such defaulted interest to the
      extent lawful) at the applicable Note Interest Rate in any lawful manner. The
      Issuer shall pay such defaulted interest to the persons who are holders of
      such
      Class or Classes of Notes on a subsequent special record date, which date shall
      be at least three Business Days prior to the payment date. The Issuer shall
      fix
      or cause to be fixed any such special record date and payment date, and, at
      least 15 days before any such special record date, the Issuer shall mail to
      each
      holder of the affected Class or Classes of Notes and the Indenture Trustee
      a
      notice that states the special record date, the payment date and the amount
      of
      defaulted interest to be paid.

     

    SECTION
      2.08  Cancellation.
      All
      Notes surrendered for payment, registration of transfer or exchange shall,
      if
      surrendered to any Person other than the Indenture Trustee, be delivered to
      the
      Indenture Trustee and shall be promptly cancelled by the Indenture Trustee.
      The
      Issuer may at any time deliver to the Indenture Trustee for cancellation any
      Notes previously authenticated and delivered hereunder which the Issuer may
      have
      acquired in any manner whatsoever, and all Notes so delivered shall be promptly
      cancelled by the Indenture Trustee. No Notes shall be authenticated in lieu
      of
      or in exchange for any Notes cancelled as provided in this Section, except
      as
      expressly permitted by this Indenture. All cancelled Notes may be held or
      disposed of by the Indenture Trustee in accordance with its standard retention
      or disposal policy as in effect at the time, unless the Issuer shall direct
      by
      an Issuer Order that they be returned to it and so long as such Issuer Order
      is
      timely and the Notes have not been previously disposed of by the Indenture
      Trustee.

     

    SECTION
      2.09  Release
      of Collateral.
      Subject
      to Section 11.01 and the terms of the Basic Documents, the Indenture
      Trustee shall release property from the lien of this Indenture only upon receipt
      of an Issuer Request accompanied by an Officers’ Certificate of the
      Issuer.

     

    SECTION
      2.10  Book-Entry
      Notes.
      The
      Notes, upon original issuance, will be issued in the form of typewritten Notes
      representing the Book-Entry Notes, to be delivered to The Depository Trust
      Company, the initial Clearing Agency, by, or on behalf of, the Issuer. Such
      Notes shall initially be registered on the Note Register in the name of Cede
      & Co., the nominee of the initial Clearing Agency, and no Note Owner will
      receive a Definitive Note (as defined below) representing such Note Owner’s
      interest in such Note, except as provided in Section 2.12. Unless and until
      definitive, fully registered Notes (the “Definitive Notes”) have been issued to
      Note Owners pursuant to Section 2.12:

     

    (i)  the
      provisions of this Section shall be in full force and effect;

     

    (ii)  the
      Note
      Registrar and the Indenture Trustee may deal with the Clearing Agency for all
      purposes (including the payment of principal of and interest and other amounts
      on the Notes) as the authorized representative of the Note Owners;

     

    (iii)  to
      the
      extent that the provisions of this Section conflict with any other provisions
      of
      this Indenture, the provisions of this Section shall control;

     

    (iv)  the
      rights of Note Owners shall be exercised only through the Clearing Agency and
      shall be limited to those established by law and agreements between such Note
      Owners and the Clearing Agency and/or the Clearing Agency Participants pursuant
      to the Note Depository Agreements. Unless and until Definitive Notes are issued
      pursuant to Section 2.12, the initial Clearing Agency will make book-entry
      transfers among the Clearing Agency Participants and receive and transmit
      payments of principal of and interest and other amounts on the Notes to such
      Clearing Agency Participants; and

     

    (v)  whenever
      this Indenture requires or permits actions to be taken based upon instructions
      or directions of the holders of the Notes evidencing a specified percentage
      of
      the Outstanding Amount of the Notes, the Clearing Agency shall be deemed to
      represent such percentage only to the extent that it has received instructions
      to such effect from Note Owners and/or Clearing Agency Participants owning
      or
      representing, respectively, such required percentage of the beneficial interest
      in the Notes and has delivered such instructions to the Indenture
      Trustee.

     

    SECTION
      2.11  Notices
      to Clearing Agency.
      Whenever a notice or other communication to the holders of the Notes is required
      under this Indenture, unless and until Definitive Notes shall have been issued
      to Note Owners pursuant to Section 2.12, the Indenture Trustee shall give
      all such notices and communications specified herein to be given to the holders
      of the Notes to the Clearing Agency.

     

    SECTION
      2.12  Definitive
      Notes.
      If
      (i) the Administrator advises the Indenture Trustee in writing that the
      Clearing Agency is no longer willing or able to properly discharge its
      responsibilities with respect to the Notes, and the Administrator is unable
      to
      locate a qualified successor, (ii) circumstances change so that the book-entry
      system through the Clearing Agency is less advantageous due to economic or
      administrative burden or the use of the book-entry system becomes unlawful
      with
      respect to the Notes or the Issuer notifies the Indenture Trustee in writing
      that because of the change in circumstances the Issuer is terminating the
      book-entry system with respect to the Notes or (iii) after the occurrence of
      an
      Event of Default, Note Owners representing beneficial interests aggregating
      at
      least a majority of the Outstanding Amount of such Class of Notes advise the
      Clearing Agency (which shall then notify the Indenture Trustee) in writing
      that
      the continuation of a book-entry system through the Clearing Agency is no longer
      in the best interests of the Note Owners of such Class of Notes, then the
      Indenture Trustee will cause the Clearing Agency to notify all Note Owners
      of
      such Class of Notes, through the Clearing Agency, of the occurrence of any
      such
      event and of the availability of Definitive Notes to such Note Owners requesting
      the same. Upon surrender to the Indenture Trustee of the typewritten Notes
      representing the Book-Entry Notes by the Clearing Agency, accompanied by
      registration instructions, the Issuer shall execute and the Indenture Trustee
      shall authenticate the Definitive Notes in accordance with the instructions
      of
      the Clearing Agency. None of the Issuer, the Note Registrar or the Indenture
      Trustee shall be liable for any delay in delivery of such instructions and
      may
      conclusively rely on, and shall be protected in relying on, such instructions.
      Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize
      the
      holders of the Definitive Notes as the Noteholders for such Class of
      Notes.

     

    SECTION
      2.13  Tax
      Treatment.
      The
      Issuer has entered into this Indenture, and the Notes will be issued, with
      the
      intention that, for federal, state and local income, business and franchise
      tax
      purposes, the Notes will qualify as indebtedness of the Issuer. The Issuer,
      by
      entering into this Indenture, and each Noteholder, by its acceptance of its
      Note, agree to treat the Notes for federal, state and local income, business
      and
      franchise tax purposes as indebtedness of the Issuer.

     

    ARTICLE
      III

     

    Covenants

     

      SECTION
        3.01  Payment
        to Noteholders.
        The
        Issuer will duly and punctually pay the principal of and interest owing on
        each
        Class of Notes (and in the case of Class A-IO Notes, interest and Prepayment
        Penalties) pursuant to the terms of this Indenture. Without limiting the
        foregoing, subject to Section 8.02, the Issuer will cause to be distributed
        to
        the holders of each Class of Notes that portion of the amounts on deposit
        in the
        Trust Accounts on a Distribution Date, to which the holders of each Class
        of
        Notes are entitled to receive pursuant to the terms of this Indenture. Amounts
        properly withheld under the Code by any Person from a payment to any holder
        of
        the Notes of interest on and/or principal of shall be considered as having
        been
        paid by the Issuer to such holder of the applicable Notes for all purposes
        of
        this Indenture. The Notes will be non-recourse obligations of the Issuer
        and
        shall be limited in right of payment to amounts available from the Indenture
        Trust Estate as provided in this Indenture and the Issuer shall not be otherwise
        liable on the Notes.

     

    SECTION
      3.02  Maintenance
      of Office or Agency.
      The
      Issuer will maintain in the Borough of Manhattan, The City of New York, an
      office or agency where Notes may be surrendered for registration of transfer
      or
      exchange. The Issuer hereby initially designates U.S. Bank National Association,
      U.S. Bank Trust New York, 100 Wall Street, Suite 1600, New York, New York 10005
      to serve as its agent for the foregoing purposes. The Issuer will give prompt
      written notice to the Indenture Trustee of the location, and of any change
      in
      the location, of any such office or agency. If at any time the Issuer shall
      fail
      to maintain any such office or agency or shall fail to furnish the Indenture
      Trustee with the address thereof, such surrenders may be made or served at
      the
      Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee
      as
      its agent to receive all such surrenders in respect of the Notes.

     

    SECTION
      3.03  Money
      for Payments To Be Held in Trust.
      As
      provided in Section 8.02, all payments of amounts due and payable with respect
      to any Notes that are to be made from amounts distributed from the Collection
      Account or any other Trust Account pursuant to Section 8.02 shall be made
      on behalf of the Issuer by the Indenture Trustee or by another Paying Agent,
      and
      no amounts so distributed from the Collection Account for payments of Notes
      shall be paid over to the Issuer except as provided in this Section. The
      Indenture Trustee is hereby appointed as the initial “Paying Agent” hereunder
      and the Indenture Trustee hereby accepts such appointment.

     

    On
      or
      before the Business Day next preceding each Distribution Date, the Issuer shall
      distribute or cause to be distributed to the Indenture Trustee (or any other
      Paying Agent) an aggregate sum sufficient to pay the amounts then becoming
      due
      under each Class of the Notes, such sum to be held in trust for the benefit
      of
      the Persons entitled thereto and (unless the Paying Agent is the Indenture
      Trustee) shall promptly notify the Indenture Trustee of its action or failure
      so
      to act.

     

    The
      Issuer will cause each Paying Agent other than the Indenture Trustee to execute
      and deliver to the Indenture Trustee an instrument in which such Paying Agent
      shall agree with the Indenture Trustee (and if the Indenture Trustee acts as
      Paying Agent, it hereby so agrees), subject to the provisions of this Section,
      that such Paying Agent will:

     

    (i)  hold
      all
      sums held by it for the payment of amounts due with respect to each Class of
      the
      Notes in trust for the benefit of the Persons entitled thereto until such sums
      shall be paid to such Persons or otherwise disposed of as herein provided and
      pay such sums to such Persons as herein provided;

     

    (ii)  give
      the
      Indenture Trustee notice of any default by the Issuer of which it has actual
      knowledge (or any other obligor upon the Notes) in the making of any payment
      required to be made with respect to any Class of Notes;

     

    (iii)  at
      any
      time during the continuance of any such default, upon the written request of
      the
      Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held
      in
      trust by such Paying Agent;

     

    (iv)  immediately
      resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums
      held by it in trust for the payment of each applicable Class of Notes if at
      any
      time it ceases to meet the standards required to be met by a Paying Agent at
      the
      time of its appointment; and

     

    (v)  comply
      with all requirements of the Code with respect to the withholding from any
      payments made by it on any Class of the Notes of any applicable withholding
      taxes imposed thereon and with respect to any applicable reporting requirements
      in connection therewith.

     

    The
      Administrator may at any time, for the purpose of obtaining the satisfaction
      and
      discharge of this Indenture or for any other purpose, by written order direct
      any Paying Agent to pay to the Indenture Trustee all sums held in trust by
      such
      Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts
      as those upon which the sums were held by such Paying Agent; and upon such
      payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall
      be
      released from all further liability with respect to such money.

     

    Subject
      to applicable laws with respect to escheat of funds, any money held by the
      Indenture Trustee or any Paying Agent in trust for the payment of any amount
      due
      with respect to any Note and remaining unclaimed for two years after such amount
      has become due and payable shall be discharged from such trust and be paid
      to
      the Issuer on Issuer Request; and the holder of such Notes thereof shall
      thereafter, as an unsecured general creditor, look only to the Issuer for
      payment thereof (but only to the extent of the amounts so paid to the Issuer),
      and all liability of the Indenture Trustee or such Paying Agent with respect
      to
      such trust money shall thereupon cease; provided,
      however,
      that
      the Indenture Trustee or such Paying Agent, before being required to make any
      such repayment, shall at the expense and direction of the Issuer cause to be
      published once, in a newspaper published in the English language, customarily
      published on each Business Day and of general circulation in The City of New
      York, notice that such money remains unclaimed and that, after a date specified
      therein, which shall not be less than 30 days from the date of such publication,
      any unclaimed balance of such money then remaining will be repaid to the Issuer.
      

     

    SECTION
      3.04  Existence.
      The
      Issuer will keep in full effect its existence, rights and franchises as a trust
      under the laws of the State of Delaware (unless it becomes, or any successor
      Issuer hereunder is or becomes, organized under the laws of any other State
      or
      of the United States of America, in which case the Issuer will keep in full
      effect its existence, rights and franchises under the laws of such other
      jurisdiction) and will obtain and preserve its qualification to do business
      in
      each jurisdiction in which such qualification is or shall be necessary to
      protect the validity and enforceability of this Indenture, the Notes, the
      Collateral and each other instrument or agreement included in the Indenture
      Trust Estate.

     

    SECTION
      3.05  Protection
      of Indenture Trust Estate.
      The
      Issuer will from time to time execute and deliver all such supplements and
      amendments hereto and all such financing statements, continuation statements,
      instruments of further assurance and other instruments, and will take such
      other
      action necessary or advisable to:

     

    (i)  maintain
      or preserve the lien and security interest (and the priority thereof) of this
      Indenture or carry out more effectively the purposes hereof;

     

    (ii)  perfect,
      publish notice of or protect the validity of any Grant made or to be made by
      this Indenture;

     

    (iii)  enforce
      any of the Collateral; or

     

    (iv)  preserve
      and defend title to the Indenture Trust Estate and the rights of the Indenture
      Trustee, and the holders of the Notes in such Indenture Trust Estate against
      the
      claims of all persons and parties.

     

    The
      Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact
      to
      execute any financing statement, continuation statement or other instrument
      required to be executed pursuant to this Section.

     

    SECTION
      3.06  Opinions
      as to Indenture Trust Estate.
      (a)  On
      the Closing Date, the Issuer shall furnish to the Indenture Trustee an Opinion
      of Counsel either stating that, in the opinion of such counsel, such action
      has
      been taken with respect to the recording and filing of this Indenture, any
      indentures supplemental hereto, and any other requisite documents, and with
      respect to the execution and filing of any financing statements and continuation
      statements, as are necessary to perfect and make effective the lien and security
      interest of this Indenture and reciting the details of such action, or stating
      that, in the opinion of such counsel, no such action is necessary to make such
      lien and security interest effective.

     

      (b)  On
        or
        before April 30 in each calendar year, beginning in 200_, the Issuer shall
        furnish to the Indenture Trustee an Opinion of Counsel either stating that,
        in
        the opinion of such counsel, such action has been taken with respect to the
        recording, filing, re-recording and refiling of this Indenture, any indentures
        supplemental hereto and any other requisite documents and with respect to
        the
        execution and filing of any financing statements and continuation statements
        as
        is necessary to maintain the lien and security interest created by this
        Indenture and reciting the details of such action or stating that in the
        opinion
        of such counsel no such action is necessary to maintain such lien and security
        interest. Such Opinion of Counsel shall also describe the recording, filing,
        re-recording and refiling of this Indenture, any indentures supplemental
        hereto
        and any other requisite documents and the execution and filing of any financing
        statements and continuation statements that will, in the opinion of such
        counsel, be required to maintain the lien and security interest of this
        Indenture until April 30 in the following calendar year.

     

    SECTION
      3.07  Performance
      of Obligations; Servicing of Financed Student Loans.
      (a)  The
      Issuer will not take any action and will use its best efforts not to permit
      any
      action to be taken by others that would release any Person from any of such
      Person’s material covenants or obligations under any instrument or agreement
      included in the Indenture Trust Estate or that would result in the amendment,
      hypothecation, subordination, termination or discharge of, or impair the
      validity or effectiveness of, any such instrument or agreement, except as
      expressly provided in this Indenture or the other Basic Documents.

     

    (b)  Although
      the Issuer will contract with other Persons to assist it in performing its
      duties under this Indenture, any performance of such duties by a Person
      identified to the Indenture Trustee in an Officers’ Certificate of the Issuer
      shall be deemed to be action taken by the Issuer. Initially, the Issuer has
      contracted with the Servicers and the Administrator to assist the Issuer in
      performing its duties under this Indenture.

     

      (c)  The
        Issuer will enforce all of its rights under this Indenture and the Basic
        Documents, including, without limitation, enforcing the covenants and agreements
        of the Depositor in the Deposit and Sale Agreement (including covenants to
        the
        effect that the Depositor will enforce covenants against the Sellers under
        the
        Student Loan Purchase Agreements), and will punctually perform and observe
        all
        of its obligations and agreements contained in this Indenture, the other
        Basic
        Documents and in the instruments and agreements included in the Indenture
        Trust
        Estate, including filing or causing to be filed all UCC financing statements
        and
        continuation statements required to be filed by the terms of this Indenture
        in
        accordance with and within the time periods provided for herein and therein.
        Except as otherwise expressly provided therein, the Issuer shall not waive,
        amend, modify, supplement or terminate any Basic Document or any provision
        thereof without the consent of the Indenture Trustee and the Interested
        Noteholders holding a majority of the Outstanding Amount of the related Classes
        of Notes.

     

      (d)  If
        the
        Issuer shall have knowledge of the occurrence of a Servicer Default, an
        Administrator Default or a Back-up Administrator Default, the Issuer shall
        promptly notify the Indenture Trustee and the Rating Agencies thereof, and
        shall
        specify in such notice the action, if any, the Issuer is taking with respect
        to
        such default. If a Servicer Default shall arise from the failure of a Servicer
        to perform any of its duties or obligations under the Servicing Agreement,
        or an
        Administrator Default shall arise from the failure of the Administrator to
        perform any of its duties or obligations under the Administration Agreement,
        or
        a Back-up Administrator Default shall arise from the failure of the Back-up
        Administrator to perform any of its duties or obligations under the Back-up
        Administration Agreement, as the case may be, with respect to the Financed
        Student Loans, the Issuer shall take all reasonable steps available to it
        to
        enforce its rights under the Basic Documents in respect of such
        failure.

     

      (e)  Upon
        any
        partial or complete termination of a Servicer’s rights and powers pursuant to a
        Servicing Agreement, or any termination of the Administrator’s rights and powers
        pursuant to the Administration Agreement, or any termination of the Back-up
        Administrator’s rights and powers pursuant to the Back-up Administration
        Agreement, as the case may be, the Issuer shall promptly notify the Indenture
        Trustee and the Rating Agencies. As soon as a successor Servicer, a successor
        Administrator, or a successor Back-up Administrator is appointed, the Issuer
        shall notify the Indenture Trustee and the Rating Agencies of such appointment,
        specifying in such notice the name and address of such Successor Servicer,
        such
        Successor Administrator or such Back-up Administrator.

     

      (f)  Without
        derogating from the absolute nature of the assignment granted to the Indenture
        Trustee under this Indenture or the rights of the Indenture Trustee hereunder,
        the Issuer agrees that it will not, without the prior written consent of
        the
        Indenture Trustee and the Interested Noteholders holding a majority of the
        Outstanding Amount of the Related Classes of Notes, amend, modify, waive,
        supplement, terminate or surrender, or agree to any amendment, modification,
        supplement, termination, waiver or surrender of, the terms of any Collateral
        or
        the Basic Documents, except to the extent otherwise provided therein, or
        waive
        timely performance or observance by a Servicer, the Administrator, the Back-up
        Administrator, the Depositor, the Issuer or the Owner Trustee under the Basic
        Documents; provided,
        however,
        that no
        such amendment shall (i) increase or reduce in any manner the amount of,
        or
        accelerate or delay the timing of, collections of payments with respect to
        Student Loans or distributions that shall be required to be made for the
        benefit
        of the holders of Notes, (ii) amend the aforesaid percentage of the Outstanding
        Amount of the related Class or Classes of Notes, which are required to consent
        to any such amendment, without the consent of all outstanding holders of
        all
        Classes of Notes affected by such amendment. If any such amendment,
        modification, supplement or waiver shall be so consented to by the Indenture
        Trustee and such holders of the Notes, the Issuer agrees, promptly following
        a
        request by the Indenture Trustee to do so, to execute and deliver, in its
        own
        name and at its own expense, such agreements, instruments, consents and other
        documents as the Indenture Trustee may deem necessary or appropriate in the
        circumstances.

     

    SECTION
      3.08  Negative
      Covenants.
      So long
      as any Notes are Outstanding, the Issuer shall not:

     

    (i)  except
      as
      expressly permitted by this Indenture or any other Basic Document, sell,
      transfer, exchange or otherwise dispose of any of the properties or assets
      of
      the Issuer, including those included in the Indenture Trust Estate, unless
      directed to do so by the Indenture Trustee pursuant to the terms hereof;

     

    (ii)  claim
      any
      credit on, or make any deduction from the principal or interest payable in
      respect of, the applicable Notes (other than amounts properly withheld from
      such
      payments under the Code or applicable state law) or assert any claim against
      any
      present or former holder of the Notes by reason of the payment of the taxes
      levied or assessed upon any part of the Indenture Trust Estate; or

     

      (iii)  (A) permit
        the validity or effectiveness of this Indenture to be impaired, or permit
        the
        lien of this Indenture to be amended, hypothecated, subordinated, terminated
        or
        discharged, or permit any Person to be released from any covenants or
        obligations with respect to the Notes under this Indenture except as may
        be
        expressly permitted hereby or thereby, (B) permit any lien, charge, excise,
        claim, security interest, mortgage or other encumbrance (other than the lien
        of
        this Indenture) to be created on or extend to or otherwise arise upon or
        burden
        the Indenture Trust Estate or any part thereof or any interest therein or
        the
        proceeds thereof (other than tax liens and other liens that arise by operation
        of law, in each case arising solely as a result of an action or omission
        of the
        related Obligor, and other than as expressly permitted by the Basic Documents)
        or (C) permit the lien of this Indenture not to constitute a valid first
        priority (other than with respect to any such tax or other lien) security
        interest in the Indenture Trust Estate.

     

    SECTION
      3.09  Annual
      Statement as to Compliance.
      The
      Issuer will deliver to the Indenture Trustee, on or before ___________ 15 of
      each year, commencing ____________ 15, 20__, an Officers’ Certificate of the
      Issuer stating that:

     

    (i)  a
      review
      of the activities of the Issuer during the previous calendar year and of
      performance under this Indenture has been made under such Authorized Officers’
supervision; and

     

    (ii)  to
      the
      best of such Authorized Officers’ knowledge, based on such review, the Issuer
      has complied with all conditions and covenants under this Indenture throughout
      such year, or, if there has been a default in the compliance of any such
      condition or covenant, specifying each such default known to such Authorized
      Officers and the nature and status thereof.

     

    SECTION
      3.10  Issuer
      May Consolidate, etc., Only on Certain Terms.
      (a)  The
      Issuer shall not consolidate or merge with or into any other Person
      unless:

     

      (i)  the
        Person (if other than the Issuer) formed by or surviving such consolidation
        or
        merger shall be a Person organized and existing under the laws of the United
        States of America or any State and shall expressly assume, by an indenture
        supplemental hereto, executed and delivered to the Indenture Trustee, in
        form
        satisfactory to the Indenture Trustee, the due and punctual payment of the
        principal of and interest on each Class of Notes, and the performance or
        observance of every agreement and covenant of this Indenture and the other
        Basic
        Documents on the part of the Issuer to be performed or observed, all as provided
        herein and therein;

     

    (ii)  immediately
      after giving effect to such transaction, no Default shall have occurred and
      be
      continuing;

     

    (iii)  the
      Rating Agency Condition shall have been satisfied with respect to such
      transaction;

     

    (iv)  the
      Issuer shall have received an Opinion of Counsel (and shall have delivered
      copies thereof to the Indenture Trustee) to the effect that such transaction
      will not have any material adverse Federal tax consequence to the Issuer, any
      holder of the Notes or any holder of the Certificates;

     

    (v)  any
      action as is necessary to maintain the lien and security interest created by
      this Indenture shall have been taken; and

     

    (vi)  the
      Issuer shall have delivered to the Indenture Trustee an Officers’ Certificate of
      the Issuer and an Opinion of Counsel each stating that such consolidation or
      merger and such supplemental indenture comply with this Article III and that
      all
      conditions precedent herein provided for relating to such transaction have
      been
      complied with.

     

    (b)  The
      Issuer shall not convey or transfer all or substantially all its properties
      or
      assets, including those included in the Indenture Trust Estate, to any Person
      unless:

     

      (i)  the
        Person that acquires by conveyance or transfer the properties and assets
        of the
        Issuer the conveyance or transfer of which is hereby restricted shall (A)
        be a
        United States citizen or a Person organized and existing under the laws of
        the
        United States of America or any State, (B) expressly assume, by an indenture
        supplemental hereto, executed and delivered to the Indenture Trustee, in
        form
        satisfactory to the Indenture Trustee, the due and punctual payment of the
        principal of and interest on each Class of Notes and the performance or
        observance of every agreement and covenant of this Indenture and the other
        Basic
        Documents on the part of the Issuer to be performed or observed, all as provided
        herein and therein, (C) expressly agree by means of such supplemental indenture
        that all right, title and interest so conveyed or transferred shall be subject
        and subordinate to the rights of holders of the Notes and (D) unless otherwise
        provided in such supplemental indenture, expressly agree to indemnify, defend
        and hold harmless the Issuer against and from any loss, liability or expense
        arising under or related to this Indenture and the Notes;

     

    (ii)  immediately
      after giving effect to such transaction, no Default shall have occurred and
      be
      continuing;

     

    (iii)  the
      Rating Agency Condition shall have been satisfied with respect to such
      transaction;

     

    (iv)  the
      Issuer shall have received an Opinion of Counsel (and shall have delivered
      copies thereof to the Indenture Trustee) to the effect that such transaction
      will not have any material adverse Federal tax consequence to the Issuer, any
      holder of the Notes or any holder of the Certificates;

     

    (v)  any
      action as is necessary to maintain the lien and security interest created by
      this Indenture shall have been taken; and

     

    (vi)  the
      Issuer shall have delivered to the Indenture Trustee an Officers’ Certificate of
      the Issuer and an Opinion of Counsel each stating that such conveyance or
      transfer and such supplemental indenture comply with this Article III and that
      all conditions precedent herein provided for relating to such transaction have
      been complied with.

     

    SECTION
      3.11  Successor
      or Transferee.
      (a)  Upon
      any consolidation or merger of the Issuer in accordance with Section 3.10(a),
      the Person formed by or surviving such consolidation or merger (if other than
      the Issuer) shall succeed to, and be substituted for, and may exercise every
      right and power of, the Issuer under this Indenture with the same effect as
      if
      such Person had been named as the Issuer herein.

     

    (b)  Upon
      a
      conveyance or transfer of all the assets and properties of the Issuer pursuant
      to Section 3.10(b), The National Collegiate Student Loan Trust 200_-_ will
      be released from every covenant and agreement of this Indenture to be observed
      or performed on the part of the Issuer with respect to the Notes immediately
      upon the delivery by the Issuer of written notice to the Indenture Trustee
      stating that The National Collegiate Student Loan Trust 200_-_ is to be so
      released.

     

    SECTION
      3.12  No
      Other Business.
      The
      Issuer shall not engage in any business other than financing, purchasing,
      owning, selling and servicing the Financed Student Loans and making Additional
      Fundings in the manner contemplated by this Indenture and the other Basic
      Documents and activities incidental thereto.

     

    SECTION
      3.13  No
      Borrowing.
      The
      Issuer shall not issue, incur, assume, guarantee or otherwise become liable,
      directly or indirectly, for any indebtedness except for the Notes.

     

      SECTION
        3.14  Disposing
        of Financed Student Loans.
        Other
        than pursuant to Article V, Financed Student Loans may only be sold,
        transferred, exchanged or otherwise disposed of by the Indenture Trustee
        free
        from the lien of this Indenture (i) for transfer to a Guarantee Agency pursuant
        to the terms of the applicable Guarantee Agreement; (ii) to a Seller or the
        Depositor in accordance with the applicable Student Loan Purchase Agreement
        or
        the Deposit and Sale Agreement; or (iii) to a Servicer in and, in each case,
        if
        the Indenture Trustee is provided with the following:

     

      (a)  an
        Issuer
        Order stating the sale price and directing that Financed Student Loans be
        sold,
        transferred or otherwise disposed of and delivered to a transferee whose
        name
        shall be specified; and

     

      (b)  a
        certificate signed by an Authorized Officer of the Issuer to the effect that
        the
        disposition price is equal to or in excess of the amount required by the
        applicable Guarantee Agreement in the case of clause (i), by the applicable
        Student Loan Purchase Agreement in the case of clause (ii), or by the applicable
        Servicing Agreement in the case of clause (iii).

     

      Subject
        to the provisions of this Indenture and except for sales of Financed Student
        Loans pursuant to this Section 3.14, the Indenture Trustee shall release
        property from the lien of this Indenture only upon receipt of an Issuer Order,
        an Opinion of Counsel and independent certificates in accordance with TIA
        Sections 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such
        independent certificates to the effect that the TIA does not require any
        such
        independent certificates.

     

      Each
        Noteholder, by the acceptance of a Note, acknowledges that from time to time
        the
        Indenture Trustee shall release the lien of this Indenture on any Financed
        Student Loan to be sold pursuant to this Section 3.14, and each Noteholder,
        by
        the acceptance of a Note, consents to any such release.

     

      The
        Indenture Trustee, as a third-party beneficiary under the Student Loan Purchase
        Agreements entered into by the Depositor, who has assigned its entire right,
        title and interest in such Student Loan Purchase Agreements to the Issuer
        pursuant to the terms of the Deposit and Sale Agreement, shall have the right
        to
        request the repurchase of loans by the applicable Seller or the Depositor,
        as
        the case may be, together with any indemnity payments due thereunder upon
        the
        conditions and subject to the provisions contained in the Student Loan Purchase
        Agreements. The Indenture Trustee shall make such a request to the applicable
        Seller under the related Student Loan Purchase Agreement or the Depositor
        under
        the Deposit and Sale Agreement, as the case may be, to repurchase and, as
        the
        case may be, pay any indemnity amounts due with respect to certain specific
        loans pursuant to the Student Loan Purchase Agreements or the Deposit and
        Sale
        Agreement, as applicable, if (i) a Responsible Officer of the Indenture Trustee
        has actual knowledge that the conditions precedent to such a repurchase or
        indemnity obligation with respect to such loans have been satisfied; (ii)
        the
        Indenture Trustee has notified the Issuer in writing that such conditions
        have
        been satisfied; and (iii) the Issuer has not exercised its right to request
        the
        repurchase or indemnity of the applicable loans by the applicable Seller
        or the
        Depositor, as the case may be, within 10 days after receiving written notice
        from the Indenture Trustee.

     

      SECTION
        3.15  Guarantees,
        Loans, Advances and Other Liabilities.
        Except
        as contemplated by this Indenture or the other Basic Documents, the Issuer
        shall
        not make any loan or advance or credit to, or guarantee (directly or indirectly
        or by an instrument having the effect of assuring another’s payment or
        performance on any obligation or capability of so doing or otherwise), endorse
        or otherwise become contingently liable, directly or indirectly, in connection
        with the obligations, stocks or dividends of, or own, purchase, repurchase
        or
        acquire (or agree contingently to do so) any stock, obligations, assets or
        securities of, or any other interest in, or make any capital contribution
        to,
        any other Person.

     

    SECTION
      3.16  Capital
      Expenditures.
      The
      Issuer shall not make any expenditure (by long-term or operating lease or
      otherwise) for capital assets (either realty or personalty).

     

      SECTION
        3.17  Restricted
        Payments.
        The
        Issuer shall not, directly or indirectly, (i) pay any dividend or make any
        distribution (by reduction of capital or otherwise), whether in cash, property,
        securities or a combination thereof, to the Owner Trustee or any owner of
        a
        beneficial interest in the Issuer or otherwise with respect to any ownership
        or
        equity interest or security in or of the Issuer or to the Depositor, a Servicer,
        the Administrator or the Back-up Administrator, (ii) redeem, purchase,
        retire or otherwise acquire for value any such ownership or equity interest
        or
        security or (iii) set aside or otherwise segregate any amounts for any such
        purpose; provided,
        however,
        that
        the Issuer may make, or cause to be made, distributions to such persons as
        contemplated by, and to the extent funds are available for such purpose under,
        this Indenture and the other Basic Documents. The Issuer will not, directly
        or
        indirectly, make payments to or distributions from the Collection Account
        except
        in accordance with this Indenture and the other Basic
        Documents.

     

      SECTION
        3.18  Notice
        of Events of Default.
        The
        Issuer shall give the Indenture Trustee and the Rating Agencies prompt written
        notice of each Event of Default hereunder and each default on the part of
        a
        Servicer of its obligations under a Servicing Agreement or the Administrator
        of
        its obligations under the Administration Agreement. In addition, the Issuer
        shall deliver to the Indenture Trustee, within five days after the occurrence
        thereof, written notice in the form of an Officers’ Certificate of the Issuer of
        any event which with the giving of notice and the lapse of time would become
        an
        Event of Default under Section 5.01(iii), its status and what action the
        Issuer is taking or proposes to take with respect thereto.

     

      SECTION
        3.19  Further
        Instruments and Acts.
        Upon
        request of the Indenture Trustee (acting at the direction of the Interested
        Noteholders representing not less than a majority of the Outstanding Amount
        of
        the applicable Classes of Notes), the Issuer will execute and deliver such
        further instruments and do such further acts as may be reasonably necessary
        or
        proper to carry out more effectively the purpose of this
        Indenture.

     

      SECTION
        3.20  Additional
        Covenants.
        The
        Issuer covenants that it will acquire or cause to be acquired Student Loans
        as
        described herein. The Noteholders shall not in any circumstances be deemed
        to be
        the owner or holder of the Financed Student Loans.

     

    The
      Issuer, or its designated agent, shall be responsible for each of the following
      actions:

     

    (a) The
      Issuer, or its designated agent, shall cause the benefits of the Guarantee
      Agreements to flow to the Indenture Trustee.

     

      (b) The
        Indenture Trustee shall have no obligation to administer, service or collect
        the
        loans in the Indenture Trust Estate or to maintain or monitor the
        administration, servicing or collection of such loans.

     

      (c) The
        Issuer shall comply with all United States statutes, rules and regulations
        which
        apply to the Student Loan Programs, the Program Manual and the Student
        Loans.

     

      (d) The
        Issuer shall cause to be diligently enforced and taken all reasonable steps,
        actions and proceedings necessary for the enforcement of all terms, covenants
        and conditions of all Financed Student Loans made and agreements in connection
        therewith, including the prompt payment of all principal and interest payments
        and all other amounts due the Issuer thereunder. The Issuer shall not permit
        the
        release of the obligations of any borrower under any Financed Student Loan
        and
        shall at all times, to the extent permitted by law, cause to be defended,
        enforced, preserved and protected the rights and privileges of the Issuer,
        the
        Indenture Trustee and of the Noteholders under or with respect to each Financed
        Student Loan and agreement in connection therewith.

     

      (e) The
        Issuer shall take all appropriate action to ensure that at the time each
        Student
        Loan becomes a part of the Indenture Trust Estate it shall be free and clear
        from all liens.

     

      (f) The
        Issuer shall diligently enforce, and take all steps, actions and proceedings
        reasonably necessary to protect its rights with respect to each Financed
        Student
        Loan, and to maintain any guarantee (including the Guarantee issued by TERI)
        on
        and to enforce all terms, covenants and conditions of Financed Student Loans,
        including its rights and remedies under the Deposit and Sale Agreement and
        the
        TERI Pledge Fund.

     

    The
      Trustee shall not be deemed to be the designated agent for the purposes of
      this
      Section unless it has agreed in writing to be such agent.

     

    SECTION
      3.21  Covenant
      Regarding Financed Student Loans.
      The
      Issuer hereby covenants that all Student Loans to be acquired hereunder will
      meet the following:

     

    (a) Each
      Student Loan is evidenced by an executed promissory note, which note is a valid
      and binding obligation of the Obligor, enforceable by or on behalf of the holder
      thereof in accordance with its terms, subject to bankruptcy, insolvency and
      other laws relating to or affecting creditors’ rights.

     

    (b) The
      amount of the unpaid principal balance of each Student Loan is due and owing,
      and no counterclaim, offset, defense or right to rescission exists with respect
      to any such Student Loan which can be asserted and maintained or which, with
      notice, lapse of time, or the occurrence or failure to occur of any act or
      event, could be asserted and maintained by the Obligor against the Issuer as
      assignee thereof. The Issuer shall take all reasonable actions to assure that
      no
      maker of a Student Loan has or may acquire a defense to the payment
      thereof.

     

    (c) No
      Student Loan has a payment that is more than 90 days overdue other than such
      Student Loans that, in the aggregate, do not exceed 1.00% of the then aggregate
      outstanding principal amount of the Student Loans.

     

    (d) The
      Issuer has full right, title and interest in each Student Loan free and clear
      of
      all liens, pledges or encumbrances whatsoever.

     

    (e) Each
      Student Loan was made in compliance with all applicable state and federal laws,
      rules and regulations, including, without limitation, all applicable
      nondiscrimination, truth-in-lending, consumer credit and usury
      laws.

     

      (f)
        All
        loan documentation shall be delivered to the applicable Servicer (as custodian
        for the Indenture Trustee) prior to payment of the purchase price of such
        Student Loan.

     

    (g) Each
      Student Loan is accruing interest (whether or not such interest is being paid
      currently by the borrower or is being capitalized), except as otherwise
      expressly permitted by this Indenture.

     

    (h) Each
      Student Loan was originated in conformity with the “loan acceptance criteria”
(including, without limitation, any general policies, eligible borrower
      criteria, creditworthiness criteria and “good credit” criteria) and the “loan
      program terms” (including, without limitation, the loan amount, the interest
      rate and the guaranty fee) (or any similar criteria or terms, however so
      designated, under the applicable Program Manual) contained in the Program Manual
      and otherwise, in substantial conformity with the Program Manual.

     

    (i) Each
      Student Loan is guaranteed by a Guarantee Agency.

     

    SECTION
      3.22  Additional
      Representations of the Issuer.
      The
      Issuer hereby makes the following representations and warranties to the
      Indenture Trustee, on behalf of the Noteholders:

     

      (a) Valid
        and Continuing Security Interest.
        This
        Indenture creates a valid and continuing security interest (as defined in
        the
        applicable Uniform Commercial Code (“UCC”) in effect in the State of Delaware)
        in the Financed Student Loans and all other assets constituting part of the
        Indenture Trust Estate in favor of the Indenture Trustee, which security
        interest is prior to all other liens, charges, security interests, mortgages
        or
        other encumbrances, and is enforceable as such as against creditors of and
        purchasers from the Issuer.

     

    (b) Accounts.
      The
      Financed Student Loans constitute “accounts” or “payment intangibles” within the
      meaning of the applicable UCC.

     

      (c) Good
        and Marketable Title.
        The
        Issuer owns and has good and marketable title to the Financed Student Loans
        and
        all other assets constituting part of the Indenture Trust Estate free and
        clear
        of any lien, charge, security interest, mortgage or other encumbrance, claim
        or
        encumbrance of any Person, other that those granted pursuant to this
        Indenture.

     

      (d) Perfection
        by Filing.
        The
        Issuer has caused or will have caused, within ten days of the Closing Date,
        the
        filing of all appropriate financing statements in the proper filing office
        in
        the appropriate jurisdictions under applicable law in order to perfect the
        security interest in the Financed Student Loans and all other assets of the
        Indenture Trust Estate granted to the Trustee hereunder.

     

      (e) Perfection
        by Possession.
        The
        Issuer has given the Indenture Trustee a copy of a written acknowledgment
        from
        the applicable custodian that such custodian is holding executed copies of
        the
        promissory notes and master promissory notes that constitute or evidence
        the
        Financed Student Loans, and that such custodian is holding such notes solely
        on
        behalf and for the benefit of the Indenture Trustee.

     

      (f) Priority.
        Other
        than the security interest granted to the Indenture Trustee pursuant to this
        Indenture, the Issuer has not pledged, assigned, sold, granted a security
        interest in, or otherwise conveyed any of the Financed Student Loans or any
        other portion of the Indenture Trust Estate. The Issuer has not authorized
        the
        filing of and is not aware of any financing statements against the Issuer
        that
        include a description of collateral covering the Financed Student Loans or
        any
        other portion of the Indenture Trust Estate other than any financing statement
        relating to the security interest granted to the Indenture Trustee hereunder
        or
        that has been terminated. The Issuer is not aware of any judgment or tax
        lien
        filings against the Issuer.

     

    (g) Valid
      Business Reasons; No Fraudulent Transfers.
      The
      transactions contemplated by this Indenture are in the ordinary course of the
      Issuer’s business and the Issuer has valid business reasons for granting the
      Indenture Trust Estate pursuant to this Indenture. At the time of each such
      grant: (i) the Issuer granted the Indenture Trust Estate to the Indenture
      Trustee without any intent to hinder, delay, or defraud any current or future
      creditor of the Issuer; (ii) the Issuer was not insolvent and did not become
      insolvent as a result of any such grant; (iii) the Issuer was not engaged and
      was not about to engage in any business or transaction for which any property
      remaining with such entity was an unreasonably small capital or for which the
      remaining assets of such entity are unreasonably small in relation to the
      business of such entity or the transaction; (iv) the Issuer did not intend
      to
      incur, and did not believe or should not have reasonably believed, that it
      would
      incur, debts beyond its ability to pay as they become due; and (v) the
      consideration paid received by the Issuer for the grant of the Indenture Trust
      Estate was reasonably equivalent to the value of the related grant.

     

    SECTION
      3.23  Issuer
      Separateness Covenants.
      So long
      as any of the Notes are Outstanding:

     

      (a) The
        Issuer shall not engage in any business or activity other than in connection
        with the activities contemplated hereby and in the Basic Documents, and in
        connection with the issuance of Notes.

     

    (b) The
      funds
      and other assets of the Issuer shall not be commingled with those of any other
      individual, corporation, estate, partnership, joint venture, association, joint
      stock company, trust, unincorporated organization, or government or any agency
      or political subdivision thereof.

     

    (c) The
      Issuer shall not be, become or hold itself out as being liable for the debts
      of
      any other party.

     

    (d) The
      Issuer shall not form, or cause to be formed, any subsidiaries.

     

    (e) The
      Issuer shall act solely in its own name and through its duly authorized officers
      or agents in the conduct of its business, and shall conduct its business so
      as
      not to mislead others as to the identity of the entity with which they are
      concerned.

     

      (f) The
        Issuer shall maintain its records and books of account and shall not commingle
        its records and books of account with the records and books of account of
        any
        other Person. The books of the Issuer may be kept (subject to any provision
        contained in the statutes) inside or outside the State of Delaware at such
        place
        or places as may be designated from time to time by the board of trustees
        or in
        the bylaws of the Issuer.

     

    (g) All
      actions of the Issuer shall be taken by a duly authorized officer or agent
      of
      the Issuer.

     

    (h) The
      Issuer shall not amend, alter, change or repeal any provision contained in
      this
      Section without (i) the prior written consent of the Indenture Trustee, and
      (ii) satisfying the Rating Agency Condition.

     

    (i) The
      Issuer shall not amend its organizational documents or change its jurisdiction
      of formation without first satisfying the Rating Agency Condition.

     

    (j) All
      audited financial statements of the Issuer that are consolidated with those
      of
      any Affiliate thereof will contain detailed notes clearly stating that
      (i) all of the Issuer’s assets are owned by the Issuer, and (ii) the
      Issuer is a separate entity with creditors who have received ownership and/or
      security interests in the Issuer’s assets.

     

    (k) The
      Issuer will strictly observe legal formalities in its dealings with any of
      its
      Affiliates, and funds or other assets of the Issuer will not be commingled
      with
      those of any of its Affiliates. The Issuer shall not maintain joint bank
      accounts or other depository accounts to which any of its Affiliates has
      independent access. None of the Issuer’s funds will at any time be pooled with
      the funds of any of its Affiliates.

     

    (l) The
      Issuer will maintain an arm’s length relationship with each Seller (and any
      Affiliate thereof), the Depositor (and any Affiliate thereof), and any of the
      Issuer’s Affiliates. Any Person that renders or otherwise furnishes services to
      the Issuer will be compensated by the Issuer at market rates for such services
      it renders or otherwise furnishes to the Issuer except as otherwise provided
      in
      this Indenture. The Issuer will not hold itself out to be responsible for the
      debts of the Seller, or the Depositor, the parent or the decisions or actions
      respecting the daily business and affairs of the Seller, the Depositor or the
      parent.

     

      (m) The
        Issuer shall not sell, transfer, exchange or otherwise dispose of any portion
        of
        the Indenture Trust Estate except as expressly permitted by this
        Indenture.

     

      (n) The
        Issuer shall not claim any credit on, or make any deduction from, the principal
        amount of any of the Notes by reason of the payment of any taxes levied or
        assessed upon any portion of the Indenture Trust Estate.

     

    (o) The
      Issuer shall not permit the validity or effectiveness of this Indenture or
      any
      grant hereunder to be impaired, or permit the lien of this Indenture to be
      amended, hypothecated, subordinated, terminated or discharged, or permit any
      Person to be released from any covenants or obligations under this Indenture,
      except as may be expressly permitted hereby.

     

    SECTION
      3.24  Reports
      by Issuer.
      The
      Issuer will:

     

    (a)  File
      with
      the Indenture Trustee, within 15 days after the Issuer is required to file
      the same with the SEC, copies of the annual reports and of the information,
      documents and other reports (or copies of such portions of any of the foregoing
      as the SEC may from time to time by rules and regulations prescribe), if any,
      which the Issuer may be required to file with the SEC pursuant to
      Section 13 or Section 15(d) of the Exchange Act;

     

    (b)  File
      with
      the Indenture Trustee and the SEC, in accordance with rules and regulations
      prescribed from time to time by the SEC, such additional information, documents
      and reports, if any, with respect to compliance by the Issuer with the
      conditions and covenants of this Indenture as may be required from time to
      time
      by such rules and regulations; and

     

    (c)  Transmit
      by mail to the Noteholders, within 30 days after the filing thereof with
      the Indenture Trustee, in the manner and to the extent provided in TIA
      Section 313(c), such summaries of any information, documents and reports
      required to be filed by the Issuer, if any, pursuant to Section 3.24(a) and
      (b) as may be required by rules and regulations prescribed from time to time
      by
      the SEC.

     

    The
      Indenture Trustee may conclusively rely and accept such reports from the Issuer
      as fulfilling the requirements of this Section 3.24, with no further duty
      to examine such reports or to determine whether such reports comply with the
      prescribed timing, rules and regulations of the SEC. Delivery of such reports
      to
      the Indenture Trustee is for informational purposes only and the Indenture
      Trustee’s receipt of such shall not constitute constructive notice of any
      information contained therein or determinable from information contained
      therein, including the Issuer’s compliance with any of its covenants hereunder
      (as to which the Indenture Trustee is entitled to rely on an Officers’
Certificate).

     

    ARTICLE
      IV

     

    Satisfaction
      and Discharge

     

    SECTION
      4.01  Satisfaction
      and Discharge of Indenture.
      This
      Indenture shall cease to be of further effect with respect to the Notes except
      as to (i) rights of registration of transfer and exchange, (ii) substitution
      of
      mutilated, destroyed, lost or stolen Notes, (iii) rights of holders of the
      Notes
      to receive payments of principal thereof and interest thereon, (iv) Sections
      3.03, 3.04, 3.05, 3.08, 3.10, 3.12 and 3.13, (v) the rights, obligations and
      immunities of the Indenture Trustee hereunder (including the rights of the
      Indenture Trustee under Section 6.07 and the obligations of the Indenture
      Trustee under Section 4.02) and (vi) the rights of holders of the Notes, as
      beneficiaries hereof with respect to the property so deposited with the
      Indenture Trustee payable to all or any of them, and the Indenture Trustee,
      on
      demand of and at the expense of the Issuer, shall execute proper instruments
      acknowledging satisfaction and discharge of this Indenture with respect to
      the
      Notes, when:

     

    (A)  a
      period
      of 367 days has expired after all Notes theretofore authenticated and delivered
      (other than (i) Notes that have been destroyed, lost or stolen and that have
      been replaced or paid as provided in Section 2.05 and (ii) Notes for whose
      payment money has theretofore been deposited in trust or segregated and held
      in
      trust by the Issuer and thereafter repaid to the Issuer or discharged from
      such
      trust, as provided in Section 3.03) have been delivered to the Indenture Trustee
      for cancellation;

     

    (B)  a
      period
      of 367 days has expired after the later of (i) the date on which no Notes are
      outstanding or (ii) the date on which the Issuer has paid or caused to be paid
      all other sums otherwise payable hereunder by the Issuer; and

     

    (C)  the
      Issuer has delivered to the Indenture Trustee an Officers’ Certificate of the
      Issuer and an Opinion of Counsel, each meeting the applicable requirements
      of
      Section 11.01 and, subject to Section 11.02, each stating that all conditions
      precedent herein provided for relating to the satisfaction and discharge of
      this
      Indenture have been complied with.

     

    SECTION
      4.02  Application
      of Trust Money.
      All
      moneys deposited with the Indenture Trustee pursuant to Section 4.01 hereof
      shall be held in trust and applied by it, in accordance with the provisions
      of
      the Notes and this Indenture, to the payment, either directly or through any
      Paying Agent, as the Indenture Trustee may determine, to the holders of the
      particular Notes for the payment of which such moneys have been deposited with
      the Indenture Trustee, of all sums due and to become due thereon for principal
      of and interest on each Class of Notes; but such moneys need not be segregated
      from other funds except to the extent required herein or required by
      law.

     

    SECTION
      4.03  Repayment
      of Moneys Held by Paying Agent.
      In
      connection with the satisfaction and discharge of this Indenture with respect
      to
      the Notes, all moneys then held by any Paying Agent other than the Indenture
      Trustee under the provisions of this Indenture with respect to such Notes shall,
      upon demand of the Issuer, be paid to the Indenture Trustee to be held and
      applied according to Section 3.03 and thereupon such Paying Agent shall be
      released from all further liability with respect to such moneys.

     

    ARTICLE
      V

     

    Remedies

     

    SECTION
      5.01  Events
      of Default.
“Event
      of Default”, wherever used herein, means any one of the following events
      (whatever the reason for such Event of Default and whether it shall be voluntary
      or involuntary or be effected by operation of law or pursuant to any judgment,
      decree or order of any court or any order, rule or regulation of any
      administrative or governmental body):

     

      (i)  default
        in the payment of any interest on any Note when the same becomes due and
        payable, and such default shall continue for a period of three (3) Business
        Days
        (provided, however, so long as (x) any of the Class A Notes
        are outstanding, each holder of any Class B Note, Class C Note or Class D
        Note
        or the Note Owner of any such Class B Note, Class C Note or Class D Note
        by such
        holder’s acceptance of such Class B Note, Class C Note or Class D Note or
        beneficial interest therein, as the case may be, shall be deemed to have
        consented to the delay in payment of interest on such Class B Note, Class
        C Note
        or Class D Note and to have waived its right to institute suit for enforcement
        of any such payment, (y) any of the Class B Notes are outstanding, each holder
        of any Class C Note or Class D Note or the Note Owner of any such Class C
        Note
        or Class D Note by such holder’s acceptance of such Class C Note or Class D Note
        or beneficial interest therein, as the case may be, shall be deemed to have
        consented to the delay in payment of interest on such Class C Note or Class
        D
        Note and to have waived its right to institute suit for enforcement of any
        such
        payment or (z) any of the Class C Notes are outstanding, each holder of any
        Class D Note or the Note Owner of any such Class D Note by such holder’s
        acceptance of such Class D Note or beneficial interest therein, as the case
        may
        be, shall be deemed to have consented to the delay in payment of interest
        on
        such Class D Note and to have waived its right to institute suit for enforcement
        of any such payment); or

     

      (ii)  default
        in the payment of the principal of any Note (other than the Class A-IO Notes)
        (x) when the same becomes due and payable (but only to the extent there exists
        sufficient Available Funds, therefor), or (y) on the Final Maturity Date
        with
        respect thereto; or

     

    (iii)  default
      in the observance or performance of any covenant or agreement of the Issuer
      made
      in this Indenture or any other Basic Document (other than a covenant or
      agreement, a default in the observance or performance of which is elsewhere
      in
      this Section specifically dealt with), or any representation or warranty of
      the
      Issuer made in this Indenture or any other Basic Document or in any certificate
      or other writing delivered pursuant hereto or in connection herewith proving
      to
      have been incorrect in any material respect as of the time when the same shall
      have been made, and such default shall continue or not be cured, or the
      circumstance or condition in respect of which such misrepresentation or warranty
      was incorrect shall not have been eliminated or otherwise cured, for a period
      of
      30 days after there shall have been given, by registered or certified mail,
      to
      the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee
      by the Interested Noteholders, representing not less than 25% of the Outstanding
      Amount of the applicable Classes of Notes; a written notice specifying such
      default or incorrect representation or warranty and requiring it to be remedied
      and stating that such notice is a notice of Default hereunder; or

     

    (iv)  the
      filing of a decree or order for relief by a court having jurisdiction in the
      premises in respect of the Issuer or any substantial part of the Indenture
      Trust
      Estate in an involuntary case under any applicable Federal or state bankruptcy,
      insolvency or other similar law now or hereafter in effect, or appointing a
      receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
      official of the Issuer or for any substantial part of the Indenture Trust
      Estate, or ordering the winding-up or liquidation of the Issuer’s affairs, and
      such decree or order shall remain unstayed and in effect for a period of
      60 consecutive days; or

     

    (v)  the
      commencement by the Issuer of a voluntary case under any applicable Federal
      or
      state bankruptcy, insolvency or other similar law now or hereafter in effect,
      or
      the consent by the Issuer to the entry of an order for relief in an involuntary
      case under any such law, or the consent by the Issuer to the appointment or
      taking possession by a receiver, liquidator, assignee, custodian, trustee,
      sequestrator or similar official of the Issuer or for any substantial part
      of
      the Indenture Trust Estate, or the making by the Issuer of any general
      assignment for the benefit of creditors, or the failure by the Issuer generally
      to pay its debts as such debts become due, or the taking of action by the Issuer
      in furtherance of any of the foregoing.

     

      SECTION
        5.02  Acceleration
        of Maturity; Rescission and Annulment.
        If an
        Event of Default should occur and be continuing, then and in every such case
        the
        Indenture Trustee at the written direction of the Interested Noteholders
        representing not less than a majority of the Outstanding Amount of the
        applicable Classes of Notes, shall declare all the Notes to be immediately
        due
        and payable, by a notice in writing to the Issuer (and to the Indenture Trustee
        if given by the holders of the Notes), and upon any such declaration the
        unpaid
        principal amount of the Notes, together with accrued and unpaid interest
        thereon
        through the date of acceleration, shall become immediately due and
        payable.

     

    At
      any
      time after such declaration of acceleration of maturity has been made and before
      a judgment or decree for payment of the money due has been obtained by the
      Indenture Trustee as hereinafter in this Article V provided, the Interested
      Noteholders representing not less than a majority of the Outstanding Amount
      of
      the applicable Classes of Notes, by written notice to the Issuer and the
      Indenture Trustee, may rescind and annul such declaration and its consequences
      if:

     

    (i)  the
      Issuer has paid or deposited with the Indenture Trustee a sum sufficient to
      pay:

     

    (A)  all
      payments of principal of and interest on all Notes, and all other amounts that
      would then be due hereunder or upon such Notes if the Event of Default giving
      rise to such acceleration had not occurred;

     

    (B)  all
      sums
      paid or advanced by the Indenture Trustee hereunder and the reasonable
      compensation, expenses, disbursements and advances of the Indenture Trustee
      and
      its agents and counsel; and

     

    (ii)  all
      Events of Default, other than the nonpayment of the principal of the Notes
      that
      have become due solely by such acceleration, have been cured or waived as
      provided in Section 5.12.

     

    No
      such
      rescission shall affect any subsequent default or impair any right consequent
      thereto.

     

    SECTION
      5.03  Collection
      of Indebtedness and Suits for Enforcement by Indenture Trustee.
      (a)
      The
      Issuer covenants that if (i) default is made in the payment of any interest
      on
      any Note when the same becomes due and payable, and such default continues
      for a
      period of three Business Days, or (ii) default is made in the payment of the
      principal on the related Final Maturity Date of a Class of Notes when the same
      becomes due and payable in accordance with Section 2.07(b), the Issuer will,
      upon demand of the Indenture Trustee, pay to the Indenture Trustee, for the
      benefit of the holders of the Notes, the whole amount then due and payable
      on
      such Notes for principal and interest, with interest upon the overdue principal,
      and, to the extent payment at such rate of interest shall be legally
      enforceable, upon overdue installments of interest at the rate specified in
      Section 2.07 and in addition thereto such further amount as shall be
      sufficient to cover the costs and expenses of collection, including the
      reasonable compensation, expenses, disbursements and advances of the Indenture
      Trustee and its agents and counsel.

     

    (b)  In
      case
      the Issuer shall fail forthwith to pay such amounts upon such demand, the
      Indenture Trustee, in its own name and as trustee of an express trust, may,
      or
      shall at the written direction of the Interested Noteholders, representing
      not
      less than a majority of the Outstanding Amount of the applicable Classes of
      Notes, institute a Proceeding for the collection of the sums so due and unpaid,
      and prosecute such Proceeding to judgment or final decree, and enforce the
      same
      against the Issuer or other obligor upon such Notes, and collect in the manner
      provided by law out of the property of the Issuer or other obligor upon such
      Notes wherever situated, the moneys adjudged or decreed to be
      payable.

     

      (c)  If
        an
        Event of Default occurs and is continuing, the Indenture Trustee may, or
        shall
        at the written direction of the Interested Noteholders, representing not
        less
        than a majority of the Outstanding Amount of the applicable Classes of Notes,
        as
        more particularly provided in Section 5.04, proceed to protect and enforce
        its
        rights, the rights of the holders of the Notes, by such appropriate Proceedings
        as the Indenture Trustee shall deem most effective to protect and enforce
        any
        such rights, whether for the specific enforcement of any covenant or agreement
        in this Indenture or in aid of the exercise of any power granted herein,
        or to
        enforce any other proper remedy or legal or equitable right vested in the
        Indenture Trustee by this Indenture or by law.

     

    (d)  In
      case
      there shall be pending, relative to the Issuer or any other obligor upon the
      Notes, or any Person having or claiming an ownership interest in the Indenture
      Trust Estate, Proceedings under Title 11 of the United States Code or any other
      applicable Federal or state bankruptcy, insolvency or other similar law, or
      in
      case a receiver, assignee or trustee in bankruptcy or reorganization,
      liquidator, sequestrator or similar official shall have been appointed for
      or
      taken possession of the Issuer or its property or such other obligor or Person,
      or in case of any other comparable judicial Proceedings relative to the Issuer
      or other obligor upon the Notes, or to the creditors or property of the Issuer
      or such other obligor, the Indenture Trustee, irrespective of whether the
      principal of any Notes shall then be due and payable as therein expressed or
      by
      declaration or otherwise and irrespective of whether the Indenture Trustee
      shall
      have made any demand pursuant to the provisions of this Section, may, or shall
      at the written direction of the Interested Noteholders representing not less
      than a majority of the Outstanding Amount of the applicable Classes of Notes,
      be
      entitled and empowered, by intervention in such proceedings or
      otherwise:

     

    (i)  to
      file
      and prove a claim or claims for the whole amount of principal of and interest
      on
      each Class of Notes owing and unpaid in respect of the Notes and to file such
      other papers or documents as may be necessary or advisable in order to have
      the
      claims of the Indenture Trustee (including any claim for reasonable compensation
      to the Indenture Trustee and each predecessor Indenture Trustee, and their
      respective agents, attorneys and counsel, and for reimbursement of all expenses
      and liabilities incurred, and all advances made, by the Indenture Trustee and
      each predecessor Indenture Trustee, except as a result of negligence or bad
      faith) and the holders of the Notes allowed in such Proceedings;

     

    (ii)  unless
      prohibited by applicable law and regulations, to vote on behalf of the holders
      of the Notes in any election of a trustee, a standby trustee or Person
      performing similar functions in any such Proceedings;

     

    (iii)  to
      collect and receive any moneys or other property payable or deliverable on
      any
      such claims and to distribute all amounts received with respect to the claims
      of
      the holders of the Notes and of the Indenture Trustee on their behalf;

     

    (iv)  to
      file
      such proofs of claim and other papers or documents as may be necessary or
      advisable in order to have the claims of the Indenture Trustee or the holders
      of
      the Notes allowed in any judicial proceedings relative to the Issuer, its
      creditors and its property; and

     

    (v)  to
      take
      any other action with respect to such claims including participating as a member
      of any official committee of creditor’s appointed in the matters as it deems
      necessary or advisable;

     

    and
      any
      trustee, receiver, liquidator, custodian or other similar official in any such
      Proceeding is hereby authorized by each of such holders of the Notes to make
      payments to the Indenture Trustee, and, in the event that the Indenture Trustee
      shall consent to the making of payments directly to such holders of the Notes
      to
      pay to the Indenture Trustee such amounts as shall be sufficient to cover
      reasonable compensation to the Indenture Trustee, each predecessor Indenture
      Trustee and their respective agents, attorneys and counsel, and all other
      expenses and liabilities incurred, and all advances made, by the Indenture
      Trustee and each predecessor Indenture Trustee except as a result of negligence
      or bad faith.

     

    (e)  Nothing
      herein contained shall be deemed to authorize the Indenture Trustee to authorize
      or consent to or vote for or accept or adopt on behalf of any holder of the
      Notes any plan of reorganization, arrangement, adjustment or composition
      affecting the Notes or the rights of any holder of the Notes thereof or to
      authorize the Indenture Trustee to vote in respect of the claim of any holder
      of
      the Notes in any such proceeding except, as aforesaid, to vote for the election
      of a trustee in bankruptcy or similar Person.

     

    (f)  All
      rights of action and of asserting claims under this Indenture, or under any
      of
      the Notes may be enforced by the Indenture Trustee without the possession of
      any
      of the Notes or the production thereof in any trial or other Proceedings
      relative thereto, and any such action or Proceedings instituted by the Indenture
      Trustee shall be brought in its own name as trustee of an express trust, and
      any
      recovery of judgment, subject to the payment of the expenses, disbursements
      and
      compensation of the Indenture Trustee, each predecessor Indenture Trustee and
      their respective agents and attorneys, shall be for the ratable benefit of
      the
      holders of the Notes.

     

    (g)  In
      any
      Proceedings brought by the Indenture Trustee (and also any Proceedings involving
      the interpretation of any provision of this Indenture to which the Indenture
      Trustee shall be a party), the Indenture Trustee shall be held to represent
      all
      the holders of the Notes and it shall not be necessary to make any holder of
      the
      Notes a party to any such Proceedings.

     

      SECTION
        5.04  Remedies;
        Priorities.
        (a) If
        an Event of Default shall have occurred and be continuing, the Indenture
        Trustee
        may, or shall, subject to Section 5.11, at the written direction of the
        Interested Noteholders representing not less than a majority of the Outstanding
        Amount of the applicable Classes of Notes (or such different percentage as
        set
        forth below), do one or more of the following (subject to Section
        5.05):

     

      (i)  institute
        Proceedings in its own name and as trustee of an express trust for the
        collection of all amounts then payable on the Notes or this Indenture with
        respect thereto, whether by declaration or otherwise, enforce any judgment
        obtained, and collect from the Issuer and any other obligor upon such Notes
        moneys adjudged due;

     

    (ii)  institute
      Proceedings from time to time for the complete or partial foreclosure of this
      Indenture with respect to the Indenture Trust Estate securing the
      Notes;

     

    (iii)  exercise
      any remedies of a secured party under the UCC and take any other appropriate
      action to protect and enforce the rights and remedies of the Indenture Trustee
      and the holders of the Notes; and

     

    (iv)  sell
      the
      Indenture Trust Estate securing the Notes or any portion thereof or rights
      or
      interest therein, at one or more public or private sales called and conducted
      in
      any manner permitted by law; 

     

      provided,
        however,
        that
        the Indenture Trustee may not sell or otherwise liquidate the Indenture Trust
        Estate securing the Notes following an Event of Default, other than an Event
        of
        Default described in Section 5.01(i) or (ii), unless (x) 100% of the Noteholders
        consent to such sale, (y) the proceeds of such sale are sufficient to pay
        in
        full the principal of and the accrued interest on the Notes or (z) the Indenture
        Trustee determines that the collections on the Financed Student Loans would
        not
        be sufficient on an ongoing basis to make all payments on the Notes as such
        payments would have become due if such obligations had not been declared
        due and
        payable, and the Indenture Trustee obtains the consent of the holders of
        Notes,
        representing not less than a 66.67% of the Outstanding Amount of the Notes.
        In
        determining the sufficiency of the collections on such loans, the Indenture
        Trustee may, but need not, obtain and rely upon an opinion of an Independent
        investment banking or accounting firm of national reputation as to the
        sufficiency of the Indenture Trust Estate for such purpose.

     

      (b)  If
        the
        Indenture Trustee collects any money or property under this Article V following
        the occurrence and during the continuation of an Event of Default with respect
        to Sections 5.01(i) or 5.01(ii) above or following the acceleration of the
        Notes
        pursuant to Section 5.02 upon an Event of Default with respect to Sections
        5.01(i) or 5.01(ii) above, it shall pay out the money or property in the
        following order:

     

      FIRST:  pro
        rata
        based upon amounts owed (i) to the Owner Trustee for amounts due under Article
        X
        of the Trust Agreement, to the Indenture Trustee for amounts due under Section
        6.07, to the Irish Paying Agent for amounts due under the Irish Paying Agent
        Agreement, to the Back-up Administrator for amounts due under the Back-up
        Administration Agreement, not to exceed $_______ per annum in the aggregate,
        and
        (ii) to the Servicers, the Administrator, the Auction Agent and the
        Broker-Dealers, the unpaid fees and expenses owed by the Issuer to such
        parties;

     

      SECOND:  to
        the
        holders of the Class A Notes for amounts due and unpaid on the Class A Notes
        for
        interest, ratably, without preference or priority of any kind, according
        to the
        amounts due and payable on the Class A Notes for interest;

     

      THIRD:  to
        the
        holders of the Class A Notes for amounts due and unpaid on the Class A Notes
        for
        principal, ratably, without preference or priority of any kind, according
        to the
        amounts due and payable on the Class A Notes for principal, until the
        Outstanding Amount of the Class A Notes is zero;

     

      FOURTH:  to
        the
        holders of the Class B Notes for amounts due and unpaid on the Class B Notes
        for
        interest (including any Noteholder’s Interest Carryover Shortfall), without
        preference or priority of any kind, according to the amounts due and payable
        on
        the Class B Notes for interest;

     

      FIFTH:  to
        the
        holders of the Class B Notes for amounts due and unpaid on the Class B Notes
        for
        principal, without preference or priority of any kind, according to the amounts
        due and payable on the Class B Notes for principal, until the Outstanding
        Amount
        of the Class B Notes is zero;

     

      SIXTH:  to
        the
        holders of the Class C Notes for amounts due and unpaid on the Class C Notes
        for
        interest (including any Noteholder’s Interest Carryover Shortfall), without
        preference or priority of any kind, according to the amounts due and payable
        on
        the Class C Notes for interest;

     

      SEVENTH:  to
        the
        holders of the Class C Notes for amounts due and unpaid on the Class C Notes
        for
        principal, without preference or priority of any kind, according to the amounts
        due and payable on the Class C Notes for principal, until the Outstanding
        Amount
        of the Class C Notes is zero;

     

      EIGHTH:  to
        the
        holders of the Class D Notes for amounts due and unpaid on the Class D Notes
        for
        interest (including any Noteholder’s Interest Carryover Shortfall), without
        preference or priority of any kind, according to the amounts due and payable
        on
        the Class D Notes for interest;

     

      NINTH:  to
        the
        holders of the Class D Notes for amounts due and unpaid on the Class D Notes
        for
        principal, without preference or priority of any kind, according to the amounts
        due and payable on the Class D Notes for principal, until the Outstanding
        Amount
        of the Class D Notes is zero;

     

      TENTH:  pro rata
        based
        upon amounts owed, (i) to the Owner Trustee, the Indenture Trustee, the Irish
        Paying Agent and the Back-up Administrator, for all amounts due and owing
        to
        such parties under the Basic Documents to the extent not paid pursuant to
        priority FIRST above, (ii) to FMC, for any unreimbursed Advances made pursuant
        to Section 8.10, and (iii) to the Servicers, the Administrator, the Auction
        Agent, the Broker Dealers and the Guarantee Agency, for all amounts due and
        owing to such parties pursuant to the Basic Documents;

     

      ELEVENTH:  to
        the
        holders of the Class A-IO Notes any Prepayment Penalties remaining unpaid
        from
        prior Distribution Dates, together with interest thereon at the Note Interest
        Rate for the Class A-IO Notes; and

     

      TWELFTH:  to
        the
        Owner Trustee (on behalf of the Issuer), for distribution to the
        Certificateholders in accordance with the terms of the Trust
        Agreement.

     

    The
      Indenture Trustee may fix a record date and payment date for any payment to
      the
      holders of the Notes pursuant to this Section. At least 15 days before such
      record date, the Issuer shall mail to each holder of the Notes and the Indenture
      Trustee a notice that states the record date, the payment date and the amount
      to
      be paid.

     

      (c)  If
        the
        Indenture Trustee collects any money or property under this Article V following
        the occurrence and during the continuation of an Event of Default other than
        with respect to Sections 5.01(i) or 5.01(ii) above or following the acceleration
        of the Notes pursuant to Section 5.02 upon an Event of Default other than
        with
        respect to Sections 5.01(i) or 5.01(ii) above, it shall pay out the money
        or
        property in the following order: 

     

      FIRST:  pro rata
        based
        upon amounts owed (i) to the Owner Trustee for amounts due under Article
        X of
        the Trust Agreement, to the Indenture Trustee for amounts due under Section
        6.07, to the Irish Paying Agent for amounts due under the Irish Paying Agent
        Agreement, to the Back-up Administrator for amounts due under the Back-up
        Administration Agreement, not to exceed $________ per annum in the aggregate,
        and (ii) to the Servicers, the Administrator, the Auction Agent and the Broker
        Dealers, the unpaid fees and expenses owed by the Issuer to such parties;
        

     

      SECOND:  to
        the
        holders of the Class A Notes for amounts due and unpaid on the Class A Notes
        for
        interest, ratably, without preference or priority of any kind, according
        to the
        amounts due and payable on the Class A Notes for interest;

     

      THIRD:  to
        the
        holders of the Class B Notes for amounts due and unpaid on the Class B Notes
        for
        interest (except for Noteholders’ Interest Carryover Shortfall), without
        preference or priority of any kind, according to the amounts due and payable
        on
        the Class B Notes for interest (except for Noteholders’ Interest Carryover
        Shortfall);

     

      FOURTH:  to
        the
        holders of the Class C Notes for amounts due and unpaid on the Class C Notes
        for
        interest (except for Noteholders’ Interest Carryover Shortfall), without
        preference or priority of any kind, according to the amounts due and payable
        on
        the Class C Notes for interest (except for Noteholders’ Interest Carryover
        Shortfall);

     

      FIFTH:  to
        the
        holders of the Class D Notes for amounts due and unpaid on the Class D Notes
        for
        interest (except for Noteholders’ Interest Carryover Shortfall), without
        preference or priority of any kind, according to the amounts due and payable
        on
        the Class D Notes for interest (except for Noteholders’ Interest Carryover
        Shortfall);

     

      SIXTH:  to
        the
        holders of the Class A Notes for amounts due and unpaid on the Class A Notes
        for
        principal, ratably, without preference or priority of any kind, according
        to the
        amounts due and payable on the Class A Notes for principal, until the
        Outstanding Amount of the Class A Notes is zero;

     

      SEVENTH:  to
        the
        holders of the Class B Notes for amounts due and unpaid on the Class B Notes
        for
        Noteholders’ Interest Carryover Shortfall, without preference or priority of any
        kind, according to the amounts due and payable on the Class B Notes for
        Noteholders’ Interest Carryover Shortfall;

     

      EIGHTH:  to
        the
        holders of the Class B Notes for amounts due and unpaid on the Class B Notes
        for
        principal, without preference or priority of any kind, according to the amounts
        due and payable on the Class B Notes for principal, until the Outstanding
        Amount
        of the Class B Notes is zero;

     

      NINTH:  to
        the
        holders of the Class C Notes for amounts due and unpaid on the Class C Notes
        for
        Noteholders’ Interest Carryover Shortfall, without preference or priority of any
        kind, according to the amounts due and payable on the Class C Notes for
        Noteholders’ Interest Carryover Shortfall;

     

      TENTH:  to
        the
        holders of the Class C Notes for amounts due and unpaid on the Class C Notes
        for
        principal, without preference or priority of any kind, according to the amounts
        due and payable on the Class C Notes for principal, until the Outstanding
        Amount
        of the Class C Notes is zero;

     

      ELEVENTH:  to
        the
        holders of the Class D Notes for amounts due and unpaid on the Class D Notes
        for
        Noteholders’ Interest Carryover Shortfall, without preference or priority of any
        kind, according to the amounts due and payable on the Class D Notes for
        Noteholders’ Interest Carryover Shortfall;

     

      TWELFTH:  to
        the
        holders of the Class D Notes for amounts due and unpaid on the Class D Notes
        for
        principal, without preference or priority of any kind, according to the amounts
        due and payable on the Class D Notes for principal, until the Outstanding
        Amount
        of the Class D Notes is zero;

     

      THIRTEENTH:  pro rata
        based
        upon amounts owed, (i) to the Owner Trustee, the Indenture Trustee, the Irish
        Paying Agent and the Back-up Administrator, for all amounts due and owning
        to
        such parties under the Basic Documents to the extent not paid pursuant to
        priority FIRST above, (ii) to FMC, for any unreimbursed Advances made pursuant
        to Section 8.10, and (iii) to the Servicer, the Administrator, the Auction
        Agent, the Broker Dealers and the Guarantee Agency, for all amounts due and
        owing to such parties pursuant to the Basic Documents;

     

      FOURTEENTH:  to
        the
        holders of the Class A-IO Notes any Prepayment Penalties remaining unpaid
        from
        prior Distribution Dates, together with interest thereon at the Note Interest
        Rate for the Class A-IO Notes; and

     

      FIFTEENTH:  to
        the
        Owner Trustee (on behalf of the Issuer), for distribution to the
        Certificateholders in accordance with the terms of the Trust
        Agreement.

     

      SECTION
        5.05  Optional
        Preservation of the Financed Student Loans.
        If the
        Notes have been declared to be due and payable under Section 5.02 following
        an
        Event of Default and such declaration and its consequences have not been
        rescinded and annulled, the Indenture Trustee may, or, subject to Section
        5.11,
        shall at the written direction of the Interested Noteholders, representing
        not
        less than a majority of the Outstanding Amount of the applicable Classes
        of
        Notes, elect to maintain possession of the related Indenture Trust Estate.
        It is
        the desire of the parties hereto and the holders of the Notes that there
        be at
        all times sufficient funds for the payment of principal of and interest on
        each
        Class of Notes and the Indenture Trustee shall take such desire into account
        when determining whether or not to maintain possession of the Indenture Trust
        Estate. In determining whether to maintain possession of the Indenture Trust
        Estate, the Indenture Trustee may, but need not, obtain and rely upon an
        opinion
        of an Independent investment banking or accounting firm of national reputation
        as to the feasibility of such proposed action and as to the sufficiency of
        the
        Indenture Trust Estate for such purpose.

     

    SECTION
      5.06  Limitation
      of Suits.
      No
      holder of the Notes shall have any right to institute any Proceeding, judicial
      or otherwise, with respect to this Indenture, or for the appointment of a
      receiver or trustee, or for any other remedy hereunder, unless the following
      conditions listed below are satisfied: 

     

    (i)  such
      holder of the Notes has previously given written notice to the Indenture Trustee
      of a continuing Event of Default;

     

    (ii)  the
      holders of not less than 25% of the Outstanding Amount of the Notes, in the
      aggregate, have made written request to the Indenture Trustee to institute
      such
      Proceeding in respect of such Event of Default in its own name as Indenture
      Trustee hereunder;

     

    (iii)  such
      holders of the Notes have offered to the Indenture Trustee reasonable indemnity
      against the costs, expenses and liabilities to be incurred in complying with
      such request;

     

    (iv)  the
      Indenture Trustee for 60 days after its receipt of such notice, request and
      offer of indemnity has failed to institute such Proceeding; and

     

    (v)  no
      direction inconsistent with such written request has been given to the Indenture
      Trustee during such 60-day period by the holders of a majority of the
      Outstanding Amount of the Notes in the aggregate;

     

    it
      being
      understood and intended that no one or more holders of the Notes shall have
      any
      right in any manner whatever by virtue of, or by availing of, any provision
      of
      this Indenture to affect, disturb or prejudice the rights of any other holders
      of the Notes or to obtain or to seek to obtain priority or preference over
      any
      other holders of the Notes or to enforce any right under this Indenture, except
      in the manner herein provided.

     

    If
      the
      Indenture Trustee shall receive conflicting or inconsistent requests and
      indemnity from two or more groups of Noteholders, each representing less than
      a
      majority of the Outstanding Amount of the Notes, the Indenture Trustee in its
      sole discretion may determine what action, if any, shall be taken,
      notwithstanding any other provisions of this Indenture.

     

    SECTION
      5.07  Unconditional
      Rights of Noteholders To Receive Principal and Interest.
      Notwithstanding any other provisions in this Indenture, any holder of any Class
      of Notes shall have the right, which is absolute and unconditional, to receive
      payment of the principal of and interest, on such Note, on or after the
      respective due dates thereof expressed in such Note or in this Indenture and
      to
      institute suit for the enforcement of any such payment, and such right shall
      not
      be impaired without the consent of such holder of any such Class of
      Notes.

     

    SECTION
      5.08  Restoration
      of Rights and Remedies.
      If the
      Indenture Trustee or any holder of Notes has instituted any Proceeding to
      enforce any right or remedy under this Indenture and such Proceeding has been
      discontinued or abandoned for any reason or has been determined adversely to
      the
      Indenture Trustee or to such holder of Notes, then and in every such case the
      Issuer, the Indenture Trustee and the holders of the Notes shall, subject to
      any
      determination in such Proceeding, be restored severally and respectively to
      their former positions hereunder, and thereafter all rights and remedies of
      the
      Indenture Trustee and the holders of the Notes shall continue as though no
      such
      Proceeding had been instituted.

     

    SECTION
      5.09  Rights
      and Remedies Cumulative.
      No
      right or remedy herein conferred upon or reserved to the Indenture Trustee
      or to
      the holders of the Notes is intended to be exclusive of any other right or
      remedy, and every right and remedy shall, to the extent permitted by law, be
      cumulative and in addition to every other right and remedy given hereunder
      or
      now or hereafter existing at law or in equity or otherwise. The assertion or
      employment of any right or remedy hereunder, or otherwise, shall not prevent
      the
      concurrent assertion or employment of any other appropriate right or
      remedy.

     

    SECTION
      5.10  Delay
      or Omission Not a Waiver.
      No
      delay or omission of the Indenture Trustee or any holder of Notes to exercise
      any right or remedy accruing upon any Default shall impair any such right or
      remedy or constitute a waiver of any such Default or an acquiescence therein.
      Every right and remedy given by this Article V or by law to the Indenture
      Trustee or to the holders of the Notes may be exercised from time to time,
      and
      as often as may be deemed expedient, by the Indenture Trustee or by the holders
      of the Notes.

     

    SECTION
      5.11  Control
      by Noteholders.
      With
      respect to the Notes, the Interested Noteholders, representing not less than
      a
      majority of the Outstanding Amount of the applicable Classes of Notes (or,
      in
      each case, if only one Class is affected thereby, a majority of the Outstanding
      Amount of such Class) shall have the right to direct the time, method and place
      of conducting any Proceeding for any remedy available to the Indenture Trustee
      with respect to the Notes or exercising any trust or power conferred on the
      Indenture Trustee; provided
      that:

     

    (i)  such
      direction shall not be in conflict with any rule of law or with this
      Indenture;

     

    (ii)  subject
      to the express terms of Section 5.04, any direction to the Indenture Trustee
      to
      sell or liquidate the Indenture Trust Estate shall be by the holders of not
      less
      than 100% of the Outstanding Amount of the Notes; 

     

    (iii)  if
      the
      conditions set forth in Section 5.05 have been satisfied and the Indenture
      Trustee elects to retain the Indenture Trust Estate pursuant to such Section,
      then any direction to the Indenture Trustee by the holders of less than 100%
      of
      the Outstanding Amount of the Notes, to sell or liquidate the Indenture Trust
      Estate shall be of no force and effect; and

     

    (iv)  the
      Indenture Trustee may take any other action deemed proper by the Indenture
      Trustee that is not inconsistent with such direction;

     

    provided,
      however,
      that,
      subject to Section 6.01, the Indenture Trustee need not take any action that
      it
      determines might involve it in liability or might materially adversely affect
      the rights of any holders of the Notes not consenting to such
      action.

     

    SECTION
      5.12  Waiver
      of Past Defaults.
      Prior
      to the declaration of the acceleration of the Notes as provided in Section
      5.02,
      the Interested Noteholders representing not less than a majority of the
      Outstanding Amount of the applicable Classes of Notes, may waive any past
      Default and its consequences except a Default (a) in payment when due of
      principal of or interest on any Note or (b) in respect of a covenant or
      provision hereof which cannot be modified or amended without the consent of
      each
      holder of the Notes. In the case of any such waiver, the Issuer, the Indenture
      Trustee and the holders of the Notes shall be restored to their former positions
      and rights hereunder, respectively; but no such waiver shall extend to any
      subsequent or other Default or impair any right consequent thereto.

     

    Upon
      any
      such waiver, such Default shall cease to exist and be deemed to have been cured
      and not to have occurred for every purpose of this Indenture; but no such waiver
      shall extend to any subsequent or other Default or impair any right consequent
      thereto.

     

    SECTION
      5.13  Undertaking
      for Costs.
      All
      parties to this Indenture agree, and each holder of the Notes by such
      Noteholder’s acceptance of any Note shall be deemed to have agreed, that any
      court may in its discretion require, in any suit for the enforcement of any
      right or remedy under this Indenture, or in any suit against the Indenture
      Trustee for any action taken, suffered or omitted by it as Indenture Trustee,
      the filing by any party litigant in such suit of an undertaking to pay the
      costs
      of such suit, and that such court may in its discretion assess reasonable costs,
      including reasonable attorneys’ fees, against any party litigant in such suit,
      having due regard to the merits and good faith of the claims or defenses made
      by
      such party litigant; but the provisions of this Section shall not apply to
      (a)
      any suit instituted by the Indenture Trustee, (b) any suit instituted by any
      holder of the Notes or group of holders of the Notes, in each case holding
      in
      the aggregate more than 10% of the Outstanding Amount of the Notes or (c) any
      suit instituted by any holder of the Notes for the enforcement of the payment
      of
      principal of or interest on any Note on or after the respective due dates
      expressed in such Note and in this Indenture.

     

    SECTION
      5.14  Waiver
      of Stay or Extension Laws.
      The
      Issuer covenants (to the extent that it may lawfully do so) that it will not
      at
      any time insist upon, or plead or in any manner whatsoever, claim or take the
      benefit or advantage of, any stay or extension law wherever enacted, now or
      at
      any time hereafter in force, that may affect the covenants or the performance
      of
      this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby
      expressly waives all benefit or advantage of any such law, and covenants that
      it
      will not hinder, delay or impede the execution of any power herein granted
      to
      the Indenture Trustee, but will suffer and permit the execution of every such
      power as though no such law had been enacted.

     

    SECTION
      5.15  Action
      on Notes.
      The
      Indenture Trustee’s right to seek and recover judgment on the Notes or under
      this Indenture shall not be affected by the seeking, obtaining or application
      of
      any other relief under or with respect to this Indenture. Neither the lien
      of
      this Indenture nor any rights or remedies of the Indenture Trustee or the
      holders of the Notes shall be impaired by the recovery of any judgment by the
      Indenture Trustee against the Issuer or by the levy of any execution under
      such
      judgment upon any portion of the Indenture Trust Estate or upon any of the
      assets of the Issuer. Any money or property collected by the Indenture Trustee
      shall be applied in accordance with Section 5.04(b) or (c), as the case may
      be.

     

      SECTION
        5.16  Performance
        and Enforcement of Certain Obligations.
        (a)
        Promptly
        following a request from the Indenture Trustee, and at the Administrator’s
        expense, the Issuer shall take all such lawful action as the Indenture Trustee
        may request to compel or secure the performance and observance by the Depositor,
        the Sellers, the Administrator, the Back-up Administrator and the Servicers,
        as
        applicable, of each of their obligations to the Issuer under or in connection
        with the Basic Documents in accordance with the terms thereof, and to exercise
        any and all rights, remedies, powers and privileges lawfully available to
        the
        Issuer under or in connection with the Basic Documents, including the
        transmission of notices of default and the institution of legal or
        administrative actions or proceedings to compel or secure performance by
        the
        Depositor, the Sellers, the Administrator, the Back-up Administrator or the
        Servicers of each of their obligations under the Basic
        Documents.

     

      (b)  If
        an
        Event of Default has occurred and is continuing, the Indenture Trustee shall,
        subject to Section 5.11, at the direction (which direction shall be in writing
        or by telephone (confirmed in writing promptly thereafter)) of the Interested
        Noteholders, representing not less than 66.67% of the Outstanding Amount
        of the
        applicable Classes of Notes, exercise all rights, remedies, powers, privileges
        and claims of the Issuer against the Depositor, the Sellers, the Administrator,
        the Back-up Administrator, the Servicers or the Guarantee Agency under or
        in
        connection with the Basic Documents, including the right or power to take
        any
        action to compel or secure performance or observance by the Depositor, the
        Sellers, the Administrator, the Back-up Administrator, and the Servicers
        of each
        of their obligations to the Issuer thereunder and to give any consent, request,
        notice, direction, approval, extension or waiver under the Basic Documents
        and
        any right of the Issuer to take such action shall be
        suspended.

     

      SECTION
        5.17  Notice
        of Defaults.
        Within
        90 days after the occurrence of any Default hereunder with respect to the
        Notes, the Indenture Trustee shall transmit in the manner and to the extent
        provided in TIA Section 313(c), notice of such Default hereunder to which a
        Responsible Officer of the Indenture Trustee has actual knowledge or is in
        receipt of a written notice thereof in accordance with the terms of this
        Indenture, unless such Default shall have been cured or waived; provided,
        however, that, except in the case of a Default in the payment of the principal
        of or interest with respect to any Note, the Indenture Trustee shall be
        protected in withholding such notice if and so long as a Responsible Officer
        of
        the Indenture Trustee in good faith determines that the withholding of such
        notice is in the interest of the Noteholders.

     

    ARTICLE
      VI

     

    The
      Indenture Trustee

     

    SECTION
      6.01  Duties
      of Indenture Trustee.
      (a)  If
      an Event of Default has occurred and is continuing, the Indenture Trustee shall
      exercise the rights and powers vested in it by this Indenture and use the same
      degree of care and skill in their exercise as a prudent person would exercise
      or
      use under the circumstances in the conduct of such person’s own
      affairs.

     

    (b)  Except
      during the continuance of an Event of Default:

     

    (i)  the
      Indenture Trustee undertakes to perform such duties and only such duties as
      are
      specifically set forth in this Indenture and the other Basic Documents to which
      the Indenture Trustee is a party, and no implied covenants or obligations shall
      be read into this Indenture against the Indenture Trustee; and

     

    (ii)  in
      the
      absence of bad faith on its part, the Indenture Trustee may conclusively rely,
      as to the truth of the statements and the correctness of the opinions expressed
      therein, upon certificates or opinions furnished to a Responsible Officer of
      the
      Indenture Trustee and conforming to the requirements of this Indenture;
provided,
      however,
      that
      the Indenture Trustee shall examine the certificates and opinions to determine
      whether or not they conform to the requirements of this Indenture.

     

    (c)  The
      Indenture Trustee may not be relieved from liability for its own negligent
      action, its own negligent failure to act or its own willful misconduct, except
      that:

     

    (i)  this
      paragraph does not limit the effect of paragraph (b) of this
      Section;

     

    (ii)  the
      Indenture Trustee shall not be liable for any error of judgment made in good
      faith by a Responsible Officer unless it is proved that the Indenture Trustee
      was negligent in ascertaining the pertinent facts; and

     

    (iii)  the
      Indenture Trustee shall not be liable with respect to any action it takes or
      omits to take in good faith in accordance with a direction received by it
      pursuant to Section 5.11.

     

    (d)  Every
      provision of this Indenture that in any way relates to the Indenture Trustee
      is
      subject to paragraphs (a), (b), (c) and (g) of this Section 6.01.

     

    (e)  The
      Indenture Trustee shall not be liable for interest on any money received by
      it
      except as the Indenture Trustee may agree in writing with the
      Issuer.

     

    (f)  Money
      held in trust by the Indenture Trustee need not be segregated from other funds
      except to the extent required by law or the terms of this
      Indenture.

     

    (g)  No
      provision of this Indenture shall require the Indenture Trustee to expend or
      risk its own funds or otherwise incur financial liability in the performance
      of
      any of its duties hereunder or in the exercise of any of its rights or powers,
      if it shall have reasonable grounds to believe that repayments of such funds
      or
      adequate indemnity satisfactory to it against any loss, liability or expense
      is
      not reasonably assured to it.

     

    (h)  Except
      as
      expressly provided in the Basic Documents, the Indenture Trustee shall have
      no
      obligation to administer, service or collect the Financed Student Loans or
      to
      maintain, monitor or otherwise supervise the administration, servicing or
      collection of the Financed Student Loans.

     

      (i)  In
        the
        event that the Indenture Trustee is the Paying Agent or the Note Registrar,
        the
        rights and protections afforded to the Indenture Trustee pursuant to this
        Indenture shall also be afforded to the Indenture Trustee in its capacity
        as
        Paying Agent and Note Registrar.

     

    (j)  Every
      provision of this Indenture relating to the conduct or affecting the liability
      of or affording protection to the Indenture Trustee shall be subject to the
      provisions of this Section 6.01.

     

    SECTION
      6.02  Rights
      of Indenture Trustee.
      (a)
      The
      Indenture Trustee may rely on any document believed by it to be genuine and
      to
      have been signed or presented by the proper Person. The Indenture Trustee need
      not investigate any fact or matter stated in such document.

     

    (b)  Before
      the Indenture Trustee acts or refrains from acting, it may require an Officers’
Certificate of the Issuer or an Opinion of Counsel. The Indenture Trustee shall
      not be liable for any action it takes or omits to take in good faith in reliance
      on such Officers’ Certificate or Opinion of Counsel.

     

    (c)  The
      Indenture Trustee may execute any of the trusts or powers hereunder or perform
      any duties hereunder either directly or by or through agents or attorneys or
      a
      custodian or nominee, and the Indenture Trustee shall not be responsible for
      any
      misconduct or negligence on the part of, or for the supervision of, any such
      agent, attorney, custodian or nominee appointed with due care by it
      hereunder.

     

    (d)  The
      Indenture Trustee shall not be liable for any action it takes or omits to take
      in good faith which it believes to be authorized or within its rights or powers;
      provided,
      however,
      that
      the Indenture Trustee’s conduct does not constitute willful misconduct,
      negligence or bad faith.

     

    (e)  The
      Indenture Trustee may consult with counsel, and the advice or opinion of counsel
      with respect to legal matters relating to this Indenture and the Notes shall
      be
      full and complete authorization and protection from liability in respect to
      any
      action taken, omitted or suffered by it hereunder in good faith and in
      accordance with the advice or opinion of such counsel.

     

    (f)  In
      the
      event that the Person acting as Indenture Trustee is also acting as securities
      intermediary all the rights, powers, immunities and indemnities afforded to
      the
      Indenture Trustee under the Basic Documents shall also be afforded to the
      securities intermediary.

     

    (g)  Absent
      willful misconduct or fraud, the Indenture Trustee shall not be liable for
      any
      punitive damages, regardless of the form of action and whether or not any such
      damages were foreseeable or contemplated.

     

    (h)  The
      Indenture Trustee shall not be deemed to have notice of any Default or Event
      of
      Default unless a Responsible Officer of the Indenture Trustee has actual
      knowledge thereof or unless written notice of any event which is in fact such
      Default or Event of Default is received by the Indenture Trustee at the
      Corporate Trust Office, and such notice references the Notes under this
      Indenture.

     

    (i)  Any
      permissive right or authority granted to the Indenture Trustee shall not be
      construed as a mandatory duty.

     

    SECTION
      6.03  Individual
      Rights of Indenture Trustee.
      The
      Indenture Trustee in its individual or any other capacity may become the owner
      or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates
      with the same rights it would have if it were not Indenture Trustee. Any Paying
      Agent, Note Registrar, co-registrar or co-paying agent may do the same with
      like
      rights. However, the Indenture Trustee must comply with Section
      6.11.

     

    SECTION
      6.04  Indenture
      Trustee’s Disclaimer.
      The
      Indenture Trustee shall not be responsible for and makes no representation
      as to
      the validity or adequacy of this Indenture or the Notes, it shall not be
      accountable for the Issuer’s use of the proceeds from the Notes, and it shall
      not be responsible for any statement of the Issuer in the Indenture or in any
      document issued in connection with the sale of the Notes or in the Notes other
      than the Indenture Trustee’s certificate of authentication.

     

    SECTION
      6.05  Notice
      of Defaults.
      If a
      Default occurs and is continuing and if it is either actually known or written
      notice of the existence thereof has been received by a Responsible Officer
      of
      the Indenture Trustee, the Indenture Trustee shall mail to each holder of the
      Notes notice of the Default within 90 days after it occurs. Except in the case
      of a Default in payment of principal of or interest on the Notes, the Indenture
      Trustee may withhold the notice to the holders of the Notes if and so long
      as a
      committee of its Responsible Officers in good faith determines that withholding
      the notice is in the interests of holders of the Notes.

     

      SECTION
        6.06  Reports
        by Indenture Trustee to Noteholders.
        The
        Indenture Trustee shall deliver to each holder of the Notes (and to each
        Person
        who was a holder of the Notes at any time during the applicable calendar
        year)
        such information with respect to the Notes, as may be required to enable
        such
        holder to prepare its Federal and state income tax returns.

     

      SECTION
        6.07  Compensation
        and Indemnity.
        The
        Issuer shall pay to the Indenture Trustee from time to time reasonable
        compensation for all services rendered under this Indenture, and also all
        reasonable expenses, charges, counsel fees and other disbursements, including
        those of their attorneys, agents and employees, incurred in and about the
        performance of their powers and duties under this Indenture. The Issuer further
        agrees to indemnify and save the Indenture Trustee harmless against any
        liabilities which it may incur in the exercise and performance of its powers
        and
        duties hereunder, and which are not due to its negligence or willful misconduct,
        to the extent solely payable from the Indenture Trust Estate. To secure the
        Indenture Trustee’s right to receive amounts pursuant to this Section 6.07, the
        Indenture Trustee shall have a lien against the Indenture Trust Estate that
        is,
        except to the extent otherwise expressly provided herein, subordinate to
        the
        rights of the Noteholders. Without prejudice to its rights hereunder, when
        the
        Indenture Trustee incurs expenses or renders services after a Default specified
        in Sections 5.01(iv) or (v) occurs, such expenses and the compensation for
        such
        services (including the fees and expenses of its agent and counsel) shall
        constitute expenses of administration under the applicable bankruptcy law.
        The
        provisions of this Section 6.07 shall survive the satisfaction and discharge
        of
        this Indenture and the resignation or removal of the Indenture
        Trustee.

     

    SECTION
      6.08  Replacement
      of Indenture Trustee.
      No
      resignation or removal of the Indenture Trustee and no appointment of a
      successor Indenture Trustee shall become effective until the acceptance of
      appointment by the successor Indenture Trustee pursuant to this Section 6.08.
      The Indenture Trustee may resign at any time by so notifying the Issuer. The
      Administrator shall remove the Indenture Trustee if:

     

    (i)  the
      Indenture Trustee fails to comply with Section 6.11;

     

    (ii)  an
      Insolvency Event occurs with respect to the Indenture Trustee;

     

    (iii)  a
      receiver or other public officer takes charge of the Indenture Trustee or its
      property; or

     

    (iv)  the
      Indenture Trustee otherwise becomes incapable of acting.

     

      If
        the
        Indenture Trustee resigns or is removed or if a vacancy exists in the office
        of
        Indenture Trustee for any reason (the Indenture Trustee in such event being
        referred to herein as the retiring Indenture Trustee), the Administrator
        shall
        promptly appoint a successor Indenture Trustee.

     

      A
        successor Indenture Trustee shall deliver a written acceptance of its
        appointment to the retiring Indenture Trustee and the Issuer. Thereupon the
        resignation or removal of the retiring Indenture Trustee shall become effective,
        and the successor Indenture Trustee shall have all the rights, powers and
        duties
        of the Indenture Trustee under this Indenture. The successor Indenture Trustee
        shall mail a notice of its succession to the holders of the Notes and each
        Rating Agency. The retiring Indenture Trustee shall promptly transfer all
        property held by it as Indenture Trustee to the successor Indenture Trustee
        upon
        payment of all monies due and owing to the retiring Indenture
        Trustee.

     

    If
      a
      successor Indenture Trustee does not take office within 60 days after the
      retiring Indenture Trustee resigns or is removed, the retiring Indenture
      Trustee, the Issuer or the holders of a majority in Outstanding Amount of the
      Notes may petition any court of competent jurisdiction for the appointment
      of a
      successor Indenture Trustee.

     

    If
      the
      Indenture Trustee fails to comply with Section 6.11, any holder of the Notes
      may
      petition any court of competent jurisdiction for the removal of the Indenture
      Trustee and the appointment of a successor Indenture Trustee.

     

    Notwithstanding
      the replacement of the Indenture Trustee pursuant to this Section, the Issuer’s
      and the Administrator’s obligations under Section 6.07 shall continue for the
      benefit of the retiring Indenture Trustee.

     

      SECTION
        6.09  Successor
        Indenture Trustee by Merger.
        If the
        Indenture Trustee consolidates with, merges or converts into, or transfers
        all
        or substantially all its corporate trust business or assets to, another
        corporation or banking association, the resulting, surviving or transferee
        corporation without any further act shall be the successor Indenture Trustee;
        provided that such corporation or banking association shall be otherwise
        qualified and eligible under Section 6.11. The Indenture Trustee shall provide
        the Rating Agencies with written notice of any such transaction provided
        it is
        not otherwise obligated to maintain such information
        confidential.

     

    In
      case
      at the time such successor or successors by merger, conversion or consolidation
      to the Indenture Trustee shall succeed to the trusts created by this Indenture
      any of the Notes shall have been authenticated but not delivered, any such
      successor to the Indenture Trustee may adopt the certificate of authentication
      of any predecessor trustee, and deliver such Notes so authenticated; and in
      case
      at that time any of the Notes shall not have been authenticated, any successor
      to the Indenture Trustee may authenticate such Notes either in the name of
      any
      predecessor hereunder or in the name of the successor to the Indenture Trustee;
      and in all such cases such certificates shall have the full force which it
      is
      anywhere in the Notes or in this Indenture provided that the certificate of
      the
      Indenture Trustee shall have.

     

    SECTION
      6.10  Appointment
      of Co-Trustee or Separate Trustee.
      (a)
      Notwithstanding any other provisions of this Indenture, at any time, for the
      purpose of meeting any legal requirement of any jurisdiction in which any part
      of the Indenture Trust Estate may at the time be located, the Indenture Trustee
      shall have the power and may execute and deliver all instruments to appoint
      one
      or more Persons to act as a co-trustee or co-trustees, or separate trustee
      or
      separate trustees, of all or any part of the Indenture Trust Estate, and to
      vest
      in such Person or Persons, in such capacity and for the benefit of the holders
      of the Notes, such title to the Indenture Trust Estate, or any part hereof,
      and,
      subject to the other provisions of this Section, such powers, duties,
      obligations, rights and trusts as the Indenture Trustee may consider necessary
      or desirable. No co-trustee or separate trustee hereunder shall be required
      to
      meet the terms of eligibility as a successor trustee under Section 6.11 and
      no
      notice to holders of the Notes of the appointment of any co-trustee or separate
      trustee shall be required under Section 6.08 hereof.

     

    (b)  Every
      separate trustee and co-trustee shall, to the extent permitted by law, be
      appointed and act subject to the following provisions and
      conditions:

     

    (i)  all
      rights, powers, duties and obligations conferred or imposed upon the Indenture
      Trustee shall be conferred or imposed upon and exercised or performed by the
      Indenture Trustee and such separate trustee or co-trustee jointly (it being
      understood that such separate trustee or co-trustee is not authorized to act
      separately without the Indenture Trustee joining in such act), except to the
      extent that under any law of any jurisdiction in which any particular act or
      acts are to be performed the Indenture Trustee shall be incompetent or
      unqualified to perform such act or acts, in which event such rights, powers,
      duties and obligations (including the holding of title to the Indenture Trust
      Estate or any portion thereof in any such jurisdiction) shall be exercised
      and
      performed singly by such separate trustee or co-trustee, but solely at the
      direction of the Indenture Trustee;

     

    (ii)  no
      trustee hereunder shall be personally liable by reason of any act or omission
      of
      any other trustee hereunder; and

     

    (iii)  the
      Indenture Trustee may at any time accept the resignation of or remove any
      separate trustee or co-trustee.

     

    (c)  Any
      notice, request or other writing given to the Indenture Trustee shall be deemed
      to have been given to each of the then separate trustees and co-trustees, as
      effectively as if given to each of them. Every instrument appointing any
      separate trustee or co-trustee shall refer to this Indenture and the conditions
      of this Article VI. Each separate trustee and co-trustee, upon its acceptance
      of
      the trusts conferred, shall be vested with the estates or property specified
      in
      its instrument of appointment, either jointly with the Indenture Trustee or
      separately, as may be provided therein, subject to all the provisions of this
      Indenture, specifically including every provision of this Indenture relating
      to
      the conduct of, affecting the liability of, or affording protection to, the
      Indenture Trustee. Every such instrument shall be filed with the Indenture
      Trustee.

     

    (d)  Any
      separate trustee or co-trustee may at any time constitute the Indenture Trustee,
      its agent or attorney-in-fact with full power and authority, to the extent
      not
      prohibited by law, to do any lawful act under or in respect of this Indenture
      on
      its behalf and in its name. If any separate trustee or co-trustee shall die,
      become incapable of acting, resign or be removed, all its estates, properties,
      rights, remedies and trusts shall vest in and be exercised by the Indenture
      Trustee, to the extent permitted by law, without the appointment of a new or
      successor trustee.

     

    SECTION
      6.11  Eligibility;
      Disqualification.
      There
      shall at all times be an Indenture Trustee hereunder which shall be eligible
      to
      act as Indenture Trustee under TIA Section 310(a)(1) and shall have a
      combined capital and surplus of at least $50,000,000 (and, with respect to
      any
      successor Indenture Trustee, having a rating of at least “Baa3” from Moody’s
      unless the Rating Agency Condition is satisfied). If such corporation publishes
      reports of condition at least annually, pursuant to law or the requirements
      of
      federal, state, territorial or District of Columbia supervising or examining
      authority, then for the purposes of this Section 6.11, the combined capital
      and surplus of such corporation shall be deemed to be its combined capital
      and
      surplus as set forth in its most recent report of condition so published. If
      at
      any time the Indenture Trustee shall cease to be eligible in accordance with
      the
      provisions of this Section 6.11, it shall resign immediately in the manner
      and with the effect specified in this Article VI. Neither the Issuer nor
      any Person directly or indirectly controlling or controlled by, or under common
      control with, the Issuer shall serve as Indenture Trustee.

     

    ARTICLE
      VII

     

    Noteholders’
      Lists and Reports

     

    SECTION
      7.01  Issuer
      To Furnish Indenture Trustee Names and Addresses of Noteholders.
      The
      Issuer will furnish or cause to be furnished to the Indenture Trustee (a) not
      more than five days after the earlier of (i) each Record Date and (ii) three
      months after the last Record Date, a list, in such form as the Indenture Trustee
      may reasonably require, of the names and addresses of the holders of the Notes
      as of such Record Date, (b) at such other times as the Indenture Trustee may
      request in writing, within 30 days after receipt by the Issuer of any such
      request, a list of similar form and content as of a date not more than 10 days
      prior to the time such list is furnished; provided,
      however,
      that so
      long as the Indenture Trustee is the Note Registrar, no such list shall be
      required to be furnished.

     

    SECTION
      7.02  Preservation
      of Information; Communications to Noteholders.
      (a)
      The
      Indenture Trustee shall preserve, in as current a form as is reasonably
      practicable, the names and addresses of the holders of the Notes contained
      in
      the most recent list furnished to the Indenture Trustee as provided in Section
      7.01 and the names and addresses of the holders of the Notes received by the
      Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee
      may
      destroy any list furnished to it as provided in such Section 7.01 upon receipt
      of a new list so furnished.

     

    (b)  Upon
      receipt by the Indenture Trustee of any request by a holder of the Notes to
      receive a copy of the current list of holders of the Notes, the Indenture
      Trustee shall promptly notify the Administrator thereof by providing to the
      Administrator a copy of such request and a copy of the list of holders of the
      Notes produced in response thereto.

     

    (c)  The
      Indenture Trustee shall furnish to the holders of the Notes promptly upon
      receipt of a written request therefor, duplicates or copies of all reports,
      notices, requests, demands, certificates, financial statements and any other
      instruments furnished to the Indenture Trustee under the Basic
      Documents.

     

      SECTION
        7.03  Reports
        by Issuer.
        (a)
        The
        Issuer shall cause the Administrator to furnish the Issuer and the Indenture
        Trustee the reports required by the Administration Agreement and by Section
        3.24
        of this Indenture.

     

      (b)  Unless
        the Issuer otherwise determines, the fiscal year of the Issuer shall end
        on June
        30 of each year. In the case of any change to the Issuer’s fiscal year, the
        Administrator shall notify the Indenture Trustee of such
        change.

     

    ARTICLE
      VIII

     

    Accounts,
      Disbursements and Releases

     

    SECTION
      8.01  Collection
      of Money.
      (a)
      Except
      as otherwise expressly provided herein, the Indenture Trustee may demand payment
      or delivery of, and shall receive and collect, directly and without intervention
      or assistance of any fiscal agent or other intermediary, all money and other
      property payable to or receivable by the Indenture Trustee pursuant to this
      Indenture. The Indenture Trustee shall apply all such money received by it
      on
      behalf of the holders of the Notes as provided in this Indenture. Except as
      otherwise expressly provided in this Indenture, if any default occurs in the
      making of any payment or performance under any agreement or instrument that
      is
      part of the Indenture Trust Estate, the Indenture Trustee may take such action
      as may be appropriate to enforce such payment or performance, including the
      institution and prosecution of appropriate Proceedings. Any such action shall
      be
      without prejudice to any right to claim a Default under this Indenture and
      any
      right to proceed thereafter as provided in Article V.

     

    (b)  The
      Indenture Trustee shall deposit into the Collection Account all payments it
      receives from the Servicers by or on behalf of the Obligors with respect to
      the
      Student Loans, and all related Liquidation Proceeds and Recoveries, as collected
      during the Collection Period. For purposes of this Article VIII, the phrase
      “payments by or on behalf of Obligors” shall mean payments made with respect to
      the Student Loans, as applicable, by or on behalf of borrowers thereof and
      the
      Guarantee Agency.

     

      (c)  The
        Indenture Trustee shall deposit into the Collection Account the aggregate
        Purchase Amount it receives with respect to Purchased Student Loans and all
        other amounts received from the Sellers or the Servicers with respect to
        the
        Student Loans. The Indenture Trustee also shall deposit into the Collection
        Account all amounts transferred from the Pre-Funding Account pursuant to
        Section
        8.10.

     

      SECTION
        8.02  Trust
        Accounts.
        (a)(i)  The
        Issuer, for the benefit of the Noteholders and itself, shall establish and
        maintain in the name of the Indenture Trustee an Eligible Deposit Account
        (the
“Collection Account”), bearing a designation clearly indicating that the funds
        deposited therein are held for the benefit of the Noteholders and the Issuer.
        The Collection Account will initially be established as a segregated account
        at
        U.S. Bank National Association in the name of the Indenture Trustee. The
        Issuer
        will make an initial deposit on the Closing Date into the Collection Account
        of
        cash equal to $_________, which amount will be disbursed on the Closing Date
        by
        the Indenture Trustee, pursuant to written instructions of the Administrator,
        to
        acquire the Initial Financed Student Loans and $_________ will be disbursed
        on
        the Closing Date by the Indenture Trustee, pursuant to written instructions
        of
        the Administrator, to pay the First Marblehead Corporation a structuring
        advisory fee.

     

    (ii)  The
      Issuer, for the benefit of the Noteholders and itself, shall establish and
      maintain in the name of the Indenture Trustee an Eligible Deposit Account (the
      “Reserve Account”), bearing a designation clearly indicating that the funds
      deposited therein are held for the benefit of the Noteholders and the Issuer.
      The Reserve Account initially will be established as a segregated account at
      U.S. Bank National Association in the name of the Indenture Trustee. The Issuer
      will make an initial deposit on the Closing Date into the Reserve Account of
      cash or certain Eligible Investments equal to the Reserve Account Initial
      Deposit.

     

    (iii)  The
      Issuer, for the benefit of the Noteholders and itself, shall establish and
      maintain in the name of the Indenture Trustee an Eligible Deposit Account (the
      “Pre-Funding Account”), bearing a designation clearly indicating that the funds
      deposited therein are held for the benefit of the Noteholders and the Issuer.
      The Pre-Funding Account initially will be established as a segregated account
      at
      U.S. Bank National Association in the name of the Indenture Trustee. The Issuer
      will make an initial deposit on the Closing Date into the Pre-Funding Account
      of
      cash or certain Eligible Investments equal to $0 (the “Pre-Funded Amount”), to
      be used for the purchase of Subsequent Student Loans and as provided by Section
      8.10 hereof.

     

    (iv)  The
      Issuer, for the benefit of the Noteholders and itself, shall establish and
      maintain in the name of the Indenture Trustee an Eligible Deposit Account (the
      “Future Distribution Account”), bearing a designation clearly indicating that
      the funds deposited therein are held for the benefit of the Noteholders and
      the
      Issuer. The Future Distribution Account initially will be established as a
      segregated account at U.S. Bank National Association in the name of the
      Indenture Trustee.

     

    (b)  Funds
      on
      deposit in the Collection Account, the Reserve Account, the Pre-Funding Account
      and the Future Distribution Account (collectively, the “Trust Accounts”) shall
      be invested by the Indenture Trustee (or any custodian or designated agent
      with
      respect to any amounts on deposit in such accounts) in Eligible Investments
      pursuant to written instructions by the Issuer; provided,
      however,
      it is
      understood and agreed that the Indenture Trustee shall not be liable for any
      loss arising from such investment in Eligible Investments. All such Eligible
      Investments shall be held by (or by any custodian on behalf of) the Indenture
      Trustee for the benefit of the Noteholders and the Issuer; provided that on
      the
      Business Day preceding each Distribution Date on which funds in the applicable
      Trust Account will be needed, all interest and other investment income (net
      of
      losses and investment expenses) on funds on deposit therein shall be deposited
      into the Collection Account and shall constitute a portion of the Available
      Funds for such Distribution Date. Other than as described in the following
      proviso or as otherwise permitted by the Rating Agencies, funds on deposit
      in
      the Trust Accounts shall be invested in Eligible Investments that will mature
      so
      that such funds will be available at the close of business on the Business
      Day
      preceding the following Distribution Date for which such funds are needed;
      provided,
      however,
      that
      funds on deposit in Trust Accounts may be invested in Eligible Investments
      of
      the Indenture Trustee which may mature so that such funds will be available
      on
      such Distribution Date. Funds deposited in a Trust Account on a Business Day
      which immediately precedes a Distribution Date upon the maturity of any Eligible
      Investments are not required to be invested overnight. 

     

    (c)  The
      Indenture Trustee, on behalf of the Noteholders, shall possess all right, title
      and interest in all funds on deposit from time to time in the Trust Accounts
      and
      in all proceeds thereof (including all income thereon) and all such funds,
      investments, proceeds and income shall be part of the Indenture Trust Estate.
      Subject to the Issuer’s power to instruct the Indenture Trustee pursuant to
      paragraph (b) above, the Trust Accounts shall be under the sole dominion
      and control of the Indenture Trustee for the benefit of the Noteholders. If,
      at
      any time, any of the Trust Accounts ceases to be an Eligible Deposit Account,
      the Indenture Trustee (or the Administrator on its behalf) agrees, by its
      acceptance hereto, that it shall within 5 Business Days (or such longer period,
      not to exceed 30 calendar days, as to which each Rating Agency may consent)
      establish a new Trust Account as an Eligible Deposit Account and shall transfer
      any cash and/or any investments to such new Trust Account. In connection with
      the foregoing, the Issuer agrees that, in the event that any of the Trust
      Accounts are not accounts with the Indenture Trustee, the Issuer shall notify
      the Indenture Trustee, in writing, promptly upon any of such Trust Accounts
      ceasing to be an Eligible Deposit Account.

     

    (A)  With
      respect to the Trust Account Property, the Indenture Trustee agrees, by its
      acceptance hereof, that:

     

      (B)  any
        Trust
        Account Property that is held in deposit accounts shall be held solely in
        Eligible Deposit Accounts; and, subject to Section 8.02(b), each such Eligible
        Deposit Account shall be subject to the exclusive custody and control of
        the
        Indenture Trustee, and the Indenture Trustee shall have sole signature authority
        with respect thereto;

     

      (C)  any
        Trust
        Account Property shall be Delivered to the Indenture Trustee in accordance
        with
        the definition of “Delivery” herein and shall be held, pending maturity or
        disposition, solely by the Indenture Trustee or such other Person acting
        solely
        for the Indenture Trustee as required for Delivery;

     

      (D)  In
        the
        event that the Indenture Trustee, in its capacity as Securities Intermediary
        has
        or subsequently obtains by agreement, operation of law or otherwise a security
        interest in the Trust Accounts or any security entitlement credited thereto,
        the
        Indenture Trustee, in its capacity as Securities Intermediary hereby agrees
        that
        such security interest shall be subordinate to the security interest of the
        Indenture Trustee for the benefit of the Noteholders. The financial assets
        and
        other items deposited to the Trust Accounts will not be subject to deduction,
        set-off, banker’s lien, or any other right in favor of any person other than the
        Indenture Trustee (except that the Indenture Trustee, in its capacity as
        Securities Intermediary may set off (i) the face amount of any checks which
        have
        been credited to the Trust Accounts but are subsequently returned unpaid
        because
        of uncollected or insufficient funds, and (ii) all amounts due to it in respect
        of its customary fees and expenses for the routine maintenance and operation
        of
        the Trust Accounts;

     

    (E)  The
      Issuer shall instruct the Indenture Trustee to make withdrawals and payments
      from the Trust Accounts for the purpose of permitting the Indenture Trustee
      to
      carry out its duties under this Indenture;

     

    (F)  Each
      Trust Account provided for herein to be established and maintained by the
      Indenture Trustee shall be so established and maintained by the Indenture
      Trustee, as securities intermediary (in such capacity, the “Securities
      Intermediary”). Each item of “investment property” within the meaning of Section
      9-102(a)(49) of the New York Uniform Commercial Code (which shall not be deemed
      to include the Financed Student Loans or the related notes evidencing the
      Financed Student Loans) or “money” within the meaning of Section 1-201(24) of
      the New York Uniform Commercial Code, that is (whether investment property,
      security, instrument or cash) credited to such a Trust Account shall be treated
      as a “financial asset” within the meaning of Section 8-102(a)(9) of the New York
      Uniform Commercial Code. The State of New York shall be deemed to be the
      Securities Intermediary’s location for purposes of the New York Uniform
      Commercial Code, and each such Trust Account (as well as the securities
      entitlements related thereto) shall be governed by the laws of the State of
      New
      York; and

     

      (G)  Following
        the filing of any UCC financing statement with respect to this Indenture,
        the
        Indenture Trustee hereby agrees to notify the Issuer no earlier than six
        months
        prior to the expiration of such filing of the need to file continuation
        statements, and to the extent permitted by law, the Issuer shall execute
        and
        file such continuation statements, and provide a copy thereof to the Indenture
        Trustee along with an Opinion of Counsel to the effect that all action has
        been
        taken as is necessary to maintain the lien and security interest created
        by this
        Indenture.

     

    

        (d)  On
          each
          Auction Rate Note Interest Payment Date for a Class of Auction Rate Notes
          that
          is not a Distribution Date, the Indenture Trustee will make the following
          distributions based upon written instructions received from the
          Administrator:

         

        (i)  First,
          from amounts on deposit in the Future Distribution Account allocated to
          the
          Auction Agent and the Broker-Dealers, and then from amounts on deposit
          in the
          Collection Account and the Reserve Account, pro rata based upon amounts
          owed to
          each such party, to the Auction Agent and the Broker-Dealers, the Auction
          Agent
          Fees and the Broker-Dealer Fees;

         

        (ii)  Second,
          from amounts on deposit in the Future Distribution Account to pay interest
          on
          that Class of Auction Rate Notes, and then from amounts on deposit in the
          Collection Account and the Reserve Account, to that Class of Auction Rate
          Notes,
          an amount equal to the Noteholders' Interest Distribution Amount for that
          Class
          of Auction Rate Notes;

         

        (iii)  Third,
          from amounts on deposit in the Future Distribution Account to pay principal
          on
          that Class of Auction Rate Notes, if any, to that Class of Action Rate
          Notes;
          and

         

        (iv)  Fourth,
          from amounts on deposit in the Future Distribution Account to pay Carry-over
          Amounts on that Class of Auction Rate Notes, if any, to that Class of Auction
          Rate Notes.

         

        (e)  On
          each
          Distribution Date on which a Class B Note Interest Trigger, a Class C Note
          Interest Trigger or a Class D Note Interest Trigger is not in effect, the
          Administrator shall instruct the Indenture Trustee in writing (based on
          the
          information contained in the Administrator’s Officer’s Certificate and each
          related Servicer’s Report delivered pursuant to the Administration Agreement) to
          make the following deposits and distributions to the Persons or to the
          account
          specified below by 11:00 a.m. (New York time), to the extent of the amount
          of
          Available Funds in the Collection Account, in the following order of priority
          (except as otherwise provided in Sections 5.04(b) or 5.04(c)) and the Indenture
          Trustee shall comply with such instruction; provided, however, only if
          an
          Auction Rate Note Interest Payment Date is also a Distribution Date will
          a Class
          of Auction Rate Notes be paid interest or principal on a Distribution Date
          (otherwise, the amount allocated to each such Class of Auction Rate Notes
          will
          be deposited into the Future Distribution Account): 

    

     

      FIRST:  pro
        rata
        (i) Indenture Trustee fees and expenses, Irish Paying Agent fees and expenses,
        Owner Trustee fees and expenses, and Back-up Administrator fees and expenses
        due
        on and allocated to such Distribution Date in an aggregate amount not to
        exceed
        $_______, per annum; (ii) Servicing Fees and expenses with respect to the
        Financed Student Loans due on such Distribution Date and all prior unpaid
        Servicing Fees and expenses allocated to the Financed Student Loans up to
        the
        amount specified in the Servicing Agreement, and (iii) Administration Fees
        and
        expenses with respect to the Financed Student Loans up to the amount specified
        in the Administration Agreement; to the extent the Distribution Date is also
        an
        Auction Rate Note Interest Payment Date, Broker-Dealer Fees and expenses
        up to
        the amount specified in the Broker-Dealer Agreements and Auction Agent Fees
        and
        expenses up to the amount specified in the Auction Agency
        Agreement;

     

      SECOND:  to
        the
        Future Distribution Account, in the amount of fees and expenses expected
        to
        accrue and be paid to the Auction Agent and the Broker-Dealers from the calendar
        day after the current month’s Distribution Date (plus, for the initial
        Distribution Date, the fees and expenses accrued from the Closing Date through
        and including such initial Distribution Date) through the following month’s
        Distribution Date, plus previously accrued and unpaid amounts not previously
        deposited in the Future Distribution Account;

     

      THIRD:  to
        TERI,
        the additional guaranty fees pursuant to the TERI Guaranty Agreements, which
        will be deposited into the TERI Pledge Fund;

     

      FOURTH:  to
        the
        holders of each Class of Class A Notes, the Noteholders’ Interest Distribution
        Amount for such Class A Notes on a pro rata basis;

     

      FIFTH:  to
        the
        extent the Distribution Date is also an Auction Rate Note Interest Payment
        Date
        for the Class B Notes, to the holders of the Class B Notes, the Noteholders'
        Interest Distribution Amount for the Class B Notes, and then to the Future
        Distribution Account, an amount equal to interest expected to accrue on the
        Class B Notes at the then applicable Auction Rate from the calendar day after
        the current Distribution Date (plus for the initial Distribution Date, the
        interest accrued from the Closing Date through and including such initial
        Distribution Date) through the following month's Distribution Date, plus
        previously accrued and unpaid amounts not previously deposited in the Future
        Distribution Account;

     

    

        SIXTH:  to
          the
          extent the Distribution Date is also an Auction Rate Note Interest Payment
          Date
          for the Class C Notes, to the holders of the Class C Notes, the Noteholders'
          Interest Distribution Amount for the Class C Notes, and then to the Future
          Distribution Account, an amount equal to interest expected to accrue on
          the
          Class C Notes at the then applicable Auction Rate from the calendar day
          after
          the current Distribution Date (plus for the initial Distribution Date,
          the
          interest accrued from the Closing Date through and including such initial
          Distribution Date) through the following month's Distribution Date, plus
          previously accrued and unpaid amounts not previously deposited in the Future
          Distribution Account;

         

        SEVENTH:  to
          the
          extent the Distribution Date is also an Auction Rate Note Interest Payment
          Date
          for the Class D Notes, to the holders of the Class D Notes, the Noteholders'
          Interest Distribution Amount for the Class D Notes, and then to the Future
          Distribution Account, an amount equal to interest expected to accrue on
          the
          Class D Notes at the then applicable Auction Rate from the calendar day
          after
          the current Distribution Date (plus for the initial Distribution Date,
          the
          interest accrued from the Closing Date through and including such initial
          Distribution Date) through the following month's Distribution Date, plus
          previously accrued and unpaid amounts not previously deposited in the Future
          Distribution Account;

         

        EIGHTH:  to
          the
          Reserve Account, an amount, if any, up to the amount necessary to reinstate
          the
          balance of the Reserve Account to the Required Reserve Amount;

         

        NINTH:  to
          TERI
          (or the TERI Pledge Fund), to purchase Rehabilitated Financed Student
          Loans;

         

        TENTH:  the
          Noteholders’ Principal Distribution Amount to the holders of (i) the Class A-1
          Notes, until paid in full, then (ii) the Class A-2 Notes, until paid in
          full,
          then (iii) the Class A-3 Notes, until paid in full, then (iv) the Class
          A-4
          Notes, until paid in full, then (v) the Class A-5 Notes, until paid in
          full,
          then (vi) the Class B Notes or
          to the
          Future Distribution Account, as the case may be,
          to pay
          any Noteholders’ Interest Carryover Shortfall for the Class B Notes, until paid
          in full, then (vii) the Class B Notes or to the Future Distribution Account,
          as
          the case may be, until paid in full, then (viii) the Class C Notes or to
          the
          Future Distribution Account, as the case may be, to pay any Noteholders’
Interest Carryover Shortfall for the Class C Notes, until paid in full,
          then
          (ix) the Class C Notes or to the Future Distribution Account, as the case
          may
          be, until paid in full, then (x) the Class D Notes or to the Future Distribution
          Account, as the case may be, to pay any Noteholders’ Interest Carryover
          Shortfall for the Class D Notes, until paid in full, and finally, (xi)
          the Class
          D Notes or to the Future Distribution Account, as the case may be, until
          paid in
          full; provided,
          however,
          that on
          and after the Stepdown Date and so long as no Subordinate Note Principal
          Trigger
          has occurred and remains in effect, the Class A Percentage of the Noteholders’
Principal Distribution Amount will be payable to the Class A Notes (in
          the same
          order of priority set forth above), the Class B Percentage of the Noteholders’
Principal Distribution Amount will be payable to the Class B Notes first
          to pay
          any Noteholders’ Interest Carryover Shortfall for the Class B Notes and then to
          pay principal until paid in full, the Class C Percentage of the Noteholders’
Principal Distribution Amount will be payable to the Class C Notes first
          to pay
          any Noteholders’ Interest Carryover Shortfall for the Class C and then to pay
          principal until paid in full, and the Class D Percentage of the Noteholders’
Principal Distribution Amount will be payable to the Class D Notes first
          to pay
          any Noteholders’ Interest Carryover Shortfall for the Class D and then to pay
          principal until paid in full;

         

        ELEVENTH:  to
          the
          holders of the Class B Notes or to the Future Distribution Account, as
          the case
          may be, any remaining Noteholders’ Interest Carryover Shortfall for the Class B
          Notes;

         

        TWELFTH:  
          to the
          holders of the Class C Notes or to the Future Distribution Account, as
          the case
          may be, any remaining Noteholders’ Interest Carryover Shortfall for the Class C
          Notes;

         

        THIRTEENTH:  to
          the
          holders of the Class D Notes or to the Future Distribution Account, as
          the case
          may be, any remaining Noteholders’ Interest Carryover Shortfall for the Class D
          Notes;

         

        FOURTEENTH:  pro rata:
          (i) any
          unreimbursed Advances to FMC, (ii) for all amounts in excess of the maximum
          amounts specified in priority FIRST: for Indenture Trustee fees and expenses
          pursuant to the Indenture; for Irish Paying Agent fees and expenses pursuant
          to
          the Irish Paying Agent Agreement; Owner Trustee fees and expenses pursuant
          to
          the Trust Agreement; for Back-up Administrator fees and expenses pursuant
          to the
          Back-up Administration Agreement; (iii) indemnities, fees and expenses
          of the
          Servicer; (iv) the portion of the Administration Fee and expenses allocated
          to
          the Notes; and (v) all unpaid Administration Fees and expenses from prior
          Collection Periods allocated to the Notes.

         

        FIFTEENTH:  if
          a
          Turbo Trigger is in effect, to the holders of the Notes, any remaining
          amounts
          as payment of principal allocated among the Noteholders as described in
          priority
          TENTH until the Outstanding Amount of each Class of Notes is reduced to
          zero;

         

        SIXTEENTH:  to
          the
          holders of the Class A-IO Notes any Prepayment Penalty for that Distribution
          Date and any Prepayment Penalties remaining unpaid from prior Distribution
          Dates, together with interest thereon at the Note Interest Rate for the
          Class
          A-IO Notes; and

         

        SEVENTEENTH:  to
          FMC,
          any unpaid and accrued structuring advisory fees, and then to the
          Certificateholders, any remaining amounts.

    

     

      Notwithstanding
        the foregoing, for each Distribution Date on which (i) a Class B Note Interest
        Trigger is in effect (x) amounts payable pursuant to priority FIFTH will
        instead
        be paid following payment of the Noteholders’ Principal Distribution Amount to
        the Class A Notes pursuant to priority TENTH (i) through (v), inclusive,
        (y)
        amounts payable pursuant to priorities SIXTH and TENTH (viii) and (ix) will
        instead be paid following priority ELEVENTH and (z) amounts payable pursuant
        to
        priorities SEVENTH and TENTH (x) and (xi) will instead be paid following
        priority TWELFTH; (ii) a Class C Note Interest Trigger is in effect (x) amounts
        payable pursuant to priorities FIFTH and TENTH (viii) and (ix) will instead
        be
        paid following priority ELEVENTH and (y) amounts payable pursuant to priorities
        SEVENTH and TENTH (x) and (xi) will instead be paid following priority
TWELFTH;
        and
        (iii) a Class D Note Interest Trigger is in effect amounts payable pursuant
        to
        priorities SEVENTH and TENTH (x) and (xi) will instead be paid following
        priority TWELFTH.]

     

    SECTION
      8.03  General
      Provisions Regarding Accounts.
      (a)
      So long
      as no Default shall have occurred and be continuing, all or a portion of the
      funds in the Trust Accounts shall be invested in Eligible Investments and
      reinvested by the Indenture Trustee upon Issuer Order, subject to the provisions
      of Section 8.01(b); provided, however, that funds in the Pre-Funding Account
      shall be invested only in Eligible Investments described in clause (a) of the
      definition thereof. All income or other gain from investments of moneys
      deposited in the Trust Accounts shall be deposited by the Indenture Trustee
      in
      the Collection Account, and any loss resulting from such investments shall
      be
      charged to such Trust Account. The Issuer will not direct the Indenture Trustee
      to make any investment of any funds or to sell any investment held in any of
      the
      Trust Accounts unless the security interest granted and perfected in such
      account will continue to be perfected in such investment or the proceeds of
      such
      sale, in either case without any further action by any Person, and, in
      connection with any direction to the Indenture Trustee to make any such
      investment or sale, if requested by the Indenture Trustee, the Issuer shall
      deliver to the Indenture Trustee an Opinion of Counsel, acceptable to the
      Indenture Trustee, to such effect.

     

    (b)  Subject
      to Section 6.01(c), the Indenture Trustee shall not in any way be held liable
      by
      reason of any insufficiency in any of the Trust Accounts resulting from any
      loss
      on any Eligible Investment included therein except for losses attributable
      to
      the Indenture Trustee’s failure to make payments on such Eligible Investments
      issued by the Indenture Trustee, in its commercial capacity as principal obligor
      and not as trustee, in accordance with their terms.

     

      (c)  If
        (i)
        the Issuer shall have failed to give investment directions for any funds
        on
        deposit in the Trust Accounts to the Indenture Trustee by 1:00 p.m. Eastern
        Time
        (or such other time as may be agreed by the Issuer and Indenture Trustee)
        on any
        Business Day; or (ii) a Default shall have occurred and be continuing, but
        the
        Notes shall not have been declared due and payable pursuant to Section 5.02,
        or,
        if such Notes shall have been declared due and payable following an Event
        of
        Default, amounts collected or receivable from the Indenture Trust Estate
        are
        being applied in accordance with Section 5.04 as if there had not been such
        a
        declaration; then the Indenture Trustee shall, to the fullest extent
        practicable, invest and reinvest funds in the Trust Accounts in one or more
        of
        the Indenture Trustee’s money market mutual funds that is an Eligible
        Investment.

     

    SECTION
      8.04  Release
      of Indenture Trust Estate.
      (a)
      Subject
      to the payment of its fees and expenses pursuant to Section 6.07, the Indenture
      Trustee may, and when required by the provisions of this Indenture shall,
      execute instruments to release property from the lien of this Indenture, or
      convey the Indenture Trustee’s interest in the same, in a manner and under
      circumstances that are not inconsistent with the provisions of this Indenture.
      No party relying upon an instrument executed by the Indenture Trustee as
      provided in this Article VIII shall be bound to ascertain the Indenture
      Trustee’s authority, inquire into the satisfaction of any conditions precedent
      or see to the application of any moneys.

     

      (b)  The
        Indenture Trustee shall, at such time as there are no Notes Outstanding and
        all
        sums due the Indenture Trustee pursuant to Section 6.07 have been paid, release
        any remaining portion of the Indenture Trust Estate that secured the Notes
        from
        the lien of this Indenture and release to the Issuer or any other Person
        entitled thereto any funds then on deposit in the Trust Accounts. The Indenture
        Trustee shall release property from the lien of this Indenture pursuant to
        this
        Section 8.04(b) only upon receipt of an Issuer Request accompanied by an
        Officers’ Certificate of the Issuer and an Opinion of Counsel meeting the
        applicable requirements of Section 11.01.

     

    SECTION
      8.05  Opinion
      of Counsel.
      The
      Indenture Trustee shall receive at least seven days’ notice when requested by
      the Issuer to take any action pursuant to Section 8.04(a), accompanied by copies
      of any instruments involved, and the Indenture Trustee shall also require,
      except in connection with any action contemplated by Section 8.04(c), as a
      condition to such action, an Opinion of Counsel, in form and substance
      satisfactory to the Indenture Trustee, stating the legal effect of any such
      action, outlining the steps required to complete the same, and concluding that
      all conditions precedent to the taking of such action have been complied with
      and such action will not materially and adversely impair the security for the
      Notes or the rights of the holders of the Notes in contravention of the
      provisions of this Indenture. Counsel rendering any such opinion may rely,
      without independent investigation, on the accuracy and validity of any
      certificate or other instrument delivered to the Indenture Trustee in connection
      with any such action.

     

      SECTION
        8.06  Cost
        of Issuance Account.
        The
        Issuer shall establish and maintain in the name of the Indenture Trustee
        an
        Eligible Deposit Account (the “Cost of Issuance Account”). The Cost of Issuance
        Account shall not be a Trust Account and the Noteholders shall have no interest
        in the amount deposited therein. The Cost of Issuance Account initially will
        be
        established as a segregated account at U.S. Bank National Association in
        the
        name of the Indenture Trustee. The Issuer shall make a deposit into the Cost
        of
        Issuance Account on the Closing Date in an amount equal to $____________.
        Upon
        receipt of written instructions from the Administrator, the Indenture Trustee
        shall remit funds on deposit in the Cost of Issuance Account to pay the costs
        and expenses incurred by the Issuer in connection with issuing the Notes.
        Commencing 60 days after the Closing Date, the Indenture Trustee shall remit
        funds, if any, remaining in the Cost of Issuance Account as directed in writing
        by the Administrator.

     

      SECTION
        8.07  Application
        of Collections.
        (a)
        With
        respect to each Financed Student Loan, all collections (including all Guarantee
        Payments) with respect thereto for the Collection Period shall be applied
        to
        interest and principal on such Financed Student Loan by allocating to interest
        the portion of such collection equal to the product of (A) the applicable
        interest rate on such Financed Student Loan, (B) the unpaid principal balance
        of
        such Financed Student Loan, and (C) the period of time elapsed since the
        preceding payment of interest on such Financed Student Loan was made (over
        the
        actual number of days in a year) (“Interest Collections”) and by allocating the
        remainder of such collection to principal.

     

    (b)  All
      Liquidation Proceeds shall be applied to the related Financed Student
      Loan.

     

    SECTION
      8.08  Reserve
      Account.
      (a)  On
      the Closing Date, the Issuer shall deposit the Reserve Account Initial Deposit
      into the Reserve Account. The Indenture Trustee shall deposit into the Reserve
      Account the amounts, if any, required to be deposited pursuant to Sections
      8.02
      and 8.11.

     

      (b)  (i)
        If
        the amounts payable for any Distribution Date pursuant to Section 8.02(d)(1)
        exceed the amount distributed or allocated to the applicable parties on such
        Distribution Date (exclusive of the amounts described in the second proviso
        to
        the definition of “Available Funds” included in Appendix A hereto), the
        Administrator shall instruct the Indenture Trustee in writing to withdraw
        from
        the Reserve Account on such Distribution Date an amount equal to such excess,
        to
        the extent of funds available therein, and to distribute or allocate such
        amounts to the applicable parties pro rata (based upon the amount owed to
        such
        parties);

     

      (ii)  If
        the
        amounts payable for any Distribution Date pursuant to Section 8.02(d)(2)
        exceed
        the amount transferred to the TERI Pledge Fund on such Distribution Date
        (exclusive of the amounts described in the second proviso to the definition
        of
“Available Funds” included in Appendix A hereto), the Administrator shall
        instruct the Indenture Trustee in writing to withdraw from the Reserve Account
        on such Distribution Date an amount equal to such excess, to the extent of
        funds
        available therein after giving effect to paragraph (b)(i) above, and to transfer
        such amount to the TERI Pledge Fund;

     

      (iii)  If
        the
        Noteholders’ Interest Distribution Amount with respect to the Class A Notes for
        a Distribution Date exceeds the amount distributed to the holders of the
        Class A
        Notes on such Distribution Date (exclusive of the amounts described in the
        second proviso to the definition of “Available Funds” included in Appendix A
        hereto), the Administrator shall instruct the Indenture Trustee in writing
        to
        withdraw from the Reserve Account on such Distribution Date an amount equal
        to
        such excess, to the extent of funds available therein after giving effect
        to
        paragraphs (b)(i) through (b)(ii) above, and to distribute such amount to
        the
        applicable parties pro rata (based upon the amounts then owed to each such
        party);

     

    

        (iv)  If
          on the
          Final Maturity Date for a Class of Class A Notes, the outstanding principal
          balance of the applicable Class of Class A Notes (prior to giving effect
          to any
          distribution of principal thereon on such date) exceeds the amount of principal
          distributed to the holders of the applicable Class of Class A Notes on
          such
          date, the Administrator shall instruct the Indenture Trustee in writing
          on such
          date to withdraw from the Reserve Account on such date an amount equal
          to such
          excess, to the extent of funds available therein, after giving effect to
          paragraphs (b)(i) through (b)(iii) above, and to distribute such amount,
          pro
          rata, to the holders of the applicable Class of Class A Notes, in the same
          order
          and priority as is set forth in Section 8.02(d)(10);

         

        (v)  If
          the
          Noteholders’ Interest Distribution Amount with respect to the Class B Notes for
          a Distribution Date exceeds the amount distributed to the holders of the
          Class B
          Notes or allocated to the Future Distribution Account, as the case may
          be, on
          such Distribution Date, the Administrator shall instruct the Indenture
          Trustee
          in writing to withdraw from the Reserve Account on such Distribution Date
          an
          amount equal to such excess, to the extent of funds available therein after
          giving effect to paragraphs (b)(i) through (b)(iv) above, and to distribute
          such
          amount, to the holders of the Class B Notes entitled thereto or allocate
          such
          amount to the Future Distribution Account, as the case may be;

         

        (vi)  If
          on the
          Final Maturity Date for the Class B Notes, the outstanding principal balance
          of
          the Class B Notes (prior to giving effect to any distribution of principal
          thereon on such date) exceeds the amount of principal distributed to the
          holders
          of the Class B Notes or allocated to the Future Distribution Account, as
          the
          case may be, on such date, the Administrator shall instruct the Indenture
          Trustee in writing on such date to withdraw from the Reserve Account on
          such
          date an amount equal to such excess, to the extent of funds available therein,
          after giving effect to paragraphs (b)(i) through (b)(v) above and to distribute
          such amount to the holders of the Class B Notes or allocate such amount
          to the
          Future Distribution Account, as the case may be;

         

        (vii)  If
          the
          Noteholders’ Interest Distribution Amount with respect to the Class C Notes for
          a Distribution Date exceeds the amount distributed to the holders of the
          Class C
          Notes or allocated to the Future Distribution Account, as the case may
          be, on
          such Distribution Date, the Administrator shall instruct the Indenture
          Trustee
          in writing to withdraw from the Reserve Account on such Distribution Date
          an
          amount equal to such excess, to the extent of funds available therein after
          giving effect to paragraphs (b)(i) through (b)(vi) above, and to distribute
          such
          amount to the holders of the Class C Notes entitled thereto or allocate
          such
          amount to the Future Distribution Account, as the case may be;

         

        (viii)  If
          on the
          Final Maturity Date for the Class C Notes, the outstanding principal balance
          of
          the Class C Notes (prior to giving effect to any distribution of principal
          thereon on such date) exceeds the amount of principal distributed to the
          holders
          of the Class C Notes or allocated to the Future Distribution Account, as
          the
          case may be, on such date, the Administrator shall instruct the Indenture
          Trustee in writing on such date to withdraw from the Reserve Account on
          such
          date an amount equal to such excess, to the extent of funds available therein,
          after giving effect to paragraphs (b)(i) through (b)(vii) above and to
          distribute such amount to the holders of the Class C Notes or allocate
          such
          amount to the Future Distribution Account, as the case may be;

         

        (ix)  If
          the
          Noteholders’ Interest Distribution Amount with respect to the Class D Notes for
          a Distribution Date exceeds the amount distributed to the holders of the
          Class D
          Notes or allocated to the Future Distribution Account, as the case may
          be, on
          such Distribution Date, the Administrator shall instruct the Indenture
          Trustee
          in writing to withdraw from the Reserve Account on such Distribution Date
          an
          amount equal to such excess, to the extent of funds available therein after
          giving effect to paragraphs (b)(i) through (b)(viii) above, and to distribute
          such amount to the holders of the Class D Notes entitled thereto or allocate
          such amount to the Future Distribution Account, as the case may be;

         

        (x)  If
          on the
          Final Maturity Date for the Class D Notes, the outstanding principal balance
          of
          the Class D Notes (prior to giving effect to any distribution of principal
          thereon on such date) exceeds the amount of principal distributed to the
          holders
          of the Class D Notes or allocated to the Future Distribution Account, as
          the
          case may be, on such date, the Administrator shall instruct the Indenture
          Trustee in writing on such date to withdraw from the Reserve Account on
          such
          date an amount equal to such excess, to the extent of funds available therein,
          after giving effect to paragraphs (b)(i) through (b)(ix) above and to distribute
          such amount to the holders of the Class D Notes or allocate such amount
          to the
          Future Distribution Account, as the case may be.

    

     

    

        (c)  If
          the
          amount on deposit in the Reserve Account on any Distribution Date (after
          giving
          effect to all deposits or withdrawals therefrom on such Distribution Date)
          is
          greater than the Required Reserve Amount for such Distribution Date, the
          Administrator shall instruct the Indenture Trustee in writing to deposit
          the
          amount of such excess into the Collection Account for distribution on such
          Distribution Date or allocate such amount to the Future Distribution Account,
          as
          the case may be.

         

        (d)  If
          on any
          Distribution Date the amount on deposit in the Reserve Account (after giving
          effect to all deposits or withdrawals therefrom on such Distribution Date)
          is
          equal to or greater than the aggregate Outstanding Amount of all Notes,
          the
          Administrator shall instruct the Indenture Trustee in writing to deposit
          all
          amounts in the Reserve Account into the Collection Account for distribution
          on
          such Distribution Date.

         

        SECTION
          8.09  Statements
          to Noteholders.
          (a) On
          each Determination Date preceding a Distribution Date, pursuant to the
          Administration Agreement the Administrator shall provide to the Indenture
          Trustee (with a copy to the Owner Trustee and the Rating Agencies) for
          the
          Indenture Trustee to forward on such succeeding Distribution Date to each
          holder
          of record of the Notes a statement setting forth at least the following
          information as to the Notes, to the extent applicable:

    

     

    FIRST:  the
      amount of the distribution allocable to principal of each Class of
      Notes;

     

      SECOND:  the
        amount of the distribution allocable to interest on each Class of Notes
        (including, with respect to the Class B Notes, the Class C Notes and the
        Class D
        Notes, the portion allocable to Noteholders’ Interest Carryover Shortfall),
        together with the interest rates applicable with respect
        thereto;

     

    THIRD:  the
      Pool
      Balance as of the close of business on the last day of the preceding Collection
      Period, after giving effect to the related payments allocated to principal
      reported under clause (1) above;

     

      FOURTH:  the
        aggregate outstanding principal balance of each Class of Notes as of such
        Distribution Date, after giving effect to related payments allocated to
        principal reported under clause (1) above;

     

      FIFTH:  for
        each
        Distribution Date (A) the amount of fees and expenses paid to the Indenture
        Trustee and the Owner Trustee; (B) the amount of the Servicing Fee and expenses
        paid to the Servicers; (C) the amount of fees paid to TERI; (D) the amount
        of
        the Administration Fee and expenses paid to the Administrator, and (E) the
        amount of the Back-Up Administration Fee and expenses paid to the Back-Up
        Administrator, and, in each case, with respect to such Collection Period,
        together with the amount, if any, remaining unpaid after giving effect to
        all
        such payments;

     

      SIXTH:  for
        each
        Distribution Date, the amount of the aggregate Realized Losses for the Financed
        Student Loans, if any, for such Collection Period and the balance of the
        Financed Student Loans that are delinquent in each delinquency period as
        of the
        end of such Collection Period;

     

      SEVENTH:  the
        balance of the Reserve Account on such Distribution Date, after giving effect
        to
        changes therein on such Distribution Date;

     

      EIGHTH:  the
        amounts withdrawn from the Reserve Account on such Distribution
        Date;

     

    

        NINTH:  the
          balance of the Future Distribution Account on such Distribution
          Date;

         

        TENTH:  the
          amounts paid from the Future Distribution Account on each Auction Payment
          Date
          subsequent to the immediately prior Distribution Date;

         

        ELEVENTH:  for
          Distribution Dates during the Funding Period, the remaining Pre-Funded
          Amount on
          such Distribution Date, after giving effect to changes therein during the
          related Collection Period;

         

        TWELFTH:  for
          the
          first Distribution Date on or following the end of the Funding Period,
          the
          amount of any remaining Pre-Funded Amount that has not been used to make
          Additional Fundings with respect to Additional Student Loans and is being
          deposited into the Collection Account; and

         

        THIRTEENTH:  the
          amount of any Advance with respect to such Distribution Date;

         

        FOURTEENTH:  the
          amount transferred to the TERI Pledge Fund to acquire Rehabilitated Student
          Loans with respect to such Distribution Date; and

         

        FIFTEENTH:  the
          amount of the distribution allocable to Prepayment
          Penalties.

    

     

      Each
        amount set forth pursuant to clauses (1), (2), (3), (5) and (6) above shall
        be expressed as a dollar amount. A copy of the statements referred to above
        may
        be obtained by any Note Owner by a written request to the Indenture Trustee
        addressed to the Corporate Trust Office.

     

      (b)  On
        each
        Determination Date preceding an Auction Rate Note Interest Payment Date,
        the
        Administrator shall provide to the Indenture Trustee (with a copy to the
        Owner
        Trustee and the Rating Agencies) for the Indenture Trustee to forward to
        each
        holder of record of the applicable Class of Notes a statement setting forth
        the
        information in clauses (1) and (2) above with respect to the related Auction
        Rate Notes.

     

    SECTION
      8.10  Pre-Funding
      Account.
      (a)  On
      the Closing Date, the Issuer will deposit in the Pre-Funding Account, $____,
      to
      be used to by the Trust to acquire Subsequent Student Loans and as otherwise
      provided in this Section 8.10. On each Subsequent Transfer Date during the
      Funding Period on which Additional Student Loans are to be conveyed to the
      Issuer, the Issuer shall instruct the Indenture Trustee in writing to withdraw
      from the Pre-Funding Account an amount equal to the lesser of (i) ___% of the
      sum of (x) the principal balance of, plus (y) to the extent capitalized or
      to be
      capitalized upon commencement of repayment or during deferment or forbearance,
      accrued interest on, such Subsequent Student Loans, plus (z) any origination
      fees or reimbursement of guaranty fees and (ii) an amount that results in the
      sum of the Pool Balance, the amount deposited into the TERI Pledge Fund, the
      Pre-Funding Account, the Reserve Account, the Future Distribution Account and
      the Collection Account equaling __% of the outstanding principal amount of
      the
      Notes. The Administrator shall instruct the Indenture Trustee in writing to
      distribute such amount as directed by the Administrator. On each Subsequent
      Transfer Date, if the amount deposited into the TERI Pledge Fund on such date
      is
      less than __% of the principal balance of the Subsequent Student Loans being
      acquired by the Issuer on such Subsequent Transfer Date, the Indenture Trustee,
      upon receipt of written instructions from the Administrator, shall transfer
      from
      the Pre-Funding Account to the Collection Account on such Subsequent Transfer
      Date the amount of such deficiency.

     

    (b)  If
      the
      Pre-Funded Amount has not been reduced to zero on or prior to the Distribution
      Date on which the Funding Period ends (or, if the Funding Period does not end
      on
      a Distribution Date, on or prior to the first Distribution Date following the
      end of the Funding Period) after giving effect to any reductions in the
      Pre-Funded Amount on such Distribution Date pursuant to paragraph (a) above,
      the
      Administrator shall instruct the Indenture Trustee in writing to transfer on
      such Distribution Date from the Pre-Funding Account to the Collection Account
      an
      amount equal to the funds remaining in the Pre-Funding Account. Any such funds
      so transferred shall be considered Available Funds for the related Distribution
      Date.

     

      SECTION
        8.11  Advances.
        (a)
        On or
        prior to any Distribution Date, a Certificateholder may, but shall not be
        obligated to, make an optional deposit (each, an “Optional Deposit”) to the
        Reserve Account from funds to be released to such Certificateholder pursuant
        to
        Section 8.02(d)(17) on such Distribution Date or otherwise. Any such Optional
        Deposit shall be applied on the related Distribution Date in the same manner
        as
        other funds on deposit in the Reserve Account on the related Distribution
        Date
        in accordance with Section 8.08. 

     

      (b)  If
        on any
        Determination Date the amount required to be distributed on the upcoming
        Distribution Date pursuant to Section 8.02(d)(1), would exceed the sum of
        the
        aggregate amount in the Collection Account, the Future Distribution Account
        and
        the Reserve Account, the Administrator, in its sole option, may elect to
        deposit, or have an Affiliate deposit, in the Reserve Account (no later than
        the
        Business Day immediately preceding such Distribution Date) an amount up to
        the
        amount of such deficiency (such deposit, is referred to as an “Advance”).

     

    SECTION
      8.12  Future
      Distribution Account.
      The
      Indenture Trustee shall make deposits into and withdrawals from the Future
      Distribution Account as provided in Section 8.02. To the extent amounts to
      be
      paid to the Noteholders or any other Person are in the Future Distribution
      Account, the Indenture Trustee, based upon written instructions received from
      the Administrator, shall transfer such amounts from the Future Distribution
      Account to the Collection Account and make such payments from the Collection
      Account.

     

    ARTICLE
      IX

     

    Supplemental
      Indentures

     

    SECTION
      9.01  Supplemental
      Indentures Without Consent of Noteholders.
      (a)
      Without
      the consent of any holders of the Notes but with prior notice to the Rating
      Agencies, the Issuer and the Indenture Trustee, when authorized by an Issuer
      Order, at any time and from time to time, may enter into one or more indentures
      supplemental hereto, in form satisfactory to the Indenture Trustee, for any
      of
      the following purposes:

     

    (i)  to
      correct or amplify the description of any property at any time subject to the
      lien of this Indenture, or better to assure, convey and confirm unto the
      Indenture Trustee any property subject or required to be subjected to the lien
      of this Indenture, or to subject to the lien of this Indenture additional
      property;

     

    (ii)  to
      evidence the succession, in compliance with the applicable provisions hereof,
      of
      another person to the Issuer, and the assumption by any such successor of the
      covenants of the Issuer herein and in the Notes contained;

     

    (iii)  to
      add to
      the covenants of the Issuer, for the benefit of the holders of the Notes, or
      to
      surrender any right or power herein conferred upon the Issuer;

     

    (iv)  to
      convey, transfer, assign, mortgage or pledge any property to or with the
      Indenture Trustee;

     

    (v)  to
      cure
      any ambiguity, to correct or supplement any provision herein or in any
      supplemental indenture which may be inconsistent with any other provision herein
      or in any supplemental indenture or to make any other provisions with respect
      to
      matters or questions arising under this Indenture or in any supplemental
      indenture; provided that such action shall not materially adversely affect
      the
      interests of the holders of the Notes; or

     

    (vi)  to
      evidence and provide for the acceptance of the appointment hereunder by a
      successor trustee with respect to the Notes and to add to or change any of
      the
      provisions of this Indenture as shall be necessary to facilitate the
      administration of the trusts hereunder by more than one trustee, pursuant to
      the
      requirements of Article VI.

     

    The
      Indenture Trustee is hereby authorized to join in the execution of any such
      supplemental indenture and to make any further appropriate agreements and
      stipulations that may be therein contained.

     

    (b)  The
      Administrator, on behalf of the Issuer and the Indenture Trustee, when
      authorized by an Issuer Order, may, also without the consent of any of the
      holders of the Notes but upon satisfying the Rating Agency Condition, enter
      into
      an indenture or indentures supplemental hereto for the purpose of adding any
      provisions to, or changing in any manner or eliminating any of the provisions
      of, this Indenture including changing the Auction Procedures for the Auction
      Rate Notes, or of modifying in any manner the rights of the holders of the
      Notes
      under this Indenture; provided,
      however,
      that
      such action shall not, as evidenced by an Opinion of Counsel, adversely affect
      in any material respect the interests of any holder of the Notes.

     

      SECTION
        9.02  Supplemental
        Indentures with Consent of Noteholders.
        The
        Issuer and the Indenture Trustee, when authorized by an Issuer Order, also
        may,
        with prior notice to the Rating Agencies, and with the consent of the Interested
        Noteholders holding a majority of the Outstanding Amount of the related Classes
        of Notes, enter into an indenture or indentures supplemental hereto for the
        purpose of adding any provisions to, or changing in any manner or eliminating
        any of the provisions of, this Indenture or of modifying in any manner the
        rights of the holders of the Notes under this Indenture; provided,
        however,
        that no
        such supplemental indenture shall, without the consent of the holder of each
        Outstanding Note affected thereby:

     

    (i)  change
      the date of payment of any installment of principal of or interest on each
      Class
      of Notes, or reduce the principal amount thereof or the interest rate thereon,
      change the provisions of this Indenture relating to the application of
      collections on, or the proceeds of the sale of, the Indenture Trust Estate
      to
      payment of principal of or interest on the applicable Notes, or change any
      place
      of payment where, or the coin or currency in which, any Note or the interest
      thereon is payable, or impair the right to institute suit for the enforcement
      of
      the provisions of this Indenture requiring the application of funds available
      therefor, as provided in Article V, to the payment of any such amount due on
      the
      Notes on or after the respective due dates thereof;

     

    (ii)  reduce
      the percentage of the Outstanding Amount of the Notes, the consent of the
      holders of which is required for any such supplemental indenture, or the consent
      of the holders of the Notes of which is required for any waiver of compliance
      with certain provisions of this Indenture or certain defaults hereunder and
      their consequences provided for in this Indenture;

     

    (iii)  modify
      or
      alter the provisions of the proviso to the definition of the term
“Outstanding”;

     

    (iv)  reduce
      the percentage of the Outstanding Amount of the Notes required to direct the
      Indenture Trustee to direct the Issuer to sell or liquidate the Indenture Trust
      Estate pursuant to Section 5.04;

     

    (v)  modify
      any provision of this Section except to increase any percentage specified herein
      or to provide that certain additional provisions of this Indenture or the other
      Basic Documents cannot be modified or waived without the consent of the holder
      of each Outstanding Note affected thereby;

     

    (vi)  modify
      any of the provisions of this Indenture in such manner as to affect the
      calculation of the amount of any payment of interest or principal due on any
      applicable Note on any Distribution Date (including the calculation of any
      of
      the individual components of such calculation);

     

    (vii)  permit
      the creation of any lien ranking prior to or on a parity with the lien of this
      Indenture with respect to any part of the Indenture Trust Estate or, except
      as
      otherwise permitted or contemplated herein, terminate the lien of this Indenture
      on any property at any time subject hereto or deprive any holder of any Note
      of
      the security provided by the lien of this Indenture; or

     

      (viii)  change
        the definition of Interested Noteholders.

     

    It
      shall
      not be necessary for any Act of holders of the Notes under this Section to
      approve the particular form of any proposed supplemental indenture, but it
      shall
      be sufficient if such Act shall approve the substance thereof.

     

    Promptly
      after the execution by the Issuer and the Indenture Trustee of any supplemental
      indenture pursuant to this Section, the Indenture Trustee shall mail to the
      holders of the Notes to which such amendment or supplemental indenture relates
      a
      notice prepared by the Issuer setting forth in general terms the substance
      of
      such supplemental indenture. Any failure of the Indenture Trustee to mail such
      notice, or any defect therein, shall not, however, in any way impair or affect
      the validity of any such supplemental indenture.

     

      SECTION
        9.03  Execution
        of Supplemental Indentures.
        In
        executing, or permitting the additional trusts created by, any supplemental
        indenture permitted by this Article IX or the modifications thereby of the
        trusts created by this Indenture, the Indenture Trustee shall be entitled
        to
        receive, and subject to Sections 6.01 and 6.02, shall be fully protected
        in
        relying upon, an Opinion of Counsel stating that the execution of such
        supplemental indenture is authorized or permitted by this Indenture and that
        all
        conditions precedent to the execution and delivery thereof have been satisfied.
        The Indenture Trustee may, but shall not be obligated to, enter into any
        such
        supplemental indenture that affects the Indenture Trustee’s own rights, duties,
        liabilities or immunities under this Indenture or otherwise.

     

    SECTION
      9.04  Effect
      of Supplemental Indenture.
      Upon
      the execution of any supplemental indenture pursuant to the provisions hereof,
      this Indenture shall be and be deemed to be modified and amended in accordance
      therewith, and the respective rights, limitations of rights, obligations,
      duties, liabilities and immunities under this Indenture of the Indenture
      Trustee, the Issuer and the holders of the Notes shall thereafter be determined,
      exercised and enforced hereunder subject in all respects to such modifications
      and amendments, and all the terms and conditions of any such supplemental
      indenture shall be and be deemed to be part of the terms and conditions of
      this
      Indenture for any and all purposes.

     

    SECTION
      9.05  [Reserved]

     

    SECTION
      9.06  Reference
      in Notes to Supplemental Indentures.
      Notes
      authenticated and delivered after the execution of any supplemental indenture
      pursuant to this Article IX may, and if required by the Indenture Trustee shall,
      bear a notation in form approved by the Indenture Trustee as to any matter
      provided for in such supplemental indenture. If the Issuer or the Indenture
      Trustee shall so determine, new Notes so modified as to conform, in the opinion
      of the Indenture Trustee and the Issuer, to any such supplemental indenture
      may
      be prepared and executed by the Issuer and authenticated and delivered by the
      Indenture Trustee in exchange for Outstanding Notes.

     

    SECTION
      9.07  Conformity
      With the Trust Indenture Act.
      Every
      Supplemental Indenture executed pursuant to this Article IX shall conform
      to the requirements of the TIA as then in effect.

     

    ARTICLE
      X

     

    Reporting
      Requirements

     

      SECTION
        10.01  Annual
        Statement as to Compliance.
        The
        Issuer will cause each Servicer to deliver to the Administrator, any applicable
        annual statements as to compliance required by such Servicer’s Servicing
        Agreement. Copies of any such annual statements will be provided to the Rating
        Agencies rating the Notes.

     

      SECTION
        10.02  Annual
        Independent Public Accountants’ Servicing Report.
        The
        Issuer shall cause each Servicer to cause a firm of independent public
        accountants to furnish a statement to the Administrator and the Indenture
        Trustee in accordance with such Servicer’s Servicing Agreement. So long as the
        Issuer is required to file reports with the SEC pursuant to Section 15(d)
        of the
        Exchange Act, the Issuer shall cause each Servicer that is required to provide
        an assessment of compliance and an attestation report pursuant to Item 1122
        of
        Regulation AB to furnish such items to the Administrator and the Indenture
        Trustee in sufficient time to permit the Issuer to file in a timely manner
        with
        the SEC all reports required to be filed by the Issuer pursuant to Section
        15(d)
        of the Exchange Act. The Issuer shall cause copies of each document delivered
        pursuant to this Section 10.02 to be provided to the Rating Agencies rating
        the
        Notes.

     

    

        SECTION
          10.03  Assessment
          of Compliance and Attestation Reports.

         

        (a)  Assessment
          of Compliance.

         

        (i)  By
          September 15 of each year, commencing in September 200_, the Indenture
          Trustee
          shall furnish to the Depositor and the Administrator, a report on an assessment
          of compliance with the Relevant Servicing Criteria that contains (A) a
          statement
          by such party of its responsibility for assessing compliance with the Relevant
          Servicing Criteria, (B) a statement that such party used the Servicing
          Criteria
          to assess compliance with the Relevant Servicing Criteria, (C) such party’s
          assessment of compliance with the Relevant Servicing Criteria as of and
          for the
          fiscal year covered by the Form 10-K required to be filed pursuant to Section
          3.24, including, if there has been any material instance of noncompliance
          with
          the Relevant Servicing Criteria, a discussion of each such failure and
          the
          nature and status thereof, and (D) a statement that a registered public
          accounting firm has issued an attestation report on such party’s assessment of
          compliance with the Relevant Servicing Criteria as of and for such
          period.

    

     

      (ii)  When
        the
        Indenture Trustee submits its assessment to the Depositor and the Administrator,
        it will also at such time include the assessment (and attestation pursuant
        to
        subsection (b) of this Section 10.03) of each Servicing Function Participant
        engaged by it and shall indicate what Relevant Servicing Criteria will be
        addressed in any such reports prepared by any such Servicing Function
        Participant.

     

      (iii)  Promptly
        after receipt of each report on assessment of compliance, the Administrator
        shall confirm that the assessments, taken as a whole, address all applicable
        Servicing Criteria and taken individually address the Relevant Servicing
        Criteria (and disclose the inapplicability of the Servicing Criteria not
        determined to be Relevant Servicing Criteria) for each party as set forth
        on
        Exhibit C attached hereto and on any similar exhibit set forth in the applicable
        Servicing Agreement in respect of any Servicer, and the applicable Custodial
        Agreement, and shall notify the Depositor of any exceptions.

     

      (b)  Attestation
        Reports.

     

      (i)  By
        September 15 of each year, commencing in September 200_, the Indenture Trustee
        shall cause, and shall cause any Servicing Function Participant engaged by
        it to
        cause, a registered public accounting firm (which may also render other services
        to the Administrator and the Indenture Trustee, as the case may be) that
        is a
        member of the American Institute of Certified Public Accountants to furnish
        a
        report to the Depositor and the Administrator, to the effect that (A) it
        has
        obtained a representation regarding certain matters from the management of
        such
        party, which includes an assertion that such party has complied with the
        Relevant Servicing Criteria, and (B) on the basis of an examination conducted
        by
        such firm in accordance with standards for attestation engagements issued
        or
        adopted by the Public Company Accounting Oversight Board, it is expressing
        an
        opinion as to whether such party’s compliance with the Relevant Servicing
        Criteria was fairly stated in all material respects, or it cannot express
        an
        overall opinion regarding such party’s assessment of compliance with the
        Relevant Servicing Criteria. In the event that an overall opinion cannot
        be
        expressed, such registered public accounting firm shall state in such report
        why
        it was unable to express such an opinion. Such report must be available for
        general use and not contain restricted use language.

     

      (ii)  Promptly
        after receipt of such report from the Indenture Trustee or any Servicing
        Function Participant engaged by it, the Administrator shall confirm that
        each
        assessment submitted pursuant subsection (a) of this Section 10.03 is coupled
        with an attestation meeting the requirements of this Section and notify the
        Depositor of any exceptions.

      
      

     

     

      (c)  The
        Indenture Trustee’s obligation to provide assessments of compliance and
        attestations under this Section 10.03 shall terminate upon the filing of
        a Form
        15 suspension notice on behalf of the Issuer; provided,
        however
        that the
        Indenture Trustee shall provide assessments of compliance and attestations
        for
        the first fiscal year of the Issuer. After the occurrence of such event,
        and
        provided the Depositor is not otherwise provided with such reports or copies
        of
        such reports, the Indenture Trustee shall no longer be obligated to provide
        a
        copy of such reports to the Depositor or the Administrator.

     

    

        (d)  The
          scope
          of the “platform” to be used for the assessment of compliance and attestation
          reports shall be limited to all asset-backed securities offered after January
          1,
          2006 involving the Indenture Trustee as the asserting party that are relevant
          for and applicable to such assessments and reports and as required by Item
          1122
          of Regulation AB.

         

        (e)  Notwithstanding
          anything contained in Exhibit C to the contrary, the Indenture Trustee
          shall be
          entitled to deposit payments on Financed Student Loans in the appropriate
          custodial bank accounts and related bank clearing accounts no more than
          five
          Business Days following receipt, in accordance with Section 1122(d)(2)(i)
          of the
          Relevant Servicing Criteria.

         

        (f)  Each
          of
          the parties hereto acknowledges and agrees that the purpose of this Section
          10.03 is to facilitate compliance by the Issuer with the provisions of
          Regulation AB, as such may be amended or clarified from time to time. Therefore,
          each of the parties agrees that the Indenture Trustee’s obligations hereunder
          will be supplemented and modified as necessary to be consistent with any
          such
          amendments, interpretive advice or guidance, convention or consensus among
          active participants in the asset-backed securities markets, advice of counsel
          or
          otherwise in respect of the requirements of Regulation AB and the Indenture
          Trustee shall comply with requests made by the Administrator, on behalf
          of the
          Issuer, for delivery of additional or different information as the
          Administrator, on behalf of the Issuer, may determine in good faith is
          necessary
          to comply with the provisions of Regulation AB, provided that such information
          is available without unreasonable effort or expense and within such timeframe
          as
          may be reasonably requested.

    

    ARTICLE
      XI

     

    Miscellaneous

     

    SECTION
      11.01  Compliance
      Certificates and Opinions, etc.
      Upon
      any application or request by the Issuer to the Indenture Trustee to take any
      action under any provision of this Indenture, the Issuer shall furnish to the
      Indenture Trustee (i) an Officers’ Certificate of the Issuer stating that all
      conditions precedent, if any, provided for in this Indenture relating to the
      proposed action have been complied with and (ii) an Opinion of Counsel stating
      that in the opinion of such counsel all such conditions precedent, if any,
      have
      been complied with, except that, in the case of any such application or request
      as to which the furnishing of such documents is specifically required by any
      provision of this Indenture, no additional certificate or opinion need be
      furnished.

     

    Every
      certificate or opinion with respect to compliance with a condition or covenant
      provided for in this Indenture shall include:

     

    (i)  a
      statement that each signatory of such certificate or opinion has read or has
      caused to be read such covenant or condition and the definitions herein relating
      thereto;

     

    (ii)  a
      brief
      statement as to the nature and scope of the examination or investigation upon
      which the statements or opinions contained in such certificate or opinion are
      based;

     

    (iii)  a
      statement that, in the opinion of each such signatory, such signatory has made
      such examination or investigation as is necessary to enable such signatory
      to
      express an informed opinion as to whether or not such covenant or condition
      has
      been complied with; and

     

    (iv)  a
      statement as to whether, in the opinion of each such signatory, such condition
      or covenant has been complied with.

     

    SECTION
      11.02  Form
      of Documents Delivered to Indenture Trustee.
      In any
      case where several matters are required to be certified by, or covered by an
      opinion of, any specified Person, it is not necessary that all such matters
      be
      certified by, or covered by the opinion of, only one such Person, or that they
      be so certified or covered by only one document, but one such Person may certify
      or give an opinion with respect to some matters and one or more other such
      Persons as to other matters, and any such Person may certify or give an opinion
      as to such matters in one or several documents.

     

      Any
        certificate or opinion of an Authorized Officer of the Issuer may be based,
        insofar as it relates to legal matters, upon a certificate or opinion of,
        or
        representations by, counsel, unless such officer knows, or in the exercise
        of
        reasonable care should know, that the certificate or opinion or representations
        with respect to the matters upon which his certificate or opinion is based
        are
        erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel
        may be based, insofar as it relates to factual matters, upon a certificate
        or
        opinion of, or representations by, an officer or officers of a Servicer,
        the
        Issuer or the Administrator, stating that the information with respect to
        such
        factual matters is in the possession of such Servicer, the Issuer or the
        Administrator, unless such counsel knows, or in the exercise of reasonable
        care
        should know, that the certificate or opinion or representations with respect
        to
        such matters are erroneous.

     

    Where
      any
      Person is required to make, give or execute two or more applications, requests,
      consents, certificates, statements, opinions or other instruments under this
      Indenture, they may, but need not, be consolidated and form one
      instrument.

     

    Whenever
      in this Indenture, in connection with any application or certificate or report
      to the Indenture Trustee, it is provided that the Issuer shall deliver any
      document as a condition of the granting of such application, or as evidence
      of
      the Issuer’s compliance with any term hereof, it is intended that the truth and
      accuracy, at the time of the granting of such application or at the effective
      date of such certificate or report (as the case may be), of the facts and
      opinions stated in such document shall in such case be conditions precedent
      to
      the right of the Issuer to have such application granted or to the sufficiency
      of such certificate or report. The foregoing shall not, however, be construed
      to
      affect the Indenture Trustee’s right to rely upon the truth and accuracy of any
      statement or opinion contained in any such document as provided in Article
      VI.

     

    SECTION
      11.03  Acts
      of Noteholders.
      (a)
      Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Indenture to be given or taken by holders of the Notes
      may be embodied in and evidenced by one or more instruments of substantially
      similar tenor signed by such holders of the Notes, in person or by agents duly
      appointed in writing; and except as herein otherwise expressly provided such
      action shall become effective when such instrument or instruments are delivered
      to the Indenture Trustee, and, where it is hereby expressly required, to the
      Issuer. Such instrument or instruments (and the action embodied therein and
      evidenced thereby) are herein sometimes referred to as the “Act” of the holders
      of the Notes, signing such instrument or instruments. Proof of execution of
      any
      such instrument or of a writing appointing any such agent shall be sufficient
      for any purpose of this Indenture and (subject to Section 6.01) conclusive
      in
      favor of the Indenture Trustee and the Issuer, if made in the manner provided
      in
      this Section.

     

    (b)  The
      fact
      and date of the execution by any person of any such instrument or writing may
      be
      proved in any manner that the Indenture Trustee deems sufficient.

     

    (c)  The
      ownership of Notes, shall be proved by the Note Register.

     

    (d)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by the holder of any Notes shall bind the holder of every Note issued
      upon the registration thereof or in exchange therefor or in lieu thereof, in
      respect of anything done, omitted or suffered to be done by the Indenture
      Trustee or the Issuer in reliance thereon, whether or not notation of such
      action is made upon such Note.

     

    SECTION
      11.04  Notices,
      etc., to Indenture Trustee, Issuer and Rating Agencies.
      Any
      request, demand, authorization, direction, notice, consent, waiver or Act of
      holders of Notes, or other documents provided or permitted by this Indenture
      shall be in writing and if such request, demand, authorization, direction,
      notice, consent, waiver or act of holders of Notes, is to be made upon, given
      or
      furnished to or filed with:

     

    (a)  the
      Indenture Trustee by any holder of Notes, or by the Issuer shall be sufficient
      for every purpose hereunder if made, given, furnished or filed in writing to
      or
      with the Indenture Trustee at its Corporate Trust Office.

     

      (b)  the
        Issuer by the Indenture Trustee or by any holder of Notes shall be sufficient
        for every purpose hereunder if in writing and mailed, first-class, postage
        prepaid, to the Issuer addressed to: The National Collegiate Student Loan
        Trust
        200_-_, c/o _______________, as Owner Trustee,
        __________________________________, Attention: __________________; with a
        copy
        to: The First Marblehead Corporation, The Prudential Tower, 800 Boylston
        Street,
        34th Floor, Boston, Massachusetts 02199-8157, Attention: Controller, with
        a copy
        to: Corporate Law Department, or at any other address previously furnished
        in
        writing to the Indenture Trustee by the Issuer or the Administrator. The
        Issuer
        shall promptly transmit any notice received by it from the holders of the
        Notes
        to the Indenture Trustee.

     

      Notices
        required to be given to the Rating Agencies by the Issuer, the Indenture
        Trustee
        or the Owner Trustee shall be in writing, personally delivered, electronically
        delivered, or mailed by certified mail, return receipt requested, and shall
        be
        deemed to have been duly given upon receipt (i) in the case of Moody’s, via
        electronic delivery to “servicerreports@moodys.com”, and for any information not
        available in electronic format, send hard copies to: Moody’s Investors Service,
        Inc., ABS Monitoring Department, 99 Church Street, New York, New York 10007;
        (ii) in the case of Standard & Poor’s, via electronic delivery to
“Servicer_reports@sandp.com” and for any information not available in electronic
        format, send hard copies to: Standard & Poor’s Ratings Services, 55 Water
        Street, 41st floor, New York, New York 10041-0003, Attention: ABS Surveillance
        Group; (iii) in the case of Fitch, via electronic delivery to
“surveillance-abs-consumer@fitchratings.com” and for any information not
        available in electronic format, send hard copies to: Fitch Ratings, One State
        Street Plaza, New York, NY 10004, Attention: ABS Surveillance Group; or as
        to
        each of the foregoing, at such other address as shall be designated by written
        notice to the other parties.

     

    SECTION
      11.05  Notices
      to Noteholders; Waiver.
      Where
      this Indenture provides for notice to holders of Notes of any event, such notice
      shall be sufficiently given (unless otherwise herein expressly provided) if
      in
      writing and mailed, first-class, postage prepaid to each holder of Notes
      affected by such event, at his address as it appears on the Note Register,
      not
      later than the latest date, and not earlier than the earliest date, prescribed
      for the giving of such notice. In any case where notice to holders of the Notes
      is given by mail, neither the failure to mail such notice nor any defect in
      any
      notice so mailed to any particular holder of Notes shall affect the sufficiency
      of such notice with respect to other holders of Notes, and any notice that
      is
      mailed in the manner herein provided shall conclusively be presumed to have
      been
      duly given.

     

    Where
      this Indenture provides for notice in any manner, such notice may be waived
      in
      writing by any Person entitled to receive such notice, either before or after
      the event, and such waiver shall be the equivalent of such notice. Waivers
      of
      notice by holders of the Notes shall be filed with the Indenture Trustee but
      such filing shall not be a condition precedent to the validity of any action
      taken in reliance upon such a waiver.

     

    In
      case,
      by reason of the suspension of regular mail service as a result of a strike,
      work stoppage or similar activity, it shall be impractical to mail notice of
      any
      event to holders of the Notes when such notice is required to be given pursuant
      to any provision of this Indenture, then any manner of giving such notice as
      shall be satisfactory to the Indenture Trustee shall be deemed to be a
      sufficient giving of such notice.

     

    Where
      this Indenture provides for notice to the Rating Agencies, failure to give
      such
      notice shall not affect any other rights or obligations created hereunder,
      and
      shall not under any circumstance constitute a Default.

     

    SECTION
      11.06  Alternate
      Payment and Notice Provisions.
      Notwithstanding any provision of this Indenture or any of the Notes to the
      contrary, the Issuer may enter into any agreement with any holder of the Notes
      providing for a method of payment, or notice by the Indenture Trustee or any
      Paying Agent to such holder of the Notes that is different from the methods
      provided for in this Indenture for such payments or notices. The Issuer will
      furnish to the Indenture Trustee a copy of each such agreement and the Indenture
      Trustee will cause payments to be made and notices to be given in accordance
      with such agreements.

     

      SECTION
        11.07  Effect
        of Headings and Table of Contents.
        The
        Article and Section headings herein and the Table of Contents are for
        convenience only and shall not affect the construction
        hereof.

     

      SECTION
        11.08  Successors
        and Assigns.
        All
        covenants and agreements in this Indenture and the Notes by the Issuer shall
        bind its successors and assigns, whether so expressed or not. All agreements
        of
        the Indenture Trustee in this Indenture shall bind the successors, co-trustees
        and agents (excluding any legal representatives or accountants) of the Indenture
        Trustee.

     

      SECTION
        11.09  Separability.
        In case
        any provision in this Indenture or in the Notes shall be invalid, illegal
        or
        unenforceable, the validity, legality, and enforceability of the remaining
        provisions shall not in any way be affected or impaired
        thereby.

     

      SECTION
        11.10  Benefits
        of Indenture.
        Nothing
        in this Indenture or in the Notes, express or implied, shall give to any
        Person,
        other than the parties hereto and their successors hereunder, and the holders
        of
        the Notes, and any other party secured hereunder, and any other Person with
        an
        ownership interest in any part of the Indenture Trust Estate, any benefit
        or any
        legal or equitable right, remedy or claim under this
        Indenture.

     

      SECTION
        11.11  Legal
        Holidays.
        In any
        case where the date on which any payment is due shall not be a Business Day,
        then (notwithstanding any other provision of the Notes or this Indenture)
        payment need not be made on such date, but may be made on the next succeeding
        Business Day with the same force and effect as if made on the date on which
        nominally due, and no interest shall accrue for the period from and after
        any
        such nominal date.

     

      SECTION
        11.12  Governing
        Law.
        THIS
        INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
        NEW
        YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS,
        RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
        WITH SUCH LAWS. THIS INDENTURE IS SUBJECT TO THE PROVISIONS OF THE TIA THAT
        ARE
        REQUIRED TO BE PART OF THIS INDENTURE AND SHALL, TO THE EXTENT APPLICABLE,
        BE
        GOVERNED BY SUCH PROVISIONS. 

     

      SECTION
        11.13  Counterparts.
        This
        Indenture may be executed in any number of counterparts, each of which so
        executed shall be deemed to be an original, but all such counterparts shall
        together constitute but one and the same instrument.

     

      SECTION
        11.14  Recording
        of Indenture.
        If this
        Indenture is subject to recording in any appropriate public recording offices,
        such recording is to be effected by the Issuer and at its expense accompanied
        by
        an Opinion of Counsel (which may be counsel to the Indenture Trustee or any
        other counsel reasonably acceptable to the Indenture Trustee) to the effect
        that
        such recording is necessary either for the protection of the holders of the
        Notes or any other Person secured hereunder or for the enforcement of any
        right
        or remedy granted to the Indenture Trustee under this
        Indenture.

     

      SECTION
        11.15  Trust
        Obligations.
        No
        recourse may be taken, directly or indirectly, with respect to the obligations
        of the Issuer, the Administrator, the Back-up Administrator, any Servicer,
        the
        Owner Trustee or the Indenture Trustee on the Notes or under this Indenture
        or
        any certificate or other writing delivered in connection herewith or therewith,
        against (i) the Administrator, the Back-up Administrator, such Servicer,
        the
        Indenture Trustee or the Owner Trustee in its individual capacity or (ii)
        any
        partner, owner, beneficiary, agent, officer, director, employee or agent
        of the
        Administrator, the Back-up Administrator, such Servicer, the Indenture Trustee
        or the Owner Trustee in its individual capacity, any holder or owner of a
        beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee
        or
        of any successor or assign of the Administrator, the Back-up Administrator,
        a
        Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity,
        except as any such Person may have expressly agreed (it being understood
        that
        the Indenture Trustee and the Owner Trustee have no such obligations in their
        individual capacity) and except that any such partner, owner or beneficiary
        shall be fully liable, to the extent provided by applicable law, for any
        unpaid
        consideration for stock, unpaid capital contribution or failure to pay any
        installment or call owing to such entity.

     

    This
      Indenture is executed and delivered by ________________________ (“___________”),
      not individually or personally but solely as Owner Trustee of the Issuer in
      the
      exercise of the powers and authority conferred and vested in it and each of
      the
      representations, undertakings and agreements herein made on the part of the
      Issuer is made and intended not as personal representations, undertakings and
      agreements by __________ but is made and intended for the purpose of binding
      only the Issuer and under no circumstances shall ___________ be personally
      liable for the payment of any indebtedness or expenses of the Issuer or be
      liable for the breach or failure of any obligation, representation, warranty
      or
      covenant made or undertaken by the Issuer under this Indenture or
      otherwise.

     

      SECTION
        11.16  No
        Petition.
        The
        Indenture Trustee, by entering into this Indenture, and each holder of each
        Class of the Notes, by accepting a Note, hereby covenant and agree that they
        will not at any time institute against the Issuer, or join in any institution
        against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency,
        receivership or liquidation proceedings, or other proceedings under any United
        States Federal or state bankruptcy or similar law in connection with any
        obligations relating to the Notes, this Indenture or any of the other Basic
        Documents.

     

      SECTION
        11.17  Inspection.
        The
        Issuer agrees that, on reasonable prior notice, it will permit any
        representative of the Indenture Trustee, during the Issuer’s normal business
        hours, to examine all the books of account, records, reports, and other papers
        of the Issuer, to make copies and extracts therefrom, to cause such books
        to be
        audited by Independent certified public accountants, and to discuss the Issuer’s
        affairs, finances and accounts with the Issuer’s officers, employees, and
        Independent certified public accountants, all at such reasonable times and
        as
        often as may be reasonably requested. The Indenture Trustee shall and shall
        cause its representatives to hold in confidence all such information obtained
        from such examination or inspection except to the extent disclosure may be
        required by law (and all reasonable applications for confidential treatment
        are
        unavailing) and except to the extent that the Indenture Trustee may reasonably
        determine that such disclosure is consistent with its obligations
        hereunder.

     

      SECTION
        11.18  Third-Party
        Beneficiaries.
        This
        Indenture will inure to the benefit of and be binding upon the parties hereto,
        the Owner Trustee, the Noteholders, the Note Owners, TERI and their respective
        successors and permitted assigns. Except as otherwise provided in this
        Indenture, no other person will have any right or obligation
        hereunder.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this Indenture
      to be duly executed by their respective officers, thereunto duly authorized
      and
      duly attested, all as of the day and year first above written.

     

    
      	
              THE
                NATIONAL COLLEGIATE STUDENT LOAN TRUST 200_-_,

              By:            
                 _______________________________,
                not in its individual capacity but solely as Owner
                Trustee,

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 
	 
	
              U.S.
                BANK NATIONAL ASSOCIATION, 

              not
                in its individual capacity 

              but
                solely as Indenture Trustee,

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

     

    

     

    

     

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    
      	
              STATE
                OF DELAWARE

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW CASTLE

            	
              )

            	 

    

    

    

    

     

    On
      the
      ____ day of __________ in the year 200_, before me, the undersigned, personally
      appeared ___________________, an Authorized Officer, of
      ___________________________, as Owner Trustee of THE NATIONAL COLLEGIATE STUDENT
      LOAN TRUST 200_-_, personally known to me or proved to me on the basis of
      satisfactory evidence to be the individual whose name is subscribed to the
      within instrument and acknowledged to me that he executed the same in his
      capacity, and that by his signature on the instrument, the individual, or the
      person upon behalf of which the individual acted, executed the
      instrument.

     

    GIVEN
      UNDER MY HAND AND SEAL OF OFFICE, this ____ day of _________, 200_.

     

    
      	 
	
              Notary
                Public in and for

            
	
              the
                State of Delaware.

            

    

    

     

    My
      commission expires:

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF 

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

     

    On
      the
      ____ day of _________ in the year 200_, before me, the undersigned, personally
      appeared ___________________, a ___________ of U.S. BANK NATIONAL ASSOCIATION,
      personally known to me or proved to me on the basis of satisfactory evidence
      to
      be the individual whose name is subscribed to the within instrument and
      acknowledged to me that he executed the same in his capacity, and that by his
      signature on the instrument, the individual, or the person upon behalf of which
      the individual acted, executed the instrument.

     

    GIVEN
      UNDER MY HAND AND SEAL OF OFFICE, this ____ day of __________ 200_.

     

    
      	 
	
              Notary
                Public in and for

            
	
              the
                State of __________.

            

    

    

     

    

     

    My
      commission expires:

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    APPENDIX
      A

     

    DEFINITIONS
      AND USAGE

     

    Usage

     

    The
      following rules of construction and usage shall be applicable to any instrument
      that is governed by this Appendix:

     

    (a) All
      terms
      defined in this Appendix shall have the defined meanings when used in any
      instrument governed hereby and in any certificate or other document made or
      delivered pursuant thereto unless otherwise defined therein.

     

    (b) As
      used
      herein, in any instrument governed hereby and in any certificate or other
      document made or delivered pursuant thereto, accounting terms not defined in
      this Appendix or in any such instrument, certificate or other document, and
      accounting terms partly defined in this Appendix or in any such instrument,
      certificate or other document to the extent not defined, shall have the
      respective meanings given to them under generally accepted accounting principles
      as in effect on the date of such instrument. To the extent that the definitions
      of accounting terms in this Appendix or in any such instrument, certificate
      or
      other document are inconsistent with the meanings of such terms under generally
      accepted accounting principles, the definitions contained in this Appendix
      or in
      any such instrument, certificate or other document shall control.

     

    (c) The
      words
“hereof,” “herein,” “hereunder” and words of similar import when used in an
      instrument refer to such instrument as a whole and not to any particular
      provision or subdivision thereof; references in an instrument to “Article,”
“Section” or another subdivision or to an attachment are, unless the context
      otherwise requires, to an article, section or subdivision of or an attachment
      to
      such instrument; and the term “including” means “including without
      limitation.”

     

    (d) The
      definitions contained in this Appendix are equally applicable to both the
      singular and plural forms of such terms and to the masculine as well as to
      the
      feminine and neuter genders of such terms.

     

    (e) Any
      agreement, instrument or statute defined or referred to below or in any
      agreement or instrument that is governed by this Appendix means such agreement
      or instrument or statute as from time to time amended, modified or supplemented,
      including (in the case of agreements or instruments) by waiver or consent and
      (in the case of statutes) by succession of comparable successor statutes and
      includes (in the case of agreements or instruments) references to all
      attachments thereto and instruments incorporated therein. References to a Person
      are also to its permitted successors and assigns.

     

      (f) The
        provisions of the Appendix A shall apply to all of the Notes issued hereunder
        provided that with respect to the Auction Rate Notes, the provisions of Appendix
        B shall apply and to the extent that such provisions conflict with or are
        inconsistent with the provisions of Appendix A, the provisions of Appendix
        B
        shall control with respect to the Auction Rate Notes.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Definitions

     

    “Accountant”
means
      __________________ and any other independent certified public accountant as
      may
      be selected by the Issuer and satisfying the Rating Agency
      Condition.

     

    “Act”
has
      the
      meaning specified in Section 11.03(a) of the Indenture.

     

    “Additional
      Fundings”
means
      the moneys transferred from the Pre-Funding Account on Subsequent Transfer
      Dates
      during the Funding Period, and shall consist of amounts paid to the applicable
      Seller to acquire Subsequent Student Loans as of the applicable Subsequent
      Cut-off Dates, to pay capitalized interest on the Student Loans, as applicable,
      and to remit to the Collection Account if the amount on deposit in the TERI
      Pledge Fund is less than the amount specified in Section 8.10 of the
      Indenture.

     

    “Administration
      Agreement”
means
      the Administration Agreement dated as of ______ __, 200_, among the Issuer,
      the
      Indenture Trustee, the Owner Trustee and the Administrator.

     

    “Administration
      Fee”
has
      the
      meaning specified in Section 3 of the Administration
      Agreement.

     

    “Administrator”
means
      First Marblehead Data Services, Inc., a Massachusetts corporation, in its
      capacity as administrator of the Issuer and the Financed Student Loans, and
      its
      successors and permitted assigns.

     

    “Administrator
      Default”
means
      the occurrence of any event specified in Section 8(d) of the Administration
      Agreement.

     

    “Advance”
has
      the
      meaning specified in Section 8.11(b) of the Indenture.

     

    “Affiliate”
means,
      with respect to any specified Person, any other Person controlling or controlled
      by or under common control with such specified Person. For the purposes of
      this
      definition, “control” when used with respect to any specified Person 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.

     

      “Applicable
        Index”
means
        with respect to each Class of Notes (other than the Class A-IO Notes), One-Month
        LIBOR; provided,
        however,
        with
        respect to the initial Interest Period, the Applicable Index shall be determined
        by the following formula:

     

      
        	
                X
                  +
                  19/28 * (Y-X)

              
	 
	
                Where:
                  X = Two-Month LIBOR, and

              
	 
	
                Y
                  =
                  Three-Month LIBOR, in each case, as of the second Business Day
                  before the
                  start of the initial Interest
                  Period.

              

      

     

      “Applicable
        Note Margin”
means
        ___% for the Class A-1 Notes, ___% for the Class A-2 Notes, ___% for the
        Class
        ___% Notes, ___% for the Class A-4 Notes, ___% for the Class A-5 Notes, ___%
        for
        the Class B Notes, ___% for the Class C Notes, and___% for the Class D Notes.
        

     

       

       

      “Authorized
        Officer”
means,
        with respect to any Person, any Person who is authorized to act for such
        Person
        in matters relating to the Basic Documents and whose action is binding upon
        such
        Person. With the respect to the Issuer, “Authorized Officer” means any officer
        of the Owner Trustee and/or the Administrator who is authorized to act for
        the
        Owner Trustee and/or the Administrator in matters relating to the Issuer.
        With
        respect to the Indenture Trustee, “Authorized Officer” means any officer of the
        Indenture Trustee customarily performing functions similar to those performed
        by
        any of the above designated officers and also, with respect to a particular
        matter, any other officer to whom such matter is referred because of such
        officer’s knowledge of and familiarity with the particular
        subject.

     

      “Available
        Funds”
means,
        with respect to any Distribution Date, the sum of the following amounts received
        with respect to the preceding Collection Period to the extent not previously
        distributed:

     

      (i) a
        all
        collections received by the Servicers on the Financed Student Loans (including
        any Guarantee Payments received) but net of any applicable administrative
        fees,
        a portion of any late fees or similar fees received from a borrower;

     

      (ii) all
        Liquidation Proceeds and all Recoveries in respect of Liquidated Student
        Loans
        which were written off in prior Collection Periods;

     

      (iii) the
        aggregate Purchase Amounts received for Financed Student Loans repurchased
        by a
        Seller or a Servicer during the Collection Period;

     

    (iv) Investment
      Earnings for such Distribution Date;

     

      (v) amounts
        withdrawn from the Reserve Account in excess of the Required Reserve Amount
        and
        deposited into the Collection Account;

     

    (vi) amounts
      transferred from the Pre-Funding Account to the Collection Account;

     

    (vii) amounts
      on deposit in the Future Distribution Account;

     

    (viii) Advances
      and Optional Deposits, if any; and

     

    (ix) any
      proceeds received in connection with the sale of the Student Loans, or sums
      collected by the Indenture Trustee pursuant to Sections 5.03 or 5.04(a) of
      the
      Indenture;

     

      provided,
        however,
        that
        Available Funds will exclude all payments and proceeds (including Liquidation
        Proceeds) of any Financed Student Loans, the related Purchase Amount of which
        has been included in Available Funds, for a prior Distribution Date;
provided,
        further,
        that if
        on any Distribution Date there would not be sufficient funds, after application
        of Available Funds and amounts available from the Reserve Account, the Future
        Distribution Account and the Pre-Funding Account, to pay any of the items
        specified in clauses (1) through (7) of Section 8.02(d) of the Indenture
        for
        such Distribution Date, then Available Funds for such Distribution Date shall
        include, in addition to the Available Funds described above in clauses (i)
        through (vii) inclusive, amounts being held pursuant to Section 8.01 of the
        Indenture or on deposit in the Collection Account which would have constituted
        Available Funds for the Distribution Date succeeding such Distribution Date,
        up
        to the amount necessary to pay the items specified in clause (1) through
        (7) of
        Section 8.02(d) of the Indenture, and the Available Funds for such succeeding
        Distribution Date shall be adjusted accordingly.

     

      “Back-up
        Administration Agreement”:
        means
        the Back-up Administration Agreement dated as of December 7, 2006 among the
        Issuer, Back-up Administrator, the Owner Trustee, the Administrator and the
        Depositor.

     

      “Back-up
        Administration Fee”
means
        the fee payable to the Back-up Administrator pursuant to the Back-up
        Administration Agreement.

     

      “Back-up
        Administrator”
means
        U.S. Bank National Association, a national banking association, in its capacity
        as back-up administrator of the Issuer and the Financed Student Loans, and
        its
        successors and permitted assigns.

     

      “Back-up
        Administrator Default”
means
        the occurrence of any event specified in Section 8(d) of the Administration
        Agreement after the Back-up Administrator has assumed the duties required
        to be
        performed by the Administrator pursuant to the Back-up Administration
        Agreement.

     

      “Basic
        Documents”
means
        the Trust Agreement, the Indenture, all Student Loan Purchase Agreements,
        the
        Deposit and Sale Agreement, the Servicing Agreements, the Administration
        Agreement, the Back-up Administration Agreement, the Custodial Agreements,
        the
        Note Depository Agreement, the Guarantee Agreements, the TERI Deposit and
        Security Agreement, the Auction Agent Agreement, the Broker Dealer Agreements,
        any Program Manual and other documents and certificates delivered in connection
        with any thereof.

     

    “Beneficial
      Owner”
means,
      with respect to a Note, the Person who is the beneficial owner of such Note,
      as
      reflected on the books of the Depository or on the books of a Person maintaining
      an account with such Depository (directly or as an indirect participant, in
      accordance with the rules of such Depository), as the case may be.

     

    “Book-Entry
      Note”
means
      a
      beneficial interest in the Notes, ownership and transfers of which shall be
      made
      through book entries by a Clearing Agency as described in Section 2.10 of
      the Indenture.

     

      “Business
        Day”
means
        any day other than a Saturday, a Sunday or a day on which banking institutions
        or trust companies in New York City, Minneapolis, Minnesota or the city in
        which
        the designated corporate trust office of the Indenture Trustee is located,
        are
        authorized or obligated by law, regulation or executive order to remain
        closed.

     

      “Certificates”
means
        the Trust Certificates issued pursuant to the Trust Agreement, substantially
        in
        the form of Exhibit 1 thereto.

     

      “Certificateholders”
means
        the Persons in whose names Certificates are registered.

     

      “Class”
means
        reference to any of the Class A-1, Class A-2, Class A-3, Class A-4, Class
        A-5,
        Class B, Class C or Class D Notes, as applicable.

     

      “Class
        A Notes”
means
        the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, Class
        A-5 Notes and Class A-IO Notes.

     

      “Class
        A Percentage”
means
        at any time the percentage equivalent of a fraction, the numerator of which
        is
        the Outstanding Amount of the Class A Notes and the denominator of which
        is the
        sum of the Outstanding Amount of all the Notes.

     

      “Class
        A-1 Note”
means
        a
        Class A-1 Note issued pursuant to the Indenture, substantially in the form
        of
        Exhibit A-1 thereto.

     

      “Class
        A-2 Note”
means
        a
        Class A-2 Note issued pursuant to the Indenture, substantially in the form
        of
        Exhibit A-2 thereto.

     

      “Class
        A-3 Note”
means
        a
        Class A-3 Note issued pursuant to the Indenture, substantially in the form
        of
        Exhibit A-3 thereto.

     

      “Class
        A-4 Note”
means
        a
        Class A-4 Note issued pursuant to the Indenture, substantially in the form
        of
        Exhibit A-4 thereto.

     

      “Class
        A-5 Note”
means
        a
        Class A-5 Note issued pursuant to the Indenture, substantially in the form
        of
        Exhibit A-5 thereto.

     

      “Class
        A-IO Note”
means
        a
        ___% Class A-IO Note issued pursuant to the Indenture, substantially in the
        form
        of Exhibit A-6 thereto.

      
      

    “Class
      B Note”
means
      a
      Class B Note issued pursuant to the Indenture, substantially in the form of
      Exhibit A-7 thereto.

     

      “Class
        B Percentage”
means
        at any time the percentage equivalent of a fraction, the numerator of which
        is
        the Outstanding Amount of the Class B Notes and the denominator of which
        is the
        sum of the Outstanding Amount of all the Notes.

     

      “Class
        B Note Interest Trigger”
means
        on any Distribution Date, if the Cumulative Default Rate for such Distribution
        Date equals or exceeds the percentage listed below for the most recent date
        preceding such Distribution Date:

     

    

      
        	
                Date

              	 	
                Cumulative
                  Default Rate

              
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

      

    

      provided,
        however,
        that a
        Class B Note Interest Trigger will not be deemed to be in effect if (a) on
        the
        last day of the related Collection Period, the aggregate Outstanding Amount
        of
        the Class A Notes is less than the sum of the Pool Balance plus the amount
        on
        deposit in the Reserve Account (excluding the sum of (i) the amount on deposit
        in the TERI Pledge Fund and (ii) the amount of any Noteholders’ Interest
        Carryover Shortfall for the Class B Notes) or (b) TERI is solvent and is
        continuing to purchase Defaulted Student Loans with respect to which TERI
        has
        become obligated to purchase under the terms of the relevant Guaranty
        Agreement.

     

      “Class
        C Note”
means
        a
        Class C Note issued pursuant to the Indenture, substantially in the form
        of
        Exhibit A-8 thereto.

      
      

     

      “Class
        C Note Interest Trigger”
means
        on any Distribution Date, if the Cumulative Default Rate for such Distribution
        Date equals or exceeds the percentage listed below for the most recent date
        preceding such Distribution Date:

     

    

      
        	
                Date

              	 	
                Cumulative
                  Default Rate

              
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

      

    

      provided,
        however,
        that a
        Class C Note Interest Trigger will not be deemed to be in effect if (a) on
        the
        last day of the related Collection Period, the aggregate Outstanding Amount
        of
        the Class A Notes and the Class B Notes is less than the sum of the Pool
        Balance
        plus the amount on deposit in the Reserve Account (excluding the sum of (i)
        the
        amount on deposit in the TERI Pledge Fund and (ii) the amount of any
        Noteholders’ Interest Carryover Shortfall for the Class B Notes and the Class C
        Notes) or (b) TERI is solvent and is continuing to purchase Defaulted Student
        Loans with respect to which TERI has become obligated to purchase under the
        terms of the relevant Guaranty Agreement.

     

      “Class
        C Percentage”
means
        at any time the percentage equivalent of a fraction, the numerator of which
        is
        the Outstanding Amount of the Class C Notes and the denominator of which
        is the
        sum of the Outstanding Amount of all the Notes.

     

      “Class
        D Note”
means
        a
        Class D Note issued pursuant to the Indenture, substantially in the form
        of
        Exhibit A-9 thereto.

     

      “Class
        D Note Interest Trigger”
means
        on any Distribution Date if (a)
        the
        sum of the pool balance at the end of the preceding collection period plus
        amounts on deposit in the reserve account (excluding amounts on deposit in
        the
        TERI pledge fund) after payments on that distribution date is less than (b)
        __%
        of the
        outstanding principal balance of the offered notes after payments on that
        distribution date.

     

      provided,
        however,
        that a
        Class D Note Interest Trigger will not be deemed to be in effect if (a) on
        the
        last day of the related Collection Period, the aggregate Outstanding Amount
        of
        the Class A Notes, the Class B Notes and the Class C Notes is less than the
        sum
        of the Pool Balance plus the amount on deposit in the Reserve Account (excluding
        the sum of (i) the amount on deposit in the TERI Pledge Fund and (ii) the
        amount
        of any Noteholders’ Interest Carryover Shortfall for the Class B Notes, the
        Class C Notes and the Class D Notes) or (b) TERI is solvent and is continuing
        to
        purchase Defaulted Student Loans with respect to which TERI has become obligated
        to purchase under the terms of the relevant Guaranty
        Agreement.

     

      “Class
        D Percentage”
means
        at any time the percentage equivalent of a fraction, the numerator of which
        is
        the Outstanding Amount of the Class D Notes and the denominator of which
        is the
        sum of the Outstanding Amount of all the Notes.

      
      

     

    “Clearing
      Agency”
means
      an organization registered as a “clearing agency” pursuant to Section 17A
      of the Exchange Act.

     

    “Clearing
      Agency Participant”
means
      a
      broker, dealer, bank, other financial institution or other Person for whom
      from
      time to time a Clearing Agency effects book-entry transfers and pledges of
      securities deposited with the Clearing Agency.

     

    “Clearstream”
means
      Clearstream Banking, a société anonyme, a limited liability company organized
      under the laws of Luxembourg.

     

    “Closing
      Date”
means
      ______ __, 200_.

     

    “Code”
means
      the Internal Revenue Code of 1986, as amended from time to time, and Treasury
      Regulations promulgated thereunder.

     

    “Collateral”
has
      the
      meaning specified in the Granting Clause of the Indenture.

     

    “Collection
      Account”
means
      the account designated as such, established and maintained pursuant to Section
      8.02(a)(i) of the Indenture.

     

      “Collection
        Period”
means,
        with respect to the first Distribution Date, the period beginning on the
        Cutoff
        Date and ending on _________ __, 20__, and with respect to each subsequent
        Distribution Date, the Collection Period means the calendar month immediately
        following the end of the previous Collection Period. 

     

      “Corporate
        Trust Office”
means
        (i) with respect to the Indenture Trustee and the Note Registrar (so long
        as the Indenture Trustee is the Note Registrar), the designated office of
        the
        Indenture Trustee at which at any particular time its corporate trust business
        shall be administered, which office at the Closing Date is located at One
        Federal Street, 3rd Floor, Boston, Massachusetts 02110,
        Attention:  The National Collegiate Student Loan Trust 200_-_
        (facsimile: (617) 603-6638) or at such other address as the Indenture Trustee
        may designate from time to time by notice to the Noteholders, the Administrator,
        and the Depositor, or the principal corporate trust office of any successor
        Indenture Trustee (the address of which the successor Indenture Trustee will
        notify the Noteholders, the Administrator, and the Depositor) and (ii) with
        respect to the Owner Trustee, the principal corporate trust office of the
        Owner
        Trustee located at Rodney Square North, 1100 North Market Street, Wilmington,
        Delaware 19890, Attention: Corporate Trust Administration (facsimile:
        302-636-4140); or at such other address as the Owner Trustee may designate
        by
        notice to the Certificateholders, the Administrator and the Depositor, or
        corporate trust office of any successor Owner Trustee (the address of which
        the
        successor Owner Trustee will notify the Certificateholders, the Administrator,
        the Back-up Administrator and the Depositor).

     

    “Cost
      of Issuance Account”
means
      the account designated as such, established and maintained pursuant to Section
      8.06 of the Indenture.

     

    “Credit-Worthy
      Cosigned Loan”
means
      a
      loan made to a borrower to pay the costs of attendance at a school approved
      under the Student Loan Programs, which loan (i) was originated and underwritten
      to a credit-worthy standard as set forth in the related Program Manual with
      at
      least two signatures on the note evidencing such Student Loan, and (ii) is
      guaranteed by TERI.

     

    “Credit-Worthy
      Non-Cosigned Loan”
means
      a
      loan made to a borrower to pay the costs of attendance at a school approved
      under the Student Loan Programs, which loan (i) was originated and underwritten
      to a credit-worthy standard as set forth in the related Program Manual with
      one
      signature on the note evidencing such Student Loan, and (ii) is guaranteed
      by
      TERI.

     

    “Credit-Ready
      Loan”
means
      a
      loan made to a borrower to pay the costs of attendance at a school approved
      under the Student Loan Programs, which loan (i) was originated and underwritten
      to a credit-ready standard as set forth in the related Program Manual with
      one
      signature on the note evidencing such Student Loan, and (ii) is guaranteed
      by
      TERI.

     

      “Cumulative
        Default Rate”
means,
        as of any Distribution Date, the percentage equivalent of the fraction (a)
        the
        numerator of which is the aggregate principal balance of the Financed Student
        Loans which are Defaulted Student Loans as of the end of the related Collection
        Period, and (b) the denominator of which is the aggregate principal balance
        of
        the Financed Student Loans as of the Cutoff Date.

     

      “Custodial
        Agreements”
means,
        the Custodial Agreements, dated as of ______ __, 200_, between the applicable
        Servicer and the Indenture Trustee.

     

    “Cutoff
      Date”
means
      with respect to the Initial Financed Student Loans, ______ __,
      200_.

     

    “Default”
means
      any occurrence that is, or with notice or the lapse of time or both would
      become, an Event of Default.

     

    “Defaulted
      Student Loan”
means
      a
      Financed Student Loan for which a TERI Guaranty Event has occurred.

     

    “Definitive
      Notes”
has
      the
      meaning specified in Section 2.10 of the Indenture.

     

    “Delivery”
or
      “Deliver”
when
      used with respect to Trust Account Property means the following and such
      additional or alternative procedures as may hereafter become appropriate to
      effect the complete transfer of ownership of any such Collateral to the
      Indenture Trustee, free and clear of any adverse claims, consistent with changes
      in applicable law or regulations or the interpretation thereof: 

     

    (a) with
      respect to bankers’ acceptances, commercial paper, negotiable certificates of
      deposit and other obligations that constitute instruments and are susceptible
      of
      physical delivery (“Physical Property”):

     

    (b) transfer
      of possession thereof to the Indenture Trustee endorsed to, or with respect
      to a
      certificated security:

     

    (i) delivery
      thereof in bearer form to the Indenture Trustee; or

     

    (ii) delivery
      thereof in registered form to the Indenture Trustee and

     

    (A) the
      certificate is endorsed to the Indenture Trustee or in blank by effective
      endorsement; or

     

    (B) the
      certificate is registered in the name of the Indenture Trustee, upon original
      issue or registration of transfer by the issuer;

     

    (c) with
      respect to an uncertificated security:

     

    (i) the
      delivery of the uncertificated security to the Indenture Trustee;
      or

     

    (ii) the
      issuer has agreed that it will comply with instructions originated by the
      Indenture Trustee, without further consent by the registered owner;

     

    (d) with
      respect to any security issued by the U.S. Treasury, the Federal Home Loan
      Mortgage Corporation or by the Federal National Mortgage Association that is
      a
      book-entry security held through the Federal Reserve System pursuant to Federal
      book-entry regulations:

     

    (i) a
      Federal
      Reserve Bank by book entry credits the book-entry security to the securities
      account (as defined in 31 CFR Part 357) of a participant (as defined in 31
      CFR
      Part 357) which is also a securities intermediary; and

     

    (ii) the
      participant indicates by book entry that the book-entry security has been
      credited to the Indenture Trustee’s securities account, as
      applicable;

     

    (e) with
      respect to a security entitlement:

     

    (i) the
      Indenture Trustee, becomes the entitlement holder; or

     

    (ii) the
      securities intermediary has agreed that it will comply with entitlement orders
      originated by the Indenture Trustee;

     

    (f) without
      further consent by the entitlement holder for the purpose of clauses (b) and
      (c)
      hereof “delivery” means:

     

    (i) with
      respect to a certificated security:

     

    (A) the
      Indenture Trustee, acquires possession thereof;

     

    (B) another
      person (other than a securities intermediary) either acquires possession thereof
      on behalf of the Indenture Trustee or, having previously acquired possession
      thereof, acknowledges that it holds for the Indenture Trustee; or

     

    (C) a
      securities intermediary acting on behalf of the Indenture Trustee acquires
      possession of thereof, only if the certificate is in registered form and has
      been specially endorsed to the Indenture Trustee by an effective
      endorsement;

     

    (ii) with
      respect to an uncertificated security:

     

    (A) the
      issuer registers the Indenture Trustee as the registered owner, upon original
      issue or registration of transfer; or

     

    (B) another
      person (other than a securities intermediary) either becomes the registered
      owner thereof on behalf of the Indenture Trustee, or, having previously become
      the registered owner, acknowledges that it holds for the Indenture
      Trustee;

     

    (g) for
      purposes of this definition, except as otherwise indicated, the following terms
      shall have the meaning assigned to each such term in the UCC:

     

    (i) “certificated
      security”

     

    (ii) “effective
      endorsement”

     

    (iii) “entitlement
      holder”

     

    (iv) “instrument”

     

    (v) “securities
      account”

     

    (vi) “securities
      entitlement”

     

    (vii) “securities
      intermediary”

     

    (viii) “uncertificated
      security”

     

    (h) in
      each
      case of Delivery contemplated herein, the Indenture Trustee shall make
      appropriate notations on its records, and shall cause same to be made of the
      records of its nominees, indicating that securities are held in trust pursuant
      to and as provided in this Agreement.

     

    “Deposit
      and Sale Agreement”
means
      the Deposit and Sale Agreement dated as of ________________, 20__, between
      the
      Depositor and the Issuer pursuant to which the Depositor transfers Student
      Loans
      to the Issuer.

     

    “Depositor”
means
      The National Collegiate Funding LLC, as depositor under the Trust Agreement
      and
      any successor thereto or assignee thereof.

     

    “Depository”
means
      The Depository Trust Company, a New York corporation, its successors and
      assigns.

     

    “Depository
      Participant”
means
      a
      Person for whom, from time to time, the Depository effects book-entry transfers
      and pledges of securities deposited with the Depository.

     

      “Determination
        Date”
means,
        with respect to any Distribution Date, the third Business Day preceding such
        Distribution Date.

     

      “Distribution
        Date”
means,
        the 25th calendar day of each month or if such day is not a Business Day,
        the
        next Business Day, commencing ________________, 20__.

     

    “DTC”
means
      the Depository Trust Company, a New York corporation.

     

    “DTC
      Custodian”
means
      the Indenture Trustee as a custodian for DTC.

     

    “Eligible
      Deposit Account”
means
      either (a) a segregated account with an Eligible Institution, (b) a
      segregated trust account with the corporate trust department of a depository
      institution organized under the laws of the United States of America or any
      one
      of the States (or any domestic branch of a foreign bank), having corporate
      trust
      powers and acting as trustee for funds deposited in such account, so long as
      any
      of the securities of such depository institution have a credit rating from
      at
      least two nationally recognized Rating Agencies in one of their respective
      generic rating categories which signifies investment grade, or (c) any other
      account that is acceptable to the Rating Agencies (as evidenced by written
      confirmation to the Indenture Trustee from each Rating Agency that the use
      of
      such account satisfies the Rating Agency Condition). 

     

    “Eligible
      Institution”
means
      a
      depository institution (which may be, without limitation, the Indenture Trustee
      or any Affiliate of the Indenture Trustee) organized under the banking laws
      of
      the United States of America or any one of the States (or any domestic branch
      of
      a foreign bank), (a) which has (i) a short-term senior unsecured debt rating
      of
“P-1” or better by Moody’s, (ii) either (A) a long term senior unsecured debt
      rating of “AAA” by S&P or (B) a short-term senior unsecured debt rating
“A-1+” by S&P, and (iii) a short-term senior unsecured debt rating of “F-1”
or better by Fitch or any other long-term, short-term or certificate of deposit
      rating acceptable to the Rating Agencies, and (b) whose deposits are insured
      by
      the FDIC.

     

    “Eligible
      Investments”
mean
      book-entry securities, negotiable instruments or securities represented by
      instruments in bearer or registered form which evidence:

     

    (a) direct
      obligations of, and obligations fully guaranteed as to timely payment by, the
      United States of America;

     

    (b) demand
      deposits, time deposits or certificates of deposit of any depository institution
      or trust company incorporated under the laws of the United States of America
      or
      any State (or any domestic branch of a foreign bank) and subject to supervision
      and examination by Federal or state banking or depository institution
      authorities (including depository receipts issued by any such institution or
      trust company as custodian with respect to any obligation referred to in
      clause (a) above or portion of such obligation for the benefit of the
      holders of such depository receipts); provided,
      however,
      that
      (i) each such investment has an original maturity of less than 365 days and
      (ii)
      at the time of the investment or contractual commitment to invest therein (which
      shall be deemed to be made again each time funds are reinvested following each
      Distribution Date, as the case may be), the commercial paper or other short-term
      senior unsecured debt obligations (other than such obligations the rating of
      which is based on the credit of a Person other than such depository institution
      or trust company) thereof shall have a credit rating from Moody’s, S&P and
      Fitch in the highest investment category granted thereby;

     

    (c) commercial
      paper having an original maturity of less than 365 days and having, at the
      time
      of the investment or contractual commitment to invest therein, a rating from
      Moody’s, S&P and Fitch in the highest investment category granted
      thereby;

     

    (d) investments
      in money market funds (including funds for which the Indenture Trustee or the
      Owner Trustee or any of their respective Affiliates is an investment manager
      or
      advisor) that (i) maintain a stable $1.00 net asset value per share, (ii) are
      freely transferable on a daily basis, (iii) invests only in other Eligible
      Investments, and (iv) have a rating from Moody’s, S&P and Fitch in the
      highest investment category granted thereby;

     

    (e) bankers’
      acceptances having an original maturity of less than 365 days and issued by
      any
      depository institution or trust company referred to in clause (b) above;
      and

     

      (f) any
        other
        investment permitted by each of the Rating Agencies and as set forth in writing
        delivered to the Indenture Trustee; provided that such investment shall satisfy
        the Rating Agency Condition and that such investment is relatively risk
        free.

     

    “ERISA”
means
      the Employee Retirement Income Security Act of 1974, as amended.

     

    “Euroclear”
means
      the Euroclear System, or any successor thereto.

     

    “Event
      of Default”
has
      the
      meaning specified in Section 5.01 of the Indenture.

     

    “Exchange
      Act”
means
      the Securities Exchange Act of 1934, as amended.

     

    “Executive
      Officer”
means,
      with respect to any corporation, the Chief Executive Officer, Chief Operating
      Officer, Chief Financial Officer, President, any Executive Vice President,
      any
      Senior Vice President, any Vice President, the Secretary, the Assistant
      Secretary or the Treasurer of such corporation; and with respect to any
      partnership, any general partner thereof.

     

    “FASB”
means
      the Financial Accounting Standards Board.

     

    “FDIC”
means
      the Federal Deposit Insurance Corporation.

     

      “Final
        Maturity Date”
means
        for the (i) Class A-1 Notes, _________ 20__, (ii) Class A-2 Notes, _________
        20__, (iii) Class A-3 Notes, _________ 20__, (iv) Class A-4 Notes, _________
        20__, (v) Class A-1 Notes, _________ 20__, (vi) Class A-IO Notes, _________
        20__, (vii) Class B Notes, _________ 20__, (viii) Class C Notes, _________
        20__,
        and (ix) Class D Notes, _________ 20__.

     

    “Financed
      Student Loans”
means
      the collective reference to the Initial Financed Student Loans and the
      Subsequent Student Loans.

     

    “Financed
      Student Loan Note”
means
      the original fully executed copy of the note (or a copy of a fully executed
      master promissory note) evidencing each Financed Student Loan.

     

    “FMC”
means
      The First Marblehead Corporation.

     

    “Fitch”
means
      Fitch, Inc., and its successors and assigns.

     

       

       

       

    “Funding
      Period”
means
      the period beginning on the Closing Date and ending on the first to occur of
      (a) the date on which an Event of Default, a Servicer Default or an
      Administrator Default occurs, (b) the date on which an Insolvency Event
      occurs with respect to the Depositor or the Administrator, (c) the (i) first
      date on which the amounts on deposit in the Pre-Funding Account is zero, after
      giving effect to purchases of Subsequent Student Loans and related transfers
      of
      funds pursuant to Section 8.10 thereof, or (ii) Business Day prior to the
      earliest effective date of any amendment to FASB 140 (Accounting for Transfers
      and Servicing of Financial Assets and Extinguishments of Liabilities) or any
      other relevant or related accounting literature that is issued, the effect
      of
      which would result in the consolidation of the Trust with any other entity
      and
      (d) _____ __, 20__.

     

      “Future
        Distribution Account”
means
        the account designated as such, established and maintained pursuant to Section
        8.02(a)(iii) of the Indenture.

     

    “Global
      Note”
means
      any Note registered in the name of the Depository or its nominee, beneficial
      interests of which are reflected on the books of the Depository or on the books
      of a Person maintaining any account with such Depository (directly or as an
      indirect participant in accordance with the rules of such Depository).

     

    “Grant”
means
      mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey,
      assign, transfer, create, and grant a lien upon and a security interest in
      and
      right of set-off against, deposit, set over and confirm pursuant to the
      Indenture. A Grant of the Collateral or of any other agreement or instrument
      shall include all rights, powers and options (but none of the obligations)
      of
      the Granting party thereunder, including the immediate and continuing right
      to
      claim for, collect, receive and give receipt for principal and interest payments
      in respect of the Collateral and all other moneys payable thereunder, to give
      and receive notices and other communications, to make waivers or other
      agreements, to exercise all rights and options, to bring Proceedings in the
      name
      of the Granting party or otherwise and generally to do and receive anything
      that
      the Granting party is or may be entitled to do or receive thereunder or with
      respect thereto.

     

    “Guarantee”
means
      with respect to a Student Loan, the insurance or guarantee of the Guarantee
      Agency pursuant to such Guarantee Agency’s Guarantee Agreement.

     

    “Guarantee
      Agency”
means
      TERI.

     

    “Guarantee
      Agreements”
means
      the TERI Guarantee Agreements.

     

    “Guarantee
      Payment”
means
      any payment made by the Guarantee Agency pursuant to the Guarantee Agreement
      in
      respect of a Financed Student Loan.

     

      “Indenture”
means
        this Indenture, dated as of ______ __, 200_, between the Issuer and the
        Indenture Trustee.

     

    “Indenture
      Trustee”
means
      U.S. Bank National Association, not in its individual capacity but solely as
      Indenture Trustee under the Indenture.

     

    “Indenture
      Trust Estate”
means
      all money, instruments, rights and other property that are subject or intended
      to be subject to the lien and security interest of the Indenture for the benefit
      of the Noteholders (including all property and interests granted to the
      Indenture Trustee), including all proceeds thereof.

     

      “Independent”
means,
        when used with respect to any specified Person, that the Person (a) is in
        fact
        independent of the Issuer, any other obligor upon the Notes, the Depositor,
        the
        Administrator, the Back-up Administrator and any Affiliate of any of the
        foregoing Persons, (b) does not have any direct financial interest or any
        material indirect financial interest in the Issuer, any such other obligor,
        the
        Depositor, the Administrator, the Back-Up Administrator or any Affiliate
        of any
        of the foregoing Persons and (c) is not connected with the Issuer, any such
        other obligor, the Depositor, the Administrator, the Back-Up Administrator
        or
        any Affiliate of any of the foregoing Persons as an officer, employee, promoter,
        underwriter, trustee, partner, director or person performing similar functions.
        Whenever it is herein provided that any Independent Person’s Opinion of Counsel
        or certificate shall be furnished to the Indenture Trustee, such Person shall
        be
        appointed by the Issuer or the Indenture Trustee, as the case may be, and
        such
        Opinion of Counsel or certificate shall state that the signer has read this
        definition and that the signer is Independent within the meaning
        hereof.

     

      “Index
        Maturity”
means,
        (i) for One-Month LIBOR, one month, (ii) for Two-Month LIBOR, two months,
        and
        (ii) for Three-Month LIBOR, three months.

     

    “Indirect
      Participant”
means
      any financial institution for whom any Participant holds an interest in any
      Note.

      
      

     

       

       

     

    “Initial
      Financed Student Loans”
means
      the Student Loans identified as such in each of the pool supplements dated
      as of
      the Closing Date between the Trust and a Seller, transferred to the Trust as
      of
      the Closing Date and listed on the Schedule of Initial Financed Student Loans
      on
      the Closing Date as set forth in Schedule A to the Indenture (which Schedule
      may
      be in the form of microfiche or computer disk or tape).

     

    “Insider”
means,
      with respect to an entity, any officer, director or person privy to material
      information, including, but not limited to, contracts or agreements concerning
      such entity that are not available to the general public.

     

    “Insolvency
      Event”
means,
      with respect to a specified Person, (a) the filing of a decree or order for
      relief by a court having jurisdiction in the premises in respect of such Person
      or any substantial part of its property in an involuntary case under any
      applicable Federal or state bankruptcy, insolvency or other similar law now
      or
      hereafter in effect, or appointing a receiver, liquidator, assignee, custodian,
      trustee, sequestrator or similar official for such Person or for any substantial
      part of its property, or ordering the winding-up or liquidation of such Person’s
      affairs, and such decree or order shall remain unstayed and in effect for a
      period of 60 consecutive days; or (b) the commencement by such Person of a
      voluntary case under any applicable Federal or state bankruptcy, insolvency
      or
      other similar law now or hereafter in effect, or the consent by such Person
      to
      the entry of an order for relief in an involuntary case under any such law,
      or
      the consent by such Person to the appointment of or taking possession by a
      receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
      official for such Person or for any substantial part of its property, or the
      making by such Person of any general assignment for the benefit of creditors,
      or
      the failure by such Person generally to pay its debts as such debts become
      due,
      or the taking of action by such Person in furtherance of any of the
      foregoing.

     

    “Interest
      Collections”
shall
      have the meaning specified in Section 8.07 of the Indenture.

     

      “Interest
        Period”
means,
        with respect to a Distribution Date for (i) each Class of Notes, other than
        the
        Class A-IO Notes or the Auction Rate Notes, the period from and including
        the
        Closing Date or the most recent Distribution Date for that Class of Notes
        on
        which interest on the Notes has been distributed to but excluding the current
        Distribution Date and (ii) the Class A-IO Notes, the period commencing on
        the
        25th day of the month immediately preceding the current Distribution Date
        (or in
        the case of the first Distribution Date, from the Closing Date) to, but
        excluding, the 25th day of the month of the current Distribution
        Date.

       

       

       

     

      “Interested
        Noteholders”
means
        the Class A Noteholders (until such time as all Class A Notes have been paid
        in
        full), then the Class B Noteholders (until such time as all Class B Notes
        have
        been paid in full) the Class C Noteholders (until such time as all Class
        C Notes
        have been paid in full), and finally the Class D Noteholders. Notwithstanding
        the foregoing, any Notes owned by the Administrator, the Depositor or any of
        their respective Affiliates or agents designated for such purpose, shall
        not be
        voted by such entity nor considered in determining any specified voting
        percentage of the Interested Noteholders, unless otherwise set forth in the
        Indenture.

     

    “Investment
      Earnings”
means,
      with respect to any Distribution Date, the investment earnings (net of losses
      and investment expenses) on amounts on deposit in the Trust Accounts to be
      deposited into the Collection Account on or prior to such Distribution Date
      pursuant to Section 8.02(b) of the Indenture.

     

      “Irish
        Paying Agent”
means
        Custom House Administration and Corporate Services Limited, and its successors
        and assigns, and any other entity serving in such capacity.

     

      “Irish
        Paying Agent Agreement”
means
        Irish Paying Agency Agreement dated as of ___________, 20__ between the Irish
        Paying Agent and the Administrator on behalf of the Issuer.

     

    “Issuer”
means
      The National Collegiate Student Loan Trust 200_-_ until a successor replaces
      it
      and, thereafter, means the successor.

     

    “Issuer
      Order”
and
      “Issuer
      Request”
means
      a
      written order or request signed in the name of the Issuer by any one of its
      Authorized Officers and delivered to the Indenture Trustee.

     

    “LIBOR”
means
      the London interbank offered rate for deposits in U.S. dollars for a specified
      maturity.

     

      “LIBOR
        Determination Date”
means,
        with respect to each Interest Period, the second Business Day prior to the
        commencement of such Interest Period. For purposes of this definition, a
        “Business Day” is any day on which banks in London and New York City are open
        for the transaction of business.

     

    “Lien”
means
      a
      security interest, lien, charge, pledge, equity or encumbrance of any kind,
      other than tax liens and any other liens, if any, which attach to the respective
      Financed Student Loan by operation of law as a result of any act or omission
      by
      the related Obligor.

     

      “Liquidated
        Student Loan”
means
        any defaulted Financed Student Loan, liquidated by a
        Servicer.

     

      “Liquidation
        Proceeds”
means,
        with respect to any Liquidated Student Loan, the moneys collected in respect
        thereof from whatever source, other than Recoveries or Guarantee Payments
        received, net of the sum of any amounts expended by a Servicer in connection
        with such liquidation and any amounts required by law to be remitted to the
        borrower on such Liquidated Student Loan

     

       

       

    “Moody’s”
means
      Moody’s Investors Service, Inc., and its successors and assigns.

     

      “Note
        Depository Agreement”
means
        the blanket issuer letter of representations relating to the Notes, executed
        by
        the Issuer and received and accepted by The Depository Trust Company, as
        the
        initial Clearing Agency.

     

      “Note
        Interest Rate”
means,
        with respect to any Interest Period and (1) in the case of each Class of
        Notes,
        other than the Class A-IO Notes, the interest rate per annum equal to the
        sum of
        (x) the Applicable Index plus (y) the Applicable Note Margin for such Class,
        (2)
        in the case of the Class A-IO Notes, ___% per annum and (3) in the case of
        each
        Class of Auction Rate Notes, the interest rate established for each such
        Class
        for each such Interest Period pursuant to the procedures described in Appendix
        B
        to the Indenture. The interest rate per annum for each Class of Notes, other
        than the Class A-IO Notes, will be computed on the basis of the actual number
        of
        days elapsed in the related Interest Period divided by 360. The interest
        rate
        per annum for the Class A-IO Notes will be computed on a 30/360 basis, meaning
        a
        year of 360 days that is comprised of 12 months consisting of 30 days each;
        provided, however, that the initial Interest Period for the Class A-IO Notes
        shall consist of __ days.

     

    “Note
      Owner”
means,
      with respect to a Book-Entry Note, the Person who is the owner of such
      Book-Entry Note, as reflected on the books of the Clearing Agency, or on the
      books of a Person maintaining an account with such Clearing Agency (directly
      as
      a Clearing Agency Participant or as an indirect participant, in each case in
      accordance with the rules of such Clearing Agency).

     

      “Note
        Parity Trigger”
means
        on any Distribution Date on and after the Stepdown Date if (a) the sum of
        the
        Pool Balance plus amounts on deposit in the Reserve Account (excluding amounts
        on deposit in the TERI Pledge Fund) at the end of the preceding Collection
        Period is less than (b) ___% of the Outstanding Amount of the Notes after
        payments on that Distribution Date.

     

    “Note
      Register”
and
      “Note
      Registrar”
have
      the respective meanings specified in Section 2.04 of the
      Indenture.

     

    “Noteholders”
means
      each Person in whose name a Note is registered in the Note.

     

      “Noteholders’
        Interest Carryover Shortfall”
means,
        with respect to any Distribution Date and any Class of Notes, the sum of
        (x) the
        excess of (i) the sum of the related Noteholders’ Interest Distribution Amount
        with respect to that Class of Notes other than a class of Auction Rate Notes,
        on
        the preceding Distribution Date for the Class of Notes over (ii) the amount
        of
        interest actually distributed to the holders of that Class of Notes on such
        preceding Distribution Date, and (y) all Noteholders’ Interest Carryover
        Shortfall for that Class of Notes remaining unpaid from prior Distribution
        Dates, plus interest on the amount of such excess interest due to the holders
        of
        that Class of Notes to the extent permitted by law, at the then current Note
        Interest Rate for that Class of Notes from such preceding Distribution Date
        for
        that Class of Notes to the current Distribution Date for that Class of Notes,
        and with respect to any class of Auction Rate Notes, the “Carry-over Amount,” as
        defined in Appendix B hereto.

     

      “Noteholders’
        Interest Distribution Amount”
means,
        with respect to any Distribution Date and any Class of Notes, the aggregate
        amount of interest accrued at the applicable Note Interest Rate for the related
        Interest Period on the outstanding principal balance (or Notional Amount,
        for
        the Class A-IO Note) of such Class of Notes on the immediately preceding
        Distribution Date after giving effect to all principal distributions (or
        related
        reduction in Notional Amount, as applicable), to such Noteholders of such
        Class
        on such date (or, in the case of the first Distribution Date, on the Closing
        Date).

     

      “Noteholders’
        Principal Distribution Amount”
means,
        with respect to any Distribution Date, the amount necessary, so that after
        distributing such amount to the Notes, (a) the sum of the Pool Balance at
        the
        end of the preceding Collection Period, plus amounts on deposit in the Reserve
        Account (excluding amounts on deposit in the TERI Pledge Fund) after payments
        on
        such Distribution Date, equals (b) 103% of the Outstanding Amount of the
        Notes
        after payments on such Distribution Date; provided, however, that the
        Noteholders’ Principal Distribution Amount will not exceed the Outstanding
        Amount of the Notes. In addition, (a) on the Final Maturity Date for each
        related Class of Notes, the principal required to be distributed to such
        Class
        of Notes will include the amount required to reduce the Outstanding Amount
        of
        such Class of Notes to zero. 

     

      “Notes”
means
        collectively, the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes,
        the
        Class A-4 Notes, the Class A-5 Notes, the Class A-IO Notes, the Class B Notes,
        the Class C Notes, and the Class D Notes.

     

      “Notional
        Amount”
means,
        for the Class A-IO Notes, the amount on which the interest accrued on such
        Class
        of Notes is computed and, as of any Distribution Date, shall equal the amount
        determined as follows:

     

      
        	
                Distribution
                  Dates

              	
                Notional
                  Amount

              
	
                ______
                  20__ - ______ 20__

              	
                $____________

              
	
                ______
                  20__

              	
                $____________

              
	
                ______
                  20__

              	
                $____________

              
	
                ______
                  20__

              	
                $____________

              
	
                ______
                  20__2 and thereafter

              	
                $0

              

      

    

      However,
        if on any Distribution Date (after giving effect to the distributions of
        principal to be made on that Distribution Date) the Outstanding Amount of
        the
        Class A-5 Notes would be less than its Original Principal Balance, the Notional
        Amount of the Class A-IO Notes will equal the lesser of the Outstanding Amount
        of the Class A-5 Notes and the scheduled Notional Amount determined as described
        in the above table.

     

    “Obligor”
on
      a
      Financed Student Loan means the borrower or co-borrowers of such Financed
      Student Loan and any other Person who owes payments in respect of such Financed
      Student Loan, including the Guarantee Agency thereof.

     

    “Officers’
      Certificate”
means,
      with respect to the Issuer or the Administrator, a certificate signed by one
      of
      its Authorized Officers.

     

      “One-Month
        LIBOR,”
        “Two-Month
        LIBOR”
and
        “Three-Month
        LIBOR”
means,
        with respect to any Interest Period, the London interbank offered rate for
        deposits in U.S. dollars having the Index Maturity which appears on Telerate
        Page 3750 as of 11:00 a.m., London time, on such LIBOR Determination
        Date. If such rate does not appear on Telerate Page 3750, the rate for that
        day will be determined on the basis of the rates at which deposits in U.S.
        dollars, having the Index Maturity and in a principal amount of not less
        than
        U.S. $1,000,000, are offered at approximately 11:00 a.m., London time, on
        such LIBOR Determination Date to prime banks in the London interbank market
        by
        the Reference Banks. The Administrator will request the principal London
        office
        of each of such Reference Banks to provide a quotation of its rate. If at
        least
        two such quotations are provided, the rate for that day will be the arithmetic
        mean of the quotations. If fewer than two quotations are provided, the rate
        for
        that day will be the arithmetic mean of the rates quoted by major banks in
        New
        York City, selected by the Administrator, at approximately 11:00 a.m., New
        York City time, on such LIBOR Determination Date for loans in U.S. dollars
        to
        leading European banks having the Index Maturity and in a principal amount
        of
        not less than U.S. $1,000,000; provided that if the banks selected as aforesaid
        are not quoting as mentioned in this sentence, LIBOR in effect for the
        applicable Interest Period for the applicable Index Maturity will be LIBOR
        in
        effect for the previous Interest Period for that Index
        Maturity.

     

       

       

    “Opinion
      of Counsel”
means
      a
      written opinion of an attorney at law or firm of attorneys selected by the
      Person obliged to deliver an opinion on the subject in question, reasonably
      acceptable to the Person who is to receive the same hereunder, duly admitted
      to
      the practice of law before the highest court of any state of the United States
      of America or the District of Columbia.

     

    “Optional
      Deposit”
has
      the
      meaning specified in Section 8.11(a) of the Indenture.

     

      “Original
        Principal Balance”
means,
        for any Class of Notes, the original principal balance (or, in the case of
        the
        Class A-IO Notes, the original Notional Amount) for such Class on the Closing
        Date, as set forth in Section 2.02 of the Indenture.

     

    “Outstanding”
means,
      as of the date of determination, all Notes theretofore authenticated and
      delivered under the Indenture except:

     

    (i) Notes
      theretofore canceled by the Note Registrar or delivered to the Note Registrar
      for cancellation;

     

    (ii) Notes
      or
      portions thereof the payment for which money in the necessary amount has been
      theretofore deposited with the Indenture Trustee or any Paying Agent in trust
      for the Noteholders thereof;

     

    (iii) Notes
      in
      exchange for or in lieu of other Notes which have been authenticated and
      delivered pursuant to the Indenture unless proof satisfactory to the Indenture
      Trustee is presented that any such Notes are held by a bona fide
      purchaser;

     

      provided
        that in
        determining whether the Noteholders of the requisite Outstanding Amount of
        the
        Notes have given any request, demand, authorization, direction, notice, consent
        or waiver hereunder or under any other Basic Document, Notes owned by the
        Issuer, any other obligor upon the Notes, the Depositor, the Administrator,
        a
        Servicer, or any Affiliate of any of the foregoing Persons shall be disregarded
        and deemed not to be Outstanding, except that, in determining whether the
        Indenture Trustee shall be protected in relying upon any such request, demand,
        authorization, direction, notice, consent or waiver, only Notes that a
        Responsible Officer of the Indenture Trustee either actually knows to be
        so
        owned or has received written notice thereof shall be so disregarded. Notes
        so
        owned that have been pledged in good faith may be regarded as Outstanding
        if the
        pledgee establishes to the satisfaction of the Indenture Trustee the pledgee’s
        right so to act with respect to such Notes and that the pledgee is not the
        Issuer, any other obligor upon the Notes, the Depositor, the Administrator,
        a
        Servicer, or any Affiliate of any of the foregoing Persons.

     

    “Outstanding
      Amount”
means
      the aggregate principal amount or principal notional amount, as applicable,
      of
      all Notes (or, if the context so indicates, one or more Classes of Notes)
      Outstanding at the date of determination.

     

    “Owner
      Trustee”
means
      ______________________________, not in its individual capacity but solely as
      Owner Trustee under the Trust Agreement, and any successor thereto or assigned
      thereof.

     

    “Participant”
means
      a
      Person that has an account with DTC.

     

      “Paying
        Agent”
means
        (i) the Indenture Trustee or any other Person that meets the eligibility
        standards for the Indenture Trustee specified in Section 6.11 of the Indenture
        and is authorized by the Issuer to make the payments to and distributions
        from
        the Collection Account and payments of principal of and interest and any
        other
        amounts owing on the Notes on behalf of the Issuer and (ii) the Irish Paying
        Agent.

     

    “Person”
means
      any individual, corporation, estate, partnership, joint venture, association,
      joint stock company, trust (including any beneficiary thereof), unincorporated
      organization or government or any agency or political subdivision
      thereof.

     

    “Physical
      Property”
has
      the
      meaning assigned to such term in the definition of “Delivery”
above.

     

      “Pool
        Balance”
means,
        at any time, the aggregate principal balance of the Financed Student Loans
        at
        the end of the preceding Collection Period (including accrued interest thereon
        for such Collection Period to the extent such interest will be capitalized
        upon
        commencement of repayment or during deferment or
        forbearance).

     

    “Predecessor
      Note”
means,
      with respect to any particular Note, every previous Note evidencing all or
      a
      portion of the same debt as that evidenced by such particular Note; and, for
      the
      purpose of this definition, any Note authenticated and delivered under
      Section 2.05 of the Indenture and in lieu of a mutilated, lost, destroyed
      or stolen Note shall be deemed to evidence the same debt as the mutilated,
      lost,
      destroyed or stolen Note.

     

    “Pre-Funded
      Amount”
means,
      with respect to any Distribution Date, the amounts on deposit in the Pre-Funding
      Account.

     

    “Pre-Funding
      Account”
means
      the account designated as such, established and maintained pursuant to Section
      8.02(a)(iii) of the Indenture.

     

      “Prepayment
        Penalty”
means,
        on any Distribution Date on which the Class A-IO Notes are Outstanding, if
        the
        amount listed as the Notional Amount for that Distribution Date on the following
        schedule exceeds the Notional Amount of such Class A-IO Notes immediately
        prior
        to such Distribution Date, an amount equal to the interest accrued on such
        excess at the rate of ___% per annum for the applicable Interest
        Period:

     

      
        	
                Distribution
                  Dates

              	
                Notional
                  Amount

              
	
                ______
                  20__ - ______ 20__

              	
                $____________

              
	
                ______
                  20__

              	
                $____________

              
	
                ______
                  20__

              	
                $____________

              
	
                ______
                  20__

              	
                $____________

              
	
                ______
                  20__ and thereafter

              	
                $0

              

      

    

      Prepayment
        Penalties shall not be deemed payments of interest and/or principal of the
        Class
        A-IO Notes.

     

    “Proceeding”
means
      any suit in equity, action at law or other judicial or administrative
      proceeding.

     

    “Program
      Manuals”
means
      the program manual attached as an exhibit to each TERI Guarantee Agreement
      together with the student loan program guidelines of each of the Sellers which
      describe their credit and collection policies for the origination, acquisition,
      financing and servicing of Financed Student Loans, as amended, revised or
      supplemented from time to time; provided, however, that no such amendment,
      revision or supplement shall (a) reduce in any manner the amount of, or delay
      the timing of, collections of payments with respect to Financed Student Loans
      or
      (b) reduce the underwriting standards with respect to Financed Student Loans
      acquired or to be acquired by the Issuer, in each case without satisfying the
      Rating Agency Condition.

     

    “Purchase
      Amount”
means,
      as of the close of business on the last day of a Collection Period, 100% of
      the
      amount required to prepay in full the respective Financed Student Loan, in
      each
      case under the terms thereof including all accrued interest thereon expected
      to
      be capitalized upon commencement of repayment or during deferment or
      forbearance.

    
      

      

    

      “Purchased
        Student Loan”
means
        a
        Financed Student Loan purchased by a Service or repurchased by a Seller from
        the
        Issuer.

     

    “Rating
      Agency”
means
      each of Moody’s, S&P and Fitch. If any such organization or successor is no
      longer in existence, “Rating Agency” shall be a nationally recognized
      statistical rating organization or other comparable Person designated by the
      Issuer, notice of which designation shall be given to the Indenture Trustee
      and
      the Owner Trustee.

     

      “Rating
        Agency Condition”
means,
        with respect to any action, that each Rating Agency shall have been given
        10
        days’ prior notice thereof (or such shorter period as shall be acceptable to the
        Rating Agencies) and that each Rating Agency shall have confirmed to the
        Administrator and the Indenture Trustee, in writing that such action will
        not in
        and of itself result in a reduction or withdrawal of the then current rating
        of
        the Notes, based upon the review by each such Rating Agency of payment and
        default performance of the Financed Student Loans, financial information
        relating to the Trust, the Indenture Trust Estate, the Guarantee Agency,
        the
        Servicers or the Administrator, and such other information that such Rating
        Agency determines to review.

     

    “Realized
      Losses”
means
      the excess of the aggregate principal balance of any Liquidated Student Loan
      plus accrued but unpaid interest thereon over the related Liquidation Proceeds
      to the extent allocable to principal.

     

      “Record
        Date”
means
        with respect to a Class of the Notes, the close of business on the Business
        Day
        immediately preceding a Distribution Date for such Class of
        Notes.

     

      “Recoveries”
means,
        with respect to any Liquidated Student Loan, moneys collected in respect
        thereof, from whatever source, during any Collection Period following the
        Collection Period in which such Financed Student Loan, became a Liquidated
        Student Loan, net of the sum of any amounts expended by a Servicer for the
        account of any Obligor and any amounts required by law to be remitted to
        the
        Obligor.

     

    “Reference
      Bank”
means
      a
      leading bank (i) engaged in transactions in Eurodollar deposits in the
      international Eurocurrency market, (ii) not controlling, controlled by or under
      common control with the Administrator and (iii) having an established place
      of
      business in London.

     

      “Regulation
        AB”
means
        Subpart 229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time, and subject
        to
        such clarification and interpretation as have been provided by the SEC in
        the
        adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518,
        70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the SEC, or
        as may
        be provided by the SEC or its staff from time to time.

     

      “Rehabilitated
        Student Loans”
means
        Financed Student Loan purchased by TERI due to a TERI Guaranty Event, that
        the
        Trust will repurchase, (to the extent there are Available Funds), if TERI
        succeeds, after purchase, in obtaining from the borrower three or more
        consecutive on-time monthly payments pursuant to the TERI Guarantee Agreements,
        and the borrower is within thirty days of being current on the Financed Student
        Loan.

     

      “Relevant
        Servicing Criteria”
means
        the Servicing Criteria applicable to the Indenture Trustee, as set forth
        on
        Exhibit C attached hereto. With respect to a Servicing Function Participant
        engaged by the Indenture Trustee, the term “Relevant Servicing Criteria” may
        refer to a portion of the Relevant Servicing Criteria applicable to such
        parties.

     

      “Required
        Reserve Amount”
means,
        on any Distribution Date beginning with the Distribution Date in _________
        200_
        (after giving effect to all deposits or withdrawals therefrom on that
        Distribution Date), the respective amount listed below for that Distribution
        Date:

     

      
        	
                Distribution
                  Date

              	 	
                Amount

              	 	
                Distribution
                  Date

              	 	
                Amount

              
	
                _________
                  200_

              	 	
                $__________
                  

              	 	
                _________
                  200_

              	 	
                $__________
                  

              
	
                _________
                  200_

              	 	
                $__________
                  

              	 	
                _________
                  200_

              	 	
                $__________
                  

              
	
                _________
                  200_

              	 	
                $__________
                  

              	 	
                _________
                  200_

              	 	
                $__________
                  

              
	
                _________
                  200_

              	 	
                $__________
                  

              	 	
                _________
                  200_

              	 	
                $__________
                  

              
	
                _________
                  200_

              	 	
                $__________
                  

              	 	
                _________
                  200_

              	 	
                $__________
                  

              
	
                _________
                  200_

              	 	
                $__________
                  

              	 	
                _________
                  200_

              	 	
                $__________
                  

              
	
                _________
                  200_

              	 	
                $__________
                  

              	 	
                ________
                  200_ and thereafter

              	 	
                $__________
                  

              

      

    

     

    “Reserve
      Account”
means
      the account designated as such, established and maintained pursuant to Section
      8.02(a)(ii) of the Indenture.

     

    “Reserve
      Account Initial Deposit”
means
      $_______________.

     

      “Reserve
        Account Minimum Balance”
means
        $_______________.

     

    “Responsible
      Officer”
means,
      with respect to the Indenture Trustee or the Owner Trustee, any officer within
      the Corporate Trust Office of the Indenture Trustee or the Owner Trustee,
      including any Vice President, Assistant Vice President, Secretary, Assistant
      Secretary, or any other officer of the Indenture Trustee or the Owner Trustee
      customarily performing functions similar to those performed by any of the above
      designated officers, with direct responsibility for the administration of the
      Indenture (or the Trust Agreement, as amended from time to time, as applicable
      to the Owner Trustee) and the other Basic Documents on behalf of the Indenture
      Trustee or the Owner Trustee and also, with respect to a particular matter,
      any
      other officer to whom such matter is referred because of such officer’s
      knowledge of and familiarity with the particular subject.

     

    “S&P”
means
      Standard and Poor’s Ratings Services, a division of The McGraw-Hill Companies,
      Inc., and its successors and assigns.

     

      “Schedules
        of Financed Student Loans”
means
        the listing of the Financed Student Loans set forth in Schedule A to the
        Indenture (which Schedule may be in the form of microfiche or file or computer
        disk tape).

     

    “SEC”
means
      the United States Securities and Exchange Commission.

     

    “Securities”
means
      the Notes.

     

    “Securities
      Act”
means
      the Securities Act of 1933, as amended.

     

      “Seller”
means
        any person authorized to sell Student Loans to the Depositor pursuant to
        a
        Student Loan Purchase Agreement. 

     

    “Servicer”
means,
      the Pennsylvania Higher Education Assistance Agency, ______________,
      ______________ or any other loan servicer satisfying the Rating Agency
      Condition.

     

      “Servicer
        Default”
means
        any default event specified in the Servicing Agreement.

     

      “Servicer’s
        Report”
means
        any report of a Servicer delivered pursuant to such Servicer’s Servicing
        Agreement, substantially in the form acceptable to the
        Administrator.

     

    “Servicing
      Agreement”
means
      (a) the agreement by which _______ will act as a Servicer, dated as of
      ___________ __, 20__, between FMC and the __________, which agreement will
      be
      assigned to the Trust concurrent with the initial purchase of Financed Student
      Loans, (b) Non-FFELP Loan Servicing Agreement, dated as of ________ __, 20__,
      by
      and between ____________ and The First Marblehead Corporation, (c) Loan
      Servicing Agreement, dated as of ________ __, 20__, as amended, between
      ____________ and The First Marblehead Corporation, and (d) any other servicing
      agreement between the Issuer and a Servicer under which such Servicer agrees
      to
      service Financed Student Loans included in the Trust Estate, which servicing
      agreement shall satisfy the Rating Agency Condition.

     

      “Servicing
        Criteria”
means
        the “servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may
        be amended from time to time, and as described on Exhibit C attached
        hereto.

     

      “Servicing
        Fee”
means
        the fee payable to a Servicer (including services rendered but not yet invoiced)
        pursuant to such Servicer’s Servicing Agreement as in effect on the Closing
        Date; such fee may be increased upon satisfying the Rating Agency Condition.
        The
        Servicing Fee shall include expenses of the applicable Servicer related to
        sending privacy policy notices as required by the Gramm-Leach-Bliley Act
        of
        1999, as amended, or any successor thereto. As of each Distribution Date,
        the
        Servicing Fee shall include services rendered but not yet
        invoiced.

     

      “Servicing
        Function Participant”
means
        any Subservicer, Subcontractor or any other Person, other than each Servicer
        and
        the Indenture Trustee, that is participating in the servicing function within
        the meaning of Regulation AB, unless such Person’s activities relate only to 5%
        or less of the Financed Student Loans.

     

    “State”
means
      any one of the 50 States of the United States of America or the District of
      Columbia.

     

      “Stepdown
        Date”
means
        the ____________ 20__ Distribution Date.

     

    “Student
      Loan”
means
      (a) a Credit-Worthy Cosigned Loan, (b) a Credit-Worthy Non-Cosigned Loan,
      or (c) a Credit-Ready Loan. 

     

    “Student
      Loan Files”
means
      

     

    (a) the
      original fully executed copy of the note evidencing the Financed Student Loan
      (including the original loan application fully executed by the Obligor);
      and

     

      (b) any
        and
        all other documents and computerized records that a Servicer shall keep on
        file,
        in accordance with its customary procedures, relating to such Financed Student
        Loan or any borrower with respect thereto.

     

    “Student
      Loan Programs”
means
      the student loan programs sponsored by the Depositor and its Affiliates for
      the
      origination, acquisition, holding, servicing and financing of Student Loans,
      which programs are governed by the Program Manuals.

     

      “Student
        Loan Purchase Agreements” means,
        collectively, the student loan purchase agreements and any other similar
        agreement providing for the sale of Student Loans from the Sellers to the
        Depositor for deposit into the Indenture Trust Estate, including the pool
        supplement relating thereto by and among the applicable Seller, the Depositor
        and FMC. On the Closing Date, the Student Loan Purchase Agreements shall
        be as
        listed in Schedule C to the Indenture. 

     

    “Subordinate
      Noteholders”
means,
      collectively, each Person in whose name a Subordinate Note is registered in
      the
      Note Register.

     

    “Subordinate
      Notes”
means
      the Class B-1 Notes and the Class B-2 Notes.

     

    “Subsequent
      Cutoff Date”
means
      the day specified in the related Subsequent Transfer Agreement as of which
      principal and interest accruing with respect to a Subsequent Student Loan is
      to
      be transferred to the Issuer.

     

    “Subsequent
      Student Loans”
means
      the Student Loans purchased by the Trust from the Sellers with proceeds in
      the
      Pre-Funding Account, each Subsequent Student Loan to be identified on Schedule
      B
      to the Indenture (which may be in the form of microfiche or computer tape).
      

     

    “Subsequent
      Transfer Date”
means
      each day during the Funding Period on which Subsequent Student Loans will be
      conveyed to the Issuer.

     

      “Subcontractor”
means
        any third-party or Affiliate vendor, subcontractor or other Person utilized
        by a
        Servicer, a Subservicer or the Indenture Trustee that is not responsible
        for the
        overall servicing (as “servicing” is commonly understood by participants in the
        student loan backed securities market) of the Financed Student Loans but
        performs one or more discrete functions identified in Item 1122(d) of Regulation
        AB with respect to the Financed Student Loans under direction and authority
        of
        such Servicer, Subservicer or Indenture Trustee.

     

      “Subordinate
        Note Principal Trigger”
means
        if (a) a Note Parity Trigger occurs and is continuing or (b) the Cumulative
        Default Rate exceeds 10%, provided, however, that a Subordinated Note Principal
        Trigger will not be deemed to be in effect if TERI is solvent and is continuing
        to purchase Defaulted Student Loans with respect to which TERI has become
        obligated to purchase under the terms of the relevant Guaranty
        Agreement.

     

      “Subservicer”
means
        any Person that (i) is considered to be a Servicing Function Participant,
        (ii)
        services Financed Student Loans on behalf of any Servicer and (iii) is
        responsible for the performance (whether directly or through Subservicers
        or
        Subcontractors) of material servicing functions required to be performed
        by the
        Servicer or the Indenture Trustee under the Basic Documents with respect
        to some
        or all of the Financed Student Loans, that are identified in Item 1122(d)
        of
        Regulation AB.

     

    “Supplemental
      Indenture”
means
      any amendment of or supplement to this Indenture made in accordance with
      Article IX hereof.

     

    “Telerate
      Page 3750”
means
      the display page so designated on the Bridge Telerate Service (or such other
      page as may replace that page on that service for the purpose of displaying
      comparable rates or prices) or such comparable page on a comparable
      service.

     

    “TERI”
means
      The Education Resources Institute, Inc., a Massachusetts non-profit corporation,
      or its successors and assigns.

     

    “TERI
      Deposit and Security Agreement”
means
      the Deposit and Security Agreement dated as of ______ __, 200_, by and among
      the
      Issuer, TERI and the Administrator with respect to the issuance of the Notes
      hereunder.

     

      “TERI
        Guaranty Agreement”
means,
        with a respect to a Student Loan Program, a guaranty agreement between a
        Seller
        and TERI, together with the acknowledgment by TERI relating thereto. On the
        Issue Date, the TERI Guarantee Agreements shall be as listed on Schedule
        B to
        the Indenture.

     

    “TERI
      Guaranty Amount”
means,
      pursuant to the TERI Guaranty Agreements, Financed Student Loans are guaranteed
      100% as to payment of principal and interest.

     

      “TERI
        Guaranty Event”
means
        a
        claim for payment on a Financed Student Loan made under any of the TERI Guaranty
        Agreements if : (i)(a) the Obligor has failed to make monthly principal and/or
        interest payments on such loan when due, provided such failure continues
        for a
        period of 150 consecutive days, (b) the Obligor has filed a Chapter 13 petition
        in a bankruptcy or, in a Chapter 7 proceeding has filed an adversary proceeding
        pursuant to 11 U.S.C. § 523(a)(8), or (c) the Obligor has died and (ii) the
        conditions set forth in such TERI Guaranty Agreement giving rise to an
        obligation on the part of TERI to make payment on such claim have otherwise
        been
        satisfied.

     

    “TERI
      Pledge Fund”
means
      the fund by the name created in the TERI Deposit and Security Agreement whereby
      TERI will pledge a portion of its guaranty fees to the Trust, by deposit into
      a
      special trust account with the Indenture Trustee.

     

    

         

    

    “Three-Month
      LIBOR”
see
      “One-Month LIBOR” herein.

     

    “Treasury
      Regulations”
means
      regulations, including proposed or temporary regulations, promulgated under
      the
      Code. References in any document or instrument to specific provisions of
      proposed or temporary regulations shall include analogous provisions of final
      Treasury Regulations or other successor Treasury Regulations.

     

    “Trust”
means
      the Issuer, established pursuant to the Trust Agreement.

     

    “Trust
      Account Property”
means
      the Trust Accounts, all amounts and investments held from time to time in any
      Trust Account (whether in the form of deposit accounts, Physical Property,
      book-entry securities, uncertificated securities or otherwise), including the
      Reserve Account Initial Deposits and the Pre-Funded Amount and all proceeds
      of
      the foregoing.

     

    “Trust
      Accounts”
has
      the
      meaning specified in Section 8.02(b) of the Indenture.

     

    “Trust
      Agreement”
means
      the Trust Agreement, dated as of ______ __, 200_, among the Depositor, TERI
      and
      the Owner Trustee.

     

      “Trust
        Certificates”
means
        the Certificates.

     

    “Trust
      Indenture Act”
or
      “TIA”
means
      the Trust Indenture Act of 1939, as amended from time to time.

     

      “Turbo
        Trigger”
means
        any Distribution Date on which (a) the outstanding aggregate Pool Balance
        is
        equal to or less than 10% of the sum of the aggregate principal balance as
        of
        the Cutoff Date of the Financed Student Loans; or (b) the Cumulative Default
        Rate exceeds 10%; provided,
        however,
        that
        with respect to clause (b), a Turbo Trigger will not have occurred if TERI
        is
        solvent and is continuing to purchase Defaulted Student Loans with respect
        to
        which TERI has become obligated to purchase under the terms of the relevant
        Guaranty Agreement.

     

    “UCC”
means,
      unless the context otherwise requires, the Uniform Commercial Code, as in effect
      in the relevant jurisdiction, as amended from time to time.

     

    “Underwriters”
means
      __________, ___________ and ________________.

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    APPENDIX
      B

     

     

    PROVISIONS
      RELATING TO NOTES

    BEARING
      INTEREST AS AN AUCTION RATE

     

      Unless
        otherwise provided herein, the provisions of this Appendix B shall apply
        separately to the Class B Notes, Class C Notes and Class D Notes, each
        constituting Auction Rate Notes (“Auction Rate Notes”).

     

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01. Certain Definitions.
      In
      addition to the terms defined elsewhere in the Indenture, the following terms
      shall have the following meanings with respect to the Auction Rate Note, unless
      the context otherwise requires:

     

    “All
      Hold Rate”
on
      any
      date of determination, shall mean the Applicable LIBOR-Based Rate less ___%,
      provided that in no event shall the applicable All Hold Rate be greater than
      the
      Maximum Interest Rate.

     

    “Applicable
      Auction Rate”
shall
      have the meaning set forth in Section 1.04(b) of this Appendix B.

     

    “Applicable
      LIBOR-Based Rate”
shall
      mean (a) for an Auction Period of 35 days or less, One-Month LIBOR, (b) for
      an
      Auction Period of more than 35 days but less than 115 days, Three-Month LIBOR,
      (c) for an Auction Period of more than 114 days but less than 195 days,
      Six-Month LIBOR, and (d) for an Auction Period of more than 194 days, One-Year
      LIBOR.

     

    “Applicable
      Number of Business Days”
means
      the greater of two Business Days or one Business Day plus the number of Business
      Days by which the Auction Date precedes the first day of the next succeeding
      Auction Rate Note Interest Period.

     

    “Auction”
shall
      mean each periodic implementation of the Auction Procedures.

     

    “Auction
      Agency Agreement”
shall
      mean the Auction Agency Agreement, dated as of ______ __, 200_, among the
      Trustee, the Issuer and the Auction Agent, and any similar agreement or
      agreements with a successor Auction Agent, in each case as from time to time
      amended or supplemented.

     

    “Auction
      Agent”
shall
      mean any person appointed as such pursuant to Section 1.13 of this Appendix
      B.

     

    “Auction
      Agent Fee”
shall
      mean the fee to be paid to the Auction Agent for the services rendered by it
      under the Auction Agency Agreement and the Broker-Dealer
      Agreements.

     

    “Auction
      Date”
shall
      mean, for each Class of Auction Rate Notes, the Business Day immediately
      preceding the first day of each Auction Rate Note Interest Period for such
      Class, other than: (a) each Auction Rate Note Interest Period commencing after
      the ownership of the Auction Rate Note of such Class is no longer maintained
      in
      book-entry form by the Depository; (b) each Auction Rate Note Interest Period
      commencing after the occurrence and during the continuance of a Payment Default;
      or (c) any Auction Rate Note Interest Period commencing less than the Applicable
      Number of Business Days after the cure or waiver of a Payment Default.
      Notwithstanding the foregoing, the Auction Date for one or more Auction Periods
      may be changed pursuant to Section 1.15 of this Appendix B.

     

    “Auction
      Period”
means,
      with respect to any Auction Rate Note, the Auction Rate Note Interest Period
      applicable thereto as the same may be changed pursuant to Section 1.15 of this
      Appendix B.

     

    “Auction
      Procedures”
shall
      mean the procedures set forth in Section 1.06 of this Appendix B.

     

    “Auction
      Rate”
shall
      mean the rate of interest per annum on any Auction Date that results from the
      implementation of the Auction Procedures, and determined as described in Section
      1.06(c)(ii) of this Appendix B.

     

    “Auction
      Rate Note Initial Interest Period”
shall
      mean the period from and including the date of delivery of the Auction Rate
      Notes, and ending on and including ________ __, 20__ for the Class B Notes,
      ___________ __, 20__ for the Class C Notes and _________ __, 20__ for the Class
      D Notes.

     

      “Auction
        Rate Note Interest Payment Date”
shall
        mean the day after the end of each Auction Rate Note Interest Period, except
        as
        changed as provided herein; provided, however, that if the duration of the
        Auction Rate Note Interest Period is one year or longer, then the Auction
        Rate
        Note Interest Payment Dates thereof shall be each January 1 and July 1 during
        such Auction Rate Note Interest Period and the day following the end of such
        Auction Rate Note Interest Period; and shall also mean the Final Maturity
        Date
        of any Class of Auction Rate Notes, or if any such date is not a Business
        Day,
        the next succeeding Business Day (but only for interest accrued through the
        last
        day of the Auction Rate Note Interest Period next preceding such Auction
        Rate
        Note Interest Payment Date).

     

    “Auction
      Rate Note Interest Period”
shall
      mean (a) with respect to each class of Auction Rate Notes, the Auction Rate
      Note
      Initial Interest Period and unless otherwise changed as described in Section
      1.15 of this Appendix B, each successive period of generally 28 days, commencing
      on the first Business Day following the applicable Auction Date for a Class
      of
      Auction Rate Note, and ending on (and including) the next applicable Auction
      Date for such Class of Auction Rate Note (unless such date is not followed
      by a
      Business Day, in which case on the next succeeding day that is followed by
      a
      Business Day) and (b) if the Auction Periods are changed, each period commencing
      on an Auction Rate Note Interest Payment Date and ending on but excluding the
      next succeeding Auction Rate Note Interest Payment Date. By way of example,
      if
      an Auction Rate Note Interest Period ordinarily would end on a Tuesday, but
      the
      following Wednesday is not a Business Day, the Auction Rate Note Interest Period
      will end on that Wednesday and the new Auction Rate Note Interest Period will
      begin on Thursday.

     

      “Auction
        Rate Notes”
shall
        mean the Class B Notes, Class C Notes and Class D Notes.

     

      “Authorized
        Denomination”
shall
        mean $1,000 and any integral multiple thereof.

     

    “Available
      Auction Rate Note”
shall
      have the meaning set forth in Section 1.06(c)(i)(A) of this Appendix
      B.

     

    “Bid”
shall
      have the meaning set forth in Section 1.06(a)(i) of this Appendix
      B.

     

    “Bidder”
shall
      have the meaning set forth in Section 1.06(a)(i) of this Appendix
      B.

     

    “Broker-Dealer”
shall
      mean ________________, ________________ and _________________ or any other
      broker or dealer (each as defined in the Securities Exchange Act), commercial
      bank or other entity permitted by law to perform the functions required of
      a
      Broker-Dealer set forth in the Auction Procedures that (a) is a Participant
      (or
      an affiliate of a Participant), (b) has a capital surplus of at least
      $100,000,000, (c) has been selected by the Issuer with the approval of the
      Market Agents (which approval shall not be unreasonably withheld), and (d)
      has
      entered into a Broker-Dealer Agreement that remains effective. 

     

    “Broker-Dealer
      Agreement”
shall
      mean the broker-dealer agreement, dated as of ______ __, 200_, between the
      Auction Agent and ___________________, the broker-dealer agreement, dated as
      of
      ______ __, 200_, between the Auction Agent and ___________________, the
      broker-dealer agreement, dated as of ______ __, 200_, between the Auction Agent
      and ________________ and each other agreement between the Auction Agent and
      a
      Broker-Dealer pursuant to which the Broker-Dealer agrees to participate in
      Auctions as set forth in the Auction Procedures, as from time to time amended
      or
      supplemented. 

     

    “Broker-Dealer
      Fee”
shall
      mean the fee to be paid to a Broker-Dealer for the services rendered by a
      Broker-Dealer under a Broker-Dealer Agreement.

     

    “Broker-Dealer
      Fee Rate”
on
      any
      Auction Date, shall mean the rate per annum at which the service charge to
      be
      paid to a Broker-Dealer for the services rendered by it with respect to such
      Auction Date accrues, as provided in the Auction Agency Agreement and
      Broker-Dealer Agreement.

     

    “Carry-over
      Amount”
shall
      mean the excess, if any, of (a) the amount of interest on a Class of Auction
      Rate Note that would have accrued with respect to the related Auction Period
      at
      the Auction Rate (if an Auction is not held for any reason, the Auction Rate
      shall be deemed to be the Maximum Auction Rate for purposes of this definition)
      over (b) the amount of interest on such Class of Auction Rate Note with respect
      to such Class of Auction Rate Note, with respect to such Auction Period based
      on
      the Maximum Rate, together with the unpaid portion of any such excess from
      prior
      Auction Periods; provided that any reference to “principal” or “interest” in the
      Indenture, and in the Auction Rate Notes shall not include within the meanings
      of such words any Carry-over Amount or any interest accrued on any Carry-over
      Amount. 

     

    “Default
      Rate”
on
      any
      date of determination shall mean the interest rate per annum equal to the lesser
      of (a) the Maximum Auction Rate or (b) the Maximum Interest Rate, rounded to
      the
      nearest one-thousandth (0.001) of 1%.

     

    “Existing
      Owner”
shall
      mean, (a) with respect to and for the purpose of dealing with the Auction Agent
      in connection with an Auction, a Person who is a Broker-Dealer listed in the
      existing owner registry at the close of business on the Business Day immediately
      preceding the Auction Date for such Auction and (b) with respect to and for
      the
      purpose of dealing with a Broker-Dealer in connection with an Auction, a Person
      who is a beneficial owner of Auction Rate Note.

     

    “Hold
      Order”
shall
      have the meaning set forth in Section 1.06(a)(i) of this Appendix
      B.

     

    “Interest
      Amount”
shall
      mean the amount of interest distributable in respect of each Auction Rate Note
      for any Auction Rate Note Interest Period or part thereof, as calculated in
      accordance with Section 1.10 of this Appendix B. 

     

    “LIBOR
      Determination Date”
shall
      mean, with respect to an Auction Rate Note, the Auction Date, or if no Auction
      Date is applicable, the Business Day immediately preceding the first day of
      each
      Auction Rate Note Interest Period.

     

    “Market
      Agent”
shall
      mean the market agent or market agents appointed pursuant to Section 1.12 of
      this Appendix B, and its or their successors or assigns.

     

    “Market
      Agent Agreement”
shall
      mean each Market Agent Agreement, dated as of ______ __, 200_, between the
      Issuer and the initial Market Agents, and any similar agreement with a successor
      Market Agent, in each case as from time to time amended or
      supplemented.

     

    “Maximum
      Auction Rate”
shall
      mean either (a) the Applicable LIBOR-Based Rate plus ___% (if the ratings
      assigned by the Rating Agencies to the Auction Rate Note are “Aa3” and “AA-” or
      better, respectively), (b) the Applicable LIBOR-Based Rate plus ___% (if any
      one
      of the ratings assigned by the Rating Agencies to the Auction Rate Note is
      less
      than “Aa3” or “AA-”, respectively, but each such rating is at least any category
      of “A”), or (c) the Applicable LIBOR-Based Rate plus ___% (if any one of the
      ratings assigned by the Rating Agencies to the Auction Rate Note is less than
      the lowest category of “A”). For purposes of the Auction Agent and the Auction
      Procedures, the ratings referred to in this definition shall be the last ratings
      of which the Auction Agent has been given notice pursuant to the Auction Agent
      Agreement. The percentage amount to be added to the Applicable LIBOR-Based
      Rate
      in any one or more of clause (a), (b) and (c) above may be increased upon
      satisfying the Rating Agency Condition. 

     

    “Maximum
      Interest Rate”
shall
      mean the lesser of (a) __% per annum or such higher rate as may be permitted
      upon satisfying the Rating Agency Condition or (b) the maximum rate of interest
      permitted under the laws of the State of Delaware. 

     

    “Maximum
      Rate”
on
      any
      date of determination, shall mean the interest rate per annum equal to the
      lesser of:

     

    (a) the
      Maximum Auction Rate; or

     

    (b) the
      Maximum Interest Rate,

     

    in
      each
      case rounded to the nearest one-thousandth (0.001) of 1%.

     

    “One-Month
      LIBOR”,
      “Three-Month
      LIBOR”,
      “Six-Month
      LIBOR”
or
      “One-Year
      LIBOR”
shall
      mean, with respect to the Auction Rate Notes, the offered rate, as determined
      by
      the Auction Agent, of the Applicable LIBOR-Based Rate for United States dollar
      deposits which appears on Telerate Page 3750, as reported by Bloomberg Financial
      Markets Commodities News (or such other page as may replace Telerate Page 3750
      for the purpose of displaying comparable rates) as of approximately 11:00 a.m.
      London time, on the LIBOR Determination Date; provided, that if on any
      calculation date, no rate appears on Telerate Page 3750 as specified above,
      the
      Auction Agent shall determine the arithmetic mean of the offered quotations
      for
      four major banks in the London interbank market, for deposits in U.S. dollars
      for the respective period specified above for the banks in the London interbank
      market as of approximately 11:00 a.m., London time, on such calculation date
      and
      in a principal amount of not less than $1,000,000 that is representative of
      a
      single transaction in such market and at such time, unless fewer than two such
      quotations are provided, in which case, the Applicable LIBOR-Based Rate shall
      be
      the arithmetic mean of the offered quotations that leading banks in New York
      City selected by the Auction Agent are quoting on the relevant LIBOR
      Determination Date for loans in U.S. dollars to leading European banks in a
      principal amount of not less than $1,000,000 that is representative of a single
      transaction in such market at such time. All percentages resulting from such
      calculations shall be rounded upwards, if necessary, to the nearest one
      hundredth of one percent.

     

    “Order”
shall
      have the meaning set forth in Section 1.06(a) of this
      Appendix B.

     

    “Owner”
as
      used
      in this Appendix B shall mean the beneficial owner of any Auction Rate
      Notes.

     

    “Participant”
shall
      mean a member of or participant in, the Depository.

     

    “Payment
      Default”
shall
      mean failure to make payment of interest on, premium, if any, and principal
      of
      an Auction Rate Note when due, by the Issuer.

     

    “Person”
means
      and includes, unless otherwise specified, an individual, corporation, company,
      trust, estate, partnership or association.

     

    “Potential
      Owner”
shall
      mean any Person (including any Existing Owner that is (a) a Broker-Dealer when
      dealing with the Auction Agent and (b) a potential beneficial owner when dealing
      with a Broker-Dealer), who may be interested in acquiring Auction Rate Notes
      (or, in the case of an Existing Owner thereof, an additional principal amount
      of
      Auction Rate Notes).

     

    “Record
      Date”
shall
      mean (a) if, and for so long as, Auction Rate Note Interest Payment Dates are
      specified to occur at the end of each Auction Period, as provided in Section
      1.15 of this Appendix B, the Applicable Number of Business Days immediately
      preceding each Auction Rate Note Interest Payment Date and (b) if and for so
      long as interest is payable with respect thereto semiannually, one Business
      Day
      prior to each Auction Rate Note Interest Payment Date.

     

    “Registrar”
shall
      mean the Trustee or any separate registrar appointed under the Indenture with
      respect to the Auction Rate Note.

     

    “SEC”
shall
      mean the Securities and Exchange Commission.

     

    “Securities
      Exchange Act”
shall
      mean the Securities Exchange Act of 1934, as amended.

     

    “Sell
      Order”
shall
      have the meaning set forth in Section 1.06(a) of this
      Appendix B.

     

    “Servicing
      Fees”
means
      any fees payable by the Issuer to a Servicer in respect of Financed Student
      Loans pursuant to the provisions of a Servicing Agreement.

     

    “Submission
      Deadline”
shall
      mean 1:00 p.m., New York time, on any Auction Date or such other time on any
      Auction Date by which the Broker-Dealers are required to submit Orders to the
      Auction Agent , as specified by the Auction Agent from time to
      time.

     

    “Submitted
      Bid”
shall
      have the meaning set forth in Section 1.06(c)(i) of this Appendix
      B.

     

    “Submitted
      Hold Order”
shall
      have the meaning set forth in Section 1.06(c)(i) of this Appendix
      B.

     

    “Submitted
      Order”
shall
      have the meaning set forth in Section 1.06(c)(i) of this
      Appendix B.

     

    “Submitted
      Sell Order”
shall
      have the meaning set forth in Section 1.06(c)(i) of this Appendix
      B.

     

    “Sufficient
      Clearing Bids”
shall
      have the meaning set forth in Section 1.06(c)(i)(B) of this Appendix
      B.

     

    “Trustee”
means
      the Indenture Trustee as defined in Appendix A to the Indenture.

     

    “Winning
      Bid Rate”
shall
      have the meaning set forth in Section 1.06(c)(i)(C) of this Appendix B.

     

    Section
      1.02. Description of Series; Global Form; Depository.

     

      (a) As
        provided in the Indenture, the Class B Notes, Class C Notes and Class D Notes
        shall be issued as Auction Rate Notes.

     

    (b) Except
      as
      otherwise provided in this Section, the Auction Rate Notes, in the form of
      one
      or more securities, shall be registered in the name of the Depository, and
      ownership thereof shall be maintained in book-entry form by the Depository
      for
      the account of the Participants thereof. Initially, the Auction Rate Notes
      shall
      be registered in the name of Cede & Co., as the nominee of DTC. Except as
      provided in subsection (c) of this Section, the Auction Rate Notes may be
      transferred, in whole but not in part, only to the Depository, or to a successor
      to DTC selected or approved by the Issuer or to a nominee of such successor
      Depository.

     

    (i) Neither
      the Issuer, the Registrar nor any of their respective affiliates shall have
      any
      responsibility or obligation with respect to:

     

    (A) the
      accuracy of the records of the Depository or any Participant with respect to
      any
      beneficial ownership interest in an Auction Rate Note;

     

    (B) the
      delivery to any Participant, any Owner of an Auction Rate Note or any other
      person, other than the Depository, of any notice with respect to the Auction
      Rate Notes; or

     

    (C) the
      payment to any Participant, any Owner of an Auction Rate Note or any other
      person, other than the Depository, of any amount with respect to the principal
      of, premium, if any, or interest on the Auction Rate Notes.

     

    So
      long
      as the certificates for the Auction Rate Notes are not issued pursuant to
      subsection (c) of this Section 1.02, the Issuer and the Registrar may treat
      the
      Depository as, and deem the Depository to be, the absolute owner of the Auction
      Rate Notes for all purposes whatsoever, including without
      limitation:

     

    (i) the
      payment of principal of, premium, if any, and interest on the Auction Rate
      Notes;

     

    (ii) giving
      notices of redemption and other matters with respect to the Auction Rate Notes;
      

     

    (iii) registering
      transfer with respect to the Auction Rate Notes; and

     

    (iv) the
      selection of ARN for redemption.

     

    (d) If
      at any
      time the Market Agent has notified the Issuer that the Auction Rate Notes should
      not be maintained in book-entry form or the Depository notifies the Issuer
      that
      it is unwilling or unable to continue as Depository with respect to the Auction
      Rate Notes, or if at any time the Depository shall no longer be registered
      or in
      good standing under the Securities Exchange Act or other applicable statute
      or
      regulation and a successor Depository is not appointed by the Issuer within
      90
      days after the Issuer receives notice or becomes aware of such condition, as
      the
      case may be, then this Section shall no longer be applicable and the Issuer
      shall execute and the Registrar shall authenticate and deliver certificates
      representing the Auction Rate Notes as provided below. Certificates for the
      Auction Rate Notes issued in exchange for a global certificate pursuant to
      this
      subsection (c) shall be registered in such names and authorized denominations
      as
      the Depository, pursuant to instructions from the Participants or otherwise,
      shall instruct the Issuer and the Registrar. The Registrar shall deliver such
      certificates representing the Auction Rate Notes to the persons in whose names
      such Auction Rate Note are so registered on the Business Day immediately
      preceding the first day of an Auction Rate Note Interest Period.

     

    Section
      1.03. Limitations on Transfer.
      So long
      as the ownership of the Auction Rate Note is maintained in book-entry form
      by
      the Depository, an Existing Owner may sell, transfer or otherwise dispose of
      its
      beneficial interest in an Auction Rate Note only pursuant to a Bid or Sell
      Order
      placed in any Auction or to or through a Broker-Dealer; provided that in the
      case of all transfers other than pursuant to Auctions such Existing Owner,
      its
      Broker-Dealer or its Participant advises the Auction Agent of such
      transfer.

     

    Section
      1.04. Interest on Auction Rate Notes.

     

    (a) Interest
      on the Auction Rate Notes shall accrue for each Auction Rate Note Interest
      Period and shall be payable in arrears, on each Auction Rate Note Interest
      Payment Date and shall be calculated in accordance with the provisions of
      Section 1.10 of this Appendix B.

     

    (b) The
      rate
      of interest on each Class of Auction Rate Notes for its Initial Auction Rate
      Note Interest Period shall be as follows: 

    

      
        	
                Class

              	
                Initial
                  Rate

              
	 	 
	
                B

              	
                __%

              
	
                C

              	
                __%

              
	
                D

              	
                __%

              

      

    

    The
      rate
      of interest on an Auction Rate Note for each subsequent Auction Rate Note
      Interest Period shall be the Applicable Auction Rate unless such Auction Rate
      exceeds the Maximum Rate, in which case, the rate of interest on the Auction
      Rate Note for such Auction Rate Note Interest Period shall be the Maximum Rate,
      or unless the Maximum Rate shall actually be lower than the All Hold Rate,
      in
      which case the rate of interest on the Auction Rate Note for such Auction Rate
      Note Interest Period shall be the Maximum Rate; provided that if, on any Auction
      Date, an Auction is not held for any reason, then the rate of interest for
      the
      next succeeding Auction Rate Note Interest Period shall equal the Maximum Rate
      on such Auction Date. 

     

    Notwithstanding
      the foregoing, if: 

     

    (i) the
      ownership of an Auction Rate Note is no longer maintained in book-entry form
      by
      the Depository, the rate of interest on such Auction Rate Note for any Auction
      Rate Note Interest Period commencing after the delivery of certificates
      representing Auction Rate Note pursuant to Section 1.02(c) of this Appendix
      B
      shall equal the Maximum Rate on the Business Day immediately preceding the
      first
      day of such Auction Rate Note Interest Period; or

     

    (ii) a
      Payment
      Default occurs, Auctions will be suspended and the Applicable Auction Rate
      (as
      defined below) for the Auction Rate Note Interest Period commencing on or after
      such Payment Default and for each Auction Rate Note Interest Period thereafter,
      to and including the Auction Rate Note Interest Period, if any, during which,
      or
      commencing less than two Business Days after, such Payment Default is cured
      will
      equal the Default Rate.

     

    The
      rate
      per annum at which interest is payable on an Auction Rate Note for any Auction
      Rate Note Interest Period is herein referred to as the “Applicable Auction
      Rate.” Notwithstanding anything herein to the contrary, the Applicable Auction
      Rate cannot exceed the Maximum Interest Rate.

     

    (c) Notwithstanding
      anything herein to the contrary, if any ARN or portion thereof has been selected
      for redemption during the next succeeding Interest Period, said ARN or portion
      thereof, will not be included in the Auction preceding such redemption date,
      and
      said ARN or portion thereof, will continue to bear interest until the redemption
      date at the rate established for the Interest Period prior to said
      Auction.

     

    Section
      1.05. Payments.
      So long
      as the Auction Rate Notes are registered in the name of the Depository or the
      nominee thereof, payment of interest (other than at maturity) and premium,
      if
      any, on, and of principal at redemption of, the Auction Rate Notes shall be
      made
      to the Depository by wire transfer provided proper wire instructions are
      received. 

     

    Section
      1.06. Auction Procedures.
      Auctions shall be conducted on each Auction Date (other than the Auction Date
      immediately preceding (a) each Auction Rate Note Interest Period commencing
      after the ownership of an Auction Rate Note is no longer maintained in
      book-entry form by the Depository; (b) each Auction Rate Note Interest Period
      commencing after the occurrence and during the continuance of a Payment Default;
      or (c) any Auction Rate Note Interest Period commencing less than two Business
      Days after the cure of a Payment Default). If, there is an Auction Agent on
      such
      Auction Date, Auctions shall be conducted in the following manner (such
      procedures to apply separately to each Class of Auction Rate Note):

     

    (a) Submissions
      by Existing Owners and Potential Owners to a Broker-Dealer.

     

    (i) Prior
      to
      the Submission Deadline on each Auction Date:

     

    (A) each
      Existing Owner of Auction Rate Notes may submit to a Broker-Dealer any
      information as to:

     

    (1) the
      principal amount of Outstanding Auction Rate Notes, if any, held by such
      Existing Owner which such Existing Owner desires to continue to hold without
      regard to the Auction Rate for the next succeeding Auction Rate Note Interest
      Period;

     

    (2) the
      principal amount of Outstanding Auction Rate Notes, if any, which such Existing
      Owner offers to sell if the Auction Rate for the next succeeding Auction Rate
      Note Interest Period shall be less than the rate per annum specified by such
      Existing Owner; and/or

     

    (3) the
      principal amount of Outstanding Auction Rate Notes, if any, held by such
      Existing Owner which such Existing Owner offers to sell without regard to the
      Auction Rate for the next succeeding Auction Rate Note Interest Period;
      and

     

    (B) one
      or
      more Broker-Dealers may contact Potential Owners to determine the principal
      amount of Auction Rate Notes which each such Potential Owner offers to purchase
      if the Auction Rate for the next succeeding Auction Rate Note Interest Period
      shall not be less than the rate per annum specified by such Potential
      Owner.

     

    For
      the
      purposes hereof, the communication to a Broker-Dealer of information referred
      to
      in clause (A)(1), (A)(2), (A)(3) or (B) of this paragraph (i) is hereinafter
      referred to as an “Order” and collectively as “Orders” and each Existing Owner
      and each Potential Owner placing an Order is hereinafter referred to as a
“Bidder” and collectively as “Bidders;” an Order containing the information
      referred to in (x) clause (A)(1) of this paragraph (i) is hereinafter referred
      to as a “Hold Order” and collectively as “Hold Orders,” (y) clause (A)(2) or (B)
      of this paragraph (i) is hereinafter referred to as a “Bid” and collectively as
“Bids” and (z) clause (A)(3) of this paragraph (i) is hereinafter referred to as
      a “Sell Order” and collectively as “Sell Orders.”

     

    (ii) (A) Subject
      to the provisions of Section 1.06(b) of this Appendix B, a Bid by an Existing
      Owner shall constitute an irrevocable offer to sell:

     

    (1) the
      principal amount of Outstanding Auction Rate Notes specified in such Bid if
      the
      Auction Rate determined as provided in this Section 1.06 of this Appendix B
      shall be less than the rate specified in such Bid; or

     

    (2) such
      principal amount or a lesser principal amount of Outstanding Auction Rate Notes
      to be determined as set forth in Section 1.06(d)(i)(D) of this Appendix B,
      if
      the Auction Rate determined as provided in this Section 1.06 shall be equal
      to
      the rate specified in such Bid; or

     

    (3) such
      principal amount or a lesser principal amount of Outstanding Auction Rate Notes
      to be determined as set forth in Section 1.06(d)(ii)(C) of this Appendix B,
      if
      the rate specified shall be higher than the Maximum Auction Rate and Sufficient
      Clearing Bids have not been made.

     

    (B) Subject
      to the provisions of Section 1.06(b) of this Appendix B, a Sell Order by an
      Existing Owner shall constitute an irrevocable offer to sell:

     

    (1) the
      principal amount of Outstanding Auction Rate Notes specified in such Sell Order;
      or

     

    (2) such
      principal amount or a lesser principal amount of Outstanding Auction Rate Notes
      as set forth in Section 1.06(d)(ii)(C) of this Appendix B, if Sufficient
      Clearing Bids have not been made.

     

    (C) Subject
      to the provisions of Section 1.06(b) of this Appendix B, a Bid by a Potential
      Owner shall constitute an irrevocable offer to purchase:

     

    (1) the
      principal amount of Outstanding Auction Rate Notes specified in such Bid if
      the
      Auction Rate determined as provided in this Section shall be higher than the
      rate specified in such Bid; or

     

    (2) such
      principal amount or a lesser principal amount of Outstanding Auction Rate Notes
      as set forth in Section 1.06(d)(i)(E) of this Appendix B, if the Auction Rate
      determined as provided in this Section shall be equal to the rate specified
      in
      such Bid.

     

    (b) Submissions
      by a Broker-Dealer to an Auction Agent.

     

    (i) Each
      Broker-Dealer shall submit in writing to the Auction Agent prior to the
      Submission Deadline on each Auction Date all Orders obtained by such
      Broker-Dealer and shall specify with respect to each such Order:

     

    (A) the
      name
      of the Bidder placing such Order;

     

    (B) the
      aggregate principal amount of Auction Rate Notes that are the subject of such
      Order;

     

    (C) to
      the
      extent that such Bidder is an Existing Owner:

     

    (1) the
      principal amount of Auction Rate Note, if any, subject to any Hold Order placed
      by such Existing Owner;

     

    (2) the
      principal amount of Auction Rate Notes, if any, subject to any Bid placed by
      such Existing Owner and the rate specified in such Bid; and

     

    (3) the
      principal amount of Auction Rate Notes, if any, subject to any Sell Order placed
      by such Existing Owner; and

     

    (D) to
      the
      extent such Bidder is a Potential Owner, the rate and amount specified in such
      Potential Owner's Bid.

     

    (ii) If
      any
      rate specified in any Bid contains more than three figures to the right of
      the
      decimal point, the Auction Agent shall round such rate up to the next highest
      one thousandth (.001) of 1%.

     

    (iii) If
      an
      Order or Orders covering all Outstanding Auction Rate Notes held by any Existing
      Owner is not submitted to the Auction Agent prior to the Submission Deadline,
      the Auction Agent shall deem a Hold Order to have been submitted on behalf
      of
      such Existing Owner covering the principal amount of Outstanding Auction Rate
      Notes held by such Existing Owner and not subject to an Order submitted to
      the
      Auction Agent.

     

    (iv) None
      of
      the Issuer, the Trustee nor the Auction Agent shall be responsible for any
      failure of a Broker-Dealer to submit an Order to the Auction Agent on behalf
      of
      any Existing Owner or Potential Owner.

     

    (v) If
      any
      Existing Owner submits through a Broker-Dealer to the Auction Agent one or
      more
      Orders covering in the aggregate more than the principal amount of Outstanding
      Auction Rate Notes held by such Existing Owner, such Orders shall be considered
      valid as follows and in the following order of priority:

     

    (A) all
      Hold
      Orders shall be considered valid, but only up to and including in the aggregate
      the principal amount of Auction Rate Notes held by such Existing Owner, and
      if
      the aggregate principal amount of Auction Rate Notes subject to such Hold Orders
      exceeds the aggregate principal amount of Auction Rate Notes held by such
      Existing Owner, the aggregate principal amount of Auction Rate Notes subject
      to
      each such Hold Order shall be reduced pro rata to cover the aggregate principal
      amount of Outstanding Auction Rate Notes held by such Existing
      Owner;

     

    (B) (1) any
      Bid
      shall be considered valid up to and including the excess of the principal amount
      of Outstanding Auction Rate Notes held by such Existing Owner over the aggregate
      principal amount of Auction Rate Notes subject to any Hold Orders referred
      to in
      clause (A) of this paragraph (v);

     

    (2) subject
      to subclause (1) of this clause (B), if more than one Bid with the same rate
      is
      submitted on behalf of such Existing Owner and the aggregate principal amount
      of
      Outstanding Auction Rate Notes subject to such Bids is greater than such excess
      such Bids shall be considered valid up to and including the amount of such
      excess, and the stated amount of Auction Rate Notes subject to each Bid with
      the
      same rate shall be reduced pro rata to cover the stated amount of Auction Rate
      Notes equal to such excess;

     

    (3) subject
      to subclause (1) and (2) of this clause (B), if more than one Bid with different
      rates is submitted on behalf of such Existing Owner, such Bids shall be
      considered valid first in the ascending order of their respective rates until
      the highest rate is reached at which such excess exists and then at such rate
      up
      to and including the amount of such excess; and

     

    (4) in
      any
      such event, the aggregate principal amount of Outstanding Auction Rate Notes,
      if
      any, subject to Bids not valid under this clause (B) shall be treated as the
      subject of a Bid by a Potential Owner at the rate therein specified;
      and

     

    (C) all
      Sell
      Orders shall be considered valid up to and including the excess of the principal
      amount of Outstanding Auction Rate Notes held by such Existing Owner over the
      aggregate principal amount of Auction Rate Note subject to valid Hold Orders
      referred to in clause (A) of this paragraph (v) and valid Bids referred to
      in
      clause (B) of this paragraph (v).

     

    (vi) If
      more
      than one Bid for Auction Rate Notes is submitted on behalf of any Potential
      Owner, each Bid submitted shall be a separate Bid with the rate and principal
      amount therein specified.

     

    (vii) Any
      Bid
      or Sell Order submitted by an Existing Owner covering an aggregate principal
      amount of Auction Rate Note not equal to an Authorized Denomination therefor
      shall be rejected and shall be deemed a Hold Order. Any Bid submitted by a
      Potential Owner covering an aggregate principal amount of Auction Rate Notes
      not
      equal to an Authorized Denomination therefor shall be rejected.

     

    (viii) Any
      Bid
      submitted by an Existing Owner or a Potential Owner specifying a rate lower
      than
      the All Hold Rate shall be treated as a Bid specifying the All Hold Rate and
      any
      such Bid shall be considered as valid and shall be selected in the ascending
      order of the respective rates in the Submitted Bids.

     

    (ix) An
      Existing Owner that offers to purchase an additional Auction Rate Note is,
      for
      purposes of such offer, treated as a Potential Owner.

     

    (x) Any
      Bid
      specifying a rate higher than the Maximum Interest Rate will (A) be treated
      as a
      Sell Order if submitted by an Existing Owner and (B) not be accepted if
      submitted by a Potential Owner.

     

    (c) Determination
      of Sufficient Clearing Bids, Auction Rate and Winning Bid
      Rate.

     

    (i) Not
      earlier than the Submission Deadline on each Auction Date, the Auction Agent
      shall assemble all valid Orders submitted or deemed submitted to it by the
      Broker-Dealers (each such Order as submitted or deemed submitted by a
      Broker-Dealer being hereinafter referred to individually as a “Submitted Hold
      Order,” a “Submitted Bid” or a “Submitted Sell Order,” as the case may be, or as
      a “Submitted Order,” and collectively as “Submitted Hold Orders,” “Submitted
      Bids” or “Submitted Sell Orders,” as the case may be, or as “Submitted Orders”)
      and shall determine:

     

    (A) the
      excess of the total principal amount of Outstanding Auction Rate Notes over
      the
      sum of the aggregate principal amount of Outstanding Auction Rate Notes subject
      to Submitted Hold Orders (such excess being hereinafter referred to as the
      “Available Auction Rate Note”); and

     

    (B) from
      such
      Submitted Orders whether:

     

    (1) the
      aggregate principal amount of Outstanding Auction Rate Notes subject to
      Submitted Bids by Potential Owners specifying one or more rates equal to or
      lower than the Maximum Interest Rate, exceeds or is equal to the sum
      of:

     

    (2) the
      aggregate principal amount of Outstanding Auction Rate Notes subject to
      Submitted Bids by Existing Owners specifying one or more rates higher than
      the
      Maximum Interest Rate; and

     

    (3) the
      aggregate principal amount of Outstanding Auction Rate Notes subject to
      Submitted Sell Orders;

     

    (in
      the
      event such excess or such equality exists, other than because the sum of the
      principal amounts of Auction Rate Notes in subclauses (1) and (3) above is
      zero
      because all of the Outstanding Auction Rate Notes are subject to Submitted
      Hold
      Orders, such Submitted Bids in subclause (1) above being hereinafter referred
      to
      collectively as “Sufficient Clearing Bids”); and

     

    (C) if
      Sufficient Clearing Bids have been made, the lowest rate specified in such
      Submitted Bids (which shall be the “Winning Bid Rate”) such that
      if:

     

    (1) each
      such
      Submitted Bid from Existing Owners specifying such lowest rate and all other
      Submitted Bids from Existing Owners specifying lower rates were rejected, thus
      entitling such Existing Owners to continue to hold the principal amount of
      Auction Rate Notes subject to such Submitted Bids; and

     

    (2) each
      such
      Submitted Bid from Potential Owners specifying such lowest rate and all other
      Submitted Bids from Potential Owners specifying lower rates were
      accepted;

     

    the
      result would be that such Existing Owners described in subclause (1) above
      would
      continue to hold own an aggregate principal amount of Outstanding Auction Rate
      Notes which, when added to the aggregate principal amount of Outstanding Auction
      Rate Note to be purchased by such Potential Owners described in subclause (2)
      above, would equal not less than the Available Auction Rate Notes.

     

    (ii) Promptly
      after the Auction Agent has made the determinations pursuant to paragraph (i)
      of
      this subsection (c), the Auction Agent shall advise the Trustee of the Maximum
      Auction Rate, the Maximum Interest Rate, the All Hold Rate, One-Month LIBOR,
      the
      Applicable LIBOR-Based Rate, the Carry-over Amount and any applicable interest
      thereon, and the components thereof on the Auction Date and, based on such
      determinations, the Auction Rate for the next succeeding Auction Rate Note
      Interest Period (the “Auction Rate”) as follows:

     

    (A) if
      Sufficient Clearing Bids have been made, that the Auction Rate for the next
      succeeding Auction Rate Note Interest Period shall be equal to the Winning
      Bid
      Rate so determined;

     

    (B) if
      Sufficient Clearing Bids have not been made (other than because all of the
      Outstanding Auction Rate Notes are subject to Submitted Hold Orders), that
      the
      Auction Rate for the next succeeding Auction Rate Note Interest Period shall
      be
      equal to the Maximum Auction Rate; or

     

    (C) if
      all
      Outstanding Auction Rate Notes are subject to Submitted Hold Orders, that the
      Auction Rate for the next succeeding Auction Rate Note Interest Period shall
      be
      equal to the All Hold Rate.

     

    If
      the
      Auction Rate determined as set forth above exceeds the Maximum Rate, the
      Applicable Auction Rate for such Auction Rate Note Interest Period shall be
      equal to the Maximum Rate, and the excess of the amount of interest on the
      Auction Rate Note that would have accrued at the rate equal to the Auction
      Rate
      over the amount of interest on such Auction Rate Note actually accrued at the
      Maximum Rate will accrue as the Carry-over Amount. The Carry-over Amount will
      bear interest at a rate equal to One-Month LIBOR from the Auction Rate Note
      Interest Payment Date for the Auction Rate Note Interest Period for which the
      Carry-over Amount was calculated until paid, or until extinguished. The
      Carry-over Amount (and interest accrued thereon) on the Auction Rate Note will
      be calculated by the Auction Agent and paid by the Trustee, if ever, on the
      next
      occurring Auction Rate Note Interest Payment Date, and each succeeding Auction
      Rate Note Interest Payment Date until paid, for each Auction Period subsequent
      to the Auction Period in which such Carry-over Amount accrued, if and to the
      extent that (1) during such subsequent Auction Period, no additional Carry-over
      Amount is accruing on the Auction Rate Note, and if paid, such Carry-over Amount
      is paid solely to the extent that during such Auction Period, the amount of
      interest that would be payable on this note at the Maximum Rate exceeds the
      amount of interest that is payable for such Auction Period on the Auction Rate
      Note at the interest rate in effect for such Auction Period and (2) moneys
      are
      available pursuant to the terms of the Indenture in an amount sufficient to
      pay
      all or such portion of Carry-over Amount as described in clause (1) above.
      Any
      such payment obligation for Carry-over Amount is extinguished when the related
      Auction Rate Note is paid at maturity or by earlier redemption.

     

    (d) Acceptance
      and Rejection of Submitted Bids and Submitted Sell Orders and Allocation of
      Auction Rate Notes.

     

    Existing
      Owners shall continue to hold the principal amount of Auction Rate Notes that
      are subject to Submitted Hold Orders, and, based on the determinations made
      pursuant to Section 1.06(c)(i) of this Appendix B, Submitted Bids and Submitted
      Sell Orders shall be accepted or rejected and the Auction Agent shall take
      such
      other action as set forth below:

     

    (i) If
      Sufficient Clearing Bids have been made, all Submitted Sell Orders shall be
      accepted and, subject to the provisions of paragraph (iv) of this subsection
      (d), Submitted Bids shall be accepted or rejected as follows in the following
      order of priority and all other Submitted Bids shall be rejected:

     

    (A) Existing
      Owners' Submitted Bids specifying any rate that is higher than the Winning
      Bid
      Rate shall be accepted, thus requiring each such Existing Owner to sell the
      aggregate principal amount of Auction Rate Notes subject to such Submitted
      Bids;

     

    (B) Existing
      Owners' Submitted Bids specifying any rate that is lower than the Winning Bid
      Rate shall be rejected, thus entitling each such Existing Owner to continue
      to
      hold the aggregate principal amount of Auction Rate Notes subject to such
      Submitted Bids;

     

    (C) Potential
      Owners' Submitted Bids specifying any rate that is lower than the Winning Bid
      Rate shall be accepted, thus requiring such Potential Owner to purchase the
      aggregate principal amount of Auction Rate Notes subject to such Submitted
      Bids;

     

    (D) Each
      Existing Owners' Submitted Bid specifying a rate that is equal to the Winning
      Bid Rate shall be rejected, thus entitling such Existing Owner to continue
      to
      hold the aggregate principal amount of Auction Rate Notes subject to such
      Submitted Bid, unless the aggregate principal amount of Outstanding Auction
      Rate
      Notes subject to all such Submitted Bids shall be greater than the principal
      amount of Auction Rate Note (the “remaining principal amount”) equal to the
      excess of the Available Auction Rate Notes over the aggregate principal amount
      of Auction Rate Notes subject to Submitted Bids described in clauses (B) and
      (C)
      of this paragraph (i), in which event such Submitted Bid of such Existing Owner
      shall be rejected in part, and such Existing Owner shall be entitled to continue
      to hold the principal amount of Auction Rate Notes subject to such Submitted
      Bid, but only in an amount equal to the aggregate principal amount of Auction
      Rate Notes obtained by multiplying the remaining principal amount by a fraction,
      the numerator of which shall be the principal amount of Outstanding Auction
      Rate
      Notes held by such Existing Owner subject to such Submitted Bid and the
      denominator of which shall be the sum of the principal amount of Outstanding
      Auction Rate Notes subject to such Submitted Bids made by all such Existing
      Owners that specified a rate equal to the Winning Bid Rate; and

     

    (E) Each
      Potential Owner's Submitted Bid specifying a rate that is equal to the Winning
      Bid Rate shall be accepted, but only in an amount equal to the principal amount
      of Auction Rate Notes obtained by multiplying the excess of the aggregate
      principal amount of Available Auction Rate Note over the aggregate principal
      amount of Auction Rate Note subject to Submitted Bids described in clauses
      (B),
      (C) and (D) of this paragraph (i) by a fraction the numerator of which shall
      be
      the aggregate principal amount of Outstanding Auction Rate Notes subject to
      such
      Submitted Bid and the denominator of which shall be the sum of the principal
      amounts of Outstanding Auction Rate Notes subject to Submitted Bids made by
      all
      such Potential Owners that specified a rate equal to the Winning Bid
      Rate.

     

    (ii) If
      Sufficient Clearing Bids have not been made (other than because all of the
      Outstanding Auction Rate Note are subject to Submitted Hold Orders), subject
      to
      the provisions of paragraph (iv) of this subsection (d), Submitted Orders shall
      be accepted or rejected as follows in the following order of priority and all
      other Submitted Bids shall be rejected:

     

    (A) Existing
      Owners' Submitted Bids specifying any rate that is equal to or lower than the
      Maximum Auction Rate shall be rejected, thus entitling such Existing Owners
      to
      continue to hold the aggregate principal amount of Auction Rate Notes subject
      to
      such Submitted Bids;

     

    (B) Potential
      Owners' Submitted Bids specifying any rate that is equal to or lower than the
      Maximum Auction Rate shall be accepted, thus requiring each Potential Owner
      to
      purchase the aggregate principal amount of Auction Rate Notes subject to such
      Submitted Bids; and 

     

    (C) Each
      Existing Owner's Submitted Bid specifying any rate that is higher than the
      Maximum Auction Rate and the Submitted Sell Order of each Existing Owner shall
      be accepted, thus entitling each Existing Owner that submitted any such
      Submitted Bid or Submitted Sell Order to sell the Auction Rate Note subject
      to
      such Submitted Bid or Submitted Sell Order, but in both cases only in an amount
      equal to the aggregate principal amount of Auction Rate Notes obtained by
      multiplying the aggregate principal amount of Auction Rate Note subject to
      Submitted Bids described in clause (B) of this paragraph (ii) by a fraction
      the
      numerator of which shall be the aggregate principal amount of Outstanding
      Auction Rate Notes held by such Existing Owner subject to such Submitted Bid
      or
      Submitted Sell Order and the denominator of which shall be the aggregate
      principal amount of Outstanding Auction Rate Notes subject to all such Submitted
      Bids and Submitted Sell Orders.

     

    (iii) If
      all
      Outstanding Auction Rate Notes are subject to Submitted Hold Orders, all
      Submitted Bids shall be rejected.

     

    (iv) If,
      as a
      result of the procedures described in paragraph (i) or (ii) of this subsection
      (d), any Existing Owner would be entitled or required to sell, or any Potential
      Owner would be entitled or required to purchase, a principal amount of Auction
      Rate Notes that is not equal to an Authorized Denomination therefor, the Auction
      Agent shall, in such manner as it shall, in its sole discretion, determine,
      round up or down the principal amount of Auction Rate Note to be purchased
      or
      sold by any Existing Owner or Potential Owner so that the principal amount
      of
      Auction Rate Notes purchased or sold by each Existing Owner or Potential Owner
      shall be equal to an Authorized Denomination, even if such allocation results
      in
      one or more of such Potential Owners not purchasing any Auction Rate
      Note.

     

    (e) Based
      on
      the results of each Auction, the Auction Agent shall determine the aggregate
      principal amount of Auction Rate Notes to be purchased and the aggregate
      principal amount of Auction Rate Notes to be sold by Potential Owners and
      Existing Owners on whose behalf each Broker-Dealer submitted Bids or Sell Orders
      and, with respect to each Broker-Dealer, to the extent that such aggregate
      principal amount of Auction Rate Notes to be sold differs from such aggregate
      principal amount of Auction Rate Note to be purchased, determine to which other
      Broker-Dealer or Broker-Dealers acting for one or more purchasers such
      Broker-Dealer shall deliver, or from which other Broker-Dealer or Broker-Dealers
      acting for one or more sellers such Broker-Dealer shall receive, as the case
      may
      be, Auction Rate Notes.

     

    Section
      1.07. Certain Orders Not Permitted.
      Neither
      the Issuer nor any Affiliate of the Issuer may submit an Order in any Auction.
      The Auction Agent shall have no duty or liability in monitoring or enforcing
      compliance with this Section.

     

    Section
      1.08. Payment Defaults; Auction Agent and Broker-Dealer Fees and
      Expenses.

     

    (a) By
      12:30
      p.m., New York time, on the Business Day immediately succeeding each Auction
      Rate Note Interest Payment Date, the Trustee will determine if a Payment Default
      has occurred. If a Payment Default has occurred, the Trustee will notify the
      Auction Agent and the Broker-Dealers by 1:00 p.m., New York time, of such
      Payment Default. If a Payment Default has been cured, the Trustee shall so
      notify the Auction Agent and the Broker-Dealers by 5:00 p.m., New York time,
      on
      the day such Payment Default is cured. So long as the ownership of the Auction
      Rate Notes is maintained in book-entry form by the Depository, upon the
      occurrence of a Payment Default the Trustee will immediately send a notice
      thereof to the Auction Agent and Market Agent by telecopy or similar means.
      So
      long as the ownership of the Auction Rate Notes is maintained in book-entry
      form
      by the Depository, the Trustee will immediately send notice to the Auction
      Agent
      by telecopy or similar means if a Payment Default is cured.

     

    (b) The
      Issuer will pay to the Auction Agent, on behalf of the Owners of the Auction
      Rate Note in same day funds out of amounts in the Collection Account, (i) an
      amount equal to the Auction Agent Fee as calculated in the Auction Agency
      Agreement and (ii) an amount equal to the Broker-Dealer Fee as calculated in
      the
      Broker-Dealer Agreements.

     

    Section
      1.09. Calculation of Rates.
      The
      Auction Agent will calculate the Carry-over Amount and any interest thereon,
      the
      Maximum Auction Rate, the Maximum Rate, the Maximum Interest Rate, the All
      Hold
      Rate, One-Month LIBOR and the Applicable LIBOR-Based Rate on each Auction Date.
      The determination by the Auction Agent of the Maximum Auction Rate, the Maximum
      Rate, the Maximum Interest Rate, the All Hold Rate, One-Month LIBOR and the
      Applicable LIBOR-Based Rate will (in the absence of manifest error) be final
      and
      binding upon the Owners and all other parties. If the ownership of an Auction
      Rate Note is no longer maintained in book-entry form by the Depository, the
      Auction Agent will calculate the Maximum Rate on the Business Day immediately
      preceding the first day of each Auction Rate Note Interest Period commencing
      after the delivery of certificates representing the Auction Rate Note pursuant
      to Subsection 1.02(c) of this Appendix B. If a Payment Default shall have
      occurred, the Auction Agent will calculate the Default Rate on the first day
      of
      (a) each Auction Rate Note Interest Period commencing after the occurrence
      and
      during the continuance of such Payment Default and (b) any Auction Rate Note
      Interest Period commencing less than two Business Days after the cure of any
      Payment Default.

     

    Section
      1.10. Computation of Interest.
      The
      amount of interest distributable to Owners for any Auction Rate Note Interest
      Period or part thereof for each $50,000 principal amount of Auction Rate Notes
      shall be calculated by multiplying 50,000 by the Applicable Auction Rate for
      such Auction Rate Note Interest Period or part thereof, multiplying such product
      by the actual number of days in the Auction Rate Note Interest Period or part
      thereof concerned divided by 365 or 366, as applicable, and rounding the
      resultant figure to the nearest one cent. Interest on the Auction Rate Notes
      shall be computed by the Trustee on the basis of a 365-day year for the number
      of days actually elapsed; except that for any such calculation with respect
      to
      an Auction Rate Note Interest Payment Date occurring after January 1 of any
      year
      through December 31 of such year (being the leap year), such interest shall
      be
      computed on the basis of a 366-day year period. The Trustee shall make the
      calculation required in this Section not later than the close of business on
      each Auction Date.

     

    Section
      1.11. Notification of Rates, Amounts and Payment Dates.

     

    (a) The
      Trustee shall determine the aggregate amount of interest distributable on the
      next succeeding Auction Rate Note Interest Payment Date to the Owners of the
      Auction Rate Note. So long as the ownership of the Auction Rate Note is
      maintained in book-entry form by the Depository, the Trustee shall advise the
      Depository of each Record Date for the Auction Rate Note at least two Business
      Days prior thereto.

     

    (b) Promptly
      after the date of original issuance of the Auction Rate Notes and each Auction
      Rate Note Interest Payment Date, but in any event at least 10 days prior to
      each
      Auction Rate Note Interest Payment Date, the Trustee will:

     

    (i) so
      long
      as no Payment Default has occurred and is continuing and the ownership of the
      Auction Rate Note is maintained in book-entry form by the Depository,
      acknowledge the Auction Agent's written notification to the Trustee of (A)
      the
      date of such next Auction Rate Note Interest Payment Date and (B) the amount
      payable to the Auction Agent on each Auction Rate Note Interest Payment Date
      pursuant to Section 1.08 of this Appendix B and notify the Auction Agent of
      any
      discrepancy therein; and

     

    (ii) advise
      the Depository, based on information received from the Auction Agent, so long
      as
      the ownership of the Auction Rate Note is maintained in book-entry form by
      the
      Depository, of the Applicable Auction Rate and the Interest Amount in respect
      of
      the next succeeding Auction Rate Note Interest Period and the amount of
      Carry-over Amount and interest thereon, if any.

     

    In
      the
      event that any day that is scheduled to be an Auction Rate Note Interest Payment
      Date is changed after the Trustee shall have given the notice referred to in
      clause (i) above, not later than 9:15 a.m., New York time, on the Business
      Day
      next preceding the earlier of the new Auction Rate Note Interest Payment Date
      or
      the old Auction Rate Note Interest Payment Date, the Trustee will, by such
      means
      as the Trustee deems practicable, give notice of such change to the Auction
      Agent, so long as no Payment Default has occurred and is continuing and the
      ownership of the Auction Rate Note is maintained in book-entry form by the
      Depository.

     

    Section
      1.12. Market Agent.
      The
      Market Agents shall be designated in the Market Agent Agreements and shall
      serve
      as such under the terms and provisions hereof and of the Market Agent Agreement.
      Each Market Agent, including any successor appointed pursuant hereto, shall
      be a
      member of the National Association of Securities Dealers, Inc. having
      capitalization of at least $25,000,000, and be authorized by law to perform
      all
      the duties imposed upon it by this Indenture and the respective Market Agent
      Agreement. The Market Agents may be removed at any time by the Trustee, acting
      at the direction of (a) the Administrator, or (b) the holders of 66-2/3% of
      the
      aggregate principal amount of the Auction Rate Notes, provided that such removal
      shall not take effect until the appointment of a successor Market Agent. Either
      Market Agent may resign upon 30 days' written notice delivered to the Issuer
      and
      the Trustee. The Administrator shall use its best efforts to appoint a successor
      Market Agent that is a qualified institution, effective as of the effectiveness
      of any such resignation or removal. The Trustee shall not be liable in any
      way
      for any action taken, suffered, or omitted, or for any error of judgment made
      by
      the Market Agent, whether in the performance of its duties under the Market
      Agent Agreement or otherwise.

     

    Section
      1.13. Auction Agent.

     

    (a) ____________
      shall serve as the initial Auction Agent for the Auction Rate Notes. The Trustee
      is hereby directed to enter into an agreement with the Auction Agent which
      shall
      provide as follows: The Auction Agent shall be (i) a bank or trust company
      duly
      organized under the laws of the United States of America or any state or
      territory thereof having its principal place of business in the Borough of
      Manhattan, in The City of New York, and having a combined capital stock, surplus
      and undivided profits of at least $40,000,000, and (ii) a member of the National
      Association of Securities Dealers, Inc., having a capitalization of at least
      $40,000,000 and, in either case, authorized by law to perform all the duties
      imposed upon it hereunder and under the Auction Agency Agreement. The Auction
      Agent may resign and be discharged of the duties and obligations created by
      the
      Indenture by giving at least 90 days' written notice to the Issuer, the Trustee
      and the Market Agent (30 days' written notice if the Auction Agent has not
      been
      paid its fee for more than 30 days). The Auction Agent may be removed at any
      time by the Trustee if the Auction Agent is an entity other than the Trustee,
      acting at the direction of (i) the Administrator or (ii) the holders of 66-2/3%
      of the aggregate principal amount of the Auction Rate Notes, by an instrument
      signed by the Trustee and filed with the Auction Agent, the Issuer and the
      Market Agent upon at least 90 days' notice; provided that, if required by the
      Market Agent, an agreement in substantially the form of the Auction Agency
      Agreement shall be entered into with a successor Auction Agent. If the Auction
      Agent and the Trustee are the same entity, the Auction Agent may be removed
      as
      described above, with the Issuer acting in lieu of the Trustee.

     

    (b) In
      the
      event that the Auction Agent resigns or is removed or dissolved, or if the
      property or affairs of the Auction Agent is taken under the control of any
      state
      or federal court or administrative body because of bankruptcy or insolvency,
      or
      for any other reason, the Administrator shall use its best efforts to appoint
      a
      successor as Auction Agent, and the Trustee will thereupon enter into an Auction
      Agency Agreement with such successor.

     

    (c) The
      Auction Agent will act as agent for the Trustee and the Issuer in connection
      with Auctions. In the absence of bad faith or negligence on its part, the
      Auction Agent shall not be liable for any action taken, suffered or omitted
      or
      for any error of judgment made by it in the performance of its duties under
      the
      Auction Agency Agreement and will not be liable for any error of judgment made
      in good faith unless the Auction Agent shall have been negligent in ascertaining
      (or failing to ascertain) the pertinent facts necessary to make such
      judgment.

     

    (d) Notwithstanding
      that the Auction Agent is the agent of the Trustee hereunder and under the
      Auction Agency Agreement, the Trustee will not be liable in any way for any
      action taken, suffered or omitted, or for any error of judgment made by the
      Auction Agent, whether in the performance of its duties under the Auction Agency
      Agreement or otherwise.

     

    Section
      1.14. Broker-Dealers.

     

      (a) The
        Auction Agent shall enter into a Broker-Dealer Agreement with each of (i)
        ___________________ with respect to the Class B Notes, (ii) ___________________
        with respect to the Class C Notes and (iii) _______________ with respect
        to the
        Class D Notes. The Market Agent may from time to time approve one or more
        additional persons to serve as a Broker-Dealer under Broker-Dealer Agreements.
        Any Broker-Dealer may be removed at any time at the request of an Authorized
        Representative of the Issuer, but there shall, at all times, be at least
        one
        Broker-Dealer appointed and acting as such. 

     

    Section
      1.15. Changes in Auction Periods or Auction Date or Auction Rate Note Interest
      Payment Dates.

     

    (a) Changes
      in Auction Period or Periods.

     

    (i) The
      Market Agent:

     

    (A) in
      order
      to conform with then-current market practice with respect to similar securities,
      shall; or

     

    (B) in
      order
      to accommodate economic and financial factors that may affect or be relevant
      to
      the length of the Auction Period and the interest rate borne by the Auction
      Rate
      Notes and with the written consent of an Authorized Representative of the
      Issuer, may change, from time to time, the length of one or more Auction
      Periods. In connection with any such change, or otherwise, but for the same
      stated purpose, the Market Agent:

     

    (1) in
      order
      to conform with then-current market practice with respect to similar securities,
      shall; and

     

    (2) with
      the
      written consent of an Authorized Representative, may change Auction Rate Note
      Interest Payment Dates; any such change will be considered a “change in the
      length of one or more Auction Periods” for the purposes of the Indenture. The
      Authorized Representative of the Issuer shall not consent to such change in
      the
      length of the Auction Period, if such consent is required above, unless he
      or
      she has received from the Market Agent not less than three days nor more than
      25
      days prior to the effective date of such change a written request for consent
      together with a certificate demonstrating the need for change in reliance on
      such factors. The Market Agent will initiate the change in the length of one
      or
      more Auction Periods by giving written notice to the Trustee, the Auction Agent,
      the Issuer and the Depository in substantially the form of, or containing
      substantially the information contained in, Appendix G to the Indenture at
      least
      10 days prior to the Auction Date for such Auction Period.

     

    (ii) Any
      such
      changed Auction Period will not be less than 7 days; furthermore, any such
      change in the Auction Period shall not be more than 28 days without satisfying
      the Rating Agency Condition.

     

    (iii) The
      change in the length of one or more Auction Periods shall not be allowed unless
      Sufficient Clearing Bids existed at both the Auction before the date on which
      the notice of the proposed change was given as provided in this subsection
      (a)
      and the Auction immediately preceding the proposed change.

     

    (iv) The
      change in length of one or more Auction Periods shall take effect only if (A)
      the Trustee and the Auction Agent receive, by 11:00 A.M. New York time on the
      Business Day before the Auction Date for the first such Auction Period, a
      certificate from the Market Agent in substantially the form attached as, or
      containing substantially the same information contained in, Appendix H to the
      Indenture, authorizing the change in the length of one or more Auction Periods
      specified in such certificate and (B) Sufficient Clearing Bids exist at the
      Auction on the Auction Date for such first Auction Period. If the condition
      referred to in clause (A) above is not met, the Applicable Auction Rate for
      the
      next Auction Period shall be determined pursuant to the Auction Procedures
      and
      the Auction Period shall be the Auction Period determined without reference
      to
      the proposed change. If the condition referred to in clause (A) is met but
      the
      condition referred to in clause (B) above is not met, the Applicable Auction
      Rate for the next Auction Period shall be the Maximum Rate and the Auction
      Period shall be the Auction Period determined without reference to the proposed
      change.

     

    (b) Changes
      in the Auction Date. The Market Agent:

     

    (i) in
      order
      to conform with then-current market practice with respect to similar securities,
      shall; or

     

    (ii) in
      order
      to accommodate economic and financial factors that may affect or be relevant
      to
      the day of the week constituting an Auction Date and the interest rate borne
      on
      an Auction Rate Note and with the written consent of an Authorized
      Representative of the Issuer, may specify an earlier Auction Date (but in no
      event more than five Business Days earlier) than the Auction Date that would
      otherwise be determined in accordance with the definition of “Auction Date” in
      Section 1.01 of this Appendix B with respect to one or more specified Auction
      Periods. The Authorized Representative of the Issuer shall not consent to such
      change in the Auction Date, if such consent is required in subparagraph (b)(ii)
      above, unless he or she shall have received from the Market Agent not less
      than
      three days nor more than 25 days prior to the effective date of such change
      a
      written request for consent together with a certificate demonstrating the need
      for change in reliance on such factors. The Market Agent shall provide notice
      of
      any determination to specify an earlier Auction Date for one or more Auction
      Periods by means of a written notice delivered at least 10 days prior to the
      proposed changed Auction Date to the Trustee, the Auction Agent, the Issuer
      and
      the Depository. Such notice shall be substantially in the form of, or contain
      substantially the information contained in, Appendix I to the
      Indenture.

     

    (c) Any
      change described in this Section shall be made with respect to one or more
      Classes of Auction Rate Notes (but in each case separate notices shall be
      prepared and delivered as provided above and, with respect to changes in the
      length of Auction Periods, the conditions specified in subparagraph (a)(iv)
      above shall be applied to each Class separately).

     

    (d) In
      connection with any change described in this Section, the Auction Agent shall
      provide notice to the parties as is specified in Section 2.5 of the Auction
      Agency Agreement.

     

    (e) No
      change
      shall be made to the Auction Period or Auction Date unless the Issuer has
      satisfied the Rating Agency Condition. 

     

    Section
      1.16. Credit Ratings.
      The
      Issuer shall take all reasonable action necessary to enable at least one
      nationally recognized statistical rating organization (as that term is used
      in
      the rules and regulations of the SEC under the Securities Exchange Act) to
      provide credit ratings for the Auction Rate Notes.

     

    Section
      1.17. Notices.
      The
      Market Agent shall provide the Trustee and, so long as no default under the
      Indenture has occurred and is continuing and the ownership of the Auction Rate
      Notes is maintained in book-entry form by the Depository, the Auction Agent
      with
      notice of any change in the Maximum Interest Rate.

     

    Section
      1.18. Purchases of Auction Rate Notes.
      The
      Issuer shall not purchase or otherwise acquire any Auction Rate Notes unless
      the
      Issuer redeems or otherwise cancels such Auction Rate Note on the day of any
      purchase.

     

    Section
      1.19. Notice of Payment Default.

     

    (a) If
      the
      Issuer determines that a Payment Default has occurred the Issuer shall promptly
      notify the Trustee thereof.

     

    (b) So
      long
      as the ownership of the Auction Rate Notes is maintained in book-entry form
      by
      the Depository, upon the occurrence of a Payment Default the Trustee shall
      immediately send a notice thereof to the Auction Agent and Market Agent by
      telecopy or similar means.

     

    (c) So
      long
      as the ownership of the Auction Rate Notes is maintained in book-entry form
      by
      the Depository, the Trustee shall immediately send notice to the Auction Agent
      by telecopy or similar means if a Payment Default is cured.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    APPENDIX
      C

     

    NOTICE
      OF
      PAYMENT DEFAULT

     

     

    The
      National Collegiate Student Loan Trust 200_-_

    Student
      Loan Asset Backed Notes

    Serves
      200_-_, Class ___

     

    NOTICE
      IS
      HEREBY GIVEN that a Payment Default currently exists with respect to the
      above-captioned issue. The next Auction for the Series 200_-_, Class ___ Notes
      will be held as scheduled on _______________. The rate of interest on the Series
      200_-_, Class ___ Notes for the next succeeding Auction Period shall be
      determined through application of the Auction Procedures.

     

    
      	
              Dated:
                __________________

            	 

    

    

     

    
      	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    

    

    APPENDIX
      D

     

    NOTICE
      OF
      CURE OF PAYMENT DEFAULT

     

     

    The
      National Collegiate Student Loan Trust 200_-_

    Student
      Loan Asset Backed Notes

    Series
      200_-_, Class ___

     

    NOTICE
      IS
      HEREBY GIVEN that the Payment Default with respect to the above-captioned issue
      has been cured. The next Interest Payment Date is _______________ and the next
      Auction Date is scheduled to be _____________.

     

    

     

    
      	
              Dated:
                __________________

            	 

    

    

     

    
      	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    

     

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    APPENDIX
      E

     

    NOTICE
      OF
      EVENT OF DEFAULT

     

     

    The
      National Collegiate Student Loan Trust I

    Student
      Loan Asset Backed Notes

    Series
      200_-_, Class ___

     

    NOTICE
      IS
      HEREBY GIVEN that an Event of Default with respect to the above-captioned issue
      has occurred.

     

    

     

    
      	
              Dated:
                __________________

            	 

    

    

     

    
      	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    

     

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    

    APPENDIX
      F

     

    NOTICE
      OF
      WAIVER/CURE OF EVENT OF DEFAULT

     

     

    The
      National Collegiate Student Loan Trust 200_-_

    Student
      Loan Asset Backed Notes

    Series
      200_-_, Class ___

     

    NOTICE
      IS
      HEREBY GIVEN that an Event of Default with respect to the above-captioned issue
      has been [waived] [cured]. Determination of the interest rate on the Series
      200_-_, Class ___ Notes pursuant to the Auction Procedures will resume. The
      next
      Interest Payment Date is _______________ and the next Auction Date is scheduled
      to be __________________.

     

    

     

    
      	
              Dated:
                __________________

            	 

    

    

     

    
      	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    APPENDIX
      G

     

    NOTICE
      OF
      PROPOSED CHANGE IN AUCTION PERIOD

     

     

    The
      National Collegiate Student Loan Trust 200_-_

    Student
      Loan Asset Backed Notes

    Series
      200_-_, Class ___

     

    NOTICE
      IS
      HEREBY GIVEN that The National Collegiate Student Loan Trust 200_-_ (the
“Issuer”) proposes to change the Auction Period in accordance with the Indenture
      dated as of ______ __, 200_, as supplemented (the “Indenture”) as follows:
      [insert description of change]. Assuming the conditions set forth in the
      Indenture are met, such change will be effective on _____________. If any such
      condition is not met, the Auction Rate for the next succeeding Auction Period
      shall be established in accordance with the procedures set forth in the
      Indenture.

     

    All
      terms
      not otherwise defined in this notice shall have the meanings set forth in the
      Indenture.

     

    

     

    
      	
              Dated:
                __________________

            	 

    

    

     

    
      	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    

     

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    APPENDIX
      H

     

    NOTICE
      REGARDING ESTABLISHMENT OF AUCTION PERIOD

     

     

    The
      National Collegiate Student Loan Trust 200_-_

    Student
      Loan Asset Backed Notes

    Series
      200_-_, Class ___

     

    NOTICE
      IS
      HEREBY GIVEN that The National Collegiate Student Loan Trust 200_-_ (the
“Issuer”) hereby authorizes the establishment of a new Auction Period consisting
      of a period of _ days. If the condition(s) for the establishment of the new
      Auction Period are met, such Auction Period will commence on ___________________
      and end on _________________. The Interest Payment Date for such Auction Period
      shall be ___________________.

     

    Capitalized
      terms used herein and not otherwise defined shall have the meanings given to
      such terms in the Indenture of the Issuer dated as of ______ __, 200_, as
      supplemented.

     

    

     

    
      	
              Dated:
                __________________

            	 

    

    

     

    
      	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    APPENDIX
      I

     

    NOTICE
      OF
      CHANGE IN AUCTION DATE

     

     

    The
      National Collegiate Student Loan Trust 200_-_

    Student
      Loan Asset Backed Notes

    Series
      200_-_, Class ___

     

    NOTICE
      IS
      HEREBY GIVEN that the Auction Date for auctions conducted with respect to the
      above-captioned issue has been changed to _______________. The next succeeding
      Auction Date will be ________________. In order to accommodate such change,
      the
      next succeeding Auction Period will consist of _____days and shall begin on
      ______________ and end on ________________. Interest will be paid on
      _______________.

     

    Capitalized
      terms used herein and not otherwise defined shall have the meanings given to
      such terms in the Indenture of the Issuer dated as of ______ __, 200_, as
      supplemented.

     

    

     

    
      	
              Dated:
                __________________

            	 

    

    

     

    
      	
              [BROKER-DEALER]

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    

     

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

     

    SCHEDULE
      A

     

    SCHEDULE
      OF INITIAL FINANCED STUDENT LOANS

     

    

    

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    SCHEDULE
      B

     

    SCHEDULE
      OF SUBSEQUENT STUDENT LOANS

     

    

     

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    SCHEDULE
      C

     

     

    LIST
      OF TERI GUARANTEE AGREEMENTS

     

    

     

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    SCHEDULE
      D

     

     

    LIST
      OF STUDENT LOAN PURCHASE AGREEMENTS

     

    

     

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    EXHIBIT
      A-1

     

    FORM
      OF CLASS A-1 NOTE

     

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE INDENTURE TRUSTEE, THE REGISTRAR
      OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
      ANY
      NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
      IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
      TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

      THE
        PURCHASER OR HOLDER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO
        HAVE
        REPRESENTED THAT EITHER (I) IT IS NOT, AND IS NOT PURCHASING THIS NOTE ON
        BEHALF
        OF, AS A FIDUCIARY OF, OR WITH “PLAN ASSETS” (WITHIN THE MEANING OF SECTION
        2510.3-101 OF THE U.S. DEPARTMENT OF LABOR REGULATIONS (THE “PLAN ASSET
        REGULATION”)) OF, AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE
        EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)), A “PLAN”
(WITHIN THE MEANING OF SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986
        (THE
“CODE”)) OR ANY OTHER ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY
        REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, WHICH IS SUBJECT TO TITLE I OF
        ERISA OR SECTION 4975 OF THE CODE (A “PLAN”), OR (II)(A) THIS NOTE IS RATED
        INVESTMENT GRADE OR BETTER AS OF THE DATE OF PURCHASE, (B) THE PURCHASER
        OR
        HOLDER OF THE NOTE BELIEVES THAT THE NOTE IS PROPERLY TREATED AS INDEBTEDNESS
        WITHOUT SUBSTANTIAL EQUITY FEATURES FOR PURPOSES OF THE PLAN ASSET REGULATION
        AND AGREES TO SO TREAT SUCH NOTE AND (C) THE ACQUISITION AND HOLDING OF THE
        NOTE
        DO NOT RESULT IN A VIOLATION OF THE PROHIBITED TRANSACTION RULES OF ERISA
        OR
        SECTION 4975 OF THE CODE (X) BECAUSE IT IS COVERED BY AN APPLICABLE EXEMPTION,
        INCLUDING PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1
        OR
        84-14, OR (Y) BY REASON OF THE TRUST, THE ADMINISTRATOR, THE
        BACK-UP ADMINISTRATOR, THE UNDERWRITERS, THE SERVICERS, THE INDENTURE TRUSTEE,
        THE OWNER TRUSTEE, ANY PROVIDER OF CREDIT SUPPORT OR ANY OF THEIR AFFILIATES
        NOT
        BEING A “PARTY IN INTEREST” (WITHIN THE MEANING OF SECTION 3(14) OF ERISA) WITH
        RESPECT TO SUCH PLAN.

     

      THE
        NATIONAL COLLEGIATE STUDENT LOAN TRUST 200_-_

      STUDENT
        LOAN ASSET BACKED NOTES

      CLASS
        A-1

     

    
      	
              No.
                A-1-___

            
	
              Interest
                Rate

            	
              Date
                of Maturity

            	
              Dated
                Date

            	
              CUSIP

            
	 	 	 	 
	
              Variable

            	
              ______
                __, 20__

            	
              ______
                __, 200_

            	
              ___________

            
	 	 
	
              REGISTERED
                OWNER:

            	
              **CEDE
                & CO.**

            
	
              PRINCIPAL
                AMOUNT:

            	
              **$_________**

            
	 	 

    

    

      The
        National Collegiate Student Loan Trust 200_-_, a statutory trust duly organized
        and validly existing under the laws of the State of Delaware (the “Issuer”), for
        value received, hereby promises to pay, but only from the sources and as
        hereinafter provided, to the Registered Owner specified above, or registered
        assigns, the Principal Amount shown above in lawful money of the United States
        of America on the Date of Maturity shown above, unless prepaid prior thereto
        with interest thereon from the Distribution Date next preceding the date
        of
        authentication hereof, unless such date of authentication is prior to the
        first
        Distribution Date, in which case this note shall bear interest from the Dated
        Date specified above or unless such date of authentication is a Distribution
        Date, in which case this note shall bear interest from such Distribution
        Date;
        provided, however, that if as shown by the records of the Indenture Trustee
        (defined herein) interest on the Class A-1 Notes (defined herein) shall be
        in
        default, Class A-1 Notes issued in lieu of such Class A-1 Notes surrendered
        for
        transfer or exchange shall bear interest from the date to which interest
        has
        been paid in full on the Class A-1 Notes surrendered until payment of the
        principal hereof has been made or duly provided for. Principal of this note
        is
        payable upon the presentation and surrender hereof at the principal corporate
        trust office of U.S. Bank National Association, as indenture trustee (the
        “Indenture Trustee”). Interest on this note is payable to the Registered Owner
        of record as of the close of business on the applicable record date as shown
        on
        the registration books of the Issuer maintained by the Indenture Trustee
        in its
        capacity as bond registrar, or its successor in such capacity, by check or
        draft
        mailed to the Registered Owner at the registered address.

     

    Any
      capitalized words and terms used as defined words and terms in this note and
      not
      otherwise defined herein shall have the meanings given them in the Indenture
      (hereinafter defined).

     

      The
        Issuer will pay interest on this Class A-1 Note at the rate per annum equal
        to
        the Note Interest Rate (as defined in the Indenture) for this Note, on each
        Distribution Date until the principal of this Note is paid or made available
        for
        payment, on the principal amount of this Note Outstanding on the preceding
        Distribution Date (after giving effect to all payments of principal made
        on the
        preceding Distribution Date). Interest on this Note will accrue for each
        Distribution Date from the most recent Distribution Date on which interest
        has
        been paid to but excluding such Distribution Date or, if no interest has
        yet
        been paid, from the Closing Date). Such principal of and interest on this
        Note
        shall be paid in the manner specified herein.

     

      The
        principal of and interest on this Note are payable in such coin or currency
        of
        the United States of America as at the time of payment is legal tender for
        payment of public and private debts. All payments made by the Issuer with
        respect to this Note shall be applied first to interest due and payable on
        this
        Note as provided above and then to the unpaid principal of this
        Note.

     

      This
        Note
        is one of a duly authorized class of notes of the Issuer designated Student
        Loan
        Asset Backed Notes, Class A-1 (the “Class A-1 Notes”), issued pursuant to the
        Indenture, dated as of ______ __, 200_, between the Issuer and the Indenture
        Trustee, as indenture trustee (such indenture, as supplemented or amended
        from
        time to time in accordance with its terms, the “Indenture”).

     

    The
      Indenture pledges for the payment of the Notes (as hereinafter defined) the
      student loans identified in the Indenture (the “Financed Student Loans”) and the
      payments of interest and the repayments of principal with respect thereto,
      including certain guarantees related thereto, as well as certain other rights,
      funds and accounts of the Issuer set forth in the Indenture, including a Reserve
      Account (collectively, the “Trust Estate”).

     

      This
        Note
        is a limited obligation of the Issuer, payable solely from the principal
        and
        interest on Financed Student Loans financed pursuant to the Indenture, any
        guaranty payments thereon received by the Issuer, and certain other revenues
        and
        earnings to be held pursuant to the Indenture, all in an amount and in the
        manner provided in the Indenture. Additional notes and other obligations
        may be
        issued or entered into under the Indenture the right to payment of which
        is
        equal with or subordinate to the Class A-1 Notes. The Class A-1 Notes, together
        with any additional notes issued pursuant to the Indenture are collectively
        referred to herein as “Notes.”

     

      The
        Notes
        are secured as provided in the Indenture, but solely by the pledge of the
        Trust
        Estate described in the Indenture; provided that the rights of the holders
        of
        the Class A Notes shall be superior to the rights of the Registered Owners
        of
        Class B Notes, Class C Notes and Class D Notes. Reference is made to the
        Indenture for a complete statement of the terms and conditions upon which
        the
        Class A-1 Notes have been issued and provisions made for their security and
        for
        the rights, duties and obligations of the Issuer, the Indenture Trustee and
        the
        Registered Owners of the Class A-1 Notes.

     

      The
        Class
        A-1 Notes are issuable as registered notes in the minimum denomination of
        $100,000 and $1,000 integral multiples in excess thereof. Subject to the
        limitations provided in the Indenture and upon payment of any tax or
        governmental charge, Class A-1 Notes may be exchanged for a like Class and
        aggregate principal amount of Class A-1 Notes of other authorized
        denominations.

     

      The
        Registered Owner of this Note shall have no right to enforce the provisions
        of
        the Indenture or to institute action to enforce the covenants therein, or
        to
        take any action with respect to any Event of Default under the Indenture,
        or to
        institute, appear in or defend any suit or other proceedings with respect
        thereto, except as provided in the Indenture. If an Event of Default under
        the
        Indenture occurs, the principal of all Notes then Outstanding issued under
        the
        Indenture may be declared due and payable upon the conditions and in the
        manner
        and with the effect provided in the Indenture.

     

      It
        Is
        Hereby Certified, Recited And Declared
        that all
        acts, conditions and things required to be done, to exist, to happen and
        to be
        performed in order to make this Note a valid and binding obligation of the
        Issuer according to its terms have been done, do exist, have happened and
        have
        been performed in regular and due form, time and manner as so
        required.

     

      The
        Issuer and the Indenture Trustee may deem and treat the person in whose name
        this Note is registered upon the registration books as the absolute owner
        hereof, whether this Note is overdue or not, for the purpose of receiving
        payment of or on account of the principal or interest and for all other
        purposes, and all such payments so made to the Registered Owner or upon such
        Registered Owner’s order shall be valid and effectual to satisfy and discharge
        the liability on this note to the extent of the sum or sums so paid, and
        neither
        the Issuer nor Indenture Trustee nor any Registrar shall be affected by any
        notice to the contrary.

     

      This
        Note
        shall not be valid or become obligatory for any purpose or be entitled to
        any
        security or benefit under the Indenture until the Certificate of Authentication
        hereon shall have been executed by the Indenture Trustee.

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF,
      The
      National Collegiate Student Loan Trust 200_-_ has caused this note to be
      executed and attested.

     

    

    

    
      	
              THE
                NATIONAL COLLEGIATE STUDENT LOAN TRUST 200_-_

              By:
                ____________________________,

              not
                in its individual capacity but solely as

              Owner
                Trustee

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

    
      	
              Attest

            
	 
	
              ____________________________________

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      note
      is one of the Class A-1 Notes and described in the provisions of the
      within-mentioned Indenture.

     

    
      	
              Date
                of Authentication: __________________

            	 

    

    

    
      	
              U.S.
                BANK NATIONAL ASSOCIATION,
                as
                Authenticating Agent 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ASSIGNMENT

     

    For
      Value
      Received _____________________ hereby sell(s), assign(s) and transfer(s)
      unto

     

    
      	 	 
	 
	
              (Please
                print or type an address

            	
              (Social
                Security number

            
	
              including
                postal zip code of transferee)

            	
              of
                transferee)

            

    

    

    the
      within note, together with accrued interest thereon and all right, title and
      interest thereto, and hereby irrevocably authorize(s) and appoint(s)
      _______________________________________ attorney to transfer said note on the
      books of the within named Corporation with full power of substitution in the
      premises.

     

    
      	 	 
	 	 
	
              Dated
                ________________

            	
              ________________________________L.S.

            
	 	 
	
              Guaranteed
                by:

            	 
	 	 
	 	 
	 	 
	
              _____________________________________

            	 

    

    

    

    EXHIBIT
      A-2

     

    FORM
      OF CLASS A-2 NOTE

     

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE INDENTURE TRUSTEE, THE REGISTRAR
      OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
      ANY
      NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
      IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
      TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

      THE
        PURCHASER OR HOLDER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO
        HAVE
        REPRESENTED THAT EITHER (I) IT IS NOT, AND IS NOT PURCHASING THIS NOTE ON
        BEHALF
        OF, AS A FIDUCIARY OF, OR WITH “PLAN ASSETS” (WITHIN THE MEANING OF SECTION
        2510.3-101 OF THE U.S. DEPARTMENT OF LABOR REGULATIONS (THE “PLAN ASSET
        REGULATION”)) OF, AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE
        EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)), A “PLAN”
(WITHIN THE MEANING OF SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986
        (THE
“CODE”)) OR ANY OTHER ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY
        REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, WHICH IS SUBJECT TO TITLE I OF
        ERISA OR SECTION 4975 OF THE CODE (A “PLAN”), OR (II)(A) THIS NOTE IS RATED
        INVESTMENT GRADE OR BETTER AS OF THE DATE OF PURCHASE, (B) THE PURCHASER OR
        HOLDER OF THE NOTE BELIEVES THAT THE NOTE IS PROPERLY TREATED AS INDEBTEDNESS
        WITHOUT SUBSTANTIAL EQUITY FEATURES FOR PURPOSES OF THE PLAN ASSET REGULATION
        AND AGREES TO SO TREAT SUCH NOTE AND (C) THE ACQUISITION AND HOLDING OF THE
        NOTE
        DO NOT RESULT IN A VIOLATION OF THE PROHIBITED TRANSACTION RULES OF ERISA
        OR
        SECTION 4975 OF THE CODE (X) BECAUSE IT IS COVERED BY AN APPLICABLE EXEMPTION,
        INCLUDING PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1
        OR
        84-14, OR (Y) BY REASON OF THE TRUST, THE ADMINISTRATOR, THE BACK-UP
        ADMINISTRATOR, THE UNDERWRITERS, THE SERVICERS, THE INDENTURE TRUSTEE, THE
        OWNER
        TRUSTEE, ANY PROVIDER OF CREDIT SUPPORT OR ANY OF THEIR AFFILIATES NOT BEING
        A
“PARTY IN INTEREST” (WITHIN THE MEANING OF SECTION 3(14) OF ERISA) WITH RESPECT
        TO SUCH PLAN.

     

      THE
        NATIONAL COLLEGIATE STUDENT LOAN TRUST 200_-_

      STUDENT
        LOAN ASSET BACKED NOTES

      CLASS
        A-2

     

    
      	
              No.
                A-2-___

            
	
              Interest
                Rate

            	
              Date
                of Maturity

            	
              Dated
                Date

            	
              CUSIP

            
	 	 	 	 
	
              Variable

            	
              ______
                __, 20__

            	
              ______
                __, 200_

            	
              ___________

            
	 	 
	
              REGISTERED
                OWNER:

            	
              **CEDE
                & CO.**

            
	
              PRINCIPAL
                AMOUNT:

            	
              **$_________**

            
	 	 

    

      The
        National Collegiate Student Loan Trust 200_-_, a statutory trust duly organized
        and validly existing under the laws of the State of Delaware (the “Issuer”), for
        value received, hereby promises to pay, but only from the sources and as
        hereinafter provided, to the Registered Owner specified above, or registered
        assigns, the Principal Amount shown above in lawful money of the United States
        of America on the Date of Maturity shown above, unless prepaid prior thereto
        with interest thereon from the Distribution Date next preceding the date
        of
        authentication hereof, unless such date of authentication is prior to the
        first
        Distribution Date, in which case this note shall bear interest from the Dated
        Date specified above or unless such date of authentication is a Distribution
        Date, in which case this note shall bear interest from such Distribution
        Date;
        provided, however, that if as shown by the records of the Indenture Trustee
        (defined herein) interest on the Class A-2 Notes (defined herein) shall be
        in
        default, Class A-2 Notes issued in lieu of such Class A-2 Notes surrendered
        for
        transfer or exchange shall bear interest from the date to which interest
        has
        been paid in full on the Class A-2 Notes surrendered until payment of the
        principal hereof has been made or duly provided for. Principal of this note
        is
        payable upon the presentation and surrender hereof at the principal corporate
        trust office of U.S. Bank National Association, as indenture trustee (the
        “Indenture Trustee”). Interest on this note is payable to the Registered Owner
        of record as of the close of business on the applicable record date as shown
        on
        the registration books of the Issuer maintained by the Indenture Trustee
        in its
        capacity as bond registrar, or its successor in such capacity, by check or
        draft
        mailed to the Registered Owner at the registered address.

     

    Any
      capitalized words and terms used as defined words and terms in this note and
      not
      otherwise defined herein shall have the meanings given them in the Indenture
      (hereinafter defined).

     

      The
        Issuer will pay interest on this Class A-2 Note at the rate per annum equal
        to
        the Note Interest Rate (as defined in the Indenture) for this Note, on each
        Distribution Date until the principal of this Note is paid or made available
        for
        payment, on the principal amount of this Note Outstanding on the preceding
        Distribution Date (after giving effect to all payments of principal made
        on the
        preceding Distribution Date). Interest on this Note will accrue for each
        Distribution Date from the most recent Distribution Date on which interest
        has
        been paid to but excluding such Distribution Date or, if no interest has
        yet
        been paid, from the Closing Date). Such principal of and interest on this
        Note
        shall be paid in the manner specified herein.

     

      The
        principal of and interest on this Note are payable in such coin or currency
        of
        the United States of America as at the time of payment is legal tender for
        payment of public and private debts. All payments made by the Issuer with
        respect to this Note shall be applied first to interest due and payable on
        this
        Note as provided above and then to the unpaid principal of this
        Note.

     

      This
        Note
        is one of a duly authorized class of notes of the Issuer designated Student
        Loan
        Asset Backed Notes, Class A-2 (the “Class A-2 Notes”), issued pursuant to the
        Indenture, dated as of ______ __, 200_, between the Issuer and the Indenture
        Trustee, as indenture trustee (such indenture, as supplemented or amended
        from
        time to time in accordance with its terms, the “Indenture”).

     

    The
      Indenture pledges for the payment of the Notes (as hereinafter defined) the
      student loans identified in the Indenture (the “Financed Student Loans”) and the
      payments of interest and the repayments of principal with respect thereto,
      including certain guarantees related thereto, as well as certain other rights,
      funds and accounts of the Issuer set forth in the Indenture, including a Reserve
      Account (collectively, the “Trust Estate”).

     

      This
        Note
        is a limited obligation of the Issuer, payable solely from the principal
        and
        interest on Financed Student Loans financed pursuant to the Indenture, any
        guaranty payments thereon received by the Issuer, and certain other revenues
        and
        earnings to be held pursuant to the Indenture, all in an amount and in the
        manner provided in the Indenture. Additional notes and other obligations
        may be
        issued or entered into under the Indenture the right to payment of which
        is
        equal with or subordinate to the Class A-2 Notes. The Class A-2 Notes, together
        with any additional notes issued pursuant to the Indenture are collectively
        referred to herein as “Notes.”

     

      The
        Notes
        are secured as provided in the Indenture, but solely by the pledge of the
        Trust
        Estate described in the Indenture; provided that the rights of the holders
        of
        the Class A Notes shall be superior to the rights of the Registered Owners
        of
        Class B Notes, Class C Notes and Class D Notes. Reference is made to the
        Indenture for a complete statement of the terms and conditions upon which
        the
        Class A-2 Notes have been issued and provisions made for their security and
        for
        the rights, duties and obligations of the Issuer, the Indenture Trustee and
        the
        Registered Owners of the Class A-2 Notes.

     

      The
        Class
        A-2 Notes are issuable as registered notes in the minimum denomination of
        $100,000 and $1,000 integral multiples in excess thereof. Subject to the
        limitations provided in the Indenture and upon payment of any tax or
        governmental charge, Class A-2 Notes may be exchanged for a like Class and
        aggregate principal amount of Class A-2 Notes of other authorized
        denominations.

     

      The
        Registered Owner of this Note shall have no right to enforce the provisions
        of
        the Indenture or to institute action to enforce the covenants therein, or
        to
        take any action with respect to any Event of Default under the Indenture,
        or to
        institute, appear in or defend any suit or other proceedings with respect
        thereto, except as provided in the Indenture. If an Event of Default under
        the
        Indenture occurs, the principal of all Notes then Outstanding issued under
        the
        Indenture may be declared due and payable upon the conditions and in the
        manner
        and with the effect provided in the Indenture.

     

      It
        Is Hereby Certified, Recited And Declared that
        all
        acts, conditions and things required to be done, to exist, to happen and
        to be
        performed in order to make this Note a valid and binding obligation of the
        Issuer according to its terms have been done, do exist, have happened and
        have
        been performed in regular and due form, time and manner as so
        required.

     

      The
        Issuer and the Indenture Trustee may deem and treat the person in whose name
        this Note is registered upon the registration books as the absolute owner
        hereof, whether this Note is overdue or not, for the purpose of receiving
        payment of or on account of the principal or interest and for all other
        purposes, and all such payments so made to the Registered Owner or upon such
        Registered Owner’s order shall be valid and effectual to satisfy and discharge
        the liability on this note to the extent of the sum or sums so paid, and
        neither
        the Issuer nor Indenture Trustee nor any Registrar shall be affected by any
        notice to the contrary.

     

      This
        Note
        shall not be valid or become obligatory for any purpose or be entitled to
        any
        security or benefit under the Indenture until the Certificate of Authentication
        hereon shall have been executed by the Indenture Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF,
      The
      National Collegiate Student Loan Trust 200_-_ has caused this note to be
      executed and attested.

     

    

     

    
      	
              THE
                NATIONAL COLLEGIATE STUDENT LOAN TRUST 200_-_

              By:
                ___________________________,

              not
                in its individual capacity but solely as

              Owner
                Trustee

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

     

    

     

    

    
      	
              Attest

            	 
	 	 
	
              ____________________________________

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      note
      is one of the Class A-2 Notes and described in the provisions of the
      within-mentioned Indenture.

     

    
      	
              Date
                of Authentication: __________________

            	 

    

    

    
      	
              U.S.
                BANK NATIONAL ASSOCIATION,
                as
                Authenticating Agent

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ASSIGNMENT

     

    For
      Value
      Received _____________________ hereby sell(s), assign(s) and transfer(s)
      unto

     

    
      	 	 
	 
	
              (Please
                print or type an address

            	
              (Social
                Security number

            
	
              including
                postal zip code of transferee)

            	
              of
                transferee)

            

    

    

    the
      within note, together with accrued interest thereon and all right, title and
      interest thereto, and hereby irrevocably authorize(s) and appoint(s)
      _______________________________________ attorney to transfer said note on the
      books of the within named Corporation with full power of substitution in the
      premises.

     

    
      	 	 
	 	 
	
              Dated
                ________________

            	
              ________________________________L.S.

            
	 	 
	
              Guaranteed
                by:

            	 
	 	 
	 	 
	 	 
	
              _____________________________________

            	 

    

    

    

    EXHIBIT
      A-3

     

    FORM
      OF CLASS A-3 NOTE

     

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE INDENTURE TRUSTEE, THE REGISTRAR
      OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
      ANY
      NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
      IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
      TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

      THE
        PURCHASER OR HOLDER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO
        HAVE
        REPRESENTED THAT EITHER (I) IT IS NOT, AND IS NOT PURCHASING THIS NOTE ON
        BEHALF
        OF, AS A FIDUCIARY OF, OR WITH “PLAN ASSETS” (WITHIN THE MEANING OF SECTION
        2510.3-101 OF THE U.S. DEPARTMENT OF LABOR REGULATIONS (THE “PLAN ASSET
        REGULATION”)) OF, AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE
        EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)), A “PLAN”
(WITHIN THE MEANING OF SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986
        (THE
“CODE”)) OR ANY OTHER ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY
        REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, WHICH IS SUBJECT TO TITLE I OF
        ERISA OR SECTION 4975 OF THE CODE (A “PLAN”), OR (II)(A) THIS NOTE IS RATED
        INVESTMENT GRADE OR BETTER AS OF THE DATE OF PURCHASE, (B) THE PURCHASER OR
        HOLDER OF THE NOTE BELIEVES THAT THE NOTE IS PROPERLY TREATED AS INDEBTEDNESS
        WITHOUT SUBSTANTIAL EQUITY FEATURES FOR PURPOSES OF THE PLAN ASSET REGULATION
        AND AGREES TO SO TREAT SUCH NOTE AND (C) THE ACQUISITION AND HOLDING OF THE
        NOTE
        DO NOT RESULT IN A VIOLATION OF THE PROHIBITED TRANSACTION RULES OF ERISA
        OR
        SECTION 4975 OF THE CODE (X) BECAUSE IT IS COVERED BY AN APPLICABLE EXEMPTION,
        INCLUDING PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1
        OR
        84-14, OR (Y) BY REASON OF THE TRUST, THE ADMINISTRATOR, THE BACK-UP
        ADMINISTRATOR, THE UNDERWRITERS, THE SERVICERS, THE INDENTURE TRUSTEE, THE
        OWNER
        TRUSTEE, ANY PROVIDER OF CREDIT SUPPORT OR ANY OF THEIR AFFILIATES NOT BEING
        A
“PARTY IN INTEREST” (WITHIN THE MEANING OF SECTION 3(14) OF ERISA) WITH RESPECT
        TO SUCH PLAN.

     

      THE
        NATIONAL COLLEGIATE STUDENT LOAN TRUST 200_-_

      STUDENT
        LOAN ASSET BACKED NOTES

      CLASS
        A-3

     

    
      	
              No.
                A-3-___

            
	
              Interest
                Rate

            	
              Date
                of Maturity

            	
              Dated
                Date

            	
              CUSIP

            
	 	 	 	 
	
              Variable

            	
              ______
                __, 20__

            	
              ______
                __, 200_

            	
              ___________

            
	 	 
	
              REGISTERED
                OWNER:

            	
              **CEDE
                & CO.**

            
	
              PRINCIPAL
                AMOUNT:

            	
              **$_________**

            
	 	 

    

      The
        National Collegiate Student Loan Trust 200_-_, a statutory trust duly organized
        and validly existing under the laws of the State of Delaware (the “Issuer”), for
        value received, hereby promises to pay, but only from the sources and as
        hereinafter provided, to the Registered Owner specified above, or registered
        assigns, the Principal Amount shown above in lawful money of the United States
        of America on the Date of Maturity shown above, unless prepaid prior thereto
        with interest thereon from the Distribution Date next preceding the date
        of
        authentication hereof, unless such date of authentication is prior to the
        first
        Distribution Date, in which case this note shall bear interest from the Dated
        Date specified above or unless such date of authentication is a Distribution
        Date, in which case this note shall bear interest from such Distribution
        Date;
        provided, however, that if as shown by the records of the Indenture Trustee
        (defined herein) interest on the Class A-3 Notes (defined herein) shall be
        in
        default, Class A-3 Notes issued in lieu of such Class A-3 Notes surrendered
        for
        transfer or exchange shall bear interest from the date to which interest
        has
        been paid in full on the Class A-3 Notes surrendered until payment of the
        principal hereof has been made or duly provided for. Principal of this note
        is
        payable upon the presentation and surrender hereof at the principal corporate
        trust office of U.S. Bank National Association, as indenture trustee (the
        “Indenture Trustee”). Interest on this note is payable to the Registered Owner
        of record as of the close of business on the applicable record date as shown
        on
        the registration books of the Issuer maintained by the Indenture Trustee
        in its
        capacity as bond registrar, or its successor in such capacity, by check or
        draft
        mailed to the Registered Owner at the registered address.

     

    Any
      capitalized words and terms used as defined words and terms in this note and
      not
      otherwise defined herein shall have the meanings given them in the Indenture
      (hereinafter defined).

     

      The
        Issuer will pay interest on this Class A-3 Note at the rate per annum equal
        to
        the Note Interest Rate (as defined in the Indenture) for this Note, on each
        Distribution Date until the principal of this Note is paid or made available
        for
        payment, on the principal amount of this Note Outstanding on the preceding
        Distribution Date (after giving effect to all payments of principal made
        on the
        preceding Distribution Date). Interest on this Note will accrue for each
        Distribution Date from the most recent Distribution Date on which interest
        has
        been paid to but excluding such Distribution Date or, if no interest has
        yet
        been paid, from the Closing Date). Such principal of and interest on this
        Note
        shall be paid in the manner specified herein.

     

      The
        principal of and interest on this Note are payable in such coin or currency
        of
        the United States of America as at the time of payment is legal tender for
        payment of public and private debts. All payments made by the Issuer with
        respect to this Note shall be applied first to interest due and payable on
        this
        Note as provided above and then to the unpaid principal of this
        Note.

     

      This
        Note
        is one of a duly authorized class of notes of the Issuer designated Student
        Loan
        Asset Backed Notes, Class A-3 (the “Class A-3 Notes”), issued pursuant to the
        Indenture, dated as of ______ __, 200_, between the Issuer and the Indenture
        Trustee, as indenture trustee (such indenture, as supplemented or amended
        from
        time to time in accordance with its terms, the “Indenture”).

     

    The
      Indenture pledges for the payment of the Notes (as hereinafter defined) the
      student loans identified in the Indenture (the “Financed Student Loans”) and the
      payments of interest and the repayments of principal with respect thereto,
      including certain guarantees related thereto, as well as certain other rights,
      funds and accounts of the Issuer set forth in the Indenture, including a Reserve
      Account (collectively, the “Trust Estate”).

     

      This
        Note
        is a limited obligation of the Issuer, payable solely from the principal
        and
        interest on Financed Student Loans financed pursuant to the Indenture, any
        guaranty payments thereon received by the Issuer, and certain other revenues
        and
        earnings to be held pursuant to the Indenture, all in an amount and in the
        manner provided in the Indenture. Additional notes and other obligations
        may be
        issued or entered into under the Indenture the right to payment of which
        is
        equal with or subordinate to the Class A-3 Notes. The Class A-3 Notes, together
        with any additional notes issued pursuant to the Indenture are collectively
        referred to herein as “Notes.”

     

      The
        Notes
        are secured as provided in the Indenture, but solely by the pledge of the
        Trust
        Estate described in the Indenture; provided that the rights of the holders
        of
        the Class A Notes shall be superior to the rights of the Registered Owners
        of
        Class B Notes, Class C Notes and Class D Notes. Reference is made to the
        Indenture for a complete statement of the terms and conditions upon which
        the
        Class A-3 Notes have been issued and provisions made for their security and
        for
        the rights, duties and obligations of the Issuer, the Indenture Trustee and
        the
        Registered Owners of the Class A-3 Notes.

     

      The
        Class
        A-3 Notes are issuable as registered notes in the minimum denomination of
        $100,000 and $1,000 integral multiples in excess thereof. Subject to the
        limitations provided in the Indenture and upon payment of any tax or
        governmental charge, Class A-3 Notes may be exchanged for a like Class and
        aggregate principal amount of Class A-3 Notes of other authorized
        denominations.

     

      The
        Registered Owner of this Note shall have no right to enforce the provisions
        of
        the Indenture or to institute action to enforce the covenants therein, or
        to
        take any action with respect to any Event of Default under the Indenture,
        or to
        institute, appear in or defend any suit or other proceedings with respect
        thereto, except as provided in the Indenture. If an Event of Default under
        the
        Indenture occurs, the principal of all Notes then Outstanding issued under
        the
        Indenture may be declared due and payable upon the conditions and in the
        manner
        and with the effect provided in the Indenture.

     

      It
        Is Hereby Certified, Recited And Declared
        that all
        acts, conditions and things required to be done, to exist, to happen and
        to be
        performed in order to make this Note a valid and binding obligation of the
        Issuer according to its terms have been done, do exist, have happened and
        have
        been performed in regular and due form, time and manner as so
        required.

     

      The
        Issuer and the Indenture Trustee may deem and treat the person in whose name
        this Note is registered upon the registration books as the absolute owner
        hereof, whether this Note is overdue or not, for the purpose of receiving
        payment of or on account of the principal or interest and for all other
        purposes, and all such payments so made to the Registered Owner or upon such
        Registered Owner’s order shall be valid and effectual to satisfy and discharge
        the liability on this note to the extent of the sum or sums so paid, and
        neither
        the Issuer nor Indenture Trustee nor any Registrar shall be affected by any
        notice to the contrary.

     

      This
        Note
        shall not be valid or become obligatory for any purpose or be entitled to
        any
        security or benefit under the Indenture until the Certificate of Authentication
        hereon shall have been executed by the Indenture Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF,
      The
      National Collegiate Student Loan Trust 200_-_ has caused this note to be
      executed and attested.

     

    

    
      	
              THE
                NATIONAL COLLEGIATE STUDENT LOAN TRUST 200_-_

              By:
                ____________________________,

              not
                in its individual capacity but solely as

              Owner
                Trustee

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

    

     

    

    
      	
              Attest

            	 
	 	 
	
              ____________________________________

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      note
      is one of the Class A-3 Notes and described in the provisions of the
      within-mentioned Indenture.

     

    
      	
              Date
                of Authentication: __________________

            	 

    

    

    
      	
              U.S.
                BANK NATIONAL ASSOCIATION,
                as
                Authenticating Agent 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ASSIGNMENT

     

    For
      Value
      Received _____________________ hereby sell(s), assign(s) and transfer(s)
      unto

     

    
      	 	 
	 
	
              (Please
                print or type an address

            	
              (Social
                Security number

            
	
              including
                postal zip code of transferee)

            	
              of
                transferee)

            

    

    

    the
      within note, together with accrued interest thereon and all right, title and
      interest thereto, and hereby irrevocably authorize(s) and appoint(s)
      _______________________________________ attorney to transfer said note on the
      books of the within named Corporation with full power of substitution in the
      premises.

     

    
      	 	 
	 	 
	
              Dated
                ________________

            	
              ________________________________L.S.

            
	 	 
	
              Guaranteed
                by:

            	 
	 	 
	 	 
	 	 
	
              _____________________________________

            	 

    

    

    

    EXHIBIT
      A-4

     

    FORM
      OF CLASS A-4 NOTE

     

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE INDENTURE TRUSTEE, THE REGISTRAR
      OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
      ANY
      NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
      IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
      TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

      THE
        PURCHASER OR HOLDER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO
        HAVE
        REPRESENTED THAT EITHER (I) IT IS NOT, AND IS NOT PURCHASING THIS NOTE ON
        BEHALF
        OF, AS A FIDUCIARY OF, OR WITH “PLAN ASSETS” (WITHIN THE MEANING OF SECTION
        2510.3-101 OF THE U.S. DEPARTMENT OF LABOR REGULATIONS (THE “PLAN ASSET
        REGULATION”)) OF, AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE
        EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)), A “PLAN”
(WITHIN THE MEANING OF SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986
        (THE
“CODE”)) OR ANY OTHER ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY
        REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, WHICH IS SUBJECT TO TITLE I OF
        ERISA OR SECTION 4975 OF THE CODE (A “PLAN”), OR (II)(A) THIS NOTE IS RATED
        INVESTMENT GRADE OR BETTER AS OF THE DATE OF PURCHASE, (B) THE PURCHASER OR
        HOLDER OF THE NOTE BELIEVES THAT THE NOTE IS PROPERLY TREATED AS INDEBTEDNESS
        WITHOUT SUBSTANTIAL EQUITY FEATURES FOR PURPOSES OF THE PLAN ASSET REGULATION
        AND AGREES TO SO TREAT SUCH NOTE AND (C) THE ACQUISITION AND HOLDING OF THE
        NOTE
        DO NOT RESULT IN A VIOLATION OF THE PROHIBITED TRANSACTION RULES OF ERISA
        OR
        SECTION 4975 OF THE CODE (X) BECAUSE IT IS COVERED BY AN APPLICABLE EXEMPTION,
        INCLUDING PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1
        OR
        84-14, OR (Y) BY REASON OF THE TRUST, THE ADMINISTRATOR, THE BACK-UP
        ADMINISTRATOR, THE UNDERWRITERS, THE SERVICERS, THE INDENTURE TRUSTEE, THE
        OWNER
        TRUSTEE, ANY PROVIDER OF CREDIT SUPPORT OR ANY OF THEIR AFFILIATES NOT BEING
        A
“PARTY IN INTEREST” (WITHIN THE MEANING OF SECTION 3(14) OF ERISA) WITH RESPECT
        TO SUCH PLAN.

     

      THE
        NATIONAL COLLEGIATE STUDENT LOAN TRUST 200_-_

      STUDENT
        LOAN ASSET BACKED NOTES

      CLASS
        A-4

     

    
      	
              No.
                A-4-___

            
	
              Interest
                Rate

            	
              Date
                of Maturity

            	
              Dated
                Date

            	
              CUSIP

            
	 	 	 	 
	
              Variable

            	
              ______
                __, 20__

            	
              ______
                __, 200_

            	
              ___________

            
	 	 
	
              REGISTERED
                OWNER:

            	
              **CEDE
                & CO.**

            
	
              PRINCIPAL
                AMOUNT:

            	
              **$_________**

            
	 	 

    

      The
        National Collegiate Student Loan Trust 200_-_, a statutory trust duly organized
        and validly existing under the laws of the State of Delaware (the “Issuer”), for
        value received, hereby promises to pay, but only from the sources and as
        hereinafter provided, to the Registered Owner specified above, or registered
        assigns, the Principal Amount shown above in lawful money of the United States
        of America on the Date of Maturity shown above, unless prepaid prior thereto
        with interest thereon from the Distribution Date next preceding the date
        of
        authentication hereof, unless such date of authentication is prior to the
        first
        Distribution Date, in which case this note shall bear interest from the Dated
        Date specified above or unless such date of authentication is a Distribution
        Date, in which case this note shall bear interest from such Distribution
        Date;
        provided, however, that if as shown by the records of the Indenture Trustee
        (defined herein) interest on the Class A-4 Notes (defined herein) shall be
        in
        default, Class A-4 Notes issued in lieu of such Class A-4 Notes surrendered
        for
        transfer or exchange shall bear interest from the date to which interest
        has
        been paid in full on the Class A-4 Notes surrendered until payment of the
        principal hereof has been made or duly provided for. Principal of this note
        is
        payable upon the presentation and surrender hereof at the principal corporate
        trust office of U.S. Bank National Association, as indenture trustee (the
        “Indenture Trustee”). Interest on this note is payable to the Registered Owner
        of record as of the close of business on the applicable record date as shown
        on
        the registration books of the Issuer maintained by the Indenture Trustee
        in its
        capacity as bond registrar, or its successor in such capacity, by check or
        draft
        mailed to the Registered Owner at the registered address.

     

    Any
      capitalized words and terms used as defined words and terms in this note and
      not
      otherwise defined herein shall have the meanings given them in the Indenture
      (hereinafter defined).

     

      The
        Issuer will pay interest on this Class A-4 Note at the rate per annum equal
        to
        the Note Interest Rate (as defined in the Indenture) for this Note, on each
        Distribution Date until the principal of this Note is paid or made available
        for
        payment, on the principal amount of this Note Outstanding on the preceding
        Distribution Date (after giving effect to all payments of principal made
        on the
        preceding Distribution Date). Interest on this Note will accrue for each
        Distribution Date from the most recent Distribution Date on which interest
        has
        been paid to but excluding such Distribution Date or, if no interest has
        yet
        been paid, from the Closing Date). Such principal of and interest on this
        Note
        shall be paid in the manner specified herein.

     

      The
        principal of and interest on this Note are payable in such coin or currency
        of
        the United States of America as at the time of payment is legal tender for
        payment of public and private debts. All payments made by the Issuer with
        respect to this Note shall be applied first to interest due and payable on
        this
        Note as provided above and then to the unpaid principal of this
        Note.

     

      This
        Note
        is one of a duly authorized class of notes of the Issuer designated Student
        Loan
        Asset Backed Notes, Class A-4 (the “Class A-4 Notes”), issued pursuant to the
        Indenture, dated as of ______ __, 200_, between the Issuer and the Indenture
        Trustee, as indenture trustee (such indenture, as supplemented or amended
        from
        time to time in accordance with its terms, the “Indenture”).

     

    The
      Indenture pledges for the payment of the Notes (as hereinafter defined) the
      student loans identified in the Indenture (the “Financed Student Loans”) and the
      payments of interest and the repayments of principal with respect thereto,
      including certain guarantees related thereto, as well as certain other rights,
      funds and accounts of the Issuer set forth in the Indenture, including a Reserve
      Account (collectively, the “Trust Estate”).

     

      This
        Note
        is a limited obligation of the Issuer, payable solely from the principal
        and
        interest on Financed Student Loans financed pursuant to the Indenture, any
        guaranty payments thereon received by the Issuer, and certain other revenues
        and
        earnings to be held pursuant to the Indenture, all in an amount and in the
        manner provided in the Indenture. Additional notes and other obligations
        may be
        issued or entered into under the Indenture the right to payment of which
        is
        equal with or subordinate to the Class A-4 Notes. The Class A-4 Notes, together
        with any additional notes issued pursuant to the Indenture are collectively
        referred to herein as “Notes.”

     

      The
        Notes
        are secured as provided in the Indenture, but solely by the pledge of the
        Trust
        Estate described in the Indenture; provided that the rights of the holders
        of
        the Class A Notes shall be superior to the rights of the Registered Owners
        of
        Class B Notes, Class C Notes and Class D Notes. Reference is made to the
        Indenture for a complete statement of the terms and conditions upon which
        the
        Class A-4 Notes have been issued and provisions made for their security and
        for
        the rights, duties and obligations of the Issuer, the Indenture Trustee and
        the
        Registered Owners of the Class A-4 Notes.

     

      The
        Class
        A-4 Notes are issuable as registered notes in the minimum denomination of
        $100,000 and $1,000 integral multiples in excess thereof. Subject to the
        limitations provided in the Indenture and upon payment of any tax or
        governmental charge, Class A-4 Notes may be exchanged for a like Class and
        aggregate principal amount of Class A-4 Notes of other authorized
        denominations.

     

      The
        Registered Owner of this Note shall have no right to enforce the provisions
        of
        the Indenture or to institute action to enforce the covenants therein, or
        to
        take any action with respect to any Event of Default under the Indenture,
        or to
        institute, appear in or defend any suit or other proceedings with respect
        thereto, except as provided in the Indenture. If an Event of Default under
        the
        Indenture occurs, the principal of all Notes then Outstanding issued under
        the
        Indenture may be declared due and payable upon the conditions and in the
        manner
        and with the effect provided in the Indenture.

     

      It
        Is Hereby Certified, Recited And Declared
        that all
        acts, conditions and things required to be done, to exist, to happen and
        to be
        performed in order to make this Note a valid and binding obligation of the
        Issuer according to its terms have been done, do exist, have happened and
        have
        been performed in regular and due form, time and manner as so
        required.

     

      The
        Issuer and the Indenture Trustee may deem and treat the person in whose name
        this Note is registered upon the registration books as the absolute owner
        hereof, whether this Note is overdue or not, for the purpose of receiving
        payment of or on account of the principal or interest and for all other
        purposes, and all such payments so made to the Registered Owner or upon such
        Registered Owner’s order shall be valid and effectual to satisfy and discharge
        the liability on this note to the extent of the sum or sums so paid, and
        neither
        the Issuer nor Indenture Trustee nor any Registrar shall be affected by any
        notice to the contrary.

     

      This
        Note
        shall not be valid or become obligatory for any purpose or be entitled to
        any
        security or benefit under the Indenture until the Certificate of Authentication
        hereon shall have been executed by the Indenture Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF,
      The
      National Collegiate Student Loan Trust 200_-_ has caused this note to be
      executed and attested.

     

    
      	
              THE
                NATIONAL COLLEGIATE STUDENT LOAN TRUST 200_-_

              By:
                ______________________________,

              not
                in its individual capacity but solely as

              Owner
                Trustee

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

    
      	
              Attest

            	 
	 	 
	
              ____________________________________

            	 

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      note
      is one of the Class A-4 Notes and described in the provisions of the
      within-mentioned Indenture.

     

    
      	
              Date
                of Authentication: __________________

            	 

    

    

    
      	
              U.S.
                BANK NATIONAL ASSOCIATION,
                as
                Authenticating Agent 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ASSIGNMENT

     

    For
      Value
      Received _____________________ hereby sell(s), assign(s) and transfer(s)
      unto

     

    
      	 	 
	 
	
              (Please
                print or type an address

            	
              (Social
                Security number

            
	
              including
                postal zip code of transferee)

            	
              of
                transferee)

            

    

    

    the
      within note, together with accrued interest thereon and all right, title and
      interest thereto, and hereby irrevocably authorize(s) and appoint(s)
      _______________________________________ attorney to transfer said note on the
      books of the within named Corporation with full power of substitution in the
      premises.

     

    
      	 	 
	 	 
	
              Dated
                ________________

            	
              ________________________________L.S.

            
	 	 
	
              Guaranteed
                by:

            	 
	 	 
	 	 
	 	 
	
              _____________________________________

            	 

    

    

    

     

    EXHIBIT
      A-5

     

      FORM
        OF CLASS A-5 NOTE

     

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE INDENTURE TRUSTEE, THE REGISTRAR
      OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
      ANY
      NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
      IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
      TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

      THE
        PURCHASER OR HOLDER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO
        HAVE
        REPRESENTED THAT EITHER (I) IT IS NOT, AND IS NOT PURCHASING THIS NOTE ON
        BEHALF
        OF, AS A FIDUCIARY OF, OR WITH “PLAN ASSETS” (WITHIN THE MEANING OF SECTION
        2510.3-101 OF THE U.S. DEPARTMENT OF LABOR REGULATIONS (THE “PLAN ASSET
        REGULATION”)) OF, AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE
        EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)), A “PLAN”
(WITHIN THE MEANING OF SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986
        (THE
“CODE”)) OR ANY OTHER ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY
        REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, WHICH IS SUBJECT TO TITLE I OF
        ERISA OR SECTION 4975 OF THE CODE (A “PLAN”), OR (II)(A) THIS NOTE IS RATED
        INVESTMENT GRADE OR BETTER AS OF THE DATE OF PURCHASE, (B) THE PURCHASER OR
        HOLDER OF THE NOTE BELIEVES THAT THE NOTE IS PROPERLY TREATED AS INDEBTEDNESS
        WITHOUT SUBSTANTIAL EQUITY FEATURES FOR PURPOSES OF THE PLAN ASSET REGULATION
        AND AGREES TO SO TREAT SUCH NOTE AND (C) THE ACQUISITION AND HOLDING OF THE
        NOTE
        DO NOT RESULT IN A VIOLATION OF THE PROHIBITED TRANSACTION RULES OF ERISA
        OR
        SECTION 4975 OF THE CODE (X) BECAUSE IT IS COVERED BY AN APPLICABLE EXEMPTION,
        INCLUDING PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1
        OR
        84-14, OR (Y) BY REASON OF THE TRUST, THE ADMINISTRATOR, THE BACK-UP
        ADMINISTRATOR, THE UNDERWRITERS, THE SERVICERS, THE INDENTURE TRUSTEE, THE
        OWNER
        TRUSTEE, ANY PROVIDER OF CREDIT SUPPORT OR ANY OF THEIR AFFILIATES NOT BEING
        A
“PARTY IN INTEREST” (WITHIN THE MEANING OF SECTION 3(14) OF ERISA) WITH RESPECT
        TO SUCH PLAN.

     

      THE
        NATIONAL COLLEGIATE STUDENT LOAN TRUST 200_-_

      STUDENT
        LOAN ASSET BACKED NOTES

      CLASS
        A-5

     

    
      	
              No.
                A-5-___

            
	
              Interest
                Rate

            	
              Date
                of Maturity

            	
              Dated
                Date

            	
              CUSIP

            
	 	 	 	 
	
              Variable

            	
              ______
                __, 20__

            	
              ______
                __, 200_

            	
              ___________

            
	 	 
	
              REGISTERED
                OWNER:

            	
              **CEDE
                & CO.**

            
	
              PRINCIPAL
                AMOUNT:

            	
              **$_________**

            
	 	 

    

      The
        National Collegiate Student Loan Trust 200_-_, a statutory trust duly organized
        and validly existing under the laws of the State of Delaware (the “Issuer”), for
        value received, hereby promises to pay, but only from the sources and as
        hereinafter provided, to the Registered Owner specified above, or registered
        assigns, the Principal Amount shown above in lawful money of the United States
        of America on the Date of Maturity shown above, unless prepaid prior thereto
        with interest thereon from the Distribution Date next preceding the date
        of
        authentication hereof, unless such date of authentication is prior to the
        first
        Distribution Date, in which case this note shall bear interest from the Dated
        Date specified above or unless such date of authentication is a Distribution
        Date, in which case this note shall bear interest from such Distribution
        Date;
        provided, however, that if as shown by the records of the Indenture Trustee
        (defined herein) interest on the Class A-5 Notes (defined herein) shall be
        in
        default, Class A-5 Notes issued in lieu of such Class A-5 Notes surrendered
        for
        transfer or exchange shall bear interest from the date to which interest
        has
        been paid in full on the Class A-5 Notes surrendered until payment of the
        principal hereof has been made or duly provided for. Principal of this note
        is
        payable upon the presentation and surrender hereof at the principal corporate
        trust office of U.S. Bank National Association, as indenture trustee (the
        “Indenture Trustee”). Interest on this note is payable to the Registered Owner
        of record as of the close of business on the applicable record date as shown
        on
        the registration books of the Issuer maintained by the Indenture Trustee
        in its
        capacity as bond registrar, or its successor in such capacity, by check or
        draft
        mailed to the Registered Owner at the registered address.

     

    Any
      capitalized words and terms used as defined words and terms in this note and
      not
      otherwise defined herein shall have the meanings given them in the Indenture
      (hereinafter defined).

     

      The
        Issuer will pay interest on this Class A-5 Note at the rate per annum equal
        to
        the Note Interest Rate (as defined in the Indenture) for this Note, on each
        Distribution Date until the principal of this Note is paid or made available
        for
        payment, on the principal amount of this Note Outstanding on the preceding
        Distribution Date (after giving effect to all payments of principal made
        on the
        preceding Distribution Date). Interest on this Note will accrue for each
        Distribution Date from the most recent Distribution Date on which interest
        has
        been paid to but excluding such Distribution Date or, if no interest has
        yet
        been paid, from the Closing Date). Such principal of and interest on this
        Note
        shall be paid in the manner specified herein.

     

      The
        principal of and interest on this Note are payable in such coin or currency
        of
        the United States of America as at the time of payment is legal tender for
        payment of public and private debts. All payments made by the Issuer with
        respect to this Note shall be applied first to interest due and payable on
        this
        Note as provided above and then to the unpaid principal of this
        Note.

     

      This
        Note
        is one of a duly authorized class of notes of the Issuer designated Student
        Loan
        Asset Backed Notes, Class A-5 (the “Class A-5 Notes”), issued pursuant to the
        Indenture, dated as of ______ __, 200_, between the Issuer and the Indenture
        Trustee, as indenture trustee (such indenture, as supplemented or amended
        from
        time to time in accordance with its terms, the “Indenture”).

     

    The
      Indenture pledges for the payment of the Notes (as hereinafter defined) the
      student loans identified in the Indenture (the “Financed Student Loans”) and the
      payments of interest and the repayments of principal with respect thereto,
      including certain guarantees related thereto, as well as certain other rights,
      funds and accounts of the Issuer set forth in the Indenture, including a Reserve
      Account (collectively, the “Trust Estate”).

     

      This
        Note
        is a limited obligation of the Issuer, payable solely from the principal
        and
        interest on Financed Student Loans financed pursuant to the Indenture, any
        guaranty payments thereon received by the Issuer, and certain other revenues
        and
        earnings to be held pursuant to the Indenture, all in an amount and in the
        manner provided in the Indenture. Additional notes and other obligations
        may be
        issued or entered into under the Indenture the right to payment of which
        is
        equal with or subordinate to the Class A-5 Notes. The Class A-5 Notes, together
        with any additional notes issued pursuant to the Indenture are collectively
        referred to herein as “Notes.”

     

      The
        Notes
        are secured as provided in the Indenture, but solely by the pledge of the
        Trust
        Estate described in the Indenture; provided that the rights of the holders
        of
        the Class A Notes shall be superior to the rights of the Registered Owners
        of
        Class B Notes, Class C Notes and Class D Notes. Reference is made to the
        Indenture for a complete statement of the terms and conditions upon which
        the
        Class A-5 Notes have been issued and provisions made for their security and
        for
        the rights, duties and obligations of the Issuer, the Indenture Trustee and
        the
        Registered Owners of the Class A-5 Notes.

     

      The
        Class
        A-5 Notes are issuable as registered notes in the minimum denomination of
        $100,000 and $1,000 integral multiples in excess thereof. Subject to the
        limitations provided in the Indenture and upon payment of any tax or
        governmental charge, Class A-5 Notes may be exchanged for a like Class and
        aggregate principal amount of Class A-5 Notes of other authorized
        denominations.

     

      The
        Registered Owner of this Note shall have no right to enforce the provisions
        of
        the Indenture or to institute action to enforce the covenants therein, or
        to
        take any action with respect to any Event of Default under the Indenture,
        or to
        institute, appear in or defend any suit or other proceedings with respect
        thereto, except as provided in the Indenture. If an Event of Default under
        the
        Indenture occurs, the principal of all Notes then Outstanding issued under
        the
        Indenture may be declared due and payable upon the conditions and in the
        manner
        and with the effect provided in the Indenture.

     

      It
        Is Hereby Certified, Recited And Declared
        that all
        acts, conditions and things required to be done, to exist, to happen and
        to be
        performed in order to make this Note a valid and binding obligation of the
        Issuer according to its terms have been done, do exist, have happened and
        have
        been performed in regular and due form, time and manner as so
        required.

     

      The
        Issuer and the Indenture Trustee may deem and treat the person in whose name
        this Note is registered upon the registration books as the absolute owner
        hereof, whether this Note is overdue or not, for the purpose of receiving
        payment of or on account of the principal or interest and for all other
        purposes, and all such payments so made to the Registered Owner or upon such
        Registered Owner’s order shall be valid and effectual to satisfy and discharge
        the liability on this note to the extent of the sum or sums so paid, and
        neither
        the Issuer nor Indenture Trustee nor any Registrar shall be affected by any
        notice to the contrary.

     

      This
        Note
        shall not be valid or become obligatory for any purpose or be entitled to
        any
        security or benefit under the Indenture until the Certificate of Authentication
        hereon shall have been executed by the Indenture Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF,
      The
      National Collegiate Student Loan Trust 200_-_ has caused this note to be
      executed and attested.

     

    
      	
              THE
                NATIONAL COLLEGIATE STUDENT LOAN TRUST 200_-_

              By:
                ______________________________,

              not
                in its individual capacity but solely as

              Owner
                Trustee

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

     

    

     

    
      	
              Attest

            	 
	 	 
	
              ____________________________________

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      note
      is one of the Class A-5 Notes and described in the provisions of the
      within-mentioned Indenture.

     

    
      	
              Date
                of Authentication: __________________

            	 

    

    

    
      	
              U.S.
                BANK NATIONAL ASSOCIATION,
                as
                Authenticating Agent 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ASSIGNMENT

     

    For
      Value
      Received _____________________ hereby sell(s), assign(s) and transfer(s)
      unto

     

    
      	 
	
              (Please
                print or type an address

            	
              (Social
                Security number

            
	
              including
                postal zip code of transferee)

            	
              of
                transferee)

            

    

    

    the
      within note, together with accrued interest thereon and all right, title and
      interest thereto, and hereby irrevocably authorize(s) and appoint(s)
      _______________________________________ attorney to transfer said note on the
      books of the within named Corporation with full power of substitution in the
      premises.

     

    
      	 	 
	 	 
	
              Dated
                ________________

            	
              ________________________________L.S.

            
	 	 
	
              Guaranteed
                by:

            	 
	 	 
	 	 
	 	 
	
              _____________________________________

            	 

    

    

    

    EXHIBIT
      A-6

     

      FORM
        OF
        CLASS A-IO NOTE

     

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE INDENTURE TRUSTEE, THE REGISTRAR
      OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
      ANY
      NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
      IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
      TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

      THE
        PURCHASER OR HOLDER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO
        HAVE
        REPRESENTED THAT EITHER (I) IT IS NOT, AND IS NOT PURCHASING THIS NOTE ON
        BEHALF
        OF, AS A FIDUCIARY OF, OR WITH “PLAN ASSETS” (WITHIN THE MEANING OF SECTION
        2510.3-101 OF THE U.S. DEPARTMENT OF LABOR REGULATIONS (THE “PLAN ASSET
        REGULATION”)) OF, AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE
        EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)), A “PLAN”
(WITHIN THE MEANING OF SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986
        (THE
“CODE”)) OR ANY OTHER ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY
        REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, WHICH IS SUBJECT TO TITLE I OF
        ERISA OR SECTION 4975 OF THE CODE (A “PLAN”), OR (II)(A) THIS NOTE IS RATED
        INVESTMENT GRADE OR BETTER AS OF THE DATE OF PURCHASE, (B) THE PURCHASER OR
        HOLDER OF THE NOTE BELIEVES THAT THE NOTE IS PROPERLY TREATED AS INDEBTEDNESS
        WITHOUT SUBSTANTIAL EQUITY FEATURES FOR PURPOSES OF THE PLAN ASSET REGULATION
        AND AGREES TO SO TREAT SUCH NOTE AND (C) THE ACQUISITION AND HOLDING OF THE
        NOTE
        DO NOT RESULT IN A VIOLATION OF THE PROHIBITED TRANSACTION RULES OF ERISA
        OR
        SECTION 4975 OF THE CODE (X) BECAUSE IT IS COVERED BY AN APPLICABLE EXEMPTION,
        INCLUDING PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1
        OR
        84-14, OR (Y) BY REASON OF THE TRUST, THE ADMINISTRATOR, THE BACK-UP
        ADMINISTRATOR, THE UNDERWRITERS, THE SERVICERS, THE INDENTURE TRUSTEE, THE
        OWNER
        TRUSTEE, ANY PROVIDER OF CREDIT SUPPORT OR ANY OF THEIR AFFILIATES NOT BEING
        A
“PARTY IN INTEREST” (WITHIN THE MEANING OF SECTION 3(14) OF ERISA) WITH RESPECT
        TO SUCH PLAN.

     

    

     

    

     

      THE
        NATIONAL COLLEGIATE STUDENT LOAN TRUST 200_-_

      STUDENT
        LOAN ASSET BACKED NOTES

      CLASS
        A-IO

     

    
      	
              No.
                A-IO-___

            
	
              Interest
                Rate

            	
              Date
                of Maturity

            	
              Dated
                Date

            	
              CUSIP

            
	 	 	 	 
	
              ___%

            	
              ______
                __, 20__

            	
              ______
                __, 200_

            	
              ___________

            
	 	 
	
              REGISTERED
                OWNER:

            	
              **CEDE
                & CO.**

            
	
              PRINCIPAL
                AMOUNT:

            	
              **$_________**

            
	 	 

    

      The
        National Collegiate Student Loan Trust 200_-_, a statutory trust duly organized
        and validly existing under the laws of the State of Delaware (the “Issuer”), for
        value received, hereby promises to pay, but only from the sources and as
        hereinafter provided, to the Registered Owner specified above, or registered
        assigns, the Principal Amount shown above in lawful money of the United States
        of America on the Date of Maturity shown above, unless prepaid prior thereto
        with interest thereon from the Distribution Date next preceding the date
        of
        authentication hereof, unless such date of authentication is prior to the
        first
        Distribution Date, in which case this note shall bear interest from the Dated
        Date specified above or unless such date of authentication is a Distribution
        Date, in which case this note shall bear interest from such Distribution
        Date;
        provided, however, that if as shown by the records of the Indenture Trustee
        (defined herein) interest on the Class A-IO Notes (defined herein) shall
        be in
        default, Class A-IO Notes issued in lieu of such Class A-IO Notes surrendered
        for transfer or exchange shall bear interest from the date to which interest
        has
        been paid in full on the Class A-IO Notes surrendered until payment of the
        principal hereof has been made or duly provided for. Principal of this note
        is
        payable upon the presentation and surrender hereof at the principal corporate
        trust office of U.S. Bank National Association, as indenture trustee (the
        “Indenture Trustee”). Interest on this note is payable to the Registered Owner
        of record as of the close of business on the applicable record date as shown
        on
        the registration books of the Issuer maintained by the Indenture Trustee
        in its
        capacity as bond registrar, or its successor in such capacity, by check or
        draft
        mailed to the Registered Owner at the registered address.

     

    Any
      capitalized words and terms used as defined words and terms in this note and
      not
      otherwise defined herein shall have the meanings given them in the Indenture
      (hereinafter defined).

     

      The
        Issuer will pay interest on the Notional Amount of this Class A-IO Note at
        the
        rate per annum equal to the Note Interest Rate (as defined in the Indenture)
        for
        this Note, on each Distribution Date until the Notional Amount of this Class
        A-IO Note is reduced to zero. Interest on this Class A-IO Note will accrue
        for
        each Distribution Date on the Notional Amount of the Class A-IO Note until
        such
        Notional Amount is reduced to zero, from the most recent Distribution Date
        on
        which interest has been paid to but excluding such Distribution Date or,
        if no
        interest has yet been paid, from the Closing Date). Such principal of and
        interest on this Note shall be paid in the manner specified
        herein.

     

      Interest
        on this Note is payable in such coin or currency of the United States of
        America
        as at the time of payment is legal tender for payment of public and private
        debts.

     

      This
        Note
        also is entitled to receive Prepayment Penalties as described in the
        Indenture.

     

      This
        Note
        is one of a duly authorized class of notes of the Issuer designated Student
        Loan
        Asset Backed Notes, Class A-IO (the “Class A-IO Notes”), issued pursuant to the
        Indenture, dated as of ______ __, 200_, between the Issuer and the Indenture
        Trustee, as indenture trustee (such indenture, as supplemented or amended
        from
        time to time in accordance with its terms, the “Indenture”).

     

    The
      Indenture pledges for the payment of the Notes (as hereinafter defined) the
      student loans identified in the Indenture (the “Financed Student Loans”) and the
      payments of interest and the repayments of principal with respect thereto,
      including certain guarantees related thereto, as well as certain other rights,
      funds and accounts of the Issuer set forth in the Indenture, including a Reserve
      Account (collectively, the “Trust Estate”).

     

      This
        Note
        is a limited obligation of the Issuer, payable solely from the principal
        and
        interest on Financed Student Loans financed pursuant to the Indenture, any
        guaranty payments thereon received by the Issuer, and certain other revenues
        and
        earnings to be held pursuant to the Indenture, all in an amount and in the
        manner provided in the Indenture. Additional notes and other obligations
        may be
        issued or entered into under the Indenture the right to payment of which
        is
        equal with or subordinate to the Class A-IO Notes. The Class A-IO Notes,
        together with any additional notes issued pursuant to the Indenture are
        collectively referred to herein as “Notes.”

     

      The
        Notes
        are secured as provided in the Indenture, but solely by the pledge of the
        Trust
        Estate described in the Indenture; provided that the rights of the holders
        of
        the Class A Notes shall be superior to the rights of the Registered Owners
        of
        Class B Notes, Class C Notes and Class D Notes. Reference is made to the
        Indenture for a complete statement of the terms and conditions upon which
        the
        Class A-IO Notes have been issued and provisions made for their security
        and for
        the rights, duties and obligations of the Issuer, the Indenture Trustee and
        the
        Registered Owners of the Class A-IO Notes.

     

      The
        Class
        A-IO Notes are issuable as registered notes in the minimum denomination of
        $100,000 and $1,000 integral multiples in excess thereof. Subject to the
        limitations provided in the Indenture and upon payment of any tax or
        governmental charge, Class A-IO Notes may be exchanged for a like Class and
        aggregate principal amount of Class A-IO Notes of other authorized
        denominations.

     

      The
        Registered Owner of this Note shall have no right to enforce the provisions
        of
        the Indenture or to institute action to enforce the covenants therein, or
        to
        take any action with respect to any Event of Default under the Indenture,
        or to
        institute, appear in or defend any suit or other proceedings with respect
        thereto, except as provided in the Indenture. If an Event of Default under
        the
        Indenture occurs, the principal of all Notes then Outstanding issued under
        the
        Indenture may be declared due and payable upon the conditions and in the
        manner
        and with the effect provided in the Indenture.

     

      It
        Is Hereby Certified, Recited And Declared
        that all
        acts, conditions and things required to be done, to exist, to happen and
        to be
        performed in order to make this Note a valid and binding obligation of the
        Issuer according to its terms have been done, do exist, have happened and
        have
        been performed in regular and due form, time and manner as so
        required.

     

      The
        Issuer and the Indenture Trustee may deem and treat the person in whose name
        this Note is registered upon the registration books as the absolute owner
        hereof, whether this Note is overdue or not, for the purpose of receiving
        payment of or on account of the principal or interest and for all other
        purposes, and all such payments so made to the Registered Owner or upon such
        Registered Owner’s order shall be valid and effectual to satisfy and discharge
        the liability on this note to the extent of the sum or sums so paid, and
        neither
        the Issuer nor Indenture Trustee nor any Registrar shall be affected by any
        notice to the contrary.

     

      This
        Note
        shall not be valid or become obligatory for any purpose or be entitled to
        any
        security or benefit under the Indenture until the Certificate of Authentication
        hereon shall have been executed by the Indenture Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF,
      The
      National Collegiate Student Loan Trust 200_-_ has caused this note to be
      executed and attested.

     

    
      	
              THE
                NATIONAL COLLEGIATE STUDENT LOAN TRUST 200_-_

              By:
                ______________________________,

              not
                in its individual capacity but solely as

              Owner
                Trustee

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

     

    

     

    
      	
              Attest

            	 
	 	 
	
              ____________________________________

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      note
      is one of the Class A-IO Notes and described in the provisions of the
      within-mentioned Indenture.

     

    
      	
              U.S.
                BANK NATIONAL ASSOCIATION,
                as
                Authenticating Agent 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    

     

    
      	
              Date
                of Authentication: __________________

            	 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ASSIGNMENT

     

    For
      Value
      Received _____________________ hereby sell(s), assign(s) and transfer(s)
      unto

     

    
      	 	 
	 
	
              (Please
                print or type an address

            	
              (Social
                Security number

            
	
              including
                postal zip code of transferee)

            	
              of
                transferee)

            

    

    

    the
      within note, together with accrued interest thereon and all right, title and
      interest thereto, and hereby irrevocably authorize(s) and appoint(s)
      _______________________________________ attorney to transfer said note on the
      books of the within named Corporation with full power of substitution in the
      premises.

     

    
      	 	 
	 	 
	
              Dated
                ________________

            	
              ________________________________L.S.

            
	 	 
	
              Guaranteed
                by:

            	 
	 	 
	 	 
	 	 
	
              _____________________________________

            	 

    

    

    

     

    EXHIBIT
      A-7

     

      FORM
        OF CLASS B NOTE

     

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE INDENTURE TRUSTEE, THE REGISTRAR
      OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
      ANY
      NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
      IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
      TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

      THE
        PURCHASER OR HOLDER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO
        HAVE
        REPRESENTED THAT EITHER (I) IT IS NOT, AND IS NOT PURCHASING THIS NOTE ON
        BEHALF
        OF, AS A FIDUCIARY OF, OR WITH “PLAN ASSETS” (WITHIN THE MEANING OF SECTION
        2510.3-101 OF THE U.S. DEPARTMENT OF LABOR REGULATIONS (THE “PLAN ASSET
        REGULATION”)) OF, AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE
        EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)), A “PLAN”
(WITHIN THE MEANING OF SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986
        (THE
“CODE”)) OR ANY OTHER ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY
        REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, WHICH IS SUBJECT TO TITLE I OF
        ERISA OR SECTION 4975 OF THE CODE (A “PLAN”), OR (II)(A) THIS NOTE IS RATED
        INVESTMENT GRADE OR BETTER AS OF THE DATE OF PURCHASE, (B) THE PURCHASER OR
        HOLDER OF THE NOTE BELIEVES THAT THE NOTE IS PROPERLY TREATED AS INDEBTEDNESS
        WITHOUT SUBSTANTIAL EQUITY FEATURES FOR PURPOSES OF THE PLAN ASSET REGULATION
        AND AGREES TO SO TREAT SUCH NOTE AND (C) THE ACQUISITION AND HOLDING OF THE
        NOTE
        DO NOT RESULT IN A VIOLATION OF THE PROHIBITED TRANSACTION RULES OF ERISA
        OR
        SECTION 4975 OF THE CODE (X) BECAUSE IT IS COVERED BY AN APPLICABLE EXEMPTION,
        INCLUDING PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1
        OR
        84-14, OR (Y) BY REASON OF THE TRUST, THE ADMINISTRATOR, THE BACK-UP
        ADMINISTRATOR, THE UNDERWRITERS, THE SERVICERS, THE INDENTURE TRUSTEE, THE
        OWNER
        TRUSTEE, ANY PROVIDER OF CREDIT SUPPORT OR ANY OF THEIR AFFILIATES NOT BEING
        A
“PARTY IN INTEREST” (WITHIN THE MEANING OF SECTION 3(14) OF ERISA) WITH RESPECT
        TO SUCH PLAN.

     

      THE
        NATIONAL COLLEGIATE STUDENT LOAN TRUST 200_-_

      STUDENT
        LOAN ASSET BACKED AUCTION RATE NOTES

      CLASS
        B

     

    
      	
              No.
                B-___

            
	
              Interest
                Rate

            	
              Date
                of Maturity

            	
              Dated
                Date

            	
              CUSIP

            
	 	 	 	 
	
              Variable

            	
              ______
                __, 20__

            	
              ______
                __, 200_

            	
              ___________

            
	 	 
	
              REGISTERED
                OWNER:

            	
              **CEDE
                & CO.**

            
	
              PRINCIPAL
                AMOUNT:

            	
              **$_________**

            
	 	 

    

    

     

      The
        National Collegiate Student Loan Trust 200_-_, a statutory trust duly organized
        and validly existing under the laws of the State of Delaware (the “Issuer”), for
        value received, hereby promises to pay, but only from the sources and as
        hereinafter provided, to the Registered Owner specified above, or registered
        assigns, the Principal Amount shown above in lawful money of the United States
        of America on the Date of Maturity shown above, unless prepaid prior thereto
        with interest thereon from the Auction Rate Note Interest Payment Date next
        preceding the date of authentication hereof, unless such date of authentication
        is prior to the first Auction Rate Note Interest Payment Date, in which case
        this note shall bear interest from the Date specified above or unless such
        date
        of authentication is an Auction Rate Note Interest Payment Date, in which
        case
        this note shall bear interest from such Auction Rate Note Interest Payment
        Date;
        provided, however, that if as shown by the records of the Indenture Trustee
        (defined herein) interest on the Class B Notes (defined herein) shall be
        in
        default, Class B Notes issued in lieu of such Class B Notes surrendered for
        transfer or exchange shall bear interest from the date to which interest
        has
        been paid in full on the Class B Notes surrendered until payment of the
        principal hereof has been made or duly provided for. Principal of this note
        is
        payable upon the presentation and surrender hereof at the principal corporate
        trust office of U.S. Bank National Association, as indenture trustee (the
        “Indenture Trustee”). Interest on this note is payable to the Registered Owner
        of record as of the close of business on the applicable record date as shown
        on
        the registration books of the Issuer maintained by the Indenture Trustee
        in its
        capacity as bond registrar, or its successor in such capacity, by check or
        draft
        mailed to the Registered Owner at the registered address.

     

    Any
      capitalized words and terms used as defined words and terms in this note and
      not
      otherwise defined herein shall have the meanings given them in the Indenture
      (hereinafter defined).

     

      This
        note
        shall initially bear interest at the rate of interest per annum established
        by
        the Broker-Dealers for the initial Auction Period pursuant to the Broker-Dealer
        Agreements, written notice of which shall be given to the Indenture Trustee.
        For
        each Auction Period thereafter, the unpaid principal amount hereof from time
        to
        time outstanding shall bear interest at the Auction Rate, except as hereinafter
        provided, determined in accordance with the provisions of Appendix B to the
        Indenture, payable on each Auction Rate Note Interest Payment Date and on
        the
        date of payment or redemption of principal hereof to the extent of interest
        accrued on the principal then being paid or redeemed, such interest to accrue
        from the later of the date hereof or the date to which interest has been
        paid or
        duly provided for. Interest at the Auction Rate established from time to
        time
        pursuant to Appendix B to the Indenture shall be computed for the actual
        number
        of days elapsed on the basis of a year consisting of 365 days, and as provided
        in Appendix B to the Indenture.

     

      This
        Note
        shall bear interest at an Auction Rate based on an Auction Period that shall,
        until adjusted pursuant to Appendix B to the Indenture, generally consist
        of 28
        days, all as determined in Appendix B to the Indenture.

     

      If,
        for
        any Auction Period, the Auction Rate exceeds the Maximum Auction Rate, each
        as
        determined in accordance with the provisions of Appendix B to the Indenture,
        then the applicable interest rate for this note for that Auction Period will
        be
        the Maximum Auction Rate. The excess of the amount of interest that would
        have
        accrued on this note at the Auction Rate over the amount of interest actually
        accrued at the Maximum Auction Rate, together with any unpaid portion of
        any
        such excess from prior Auction Periods, will accrue as the Carry-over Amount.
        The Carry-over Amount will bear interest at a rate equal to One-Month LIBOR
        (as
        defined in Appendix B to the Indenture) from the Auction Rate Note Interest
        Payment Date for the Auction Period for which the Carry-over Amount was
        calculated until paid or extinguished as described in the Indenture. No
        reference to “principal” or “interest” in this note or in the Indenture shall
        include within the meaning of such words any Carry-over Amount or any interest
        accrued on any Carry-over Amount.

     

      The
        Carry-over Amount (and interest accrued thereon) for the Class B Notes shall
        be
        paid by the Indenture Trustee, if ever, on the first occurring Auction Rate
        Note
        Interest Payment Date for a subsequent Auction Period if and to the extent
        set
        forth in the Indenture.

     

      The
        Auction Period, the Auction Rate, the method of determining the Auction Rate
        and
        the Maximum Auction Rate on this note and the Auction Procedures related
        thereto, a change in the Auction Date and the Auction Rate Note Interest
        Payment
        Dates will be determined in accordance with the terms, conditions and provisions
        of, including, without limitation, required notices thereof to the Registered
        Owners of the Class B Notes, the Indenture and the Auction Agency Agreement,
        to
        which terms, conditions and provisions specific reference is hereby made,
        and
        all of which terms, conditions and provisions are hereby specifically
        incorporated herein by reference.

     

      This
        Note
        is one of a duly authorized class of notes of the Issuer designated Student
        Loan
        Asset Backed Auction Rate Notes, Class B (the “Class B Notes”), issued pursuant
        to the Indenture, dated as of ______ __, 200_, between the Issuer and the
        Indenture Trustee, as indenture trustee (such indenture, as supplemented
        or
        amended from time to time in accordance with its terms, the
“Indenture”).

     

    The
      Indenture pledges for the payment of the Notes (as hereinafter defined) the
      student loans identified in the Indenture (the “Financed Student Loans”) and the
      payments of interest and the repayments of principal with respect thereto,
      including certain guarantees related thereto, as well as certain other rights,
      funds and accounts of the Issuer set forth in the Indenture, including a Reserve
      Account (collectively, the “Trust Estate”).

     

      This
        Note
        is a limited obligation of the Issuer, payable solely from the principal
        and
        interest on Financed Student Loans financed pursuant to the Indenture, any
        guaranty payments thereon received by the Issuer, and certain other revenues
        and
        earnings to be held pursuant to the Indenture, all in an amount and in the
        manner provided in the Indenture. Additional notes and other obligations
        may be
        issued or entered into under the Indenture the right to payment of which
        is
        equal with or subordinate to the Class B Notes. The Class B Notes, together
        with
        any additional notes issued pursuant to the Indenture are collectively referred
        to herein as “Notes.”

     

      The
        Notes
        are secured as provided in the Indenture, but solely by the pledge of the
        Trust
        Estate described in the Indenture; provided that the rights of the holders
        of
        the Class A Notes shall be superior to the rights of the Registered Owners
        of
        Class B Notes, Class C Notes and Class D Notes. Reference is made to the
        Indenture for a complete statement of the terms and conditions upon which
        the
        Class B Notes have been issued and provisions made for their security and
        for
        the rights, duties and obligations of the Issuer, the Indenture Trustee and
        the
        Registered Owners of the Class B Notes.

     

      The
        Class
        B Notes are issuable as registered notes in the minimum denomination of $100,000
        and $1,000 integral multiples in excess thereof. Subject to the limitations
        provided in the Indenture and upon payment of any tax or governmental charge,
        Class B Notes may be exchanged for a like Class and aggregate principal amount
        of Class B Notes of other authorized denominations.

     

      The
        Registered Owner of this Note shall have no right to enforce the provisions
        of
        the Indenture or to institute action to enforce the covenants therein, or
        to
        take any action with respect to any Event of Default under the Indenture,
        or to
        institute, appear in or defend any suit or other proceedings with respect
        thereto, except as provided in the Indenture. If an Event of Default under
        the
        Indenture occurs, the principal of all Notes then Outstanding issued under
        the
        Indenture may be declared due and payable upon the conditions and in the
        manner
        and with the effect provided in the Indenture.

     

      It
        Is Hereby Certified, Recited And Declared
        that all
        acts, conditions and things required to be done, to exist, to happen and
        to be
        performed in order to make this Note a valid and binding obligation of the
        Issuer according to its terms have been done, do exist, have happened and
        have
        been performed in regular and due form, time and manner as so
        required.

     

      The
        Issuer and the Indenture Trustee may deem and treat the person in whose name
        this Note is registered upon the registration books as the absolute owner
        hereof, whether this Note is overdue or not, for the purpose of receiving
        payment of or on account of the principal or interest and for all other
        purposes, and all such payments so made to the Registered Owner or upon such
        Registered Owner’s order shall be valid and effectual to satisfy and discharge
        the liability on this note to the extent of the sum or sums so paid, and
        neither
        the Issuer nor Indenture Trustee nor any Registrar shall be affected by any
        notice to the contrary.

     

      This
        Note
        shall not be valid or become obligatory for any purpose or be entitled to
        any
        security or benefit under the Indenture until the Certificate of Authentication
        hereon shall have been executed by the Indenture Trustee.

     

    IN
      WITNESS WHEREOF,
      The
      National Collegiate Student Loan Trust 200_-_ has caused this note to be
      executed and attested.

     

    
      	
              THE
                NATIONAL COLLEGIATE STUDENT LOAN TRUST 200_-_

              By:
                ______________________________,

              not
                in its individual capacity but solely as

              Owner
                Trustee

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

     

    

     

    
      	
              Attest

            	 
	 	 
	
              ____________________________________

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      note
      is one of the Class B Notes and described in the provisions of the
      within-mentioned Indenture.

     

    
      	
              Date
                of Authentication: __________________

            	 

    

    

    
      	
              U.S.
                BANK NATIONAL ASSOCIATION,
                as
                Authenticating Agent 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ASSIGNMENT

     

    For
      Value
      Received _____________________ hereby sell(s), assign(s) and transfer(s)
      unto

     

    
      	 	 
	 
	
              (Please
                print or type an address

            	
              (Social
                Security number

            
	
              including
                postal zip code of transferee)

            	
              of
                transferee)

            

    

    

    the
      within note, together with accrued interest thereon and all right, title and
      interest thereto, and hereby irrevocably authorize(s) and appoint(s)
      _______________________________________ attorney to transfer said note on the
      books of the within named Corporation with full power of substitution in the
      premises.

     

    
      	 	 
	 	 
	
              Dated
                ________________

            	
              ________________________________L.S.

            
	 	 
	
              Guaranteed
                by:

            	 
	 	 
	 	 
	 	 
	
              _____________________________________

            	 

    

    

     

    EXHIBIT
      A-8

     

      FORM
        OF CLASS C NOTE

     

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE INDENTURE TRUSTEE, THE REGISTRAR
      OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
      ANY
      NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
      IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
      TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

      THE
        PURCHASER OR HOLDER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO
        HAVE
        REPRESENTED THAT EITHER (I) IT IS NOT, AND IS NOT PURCHASING THIS NOTE ON
        BEHALF
        OF, AS A FIDUCIARY OF, OR WITH “PLAN ASSETS” (WITHIN THE MEANING OF SECTION
        2510.3-101 OF THE U.S. DEPARTMENT OF LABOR REGULATIONS (THE “PLAN ASSET
        REGULATION”)) OF, AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE
        EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)), A “PLAN”
(WITHIN THE MEANING OF SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986
        (THE
“CODE”)) OR ANY OTHER ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY
        REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, WHICH IS SUBJECT TO TITLE I OF
        ERISA OR SECTION 4975 OF THE CODE (A “PLAN”), OR (II)(A) THIS NOTE IS RATED
        INVESTMENT GRADE OR BETTER AS OF THE DATE OF PURCHASE, (B) THE PURCHASER OR
        HOLDER OF THE NOTE BELIEVES THAT THE NOTE IS PROPERLY TREATED AS INDEBTEDNESS
        WITHOUT SUBSTANTIAL EQUITY FEATURES FOR PURPOSES OF THE PLAN ASSET REGULATION
        AND AGREES TO SO TREAT SUCH NOTE AND (C) THE ACQUISITION AND HOLDING OF THE
        NOTE
        DO NOT RESULT IN A VIOLATION OF THE PROHIBITED TRANSACTION RULES OF ERISA
        OR
        SECTION 4975 OF THE CODE (X) BECAUSE IT IS COVERED BY AN APPLICABLE EXEMPTION,
        INCLUDING PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1
        OR
        84-14, OR (Y) BY REASON OF THE TRUST, THE ADMINISTRATOR, THE BACK-UP
        ADMINISTRATOR, THE UNDERWRITERS, THE SERVICERS, THE INDENTURE TRUSTEE, THE
        OWNER
        TRUSTEE, ANY PROVIDER OF CREDIT SUPPORT OR ANY OF THEIR AFFILIATES NOT BEING
        A
“PARTY IN INTEREST” (WITHIN THE MEANING OF SECTION 3(14) OF ERISA) WITH RESPECT
        TO SUCH PLAN.

     

      THE
        NATIONAL COLLEGIATE STUDENT LOAN TRUST 200_-_

      STUDENT
        LOAN ASSET BACKED AUCTION RATE NOTES

      CLASS
        C

     

    

     

    
      	
              No.
                C-___

            
	
              Interest
                Rate

            	
              Date
                of Maturity

            	
              Dated
                Date

            	
              CUSIP

            
	 	 	 	 
	
              Variable

            	
              ______
                __, 20__

            	
              ______
                __, 200_

            	
              ___________

            
	 	 
	
              REGISTERED
                OWNER:

            	
              **CEDE
                & CO.**

            
	
              PRINCIPAL
                AMOUNT:

            	
              **$_________**

            
	 	 

    

    

     

      The
        National Collegiate Student Loan Trust 200_-_, a statutory trust duly organized
        and validly existing under the laws of the State of Delaware (the “Issuer”), for
        value received, hereby promises to pay, but only from the sources and as
        hereinafter provided, to the Registered Owner specified above, or registered
        assigns, the Principal Amount shown above in lawful money of the United States
        of America on the Date of Maturity shown above, unless prepaid prior thereto
        with interest thereon from the Auction Rate Note Interest Payment Date next
        preceding the date of authentication hereof, unless such date of authentication
        is prior to the first Auction Rate Note Interest Payment Date, in which case
        this note shall bear interest from the Date specified above or unless such
        date
        of authentication is an Auction Rate Note Interest Payment Date, in which
        case
        this note shall bear interest from such Auction Rate Note Interest Payment
        Date;
        provided, however, that if as shown by the records of the Indenture Trustee
        (defined herein) interest on the Class C Notes (defined herein) shall be
        in
        default, Class C Notes issued in lieu of such Class C Notes surrendered for
        transfer or exchange shall bear interest from the date to which interest
        has
        been paid in full on the Class C Notes surrendered until payment of the
        principal hereof has been made or duly provided for. Principal of this note
        is
        payable upon the presentation and surrender hereof at the principal corporate
        trust office of U.S. Bank National Association, as indenture trustee (the
        “Indenture Trustee”). Interest on this note is payable to the Registered Owner
        of record as of the close of business on the applicable record date as shown
        on
        the registration books of the Issuer maintained by the Indenture Trustee
        in its
        capacity as bond registrar, or its successor in such capacity, by check or
        draft
        mailed to the Registered Owner at the registered address.

     

    Any
      capitalized words and terms used as defined words and terms in this note and
      not
      otherwise defined herein shall have the meanings given them in the Indenture
      (hereinafter defined).

     

      This
        note
        shall initially bear interest at the rate of interest per annum established
        by
        the Broker-Dealers for the initial Auction Period pursuant to the Broker-Dealer
        Agreements, written notice of which shall be given to the Indenture Trustee.
        For
        each Auction Period thereafter, the unpaid principal amount hereof from time
        to
        time outstanding shall bear interest at the Auction Rate, except as hereinafter
        provided, determined in accordance with the provisions of Appendix C to the
        Indenture, payable on each Auction Rate Note Interest Payment Date and on
        the
        date of payment or redemption of principal hereof to the extent of interest
        accrued on the principal then being paid or redeemed, such interest to accrue
        from the later of the date hereof or the date to which interest has been
        paid or
        duly provided for. Interest at the Auction Rate established from time to
        time
        pursuant to Appendix B to the Indenture shall be computed for the actual
        number
        of days elapsed on the basis of a year consisting of 365 days, and as provided
        in Appendix B to the Indenture.

     

      This
        Note
        shall bear interest at an Auction Rate based on an Auction Period that shall,
        until adjusted pursuant to Appendix B to the Indenture, generally consist
        of 28
        days, all as determined in Appendix B to the Indenture.

     

      If,
        for
        any Auction Period, the Auction Rate exceeds the Maximum Auction Rate, each
        as
        determined in accordance with the provisions of Appendix B to the Indenture,
        then the applicable interest rate for this note for that Auction Period will
        be
        the Maximum Auction Rate. The excess of the amount of interest that would
        have
        accrued on this note at the Auction Rate over the amount of interest actually
        accrued at the Maximum Auction Rate, together with any unpaid portion of
        any
        such excess from prior Auction Periods, will accrue as the Carry-over Amount.
        The Carry-over Amount will bear interest at a rate equal to One-Month LIBOR
        (as
        defined in Appendix B to the Indenture) from the Auction Rate Note Interest
        Payment Date for the Auction Period for which the Carry-over Amount was
        calculated until paid or extinguished as described in the Indenture. No
        reference to “principal” or “interest” in this note or in the Indenture shall
        include within the meaning of such words any Carry-over Amount or any interest
        accrued on any Carry-over Amount.

     

      The
        Carry-over Amount (and interest accrued thereon) for the Class C Notes shall
        be
        paid by the Indenture Trustee, if ever, on the first occurring Auction Rate
        Note
        Interest Payment Date for a subsequent Auction Period if and to the extent
        set
        forth in the Indenture.

     

      The
        Auction Period, the Auction Rate, the method of determining the Auction Rate
        and
        the Maximum Auction Rate on this note and the Auction Procedures related
        thereto, a change in the Auction Date and the Auction Rate Note Interest
        Payment
        Dates will be determined in accordance with the terms, conditions and provisions
        of, including, without limitation, required notices thereof to the Registered
        Owners of the Class C Notes, the Indenture and the Auction Agency Agreement,
        to
        which terms, conditions and provisions specific reference is hereby made,
        and
        all of which terms, conditions and provisions are hereby specifically
        incorporated herein by reference.

     

      This
        Note
        is one of a duly authorized class of notes of the Issuer designated Student
        Loan
        Asset Backed Auction Rate Notes, Class C (the “Class C Notes”), issued pursuant
        to the Indenture, dated as of ______ __, 200_, between the Issuer and the
        Indenture Trustee, as indenture trustee (such indenture, as supplemented
        or
        amended from time to time in accordance with its terms, the
“Indenture”).

     

      The
        Indenture pledges for the payment of the Notes (as hereinafter defined) the
        student loans identified in the Indenture (the “Financed Student Loans”) and the
        payments of interest and the repayments of principal with respect thereto,
        including certain guarantees related thereto, as well as certain other rights,
        funds and accounts of the Issuer set forth in the Indenture, including a
        Reserve
        Account (collectively, the “Trust Estate”).

     

      This
        Note
        is a limited obligation of the Issuer, payable solely from the principal
        and
        interest on Financed Student Loans financed pursuant to the Indenture, any
        guaranty payments thereon received by the Issuer, and certain other revenues
        and
        earnings to be held pursuant to the Indenture, all in an amount and in the
        manner provided in the Indenture. Additional notes and other obligations
        may be
        issued or entered into under the Indenture the right to payment of which
        is
        equal with or subordinate to the Class C Notes. The Class C Notes, together
        with
        any additional notes issued pursuant to the Indenture are collectively referred
        to herein as “Notes.”

     

      The
        Notes
        are secured as provided in the Indenture, but solely by the pledge of the
        Trust
        Estate described in the Indenture; provided that the rights of the holders
        of
        the Class A Notes shall be superior to the rights of the Registered Owners
        of
        Class B Notes, Class C Notes and Class D Notes. Reference is made to the
        Indenture for a complete statement of the terms and conditions upon which
        the
        Class C Notes have been issued and provisions made for their security and
        for
        the rights, duties and obligations of the Issuer, the Indenture Trustee and
        the
        Registered Owners of the Class C Notes.

     

      The
        Class
        C Notes are issuable as registered notes in the minimum denomination of $100,000
        and $1,000 integral multiples in excess thereof. Subject to the limitations
        provided in the Indenture and upon payment of any tax or governmental charge,
        Class C Notes may be exchanged for a like Class and aggregate principal amount
        of Class C Notes of other authorized denominations.

     

      The
        Registered Owner of this Note shall have no right to enforce the provisions
        of
        the Indenture or to institute action to enforce the covenants therein, or
        to
        take any action with respect to any Event of Default under the Indenture,
        or to
        institute, appear in or defend any suit or other proceedings with respect
        thereto, except as provided in the Indenture. If an Event of Default under
        the
        Indenture occurs, the principal of all Notes then Outstanding issued under
        the
        Indenture may be declared due and payable upon the conditions and in the
        manner
        and with the effect provided in the Indenture.

     

      It
        Is Hereby Certified, Recited And Declared
        that all
        acts, conditions and things required to be done, to exist, to happen and
        to be
        performed in order to make this Note a valid and binding obligation of the
        Issuer according to its terms have been done, do exist, have happened and
        have
        been performed in regular and due form, time and manner as so
        required.

     

      The
        Issuer and the Indenture Trustee may deem and treat the person in whose name
        this Note is registered upon the registration books as the absolute owner
        hereof, whether this Note is overdue or not, for the purpose of receiving
        payment of or on account of the principal or interest and for all other
        purposes, and all such payments so made to the Registered Owner or upon such
        Registered Owner’s order shall be valid and effectual to satisfy and discharge
        the liability on this note to the extent of the sum or sums so paid, and
        neither
        the Issuer nor Indenture Trustee nor any Registrar shall be affected by any
        notice to the contrary.

     

      This
        Note
        shall not be valid or become obligatory for any purpose or be entitled to
        any
        security or benefit under the Indenture until the Certificate of Authentication
        hereon shall have been executed by the Indenture Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF,
      The
      National Collegiate Student Loan Trust 200_-_ has caused this note to be
      executed and attested.

     

    
      	
              THE
                NATIONAL COLLEGIATE STUDENT LOAN TRUST 200_-_

              By:
                ______________________________,

              not
                in its individual capacity but solely as

              Owner
                Trustee

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

     

    

     

    
      	
              Attest

            	 
	 	 
	
              ____________________________________

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      note
      is one of the Class C Notes and described in the provisions of the
      within-mentioned Indenture.

     

    

     

    
      	
              Date
                of Authentication: __________________

            	 

    

    

    
      	
              U.S.
                BANK NATIONAL ASSOCIATION,
                as
                Authenticating Agent 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ASSIGNMENT

     

    For
      Value
      Received _____________________ hereby sell(s), assign(s) and transfer(s)
      unto

     

    
      	 	 
	 
	
              (Please
                print or type an address

            	
              (Social
                Security number

            
	
              including
                postal zip code of transferee)

            	
              of
                transferee)

            

    

    

    the
      within note, together with accrued interest thereon and all right, title and
      interest thereto, and hereby irrevocably authorize(s) and appoint(s)
      _______________________________________ attorney to transfer said note on the
      books of the within named Corporation with full power of substitution in the
      premises.

     

    
      	 	 
	 	 
	
              Dated
                ________________

            	
              ________________________________L.S.

            
	 	 
	
              Guaranteed
                by:

            	 
	 	 
	 	 
	 	 
	
              _____________________________________

            	 

    

    

    

    

    

    

     

    

     

    EXHIBIT
      A-9

     

      FORM
        OF CLASS D NOTE

     

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE INDENTURE TRUSTEE, THE REGISTRAR
      OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
      ANY
      NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
      IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
      TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

      THE
        PURCHASER OR HOLDER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO
        HAVE
        REPRESENTED THAT EITHER (I) IT IS NOT, AND IS NOT PURCHASING THIS NOTE ON
        BEHALF
        OF, AS A FIDUCIARY OF, OR WITH “PLAN ASSETS” (WITHIN THE MEANING OF SECTION
        2510.3-101 OF THE U.S. DEPARTMENT OF LABOR REGULATIONS (THE “PLAN ASSET
        REGULATION”)) OF, AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE
        EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)), A “PLAN”
(WITHIN THE MEANING OF SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986
        (THE
“CODE”)) OR ANY OTHER ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY
        REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, WHICH IS SUBJECT TO TITLE I OF
        ERISA OR SECTION 4975 OF THE CODE (A “PLAN”), OR (II)(A) THIS NOTE IS RATED
        INVESTMENT GRADE OR BETTER AS OF THE DATE OF PURCHASE, (B) THE PURCHASER OR
        HOLDER OF THE NOTE BELIEVES THAT THE NOTE IS PROPERLY TREATED AS INDEBTEDNESS
        WITHOUT SUBSTANTIAL EQUITY FEATURES FOR PURPOSES OF THE PLAN ASSET REGULATION
        AND AGREES TO SO TREAT SUCH NOTE AND (C) THE ACQUISITION AND HOLDING OF THE
        NOTE
        DO NOT RESULT IN A VIOLATION OF THE PROHIBITED TRANSACTION RULES OF ERISA
        OR
        SECTION 4975 OF THE CODE (X) BECAUSE IT IS COVERED BY AN APPLICABLE EXEMPTION,
        INCLUDING PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1
        OR
        84-14, OR (Y) BY REASON OF THE TRUST, THE ADMINISTRATOR, THE BACK-UP
        ADMINISTRATOR, THE UNDERWRITERS, THE SERVICERS, THE INDENTURE TRUSTEE, THE
        OWNER
        TRUSTEE, ANY PROVIDER OF CREDIT SUPPORT OR ANY OF THEIR AFFILIATES NOT BEING
        A
“PARTY IN INTEREST” (WITHIN THE MEANING OF SECTION 3(14) OF ERISA) WITH RESPECT
        TO SUCH PLAN.

     

      THE
        NATIONAL COLLEGIATE STUDENT LOAN TRUST 200_-_

      STUDENT
        LOAN ASSET BACKED AUCTION RATE NOTES

      CLASS
        D

     

    
      	
              No.
                D-___

            
	
              Interest
                Rate

            	
              Date
                of Maturity

            	
              Dated
                Date

            	
              CUSIP

            
	 	 	 	 
	
              Variable

            	
              ______
                __, 20__

            	
              ______
                __, 200_

            	
              ___________

            
	 	 
	
              REGISTERED
                OWNER:

            	
              **CEDE
                & CO.**

            
	
              PRINCIPAL
                AMOUNT:

            	
              **$_________**

            
	 	 

    

    

     

      The
        National Collegiate Student Loan Trust 200_-_, a statutory trust duly organized
        and validly existing under the laws of the State of Delaware (the “Issuer”), for
        value received, hereby promises to pay, but only from the sources and as
        hereinafter provided, to the Registered Owner specified above, or registered
        assigns, the Principal Amount shown above in lawful money of the United States
        of America on the Date of Maturity shown above, unless prepaid prior thereto
        with interest thereon from the Auction Rate Note Interest Payment Date next
        preceding the date of authentication hereof, unless such date of authentication
        is prior to the first Auction Rate Note Interest Payment Date, in which case
        this note shall bear interest from the Date specified above or unless such
        date
        of authentication is an Auction Rate Note Interest Payment Date, in which
        case
        this note shall bear interest from such Auction Rate Note Interest Payment
        Date;
        provided, however, that if as shown by the records of the Indenture Trustee
        (defined herein) interest on the Class D Notes (defined herein) shall be
        in
        default, Class D Notes issued in lieu of such Class D Notes surrendered for
        transfer or exchange shall bear interest from the date to which interest
        has
        been paid in full on the Class D Notes surrendered until payment of the
        principal hereof has been made or duly provided for. Principal of this note
        is
        payable upon the presentation and surrender hereof at the principal corporate
        trust office of U.S. Bank National Association, as indenture trustee (the
        “Indenture Trustee”). Interest on this note is payable to the Registered Owner
        of record as of the close of business on the applicable record date as shown
        on
        the registration books of the Issuer maintained by the Indenture Trustee
        in its
        capacity as bond registrar, or its successor in such capacity, by check or
        draft
        mailed to the Registered Owner at the registered address.

     

    Any
      capitalized words and terms used as defined words and terms in this note and
      not
      otherwise defined herein shall have the meanings given them in the Indenture
      (hereinafter defined).

     

      This
        note
        shall initially bear interest at the rate of interest per annum established
        by
        the Broker-Dealers for the initial Auction Period pursuant to the Broker-Dealer
        Agreements, written notice of which shall be given to the Indenture Trustee.
        For
        each Auction Period thereafter, the unpaid principal amount hereof from time
        to
        time outstanding shall bear interest at the Auction Rate, except as hereinafter
        provided, determined in accordance with the provisions of Appendix D to the
        Indenture, payable on each Auction Rate Note Interest Payment Date and on
        the
        date of payment or redemption of principal hereof to the extent of interest
        accrued on the principal then being paid or redeemed, such interest to accrue
        from the later of the date hereof or the date to which interest has been
        paid or
        duly provided for. Interest at the Auction Rate established from time to
        time
        pursuant to Appendix B to the Indenture shall be computed for the actual
        number
        of days elapsed on the basis of a year consisting of 365 days, and as provided
        in Appendix B to the Indenture.

     

      This
        Note
        shall bear interest at an Auction Rate based on an Auction Period that shall,
        until adjusted pursuant to Appendix B to the Indenture, generally consist
        of 28
        days, all as determined in Appendix B to the Indenture.

     

      If,
        for
        any Auction Period, the Auction Rate exceeds the Maximum Auction Rate, each
        as
        determined in accordance with the provisions of Appendix B to the Indenture,
        then the applicable interest rate for this note for that Auction Period will
        be
        the Maximum Auction Rate. The excess of the amount of interest that would
        have
        accrued on this note at the Auction Rate over the amount of interest actually
        accrued at the Maximum Auction Rate, together with any unpaid portion of
        any
        such excess from prior Auction Periods, will accrue as the Carry-over Amount.
        The Carry-over Amount will bear interest at a rate equal to One-Month LIBOR
        (as
        defined in Appendix B to the Indenture) from the Auction Rate Note Interest
        Payment Date for the Auction Period for which the Carry-over Amount was
        calculated until paid or extinguished as described in the Indenture. No
        reference to “principal” or “interest” in this note or in the Indenture shall
        include within the meaning of such words any Carry-over Amount or any interest
        accrued on any Carry-over Amount.

     

      The
        Carry-over Amount (and interest accrued thereon) for the Class D Notes shall
        be
        paid by the Indenture Trustee, if ever, on the first occurring Auction Rate
        Note
        Interest Payment Date for a subsequent Auction Period if and to the extent
        set
        forth in the Indenture.

     

      The
        Auction Period, the Auction Rate, the method of determining the Auction Rate
        and
        the Maximum Auction Rate on this note and the Auction Procedures related
        thereto, a change in the Auction Date and the Auction Rate Note Interest
        Payment
        Dates will be determined in accordance with the terms, conditions and provisions
        of, including, without limitation, required notices thereof to the Registered
        Owners of the Class D Notes, the Indenture and the Auction Agency Agreement,
        to
        which terms, conditions and provisions specific reference is hereby made,
        and
        all of which terms, conditions and provisions are hereby specifically
        incorporated herein by reference.

     

      This
        Note
        is one of a duly authorized class of notes of the Issuer designated Student
        Loan
        Asset Backed Auction Rate Notes, Class D (the “Class D Notes”), issued pursuant
        to the Indenture, dated as of ______ __, 200_, between the Issuer and the
        Indenture Trustee, as indenture trustee (such indenture, as supplemented
        or
        amended from time to time in accordance with its terms, the
“Indenture”).

     

      The
        Indenture pledges for the payment of the Notes (as hereinafter defined) the
        student loans identified in the Indenture (the “Financed Student Loans”) and the
        payments of interest and the repayments of principal with respect thereto,
        including certain guarantees related thereto, as well as certain other rights,
        funds and accounts of the Issuer set forth in the Indenture, including a
        Reserve
        Account (collectively, the “Trust Estate”).

     

      This
        Note
        is a limited obligation of the Issuer, payable solely from the principal
        and
        interest on Financed Student Loans financed pursuant to the Indenture, any
        guaranty payments thereon received by the Issuer, and certain other revenues
        and
        earnings to be held pursuant to the Indenture, all in an amount and in the
        manner provided in the Indenture. Additional notes and other obligations
        may be
        issued or entered into under the Indenture the right to payment of which
        is
        equal with or subordinate to the Class D Notes. The Class D Notes, together
        with
        any additional notes issued pursuant to the Indenture are collectively referred
        to herein as “Notes.”

     

      The
        Notes
        are secured as provided in the Indenture, but solely by the pledge of the
        Trust
        Estate described in the Indenture; provided that the rights of the holders
        of
        the Class A Notes shall be superior to the rights of the Registered Owners
        of
        Class B Notes, Class C Notes and Class D Notes. Reference is made to the
        Indenture for a complete statement of the terms and conditions upon which
        the
        Class D Notes have been issued and provisions made for their security and
        for
        the rights, duties and obligations of the Issuer, the Indenture Trustee and
        the
        Registered Owners of the Class D Notes.

     

      The
        Class
        D Notes are issuable as registered notes in the minimum denomination of $100,000
        and $1,000 integral multiples in excess thereof. Subject to the limitations
        provided in the Indenture and upon payment of any tax or governmental charge,
        Class D Notes may be exchanged for a like Class and aggregate principal amount
        of Class D Notes of other authorized denominations.

     

      The
        Registered Owner of this Note shall have no right to enforce the provisions
        of
        the Indenture or to institute action to enforce the covenants therein, or
        to
        take any action with respect to any Event of Default under the Indenture,
        or to
        institute, appear in or defend any suit or other proceedings with respect
        thereto, except as provided in the Indenture. If an Event of Default under
        the
        Indenture occurs, the principal of all Notes then Outstanding issued under
        the
        Indenture may be declared due and payable upon the conditions and in the
        manner
        and with the effect provided in the Indenture.

     

      It
        Is Hereby Certified, Recited And Declared
        that all
        acts, conditions and things required to be done, to exist, to happen and
        to be
        performed in order to make this Note a valid and binding obligation of the
        Issuer according to its terms have been done, do exist, have happened and
        have
        been performed in regular and due form, time and manner as so
        required.

     

      The
        Issuer and the Indenture Trustee may deem and treat the person in whose name
        this Note is registered upon the registration books as the absolute owner
        hereof, whether this Note is overdue or not, for the purpose of receiving
        payment of or on account of the principal or interest and for all other
        purposes, and all such payments so made to the Registered Owner or upon such
        Registered Owner’s order shall be valid and effectual to satisfy and discharge
        the liability on this note to the extent of the sum or sums so paid, and
        neither
        the Issuer nor Indenture Trustee nor any Registrar shall be affected by any
        notice to the contrary.

     

      This
        Note
        shall not be valid or become obligatory for any purpose or be entitled to
        any
        security or benefit under the Indenture until the Certificate of Authentication
        hereon shall have been executed by the Indenture Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF,
      The
      National Collegiate Student Loan Trust 200_-_ has caused this note to be
      executed and attested.

     

    
      	
              THE
                NATIONAL COLLEGIATE STUDENT LOAN TRUST 200_-_

              By:
                ______________________________,

              not
                in its individual capacity but solely as

              Owner
                Trustee

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

     

    

     

    
      	
              Attest

            	 
	 	 
	
              ____________________________________

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      note
      is one of the Class D Notes and described in the provisions of the
      within-mentioned Indenture.

     

    
      	
              Date
                of Authentication: __________________

            	 

    

    

    
      	
              U.S.
                BANK NATIONAL ASSOCIATION,
                as
                Authenticating Agent 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ASSIGNMENT

     

    For
      Value
      Received _____________________ hereby sell(s), assign(s) and transfer(s)
      unto

     

    
      	 	 
	 
	
              (Please
                print or type an address

            	
              (Social
                Security number

            
	
              including
                postal zip code of transferee)

            	
              of
                transferee)

            

    

    

    the
      within note, together with accrued interest thereon and all right, title and
      interest thereto, and hereby irrevocably authorize(s) and appoint(s)
      _______________________________________ attorney to transfer said note on the
      books of the within named Corporation with full power of substitution in the
      premises.

     

    
      	 	 
	 	 
	
              Dated
                ________________

            	
              ________________________________L.S.

            
	 	 
	
              Guaranteed
                by:

            	 
	 	 
	 	 
	 	 
	
              _____________________________________

            	 

    

    

    

    

    

        

        

         

      

    

    EXHIBIT
      B

    

    FORM
      OF STUDENT LOAN ACQUISITION CERTIFICATE

     

    This
      Student Loan Acquisition Certificate is submitted pursuant to the provisions
      of
      the Indenture, dated as of ______ __, 200_ (as amended, the “Indenture”),
      between The National Collegiate Student Loan Trust 200_-_ (the “Issuer”) and
      U.S. Bank National Association, as Indenture Trustee. All capitalized terms
      used
      in this Certificate and not otherwise defined herein shall have the same
      meanings given to such terms in the Indenture. In your capacity as Trustee,
      you
      are hereby authorized and requested to disburse to _____________________ (the
      “Seller”) the sum of approximately $__________ in accordance with specific
      instructions that will follow (or, in the case of an exchange, the Financed
      Student Loans listed in Schedule A hereto) for the purchase of Student
      Loans. With respect to the Student Loans so to be acquired, the Issuer hereby
      certifies as follows:

     

    1.  The
      Student Loans to be acquired are those specified in Schedule A, attached
      hereto and furnished to you by the Servicer (the “Subsequent Student Loans”).
      The remaining unpaid principal amount of each Subsequent Student Loan is as
      shown on such Schedule.

     

    2.  The
      amount to be disbursed pursuant to this Certificate does not exceed the amount
      permitted by Section 8.10 of the Indenture.

     

    3.  The
      Issuer and Seller represent that each Subsequent Student Loan is a Student
      Loan
      that meets the requirements of Section 3.21 of the Indenture and each such
      Student Loan is authorized to be acquired by the Indenture.

     

    4.  You
      have
      been previously, or are herewith, provided with the following items (the items
      listed in subparagraphs (a), (b) and (c) have been received and are being
      retained, on your behalf, by the Issuer or the Servicer):

     

    (a)  a
      copy of
      the Student Loan Purchase Agreement between the Issuer and the Seller with
      respect to the Subsequent Student Loans;

     

    (b)  with
      respect to each Guaranteed Student Loan included among the Subsequent Student
      Loans, a certified copy of the Guarantee Agreement relating
      thereto;

     

    (c)  a
      blanket
      endorsement of the promissory notes evidencing the Subsequent Student Loans
      specifying that they have been assigned to the Trustee with all necessary
      endorsements which the Servicer has been instructed to attach to each promissory
      note;

     

    (d)  instruments
      duly assigning the Subsequent Student Loans to the Trustee; and

     

    (e)  an
      opinion of counsel to the Issuer specifying each action necessary to perfect
      a
      security interest in all Subsequent Student Loans to be acquired by the Issuer
      pursuant to the Student Loan Purchase Agreement in favor of the Trustee,
      including, if applicable, in the manner provided for by the provisions of 20
      U.S.C. § 1087-2(d)(3) or 20 U.S.C. § 1082(m)(1)(d)(iv), as applicable
      (you are authorized to rely on the advice of a single blanket opinion of counsel
      to the Issuer until such time as this Issuer shall provide any amended opinion
      to you).

     

    5.  The
      Issuer is not, on the date hereof, in default under the Indenture or the Student
      Loan Purchase Agreement applicable to the Subsequent Student Loans, and, to
      the
      best knowledge of the Issuer, the Seller is not in default under the Student
      Loan Purchase Agreement applicable to the Subsequent Student Loans. The Issuer
      is not aware of any default existing on the date hereof under any of the other
      documents referred to in paragraph 4 hereof.

     

    6.  All
      of
      the conditions specified in the Student Loan Purchase Agreement applicable
      to
      the Subsequent Student Loans and in the Indenture for the disbursement hereby
      authorized and requested have been satisfied; provided that the Issuer may
      waive
      any requirement of receiving an opinion of counsel from the counsel to the
      Seller.

     

    7.  The
      Issuer is not in default in the performance of any of its covenants and
      agreements made in the Guarantee Agreement applicable to the Subsequent Student
      Loans.

     

    8.  The
      proposed use of moneys in the Pre-Funding Account is in compliance with the
      provisions of the Indenture.

     

    9.  The
      undersigned is authorized to sign and submit this Certificate on behalf of
      the
      Depositor.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    WITNESS
      my hand this __ day of __________, 20__.

     

    
      	
              THE
                NATIONAL COLLEGIATE STUDENT LOAN TRUST 200_-_

            
	
              By:

            	
              [______________________]

            
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

     

    

     

    

     

      EXHIBIT
        C

     

      RELEVANT
        SERVICING CRITERIA

     

    

      
        	 	
                Servicing
                  Criteria

              	
                Applicable
                  Servicing Criteria

              
	
                Reference

              	
                Criteria

              	 
	 	
                General
                  Servicing Considerations

              	 
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	 
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	 
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the pool assets are maintained.

              	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements.

              	 
	 	
                Cash
                  Collection and Administration

              	 
	
                1122(d)(2)(i)

              	
                Payments
                  on pool assets are deposited into the appropriate custodial bank
                  accounts
                  and related bank clearing accounts no more than two business days
                  following receipt, or such other number of days specified in the
                  transaction agreements.

              	
                X

              
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel.

              	
                X

              
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction
                  agreements.

              	 
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of overcollateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements.

              	
                X

              
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.

              	 
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized
                  access.

              	 
	
                1122(d)(2)(vii)

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements; (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements.

              	
                X

              
	 	
                Investor
                  Remittances and Reporting

              	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of pool assets serviced by the
                  Servicer.

              	 
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements.

              	 
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements.

              	
                X

              
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank
                  statements.

              	
                X

              
	 	
                Pool
                  Asset Administration

              	 
	
                1122(d)(4)(i)

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related pool asset documents.

              	 
	
                1122(d)(4)(ii)

              	
                Pool
                  asset and related documents are safeguarded as required by the
                  transaction
                  agreements.

              	 
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements.

              	 
	
                1122(d)(4)(iv)

              	
                Payments
                  on pool assets, including any payoffs, made in accordance with
                  the related
                  pool asset documents are posted to the Servicer’s obligor records
                  maintained no more than two business days after receipt, or such
                  other
                  number of days specified in the transaction agreements, and allocated
                  to
                  principal, interest or other items (e.g., escrow) in accordance
                  with the
                  related pool asset documents.

              	 
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the pool assets agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal
                  balance.

              	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor’s pool assets (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents.

              	 
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements.

              	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a pool
                  asset is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent pool assets including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or
                  unemployment).

              	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for pool assets with variable
                  rates
                  are computed based on the related pool asset documents.

              	 
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s pool asset documents,
                  on at least an annual basis, or such other period specified in
                  the
                  transaction agreements; (B) interest on such funds is paid, or
                  credited,
                  to obligors in accordance with applicable pool asset documents
                  and state
                  laws; and (C) such funds are returned to the obligor within 30
                  calendar
                  days of full repayment of the related pool assets, or such other
                  number of
                  days specified in the transaction agreements.

              	 
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements.

              	 
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission.

              	 
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements.

              	 
	
                1122(d)(4)(xiv)

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements.

              	 
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements.exv4w1

 

Exhibit 4.1

CHASE MORTGAGE FINANCE CORPORATION,

DEPOSITOR,

JPMORGAN CHASE BANK, N.A.,

SERVICER,

JPMORGAN CHASE BANK, N.A.,

CUSTODIAN,

THE BANK OF NEW YORK TRUST COMPANY, N.A.,

PAYING AGENT

AND

THE BANK OF NEW YORK TRUST COMPANY, N.A.,

TRUSTEE

POOLING AND SERVICING AGREEMENT

Dated as of [        ]

[        ]

Chase Mortgage Finance Trust

Multi-Class Mortgage Pass-Through Certificates

Series [        ]

 

 

	 	 	 	 	 
	ARTICLE I
	 	DEFINITIONS	 	1
	 
	 	 	 	 
	ARTICLE II
	 	 CONVEYANCE OF MORTGAGE LOANS; TRUST FUND	 	37
	 
	 	 	 	 
	Section 2.01
	 	Conveyance of Mortgage Loans
	 	37
	 
	 	 	 	 
	Section 2.02
	 	Acceptance
by Trustee
	 	41
	 
	 	 	 	 
	Section 2.03
	 	Trust Fund;
Authentication of Certificates
	 	42
	 
	 	 	 	 
	Section 2.04
	 	REMIC Elections
	 	42
	 
	 	 	 	 
	Section 2.05
	 	Permitted Activities of Trust
	 	47
	 
	 	 	 	 
	Section 2.06
	 	Qualifying Special Purpose Entity
	 	47
	 
	 	 	 	 
	ARTICLE III
	 	REPRESENTATIONS AND WARRANTIES OF THE DEPOSITOR AND THE
SERVICER; REPURCHASE OF MORTGAGE LOANS	 	47	 
	 
	 	 	 	 
	Section 3.01
	 	Representations and Warranties of the Depositor
with respect to the Mortgage Loans
	 	47
	 
	 	 	 	 
	Section 3.02
	 	Representations and Warranties of the Servicer
	 	55
	 
	 	 	 	 
	Section 3.03
	 	Option to Substitute
	 	56
	 
	 	 	 	 
	ARTICLE IV
	 	THE
CERTIFICATES
	 	56
	 
	 	 	 	 
	Section 4.01
	 	The Certificates
	 	58
	 
	 	 	 	 
	Section 4.02
	 	Registration of Transfer and Exchange of
Certificates
	 	62
	 
	 	 	 	 
	Section 4.03
	 	Mutilated, Destroyed, Lost or Stolen Certificates
	 	62
	 
	 	 	 	 
	Section 4.04
	 	 Persons Deemed Owners
	 	62
	 
	 	 	 	 
	Section 4.05
	 	Appointment of Paying Agent and Certificate
Registrar; Certificate Account
	 	62
	 
	 	 	 	 
	Section 4.06
	 	Authenticating Agents
	 	63
	 
	 	 	 	 
	ARTICLE V
	 	ADMINISTRATION AND SERVICING OF MORTGAGE LOANS
	 	64
	 
	 	 	 	 
	Section 5.01
	 	Servicer to Service Mortgage Loans
	 	64
	 
	 	 	 	 
	Section 5.02
	 	Sub-Servicing Agreements Between Servicer and
Sub-Servicers; Enforcement of Sub-Servicer’s
Obligations
	 	65
	 
	 	 	 	 
	Section 5.03
	 	Successor Sub-Servicers
	 	65
	 
	 	 	 	 
	Section 5.04
	 	Liability of the Servicer
	 	66
	 
	 	 	 	 
	Section 5.05
	 	No Contractual Relationship Between Sub-Servicer
and Trustee or Certificateholders
	 	66
	 
	 	 	 	 
	Section 5.06
	 	Termination of Sub-Servicing Agreement
	 	66
	 
	 	 	 	 
	Section 5.07
	 	Collection of Mortgage Loan Payments
	 	66
	 
	 	 	 	 
	Section 5.08
	 	Establishment of Collection Account; Deposit in
Collection Account
	 	66
	 
	 	 	 	 
	Section 5.09
	 	Permitted Withdrawals from the Collection Account
	 	68
	 
	 	 	 	 
	Section 5.10
	 	Establishment of Escrow Account; Deposits in
Escrow Account
	 	68
	 
	 	 	 	 
	Section 5.11
	 	Permitted Withdrawals from Escrow Account
	 	69

 

 

	 	 	 	 	 
	Section 5.12
	 	Payment of Taxes, Insurance and Other Charges
	 	69
	 
	 	 	 	 
	Section 5.13
	 	Transfer of Accounts
	 	69
	 
	 	 	 	 
	Section 5.14
	 	[Reserved]
	 	69
	 
	 	 	 	 
	Section 5.15
	 	Maintenance of the Primary Insurance Policies
	 	69
	 
	 	 	 	 
	Section 5.16
	 	Maintenance of Standard Hazard Policies
	 	69
	 
	 	 	 	 
	Section 5.17
	 	[Reserved]
	 	70
	 
	 	 	 	 
	Section 5.18
	 	[Reserved]
	 	70
	 
	 	 	 	 
	Section 5.19
	 	Fidelity Bond and Errors and Omissions Insurance
	 	70
	 
	 	 	 	 
	Section 5.20
	 	Collections under Insurance Policies; Enforcement
of Due-On-Sale Clauses; Assumption Agreements
	 	71
	 
	 	 	 	 
	Section 5.21
	 	Income and Realization from Defaulted Mortgage
Loans
	 	71
	 
	 	 	 	 
	Section 5.22
	 	Trustee to Cooperate; Release of Mortgage Files
	 	73
	 
	 	 	 	 
	Section 5.23
	 	Servicing and Other Compensation
	 	74
	 
	 	 	 	 
	Section 5.24
	 	1934 Act Reports
	 	74
	 
	 	 	 	 
	Section 5.25
	 	Annual Statement as to Compliance
	 	76
	 
	 	 	 	 
	Section 5.26
	 	Assessment of Compliance and Independent Public
Accountants’ Attestation; Financial Statements
	 	76
	 
	 	 	 	 
	Section 5.27
	 	Access to Certain Documentation; Rights of the
Depositor in Respect of the Servicer
	 	78
	 
	 	 	 	 
	Section 5.28
	 	REMIC-Related Covenants
	 	79
	 
	 	 	 	 
	Section 5.29
	 	Reserve Fund; Yield Maintenance Agreements
	 	79
	 
	 	 	 	 
	ARTICLE VI
	 	PAYMENTS TO THE CERTIFICATEHOLDERS
	 	80
	 
	 	 	 	 
	Section 6.01
	 	Distributions
	 	80
	 
	 	 	 	 
	Section 6.02
	 	Statements to the Certificateholders
	 	87
	 
	 	 	 	 
	Section 6.03
	 	Advances by the Servicer
	 	89
	 
	 	 	 	 
	Section 6.04
	 	Allocation of Realized Losses
	 	90
	 
	 	 	 	 
	Section 6.05
	 	Compensating Interest; Allocation of Certain
Interest Shortfalls
	 	91
	 
	 	 	 	 
	Section 6.06
	 	Subordination
	 	92
	 
	 	 	 	 
	Section 6.07
	 	[Reserved]
	 	92
	 
	 	 	 	 
	ARTICLE VII
	 	REPORTS TO BE PREPARED BY THE SERVICER
	 	93
	 
	 	 	 	 
	Section 7.01
	 	Servicer Shall Provide Information as Reasonably
Required
	 	93
	 
	 	 	 	 
	Section 7.02
	 	Federal Information Returns and Reports to
Certificateholders
	 	93
	 
	 	 	 	 
	ARTICLE VIII
	 	THE DEPOSITOR AND THE SERVICER
	 	94	 
	 
	 	 	 	 
	Section 8.01
	 	Indemnification; Third Party Claims
	 	94
	 
	 	 	 	 
	Section 8.02
	 	Merger or Consolidation of the Depositor or the
Servicer
	 	94

ii

 

	 	 	 	 	 
	Section 8.03
	 	Limitation on Liability of the Depositor, the
Servicer, the Trustee and Others
    
	 	95
	 
	 	 	 	 
	Section 8.04
	 	Depositor and Servicer Not to Resign
	 	95
	 
	 	 	 	 
	Section 8.05
	 	Successor to the Servicer
	 	95
	 
	 	 	 	 
	Section 8.06
	 	Maintenance of Ratings
	 	97
	 
	 	 	 	 
	ARTICLE IX
	 	DEFAULT
	 	97	 
	 
	 	 	 	 
	Section 9.01
	 	Events of Default
	 	97
	 
	 	 	 	 
	Section 9.02
	 	Waiver of Defaults
	 	98
	 
	 	 	 	 
	Section 9.03
	 	Trustee to Act; Appointment of Successor
	 	98
	 
	 	 	 	 
	Section 9.04
	 	Notification to Certificateholders and the Rating
Agencies
	 	98
	 
	 	 	 	 
	ARTICLE X
	 	CONCERNING THE TRUSTEE
	 	98
	 
	 	 	 	 
	Section 10.01

	 	Duties of Trustee
	 	98
	 
	 	 	 	 
	Section 10.02
	 	Certain Matters Affecting the Trustee
	 	99
	 
	 	 	 	 
	Section 10.03
	 	Trustee Not Liable for Certificates or Mortgage
Loans
	 	100
	 
	 	 	 	 
	Section 10.04
	 	Trustee May Own Certificates
	 	100
	 
	 	 	 	 
	Section 10.05
	 	Fees and Expenses
	 	100
	 
	 	 	 	 
	Section 10.06
	 	Eligibility Requirements for Trustee
	 	101
	 
	 	 	 	 
	Section 10.07
	 	Resignation and Removal of the Trustee
	 	101
	 
	 	 	 	 
	Section 10.08
	 	Successor Trustee
	 	102
	 
	 	 	 	 
	Section 10.09
	 	Merger or Consolidation of Trustee
	 	102
	 
	 	 	 	 
	Section 10.10

	 	Appointment of Co-Trustee or Separate Trustee
	 	102
	 
	 	 	 	 
	Section 10.11
	 	Appointment of Office or Agency
	 	103
	 
	 	 	 	 
	Section 10.12
	 	Indemnification
	 	103
	 
	 	 	 	 
	ARTICLE XI
	 	TERMINATION
	 	104	 
	 
	 	 	 	 
	Section 11.01
	 	Termination
	 	104
	 
	 	 	 	 
	ARTICLE XII
	 	MISCELLANEOUS PROVISIONS
	 	106
	 
	 	 	 	 
	Section 12.01
	 	Severability of Provisions
	 	106
	 
	 	 	 	 
	Section 12.02
	 	Limitation on Rights of Certificateholders
	 	106
	 
	 	 	 	 
	Section 12.03
	 	Amendment
	 	107
	 
	 	 	 	 
	Section 12.04
	 	Counterparts
	 	107
	 
	 	 	 	 
	Section 12.05
	 	Duration of Agreement
	 	107
	 
	 	 	 	 
	Section 12.06
	 	Governing Law
	 	107
	 
	 	 	 	 
	Section 12.07
	 	Notices
	 	107	 
	 
	 	 	 	 
	Section 12.08
	 	Further Assurances
	 	108	 

iii

 

	 	 	 	 	 
	EXHIBIT A
	 	 MORTGAGE LOAN SCHEDULES	 	 
	EXHIBIT B
	 	CONTENTS OF MORTGAGE FILE	 	 
	EXHIBIT C
	 	FORM OF CLASS A CERTIFICATE	 	 
	EXHIBIT D
	 	FORM OF CLASS M CERTIFICATE	 	 
	EXHIBIT E
	 	FORM OF CLASS B CERTIFICATE	 	 
	EXHIBIT F
	 	FORM OF CLASS A-R CERTIFICATE	 	 
	EXHIBIT G
	 	FORM OF TRUSTEE CERTIFICATION	 	 
	EXHIBIT H
	 	FORM OF INVESTMENT LETTER	 	 
	EXHIBIT I
	 	FORM OF RULE 144A INVESTMENT LETTER	 	 
	EXHIBIT J
	 	FORM OF SPECIAL SERVICING AND COLLATERAL FUND AGREEMENT	 	 
	EXHIBIT K
	 	FORM OF CLASS A-R TRANSFEREE LETTER	 	 
	EXHIBIT K-1
	 	FORM OF CLASS A-R TRANSFEROR LETTER	 	 
	EXHIBIT L
	 	REQUEST FOR RELEASE OF DOCUMENTS	 	 
	EXHIBIT M
	 	FORM OF TRANSFEREE ERISA REPRESENTATION LETTER	 	 
	EXHIBIT N
	 	PERMITTED EXCHANGEABLE CERTIFICATE COMBINATIONS	 	 
	EXHIBIT O
	 	FORM OF OFFICER’S CERTIFICATE (PAYING AGENT)	 	 
	EXHIBIT P
	 	LETTER OF REPRESENTATIONS	 	 
	EXHIBIT Q
	 	FORM OF TRUST AGREEMENT	 	 
	EXHIBIT R
	 	SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE	 	 
	EXHIBIT S
	 	FORM OF SARBANES-OXLEY CERTIFICATION	 	 
	EXHIBIT T
	 	FORM OF ITEM 1123 CERTIFICATION OF SERVICER	 	 
	EXHIBIT U
	 	FORM OF CLASS A-1 YIELD MAINTENANCE AGREEMENT	 	 
	EXHIBIT U-1
	 	FORM OF CLASS A-3 YIELD MAINTENANCE AGREEMENT	 	 
	EXHIBIT U-2
	 	FORM OF CLASS A-4 YIELD MAINTENANCE AGREEMENT	 	 
	SCHEDULE X
	 	1934 ACT FORM 8-K REPORTING OBLIGATIONS	 	 
	SCHEDULE Y
	 	1934 ACT FORM 10-D REPORTING OBLIGATIONS	 	 
	SCHEDULE Z
	 	1934 ACT FORM 10-K REPORTING OBLIGATIONS	 	 

iv

 

    This Pooling and Servicing Agreement, dated as of [        ], is executed among Chase
Mortgage Finance Corporation, as depositor (together with its permitted successors and assigns, the
“Depositor”), JPMorgan Chase Bank, N.A. (“Chase”), as servicer (in such capacity, together with its
permitted successors and assigns, the “Servicer”), JPMorgan Chase Bank, N.A., as custodian (in such
capacity, together with its permitted successors and assigns, the “Custodian”), The Bank of New
York Trust Company, N.A., as paying agent (in such capacity, together with its permitted successors
and assigns, the “Paying Agent”) and The Bank of New York Trust Company, N.A., as trustee (in such
capacity, together with its permitted successors and assigns, the “Trustee”).

     In consideration of the premises and the mutual agreements hereinafter set forth, the
Depositor, the Servicer and the Trustee agree as follows:

ARTICLE I

DEFINITIONS

     Whenever used herein, the following words and phrases, unless the context otherwise requires,
shall have the following meanings:

     ACCEPTED SERVICING PRACTICES: With respect to any Mortgage Loan, those mortgage
servicing practices (including collection procedures) of prudent mortgage banking institutions
which service mortgage loans of the same type as such Mortgage Loan in the jurisdiction where the
related Mortgaged Property (or Underlying Mortgaged Property, in the case of a Co-op Loan) is
located, and which are in accordance with FNMA servicing practices and procedures for MBS pool
mortgages (as defined in the FNMA Guides including future updates).

     ACCOUNTANT’S ATTESTATION: As defined in Section 5.26(b).

     ADDITIONAL FORM 10-D DISCLOSURE: As defined in Section 5.24(b).

     ADDITIONAL FORM 10-K DISCLOSURE: As defined in Section 5.24(d).

     ADVANCE: The aggregate of the advances made by the Servicer with respect to a
particular Distribution Date pursuant to Section 6.03.

     AFFILIATE: With respect to any specified Person, any other Person controlling,
controlled by or under common control with such Person. For the purposes of this definition,
“control” means the power to direct the management and policies of a Person, directly or
indirectly, whether through ownership of voting securities, by contract or otherwise; and the terms
“controlling” and “controlled” have meanings correlative to the foregoing.

     AGENCY & TRUST OFFICE: With respect to the Trustee, the office of the Trustee at
which at any particular time its corporate trust business shall be administered, which office at
the date of execution of this instrument is located at 601 Travis, 16th Floor, Houston,
Texas 77002; and, with respect to the Paying Agent, the office of the Paying Agent at which at any
particular time its corporate trust business shall be administered, which office at the date of
execution of this instrument is located at 601 Travis, 16th Floor, Houston, Texas 77002.

     AGGREGATE CLASS A INTEREST ACCRUAL AMOUNT: On any Distribution Date, an amount equal
to the sum of the Class A-1 Interest Accrual Amount, the Class A-2 Interest Accrual Amount, the
Class A-3 Interest Accrual Amount, the Class A-4 Interest Accrual Amount, the Class A-5 Interest
Accrual Amount, the Class A-6 Interest Accrual Amount, the Class A-7 Interest Accrual Amount,

 

 

the Class A-8 Interest Accrual Amount, the Class A-9 Interest Accrual Amount, the Class A-10
Interest Accrual Amount, the Class A-11 Interest Accrual Amount, the Class A-12 Interest Accrual
Amount, the Class A-13 Interest Accrual Amount, the Class A-X Interest Accrual Amount and the Class
A-R Interest Accrual Amount.

     AGGREGATE CLASS A INTEREST SHORTFALL: On any Distribution Date, an amount equal to
the sum of the Class A-1 Shortfall, the Class A-2 Shortfall, the Class A-3 Shortfall, the Class A-4
Shortfall, the Class A-5 Shortfall, the Class A-6 Shortfall, the Class A-7 Shortfall, the Class A-8
Shortfall, the Class A-9 Shortfall, the Class A-10 Shortfall, the Class A-11 Shortfall, the Class
A-12 Shortfall, the Class A-13 Shortfall, the Class A-X Shortfall and the Class A-R Shortfall.

     AGREEMENT: This Pooling and Servicing Agreement and all amendments hereof and
supplements hereto.

     APPRAISED VALUE: The value set forth in an appraisal or recertification document made
in connection with the origination of the related Mortgage Loan as the value of the Mortgaged
Property (or the related residential dwelling unit in the Underlying Mortgaged Property, in the
case of a Co-op Loan).

     ASSESSMENT OF COMPLIANCE: As defined in Section 5.26(a).

     ASSIGNMENT OF MORTGAGE: An assignment of the Mortgage, notice of transfer (or UCC-3
assignment (or equivalent instrument) with respect to each Co-op Loan) or equivalent instrument, in
recordable form (except in the case of a Co-op Loan), sufficient under the laws of the jurisdiction
where the related Mortgaged Property (or Underlying Mortgaged Property, in the case of a Co-op
Loan) is located to reflect of record the sale and assignment of the Mortgage Loan to the Trustee,
which assignment, notice of transfer or equivalent instrument may, if permitted by law, be in the
form of one or more blanket assignments covering Mortgages secured by Mortgaged Properties located
in the same county.

     AUTHENTICATING AGENT: The meaning specified in Section 4.06(a).

     AVAILABLE DISTRIBUTION AMOUNT: On any Distribution Date, an amount equal to the
amount on deposit in the Collection Account as of the close of business two Business Days
immediately preceding the related Distribution Date (but prior to making any deposits into the
Certificate Account on such date) except:

     (a) amounts received on Mortgage Loans as late payments or other recoveries of principal or
interest (including any Subsequent Recoveries, Liquidation Proceeds, Insurance Proceeds and
condemnation awards) and respecting which the Servicer previously made an unreimbursed Advance of
such amounts;

     (b) reimbursement for Nonrecoverable Advances and other amounts permitted to be withdrawn by
the Servicer pursuant to Section 5.09 from, or not required to be deposited in, the Collection
Account;

     (c) amounts representing the Servicing Fee with respect to such Distribution Date;

     (d) amounts representing all or part of a Monthly Payment due (i) after the related Due Period
or (ii) on or prior to the Cut-off Date;

     (e) all Repurchase Proceeds, Principal Prepayments, Liquidation Proceeds, Insurance Proceeds,
Subsequent Recoveries and condemnation awards with respect to Mortgage Loans received

2

 

after the related Principal Prepayment Period, and all related payments of interest
representing interest for any period of time after the last day of the related Due Period for such
Mortgage Loans; and

     (f) all income from Eligible Investments held in the Collection Account for the account of the
Servicer.

     BANKRUPTCY AMOUNT: As of any date of determination, $[        ] minus all Bankruptcy
Losses on the Mortgage Loans, if any, previously allocated to the Certificates in accordance with
Section 6.04.

     BANKRUPTCY CODE: Title 11 of the United States Code, as the same may be amended from
time to time.

     BANKRUPTCY LOSS: With respect to any Mortgage Loan, a Realized Loss resulting from a
Deficient Valuation or Debt Service Reduction.

     BASIS RISK SHORTFALL CARRYOVER AMOUNT: For any Distribution Date and each Class of
LIBOR Certificates, an amount equal to the sum of (i) the excess of (x) the amount of interest such
Class of LIBOR Certificates accrued for such Distribution Date at the related Certificate Rate over
(y) the amount such Class of LIBOR Certificates accrued for such Distribution Date at the per annum
rate of 6.00%, and (ii) the unpaid portion of any Basis Risk Shortfall Carryover Amount for such
Class of LIBOR Certificates from prior Distribution Dates together with interest accrued on such
unpaid portion for the most recently ended Accrual Period at the related Certificate Rate.

     BENEFICIAL HOLDER: A Person holding a beneficial interest in any Book-Entry
Certificate through a Participant or an Indirect Participant or a Person holding a beneficial
interest in any Definitive Certificate.

     BOOK-ENTRY CERTIFICATES: The Class A Certificates (other than the Class A-R, Class
A-X Certificates), Class M Certificates, Class B-1 Certificates and Class B-2 Certificates,
referred to collectively.

     BUSINESS DAY: Any day other than (a) a Saturday or Sunday, (b) a legal holiday in the
States of New York and Louisiana or (c) a day on which banking institutions in the State of New
York are authorized or obligated by law or executive order to be closed.

     CAP STRIKE RATE: With respect to any Distribution Date and the Class A-1 Yield
Maintenance Agreement, the rate set forth under the heading “Cap Strike Rate” in Exhibit U; with
respect to any Distribution Date and the Class A-3 Yield Maintenance Agreement, the rate set forth
under the heading “Cap Strike Rate” in Exhibit U-1; and with respect to any Distribution Date and
the Class A-4 Yield Maintenance Agreement, the rate set forth under the heading “Cap Strike Rate”
in Exhibit U-2.

     CARRY-OVER SUBORDINATED PRINCIPAL AMOUNT: As of any Distribution Date, with respect
to any Class of Subordinated Certificates, an amount, if any, equal to the amount of principal
distributable to such Class on any prior Distribution Date that has not been so distributed and is
not attributable to a Realized Loss.

     CASH LIQUIDATION: Recovery of all cash proceeds by the Servicer with respect to the
liquidation of any Mortgage Loan, including Insurance Proceeds and other payments or recoveries
(whether made at one time or over a period of time) which the Servicer deems to be finally
recoverable, in connection with the sale, assignment or satisfaction of such Mortgage Loan,
trustee’s sale, foreclosure sale or otherwise, but only if title to the related Mortgaged Property
(or stock allocated to a dwelling unit,

3

 

in the case of a Co-op Loan) was not acquired by foreclosure or deed in lieu of foreclosure by
the Servicer pursuant to Section 5.21.

     CERTIFICATE: Any Class A, Class M or Class B Certificate.

     CERTIFICATE ACCOUNT: The account created and maintained pursuant to Section 4.05.

     CERTIFICATEHOLDER or HOLDER: The Person in whose name a Certificate is
registered in the Certificate Register, except that, solely for the purposes of giving any consent,
waiver, request or demand pursuant to this Agreement, any Certificate registered in the name of the
Depositor, the Servicer, any Sub-Servicer, or any of their respective Affiliates shall be
disregarded and the undivided Percentage Interest evidenced thereby shall not be taken into account
in determining whether the requisite amount of Percentage Interests necessary to effect any such
consent, waiver, request or demand has been obtained. The Trustee and the Paying Agent shall be
entitled to conclusively rely upon the certificate of the Depositor or the Servicer as to the
determination of which Certificates are registered in the name of such Affiliates.

     CERTIFICATE OWNER: Any Person who is the beneficial owner of a Book-Entry Certificate
registered in the name of the Depository or its nominee.

     CERTIFICATE RATE: The per annum rate of interest borne by each Class of Certificates
(other than the Class A-P Certificates), which shall equal [        ]% with respect to the Class A-5,
Class A-6, Class A-7, Class A-8, Class A-9, Class A-10, Class A-11, Class A-12, Class A-13, Class
A-X, Class A-R, Class A-M, Class M-1, Class B-1, Class B-2, Class B-3, Class B-4 and Class B-5
Certificates. In the case of the Class A-1, Class A-3 and Class A-4 Certificates, the Certificate
Rate with respect to the first Distribution Date will be [        ]%, and as to any Distribution Date
thereafter, the Certificate Rate on the Class A-1, Class A-3 and Class A-4 Certificates will equal
the lesser of (A) [        ]% plus LIBOR and (B) [        ]%, but not less than [        ]%. In the case of the
Class A-2 Certificates, the Certificate Rate with respect to the first Distribution Date will be
[        ]%, and as to any Distribution Date thereafter, the Certificate Rate on the Class A-2
Certificates will equal the greater of (A) [        ]% minus LIBOR and (B) [        ]%. Interest with respect
to each Class of Certificates (other than the Class A-P Certificates) shall be calculated based on
a 360 day year comprised of twelve 30-day months.

     CERTIFICATE REGISTER: The register maintained pursuant to Section 4.02.

     CERTIFICATE REGISTRAR: The Person appointed by the Trustee as Certificate Registrar
pursuant to Section 4.05.

     CHASE: JPMorgan Chase Bank, N.A., a national banking association, or its successor in
interest.

     CHF: Chase Home Finance LLC, a Delaware limited liability company, or its successor in
interest.

     CLASS: Pertaining to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class
A-6, Class A-7, Class A-8, Class A-9, Class A-10, Class A-11, Class A-12, Class A-13, Class A-X,
Class A-P, Class A-R, Class A-M, Class M-1, Class B-1, Class B-2, Class B-3, Class B-4, Class B-5
Certificates or any Lower-Tier REMIC Interest, as the case may be.

     CLASS A CERTIFICATES: The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5,
Class A-6, Class A-7, Class A-8, Class A-9, Class A-10, Class A-11, Class A-12, Class A-13, Class
A-R, Class A-X and Class A-P Certificates, referred to collectively.

4

 

     CLASS A PERCENTAGE: As of any Distribution Date, the fraction, expressed as a
percentage (which shall never exceed 100%), the numerator of which is the Class A Principal Balance
and the denominator of which is the outstanding Principal Balance of the Mortgage Loans as of the
immediately preceding Due Date.

     CLASS A PRINCIPAL BALANCE: As of any Distribution Date, (a) the Class A Principal
Balance for the immediately preceding Distribution Date less (b) amounts distributed (or deemed
distributed) to the Class A Certificateholders on such preceding Distribution Date allocable to
principal (including the principal portion of Advances of the Servicer made pursuant to Section
6.03 and Realized Losses allocated to the Class A Certificates pursuant to Section 6.04); provided
that the Class A Principal Balance on the first Distribution Date shall be the Original Class A
Principal Balance.

     CLASS A-1 CERTIFICATE: Any one of the Class A-1 Certificates, executed by the
Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been appointed
pursuant to Section 4.06, the Authenticating Agent), senior in right of payment to the Class M and
Class B Certificates, substantially in the form of the Class A Certificate set forth in Exhibit C
hereto.

     CLASS A-1 INTEREST ACCRUAL AMOUNT: With respect to any Distribution Date, one month’s
interest at a per annum rate equal to the lesser of (x) the Certificate Rate and (y) the Remittance
Rate on the Outstanding Certificate Principal Balance of the Class A-1 Certificates minus (i) any
Compensating Interest Shortfall allocated to the Class A-1 Certificates on such Distribution Date
pursuant to Section 6.05(b), (ii) any Realized Loss Interest Shortfall resulting from an Excess
Loss allocated to the Class A-1 Certificates on such Distribution Date pursuant to Section 6.05(c),
and (iii) any interest shortfall resulting from the Relief Act allocated to the Class A-1
Certificates on such Distribution Date pursuant to Section 6.05(d).

     CLASS A-1 MAXIMUM YIELD MAINTENANCE AGREEMENT AMOUNT: The amount described in Section
5.29(e).

     CLASS A-1 SCHEDULED NOTIONAL AMOUNT: With respect to any Distribution Date set forth
in Exhibit U hereto, the amount set forth with respect to such Distribution Date in Exhibit U under
the heading “Notional.”

     CLASS A-1 SHORTFALL: With respect to any Distribution Date, the amount equal to the
excess, if any, of the Class A-1 Interest Accrual Amount over the amount actually distributed to
the Class A-1 Certificateholders on such Distribution Date pursuant to Section 6.01(I)(b)(i)(A).

     CLASS A-1 YIELD MAINTENANCE AGREEMENT: The Yield Maintenance Agreement set forth on
Exhibit U hereto.

     CLASS A-2 CERTIFICATE: Any one of the Class A-2 Certificates, executed by the
Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been appointed
pursuant to Section 4.06, the Authenticating Agent), senior in right of payment to the Class M and
Class B Certificates, substantially in the form of the Class A Certificate set forth in Exhibit C
hereto.

     CLASS A-2 INTEREST ACCRUAL AMOUNT: With respect to any Distribution Date, one month’s
interest at the Certificate Rate on the Class A-2 Notional Amount minus (i) any Compensating
Interest Shortfall allocated to the Class A-2 Certificates on such Distribution Date pursuant to
Section 6.05(b), (ii) any Realized Loss Interest Shortfall resulting from an Excess Loss allocated
to the Class A-2 Certificates on such Distribution Date pursuant to Section 6.05(c), and (iii) any
interest shortfall resulting from the Relief Act allocated to the Class A-2 Certificates on such
Distribution Date pursuant to Section 6.05(d).

5

 

     CLASS A-2 NOTIONAL AMOUNT: With respect to any Distribution Date, an amount equal to
the Outstanding Certificate Principal Balance of the Class A-1 Certificates for such Distribution
Date.

     CLASS A-2 SHORTFALL: With respect to any Distribution Date, the amount equal to the
excess, if any, of the Class A-2 Interest Accrual Amount over the amount actually distributed to
the Class A-2 Certificateholders on such Distribution Date pursuant to Section 6.01(I)(b)(i)(B).

     CLASS A-3 CERTIFICATE: Any one of the Class A-3 Certificates, executed by the
Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been appointed
pursuant to Section 4.06, the Authenticating Agent), senior in right of payment to the Class M and
Class B Certificates, substantially in the form of the Class A Certificate set forth in Exhibit C
hereto.

     CLASS A-3 INTEREST ACCRUAL AMOUNT: With respect to any Distribution Date, one month’s
interest at a per annum rate equal to the lesser of (x) the Certificate Rate and (y) the Remittance
Rate on the Outstanding Certificate Principal Balance of the Class A-3 Certificates minus (i) any
Compensating Interest Shortfall allocated to the Class A-3 Certificates on such Distribution Date
pursuant to Section 6.05(b), (ii) any Realized Loss Interest Shortfall resulting from an Excess
Loss allocated to the Class A-3 Certificates on such Distribution Date pursuant to Section 6.05(c),
and (iii) any interest shortfall resulting from the Relief Act allocated to the Class A-3
Certificates on such Distribution Date pursuant to Section 6.05(d).

     CLASS A-3 MAXIMUM YIELD MAINTENANCE AGREEMENT AMOUNT: The amount described in Section
5.29(f).

     CLASS A-3 SCHEDULED NOTIONAL AMOUNT: With respect to any Distribution Date set forth
in Exhibit U-1 hereto, the amount set forth with respect to such Distribution Date in Exhibit U-1
under the heading “Notional.”

     CLASS A-3 SHORTFALL: With respect to any Distribution Date, the amount equal to the
excess, if any, of the Class A-3 Interest Accrual Amount over the amount actually distributed to
the Class A-3 Certificateholders on such Distribution Date pursuant to Section 6.01(I)(b)(i)(C).

     CLASS A-3 YIELD MAINTENANCE AGREEMENT: The Yield Maintenance Agreement set forth on
Exhibit U-1 hereto.

     CLASS A-4 CERTIFICATE: Any one of the Class A-4 Certificates, executed by the
Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been appointed
pursuant to Section 4.06, the Authenticating Agent), senior in right of payment to the Class M and
Class B Certificates, substantially in the form of the Class A Certificate set forth in Exhibit C
hereto.

     CLASS A-4 INTEREST ACCRUAL AMOUNT: With respect to any Distribution Date, one month’s
interest at a per annum rate equal to the lesser of (x) the Certificate Rate and (y) the Remittance
Rate on the Outstanding Certificate Principal Balance of the Class A-4 Certificates minus (i) any
Compensating Interest Shortfall allocated to the Class A-4 Certificates on such Distribution Date
pursuant to Section 6.05(b), (ii) any Realized Loss Interest Shortfall resulting from an Excess
Loss allocated to the Class A-4 Certificates on such Distribution Date pursuant to Section 6.05(c),
and (iii) any interest shortfall resulting from the Relief Act allocated to the Class A-4
Certificates on such Distribution Date pursuant to Section 6.05(d).

     CLASS A-4 MAXIMUM YIELD MAINTENANCE AGREEMENT AMOUNT: The amount described in Section
5.29(g).

6

 

     CLASS A-4 SCHEDULED NOTIONAL AMOUNT: With respect to any Distribution Date set forth
in Exhibit U-2 hereto, the amount set forth with respect to such Distribution Date in Exhibit U-2
under the heading “Notional.”

     CLASS A-4 SHORTFALL: With respect to any Distribution Date, the amount equal to the
excess, if any, of the Class A-4 Interest Accrual Amount over the amount actually distributed to
the Class A-4 Certificateholders on such Distribution Date pursuant to Section 6.01(I)(b)(i)(D).

     CLASS A-4 YIELD MAINTENANCE AGREEMENT: The Yield Maintenance Agreement set forth on
Exhibit U-2 hereto.

     CLASS A-5 AND CLASS A-6 LOCKOUT PERCENTAGE: With respect to any Distribution Date,
will equal the Outstanding Certificate Principal Balance immediately preceding such Distribution
Date of the Class A-5 and Class A-6 Certificates divided by the aggregate Outstanding Certificate
Principal Balance of the Non-PO Class A Certificates (other than the Class A-R Certificate), but in
no case will the Class A-5 and Class A-6 Lockout Percentage exceed 100%.

     CLASS A-5 AND CLASS A-6 LOCKOUT PRINCIPAL DISTRIBUTION AMOUNT: With respect to any
Distribution Date, will equal the product of (1) the Class A-5 and Class A-6 Lockout Percentage,
(2) the aggregate amount of principal to be distributed to the Non-PO Class A Certificates (after
taking into account any distributions made to the Class A-R Certificate on such Distribution Date)
on such Distribution Date pursuant to Section 6.01 hereof and (3) the Lockout Shift Percentage.

     CLASS A-5 CERTIFICATE: Any one of the Class A-5 Certificates, executed by the
Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been appointed
pursuant to Section 4.06, the Authenticating Agent), senior in right of payment to the Class M and
Class B Certificates, substantially in the form of the Class A Certificate set forth in Exhibit C
hereto.

     CLASS A-5 INTEREST ACCRUAL AMOUNT: With respect to any Distribution Date, one month’s
interest at the Certificate Rate on the Outstanding Certificate Principal Balance of the Class A-5
Certificates minus (i) any Compensating Interest Shortfall allocated to the Class A-5 Certificates
on such Distribution Date pursuant to Section 6.05(b), (ii) any Realized Loss Interest Shortfall
resulting from an Excess Loss allocated to the Class A-5 Certificates on such Distribution Date
pursuant to Section 6.05(c), and (iii) any interest shortfall resulting from the Relief Act
allocated to the Class A-5 Certificates on such Distribution Date pursuant to Section 6.05(d).

     CLASS A-5 SHORTFALL: With respect to any Distribution Date, the amount equal to the
excess, if any, of the Class A-5 Interest Accrual Amount over the amount actually distributed to
the Class A-5 Certificateholders on such Distribution Date pursuant to Section 6.01(I)(b)(i)(E).

     CLASS A-6 CERTIFICATE: Any one of the Class A-6 Certificates, executed by the
Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been appointed
pursuant to Section 4.06, the Authenticating Agent), senior in right of payment to the Class M and
Class B Certificates, substantially in the form of the Class A Certificate set forth in Exhibit C
hereto.

     CLASS A-6 INTEREST ACCRUAL AMOUNT: With respect to any Distribution Date, one month’s
interest at the Certificate Rate on the Outstanding Certificate Principal Balance of the Class A-6
Certificates minus (i) any Compensating Interest Shortfall allocated to the Class A-6 Certificates
on such Distribution Date pursuant to Section 6.05(b), (ii) any Realized Loss Interest Shortfall
resulting from an Excess Loss allocated to the Class A-6 Certificates on such Distribution Date
pursuant to Section 6.05(c), and (iii) any interest shortfall resulting from the Relief Act
allocated to the Class A-6 Certificates on such Distribution Date pursuant to Section 6.05(d).

7

 

     CLASS A-6 SHORTFALL: With respect to any Distribution Date, the amount equal to the
excess, if any, of the Class A-6 Interest Accrual Amount over the amount actually distributed to
the Class A-6 Certificateholders on such Distribution Date pursuant to Section 6.01(I)(b)(i)(F).

     CLASS A-7 CERTIFICATE: Any one of the Class A-7 Certificates, executed by the
Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been appointed
pursuant to Section 4.06, the Authenticating Agent), senior in right of payment to the Class M and
Class B Certificates, substantially in the form of the Class A Certificate set forth in Exhibit C
hereto.

     CLASS A-7 INTEREST ACCRUAL AMOUNT: With respect to any Distribution Date, one month’s
interest at the Certificate Rate on the Outstanding Certificate Principal Balance of the Class A-7
Certificates minus (i) any Compensating Interest Shortfall allocated to the Class A-7 Certificates
on such Distribution Date pursuant to Section 6.05(b), (ii) any Realized Loss Interest Shortfall
resulting from an Excess Loss allocated to the Class A-7 Certificates on such Distribution Date
pursuant to Section 6.05(c), and (iii) any interest shortfall resulting from the Relief Act
allocated to the Class A-7 Certificates on such Distribution Date pursuant to Section 6.05(d).

     CLASS A-7 SHORTFALL: With respect to any Distribution Date, the amount equal to the
excess, if any, of the Class A-7 Interest Accrual Amount over the amount actually distributed to
the Class A-7 Certificateholders on such Distribution Date pursuant to Section 6.01(I)(b)(i)(G).

     CLASS A-8 CERTIFICATE: Any one of the Class A-8 Certificates, executed by the
Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been appointed
pursuant to Section 4.06, the Authenticating Agent), senior in right of payment to the Class M and
Class B Certificates, substantially in the form of the Class A Certificate set forth in Exhibit C
hereto.

     CLASS A-8 INTEREST ACCRUAL AMOUNT: With respect to any Distribution Date, one month’s
interest at the Certificate Rate on the Outstanding Certificate Principal Balance of the Class A-8
Certificates minus (i) any Compensating Interest Shortfall allocated to the Class A-8 Certificates
on such Distribution Date pursuant to Section 6.05(b), (ii) any Realized Loss Interest Shortfall
resulting from an Excess Loss allocated to the Class A-8 Certificates on such Distribution Date
pursuant to Section 6.05(c), and (iii) any interest shortfall resulting from the Relief Act
allocated to the Class A-8 Certificates on such Distribution Date pursuant to Section 6.05(d).

     CLASS A-8 SHORTFALL: With respect to any Distribution Date, the amount equal to the
excess, if any, of the Class A-8 Interest Accrual Amount over the amount actually distributed to
the Class A-8 Certificateholders on such Distribution Date pursuant to Section 6.01(I)(b)(i)(H).

     CLASS A-9 CERTIFICATE: Any one of the Class A-9 Certificates, executed by the
Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been appointed
pursuant to Section 4.06, the Authenticating Agent), senior in right of payment to the Class M and
Class B Certificates, substantially in the form of the Class A Certificate set forth in Exhibit C
hereto.

     CLASS A-9 INTEREST ACCRUAL AMOUNT: With respect to any Distribution Date, one month’s
interest at the Certificate Rate on the Outstanding Certificate Principal Balance of the Class A-9
Certificates minus (i) any Compensating Interest Shortfall allocated to the Class A-9 Certificates
on such Distribution Date pursuant to Section 6.05(b), (ii) any Realized Loss Interest Shortfall
resulting from an Excess Loss allocated to the Class A-9 Certificates on such Distribution Date
pursuant to Section 6.05(c), and (iii) any interest shortfall resulting from the Relief Act
allocated to the Class A-9 Certificates on such Distribution Date pursuant to Section 6.05(d).

8

 

     CLASS A-9 SHORTFALL: With respect to any Distribution Date, the amount equal to the
excess, if any, of the Class A-9 Interest Accrual Amount over the amount actually distributed to
the Class A-9 Certificateholders on such Distribution Date pursuant to Section 6.01(I)(b)(i)(I).

     CLASS A-10 CERTIFICATE: Any one of the Class A-10 Certificates, executed by the
Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been appointed
pursuant to Section 4.06, the Authenticating Agent), senior in right of payment to the Class M and
Class B Certificates, substantially in the form of the Class A Certificate set forth in Exhibit C
hereto.

     CLASS A-10 INTEREST ACCRUAL AMOUNT: With respect to any Distribution Date, one
month’s interest at the Certificate Rate on the Outstanding Certificate Principal Balance of the
Class A-10 Certificates minus (i) any Compensating Interest Shortfall allocated to the Class A-10
Certificates on such Distribution Date pursuant to Section 6.05(b), (ii) any Realized Loss Interest
Shortfall resulting from an Excess Loss allocated to the Class A-10 Certificates on such
Distribution Date pursuant to Section 6.05(c), and (iii) any interest shortfall resulting from the
Relief Act allocated to the Class A-10 Certificates on such Distribution Date pursuant to Section
6.05(d).

     CLASS A-10 SHORTFALL: With respect to any Distribution Date, the amount equal to the
excess, if any, of the Class A-10 Interest Accrual Amount over the amount actually distributed to
the Class A-10 Certificateholders on such Distribution Date pursuant to Section 6.01(I)(b)(i)(J).

     CLASS A-11 AND CLASS A-12 LOCKOUT PERCENTAGE: With respect to any Distribution Date,
will equal (1) the sum of (a) the aggregate Outstanding Certificate Principal Balance immediately
preceding such Distribution Date of the Class A-11 and Class A-12 Certificates and (b) $60,000,000,
divided by (2) the aggregate Outstanding Certificate Principal Balance immediately preceding such
Distribution Date of the Non-PO Class A Certificates (other than the Class A-R, Class A-5 and Class
A-6 Certificates).

     CLASS A-11 AND CLASS A-12 LOCKOUT PRINCIPAL DISTRIBUTION AMOUNT: With respect to any
Distribution Date, will equal the lesser of (1) 99.99% of the aggregate amount of principal to be
distributed to the Non-PO Class A Certificates on such Distribution Date (after taking into account
any distributions made to the Class A-R, Class A-5 and Class A-6 Certificates on such Distribution
Date) and (2) product of (a) the Class A-11 and Class A-12 Lockout Percentage, (b) the aggregate
amount of principal to be distributed to the Non-PO Class A Certificates on such Distribution Date
(after taking into account any distributions made to the Class A-R, Class A-5 and Class A-6
Certificates on such Distribution Date) pursuant to Section 6.01 hereof and (3) the Lockout Shift
Percentage.

     CLASS A-11 CERTIFICATE: Any one of the Class A-11 Certificates, executed by the
Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been appointed
pursuant to Section 4.06, the Authenticating Agent), senior in right of payment to the Class M and
Class B Certificates, substantially in the form of the Class A Certificate set forth in Exhibit C
hereto.

     CLASS A-11 INTEREST ACCRUAL AMOUNT: With respect to any Distribution Date, one
month’s interest at the Certificate Rate on the Outstanding Certificate Principal Balance of the
Class A-11 Certificates minus (i) any Compensating Interest Shortfall allocated to the Class A-11
Certificates on such Distribution Date pursuant to Section 6.05(b), (ii) any Realized Loss Interest
Shortfall resulting from an Excess Loss allocated to the Class A-11 Certificates on such
Distribution Date pursuant to Section 6.05(c), and (iii) any interest shortfall resulting from the
Relief Act allocated to the Class A-11 Certificates on such Distribution Date pursuant to Section
6.05(d).

9

 

     CLASS A-11 SHORTFALL: With respect to any Distribution Date, the amount equal to the
excess, if any, of the Class A-11 Interest Accrual Amount over the amount actually distributed to
the Class A-11 Certificateholders on such Distribution Date pursuant to Section 6.01(I)(b)(i)(K).

     CLASS A-12 CERTIFICATE: Any one of the Class A-12 Certificates, executed by the
Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been appointed
pursuant to Section 4.06, the Authenticating Agent), senior in right of payment to the Class M and
Class B Certificates, substantially in the form of the Class A Certificate set forth in Exhibit C
hereto.

     CLASS A-12 INTEREST ACCRUAL AMOUNT: With respect to any Distribution Date, one
month’s interest at the Certificate Rate on the Outstanding Certificate Principal Balance of the
Class A-12 Certificates minus (i) any Compensating Interest Shortfall allocated to the Class A-12
Certificates on such Distribution Date pursuant to Section 6.05(b), (ii) any Realized Loss Interest
Shortfall resulting from an Excess Loss allocated to the Class A-12 Certificates on such
Distribution Date pursuant to Section 6.05(c), and (iii) any interest shortfall resulting from the
Relief Act allocated to the Class A-12 Certificates on such Distribution Date pursuant to Section
6.05(d).

     CLASS A-12 SHORTFALL: With respect to any Distribution Date, the amount equal to the
excess, if any, of the Class A-12 Interest Accrual Amount over the amount actually distributed to
the Class A-12 Certificateholders on such Distribution Date pursuant to Section 6.01(I)(b)(i)(L).

     CLASS A-13 CERTIFICATE: Any one of the Class A-13 Certificates, executed by the
Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been appointed
pursuant to Section 4.06, the Authenticating Agent), senior in right of payment to the Class M and
Class B Certificates, substantially in the form of the Class A Certificate set forth in Exhibit C
hereto.

     CLASS A-13 INTEREST ACCRUAL AMOUNT: With respect to any Distribution Date, one
month’s interest at the Certificate Rate on the Outstanding Certificate Principal Balance of the
Class A-13 Certificates minus (i) any Compensating Interest Shortfall allocated to the Class A-13
Certificates on such Distribution Date pursuant to Section 6.05(b), (ii) any Realized Loss Interest
Shortfall resulting from an Excess Loss allocated to the Class A-13 Certificates on such
Distribution Date pursuant to Section 6.05(c), and (iii) any interest shortfall resulting from the
Relief Act allocated to the Class A-13 Certificates on such Distribution Date pursuant to Section
6.05(d).

     CLASS A-13 SHORTFALL: With respect to any Distribution Date, the amount equal to the
excess, if any, of the Class A-13 Interest Accrual Amount over the amount actually distributed to
the Class A-13 Certificateholders on such Distribution Date pursuant to Section 6.01(I)(b)(i)(M).

     CLASS A-M CERTIFICATE: Any one of the Class A-M Certificates executed by the
Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been appointed
pursuant to Section 4.06, the Authenticating Agent), subordinated in right of payment to the Class
A Certificates, substantially in the form of the Class M Certificate set forth in Exhibit D hereto.

     CLASS A-M INTEREST ACCRUAL AMOUNT: With respect to any Distribution Date, one (1)
month’s interest at the Certificate Rate on the Outstanding Certificate Principal Balance of the
Class A-M Certificates minus (i) any Compensating Interest Shortfall allocated to the Class A-M
Certificates on such Distribution Date pursuant to Section 6.05(b), (ii) any Realized Loss Interest
Shortfall resulting from an Excess Loss allocated to the Class A-M Certificates on such
Distribution Date pursuant to Section 6.05(c) and (iii) any interest shortfall resulting from the
Relief Act allocated to the Class A-M Certificates on such Distribution Date pursuant to Section
6.05(d).

10

 

     CLASS A-M PRINCIPAL BALANCE: As of any Distribution Date, (a) the Class A-M Principal
Balance for the immediately preceding Distribution Date less (b) amounts distributed to the Class
A-M Certificateholders on such preceding Distribution Date allocable to principal (including the
principal portion of Advances of the Servicer made pursuant to Section 6.03 and Realized Losses
allocated to the Class A-M Certificates pursuant to Section 6.04); provided that the Class A-M
Principal Balance on the first Distribution Date shall be the Original Class A-M Principal Balance,
and provided further that if the aggregate Outstanding Certificate Principal Balance of the Class B
and Class M-1 Certificates has been reduced to zero, as of any Distribution Date, the Class A-M
Principal Balance will equal the excess of the Mortgage Pool Principal Balance (together with the
portion of any Monthly Payment due but not paid with respect to which an Advance has not been made)
over the Class A Principal Balance.

     CLASS A-M SHORTFALL: With respect to any Distribution Date, the amount equal to the
excess, if any, of the Class A-M Interest Accrual Amount over the amount actually distributed to
the Class A-M Certificateholders on such Distribution Date pursuant to Section 6.01(I)(c)(1)(A) and
6.01(I)(c)(1)(B).

     CLASS A-P AMOUNT: With respect to any Distribution Date, the applicable PO Percentage
of (i) all principal received on or in respect of each Discount Mortgage Loan (exclusive of any
amounts in respect of any Monthly Payment) during the related Principal Prepayment Period and (ii)
all principal received as part of a Monthly Payment on or in respect of a Discount Mortgage Loan
during the related Due Period.

     CLASS A-P CERTIFICATE: Any one of the Class A-P Certificates, executed by the
Depositor and authenticated by the Trustee, senior in right of payment to the Class M and Class B
Certificates, substantially in the form of the Class A Certificate set forth in Exhibit C hereto.

     CLASS A-P SHORTFALL AMOUNT: With respect to any Distribution Date prior to and
including the Credit Support Depletion Date, to the extent of amounts available to pay the
Subordinated Optimal Principal Amount (without regard to clause (b)(2) of the definition of such
term), an amount equal to the sum of (i) the applicable PO Percentage of the principal portion of
any Realized Loss (other than an Excess Loss) with respect to a Discount Mortgage Loan and (ii) the
sum of amounts, if any, by which the amounts specified in clause (i) with respect to each prior
Distribution Date exceeded the amount actually distributed in respect thereof on such prior
Distribution Date and not subsequently distributed to the Class A-P Certificateholders.

     CLASS A-R CERTIFICATE: The Class A-R Certificates, executed by the Depositor and
authenticated by the Trustee (or, if an Authenticating Agent has been appointed pursuant to Section
4.06, the Authenticating Agent), substantially in the form of the Class A-R Certificate set forth
in Exhibit F hereto.

     CLASS A-R INTEREST ACCRUAL AMOUNT: With respect to any Distribution Date, one month’s
interest at the Certificate Rate on the Outstanding Certificate Principal Balance of the Class A-R
Certificates minus (i) any Compensating Interest Shortfall allocated to the Class A-R Certificates
on such Distribution Date pursuant to Section 6.05(b), (ii) any Realized Loss Interest Shortfall
resulting from an Excess Loss allocated to the Class A-R Certificates on such Distribution Date
pursuant to Section 6.05(c), and (iii) any interest shortfall resulting from the Relief Act
allocated to the Class A-R Certificates on such Distribution Date pursuant to Section 6.05(d).

     CLASS A-R SHORTFALL: With respect to any Distribution Date, the amount equal to the
excess, if any, of the Class A-R Interest Accrual Amount over the amount actually distributed to
the Class A-R Certificateholders on such Distribution Date pursuant to Section 6.01(I)(b)(i)(N).

11

 

     CLASS A-X CERTIFICATE: Any one of the Class A-X Certificates, executed by the
Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been appointed
pursuant to Section 4.06, the Authenticating Agent), senior in right of payment to the Class M and
Class B Certificates, substantially in the form of the Class A Certificate set forth in Exhibit C
hereto.

     CLASS A-X INTEREST ACCRUAL AMOUNT: With respect to any Distribution Date, one month’s
interest at the Certificate Rate on the Class A-X Notional Amount minus (i) any Compensating
Interest Shortfall allocated to the Class A-X Certificates on such Distribution Date pursuant to
Section 6.05(b), (ii) any Realized Loss Interest Shortfall resulting from an Excess Loss allocated
to the Class A-X Certificates on such Distribution Date pursuant to Section 6.05(c), and (iii) any
interest shortfall resulting from the Relief Act, allocated to the Class A-X Certificates on such
Distribution Date pursuant to Section 6.05(d).

     CLASS A-X NOTIONAL AMOUNT: With respect to any Distribution Date, an amount equal to
the product of (a) the aggregate Scheduled Principal Balance of the Non-Discount Mortgage Loans and
(b) a fraction the numerator of which is the weighted average of the Stripped Interest Rates of the
Non-Discount Mortgage Loans and the denominator of which is 6.00%.

     CLASS A-X SHORTFALL: With respect to any Distribution Date the amount equal to the
excess, if any, of the Class A-X Interest Accrual Amount over the amount actually distributed to
the Class A-X Certificateholders on such Distribution Date pursuant to Section 6.01(I)(b)(i)(O).

     CLASS B CERTIFICATES: The Class B-1, Class B-2, Class B-3, Class B-4 and Class B-5
Certificates, referred to collectively.

     CLASS B PERCENTAGE: As of any Distribution Date, the difference between 100% and the
sum of (i) the Class A Percentage and (ii) the Class M Percentage for such Distribution Date.

     CLASS B PRINCIPAL BALANCE: As of any Distribution Date, the excess of the Mortgage
Pool Principal Balance (together with the principal portion of any Monthly Payment due but not paid
with respect to which an Advance has not been made) over the sum of (i) the Class A Principal
Balance and (ii) the Class M Principal Balance.

     CLASS B-1 CERTIFICATE: Any one of the Class B-1 Certificates executed by the
Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been appointed
pursuant to Section 4.06, the Authenticating Agent), subordinated in right of payment to the Class
A and Class M Certificates, substantially in the form of the Class B Certificate set forth in
Exhibit E hereto.

     CLASS B-1 INTEREST ACCRUAL AMOUNT: With respect to any Distribution Date, one month’s
interest at the Certificate Rate on the Outstanding Certificate Principal Balance of the Class B-1
Certificates minus (i) any Compensating Interest Shortfall allocated to the Class B-1 Certificates
on such Distribution Date pursuant to Section 6.05(b), (ii) any Realized Loss Interest Shortfall
resulting from an Excess Loss allocated to the Class B-1 Certificates on such Distribution Date
pursuant to Section 6.05(c) and (iii) any interest shortfall resulting from the Relief Act
allocated to the Class B-1 Certificates on such Distribution Date pursuant to Section 6.05(d).

     CLASS B-1 SHORTFALL: With respect to any Distribution Date, the amount equal to the
excess, if any, of the Class B-1 Interest Accrual Amount over the amount actually distributed to
the Class B-1 Certificates on such Distribution Date pursuant to Section 6.01(I)(d)(1) (A) and (B).

     CLASS B-2 CERTIFICATE: Any one of the Class B-2 Certificates executed by the
Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been appointed
pursuant to

12

 

Section 4.06, the Authenticating Agent), subordinated in right of payment to the Class A, Class M and
Class B-1 Certificates, substantially in the form of the Class B Certificate set forth in Exhibit E
hereto.

     CLASS B-2 INTEREST ACCRUAL AMOUNT: With respect to any Distribution Date, one month’s
interest at the Certificate Rate on the Outstanding Certificate Principal Balance of the Class B-2
Certificates minus (i) any Compensating Interest Shortfall allocated to the Class B-2 Certificates
on such Distribution Date pursuant to Section 6.05(b), (ii) any Realized Loss Interest Shortfall
resulting from an Excess Loss allocated to the Class B-2 Certificates on such Distribution Date
pursuant to Section 6.05(c) and (iii) any interest shortfall resulting from the Relief Act
allocated to the Class B-2 Certificates on such Distribution Date pursuant to Section 6.05(d).

     CLASS B-2 SHORTFALL: With respect to any Distribution Date, the amount equal to the
excess, if any, of the Class B-2 Interest Accrual Amount over the amount actually distributed to
the Class B-2 Certificates on such Distribution Date pursuant to Section 6.01(I)(d)(2) (A) and (B).

     CLASS B-3 CERTIFICATE: Any one of the Class B-3 Certificates executed by the
Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been appointed
pursuant to Section 4.06, the Authenticating Agent), subordinated in right of payment to the Class
A, Class M, Class B-1 and Class B-2 Certificates, substantially in the form of the Class B
Certificate set forth in Exhibit E hereto.

     CLASS B-3 INTEREST ACCRUAL AMOUNT: With respect to any Distribution Date, one month’s
interest at the Certificate Rate on the Outstanding Certificate Principal Balance of the Class B-3
Certificates minus (i) any Compensating Interest Shortfall allocated to the Class B-3 Certificates
on such Distribution Date pursuant to Section 6.05(b), (ii) any Realized Loss Interest Shortfall
resulting from an Excess Loss allocated to the Class B-3 Certificates on such Distribution Date
pursuant to Section 6.05(c) and (iii) any interest shortfall resulting from the Relief Act
allocated to the Class B-3 Certificates on such Distribution Date pursuant to Section 6.05(d).

     CLASS B-3 SHORTFALL: With respect to any Distribution Date, the amount equal to the
excess, if any, of the Class B-3 Interest Accrual Amount over the amount actually distributed to
the Class B-3 Certificates on such Distribution Date pursuant to Section 6.01(I)(d)(3) (A) and (B).

     CLASS B-4 CERTIFICATE: Any one of the Class B-4 Certificates executed by the
Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been appointed
pursuant to Section 4.06, the Authenticating Agent), subordinated in right of payment to the Class
A, Class M, Class B-1, Class B-2 and Class B-3 Certificates, substantially in the form of the Class
B Certificate set forth in Exhibit E hereto.

     CLASS B-4 INTEREST ACCRUAL AMOUNT: With respect to any Distribution Date, one month’s
interest at the Certificate Rate on the Outstanding Certificate Principal Balance of the Class B-4
Certificates minus (i) any Compensating Interest Shortfall allocated to the Class B-4 Certificates
on such Distribution Date pursuant to Section 6.05(b), (ii) any Realized Loss Interest Shortfall
resulting from an Excess Loss allocated to the Class B-4 Certificates on such Distribution Date
pursuant to Section 6.05(c) and (iii) any interest shortfall resulting from the Relief Act
allocated to the Class B-4 Certificates on such Distribution Date pursuant to Section 6.05(d).

     CLASS B-4 SHORTFALL: With respect to any Distribution Date, the amount equal to the
excess, if any, of the Class B-4 Interest Accrual Amount over the amount actually distributed to
the Class B-4 Certificates on such Distribution Date pursuant to Section 6.01(I)(d)(4) (A) and (B).

13

 

     CLASS B-5 CERTIFICATE: Any one of the Class B-5 Certificates executed by the
Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been appointed
pursuant to Section
4.06, the Authenticating Agent), subordinated in right of payment to the Class A, Class M,
Class B-1, Class B-2, Class B-3 and Class B-4 Certificates, substantially in the form of the Class
B Certificate set forth in Exhibit E hereto.

     CLASS B-5 INTEREST ACCRUAL AMOUNT: With respect to any Distribution Date, one month’s
interest at the Certificate Rate on the Outstanding Certificate Principal Balance of the Class B-5
Certificates minus (i) any Compensating Interest Shortfall allocated to the Class B-5 Certificates
on such Distribution Date pursuant to Section 6.05(b), (ii) any Realized Loss Interest Shortfall
resulting from an Excess Loss allocated to the Class B-5 Certificates on such Distribution Date
pursuant to Section 6.05(c) and (iii) any interest shortfall resulting from the Relief Act
allocated to the Class B-5 Certificates on such Distribution Date pursuant to Section 6.05(d).

     CLASS B-5 SHORTFALL: With respect to any Distribution Date, the amount equal to the
excess, if any, of the Class B-5 Interest Accrual Amount over the amount actually distributed to
the Class B-5 Certificates on such Distribution Date pursuant to Section 6.01(I)(d)(5) (A) and (B).

     CLASS LT-R INTEREST: The sole residual interest in the Lower-Tier REMIC.

     CLASS M CERTIFICATES: The Class A-M and Class M-1 Certificates, referred to
collectively.

     CLASS M PERCENTAGE: As of any Distribution Date, the percentage obtained by dividing
(i) the sum of the Class A-M Principal Balance and the Class M-1 Principal Balance by (ii) the
Mortgage Pool Principal Balance; provided, however, that on any Distribution Date on which the
Class B Percentage equals 0%, the Class M Percentage shall equal 100% minus the Class A Percentage.

     CLASS M PRINCIPAL BALANCE: As of any Distribution Date, the sum of the Class A-M
Principal Balance and the Class M-1 Principal Balance.

     CLASS M-1 CERTIFICATE: Any one of the Class M-1 Certificates executed by the
Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been appointed
pursuant to Section 4.06, the Authenticating Agent), subordinated in right of payment to the Class
A Certificates and the Class A-M Certificates, substantially in the form of the Class M Certificate
set forth in Exhibit D hereto.

     CLASS M-1 INTEREST ACCRUAL AMOUNT: With respect to any Distribution Date, one (1)
month’s interest at the Certificate Rate on the Outstanding Certificate Principal Balance of the
Class M-1 Certificates minus (i) any Compensating Interest Shortfall allocated to the Class M-1
Certificates on such Distribution Date pursuant to Section 6.05(b), (ii) any Realized Loss Interest
Shortfall resulting from an Excess Loss allocated to the Class M-1 Certificates on such
Distribution Date pursuant to Section 6.05(c) and (iii) any interest shortfall resulting from the
Relief Act allocated to the Class M-1 Certificates on such Distribution Date pursuant to Section
6.05(d).

     CLASS M-1 PRINCIPAL BALANCE: As of any Distribution Date, (a) the Class M-1 Principal
Balance for the immediately preceding Distribution Date less (b) amounts distributed to the Class
M-1 Certificateholders on such preceding Distribution Date allocable to principal (including the
principal portion of Advances of the Servicer made pursuant to Section 6.03 and Realized Losses
allocated to the Class M-1 Certificates pursuant to Section 6.04); provided that the Class M-1
Principal Balance on the first Distribution Date shall be the Original Class M-1 Principal Balance,
and provided further that if the aggregate Outstanding Certificate Principal Balance of the Class B
Certificates has been reduced to zero, as of any Distribution Date, the Class M-1 Principal Balance
will equal the excess of the Mortgage Pool

14

 

Principal Balance (together with the portion of any
Monthly Payment due but not paid with respect to which an Advance has not been made) over the sum
of the Class A Principal Balance and the Class A-M Principal Balance.

     CLASS M-1 SHORTFALL: With respect to any Distribution Date, the amount equal to the
excess, if any, of the Class M-1 Interest Accrual Amount over the amount actually distributed to
the Class M-1 Certificateholders on such Distribution Date pursuant to Section 6.01(I)(c)(2)(A) and
(B).

     CLASS MT-R INTEREST: [Reserved.]

     CLOSING DATE: [        ].

     CODE: The Internal Revenue Code of 1986, as amended from time to time, and any
successor statutes thereto, and applicable U.S. Department of Treasury temporary or final
regulations promulgated thereunder.

     COLLECTION ACCOUNT: The account created and maintained pursuant to Section 5.08.

     COMMISSION: The United States Securities and Exchange Commission.

     COMPENSATING INTEREST: The meaning specified in Section 6.05(a).

     COMPENSATING INTEREST SHORTFALL: The meaning specified in Section 6.05(b).

     CO-OP LEASE: With respect to a Co-op Loan, the lease with respect to a dwelling unit
occupied by the Mortgagor and relating to the stock allocated to the related dwelling unit.

     CO-OP LOAN: A Mortgage Loan secured by the pledge of stock allocated to a dwelling
unit in a residential cooperative housing corporation and a collateral assignment of the related
Co-op Lease.

     COUNTERPARTY: JPMorgan Chase Bank, National Association, in its capacity as cap
counterparty under the Yield Maintenance Agreement, and its successors in interest.

     CREDIT SUPPORT: With respect to each Class of Subordinated Certificates (other than
the Class B-5 Certificates), the level of credit support supporting such Class, expressed as a
percentage of the aggregate Outstanding Certificate Principal Balance of all Classes of
Certificates (other than the Class A-P Certificates). With respect to each Distribution Date,
Credit Support for each such Class will equal in each case the percentage, rounded to two decimal
places, obtained by dividing the aggregate Outstanding Certificate Principal Balances immediately
prior to such Distribution Date of all Classes of Subordinated Certificates having higher numerical
class designations than such Class (for this purpose, the Class M Certificates shall be deemed to
have a lower numerical class designation than each Class of Class B Certificates and the Class A-M
Certificates shall be deemed to have a lower numerical class designation than the Class M-1
Certificates) by the aggregate Outstanding Certificate Principal Balance of all Classes of
Certificates (other than the Class A-P Certificates) immediately prior to such Distribution Date.

     CREDIT SUPPORT DEPLETION DATE: The first Distribution Date on which the aggregate
Outstanding Certificate Principal Balance of the Subordinated Certificates has been or will be
reduced to zero.

     CUSTODIAN: JPMorgan Chase Bank, N.A., and its permitted successors in interest.

     CUT-OFF DATE: [        ].

15

 

     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, other than such a reduction resulting from a Deficient
Valuation.

     DEFICIENT VALUATION: With respect to any Mortgage Loan, a valuation of the related
Mortgaged Property (or stock allocated to a dwelling unit, in the case of a Co-op Loan) by a court
of competent jurisdiction in an amount less than the then outstanding Principal Balance of the
Mortgage Loan, which valuation results from a proceeding initiated under the Bankruptcy Code.

     DEFINITIVE CERTIFICATES: The Certificates referred to in Section 4.01(c).

     DEPOSITOR: Chase Mortgage Finance Corporation, a Delaware corporation, or its
successor in interest or any successor under this Agreement appointed as herein provided.

     DEPOSITORY: The Depository Trust Company, the nominee of which is Cede & Co.

     DEPOSITORY AGREEMENT: The agreement referred to in Section 4.01(b).

     DEPOSITORY PARTICIPANT: A broker, dealer, bank or other financial institution or
other Person for whom from time to time the Depository effects book-entry transfers and pledges of
securities deposited with the Depository.

     DETERMINATION DATE: The sixteenth day of the month in which the related Distribution
Date occurs (or, if such sixteenth day is not a Business Day, the preceding Business Day).

     DISCOUNT MORTGAGE LOAN: Any Mortgage Loan having a Net Mortgage Rate less than the
Remittance Rate.

     DISQUALIFIED ORGANIZATION: An organization referred to in Section 860E(e)(5) of the
Code.

     DISTRIBUTION DATE: The 25th day of any month, or if such 25th day is not a Business
Day, the first Business Day immediately following, beginning with
[        ].

     DUE DATE: The first day of each month, being the day of the month on which each
Monthly Payment is due on a Mortgage Loan, exclusive of any days of grace.

     DUE PERIOD: With respect to any Distribution Date, the period from the second day of
the month preceding the month in which such Distribution Date occurs through the first day of the
month in which such Distribution Date occurs.

     ELIGIBLE ACCOUNT: An account that is (i) maintained with a depository institution the
long-term unsecured debt obligations of which are rated by each Rating Agency in one of its two
highest rating categories, or (ii) maintained with the corporate trust department of a national
bank or banking corporation which (a) has a rating of at least Baa3 or P-3 by Moody’s and (b) is
either Chase or is the corporate trust department of a national bank or banking corporation which
has a rating of at least A-1 by S&P and F1 by Fitch Ratings, or (iii) an account or accounts the
deposits in which are fully insured by the FDIC, or (iv) an account or accounts in a depository
institution in which such accounts are insured by the FDIC (to the limit established by the FDIC),
the uninsured deposits in which accounts are otherwise secured such that, as evidenced by an
Opinion of Counsel delivered to and acceptable to the Trustee and each Rating Agency, the
Certificateholders have a claim with respect to the funds in such account and a perfected first
security interest against any collateral (which shall be limited to Eligible Investments)

16

 

securing
such funds that is superior to claims of any other depositors or creditors of the depository
institution with which such account is maintained, provided, however, that such uninsured deposits
do not result in the reduction of the ratings assigned to the Certificates by the Rating Agencies
as evidenced by a
letter from each Rating Agency or (v) otherwise acceptable to each Rating Agency without
reduction or withdrawal of the rating of any Class of Certificates, as evidenced by a letter from
each Rating Agency.

     ELIGIBLE INVESTMENTS: One or more of the following:

     (i) obligations of, or guaranteed as to principal and interest by, the United States or
obligations of any agency or instrumentality thereof when such obligations are backed by the full
faith and credit of the United States; provided that any such obligation held as a “cash flow
investment” within the meaning of section 860G(a)(6) of the Code shall mature before the next
Distribution Date;

     (ii) repurchase agreements on obligations specified in clause (i) maturing not more than two
months from the date of acquisition thereof, provided that the long-term unsecured obligations of
the party agreeing to repurchase such obligations are at the time rated by each Rating Agency with
its highest rating and the short-term debt obligations of the party agreeing to repurchase are
rated with one of the two highest ratings by Moody’s, A-1+ by S&P and, if rated by Fitch, F+ by
Fitch;

     (iii) federal funds, certificates of deposit, time deposits and bankers’ acceptances (other
than bankers’ acceptances issued by Chase or any of its Affiliates) (which shall each have an
original maturity of not more than 60 days and, in the case of bankers’ acceptances, shall in no
event have an original maturity of more than 365 days) of any United States depository institution
or trust company incorporated under the laws of the United States or any state, provided that the
long-term unsecured debt obligations of such depository institution or trust company at the date of
acquisition thereof have been rated by each Rating Agency with its highest rating and the
short-term obligations of such depository institution or trust company are rated A-1+ by S&P, P-1
by Moody’s and, if rated by Fitch, F+ by Fitch;

     (iv) commercial paper (other than commercial paper issued by Chase or any of its Affiliates)
(having original maturities of not more than 365 days) of any corporation incorporated under the
laws of the United States or any state thereof which on the date of acquisition has been rated by
each Rating Agency in its highest short-term unsecured commercial paper rating category; provided
that such commercial paper shall have a remaining maturity of not more than 45 days;

     (v) units of taxable money market funds (including those for which the Trustee or the Servicer
or any Affiliate thereof acts as sponsor, administrator or the like and receives compensation with
respect to such investment) which may be 12b-1 funds, as contemplated under the rules promulgated
by the Commission under the Investment Company Act of 1940, as amended, and which funds have been
rated by each Rating Agency in its highest rating category or which have been designated in writing
by each Rating Agency as Eligible Investments with respect to this definition; or

     (vi) other obligations or securities (other than investments or obligations of Chase or any of
its Affiliates) acceptable to each Rating Agency rating the Certificates as an Eligible Investment
hereunder and will not result in a reduction or withdrawal in the then current rating of any Class
of Certificates, as evidenced by a letter to such effect from each Rating Agency;

Provided that no such instrument shall be an Eligible Investment if such instrument evidences
either (a) a right to receive only interest payments with respect to the obligations underlying
such instrument, or (b) both principal and interest payments derived from obligations underlying
such instrument where the interest and principal payments with respect to such instrument provide a
yield to maturity of greater than 120% of the yield to maturity at par of such underlying
obligations; and provided further that no such

17

 

instrument shall be purchased above par; and
provided further that each Eligible Investment must be a “permitted investment” within the meaning
of Section 860G(a)(5) of the Code.

     ERISA: The Employee Retirement Income Security Act of 1974, as amended from time to
time, and any successor statutes thereto, and applicable U.S. Department of Labor temporary or
final regulations promulgated thereunder.

     ERISA QUALIFYING UNDERWRITING: A best efforts or firm commitment underwriting or
private placement that would satisfy the requirements of Prohibited Transaction Exemption 2002-19,
67 Fed. Reg. 14797 (March 28, 2002), as amended, or any substantially similar administrative
exemption granted by the U.S. Department of Labor to Chase, except, in relevant part, for the
requirement that the certificates have received a rating at the time of acquisition that is in one
of the three (or four, in the case of a “designated transaction”) highest generic rating categories
by at least one of the Rating Agencies.

     ERISA RESTRICTED CERTIFICATE: Any Class B-3, Class B-4 or Class B-5 Certificate and
any other Certificate, as long as the acquisition and holding of such Certificate is not covered by
and exempt under Prohibited Transaction Exemption 2002-19, 67 Fed. Reg. 14797 (March 28, 2002), as
amended, or any substantially similar administrative exemption granted by the U.S. Department of
Labor to Chase.

     ESCROW ACCOUNT: The account or accounts created and maintained pursuant to Section
5.10.

     ESCROW PAYMENTS: The amounts constituting applicable ground rents, taxes,
assessments, water rates, Standard Hazard Policy premiums and other payments required to be
escrowed by the Mortgagor with the mortgagee pursuant to a Mortgage Loan.

     EVENT OF DEFAULT: Any of the events specified in Section 9.01.

     EXCEPTION REPORT: The report of the Custodian or Trustee, as applicable, referred to
in Section 2.02.

     EXCESS BANKRUPTCY LOSS: Any Bankruptcy Loss, or portion thereof, which exceeds the
then applicable Bankruptcy Amount.

     EXCESS FRAUD LOSS: Any Fraud Loss, or portion thereof, which exceeds the then
applicable Fraud Loss Amount.

     EXCESS LOSSES: Excess Bankruptcy Losses, Excess Fraud Losses and Excess Special
Hazard Losses, referred to collectively.

     EXCESS SPECIAL HAZARD LOSS: Any Special Hazard Loss, or portion thereof, that exceeds
the then applicable Special Hazard Amount.

     EXCHANGE ACT: The Securities Exchange Act of 1934, as amended.

     EXCHANGEABLE CERTIFICATES: The Certificates designated as Exchangeable Certificates in
Section 4.01 issued or issuable pursuant to the Trust Agreement in exchange for and in accordance
with the Trust Agreement for the applicable Exchangeable Initial Certificates.

     EXCHANGEABLE INITIAL CERTIFICATES: The Class A-9, Class A-10, Class A-11 and Class
A-12 Certificates.

18

 

     FDIC: The Federal Deposit Insurance Corporation or any successor organization.

     FHLMC: The Federal Home Loan Mortgage Corporation or any successor organization.

     FIDELITY BOND: The fidelity bond and errors and omissions insurance to be maintained
by the Servicer pursuant to Section 5.19.

     FINAL SCHEDULED DISTRIBUTION DATE: The Distribution Date in [        ].

     FITCH RATINGS: Fitch, Inc. or its successor in interest.

     FNMA: The Federal National Mortgage Association, or any successor organization.

     FNMA GUIDES: The FNMA Sellers’ Guide and the FNMA Servicers’ Guide, and all
amendments or additions thereto.

     FRAUD LOSS: Any Realized Loss or portion thereof sustained by reason of a default
arising from fraud, dishonesty or misrepresentation in connection with the related Mortgage Loan,
including by reason of the denial of coverage under any related Primary Insurance Policy.

     FRAUD LOSS AMOUNT: As of any date of determination after the Cut-off Date, an amount
(initially, $12,908,345.45) equal to (X) prior to the third anniversary of the Cut-off Date, (a)
1.00% of the aggregate principal balance of all of the Mortgage Loans as of the most recent
anniversary of the Cut-off Date minus (b) the aggregate amounts allocated to the Certificates with
respect to Fraud Losses on the Mortgage Loans since the most recent anniversary of the Cut-off Date
up to such date of determination, (Y) from the third to (but excluding) the fifth anniversary of
the Cut-off Date, (a) 0.50% of the aggregate principal balance of all of the Mortgage Loans as of
the most recent anniversary of the Cut-off Date minus (b) the aggregate amounts allocated to the
Certificates with respect to Fraud Losses on the Mortgage Loans since the most recent anniversary
of the Cut-off Date up to such date of determination and (Z) on and after the fifth anniversary of
the Cut-off Date, zero.

     INDIRECT PARTICIPANT: A broker, dealer, bank or other financial institution or other
Person that clears through or maintains a custodial relationship with a Depository Participant,
either directly or indirectly.

     INSURANCE PROCEEDS: Proceeds paid by any insurer pursuant to any insurance policy
covering a Mortgage Loan, net of costs of collecting such proceeds and net of amounts released to
the Mortgagor or applied to the restoration of the Mortgaged Property (or in the underlying
Mortgaged Property, in the case of a Co-op Loan).

     INSURED EXPENSES: Expenses covered by any insurance policy.

     INTEREST ACCRUAL PERIOD: With respect to any Distribution Date and any Class of
Certificates (other than the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-P
Certificates), the calendar month immediately preceding the month in which the related Distribution
Date occurs, in each case calculated on the basis of a 360-day year of twelve 30-day months. With
respect to any Distribution Date and the Class A-1, Class A-2, Class A-3 and Class A4 Certificates,
the period from and including the 25th day of the month immediately preceding the month
in which such Distribution Date occurs, to but excluding, the 25th day of the month in
which such Distribution Date occurs, in each case calculated on the basis of a 360-day year of
twelve 30-day months.

19

 

     LATE COLLECTIONS: With respect to any Mortgage Loan, all amounts received during any
Due Period, whether as late payments of Monthly Payments or as Liquidation Proceeds, condemnation
proceeds, Insurance Proceeds, Subsequent Recoveries or with respect to a disposition of a Mortgaged
Property (or stock allocated to a dwelling unit, in the case of a Co-op Loan) which has been
acquired by foreclosure or deed in lieu of foreclosure or otherwise, which represent late payments
or collections of Monthly Payments due but delinquent for a previous Due Period and not previously
recovered.

     LIBOR: With respect to any Distribution Date and the Certificate Rates on the Class
A-1, Class A-2, Class A-3 and Class A-4 Certificates, LIBOR as determined in accordance with
Section 6.07.

     LIBOR BUSINESS DAY: Any day other than (i) a Saturday or a Sunday or (ii) a day on
which banking institutions in the city of London, England are required or authorized by law to be
closed.

     LIBOR CERTIFICATES: The Class A-1, Class A-3 and Class A-4 Certificates.

     LIQUIDATED MORTGAGE LOAN: Any Mortgage Loan (a) as to which the Servicer has
determined that all amounts which it expects to recover from or on account of such Mortgage Loan or
property acquired in respect thereof have been recovered, (b) as to which a Cash Liquidation has
taken place or (c) with respect to which the Mortgaged Property (or stock allocated to a dwelling
unit, in the case of a Co-op Loan) has been acquired by foreclosure or deed in lieu of foreclosure
and a disposition (the term disposition shall include, for purposes of a repurchase pursuant to
Section 11.01, any repurchase of a Mortgaged Property (or stock allocated to a dwelling unit, in
the case of a Co-op Loan) pursuant to such Section) of such Mortgaged Property (or stock allocated
to a dwelling unit, in the case of a Co-op Loan) has occurred.

     LIQUIDATION EXPENSES: Expenses which are incurred by the Servicer or any Sub-Servicer
in connection with the liquidation of any defaulted Mortgage Loan or property acquired in respect
thereof including, without limitation, legal fees and expenses, any unreimbursed amount expended by
the Servicer pursuant to Sections 5.16 and 5.21 respecting the related Mortgage Loan and any
related and unreimbursed expenditures for real estate property taxes or for property restoration or
preservation.

     LIQUIDATION PROCEEDS: Cash (including Insurance Proceeds) received by the Servicer in
connection with the liquidation of any Mortgage Loan or Mortgaged Property (or stock allocated to a
dwelling unit, in the case of a Co-op Loan) acquired in respect thereof, whether through the sale
or assignment of such Mortgage Loan (other than pursuant to Section 5.21), trustee’s sale,
foreclosure sale or otherwise, or the sale of the Mortgaged Property (or stock allocated to a
dwelling unit, in the case of a Co-op Loan) if the Mortgaged Property (or stock allocated to a
dwelling unit, in the case of a Co-op Loan) is acquired in satisfaction of the Mortgage Loan other
than amounts required to be paid to the Mortgagor pursuant to law or the terms of the applicable
Mortgage Note.

     LOAN-TO-VALUE RATIO: The fraction, expressed as a percentage, the numerator of which
is the principal amount of the related Mortgage Loan at the time of origination (or, (i) for
purposes of Section 5.15, at the time of determination and (ii) for purposes of a Mortgage Loan
with respect to which a conversion from adjustable rate to fixed rate has occurred, at the time of
initial origination) and the denominator of which is the Appraised Value of the related Mortgaged
Property (or applicable dwelling unit, in the case of a Co-op Loan) at the time of origination or,
in the case of a Mortgage Loan financing the acquisition of the Mortgaged Property (or applicable
dwelling unit, in the case of a Co-op Loan), the sales price of the Mortgaged Property (or
applicable dwelling unit, in the case of a Co-op Loan), if such sales price is less than such
appraised value; provided however, certain Mortgage Loans financing the acquisition of a Mortgaged
Property in New York will be based solely on the appraised value.

20

 

     LOCKOUT SHIFT PERCENTAGE: With respect to any Distribution Date, the percentage
indicated below:

	 	 	 	 	 
	Distribution Date Occurring in	 	Lockout Shift Percentage
	February 2007 through January 2012
	 	 	0	%
	February 2012 through January 2013
	 	 	30	%
	February 2013 through January 2014
	 	 	40	%
	February 2014 through January 2015
	 	 	60	%
	February 2015 through January 2016
	 	 	80	%
	February 2016 and thereafter
	 	 	100	%

     LONDON BUSINESS DAY: Any day on which banks are open for business in London and on
which dealings in deposits in U.S. dollars are transacted in the London interbank market.

     LOWER-TIER REMIC: The Lower-Tier REMIC as described in Section 2.04.

     LOWER-TIER REMIC INTEREST: Any one of the Classes of Lower-Tier REMIC Interests
described in Section 2.04.

     LOWER-TIER REMIC REGULAR INTEREST: Any one of the Lower-Tier REMIC Interests other
than the Class LT-R Interest.

     LOWER-TIER REMIC SUBORDINATED BALANCE RATIO: The ratio among the Uncertificated
Principal Balances of each of the Lower-Tier REMIC Regular Interests ending with the designation
“A” that is equal to the ratio among, with respect to each such Lower-Tier REMIC Regular Interest,
the excess of (x) the aggregate Non-PO Percentage of the Principal Balance of each of the Mortgage
Loans in the related Mortgage Group over (y) the aggregate class principal amounts of the
Certificate Group related to such Mortgage Group.

     MERS: Mortgage Electronic Registration Systems, Inc., a Delaware corporation, or any
successor in interest thereto.

     MERS MORTGAGE LOAN: Any Mortgage Loan as to which the related Mortgage, or an
Assignment of Mortgage, has been or will be recorded in the name of MERS or otherwise assigned to
MERS, as agent for the holder from time to time of the Mortgage Note.

     MIDDLE-TIER REMIC: [Reserved.]

     MIDDLE-TIER REMIC INTEREST: [Reserved.]

     MIDDLE-TIER REMIC REGULAR INTEREST: [Reserved.]

     MODIFIED MORTGAGE LOAN: Any Mortgage Loan which the Servicer has modified pursuant to
Section 5.01.

     MONTHLY PAYMENT: The minimum required monthly payment of principal and interest due
on a Mortgage Loan as specified in the Mortgage Note for any Due Date (before any adjustment to
such scheduled amount by reason of any bankruptcy or similar proceeding or any moratorium or
similar waiver or grace period). Monthly Payments shall be deemed due on an Outstanding Mortgage
Loan until such time as it becomes a Liquidated Mortgage Loan.

21

 

     MOODY’S: Moody’s Investors Service, Inc. or its successor in interest.

     MORTGAGE: With respect to a Mortgage Loan that is not a Co-op Loan, the mortgage,
deed of trust or other instrument creating a first lien or a first priority ownership interest in
an estate in fee simple in real property securing a Mortgage Note. With respect to a Co-op Loan,
the security agreement creating
a security interest in the stock allocated to a dwelling unit in a residential cooperative
housing corporation and pledged to secure such Co-op Loan and the related Co-op Lease.

     MORTGAGE FILE: As to each Mortgage Loan, the items referred to in Exhibit B annexed
hereto.

     MORTGAGE LOAN: An individual mortgage loan and all rights with respect thereto,
evidenced by a Mortgage and a Mortgage Note, sold and assigned by the Depositor to the Trustee and
which is subject to this Agreement and included in the Trust Fund. The Mortgage Loans originally
sold and subject to this Agreement are identified on the Mortgage Loan Schedule.

     MORTGAGE LOAN SCHEDULE: The schedule of Mortgage Loans attached hereto as Exhibit A
as it may be amended in accordance with Section 3.03, setting forth the following information as to
each Mortgage Loan: (i) the Mortgage Loan identifying number; (ii) the city, state and zip code of
the Mortgaged Property (or Underlying Mortgaged Property, in the case of a Co-op Loan); (iii) an
indication of whether the Mortgaged Property (or the related residential dwelling unit in the
Underlying Mortgaged Property, in the case of a Co-op Loan) is owner-occupied; (iv) the property
type of the Mortgaged Property (or the related residential dwelling unit in the Underlying
Mortgaged Property, in the case of a Co-op Loan); (v) the original number of months to stated
maturity; (vi) the number of months remaining to stated maturity from the Cut-off Date; (vii) the
original Loan-to-Value Ratio; (viii) the original principal balance of the Mortgage Loan; (ix) the
unpaid principal balance of the Mortgage Loan as of the close of business on the Cut-off Date; (x)
the Mortgage Rate; and (xi) the amount of the current Monthly Payment.

     MORTGAGE NOTE: The note or other evidence of the indebtedness of a Mortgagor secured
by a Mortgage.

     MORTGAGE POOL: The pool of Mortgage Loans held in the Trust Fund.

     MORTGAGE POOL PRINCIPAL BALANCE: As of any date of determination, the aggregate of
the Principal Balances of each Outstanding Mortgage Loan on such date of determination less the
principal portion of any Monthly Payment due but not paid with respect to which an Advance has not
been made, initially [        ].

     MORTGAGED PROPERTY: The property securing a Mortgage Note.

     MORTGAGE RATE: With respect to each Mortgage Loan, the per annum rate of interest
borne by the Mortgage Loan, as specified in the Mortgage Note. The Mortgage Rate for any Mortgage
Loan shall be zero with respect to the period prior to the period during which interest accrues
with respect to such Mortgage Loan’s first Monthly Payment.

     MORTGAGOR: The obligor on a Mortgage Note.

     NET LIQUIDATION PROCEEDS: As to any Liquidated Mortgage Loan, Liquidation Proceeds
net of Liquidation Expenses.

22

 

     NET MORTGAGE RATE: With respect to each Mortgage Loan, a per annum rate of interest
for the applicable period equal to the Mortgage Rate less (i) the Servicing Fee Rate and (ii) in
the case of a substitute Mortgage Loan, any excess of the Mortgage Rate on the substitute Mortgage
Loan over the Mortgage Rate on the removed Mortgage Loan.

     NON-DISCOUNT MORTGAGE LOANS: The Mortgage Loans having a Net Mortgage Rate in excess
of the Remittance Rate.

     NON-MERS MORTGAGE LOAN: Any Mortgage Loan other than a MERS Mortgage Loan.

     NON-PO ALLOCATED AMOUNT: At the time of any determination, the amount derived by (i)
multiplying the Principal Balance of each Outstanding Mortgage Loan on such date of determination
by the Non-PO Percentage with respect to such Mortgage Loan and (ii) summing the results.

     NON-PO CLASS A CERTIFICATES: The Class A-1, Class A-2, Class A-3, Class A-4, Class
A-5, Class A-6, Class A-7, Class A-8, Class A-9, Class A-10, Class A-11, Class A-12, Class A-13,
Class A-R and Class A-X Certificates, referred to collectively.

     NON-PO CLASS A OPTIMAL PRINCIPAL AMOUNT: With respect to any Distribution Date, the
lesser of (a) the Non-PO Class A Principal Balance and (b) the sum of:

     (i) the Non-PO Class A Percentage of the applicable Non-PO Percentage of the principal
portion of all Monthly Payments, whether or not received, which were due during the related
Due Period on Mortgage Loans which were outstanding during such Due Period;

     (ii) the Non-PO Class A Prepayment Percentage of the applicable Non-PO Percentage of
all Principal Prepayments made on any Mortgage Loan during the related Principal Prepayment
Period;

     (iii) with respect to each Mortgage Loan not described in (iv) below, the Non-PO Class
A Percentage of the applicable Non-PO Percentage of the principal portion of all Insurance
Proceeds, condemnation awards and any other cash proceeds from a source other than the
applicable Mortgagor, to the extent required to be deposited in the Collection Account
pursuant to Section 5.08(iv) and (v), which were received during the related Principal
Prepayment Period, net of related unreimbursed Servicing Advances and net of any portion
thereof which, as to any such Mortgage Loan, constitutes Late Collections that have been the
subject of an Advance on any prior Distribution Date;

     (iv) with respect to each Mortgage Loan which has become a Liquidated Mortgage Loan
during the related Principal Prepayment Period, the lesser of (A) the Non-PO Class A
Percentage of the applicable Non-PO Percentage of an amount equal to the Principal Balance
of such Liquidated Mortgage Loan as of the Due Date immediately preceding the date on which
it became a Liquidated Mortgage Loan and (B) the Non-PO Class A Prepayment Percentage of the
applicable Non-PO Percentage of the Net Liquidation Proceeds with respect to such liquidated
Mortgage Loan (net of any unreimbursed Advances);

     (v) with respect to each Mortgage Loan repurchased during the related Principal
Prepayment Period pursuant to Sections 2.02, 3.01, 5.21 or 11.01, an amount equal to the
Non-PO Class A Prepayment Percentage of the applicable Non-PO Percentage of the principal
portion of the Purchase Price (net of amounts with respect to which a distribution of
principal has previously been made to the Non-PO Class A Certificateholders); and

23

 

     (vi) on or after the Credit Support Depletion Date, the excess of the Non-PO Class A
Principal Balance (calculated after giving effect to reductions thereof on such Distribution
Date with respect to the amounts described in (i) — (v) above) over the Non-PO Allocated
Amount, if any, as of the preceding Distribution Date.

     NON-PO CLASS A PERCENTAGE : As of any Distribution Date, a fraction, expressed as a
percentage (which shall never exceed 100%), the numerator of which is the Non-PO Class A Principal
Balance and the denominator of which is the Non-PO Allocated Amount as of the immediately preceding
Due Date.

     NON-PO CLASS A PREPAYMENT PERCENTAGE: As of any Distribution Date up to and including
the Distribution Date in January 2012, 100%; as of any Distribution Date during the first year
thereafter, the Non-PO Class A Percentage plus 70% of the Subordinated Percentage for such
Distribution Date; as of any Distribution Date during the second year thereafter, the Non-PO Class
A Percentage plus 60% of the Subordinated Percentage for such Distribution Date; as of any
Distribution Date during the third year thereafter, the Non-PO Class A Percentage plus 40% of the
Subordinated Percentage for such Distribution Date; as of any Distribution Date during the fourth
year thereafter, the Non-PO Class A Percentage plus 20% of the Subordinated Percentage for such
Distribution Date; and as of any Distribution Date after the fourth year thereafter, the Non-PO
Class A Percentage; provided that if the Non-PO Class A Percentage as of any such Distribution Date
is greater than the Non-PO Class A Percentage on the first Distribution Date, the Non-PO Class A
Prepayment Percentage shall be 100%; and provided further that whenever the Non-PO Class A
Percentage equals 0%, the Non-PO Class A Prepayment Percentage shall equal 0%; and provided
further, however, that no reduction of the Non-PO Class A Prepayment Percentage below the level in
effect for the most recent period shall occur with respect to any Distribution Date unless, as of
the last day of the month preceding such Distribution Date, (A) the aggregate outstanding Principal
Balance of the Outstanding Mortgage Loans 60 days or more delinquent (including Mortgage Loans in
foreclosure and with respect to which the related Mortgaged Property (or stock allocated to a
dwelling unit, in the case of a Co-op Loan) has been acquired by the Trust Fund) does not exceed
50% of the aggregate Outstanding Certificate Balance of the Subordinated Certificates as of such
date and (B) cumulative Realized Losses through the last day of the month preceding such
Distribution Date (including Nonrecoverable Advances) do not exceed (i) if such Distribution Date
occurs in the year beginning with and including the fifth anniversary of the first Distribution
Date, 30% of the Original Subordinated Principal Balance, (ii) if such Distribution Date occurs in
the year beginning with and including the sixth anniversary of the first Distribution Date, 35% of
the Original Subordinated Principal Balance, (iii) if such Distribution Date occurs in the year
beginning with and including the seventh anniversary of the first Distribution Date, 40% of the
Original Subordinated Principal Balance, (iv) if such Distribution Date occurs in the year
beginning with and including the eighth anniversary of the first Distribution Date, 45% of the
Original Subordinated Principal Balance and (v) if such Distribution Date occurs in the year
beginning with and including the ninth anniversary of the first Distribution Date and thereafter,
50% of the Original Subordinated Principal Balance.

     NON-PO CLASS A PRINCIPAL BALANCE: As of any Distribution Date, (a) the Non-PO Class A
Principal Balance for the immediately preceding Distribution Date less (b) amounts distributed (or
deemed distributed) to the Class A Certificateholders on such preceding Distribution Date allocable
to principal (including the principal portion of Advances of the Servicer made pursuant to Section
6.03) and Realized Losses allocated to the Class A Certificates pursuant to Section 6.04; provided
that the Non-PO Class A Principal Balance on the first Distribution Date shall be the Original
Non-PO Class A Principal Balance.

     NON-PO CLASS A PRINCIPAL PAYMENT RULES:

24

 

     (I) With respect to any Distribution Date up to and including the Credit Support Depletion
Date, distributions to the Non-PO Class A Certificateholders pursuant to Section 6.01(I)(b)(ii)(A)
shall be made in the following amounts and priority:

First, to the Class A-R Certificates, until the Outstanding Certificate Principal Balance of such
Class has been reduced to zero;

Second, to the Class A-5 and Class A-6 Certificates, pro rata, based upon their Outstanding
Certificate Principal Balances, up to the Class A-5 and Class A-6 Lockout Principal Distribution
Amount;

Third, to the Class A-11, Class A-12 and Class A-7 Certificates, as follows:

     (1) first, to the Class A-11 and Class A-7 Certificates, pro rata, based upon the Outstanding
Certificate Principal Balance of the Class A-11 Certificates and, with respect to the Class A-7
Certificates, the amount that is equal to the product of the Outstanding Certificate Principal
Balance of the Class A-7 Certificates multiplied by a fraction the numerator of which is [        ]
and the denominator of which is [        ], up to the Class A-11 and Class A-12 Lockout Principal
Distribution Amount;

     (2) second, to the Class A-12 and Class A-7 Certificates, pro rata, based upon the Outstanding
Certificate Principal Balance of the Class A-12 Certificates and, with respect to the Class A-7
Certificates, the amount that is equal to the product of the Outstanding Certificate Principal
Balance of the Class A-7 Certificates multiplied by a fraction the numerator of which is [        ]
and the denominator of which is [        ], up to the Class A-11 and Class A-12 Lockout Principal
Distribution Amount;

Fourth, on or after the Distribution Date in February 2008, to the Class A-8, Class A-9, Class A-10
and Class A-13 Certificates, up to an aggregate amount equal to the lesser of (x) $[        ] and
(y) an amount equal to [        ]% of the amount remaining pursuant to clause Third above, as follows:

     (1) first, to the Class A-8, Class A-9 and Class A-13 Certificates, pro rata, based upon the
Outstanding Certificate Principal Balances of the Class A-8 and Class A-9 Certificates and, with
respect to the Class A-13 Certificates, the amount that is equal to the product of the Outstanding
Certificate Principal Balance of the Class A-9 Certificates multiplied by a fraction the numerator
of which is [        ] and the denominator of which is [        ] (such amount, the “Class A-9 and
Class A-13 Exchangeable Amount”) until the Outstanding Certificate Principal Balance of the Class
A-8 and the Class A-9 Certificates and the Class A-9 and Class A-13 Exchangeable Amount has been
reduced to zero;

     (2) second, to the Class A-10 Certificates and Class A-13 Certificates, pro rata, based upon
the Outstanding Certificate Principal Balance of the Class A-10 Certificates and, with respect to
the Class A-13 Certificates, the amount that is equal to the product of the Outstanding Certificate
Principal Balance of the Class A-13 Certificates multiplied by a fraction the numerator of which is
(i) the product of (a) [        ] multiplied by (b) a fraction, the numerator of which is
27,788,766 and the denominator of which is [        ] and the denominator of which is (ii)
[        ] (such amount, the “Class A-10 and Class A-13 Exchangeable Amount”), until the
Outstanding Certificate Principal Balance of the Class A-10 Certificates and the Class A-10 and
Class A-13 Exchangeable Amount has been reduced to zero;

Fifth, to the Class A-1, Class A-3 and Class A-4 Certificates, pro rata, based upon their
Outstanding Certificate Principal Balances, until the Outstanding Certificate Principal Balance of
each such Class has been reduced to zero;

Sixth, to the Class A-8, Class A-9, Class A-10 and Class A-13 Certificates, as follows:

     (1) first, to the Class A-8, Class A-9 and Class A-13 Certificates, pro rata, based upon the
Outstanding Certificate Principal Balances of the Class A-8 and Class A-9 Certificates and, with
respect to the Class A-13 Certificates, the Class A-9 and Class A-13 Exchangeable Amount until the
Outstanding Certificate Principal Balance of the Class A-8 and the Class A-9 Certificates and the
Class A-9 and Class A-13 Exchangeable Amount has been reduced to zero;

25

 

     (2) second, to the Class A-10 Certificates and Class A-13 Certificates, pro rata, based
upon the Outstanding Certificate Principal Balance of the Class A-10 Certificates and, with respect
to the Class A-13 Certificates, the Class A-10 and Class A-13 Exchangeable Amount, until the
Outstanding Certificate Principal Balance of the Class A-10 Certificates and the Class A-10 and
Class A-13 Exchangeable Amount has been reduced to zero;

     Seventh, to the Class A-11, Class A-12 and Class A-7 Certificates, as follows:

     (1) first, to the Class A-11 and Class A-7 Certificates, pro rata, based upon the Outstanding
Certificate Principal Balances of the Class A-11 Certificates and, with respect to the Class A-7
Certificates, the amount that is equal to the product of the Outstanding Certificate Principal
Balance of the Class A-7 Certificates multiplied by a fraction the numerator of which is [        ]
and the denominator of which is [        ] (such amount, the “Class A-11 and Class A-7 Exchangeable
Amount”) until the Outstanding Certificate Principal Balance of the Class A-11 Certificates and the
Class A-11 and Class A-7 Exchangeable Amount has been reduced to zero;

     (2) second, to the Class A-12 and Class A-7 Certificates, pro rata, based upon the
Outstanding Certificate Principal Balances of the Class A-12 Certificates and, with respect to the
Class A-7 Certificates, the amount that is equal to the product of the Outstanding Certificate
Principal Balance of the Class A-7 Certificates multiplied by a fraction the numerator of which is
[        ] and the denominator of which is [        ] (such amount, the “Class A-12 and Class A-7
Exchangeable Amount”) until the Outstanding Certificate Principal Balance of the Class A-12
Certificates and the Class A-12 and Class A-7 Exchangeable Amount has been reduced to zero; and

     Eighth, to the Class A-5 and Class A-6 Certificates, pro rata, based upon their Outstanding
Certificate Principal Balances, until the Outstanding Certificate Principal Balance of each such
Class has been reduced to zero.

     (II) With respect to any Distribution Date after the Credit Support Depletion Date,
distributions that would otherwise be made pursuant to Section 6.01(I)(b)(ii)(A) shall be made pro
rata among the outstanding Classes of Non-PO Class A Certificates in relation to the respective
Outstanding Certificate Principal Balances of such outstanding Classes, and not in accordance with
the priority of payments among such Classes set forth in clause (I) above.

     NON PO PERCENTAGE: With respect to each Mortgage Loan, the fraction, expressed as a
percentage (but not greater than 100%), the numerator of which equals the applicable Net Mortgage
Rate and the denominator of which equals the Remittance Rate.

     NON-PO SCHEDULED PRINCIPAL AMOUNT: An amount equal to the Non-PO Percentage of the
principal portion of all Monthly Payments whether or not received, which were due on the related
Due Date on outstanding Mortgage Loans as of such Due Date.

     NON-PO UNSCHEDULED PRINCIPAL AMOUNT: An amount equal to the sum of (a) the applicable
Non-PO Percentage of all Principal Prepayments received during the related Principal Prepayment
Period; (b) with respect to each Mortgage Loan not described in (c) below, an amount equal to the
applicable Non-PO Percentage of the sum of the principal portion of all Insurance Proceeds,
condemnation awards and any other cash proceeds from a source other than the Mortgagor, to the
extent required to be deposited in the Collection Account, which were received during the related
Principal Payment Period, net of related unreimbursed Servicing Advances and net of any portion
thereof which, as to any Mortgage Loan, constitutes a Late Collection with respect to which an
Advance has previously been made; (c) with respect to each Mortgage Loan which has become a
Liquidated Mortgage Loan during the related Principal Prepayment Period, an amount equal to the
lesser of (i) the applicable Non-PO Percentage of an amount equal to the Principal Balance of such
Mortgage Loan (net of Advances with respect to principal) as to the Due Date immediately preceding
the date on which it became a Liquidated

26

 

Mortgage Loan and (ii) the applicable Non-PO Percentage of the net liquidation proceeds, in
any, with respect to such Liquidated Mortgage Loan (net of any unreimbursed Advances); and (d) with
respect to each Mortgage Loan repurchased during the related Principal Prepayment Period, an amount
equal to the applicable Non-PO Percentage of the principal portion of the purchase price thereof.

     NONRECOVERABLE ADVANCE: Any Advance previously made or proposed to be made in respect
of a Mortgage Loan by the Servicer pursuant to Section 6.03 which, in the good faith judgment of
the Servicer, will not or, in the case of a proposed Advance, would not, ultimately be recoverable
by the Servicer from Late Collections or otherwise. The determination by the Servicer that it has
made, or would be making, a Nonrecoverable Advance shall be evidenced by a certificate of a
Servicing Officer of the Servicer delivered to the Trustee, any co-trustee and the Depositor and
detailing the reasons for such determination.

     OFFICERS’ CERTIFICATE: A certificate signed by two of the Chairman of the Board, the
Vice Chairman of the Board, the President or a Vice President, the Treasurer or the Secretary or
one of the Assistant Treasurers or Assistant Secretaries or any other duly authorized officer of
the Depositor or the Servicer, and delivered to the Trustee.

     OPINION OF COUNSEL: A written opinion of counsel, who may be counsel for the
Depositor or the Servicer and who is reasonably acceptable to the Trustee.

     ORIGINAL CERTIFICATE PRINCIPAL BALANCE: With respect to any Class of Certificates,
the amount specified for such Class or Component in Section 4.01(d).

	 	 	 
	ORIGINAL CLASS A PRINCIPAL BALANCE:
	 	$[        ]
	 
	 	 
	ORIGINAL NON-PO CLASS A PRINCIPAL BALANCE:
	 	$[        ]
	 
	 	 
	ORIGINAL CLASS M PRINCIPAL BALANCE:
	 	$[        ]
	 
	 	 
	ORIGINAL CLASS B PRINCIPAL BALANCE:
	 	$[        ]

     ORIGINAL CREDIT SUPPORT: With respect to any Class of Subordinated Certificates
(other than the Class B-5 Certificates), the level of Credit Support indicated below:

	 	 	 	 	 
	Class A-M:
	 	 	3.00	%
	Class M-1:
	 	 	1.40	%
	Class B-1:
	 	 	0.85	%
	Class B-2:
	 	 	0.50	%
	Class B-3:
	 	 	0.30	%
	Class B-4:
	 	 	0.20	%

     ORIGINAL SUBORDINATED PRINCIPAL BALANCE: The aggregate of the Original Class M
Principal Balance and the Original Class B Principal Balance.

     OUTSTANDING CERTIFICATE PRINCIPAL BALANCE: With respect to any Class of Certificates
(other than the Class A-2 and Class A-X Certificates) and any Distribution Date, the Original
Certificate Principal Balance of such Class minus the sum of (i) any distributions of
principal made on such Class prior to such Distribution Date and (ii) any Realized Losses allocated
to such Class prior to such Distribution Date; provided, however, that on any Distribution Date on
which a Subsequent

27

 

Recovery is distributed, the Outstanding Certificate Principal Balance of any Class of
Certificates then outstanding for which any Realized Loss has been applied will be increased, in
order of seniority, by an amount equal to the lesser of (i) the amount the Class of Certificates
has been reduced by any Realized Losses which have not been previously offset by any Subsequent
Recovery pursuant to this proviso and (ii) the total amount of any Subsequent Recovery distributed
on such date to Certificateholders (as reduced (x) by increases in the Outstanding Certificate
Principal Balance of more senior Classes of Certificates on such Distribution Date and (y) to
reflect a proportionate amount of what would (but for this clause (y)) have been the increases in
the Outstanding Certificate Principal Balance of Classes of Certificates of equal seniority on such
Distribution Date); provided, further, however, that (I) with respect to the Class of Class B
Certificates then outstanding having the highest numerical class designation, the Outstanding
Certificate Principal Balance of such Class shall equal the excess of the Mortgage Pool Principal
Balance (excluding the PO Allocated Amount) (together with the principal portion of any Monthly
Payment due but not paid with respect to which an Advance has not been made) over the sum of the
Outstanding Certificate Principal Balances of all Classes of Certificates (other than the Class A-P
Certificates and Class of Class B Certificates then outstanding having the highest numerical class
designation); and (II) during such time as the Outstanding Certificate Principal Balance of the
Class B-1 Certificates equals zero, with respect to the Class of Class M Certificates then
outstanding having the highest numerical class designation (for the purposes of this paragraph, the
Class M-1 Certificates shall be deemed to have a higher numerical class designation than the Class
A-M Certificates), the Outstanding Certificate Principal Balance of such Class shall equal the
excess of the Mortgage Pool Principal Balance (excluding the PO Allocated Amount) (together with
the principal portion of any Monthly Payment due but not paid with respect to which an Advance has
not been made) over the sum of the Outstanding Certificate Principal Balances of all Classes of
Certificates (other than the Class A-P Certificates and the Class of Class M Certificates then
outstanding having the highest numerical class designation); and provided, further, however, that
the Outstanding Certificate Principal Balances of the Exchangeable Initial Certificates and the
Exchangeable Certificates shall vary based upon which exchanges, if any, have taken place pursuant
to the terms of Section 3.02 of the Trust Agreement.

     OUTSTANDING MORTGAGE LOAN: As to any Distribution Date, a Mortgage Loan which was not
paid in full during the related or any previous Principal Prepayment Period, which did not become a
Liquidated Mortgage Loan during the related or any previous Principal Prepayment Period and which
was not repurchased under Sections 2.02, 3.01, 5.01, 5.21 or 11.01 during the related or any
previous Principal Prepayment Period.

     PASS-THRU ENTITY: A “Pass-Thru Entity” as defined in Section 860E(e)(6) of the Code.

     PAYING AGENT: The Person appointed by the Trustee as Paying Agent pursuant to Section
4.05.

     PERCENTAGE INTEREST: As to any Certificate, the percentage interest evidenced thereby
in distributions required to be made hereunder, such percentage interest being equal, with respect
to any Class, to the percentage obtained by dividing the Outstanding Certificate Principal Balance
(or the Class A-2 Notional Amount and Class A-X Notional Amount in the case of the Class A-2 and
Class A-X Certificates, respectively) of such Certificate by the aggregate of the Outstanding
Certificate Principal Balances (or the Class A-2 Notional Amount and Class A-X Notional Amount in
the case of the Class A-2 and Class A-X Certificates, respectively) of all the Certificates of such
Class and with respect to all Certificates, the percentage obtained by dividing the Outstanding
Certificate Principal Balance of such Certificate by the aggregate of the Outstanding Certificate
Principal Balances of all the Certificates.

     PERMITTED ACTIVITIES: The primary activities of the Trust created pursuant to this
Agreement which shall be: (i) holding Mortgage Loans transferred from the Depositor and other
assets of

28

 

the Trust Fund, including any credit enhancement and passive derivative financial instruments
that pertain to beneficial interests issued or sold to parties other than the Depositor, its
Affiliates, or its agents; (ii) issuing certificates and other interests in the assets of the Trust
Fund; (iii) receiving collections on the Mortgage Loans and making payments on such certificates
and interests in accordance with the terms of this Agreement; and (iv) engaging in other activities
that are necessary or incidental to accomplish these limited purposes, which activities cannot be
contrary to the status of the Trust Fund as a qualified special purpose entity under existing
accounting literature.

     PERSON: Any individual, corporation, partnership, limited liability company, limited
liability partnership, joint venture, association, joint-stock company, trust, unincorporated
organization or government or any agency or political subdivision thereof.

     PO ALLOCATED AMOUNT: At the time of any determination, the amount derived by (i)
multiplying the outstanding Principal Balance of each Discount Mortgage Loan on such date of
determination by the PO Percentage with respect to such Discount Mortgage Loan and (ii) summing the
results.

     PO PERCENTAGE: The PO Percentage with respect to each Mortgage Loan as identified on
the Mortgage Loan Schedule, such percentage being equal to the fraction, expressed as a percentage
(but not less than 0%), the numerator of which equals the excess of the Remittance Rate over the
applicable Net Mortgage Rate and the denominator of which equals the Remittance Rate.

     PLAN: As defined in Section 4.02(d)(i).

     PRIMARY INSURANCE POLICY: Each primary policy of mortgage guaranty insurance or any
replacement policy therefor referred to in Section 5.15 hereof.

     PRINCIPAL BALANCE: At the time of any determination, the principal balance of a
Mortgage Loan remaining to be paid at the close of business on the Cut-off Date (after deduction of
all principal payments due on or before the Cut-off Date whether or not paid) (or, in the case of a
substitute Mortgage Loan included in the Trust Fund pursuant to Section 3.03, the close of business
as of the date of substitution) reduced by all amounts previously distributed to Certificateholders
that are allocable to payments of principal on such Mortgage Loan (including the principal portion
of Advances of the Servicer made pursuant to Section 6.03).

     PRINCIPAL PREPAYMENT: Any payment or other recovery of principal on a Mortgage Loan
(other than Late Collections) which is received other than as part of a monthly payment; provided,
however, that the term Principal Prepayment does not include Insurance Proceeds, Liquidation
Proceeds, Subsequent Recoveries, condemnation awards or other cash proceeds from a source other
than the applicable Mortgagor.

     PRINCIPAL PREPAYMENT PERIOD: With respect to any Distribution Date, the period
beginning on the first day of the month preceding the month in which such Distribution Date occurs
and ending on the last day of such month.

     PTCE: As defined in Section 4.02(d)(i).

     PURCHASE PRICE: With respect to any Mortgage Loan required to be purchased on any
date pursuant to Section 2.02, 3.01, 5.01, 5.21 or 11.01, an amount equal to the sum of (a) 100% of
the Principal Balance thereof, (b) unpaid accrued interest at the Mortgage Rate thereon from the
Due Date on which interest was last paid by the Mortgagor or Advanced by the Servicer to the Due
Date next following the date of repurchase, (c) the aggregate of any unreimbursed Advances and any
unreimbursed

29

 

Servicing Advances and (d) any unreimbursed costs, penalties and/or damages incurred by the
Trust Fund and/or the Trustee in connection with any violation relating to such Mortgage Loan of
any predatory or abusive lending law.

     QUALIFIED INSURER: An insurance company duly qualified as such under the laws of the
states in which the Mortgaged Properties are located, duly authorized and licensed in such states
to transact the applicable insurance business and to write the insurance provided, approved as an
insurer by FNMA and FHLMC and whose claims-paying ability is rated in the two highest rating
categories by S&P, Moody’s and Fitch with respect to primary mortgage insurance and in the two
highest rating categories for general policyholder rating and financial performance index rating by
A.M. Best Company or its successor in interest with respect to hazard and flood insurance.

     RATE ADJUSTMENT DATE: The second LIBOR Business Day prior to the first day of each
Interest Accrual Period after the initial Interest Accrual Period.

     RATE CAP CEILING: With respect to the Class A-1 Yield Maintenance Agreement and the
applicable Distribution Date, the rate specified in Exhibit U under the heading “Ceiling” for that
Distribution Date; with respect to the Class A-3 Yield Maintenance Agreement and the applicable
Distribution Date, the rate specified in Exhibit U-1 under the heading “Ceiling” for that
Distribution Date; and with respect to the Class A-4 Yield Maintenance Agreement and the applicable
Distribution Date, the rate specified in Exhibit U-2 under the heading “Ceiling” for that
Distribution Date.

     RATING AGENCY: Any nationally recognized statistical rating organization, or its
successor, that rated one or more Classes of Certificates at the request of the Depositor at the
time of the initial issuance of the Certificates. If such organization or a successor is no longer
in existence, “Rating Agency” shall be such nationally recognized statistical rating organization,
or other comparable Person, designated by the Depositor, notice of which designation shall be given
to the Trustee and the Servicer. References herein to the two highest long-term debt rating
categories of a Rating Agency shall mean AA or better in the case of S&P and Fitch Ratings and Aa
or better in the case of Moody’s.

     REALIZED LOSS: With respect to (i) a Liquidated Mortgage Loan, the amount, if any, by
which the unpaid Principal Balance and accrued interest thereon at a rate equal to the Net Mortgage
Rate exceeds the amount actually recovered by the Servicer with respect thereto (net of
reimbursement of Advances and Servicing Advances) at the time such Mortgage Loan became a
Liquidated Mortgage Loan or (ii) with respect to a Mortgage Loan which is not a Liquidated Mortgage
Loan, any amount of principal that the Mortgagor is no longer legally required to pay (except for
the extinguishment of debt that results from the exercise of remedies due to default by the
Mortgagor).

     REALIZED LOSS INTEREST SHORTFALL: The meaning specified in Section 6.05(c).

     RECORD DATE: With respect to each Class of Certificates (other than the Class A-1,
Class A-2, Class A-3 and Class A-4 Certificates), the close of business of the last Business Day of
the month preceding the month of the related Distribution Date. With respect to the Class A-1,
Class A-2, Class A-3 and Class A-4 Certificates, the close of business on the business day
immediately preceding the related Distribution Date.

     REFERENCE BANKS: Four major banks in the London interbank market selected by the
Counterparty.

     REGULATION AB: Subpart 229.1100 — Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time, and subject to such clarification
and interpretation as have been provided by the Commission in the adopting release (Asset-Backed
Securities,

30

 

Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff
of the Commission, or as may be provided by the Commission or its staff from time to time.

     RELEVANT MORTGAGE LOAN: The meaning specified in Section 5.01.

     RELIEF ACT: The Servicemembers Civil Relief Act or the California Military and
Veterans Code, as amended, or any other similar state or local law.

     REMIC: A “real estate mortgage investment conduit,” as such term is defined in
Section 860D of the Code. References herein to “a REMIC” or “the REMICs” shall mean one or all, as
the context requires, of the REMICs created hereunder.

     REMIC POOL: Each of the Lower-Tier REMIC and the Upper-Tier REMIC.

     REMIC PROVISIONS: Provisions of the federal income tax law relating to REMICs which
appear at Sections 860A through 860G of Part IV of Subchapter M of Chapter 1 of Subtitle A of the
Code, and related provisions, and U.S. Department of the Treasury temporary, proposed or final
regulations and rulings promulgated thereunder, as the foregoing are in effect (or with respect to
proposed regulations, are proposed to be in effect) from time to time.

     REMIC REPORTING AGENT: As defined in Section 7.02(b).

     REMITTANCE RATE: 6.00% per annum.

     REPURCHASE PROCEEDS: All proceeds of any Mortgage Loan or property acquired in
respect thereof repurchased pursuant to Section 2.02, 3.01, 5.01, 5.21 or 11.01.

     RESERVE FUND: As defined in Section 5.29.

     RESIDUAL INTEREST: The interest represented by (i) amounts, if any, remaining in the
Collection Account following termination of the Trust Fund after payments to the Class A
Certificateholders (other than the Class A-R Certificateholders), the Class M Certificateholders
and the Class B Certificateholders and (ii) amounts paid in respect of principal and accrued
interest on the Class A-R Certificates, other than, in the case of both (i) and (ii), amounts
attributable to the Class LT-R Interest.

     RESPONSIBLE OFFICER: When used with respect to the Trustee, any senior vice
president, any vice president, any assistant vice president, any senior trust officer, any trust
officer or any other officer of the Trustee in its Agency & Trust Office customarily performing
functions similar to those performed by any of the above designated officers.

     S&P: Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. or its
successor in interest.

     SALE AGREEMENT: The Mortgage Loan Sale Agreement dated as of January 1, 2007 between
the Depositor and CHF.

     SARBANES-OXLEY CERTIFICATION: The meaning specified in Section 5.24(f).

     SCHEDULED PRINCIPAL BALANCE: With respect to any Mortgage Loan as of any Distribution
Date, the unpaid principal balance of such Mortgage Loan as specified in the amortization schedule
at the time relating thereto (before any adjustment to such schedule by reason of bankruptcy or
similar proceeding or any moratorium or similar waiver or grace period) as of the Due Date in the
month

31

 

preceding the month of such Distribution Date, or as the Cut-off Date, with respect to the
first (1st) Distribution Date, after giving effect to any previously applied prepayments, the
payment of principal due on such first day of the month and any reduction of the principal balance
of such Mortgage Loan by a bankruptcy court, irrespective of any delinquency in payment by the
related Mortgagor.

     SECTION 302 REQUIREMENTS: Any rules or regulations promulgated pursuant to the
Sarbanes-Oxley Act of 2002 (as such may be amended from time to time).

     SECURITIES ACT: The Securities Act of 1933, as amended.

     SELLER: CHF.

     SERVICER: Chase or any successor under this Agreement.

     SERVICING ADVANCES: All customary, reasonable and necessary “out of pocket” costs and
expenses incurred in the performance by the Servicer of its servicing obligations and which are
“unanticipated expenses” (within the meaning of Treasury regulations section 1.860G-1(b)(3)(ii))
including, but not limited to, the cost of (i) the preservation, restoration and protection of the
Mortgaged Property (or Underlying Mortgaged Property, in the case of a Co-op Loan), (ii) any
enforcement or judicial proceedings, including foreclosures, (iii) the management and liquidation
of the Mortgaged Property (or stock allocated to a dwelling unit, in the case of a Co-op Loan) if
the Mortgaged Property (or stock allocated to a dwelling unit, in the case of a Co-op Loan) is
acquired in satisfaction of the Mortgage, (iv) taxes and assessments on the Mortgaged Properties
subject to the Mortgage Loans and (v) compliance with the obligations under Section 5.21.

     SERVICING CRITERIA: The “servicing criteria” set forth in Item 1122(d) of Regulation
AB, as such may be amended from time to time.

     SERVICING FEE: The amount of the monthly fee paid for the servicing of the Mortgage
Loans, equal to, as of any Distribution Date, with respect to each Mortgage Loan, one-twelfth of
the Servicing Fee Rate of the Principal Balance thereof as of the Determination Date in the
preceding month, subject to adjustment as provided in Section 6.05. The Servicing Fee shall be
payable only at the time of and with respect to those Mortgage Loans for which payment is in fact
made of the entire amount of the Monthly Payments that shall have come due and only at the time
such Monthly Payment shall be made. The right to receive the Servicing Fee is limited to, and the
Servicing Fee is payable solely from, the interest portion of such Monthly Payments (or the
interest portion of any Principal Prepayment in full) collected by the Servicer, or as otherwise
provided under Section 5.09 or 5.23.

     SERVICING FEE RATE: 0.2560% per annum.

     SERVICING OFFICER: Any officer of the Servicer or any Sub-Servicer involved in, or
responsible for, the administration and servicing of the Mortgage Loans whose name appears on a
written certificate listing servicing officers furnished to the Trustee by the Servicer on or prior
to the Closing Date, and signed on behalf of the Servicer or any Sub-Servicer by its President, any
Vice President or its Treasurer, as such certificate may from time to time be amended.

     SFAS 140: Statement of Financial Accounting Standard No. 140, Accounting for
Transfers and Servicing of Financial Assets and Extinguishment of Liabilities dated September 2000,
published by the Financial Accounting Standards Board of the Financial Accounting Foundation.

     SIMILAR LAW: The meaning specified in Section 4.02(d).

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     SINGLE CERTIFICATE: A Certificate of any Class that evidences the smallest
permissible original denomination for such Class of Certificates as specified in Section 4.01(d).

     SPECIAL HAZARD AMOUNT: Initially, [        ]. As of the first anniversary of the
Cut-off Date, the Special Hazard Amount shall be reduced, but not increased, to the lesser of (i)
the initial Special Hazard Amount less the sum of all amounts allocated to the Subordinated
Certificates in respect of Special Hazard Losses on the Mortgage Loans during such year or (ii) the
Adjustment Amount for such anniversary. As of each subsequent anniversary of the Cut-off Date, the
Special Hazard Amount shall be reduced, but not increased, to the lesser of (i) the Special Hazard
Amount on the immediately preceding anniversary of the Cut-off Date less the sum of all amounts
allocated to the Subordinated Certificates in respect of Special Hazard Losses on the Mortgage
Loans during such year and (ii) the Adjustment Amount for such anniversary. The “Adjustment
Amount” with respect to each anniversary of the Cut-off Date will be equal to 1.00% multiplied by
the aggregate outstanding Principal Balance of the Mortgage Loans.

     SPECIAL HAZARD LOSS: With respect to any Mortgage Loan, any Realized Loss or portion
thereof resulting from direct physical loss or damage to the related Mortgaged Property (or
Underlying Mortgaged Property, in the case of a Co-op Loan), which is not insured against under the
Standard Hazard Policy required to be maintained hereunder.

     STANDARD HAZARD POLICY: Each standard hazard insurance policy or replacement therefor
referred to in Section 5.16.

     STARTUP DAY: The meaning specified in Section 2.04(a).

     STRIPPED INTEREST RATE: With respect to each Non-Discount Mortgage Loan, the excess,
if any, of the Net Mortgage Rate of such Non-Discount Mortgage Loan over the Remittance Rate.

     SUBCONTRACTOR: Any vendor, subcontractor or other Person that is not responsible for
the overall servicing (as “servicing” is commonly understood by participants in the mortgage-backed
securities market) of Mortgage Loans but performs one or more discrete functions identified in Item
1122(d) of Regulation AB with respect to Mortgage Loans as determined by and under the direction or
authority of the Servicer or a Sub-Servicer.

     SUBORDINATED CERTIFICATES: The Class M and Class B Certificates, referred to
collectively.

     SUBORDINATED OPTIMAL PRINCIPAL AMOUNT: With respect to any Distribution Date, the
lesser of (a) the aggregate Outstanding Certificate Principal Balance of the Subordinated
Certificates (before giving effect to any distributions of principal on such Distribution Date) and
(b) (1) the sum of: (i) the Subordinated Percentage of the applicable Non-PO Percentage of the
principal portion of all Monthly Payments, whether or not received, which were due during the
related Due Period on Mortgage Loans which were outstanding during such Due Period; (ii) the
Subordinated Prepayment Percentage of the applicable Non-PO Percentage of all Principal Prepayments
made on any Mortgage Loans during the related Principal Prepayment Period; (iii) with respect to
each Mortgage Loan not described in (iv) below, the Subordinated Percentage of the applicable
Non-PO Percentage of the principal portion of all Insurance Proceeds, condemnation awards and any
other cash proceeds from a source other than the applicable Mortgagor, to the extent required to be
deposited in the Collection Account pursuant to Section 5.08(iv) and (v), which were received
during the related Principal Prepayment Period, net of related unreimbursed Servicing Advances and
net of any portion thereof which, as to any such Mortgage Loan, constitutes Late Collections that
have been the subject of an Advance on any prior Distribution Date; (iv) with respect to each
Mortgage Loan which has become a Liquidated Mortgage Loan during the related Principal

33

 

Prepayment Period, an amount equal to the portion (if any) of the Net Liquidation Proceeds
with respect to such Mortgage Loan (net of any unreimbursed Advances) that was not included in the
Class A-P Amount or the Non-PO Class A Optimal Principal Amount with respect to such Distribution
Date; and (v) with respect to each Mortgage Loan repurchased or purchased during the related
Principal Prepayment Period pursuant to Sections 2.02, 3.01, 5.01, 5.21 or 11.01, an amount equal
to the Subordinated Prepayment Percentage of the applicable Non-PO Percentage of the principal
portion of the Purchase Price (net of amounts with respect to which a distribution of principal has
previously been made to the Subordinated Certificateholders) minus (2) the Class A-P Shortfall
Amount with respect to such Distribution Date.

     SUBORDINATED PERCENTAGE: As of any Distribution Date, the difference between 100% and
the Non-PO Class A Percentage.

     SUBORDINATED PREPAYMENT PERCENTAGE: As of any Distribution Date, the difference
between 100% and the Non-PO Class A Prepayment Percentage.

     SUB-SERVICER: Any Person that services Mortgage Loans on behalf of the Servicer or
any Sub-Servicer and is responsible for the performance (whether directly or through Subservicers
or Subcontractors) of a substantial portion of the material servicing functions required to be
performed by the Servicer under this Agreement that are identified in Item 1122(d) of Regulation
AB. Any Sub-Servicer shall meet the qualifications set forth in Section 5.02.

     SUB-SERVICING AGREEMENT: Any agreement between the Servicer and any Sub-Servicer,
relating to servicing or administration of certain Mortgage Loans as provided in Section 5.02, in
such form as has been approved by the Servicer and the Depositor.

     SUBSEQUENT RECOVERY: The amount, if any, recovered by the Servicer with respect to a
Liquidated Mortgage Loan with respect to which a Realized Loss has been incurred after liquidation
and disposition of such Mortgage Loan.

     SUBSTITUTE EXCESS INTEREST: As defined in Section 3.03.

     TELERATE SCREEN PAGE 3750: The display designated as page 3750 on the Dow Jones
Telerate Service or such other page as may replace page 3750 on that service for the purpose of
displaying London interbank offered rates of major banks.

     TRUST: The Trust created pursuant to this Agreement.

     TRUST
AGREEMENT: The Trust Agreement dated as of
[        ], entered into by and
among the Depositor, the Trustee, the Servicer and the Paying Agent for the issuance of the
Exchangeable Certificates and the Exchangeable Initial Certificates.

     TRUST FUND: The corpus of the Trust consisting of (i) the Mortgage Loans, (ii) such
assets as shall from time to time be identified as deposited in the Collection Account and the
Certificate Account, (iii) the Trust’s rights under the Yield Maintenance Agreement, (iv) property
which secured a Mortgage Loan and which has been acquired by foreclosure or deed in lieu of
foreclosure, (v) Standard Hazard Policies and any other insurance policies, and the proceeds
thereof and (vi) any proceeds of any of the foregoing.

     TRUSTEE: The Bank of New York Trust Company, N.A., a national banking association and
its successors and any corporation resulting from or surviving any consolidation or merger to which
it or its successors may be a party, and any successor trustee at the time serving as successor
trustee hereunder, appointed as herein provided.

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     UNCERTIFICATED PRINCIPAL BALANCE: With respect to any Lower-Tier REMIC Regular
Interest as of any Distribution Date, the initial principal amount of such regular interest,
reduced by (i) all amounts distributed on previous Distribution Dates on such regular interest with
respect to principal and (ii) the principal portion of all Realized Losses allocated prior to such
Distribution Date to such regular interest, and increased with respect to Subsequent Recoveries as
provided in Section 2.04.

     UNCERTIFICATED REMIC INTERESTS: The rights created under this Pooling and Servicing
Agreement with respect to the Class A-9, Class A-10, Class A-11 and Class A-12 Certificates
(without giving effect to any issuance of Exchangeable Certificates pursuant to the terms of the
Trust Agreement), which rights are deposited in the trust created pursuant to the Trust Agreement.

     UPPER-TIER REMIC: The Upper-Tier REMIC as described in Section 2.04.

     UPPER-TIER REMIC REGULAR INTERESTS: (i) Each of the Classes of Certificates (other
than the Class A-R Certificate, Class A-1, Class A-3 and Class A-4 Certificates, the Exchangeable
Initial Certificates and the Exchangeable Certificates), (ii) the Uncertificated REMIC Interests
and (iii) the rights under the Class A-1, Class A-3 and Class A-4 Certificates other than the
rights with respect to Basis Risk Shortfall Carryover Amounts.

     U.S. PERSON: A “United States Person” as defined in Section 7701(a)(30) of the Code.

     YIELD MAINTENANCE AGREEMENTS: The yield maintenance agreements described in Section
5.29 and set forth in Exhibit U, Exhibit U-1 and Exhibit U-2 hereto.

     YIELD MAINTENANCE AGREEMENT REMITTANCE DATE: The day that is two New York business
days prior to each Distribution Date, provided that if such day is not a New York business day,
such Yield Maintenance Agreement Remittance Date shall be the next preceding New York business day.

[END OF ARTICLE I]

ARTICLE II

CONVEYANCE OF MORTGAGE LOANS; TRUST FUND

     Section 2.01 Conveyance of Mortgage Loans. The Depositor, concurrently with the
execution and delivery hereof, does hereby sell, transfer, assign, set over and convey to the
Trustee without recourse all the right, title and interest of the Depositor in and to the Mortgage
Loans, including all interest and principal received on or with respect to the Mortgage Loans on or
after the Cut-off Date (other than Monthly Payments due on the Mortgage Loans on or before the
Cut-off Date).

     In connection with such assignment, the Depositor does hereby deliver to, and deposit with,
the Custodian on behalf of the Trustee the following documents or instruments with respect to each
Mortgage Loan so assigned:

     (i) With respect to each Mortgage Loan which is not a Co-op Loan:

     (A) Original Mortgage Note bearing all intervening endorsements, endorsed “Pay to the order of
___, without recourse” and signed in the name of the last endorsee by an authorized officer.

35

 

     (B) The original Mortgage (including all riders thereto) with evidence of recording thereon,
or a copy thereof certified by the public recording office in which such Mortgage has been recorded
or, if the original Mortgage has not been returned from the applicable public recording office, a
true certified copy of the original that was sent for recording, certified by the Seller.

     (C) The original policy of title insurance, or in the event such original title policy is
unavailable a copy of the related policy (provided that use of a copy is acceptable to the related
title insurance or escrow company), including riders and endorsements thereto, or if the policy has
not yet been issued, a written commitment or interim binder or preliminary report of title issued
by the title insurance or escrow company.

     (D) Certified true copy of power of attorney sent for recording.

     (ii) With respect to each Non-MERS Mortgage Loan which is not a Co-op Loan:

     (A) The original Assignment of Mortgage to “The Bank of New York Trust Company, N.A., as
trustee (Chase Mortgage Finance Corporation),” which assignment shall be in form and substance
acceptable for recording, or a copy certified by the Seller as a true and correct copy of the
original Assignment of Mortgage which has been sent for recordation. Subject to the foregoing,
such assignments may, if permitted by law, be by blanket assignments for Mortgage Loans covering
Mortgaged Properties situated within the same county. If the Assignment of Mortgage is in blanket
form, a copy of the Assignment of Mortgage shall be included in the related individual Mortgage
File.

     (B) The original policy of title insurance, or in the event such original title policy is
unavailable a copy of the related policy (provided that use of a copy is acceptable to the related
title insurance or escrow company), including riders and endorsements thereto, or if the policy has
not yet been issued, a written commitment or interim binder or preliminary report of title issued
by the title insurance or escrow company.

     (C) Originals of all recorded intervening Assignments of Mortgage, or copies thereof,
certified by the public recording office in which such Assignments or Mortgage have been recorded
showing a complete chain of title from the originator to the Depositor, with evidence of recording,
thereon, or a copy thereof certified by the public recording office in which such Assignment of
Mortgage has been recorded or, if the original Assignment of Mortgage has not been returned from
the applicable public recording office, a true certified copy, certified by the Seller of the
original Assignment of Mortgage together with a certificate of the Seller certifying that the
original Assignment of Mortgage has been delivered for recording in the appropriate public
recording office of the jurisdiction in which the Mortgaged Property is located.

     (D) Originals, or copies thereof certified by the public recording office in which such
documents have been recorded, of each assumption, extension, modification, written assurance or
substitution agreements, if applicable, or if the original of such document has not been returned
from the applicable public recording office, a true certified copy, certified by the Seller, of
such original document together with certificate of Seller certifying the original of such document
has been delivered for recording in the appropriate recording office of the jurisdiction in which
the Mortgaged Property is located.

     (E) If the Mortgage Note or Mortgage or any other material document or instrument relating to
the Mortgage Loan has been signed by a Person on behalf of the Mortgagor, the original power of
attorney or other instrument that authorized and empowered such Person to sign bearing evidence
that such instrument has been recorded, if so required in the appropriate jurisdiction where the
Mortgaged Property is located (or, in lieu thereof, a duplicate or conformed copy of such
instrument, together with a

36

 

certificate of receipt from the recording office, certifying that such copy represents a true
and complete copy of the original and that such original has been or is currently submitted to be
recorded in the appropriate governmental recording office of the jurisdiction where the Mortgaged
Property is located), or if the original power of attorney or other such instrument has
been delivered for recording in the appropriate public recording office of the jurisdiction in
which the Mortgaged Property is located, a copy of any applicable power of attorney.

	 	(F)	 	(D) Certified true copy of power of attorney sent for recording.

(iii) With respect to each Co-op Loan:

	 	(A)	 	(I) The original Mortgage Note bearing all intervening endorsements,
endorsed “Pay to the order of ___, without recourse” and signed in the
name of the last endorsee by an authorized officer.
	 
	 	(B)	 	The original loan security agreement entered into by the Mortgagor with
respect to such Co-Op Loan.
	 
	 	(C)	 	Original Form UCC-1 and any continuation statements with evidence of
filing thereon entered into by the Mortgagor with respect to such Co-Op Loan or
if the original of such document has not been returned from the applicable
public recording office, a true certified copy of the document sent for
recording.
	 
	 	(D)	 	Form UCC-3 (or copy thereof) by the applicable Mortgage Loan Seller or
its agent assigning the security interest covered by such Form UCC-1 to “The
Bank of New York as trustee” or to blank, together with all Forms UCC-3 (or
copies thereof) showing a complete chain of assignment from the originator of
the related Co-op Loan to the Seller, with evidence of recording thereon.
	 
	 	(E)	 	Stock certificate representing the stock allocated to the related
dwelling unit in the related residential cooperative housing corporation and
pledged by the related Mortgagor to the originator of such Co-op Loan with a
stock power in blank attached.
	 
	 	(F)	 	Original proprietary lease.
	 
	 	(G)	 	Original assignment of proprietary lease, to the Trustee or to blank,
and all intervening assignments thereof.
	 
	 	(H)	 	Original recognition agreement of the interests of the mortgagee with
respect to the Co-op Loan by the residential cooperative housing corporation,
the stock of which was pledged by the related Mortgagor to the originator of
such Co-op Loan.
	 
	 	(I)	 	Originals of any assumption, consolidation or modification agreements
relating to any of the items specified in (A) through (F) above with respect to
such Co-op Loan.
	 
	 	(J)	 	Certified true copy of power of attorney sent for recording.

     If in connection with any Mortgage Loan which is not a Co-op Loan the Depositor cannot deliver
the Mortgage, Assignments of Mortgage, or assumption, consolidation or modification agreement, as
the case may be, with evidence of recording thereon concurrently with the execution and delivery of
this Agreement solely because of a delay caused by the public recording office where such Mortgage,
Assignments of Mortgage, or assumption, consolidation or modification agreement, as the case may
be, has been delivered for recordation, the Depositor shall deliver or cause to be delivered to the
Trustee

37

 

written notice stating that such Mortgage, Assignments of Mortgage, or assumption,
consolidation or modification agreement, as the case may be, has been delivered to the appropriate
public recording office for recordation. Thereafter, the Depositor shall deliver or cause to be
delivered to the Trustee such Mortgage, Assignments of Mortgage, or assumption, consolidation or
modification agreement, as the case may be, with evidence of recording indicated thereon upon
receipt thereof from the public recording office.

     With respect to any Non-MERS Mortgage Loans which are not Co-op Loans, and as to which the
related Mortgaged Property is located in Florida, the Servicer shall cause to be recorded in the
appropriate public recording office for real property records each Assignment of Mortgage referred
to in this Section 2.01 as soon as practicable. With respect to any Non-MERS Mortgage Loans which
are not Co-op Loans as to which the related Mortgaged Property is located outside of Florida, the
Servicer shall not be obligated to cause to be recorded the Assignment of Mortgage referred to in
this Section 2.01. With respect to Co-op Loans as to which the related dwelling unit is located in
Florida, the Servicer shall cause to be filed in the appropriate filing office the Form UCC-3
referred to in this Section 2.01 as soon as practicable. With respect to any Co-op Loans as to
which the related dwelling unit is located outside Florida, the Servicer shall not be obligated to
cause to be filed the Form UCC-3 referred to in this Section 2.01. While each such Assignment of
Mortgage or Form UCC-3 is being recorded or filed, as applicable, the Servicer shall deliver to the
Trustee a photocopy of such document. If any such Assignment of Mortgage or Form UCC-3 is returned
unrecorded or unfiled to the Servicer because of any defect therein, the Servicer shall cause such
defect to be cured and such document to be recorded or filed in accordance with this paragraph.
The Depositor shall deliver or cause to be delivered each such original recorded or filed
Assignment of Mortgage and intermediate assignment or Form UCC-3 to the Trustee within 270 days of
the Closing Date or shall deliver to the Trustee on or before such date an Officer’s Certificate
stating that such document has been delivered to the appropriate public recording or filing office
for recording or filing, but has not been returned solely because of a delay caused by such
recording or filing office. In any event, the Depositor shall use all reasonable efforts to cause
each such document with evidence of recording or filing thereon to be delivered to the Trustee
within 300 days of the Closing Date.

     With respect to each MERS Mortgage Loan, the Trustee, at the expense of the Depositor and at
the direction and with the cooperation of the Servicer, shall cause to be taken such actions as are
necessary to cause the Trustee to be clearly identified as the owner of each such Mortgage Loan on
the records of MERS for purposes of the system of recording transfers of beneficial ownership of
mortgages maintained by MERS.

     The ownership of each Mortgage Note, the Mortgage and the contents of the related Mortgage
File is vested in the Trustee. Neither the Depositor nor the Servicer shall take any action
inconsistent with such ownership and shall not claim any ownership interest therein. The Depositor
and the Servicer shall respond to any third party inquiries with respect to ownership of the
Mortgage Loans by stating that such ownership is held by the Trustee on behalf of the
Certificateholders. Mortgage documents relating to the Mortgage Loans not delivered to the Trustee
are and shall be held in trust by the Servicer or any Sub-Servicer, for the benefit of the Trustee
as the owner thereof, and the Servicer’s or such Sub-Servicer’s possession of the contents of each
Mortgage File so retained is for the sole purpose of servicing the related Mortgage Loan, and such
retention and possession by the Servicer or such Sub-Servicer is in a custodial capacity only. The
Depositor agrees to take no action inconsistent with the Trustee’s ownership of the Mortgage Loans,
to promptly indicate to all inquiring parties that the Mortgage Loans have been sold and to claim
no ownership interest in the Mortgage Loans. Each Mortgage File and the mortgage documents
relating to the Mortgage Loans contain proprietary business information of the Servicer and its
customers. The Trustee and the Depositor agree that they will not use such information for
business purposes without the express written consent of the Servicer and that all such information
shall be kept strictly confidential.

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     It is the intention of this Agreement that the conveyance of the Depositor’s right, title and
interest in and to the Trust Fund pursuant to this Agreement shall constitute a purchase and sale
and not a loan. If a conveyance of Mortgage Loans from the Seller to the Depositor is
characterized as a pledge and not a sale, then the Depositor shall be deemed to have transferred to
the Trustee all of the Depositor’s right, title and interest in, to and under the obligations of
the Seller deemed to be secured by said pledge; and it is the intention of this Agreement that the
Depositor shall also be deemed to have granted to the Trustee a first priority security interest in
all of the Depositor’s right, title, and interest in, to and under the obligations of the Seller to
the Depositor deemed to be secured by said pledge and that the Trustee shall be deemed to be an
independent custodian for purposes of perfection of the security interest granted to the Depositor.
If the conveyance of the Mortgage Loans from the Depositor to the Trustee is characterized as a
pledge, it is the intention of this Agreement that this Agreement shall constitute a security
agreement under applicable law, and that the Depositor shall be deemed to have granted to the
Trustee a first priority security interest in all of the Depositor’s right, title and interest in,
to and under the Mortgage Loans, all payments of principal of or interest on such Mortgage Loans,
all other rights relating to and payments made in respect of the Trust Fund, and all proceeds of
any thereof. If the trust created by this Agreement terminates prior to the satisfaction of the
claims of any Person in any Certificates, the security interest created hereby shall continue in
full force and effect and the Trustee shall be deemed to be the collateral agent for the benefit of
such Person.

     In addition to the conveyance made in the first paragraph of this Section 2.01, the Depositor
does hereby convey, assign and set over to the Trustee all of its right, title and interest in that
portion of the Trust Fund described in items (ii), (iii), (iv) and (v) of the definition thereof
and further assigns to the Trustee for the benefit of the Certificateholders those representations
and warranties of the Seller contained in the Sale Agreement and described in Section 3.01 hereof
and the benefit of the repurchase obligations of the Seller described in Sections 2.02 and 3.01
hereof and the obligations of the Seller contained in the Sale Agreement to take, at the request of
the Depositor or the Trustee, all action on its part which is reasonably necessary to ensure the
enforceability of a Mortgage Loan.

     The parties hereto agree and understand that it is not intended that any mortgage loan be
included in the Trust that is any of (i) a “High-Cost Home Loan” as defined in the New Jersey Home
Ownership Act effective November 27, 2003, (ii) a “High-Cost Home Loan” as defined in the New
Mexico Home Loan Protection Act effective January 1, 2004, (iii) a “High-Cost Home Mortgage Loan”
as defined in the Massachusetts Predatory Home Loan Practices Act effective November 7, 2004 or
(iv) a “High-Cost Home Loan” as defined by the Indiana High Cost Home Loan Law effective January 1,
2005.

     Section 2.02 Acceptance by Trustee. Except as set forth in the Exception Report
delivered contemporaneously herewith (the “Exception Report”), the Trustee acknowledges receipt by
the Custodian on the Trustee’s behalf of the Mortgage Note for each Mortgage Loan and delivery of a
Mortgage File (but does not acknowledge receipt of all documents required to be included in such
Mortgage File) with respect to each Mortgage Loan and declares that the Custodian holds and will
hold on the Trustee’s behalf such documents and any other documents constituting a part of the
Mortgage Files delivered to it in trust for the use and benefit of all present and future
Certificateholders. The Depositor will cause the Seller to repurchase any Mortgage Loans to which
an exception was taken in the Exception Report unless such exception is cured to the satisfaction
of the Trustee within 45 Business Days of the Closing Date. The Trustee may accept delivery of
such Mortgage Files by the Custodian on its behalf. The Custodian will deliver a copy of the
Exception Report to the Depositor and the Trustee

     The Custodian, on the Trustee’s behalf, agrees, for the benefit of Certificateholders, to
review each Mortgage File delivered to it within 270 days after the Closing Date to ascertain that
all documents required by Section 2.01 have been executed and received, and that such documents
relate to the

39

 

Mortgage Loans identified in Exhibit A that have been conveyed to it. If the Custodian on the
Trustee’s behalf finds any document or documents constituting a part of a Mortgage File to be
missing or defective (that is, mutilated, damaged, defaced or unexecuted) in any material respect,
the Custodian on the Trustee’s behalf shall promptly (and in any event within no more than five
Business Days) after such finding so notify the Servicer, the Seller, the Trustee and the
Depositor. In addition, the Custodian on the Trustee’s behalf shall also notify the Servicer, the
Seller, the Trustee and the Depositor, if (a) in examining the Mortgage Files, the documentation
shows on its face (i) any adverse claim, lien or encumbrance, (ii) that any Mortgage Note was
overdue or had been dishonored, (iii) any evidence on the face of any Mortgage Note or Mortgage of
any security interest or other right or interest therein, or (iv) any defense against or claim to
the Mortgage Note by any party or (b) the original Mortgage with evidence of recording thereon with
respect to a Mortgage Loan is not received within 270 days of the Closing Date; provided, however,
that if the Depositor cannot deliver the original Mortgage with evidence of recording thereon
because of a delay caused by the public recording office where such Mortgage has been delivered for
recordation, the Depositor shall deliver or cause to be delivered to the Custodian and the Trustee
written notice stating that such Mortgage has been delivered to the appropriate public recording
officer for recordation and thereafter the Depositor shall deliver or cause to be delivered such
Mortgage with evidence of recording thereon upon receipt thereof from the public recording office.
The Depositor shall request that the Seller correct or cure such omission, defect or other
irregularity, or substitute a Mortgage Loan pursuant to the provisions of Section 3.03, within 60
days from the date the Seller was notified of such omission or defect and, if the Seller does not
correct or cure such omission or defect within such period, that the Seller purchase such Mortgage
Loan from the Trustee within 90 days from the date the Depositor notified the Seller and the
Trustee of such omission, defect or other irregularity at the Purchase Price of such Mortgage Loan.
The Purchase Price for any Mortgage Loan purchased pursuant to this Section 2.02 shall be paid to
the Servicer and deposited by the Servicer in the Collection Account promptly upon receipt, and,
upon receipt by the Trustee of written notification of such deposit signed by a Servicing Officer,
the Trustee shall promptly release to the Seller the related Mortgage File and the Trustee shall
execute and deliver such instruments of transfer or assignment, without recourse, as shall be
necessary to vest in the Seller or its designee, as the case may be, any Mortgage Loan released
pursuant hereto, and the Trustee shall have no further responsibility with regard to such Mortgage
Loan. It is understood and agreed that the obligation of the Seller to purchase, cure or
substitute any Mortgage Loan as to which a material defect in or omission of a constituent document
exists shall constitute the sole remedy respecting such defect or omission available to the Trustee
on behalf of Certificateholders. The Trustee shall be under no duty or obligation to inspect,
review and examine such documents, instruments, certificates or other papers to determine that they
are genuine, enforceable or appropriate to the represented purpose, or that they have actually been
recorded, or that they are other than what they purport to be on their face. The Trustee shall
keep confidential the name of each Mortgagor and shall not solicit any such Mortgagor for the
purpose of refinancing the related Mortgage Loan.

     Within 280 days of the Closing Date, the Trustee based solely on information provided to it by
the Custodian shall deliver to the Depositor and the Servicer the Trustee’s Certification,
substantially in the form of Exhibit G attached hereto, setting forth the status of the Mortgage
Files as of such date.

     Section 2.03 Trust Fund; Authentication of Certificates. The Trustee acknowledges and
accepts the assignment to it of the Trust Fund created pursuant to this Agreement in trust for the
use and benefit of all present and future Certificateholders. The Trustee acknowledges the
assignment to it for the benefit of the Trust Fund of the Mortgage Loans and has caused to be
authenticated and delivered to or upon the order of the Depositor, in exchange for the Mortgage
Loans, Certificates duly authenticated by the Trustee or, if an Authenticating Agent has been
appointed pursuant to Section 4.06, the Authenticating Agent and Uncertificated REMIC Interests in
authorized denominations evidencing ownership of the entire Trust Fund.

40

 

     Section 2.04 REMIC Elections. 

     (a) The Depositor hereby instructs and authorizes the Paying Agent to make
appropriate elections to treat the Trust Fund as comprising two REMICs (the Lower-Tier REMIC and
the Upper-Tier REMIC). This Agreement shall be construed so as to carry out the intention of the
parties that each REMIC created hereunder be treated as a REMIC at all times prior to the date on
which the Trust Fund is terminated. The Closing Date is hereby designated as the “startup day” of
each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code. The Lower-Tier
REMIC shall hold as assets all property of the Trust Fund other than (i) the Lower-Tier REMIC
Interests and (ii) the Yield Maintenance Agreements and the Reserve Fund. Each of the Lower-Tier
REMIC Regular Interests is hereby designated a “regular interest” (within the meaning of Section
860G(a)(1) of the Code) in the Lower-Tier REMIC. The Upper-Tier REMIC shall hold as assets the
several classes of uncertificated Lower-Tier REMIC Regular Interests. Each of the Upper-Tier REMIC
Regular Interests is hereby designated as a “regular interest” (within the meaning of Section
860G(a)(1) of the Code) in the Upper-Tier REMIC. The Class LT-R Interest is hereby designated as
the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Lower-Tier
REMIC. The Residual Interest is hereby designated as the sole residual interest (within the
meaning of Section 860G(a)(2) of the Code) in the Upper-Tier REMIC. The Class A-R Certificate
evidences ownership of the Class LT-R Interest and the Residual Interest. All interests described
in this Section 2.04(a) shall be designated as such on the Startup Day.

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Lower-Tier REMIC

     The following table specifies the class designation, interest rate, initial principal amount
and Classes of corresponding certificates for each class of Lower-Tier REMIC Interest:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Lower-Tier REMIC	 	 	 	 	 	Pass-Through	 	 	Corresponding	 
	Interest	 	Initial Balance	 	 	Rate	 	 	Certificates	 
	LT-R
	 	 	(1	)	 	 	(1	)	 	 	N/A	 
	LTA-134
	 	 	(2	)	 	 	[        ]	%	 	Class A-1, Class
	 
	 	 	 	 	 	 	 	 	 	A-2, Class A-3,
	 
	 	 	 	 	 	 	 	 	 	Class A-4
	LTA-5
	 	 	(2	)	 	 	[        ]	%	 	Class A-5
	LTA-6
	 	 	(2	)	 	 	[        ]	%	 	Class A-6
	LTA-7
	 	 	(2	)	 	 	[        ]	%	 	Class A-7
	LTA-8
	 	 	(2	)	 	 	[        ]	%	 	Class A-8
	LTA-9
	 	 	(2	)	 	 	[        ]	%	 	Class A-9
	LTA-10
	 	 	(2	)	 	 	[        ]	%	 	Class A-10
	LTA-11
	 	 	(2	)	 	 	[        ]	%	 	Class A-11
	LTA-12
	 	 	(2	)	 	 	[        ]	%	 	Class A-12
	LTA-X
	 	 	(3	)	 	 	[        ]	%	 	Class A-X
	LTA-P
	 	 	(2	)	 	 	[        ]	%	 	Class A-P
	LTA-R
	 	 	(2	)	 	 	[        ]	%	 	Class A-R
	LTA-M
	 	 	(2	)	 	 	[        ]	%	 	Class A-M
	LTM-1
	 	 	(2	)	 	 	[        ]	%	 	Class M-1
	LTB-1
	 	 	(2	)	 	 	[        ]	%	 	Class B-1
	LTB-2
	 	 	(2	)	 	 	[        ]	%	 	Class B-2
	LTB-3
	 	 	(2	)	 	 	[        ]	%	 	Class B-3
	LTB-4
	 	 	(2	)	 	 	[        ]	%	 	Class B-4
	LTB-5
	 	 	(2	)	 	 	[        ]	%	 	Class B-5

 

			
	(1)	 	The Class LT-R Interest shall represent the sole class of residual interest in the
Lower-Tier REMIC. The Class LT-R Interest will not have a principal amount or an interest
rate. The Class LT-R Interest shall be represented by the Class A-R Certificate.
	 
	(2)	 	The initial principal amount of each of these interests shall be equal to the
Original Certificate Principal Balance the Class of corresponding Certificates (computed as
if no Exchangeable Certificates existed and by disregarding the notional amount of any
class of “interest-only” certificates).
	 
	(3)	 	The Class LTA-X Interest is an interest only interest, has no principal balance,
is not entitled to payments of principal and will bear interest on its notional amount.
The notional amount of the Class LTA-X Interest shall equal the Class A-X Notional Amount.

Principal and interest (disregarding payments in respect of Basis Risk Shortfall Carryover Amounts)
shall be payable to, and shortfalls, losses, prepayments and increases in principal amount are
allocable to, the Lower-Tier REMIC Regular Interests as such amounts are payable and allocable to
the corresponding certificates under this Agreement (computed as if no Exchangeable Certificates
existed and by excluding Section 6.01(I)(a)(v) hereof).

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	(b)	 	Solely for the purposes of Section 1.860G-1(a)(4)(iii) of the Treasury Regulations, the
“latest possible maturity date” of each “regular interest” in each REMIC created hereunder is the
Distribution Date immediately following the latest scheduled maturity of any Mortgage Loan.
	 
	(c)	 	The “tax matters person” with respect to each REMIC created hereunder for purposes of the
REMIC Provisions shall be the beneficial owner of the Class A-R Certificate having the largest
Percentage Interest of such Class; provided, however, that such largest beneficial owner and, to
the extent relevant, each other Holder of a Class A-R Certificate, by its acceptance thereof,
irrevocably appoints the Servicer as its agent and attorney-in-fact to act as “tax matters person”
with respect to each REMIC created hereunder for purposes of the REMIC provisions.
	 
	(d)	 	It is intended that each REMIC created hereunder shall constitute, and that the affairs of
the Trust Fund shall be conducted so as to qualify each REMIC created hereunder as, a “real estate
mortgage investment conduit” as defined in and in accordance with the REMIC Provisions. In
furtherance of such intention, the Servicer covenants and agrees that it shall act as agent (and
the Servicer is hereby appointed to act as agent) on behalf of the Trust Fund, each REMIC created
hereunder and the Holder of the Class A-R Certificate and that in such capacity it shall:

	 	(i)	 	prepare and file, or cause to be prepared and filed, in a timely manner, a U.S.
Real Estate Mortgage Investment Conduit Income Tax Return (Form 1066) for each REMIC created
hereunder and prepare and file or cause to be prepared and filed with the Internal Revenue
Service and applicable state or local tax authorities income tax or information returns for
each taxable year with respect to each REMIC created hereunder, using the calendar year as
the taxable year and the accrual method of accounting, containing such information and at
the times and in the manner as may be required by the Code or state or local tax laws,
regulations, or rules, and shall furnish or cause to be furnished to Certificateholders the
schedules, statements or information at such times and in such manner as may be required
thereby;
	 
	 	(ii)	 	within thirty days of the Closing Date, shall furnish or cause to be furnished to
the Internal Revenue Service, on Form 8811 or as otherwise may be required by the Code, the
name, title, address, and telephone number of the person that the Holders of the
Certificates may contact for tax information relating thereto (and the Servicer shall act as
the representative of the Trust Fund for this purpose), together with such additional
information as may be required by such Form, and shall update such information at the time
or times in the manner required by the Code;
	 
	 	(iii)	 	make or cause to be made an election, on behalf of each REMIC created hereunder,
to be treated as a REMIC, and make the appropriate designations, if applicable, in
accordance with this Section 2.04 on the federal tax return of each REMIC hereunder for its
first taxable year (and, if necessary, under applicable state law);
	 
	 	(iv)	 	prepare and forward, or cause to be prepared and forwarded, to the
Certificateholders and to the Internal Revenue Service and, if necessary, state tax
authorities, all information returns or reports, or furnish or cause to be furnished by
telephone, mail, publication or other appropriate method such information, as and when
required to be provided to them in accordance with the REMIC Provisions, including without
limitation, the calculation of any original issue discount;
	 
	 	(v)	 	provide information necessary for the computation of tax imposed on the transfer of
the Class A-R Certificate to a Disqualified Organization, or an agent (including a broker,

43

 

	 	 	 	nominee or other middleman) of a Disqualified Organization, or a pass-through entity in
which a Disqualified Organization is the record holder of an interest (the reasonable cost
of computing and furnishing such information may be charged to the Person liable for such
tax);
	 	(vi)	 	ensure that federal, state or local income tax or information returns shall be
signed by the Trustee or such other Person as may be required to sign such returns by the
Code or state or local laws, regulations or rules; and
	 
	 	(vii)	 	maintain such records relating to each REMIC created hereunder as may be required
by the Code and as may be necessary to prepare the foregoing returns, schedules, statements
or information.

	(e)	 	Pursuant to Section 6.02(b), the Servicer, with the consent of the Trustee, hereby
appoints the Global Corporate Trust MBS Group of The Bank of New York Trust Company, N.A. to
perform the duties enumerated in (d) above.
	 
	(f)	 	It is intended that the rights of each Class of the Class A-1, Class A-3 and Class A-4
Certificates to receive payments in respect of Basis Risk Shortfall Carryover Amounts shall be
treated as a right in interest rate cap contracts and such shall be accounted for as property held
separate and apart from the regular interests in the Upper-Tier REMIC held by the Holders of the
Class A-1, Class A-3 and Class A-4 Certificates. This provision is intended to satisfy the
requirements of Treasury Regulations Section 1.860G-2(i) for the treatment of property rights
coupled with REMIC interests to be separately respected and shall be interpreted consistently with
such regulation.

     Section 2.05 Permitted Activities of Trust. The Trust is created for the object and
purpose of engaging in the Permitted Activities.

     Section 2.06 Qualifying Special Purpose Entity. For purposes of SFAS 140, the parties
hereto intend that the Trust shall be treated as a “qualifying special purpose entity” as such term
is used in SFAS 140 and any successor rule thereto and its power and authority as stated in Section
2.05 of this Agreement shall be limited in accordance with paragraph 35 thereof.

[END OF ARTICLE II]

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE DEPOSITOR AND

THE SERVICER; REPURCHASE OF MORTGAGE LOANS

     Section 3.01 Representations and Warranties of the Depositor with respect to the Mortgage
Loans.

     The Depositor hereby represents and warrants to the Trustee for the benefit of the
Certificateholders that on or before the Closing Date it has entered into the Sale Agreement with
the Seller, that the Seller has made the following representations and warranties with respect to
each Mortgage Loan in the Sale Agreement as of the Closing Date, which representations and
warranties run to and are for the benefit of the Depositor and the Trustee for the benefit of the
Certificateholders, and as to which the Depositor has assigned to the Trustee for the benefit of
the Certificateholders, pursuant to Section 2.01 hereof, the right to cause the Seller to
repurchase a Mortgage Loan as to which there has occurred an uncured breach of representations and
warranties in accordance with the provisions of the Sale Agreement.

44

 

     (a) The information set forth in the Mortgage Loan Schedule is complete, true and correct in
all material respects;

     (b) With respect to a Mortgage Loan which is not a Co-op Loan, the Mortgage creates a first
lien or a first priority ownership interest in an estate in fee simple in real property securing
the related Mortgage Note. With respect to a Co-op Loan, the related Mortgage is a valid,
enforceable and subsisting first security interest on the related cooperative shares securing the
related Mortgage Note, subject only to (a) liens of the related residential cooperative housing
corporation for unpaid assessments representing the Mortgagor’s pro rata share of the related
residential cooperative housing corporation’s payments for its blanket mortgage, current and future
real property taxes, insurance premiums, maintenance fees and other assessments to which like
collateral is commonly subject and (b) other matters to which like collateral is commonly subject
which do not materially interfere with the benefits of the security intended to be provided by the
related security agreement. There are no liens against or security interest in the cooperative
shares relating to each Co-op Loan (except for unpaid maintenance, assessments and other amounts
owed to the related cooperative which individually or in the aggregate will not have a material
adverse effect on such Co-op Loan), which have priority over the Trustee’s security interest in
such cooperative shares;

     (c) All payments due prior to the Cut-off Date for such Mortgage Loan have been made as of the
Closing Date, the Mortgage Loan is not delinquent in payment more than 30 days and has not been
dishonored; to the best of the Seller’s knowledge, there are no material defaults under the terms
of the Mortgage Loan; the Seller has not advanced funds, or induced, solicited or knowingly
received any advance of funds from a party other than the owner of the Mortgaged Property subject
to the Mortgage (or, with respect to a Co-op Loan, the related Mortgagor), directly or indirectly,
for the payment of any amount required by the Mortgage Loan; there has been no more than one
delinquency in excess of 30 days during the preceding twelve-month period;

     (d) To the best of the Seller’s knowledge, all taxes, governmental assessments, insurance
premiums, water, sewer and municipal charges, leasehold payments or ground rents which previously
became due and owing have been paid, or escrow funds have been established in an amount sufficient
to pay for every such escrowed item which remains unpaid and which has been assessed but is not yet
due and payable;

     (e) The terms of the Mortgage Note and the Mortgage have not been impaired, waived, altered or
modified in any respect, except by written instruments. No Mortgagor has been released, in whole
or in part, from the terms thereof except in connection with an assumption agreement and which
assumption agreement is part of the Mortgage File and the terms of which are reflected in the
Mortgage Loan Schedule;

     (f) The Mortgage Note and the Mortgage are not subject to any right of rescission, set-off,
counterclaim or defense, including, without limitation, the defense of usury, nor will the
operation of any of the terms of the Mortgage Note or Mortgage, or the exercise of any right
thereunder, render the Mortgage Note or Mortgage unenforceable, in whole or in part, or subject to
any right of rescission, set-off, counterclaim or defense, including the defense of usury, and no
such right of rescission, set-off, counterclaim or defense has been asserted with respect thereto,
and the Mortgagor was not a debtor in any state or federal bankruptcy or insolvency proceeding at
the time the Mortgage Loan was originated;

     (g) With respect to a Mortgage Loan which is not a Co-op Loan, all buildings or other
customarily insured improvements upon the Mortgaged Property are insured by an insurer acceptable
under the FNMA Guides against loss by fire, hazards of extended coverage and such other hazards as
are provided for in the FNMA Guides or by FHLMC. All such standard hazard policies are in full
force and

45

 

effect and on the date of origination contained a standard mortgagee clause naming the Seller
and its successors in interest and assigns as loss payee and such clause is still in effect and all
premiums due thereon have been paid. If required by the Flood Disaster Protection Act of 1973, as
amended, the Mortgaged Property is covered by a flood insurance policy meeting the requirements of
the current guidelines of the Federal Insurance Administration which policy conforms to FNMA and
FHLMC requirements. The Mortgage obligates the Mortgagor thereunder to maintain all such insurance
at the Mortgagor’s cost and expense, and on the Mortgagor’s failure to do so, authorizes the holder
of the Mortgage to maintain such insurance at the Mortgagor’s cost and expense and to seek
reimbursement therefor from the Mortgagor;

     (h) Any and all requirements of any federal, state or local laws and all applicable predatory
and abusive lending laws, including, without limitation, usury, truth-in-lending, real estate
settlement procedures, consumer credit protection, equal credit opportunity or disclosure laws
applicable to the Mortgage Loan have been complied with in all material respects;

     (i) The Mortgage has not been satisfied, canceled or subordinated, in whole or in part, or
rescinded, and the Mortgaged Property has not been released from the lien of the Mortgage, in whole
or in part nor has any instrument been executed that would effect any such release, cancellation,
subordination or rescission;

     (j) With respect to a Mortgage Loan which is not a Co-op Loan, the Mortgage is a valid,
subsisting, enforceable and perfected first lien on the Mortgaged Property, including, all
buildings on the Mortgaged Property. The Mortgage and the Mortgage Note do not contain any
evidence of any security interest or other interest or right thereto. Such lien is free and clear
of all adverse claims, liens and encumbrances having priority over the first lien of the Mortgage
subject only to (1) the lien of non-delinquent current real property taxes and assessments not yet
due and payable, (2) covenants, conditions and restrictions, rights of way, easements and other
matters of the public record as of the date of recording which are acceptable to mortgage lending
institutions generally and either (A) which are referred to or otherwise considered in the
appraisal made for the originator of the Mortgage Loan, or (B) which do not adversely affect the
Appraised Value of the Mortgaged Property as set forth in such appraisal, and (3) other matters to
which like properties are commonly subject which do not materially interfere with the benefits of
the security intended to be provided by the Mortgage or the use, enjoyment, value or marketability
of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document
related to and delivered in connection with the Mortgage Loan establishes and creates a valid,
subsisting, enforceable and perfected first lien and first priority security interest on the
property described therein, and the Depositor has the full right to sell and assign the same to the
Trustee for the benefit of the Certificateholders;

     (k) The Mortgage Note and the related Mortgage are original and genuine and each is the legal,
valid and binding obligation of the maker thereof, enforceable in all respects in accordance with
its terms subject to bankruptcy, insolvency and other laws of general application affecting the
rights of creditors and the Depositor has taken all action necessary to transfer such rights of
enforceability to the Trustee for the benefit of the Certificateholders. All parties to the
Mortgage Note and the Mortgage had the legal capacity to enter into the Mortgage Loan and to
execute and deliver the Mortgage Note and the Mortgage. The Mortgage Note and the Mortgage have
been duly and property executed by such parties. The proceeds of the Mortgage Loan have been fully
disbursed and there is no requirement for future advances thereunder, and any and all requirements
as to completion of any on-site or off-site improvements and as to disbursements of any escrow
funds therefor have been complied with;

     (l) The Seller is the sole owner and holder of the Mortgage Loan and the indebtedness
evidenced by the Mortgage Note, except for the Assignments of Mortgage which have been sent for

46

 

recording, and upon recordation the Seller will be the owner of record of the Mortgage and the
indebtedness evidenced by the Mortgage Note, and upon the sale of the Mortgage Loan to the Trust
for the benefit of the Certificateholders, the Seller will retain the Mortgage File or any part
thereof with respect thereto not delivered to the Trust for the benefit of the Certificateholders
or its designee in trust only for the purpose of servicing and supervising the servicing of the
Mortgage Loan. Immediately prior to the transfer and assignment to the Trust for the benefit of
the Certificateholders, the Mortgage Loan, including the Mortgage Note and the Mortgage, were not
subject to an assignment or pledge, and the Depositor had good and marketable title to and was the
sole owner thereof and had full right to transfer and sell the Mortgage Loan to the Trustee for the
benefit of the Certificateholders free and clear of any encumbrance, equity, lien, pledge, charge,
claim or security interest and has the full right and authority subject to no interest or
participation of, or agreement with, any other party, to sell and assign the Mortgage Loan pursuant
to this Agreement and following the sale of the Mortgage Loan, the Trustee for the benefit of the
Certificateholders will own such Mortgage Loan free and clear of any encumbrance, equity,
participation interest, lien, pledge, charge, claim or security interest;

     (m) With respect to a Mortgage Loan which is not a Co-op Loan, the Mortgage Loan is covered by
an ALTA lender’s title insurance policy or other generally acceptable form of policy or insurance
acceptable to FNMA or FHLMC, issued by a title insurer acceptable to FNMA or FHLMC and qualified to
do business in the jurisdiction where the Mortgaged Property is located, insuring (subject to the
exceptions contained in (j) (1), (2) and (3) above) the Seller, its successors and assigns, as to
the first priority lien of the Mortgage in the original principal amount of the Mortgage Loan.
Such lender’s title insurance policy insures ingress and egress by or upon the Mortgaged Property
or any interest therein. Where required by state law or regulation, the Mortgagor has been given
the opportunity to choose the carrier of the required mortgage title insurance. The Seller, its
successors and assigns, are the sole insureds of such lender’s title insurance policy, and such
lender’s title insurance policy is in full force and effect and will be in full force and effect
upon the consummation of the transactions contemplated by this Agreement. No claims have been made
under such lender’s title insurance policy, and no prior holder of the related Mortgage, including
the Seller, has done, by act or omission, anything which would impair the coverage of such lender’s
title insurance policy;

     (n) There is no default, breach, violation or event of acceleration existent, under the
Mortgage or the related Mortgage Note and no event which, with the passage of time or with notice
and the expiration of any grace or cure period, would constitute a default, breach, violation or
event permitting acceleration; and neither the Seller nor any prior mortgagee has waived any
default, breach, violation or event permitting acceleration;

     (o) There are no mechanics’, or similar liens or claims which have been filed for work, labor
or material (and no rights are outstanding that under law could give rise to such liens) affecting
the related Mortgaged Property (or the related residential dwelling unit in the Underlying Mortgage
Property, in the case of a Co-op Loan) which are or may be liens prior to or equal to the lien of
the related Mortgage;

     (p) With respect to a Mortgage Loan which is not a Co-op Loan, all improvements subject to the
Mortgage which were considered in determining the Appraised Value of the Mortgaged Property lie
wholly within the boundaries and building restriction lines of the Mortgaged Property (and wholly
within the project with respect to a condominium unit) and no improvements on adjoining properties
encroach upon the Mortgaged Property except those which are insured against by the title insurance
policy referred to in clause (m) above and all improvements on the property comply with all
applicable zoning and subdivision laws and ordinances; the Mortgaged Property is lawfully occupied
under applicable law;

     (q) The Mortgage Loan complies in all material respects with all the terms, conditions and
requirements of the Seller’s underwriting standards in effect at the time of origination of such
Mortgage

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Loan. The Mortgage Notes and Mortgages (exclusive of any riders) are on forms generally
acceptable to FNMA or FHLMC. Monthly Payments under the Mortgage Note are due and payable on the
first day of each month. The Mortgage contains the usual and enforceable provisions of the
originator at the time of origination for the acceleration of the payment of the unpaid principal
amount of the Mortgage Loan if the related Mortgaged Property is sold without the prior consent of
the mortgagee thereunder;

     (r) The Mortgaged Property (or Underlying Mortgaged Property, in the case of a Co-op Loan), is
not subject to any material damage by waste, fire, earthquake, windstorm, flood or other casualty.
To the best of the Seller’s knowledge, at origination of the Mortgage Loan there was, and there
currently is, no proceeding pending for the total or partial condemnation of the Mortgaged Property
(or Underlying Mortgaged Property, in the case of a Co-op Loan);

     (s) The related Mortgage contains customary and enforceable provisions such as to render the
rights and remedies of the holder thereof adequate for the realization against the Mortgaged
Property of the benefits of the security provided thereby, including, (l) in the case of a Mortgage
designated as a deed of trust, by trustee’s sale, and (2) otherwise by judicial foreclosure. There
is no homestead or other exemption available to the Mortgagor which would interfere with the right
to sell the Mortgaged Property at a trustee’s sale or the right to foreclose the Mortgage subject
to applicable federal and state laws and judicial precedent with respect to bankruptcy and right of
redemption or similar law;

     (t) If the Mortgage constitutes a deed of trust, a trustee, authorized and duly qualified if
required under applicable law to act as such, has been properly designated and currently so serves
and is named in the Mortgage, and no fees or expenses, except as may be required by local law, are
or will become payable by the Purchaser to the trustee under the deed of trust, except in
connection with a trustee’s sale or attempted sale after default by the Mortgagor;

     (u) The Mortgage File contains an appraisal or a recertification document (in the case of a
Mortgage Loan originated under CHF’s Streamlined Refinance Program) of the related Mortgaged
Property (or the related residential dwelling unit in the Underlying Mortgaged Property, in the
case of a Co-op Loan), signed prior to the final approval of the mortgage loan application by an
appraiser approved by the Seller who had no interest, direct or indirect, in the Mortgaged Property
(or Underlying Mortgaged Property, in the case of a Co-op Loan), or in any loan made on the
security thereof, and whose compensation is not affected by the approval or disapproval of the
Mortgage Loan. The appraisal is in a form acceptable to FNMA or FHLMC;

     (v) All parties which have had any interest in the Mortgage, whether as mortgagee, assignee,
pledgee or otherwise, are (or, during the period in which they held and disposed of such interest,
were) (A) in substantial compliance with any and all applicable licensing requirements of the laws
of the state wherein the Mortgaged Property (or Underlying Mortgaged Property, in the case of a
Co-op Loan), is located, and (B) (1) organized under the laws of such state, or (2) qualified to do
business in such state, or (3) federal savings and loan associations or national banks or a Federal
Home Loan Bank or savings bank having principal offices in such state, or (4) not doing business in
such state;

     (w) The related Mortgage Note is not and has not been secured by any collateral except the
lien of the corresponding Mortgage and the security interest of any applicable security interest of
any applicable agreement or chattel mortgage referred to above and such collateral does not serve
as security for any other obligation;

     (x) The Mortgagor has received all disclosure materials required by applicable law with
respect to the making of such mortgage loans;

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     (y) The Mortgage Loan does not contain “graduated payment” features;

     (z) The Mortgagor is not in bankruptcy and, to the best of the Seller’s knowledge, the
Mortgagor is not insolvent;

     (aa) The Mortgage Loans are fixed rate mortgage loans. Each Mortgage Loan has an original term
to maturity of not more than thirty (30) years with interest payable in arrears on the first day of
each month. No Mortgage Loan contains terms or provisions which would result in negative
amortization;

     (bb) Each Mortgage Note, each Mortgage, each Assignment of Mortgage and any other documents
required pursuant to this Agreement to be delivered to the Trustee on behalf of the
Certificateholders or its designee, or its assignee for each Mortgage Loan, have been, on or before
the Closing Date, delivered to the Trustee on behalf of the Certificateholders or its designee, or
its assignee;

     (cc) All escrow payments have been collected in full compliance with state and federal law and
the provisions of the related Mortgage Note and Mortgage. As to any Mortgage Loan that is the
subject of an escrow, escrow of funds is not prohibited by applicable law and has been established
in an amount sufficient to pay for every escrowed item that remains unpaid and has been assessed
but is not yet due and payable. No escrow deposits or other charges or payments due under the
Mortgage Note have been capitalized under any Mortgage or the related Mortgage Note. Any interest
required to be paid pursuant to state, federal and local law has been properly paid and credited;

     (dd) [Reserved];

     (ee) In the event that at origination the Mortgage Loan has a Loan-to-Value Ratio greater than
80%, the excess of the principal balance of the Mortgage Loan over 75% of the Appraised Value of
the Mortgaged Property, with respect to a refinanced Mortgage Loan, or the lesser of the Appraised
Value or the purchase price of the Mortgaged Property (or Underlying Mortgaged Property, in the
case of a Co-op Loan), with respect to a purchase money Mortgage Loan, is and will be insured as to
payment defaults by a Primary Insurance Policy issued by a Qualified Insurer, except where the
primary mortgage insurance was (i) impermissible at origination at applicable law, in which case
such Mortgage Loan was originated in accordance with applicable law, (ii) cancelled at the request
of the Mortgagor pursuant to the cancellation requirements of FNMA, FHLMC, state law or, as
applicable the Home Owner and Equity Protection Act of 1994, as amended, or (iii) automatically
terminated in accordance with the termination requirements of FNMA, FHLMC, state law or, as
applicable the Home Owner and Equity Protection Act of 1994, as amended. All provisions of such
Primary Insurance Policy have been and are being complied with, such policy is in full force and
effect, and all premiums due thereunder have been paid. No action, inaction, or event has occurred
and no state of facts exists that has, or will result in the exclusion from, denial of, or defense
to coverage. Any Mortgage Loan subject to a Primary Insurance Policy obligates the Mortgagor
thereunder to maintain the Primary Insurance Policy and to pay all premiums and charges in
connection therewith. The Mortgage Rate for the Mortgage Loan as set forth on the Mortgage Loan
Schedule is net of any such insurance premium;

     (ff) The Assignment of Mortgage is in recordable form and is acceptable for recording (or, in
the case of a Co-op Loan, is in a form acceptable for filing) under the laws of the jurisdiction in
which the Mortgaged Property (or underlying Mortgaged Property, in the case of a Co-op Loan) is
located;

     (gg) As to Mortgage Loans that are not secured by an interest in a leasehold estate, the
Mortgaged Property (or Underlying Mortgaged Property, in the case of a Co-op Loan), is located in
the state identified in the Mortgage Loan Schedule and consists of a single parcel of real property
with a detached single family residence erected thereon, or a two-to four-family dwelling, or an
individual

49

 

condominium unit in a condominium project, or a dwelling unit in a residential cooperative
housing corporation or an individual unit in an attached planned unit development or a detached
planned unit development, provided, however, that no residence or dwelling is a single parcel of
real property with a mobile home thereon. As of the date of origination, no portion of the
Mortgaged Property (or Underlying Mortgaged Property, in the case of a Co-op Loan), was used for
commercial purposes, and since the date of origination, to the best of the Seller’s knowledge, no
portion of the Mortgaged Property (or Underlying Mortgaged Property, in the case of a Co-op Loan),
is used for commercial purposes;

     (hh) If the Mortgaged Property is a condominium unit or a planned unit development (other than
a de minimis planned unit development), as of the date of origination of the related Mortgage Loan,
such condominium or planned unit development project met the Seller’s eligibility requirements, as
set forth in the Seller’s underwriting guidelines as of such date; in the case of each Co-op Loan,
the related residential cooperative housing corporation complied in all material respects with the
Seller’s requirements as set forth in the Seller’s underwriting guidelines as of such date;

     (ii) To the best of the Seller’s knowledge, there is no pending action or proceeding directly
involving the Mortgaged Property (or Underlying Mortgaged Property, in the case of a Co-op Loan),
in which compliance with any environmental law, rule or regulation is an issue;

     (jj) As of the Cut-off Date, the Seller has not granted any interest rate relief to the
Mortgagor under the Relief Act;

     (kk) No Mortgage Loan was made in connection with the construction or rehabilitation of a
Mortgaged Property (or Underlying Mortgaged Property, in the case of a Co-op Loan), or facilitating
the trade-in or exchange of a Mortgaged Property (or Underlying Mortgaged Property, in the case of
a Co-op Loan);

     (ll) No action has been taken or failed to be taken by Depositor, on or prior to the Closing
Date, which has resulted or will result in an exclusion from, denial of, or defense to coverage
under any Primary Insurance Policy (including, without limitation, any exclusions, denials or
defenses which would limit or reduce the availability of the timely payment of the full amount of
the loss otherwise due thereunder to the insured) whether arising out of actions, representations,
errors, omissions, negligence, or fraud of the Depositor, or for any other reason under such
coverage;

     (mm) The Mortgage Loan was originated by a mortgagee approved by the Secretary of Housing and
Urban Development pursuant to Sections 203 and 211 of the National Housing Act, as amended, a
savings and loan association, a savings bank, a commercial bank, credit union, insurance company or
similar institution which is supervised and examined by a federal or state authority;

     (nn) Principal payments on the Mortgage Loan commenced no more than sixty (60) days after
funds were disbursed in connection with the Mortgage Loan. The Mortgage Note is payable on the
first day of each month in equal monthly installments of principal and interest, with interest
calculated and payable in arrears, sufficient to amortize the Mortgage Loan fully by the stated
maturity date, over an original term of not more than thirty years from commencement of
amortization;

     (oo) As of the Closing Date, the Mortgage Loan is a “qualified mortgage” within the meaning of
Section 860G(a)(3) of the Code (without regard to Treasury Regulations §1.860G-2(f) or any similar
rule that provides that a defective obligation is a qualified mortgage for a temporary period);

50

 

     (pp) With respect to a Mortgage Loan that is a Co-op Loan, the stock that is pledged as
security for the Mortgage Loan is held by a Person as a tenant-stockholder (as defined in Section
216 of the Code) in a cooperative housing corporation (as defined in Section 216 of the Code);

     (qq) As of the Closing Date, the Mortgage Loan is not the subject of pending or final
foreclosure proceedings and the Seller would not, based on the delinquency status of the Mortgage
Loan, institute foreclosure proceedings with respect to the Mortgage Loan prior to the next
scheduled payment for the Mortgage Loan;

     (rr) As of the Closing Date, the Mortgage Loan does not provide for interest other than at
either (i) a single fixed rate in effect throughout the term of the Mortgage Loan or (ii) a
“variable rate” (within the meaning of Treasury Regulation Section 1.860G-1(a)(3)) in effect
throughout the term of the Mortgage Loan;

     (ss) No Mortgage Loan is a “covered loan” within the meaning of the Georgia Fair Lending Act
of 2002, as amended;

     (tt) None of the Mortgage Loans are (a) covered by the Home Ownership and Equity Protection
Act of 1994 or (b) classified as a “high cost” loan or similarly classified using different
terminology under any federal, state or local law imposing heightened regulatory scrutiny or
additional legal liability for residential mortgage loans having high interest rates, points and/or
fees such as predatory lending laws; None of the Mortgage Loans are “high cost” loans as defined by
the applicable federal, state or local predatory and abusive lending laws nor is any Mortgage Loan
a “High Cost Loan” or “Covered Loan,” as applicable (as such terms are defined in the current
Standard & Poor’s LEVELS® Glossary which is now version 5.6 revised, appendix E) and no Mortgage
Loan originated on or after October 1, 2002 through March 6, 2003 is governed by the Georgia Fair
Lending Act of 2002, as amended; and

     (uu) As to each Mortgage Loan that is secured by an interest in a leasehold estate, (i) the
use of a leasehold estate for residential properties is an accepted practice in the area where the
related Mortgaged Property is located, (ii) residential property consisting of leasehold estates is
marketable in the area where the related Mortgaged Property is located, (iii) the related lease has
been recorded in the applicable land records, (iv) the lease is valid and in good standing and is
not subject to any prior lien by which the lease could be terminated or subject to any charge or
penalty, and (v) the remaining term of the lease does not terminate less than five years after the
maturity date of such Mortgage Loan.

     Upon discovery by any of the Depositor, the Servicer or the Trustee of a breach of any of the
foregoing representations and warranties which materially and adversely affects the value of a
Mortgage Loan or the interest of the Certificateholders (or which materially and adversely affects
the interests of the Certificateholders in the related Mortgage Loan in the case of a
representation and warranty relating to a particular Mortgage Loan), the party discovering such
breach shall give prompt written notice to the other parties and to the Seller, which notice shall
specify the date of discovery. Pursuant to the Sale Agreement, the Seller shall within 90 days
from the earlier of (i) the date of receipt of notice of such breach or (ii) the date the Seller
otherwise discovers such breach, cure such breach, substitute a Mortgage Loan pursuant to the
provisions of Section 3.03 or, if the breach relates to a particular Mortgage Loan, purchase such
Mortgage Loan from the Trustee at the Purchase Price. The Purchase Price for the purchased
Mortgage Loan shall be paid to the Servicer and shall be deposited by the Servicer in the
Collection Account promptly upon receipt, and, upon receipt by the Trustee of written notification
of such deposit signed by a Servicing Officer, the Trustee shall promptly release to the Seller the
related Mortgage File, and the Trustee shall execute and deliver such instruments of transfer or
assignment as may be provided to it by the Servicer, without recourse, as shall be necessary to
vest in the Seller or its

51

 

designee, as the case may be, any Mortgage Loan released pursuant hereto, and the Trustee
shall have no further responsibility with regard to such Mortgage Loan. It is understood and
agreed that the obligation of the Seller to cure, substitute or purchase any Mortgage Loan as to
which such a breach has occurred shall constitute the sole remedy respecting such breach available
to Certificateholders or the Trustee on behalf of Certificateholder.

     Section 3.02 Representations and Warranties of the Servicer. The Servicer represents
and warrants to, and covenants with, the Trustee for the benefit of the Certificateholders that as
of the Closing Date:

     (a) The Servicer is a limited liability company duly chartered and validly existing in good
standing under the laws of the State of Delaware, and the Servicer is duly qualified or registered
as a foreign corporation in good standing in each jurisdiction in which the ownership or lease or
its properties or the conduct of its business requires such qualification;

     (b) The execution and delivery of this Agreement by the Servicer and its performance and
compliance with the terms of this Agreement will not violate the Servicer’s certificate of
formation or by-laws or constitute a default (or an event which, with notice or lapse of time, or
both, would constitute a default) under, or result in the breach of, any material contract,
agreement or other instrument to which the Servicer is a party or which may be applicable to the
Servicer or any of its assets;

     (c) This Agreement, assuming due authorization, execution and delivery by the Trustee and the
Depositor, constitutes a valid, legal and binding obligation of the Servicer, enforceable against
it in accordance with the terms hereof subject to applicable bankruptcy, insolvency,
reorganization, moratorium and other laws affecting the enforcement of creditors’ rights generally
and to general principles of equity, regardless of whether such enforcement is considered in a
proceeding in equity or at law;

     (d) The Servicer is not in default with respect to any order or decree of any court or any
order, regulation or demand of any federal, state, municipal or governmental agency, which default
might have consequences that would materially and adversely affect the condition (financial or
other) or operations of the Servicer or its properties or might have consequences that would affect
its performance hereunder; and

     (e) No litigation is pending or, to the best of the Servicer’s knowledge, threatened against
the Servicer which would prohibit its entering into this Agreement or performing its obligations
under this Agreement. It is understood and agreed that the representations and warranties set
forth in this Section 3.02 shall survive the issuance and delivery of the Certificates and shall be
continuing as long as any Certificate shall be outstanding or this Agreement has been terminated.

     Section 3.03 Option to Substitute. If the Seller is required to repurchase any
Mortgage Loan pursuant to Section 2.02 or 3.01, the Seller may, at its option, within two years
from the Closing Date, remove such defective Mortgage Loan from the terms of this Agreement and
substitute another mortgage loan for such defective Mortgage Loan, in lieu of repurchasing such
defective Mortgage Loan. Any substitute Mortgage Loan shall (a) have a Principal Balance at the
time of substitution not in excess of the Principal Balance of the removed Mortgage Loan (the
amount of any difference, plus one month’s interest thereon at the Mortgage Rate borne by the
removed Mortgage Loan, being paid by the Seller and deemed to be a Principal Prepayment to be
deposited by the Servicer in the Collection Account), (b) have a Mortgage Rate not less than, and
not more than one percentage point greater than, the Mortgage Rate of the removed Mortgage Loan
(provided, however, that if the Mortgage Rate on the substitute Mortgage Loan exceeds the Mortgage
Rate on the removed Mortgage Loan, the amount of that excess interest (the

52

 

     “Substitute Excess Interest”) shall be payable to the Class A-R Certificate), (c) have a
remaining term to stated maturity not later than, and not more than one year less than, the
remaining term to stated maturity of the removed Mortgage Loan, (d) be, in the reasonable
determination of the Servicer, of the same type, quality and character (including location of the
Mortgaged Property (or underlying Mortgaged Property, in the case of a Co-op Loan)) as the removed
Mortgage Loan as if the breach had not occurred, (e) have a Loan-to-Value Ratio at origination no
greater than that of the removed Mortgage Loan and (f) be, in the reasonable determination of the
Seller, in material compliance with the representations and warranties contained in the Sale
Agreement and described in Section 3.01, as of the date of substitution.

     The Seller shall amend the Mortgage Loan Schedule to reflect the withdrawal of the removed
Mortgage Loan from this Agreement and the substitution of such substitute Mortgage Loan therefor
and shall send a copy of such amended Mortgage Loan Schedule to the Servicer and the Trustee. The
Sale Agreements provide that upon such amendment the Seller shall be deemed to have made as to such
substitute Mortgage Loan the representations and warranties set forth in Section 3.01 as of the
date of such substitution, which shall be continuing as long as any Certificate shall be
outstanding or this Agreement has not been terminated, and the remedies for breach of any such
representation or warranty shall be as set forth in Section 3.01. Upon such amendment, the
Custodian on behalf of the Trustee shall review the Mortgage File delivered to it relating to the
substitute Mortgage Loan, within the time and in the manner and with the remedies specified in
Section 2.02, except that for purposes of this Section 3.03 (other than the two-year period
specified in the first sentence of this Section), such time shall be measured from the date of the
applicable substitution. In the event of such a substitution, accrued interest on the substitute
Mortgage Loan for the month in which the substitution occurs and any Principal Prepayments made
thereon during such month shall be the property of the Trust Fund, and accrued interest for such
month on the Mortgage Loan for which the substitution is made and any Principal Prepayments made
thereon during such month shall be the property of the Seller. The principal payment on a
substitute Mortgage Loan due on the Due Date in the month of substitution shall be the property of
the Seller, and the principal payment on the Mortgage Loan for which the substitution is made due
on such date shall be the property of the Trust Fund.

[END OF ARTICLE III]

ARTICLE IV

THE CERTIFICATES

     Section 4.01 The Certificates.

     (a) The Class A, Class M and Class B Certificates shall be substantially in the forms thereof
included within Exhibits C, D, E and F and shall, on original issue, be executed by the Depositor
and authenticated by the Trustee (or, if an Authenticating Agent has been appointed pursuant to
Section 4.06, the Authenticating Agent) upon receipt by the Trustee of the documents specified in
Section 2.01, delivered to or upon the order of the Depositor.

     (b) The Depository and the Trustee have entered into a Depository Agreement dated as of
[        ] (the “Depository Agreement”). Except as provided in paragraph (c) below, the
Book-Entry Certificates shall at all times remain registered in the name of the Depository or its
nominee and at all times: (i) registration of the Book-Entry Certificates may not be transferred
as provided in Section 4.02 except to a successor to the Depository; (ii) ownership and transfers
of registration of the Book-Entry Certificates on the books of the Depository shall be governed by
applicable rules established by the Depository; (iii) the Depository may collect its usual and
customary fees, charges and expenses from its

53

 

Depository Participants; (iv) the Paying Agent and the Trustee shall deal with the Depository,
Depository Participants and Indirect Participants as representatives of the Certificate Owners of
the Book-Entry Certificates for purposes of exercising the rights of such Holders under this
Agreement, and requests and directions for and votes of such representatives shall not be deemed to
be inconsistent if they are made with respect to different Certificate Owners; and (v) the Paying
Agent and the Trustee may rely and shall be fully protected in relying upon information furnished
by the Depository with respect to its Depository Participants and furnished by the Depository
Participants with respect to Indirect Participants and persons shown on the books of such Indirect
Participants as direct or indirect Certificate Owners. The Depository Agreement provides that the
Depository shall maintain book-entry records with respect to the Certificate Owners and with
respect to ownership and transfers of such Certificates.

     All transfers by Certificate Owners of Book-Entry Certificates shall be made in accordance
with the procedures established by the Depository Participant or brokerage firm representing such
Certificate Owners. Each Depository Participant shall only transfer Book-Entry Certificates of
Certificate Owners it represents or of brokerage firms for which it acts as agent in accordance
with the Depository’s normal procedures.

     (c) If (i)(A) the Depository advises the Depositor, the Paying Agent or the Trustee in writing
that the Depository is no longer willing or able to properly discharge its responsibilities as
Depository and (B) the Trustee, the Paying Agent or the Depositor are unable after exercise of
their reasonable best efforts to locate a qualified successor or (ii) the Depositor at its option
advises the Trustee in writing that it elects to terminate the book-entry system through the
Depository, the Trustee or, if a Paying Agent has been appointed under Section 4.05, the Paying
Agent, shall notify all Certificate Owners, through the Depository, of the occurrence of any such
event and of the availability of definitive, fully registered Certificates (the “Definitive
Certificates”) to Certificate Owners requesting the same. Upon surrender to the Trustee or, if a
Paying Agent has been appointed under Section 4.05, the Paying Agent, of the Book-Entry
Certificates by the Depository for registration and receipt by the Trustee or, if a Paying Agent
has been appointed under Section 4.05, the Paying Agent, of an adequate supply of certificates from
the Depositor, the Trustee or if the Paying Agent is appointed under Section 4.05, the Paying Agent
shall issue the Definitive Certificates based on information received from the Depository. Neither
the Depositor, the Servicer, the Paying Agent nor the Trustee shall be liable for any delay in
delivery of such instructions and may conclusively rely on, and shall be protected in relying on,
such instructions.

     (d) The Certificates (other than the Class A-R Certificate) shall be issuable in the minimum
original dollar denominations (and integral multiples of $1.00 in excess of such amount) and
aggregate original dollar denominations per Class (or in the case of the Class A-2 and A-X
Certificates, in the minimum denominations based upon the Class A-2 Notional Amount and the Class
A-X Notional Amount, respectively) as set forth in the following table (except that, if necessary,
in order to aggregate the Original Certificate Principal Balance of a Class, one Certificate of
such Class will be issued in a different denomination). A single Class A-R Certificate will be
issued in definitive form in a $100 denomination.

     (e) The Uncertificated REMIC Interests shall be issued in uncertificated form and transferred
to the Trustee to be held in trust pursuant to the terms of the Trust Agreement. The Bank of New
York Trust Company, N.A., as Trustee and Paying Agent, is hereby directed and authorized to enter
into the Trust Agreement. In entering into the Trust Agreement and performing its obligations
thereunder, each of the Trustee and the Paying Agent shall be entitled to the same rights,
protections and indemnities afforded to them under this Agreement in their capacity as Trustee and
Paying Agent, respectively.

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	 	 	 	 	 	 	Aggregate Original Certificate	 	 
	 	 	Minimum	 	Principal Balance of all	 	 
	 	 	Original	 	Certificates of the	 	CUSIP
	Class	 	Denomination	 	Indicated Class	 	Number
	Class A-1
	 	$	100,000.00	 	 	$	[        ]	 	 	[        ]
	Class A-2
	 	$	100,000.00	 	 	 	[        ]	 	 	[        ]
	Class A-3
	 	$	100,000.00	 	 	$	[        ]	 	 	[        ]
	Class A-4
	 	$	100,000.00	 	 	$	[        ]	 	 	[        ]
	Class A-5
	 	$	100,000.00	 	 	$	[        ]	 	 	[        ]
	Class A-6
	 	$	100,000.00	 	 	$	[        ]	 	 	[        ]
	Class A-7
	 	$	100,000.00	 	 	 	[        ]	 	 	[        ]
	Class A-8
	 	$	100,000.00	 	 	$	[        ]	 	 	[        ]
	Class A-9 (4)
	 	$	100,000.00	 	 	$	[        ]	 	 	[        ]
	Class A-10 (4)
	 	$	100,000.00	 	 	$	[        ]	 	 	[        ]
	Class A-11 (4)
	 	$	100,000.00	 	 	$	[        ]	 	 	[        ]
	Class A-12 (4)
	 	$	100,000.00	 	 	$	[        ]	 	 	[        ]
	Class A-13
	 	$	100,000.00	 	 	 	[        ]	 	 	[        ]
	Class A-X
	 	$	100,000.00	 	 	 	[        ]	 	 	[        ]
	Class A-P(2)
	 	$	100,000.00	 	 	$	[        ]	 	 	[        ]
	Class A-R(3)
	 	$	100.00	 	 	$	[        ]	 	 	[        ]
	Class A-M
	 	$	100,000.00	 	 	$	[        ]	 	 	[        ]
	Class M-1
	 	$	100,000.00	 	 	$	[        ]	 	 	[        ]
	Class B-1
	 	$	100,000.00	 	 	$	[        ]	 	 	[        ]
	Class B-2
	 	$	100,000.00	 	 	$	[        ]	 	 	[        ]
	Class B-3
	 	$	100,000.00	 	 	$	[        ]	 	 	[        ]
	Class B-4
	 	$	100,000.00	 	 	$	[        ]	 	 	[        ]
	Class B-5
	 	$	100,000.00	 	 	$	[        ]	 	 	[        ]

 

			
	(1)	 	The Class A-2 and Class A-X Certificates are interest-only certificates, have no principal
balance, are not entitled to payments of principal and will bear interest on their notional
amounts. The initial notional amount of the Class A-2 Certificates will be $[        ] and
the initial notional amount of the Class A-X Certificates will be approximately $[        ].
	 
	(2)	 	The Class A-P Certificates are principal-only certificates and are not entitled to payments
of interest.
	 
	(3)	 	The Class A-R Certificate represents the residual interest in each of the REMIC Pools.
	 
	(4)	 	Each of these Classes of Certificates is an Exchangeable Initial Certificate which will not
be issued under this Agreement and instead will be issued pursuant to the Trust Agreement.
	 
	(5)	 	Each of these Classes of Certificates is an Exchangeable Certificate which will not be issued
under this Agreement and instead will be issued pursuant to the Trust Agreement. The Original
Certificate Principal Balance or notional amount of each such Class of Certificates will be
zero.

     The Certificates shall be signed by manual or facsimile signature on behalf of the Depositor
by an officer of the Depositor. Certificates bearing the manual or facsimile signatures of
individuals who were

55

 

at the time of signature officers of the Depositor shall bind the Depositor, notwithstanding
that such individuals or any of them have ceased to be an officer prior to the authentication and
delivery of such Certificate or did not hold such offices at the date of such Certificates. No
Certificate shall be entitled to any benefit under this Agreement, or be valid for any purpose,
unless there appears on such Certificate a manual authentication by an officer of the Trustee (or
if an Authenticating Agent has been appointed pursuant to Section 4.06, the Authenticating Agent)
and such authentication upon any Certificate shall be conclusive evidence, and the only evidence,
that such Certificate has been duly authenticated and delivered hereunder. All Certificates shall
be dated the date of their authentication.

     Section 4.02 Registration of Transfer and Exchange of Certificates.

     (a) The Trustee or, if a Paying Agent has been appointed under Section 4.05, the Paying Agent,
shall cause to be kept a certificate register (the “Certificate Register”) in which, subject to
such reasonable regulations as it may prescribe, the Trustee or, if a Paying Agent has been
appointed under Section 4.05, the Paying Agent, shall provide for the registration of Certificates
and of transfers and exchanges of Certificates as herein provided.

     (b) Upon surrender for registration of transfer of any Certificate at any office or agency of
the Trustee, or if a Paying Agent has been appointed hereunder pursuant to Section 4.05, the Paying
Agent maintained for such purpose, the Depositor shall execute and the Trustee or if an
Authenticating Agent is appointed under Section 4.06, the Authenticating Agent shall authenticate
and deliver, in the name of the designated transferee or transferees, a Certificate of a like Class
and aggregate Percentage Interest and dated the date of authentication by the Authenticating Agent.

     (c) No transfer of a Class B-3, Class B-4 or Class B-5 Certificate shall be made unless such
transfer is made pursuant to an effective registration statement or otherwise in accordance with
the requirements under the Securities Act. If such a transfer is to be made in reliance upon an
exemption from said Act, (i) the Depositor may require (except with respect to the initial transfer
of a Class B-3, Class B-4 or Class B-5 Certificate from J.P. Morgan Securities Inc. and except if
the transferee executes a certificate substantially in the form of Exhibit H hereto) a written
opinion of independent counsel acceptable to and in form and substance reasonably satisfactory to
the Depositor and the Trustee that such transfer may be made pursuant to an exemption, describing
the applicable exemption and the basis therefor, from said Act and laws or is being made pursuant
to said Act and laws, which opinion of counsel shall not be an expense of the Trust Fund, the
Trustee, the Depositor or the Servicer, and (ii) the Depositor shall require the transferee to
execute a certification substantially in the form of Exhibit H or Exhibit I.

     (d) (i) No transfer of an ERISA Restricted Certificate or a Class A-R Certificate shall be
made unless the prospective transferee provides the Depositor and the Trustee with (I) a
representation as set forth in Exhibit K for Class A-R Certificates or in Exhibit M for ERISA
Restricted Certificates to the effect that such transferee is not an employee benefit plan subject
to Title I of ERISA, a plan subject to Section 4975 of the Code or a plan or arrangement subject to
any provisions under any federal, state, local, non-U.S. or other laws or regulations that are
substantively similar to the foregoing provisions of ERISA or the Code (“Similar Law”)
(collectively, a “Plan”), and is not directly or indirectly acquiring the Certificate for, on
behalf of or with any assets of any such Plan, or (II) solely in the case of an ERISA Restricted
Certificate, (A) if the Certificate has been the subject of an ERISA-Qualifying Underwriting, a
representation as set forth in Exhibit M that such transferee is an insurance company that is
acquiring the ERISA-Restricted Certificate with assets contained in an “insurance company general
account,” as defined in Section V(E) of Prohibited Transaction Class Exemption (“PTCE”) 95-60, and
the acquisition and holding of the Certificate are covered and exempt under Sections I and III of
PTCE 95-60, or (B) solely in the case of a Definitive Certificate, an Opinion of Counsel reasonably
satisfactory to the

56

 

Depositor and the Trustee to the effect that the acquisition and holding of such Certificate
will not constitute or result in a nonexempt prohibited transaction under ERISA or the Code, or a
violation of Similar Law, and will not subject the Depositor, the Servicer or the Trustee to any
obligation in addition to those expressly undertaken in this Agreement, which Opinion of Counsel
shall not be an expense of the Depositor, the Servicer or the Trustee.

          (ii) Except in the case of a Definitive Certificate, the representations set forth in
paragraph (i) of this Subsection 4.02(d), other than subparagraph (i)(II)(B), shall be deemed to
have been made to the Depositor and the Trustee by the transferee’s acceptance of an ERISA
Restricted Certificate or a Class A-R Certificate (or the acceptance by a Certificate Owner of the
beneficial interest in any Class of ERISA Restricted Certificates or a Class A-R Certificate).
Notwithstanding any other provision herein to the contrary, any purported transfer of an ERISA
Restricted Certificate or a Class A-R Certificate to or on behalf of a Plan without the delivery to
the Depositor of a representation or an Opinion of Counsel reasonably satisfactory to the Depositor
and the Trustee as described above shall be void and of no effect. None of the Depositor, the
Servicer or the Trustee shall be under any liability to any Person for any registration or transfer
of any ERISA Restricted Certificate or Class A-R Certificate that is in fact not permitted by this
Section 4.02(d) nor shall the Paying Agent be under any liability for making any payments due on
such Certificate to the Holder thereof or taking any other action with respect to such Holder under
the provisions of this Agreement so long as the transfer was registered in accordance with the
foregoing requirements. The Depositor, Servicer, Paying Agent and/or Trustee shall be entitled,
but not obligated, to recover from any Holder of any ERISA Restricted Certificate or Class A-R
Certificate that was in fact a Plan and that held such Certificate in violation of this Section
4.02(d) all payments made on such ERISA Restricted Certificate or Class A-R Certificate at and
after the time it commenced such holding. Any such payments so recovered shall be paid and
delivered to the last preceding Holder of such Certificate that is not a Plan.

     (e) At the option of a Certificateholder, a Certificate may be exchanged for another
Certificate or Certificates of authorized denominations of a like Class, upon surrender of the
Certificate to be exchanged at any office or agency of the Trustee, or if a Paying Agent has been
appointed under Section 4.05, the Paying Agent, maintained for such purpose. Whenever the
Certificate is so surrendered for exchange, the Depositor shall execute and the Authenticating
Agent shall authenticate and deliver, the Certificate which the Certificateholder making the
exchange is entitled to receive. Every Certificate presented or surrendered for transfer or
exchange shall (if so required by the Authenticating Agent) be duly endorsed by, or be accompanied
by a written instrument of transfer in the form satisfactory to the Authenticating Agent duly
executed by, the Holder thereof or his attorney duly authorized in writing.

     (f) No service charge shall be made to the Holder for any transfer or exchange of a
Certificate, but the Servicer may require payment by the Certificateholders of a sum sufficient to
cover any tax or governmental charge that may be imposed in connection with any transfer or
exchange of such Certificate.

     (g) All Certificates surrendered for transfer or exchange shall be destroyed by the Trustee or
if a Paying Agent has been appointed under Section 4.05, the Paying Agent, in accordance with the
Trustee’s or, if a Paying Agent has been appointed under Section 4.05, the Paying Agent’s, standard
procedures.

     (h) [Reserved].

     (i) A Disqualified Organization is prohibited from acquiring beneficial ownership of a Class
A-R Certificate. Notwithstanding anything to the contrary contained herein, (i) unless and until
the Servicer and the Trustee shall have received an Opinion of Counsel, satisfactory to it in form and

57

 

substance, to the effect that the absence of the conditions contained in this Section 4.02(i)
would not result in the imposition of federal tax upon any REMIC created hereunder or cause any
REMIC created hereunder to fail to qualify as a REMIC, no transfer, sale or other disposition of
the Class A-R Certificate (including for purposes of this section any beneficial interest therein)
may be made without the express written consent of the Certificate Registrar or, if no Certificate
Registrar is appointed, the Trustee, which consent is to be granted by the Certificate Registrar
or, if no Certificate Registrar is appointed, the Trustee only upon compliance with the
requirements of this Section and (ii) no transfer, sale or other disposition of the Class A-R
Certificate (or any beneficial interest therein) may be made to a Person who is not a U.S. Person
unless such Person furnishes the transferor, the Certificate Registrar and the Trustee, with a duly
completed and effective Form W-8ECI (or any successor thereto) or an Opinion of Counsel to the
effect that such transfer is in accordance with the requirements of the Code and that the transfer
will not be disregarded for federal income tax purposes. As a condition to granting its consent to
a transfer of a Class A-R Certificate, the Certificate Registrar or, if no Certificate Registrar is
appointed, the Trustee, shall require the proposed transferee of such Certificate (including, in
the case of the initial issuance of the Class A-R Certificate, the initial Holder thereof) to
execute a letter and affidavit substantially in the form attached hereto as Exhibit K and shall
require the proposed transferor (other than in the case of the transfer to the initial Holder) of
such Certificate to execute a letter substantially in the form attached hereto as Exhibit K-1. In
the absence of a contrary instruction from the transferor of such Certificate, declaration (11) in
the affidavit in Exhibit K may be left blank. If the transferor requests by written notice to the
Certificate Registrar or, if no Certificate Registrar is appointed, the Trustee, prior to the date
of the proposed transfer that one of the two other forms of declaration (11) of such affidavit be
used, then the Certificate Registrar or, if no Certificate Registrar is appointed, the Trustee,
shall require that such form of declaration (11) be included in such affidavit.

     As a condition to the granting of the consent referred to in this Section 4.02(i), prior to
the transfer, sale, pledge, hypothecation or other disposition of the Class A-R Certificate or any
interest therein, the Certificate Registrar or, if no Certificate Registrar is appointed, the
Trustee shall require that (1) the proposed transferee deliver to the Trustee or Certificate
Registrar, as applicable, its taxpayer identification number and state, under penalties of perjury
that such number is the social security or employer identification number, as the case may be, of
the transferee or provide an affidavit under penalties of perjury stating that as of the date of
such transfer such transferee is not and has no intention of becoming a Disqualified Organization;
(2) the proposed transferee deliver to the Trustee or Certificate Registrar, as applicable, an
affidavit stating (i) that such transferee is not acquiring such Class A-R Certificate as an agent,
broker, nominee, or middleman for a Disqualified Organization, (ii) if the Class A-R Certificate is
a “non-economic residual interest” within the meaning of Treas. Reg. §1.860E-1(c)(2), (X) that no
purpose of the acquisition of the Class A-R Certificate is to avoid or impede the assessment or
collection of tax, (Y) that such transferee has historically paid its debts as they came due and
will continue to pay its debts as they come due, and (Z) that such transferee represents that it
understands that, as the holder of the non-economic residual interest, the transferee may incur tax
liabilities in excess of any cash flows generated by the interest and that the transferee intends
to pay taxes associated with holding the residual interest, and (iii) unless the Certificate
Registrar or, if no Certificate Registrar is appointed, the Trustee consents to the transfer of the
Class A-R Certificate to a Person who is not a U.S. Person and who has furnished either a duly
completed and effective Form W-8ECI (or any successor thereto) or an Opinion of Counsel to the
effect that the transfer will not be disregarded for federal income tax purposes, that it is a U.S.
Person; (3) if so requested by the transferor in written notice provided to the Certificate
Registrar or, if no Certificate Registrar is appointed, the Trustee, prior to the date of the
proposed transfer, the proposed transferee deliver to the Trustee or Certificate Registrar, as
applicable, an affidavit that includes a declaration made in the form of declaration (11) in the
affidavit set forth in Exhibit K requested by the transferor; and (4) the transferor deliver to the
Certificate Registrar or, if no Certificate Registrar is appointed, the Trustee a written
certification that as of the date of such transfer it has no knowledge and no reason to know that
the affirmations described in clauses (1), (2) and (3) were false. The Certificate

58

 

Registrar or, if no Certificate Registrar is appointed, the Trustee shall not grant the
consent referred to in this Section 4.02(i) if it has actual knowledge that any statement made in
the affidavit issued pursuant to the preceding sentence is not true. Notwithstanding any purported
transfer, sale or other disposition of the Class A-R Certificate to a Disqualified Organization or
in violation of the provisions of this Section 4.02(i), such transfer, sale or other disposition
shall be deemed to be of no legal force or effect whatsoever and such Disqualified Organization
shall not be deemed to be a Class A-R Certificateholder for any purpose hereunder, including, but
not limited to, the receipt of distributions on such Class A-R Certificate. If any purported
transfer shall be in violation of the provisions of this Section 4.02(i) then the prior Holder of
the Class A-R Certificate shall, upon discovery that the transfer of such Class A-R Certificate was
not in fact permitted by this Section 4.02(i), be restored to all rights and obligations as a
Holder thereof retroactive to the date of the purported transfer of such Class A-R Certificate.
The Trustee, the Servicer and the Certificate Registrar shall be under no liability to any Person
for any registration or transfer of a Class A-R Certificate that is not permitted by this Section
4.02(i) or for making payments due on such Class A-R Certificate to the purported Holder thereof or
taking any other action with respect to such purported Holder under the provisions of this
Agreement so long as the transfer was not registered under the written certification of the
Certificate Registrar or, if no Certificate Registrar is appointed, the Trustee as described in
this Section 4.02(i). The prior Holder shall be entitled to recover from any purported Holder of a
Class A-R Certificate that was in fact not a permitted purported transferee under this Section
4.02(i) at the time it became a purported Holder all payments made to such purported Holder on such
Class A-R Certificate; provided that the Servicer shall not be responsible for such recovery. Each
Class A-R Certificateholder, by the acceptance of the Class A-R Certificate, shall be deemed for
all purposes to have consented to the provisions of this Section 4.02(i) and to any amendment to
this Agreement deemed necessary by counsel of the Trustee or the Servicer to ensure that the Class
A-R Certificate is not transferred to a Disqualified Organization and that any transfer of such
Class A-R Certificate will not cause the imposition of a tax upon any REMIC created hereunder or
cause any REMIC created hereunder to fail to qualify as a REMIC. The restrictions on transfer of
the Class A-R Certificate will cease to apply and be void upon receipt by the Certificate Registrar
or, if no Certificate Registrar is appointed, the Trustee of an Opinion of Counsel to the effect
that such restrictions on transfer are no longer necessary to avoid the risk of material federal
taxation to any REMIC created hereunder or prevent any REMIC created hereunder from qualifying as a
REMIC.

     (j) The Servicer shall make available upon written request to each Holder and each proposed
transferee of a Class B-3, Class B-4 or Class B-5 Certificate such information as may be required
to permit the proposed transfer to be effected pursuant to Rule 144A under the Securities Act.

     Section 4.03 Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any mutilated
Certificate is surrendered to the Trustee or, if a Paying Agent has been appointed under Section
4.05, the Paying Agent, or the Trustee or, if a Paying Agent has been appointed under Section 4.05,
the Paying Agent, receives evidence to its satisfaction of the destruction, loss or theft of any
Certificate, and (b) there is delivered to the Trustee or, if a Paying Agent has been appointed
under Section 4.05, the Paying Agent, such security or indemnity as may be required by it to save
it harmless, then, in the absence of notice to the Trustee or, if a Paying Agent has been appointed
under Section 4.05, the Paying Agent, that such Certificate has been acquired by a bona fide
purchaser, the Trustee or, if a Paying Agent has been appointed under Section 4.05, the Paying
Agent, shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed,
lost or stolen Certificate, a new Certificate of like tenor and Class. Upon the issuance of any
new Certificate under this Section, the Trustee or, if a Paying Agent has been appointed under
Section 4.05, the Paying Agent, may require of the Certificateholder the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto
and any other expenses connected therewith. Any replacement Certificate of any Class issued
pursuant to this Section shall constitute complete and indefeasible evidence of ownership of the
Percentage Interest in the distributions to which the Certificateholders of such Class are
entitled, as if originally issued, whether or

59

 

not the mutilated, destroyed, lost or stolen Certificate shall be found at any time, and such
mutilated, destroyed, lost or stolen Certificate shall be of no force or effect under this
Agreement, to the extent permitted by law.

     Section 4.04 Persons Deemed Owners. Prior to due presentation of a Certificate of any
Class for registration of transfer, the Depositor, the Servicer, the Paying Agent and the Trustee
may treat the Person in whose name any Certificate is registered on the Record Date as the owner of
such Certificate and the Percentage Interest in the distributions to which the Certificateholders
of such Class are entitled on the relevant date as the Holder of such Certificate and the
Percentage Interest represented by such Certificate for the purpose of receiving remittances
pursuant to Section 6.01 and for all other purposes whatsoever, and neither the Depositor, the
Servicer, the Paying Agent nor the Trustee shall be affected by notice to the contrary.

     Section 4.05 Appointment of Paying Agent and Certificate Registrar; Certificate
Account. The Trustee shall appoint a Paying Agent and a Certificate Registrar (the
“Certificate Registrar”) hereunder, provided such Paying Agent and such Certificate Registrar shall
not be the Depositor, any Seller, or an Affiliate of the Depositor or any Seller. No later than
two Business Days prior to each Distribution Date, the Servicer shall deposit or cause to be
deposited with the Paying Agent from funds on deposit in the Collection Account a sum up to the
Available Distribution Amount, such sum to be held in trust for the benefit of Certificateholders
in a segregated account (the “Certificate Account”) which shall be an Eligible Account in the name
of “The Bank of New York Trust Company, N.A., as Trustee, in trust for and for the benefit of the
Certificateholders of Multi-Class Mortgage Pass-Through Certificates, Chase Mortgage Finance
Corporation, Series 2007-S1 — Certificate Account”. The Paying Agent shall establish such
Certificate Account with a commercial bank, a savings bank or a savings and loan association. The
Paying Agent may invest moneys in the Certificate Account in Eligible Investments, which shall
mature not later than a date sufficient to make payment on the Distribution Date next following the
date of such investment and shall not be sold or disposed of prior to maturity. All income and
gain realized from any such investment shall be for the benefit of the Paying Agent as additional
compensation and shall be subject to its withdrawal or order from time to time. The amount of any
losses incurred in respect of any such investments (to the extent not offset by income from other
such investments) shall be deposited in the Certificate Account by the Paying Agent out of its own
funds immediately as realized. The Servicer shall cause the Paying Agent to perform each of the
obligations of the Paying Agent set forth herein and shall be liable to the Trustee and the
Certificateholders for failure of the Paying Agent to perform such obligations. So long as the
Paying Agent is a party other than the Trustee, the Trustee shall have no liability in connection
with the performance or failure of performance of the Paying Agent. The Trustee designates The
Bank of New York Trust Company, N.A. as the initial Paying Agent and initial Certificate Registrar.
Only the Trustee may remove the Paying Agent and Certificate Registrar and may do so at will,
provided that the Trustee gives 20 days’ prior written notice of such removal to the Paying Agent
and Certificate Registrar and the Rating Agencies.

     The Paying Agent will hold all sums held by it for the payment to Certificateholders in trust
for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such
Certificateholders.

     Section 4.06 Authenticating Agents.

     (a) The Trustee may appoint one or more Authenticating Agents (each, an “Authenticating
Agent”) which shall be authorized to act on behalf of the Trustee in authenticating the
Certificates. Wherever reference is made in this Agreement to the authentication of Certificates
by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to
include authentication on behalf of the Trustee by an Authenticating Agent and a certificate of
authentication executed on behalf of the

60

 

Trustee by an Authenticating Agent. Each Authenticating Agent must be an entity organized and
doing business under the laws of the United States of America or of any state, having a combined
capital and surplus of at least $15,000,000, authorized under such laws to do a trust business and
subject to supervision or examination by federal or state authorities. So long as the
Authenticating Agent is a party other than the Trustee, the Trustee shall have no liability in
connection with the performance or failure of performance of the Authenticating Agent. The Trustee
hereby appoints the Paying Agent as the initial Authenticating Agent.

     (b) Any Person into which any Authenticating Agent may be merged or converted or with which it
may be consolidated, or any Person resulting from any merger, conversion or consolidation to which
any Authenticating Agent shall be a party, or any Person succeeding to the corporate agency
business of any Authenticating Agent, shall continue to be the Authenticating Agent without the
execution or filing of any paper or any further act on the part of the Trustee or the
Authenticating Agent.

     (c) Any Authenticating Agent may at any time resign by giving at least 30 days’ advance
written notice of resignation to the Trustee and the Depositor. The Trustee may at any time
terminate the agency of any Authenticating Agent by giving written notice of termination to such
Authenticating Agent and the Depositor. Upon receiving a notice of resignation or upon such a
termination, or in case at any time any Authenticating Agent shall cease to be eligible in
accordance within the provisions of this Section 4.06, the Trustee may appoint a successor
Authenticating Agent, shall give written notice of such appointment to the Depositor and shall mail
notice of such appointment to all Holders of Certificates. Any successor Authenticating Agent upon
acceptance of its appointment hereunder shall become vested with all the rights, powers, duties and
responsibilities of its predecessor hereunder, with like effect as if originally named as
Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under
the provisions of this Section 4.06. No Authenticating Agent shall have responsibility or
liability for any action taken by it as such at the direction of the Trustee. Each of the
Authenticating Agent, Certificate Registrar and Paying Agent shall be afforded the same rights,
protections and indemnities as the Trustee as set forth under Article VIII hereunder.

[END OF ARTICLE IV]

ARTICLE V

ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

     Section 5.01 Servicer to Service Mortgage Loans. The Servicer shall service and
administer the Mortgage Loans and shall have full power and authority, acting alone or through
Sub-Servicers as provided in Section 5.02, to do any and all things which it may deem necessary or
desirable in connection with such servicing and administration, all in accordance with Accepted
Servicing Practices. Without limiting the generality of the foregoing, the Servicer in its own
name or in the name of a Sub-Servicer shall, pursuant to a power of attorney granted hereby by the
Trustee for such purposes, when the Servicer or the Sub-Servicer, as the case may be, believes it
appropriate in its best judgment, to execute and deliver, on behalf of the Certificateholders and
the Trustee or any of them, any and all instruments of satisfaction or cancellation, or of partial
or full release or discharge and all other comparable instruments, with respect to the Mortgage
Loans and with respect to the related Mortgaged Properties; provided, however, that subject to the
provisions of this paragraph, the Servicer may allow a modification with respect to a Mortgage Loan
if the Servicer would take such action in the ordinary course of its business if it were the owner
of the Mortgage Loan. The Servicer will indemnify the Trustee for any misuse of such power of
attorney provided hereunder. The Servicer may agree to a modification of any Mortgage Loan (the
“Relevant Mortgage Loan”) upon the request of the related Mortgagor, provided that (i) the

61

 

modification is in lieu of a refinancing and the Mortgage Rate on the Relevant Mortgage Loan,
as modified, is approximately a prevailing market rate of newly-originated mortgage loans having
similar terms, (ii) the aggregate of the adjusted bases of all Modified Mortgage Loans (including
the Relevant Mortgage Loans) plus the aggregate adjusted bases of any assets that are not qualified
mortgages or permitted investments under Section 860G(a) of the Code that are assets of the Trust
Fund established hereunder at all times on any day is less than one percent of the aggregate of the
adjusted bases of all assets of the Trust Fund (including such Modified Mortgage Loans) on such
day, and (iii) the Servicer purchases the Relevant Mortgage Loan from the Trust Fund as described
below. Effective immediately after such modification, and, in any event, on the same Business Day
on which the modification occurs, all right, title and interest of the Trustee in and to the
Modified Mortgage Loan shall automatically be deemed transferred and assigned to the Servicer and
all benefits and burdens of ownership thereof, including without limitation the right to accrued
interest thereon from and including the date of modification and the risk of default thereon, shall
pass to the Servicer. To confirm such transfer and assignment, the Servicer, as servicer
hereunder, as soon as practicable shall execute an instrument of assignment of the Modified
Mortgage Loan without recourse in customary form to the Servicer in its individual capacity. The
Servicer shall deposit the Purchase Price for any Modified Mortgage Loan in the Collection Account
pursuant to Section 5.08. Upon receipt by the Trustee of written notification of any such deposit
signed by a Servicing Officer, the Trustee shall release to the Servicer the related Mortgage File
and shall execute and deliver such instruments of transfer or assignment, in each case without
recourse, as shall be necessary more fully to vest in the Servicer any Modified Mortgage Loan
previously transferred and assigned pursuant thereto. Notwithstanding anything herein to the
contrary, the Servicer shall not make or permit any modification of a Mortgage Loan that would
cause any REMIC Pool to fail to qualify as a REMIC for federal income tax purposes or that would
result in the imposition of any material tax under Section 860F(a) or Section 860G(d) of the Code.

     The Servicer shall furnish to the Trustee for execution and redelivery to the Servicer or, at
the request of the Servicer, a Sub-Servicer, such documents necessary or appropriate to enable the
Servicer to service and administer the Mortgage Loans and the Trustee shall not be responsible for
the Servicer’s application thereof. The Servicer agrees to remain eligible as either a FNMA or
FHLMC seller/servicer, or both, for so long as it is Servicer.

     All Servicing Advances made by the Servicer in effecting the timely payment of taxes,
insurance and assessments on the properties subject to the Mortgage Loans shall not, for the
purpose of calculating monthly distributions to Certificateholders, be added to the amount owing
under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loan so permit,
and such Servicing Advances shall be recoverable by the Servicer to the extent permitted by
Sections 5.09 and 5.23.

     Section 5.02 Sub-Servicing Agreements Between Servicer and Sub-Servicers; Enforcement of
Sub-Servicer’s Obligations.

     (a) The Servicer may enter into Sub-Servicing Agreements with Sub-Servicers for the servicing
and administration of all or part of the Mortgage Loans. References in this Agreement to actions
taken or to be taken by the Servicer in servicing the Mortgage Loans serviced by it include
actions taken or to be taken by a Sub-Servicer on behalf of the Servicer. Each Sub-Servicing
Agreement will be upon such terms and conditions as are not inconsistent with this Agreement and as
the Servicer and the Sub-Servicer have agreed. The Servicer hereby agrees to notify the Trustee in
writing promptly upon the appointment of any Sub-Servicer. For purposes of this Agreement, the
receipt by the Sub-Servicer of any amount with respect to a Mortgage Loan (other than amounts
representing servicing compensation or reimbursement for an advance) shall be treated as the
receipt by the Servicer of such amount. The Sub-Servicer shall deposit all such funds in an
Eligible Account.

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     (b) As part of its servicing activities hereunder, the Servicer, for the benefit of the
Trustee and the Certificateholders, shall enforce the obligations of each Sub-Servicer under the
related Sub-Servicing Agreement. Such enforcement, including, without limitation, the legal
prosecution of claims, termination of Sub-Servicing Agreements as appropriate, and the pursuit of
other remedies, shall be in such form and carried out to such an extent and at such time as the
Servicer, in its good faith business judgment, would require were it the owner of the related
Mortgage Loans. The Servicer shall pay the costs of such enforcement at its own expense but shall
be reimbursed therefor only (i) from a general recovery resulting from such enforcement only to the
extent, if any, that such recovery exceeds all amounts due in respect of the related Mortgage Loans
or (ii) from a specific recovery of costs, expenses or attorneys’ fees against the party against
whom such enforcement is directed.

     (c) The Servicer shall not permit a Sub-Servicer to perform any servicing responsibilities
hereunder with respect to the Mortgage Loans unless that Sub-Servicer first agrees in writing with
the Servicer to deliver an Assessment of Compliance and an Accountant’s Attestation in such manner
and at such times that permits the Servicer to comply with Section 5.25 of this Agreement.

     Section 5.03 Successor Sub-Servicers. The Servicer shall be entitled to terminate any
Sub-Servicing Agreement that may exist in accordance with the terms and conditions of such
Sub-Servicing Agreement and without any limitation by virtue of this Agreement.

     Section 5.04 Liability of the Servicer. Notwithstanding any Sub-Servicing Agreement,
any of the provisions of this Agreement relating to agreements or arrangements between the Servicer
and a Sub-Servicer or reference to actions taken through a Sub-Servicer or otherwise, the Servicer
shall remain obligated and liable to the Trustee and Certificateholders for the servicing and
administering of the Mortgage Loans in accordance with the provisions of this Agreement without
diminution of such obligation or liability by virtue of such Sub-Servicing Agreements or
arrangements or by virtue of indemnification from the Sub-Servicer and to the same extent and under
the same terms and conditions as if the Servicer alone were servicing and administering the
Mortgage Loans. The Servicer shall be entitled to enter into any agreement with a Sub-Servicer for
indemnification of the Servicer and nothing contained in this Agreement shall be deemed to limit or
modify such indemnification.

     Section 5.05 No Contractual Relationship Between Sub-Servicer and Trustee or
Certificateholders. Any Sub-Servicing Agreement that may be entered into and any other
transactions or services relating to the Mortgage Loans involving a Sub-Servicer in its capacity as
such and not as an originator shall be deemed to be between the Sub-Servicer and the Servicer
alone, and the Trustee and Certificateholders shall not be deemed parties thereto and shall have no
claims, rights, obligations, duties or liabilities with respect to the Sub-Servicer.

     Section 5.06 Termination of Sub-Servicing Agreement. If the Servicer shall for any
reason no longer be the Servicer hereunder (including by reason of any Event of Default), the
Servicer shall thereupon terminate each Sub-Servicing Agreement that may have been entered into,
and the Trustee, its designee or the successor servicer and the Trustee shall not be deemed to have
assumed any of the Servicer’s interest therein or to have replaced the Servicer as a party to any
such Sub-Servicing Agreement.

     Section 5.07 Collection of Mortgage Loan Payments. Continuously from the date hereof
until the principal and interest on all Mortgage Loans are paid in full, the Servicer will proceed
diligently to collect all payments due under each of the Mortgage Loans when the same shall become
due and payable; provided, however, that the Servicer may elect, to the extent consistent with
Accepted Servicing Practices, to waive any late payment charge and shall, to the extent such
procedures shall be consistent with this Agreement, follow such collection procedures as it follows
with respect to conventional

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mortgage loans held in its own portfolio. Any such arrangements shall not diminish or
otherwise affect the Servicer’s obligation to make Advances pursuant to Section 6.03.

     Section 5.08 Establishment of Collection Account; Deposit in Collection Account. With
respect to all of the Mortgage Loans, the Servicer shall segregate and hold all funds collected and
received pursuant to a Mortgage Loan separate and apart from any of its own funds and general
assets and shall establish and maintain one or more Collection Accounts for the benefit of the
Certificateholders (collectively, the “Collection Account”) which are Eligible Accounts, in the
form of a trust account, in the name of “The Bank of New York Trust Company, N.A., as Trustee, in
trust for and for the benefit of the Certificateholders of Multi-Class Mortgage Pass-Through
Certificates, Chase Home Finance LLC as subservicer for JPMorgan Chase Bank, N.A. as Servicer,
Chase Mortgage Finance Corporation, Series 2007-S1 — Collection Account.” Such Collection Account
shall be established with a commercial bank, a savings bank or a savings and loan association. The
Servicer may invest, or cause the institution maintaining the Collection Account to invest, moneys
in the Collection Account in Eligible Investments, which shall mature not later than two Business
Days preceding the Distribution Date next following the date of such investment and shall not be
sold or disposed of prior to its maturity. All income and gain realized from any such investment
shall be for the benefit of the Servicer as additional compensation and shall be subject to its
withdrawal or order from time to time. The amount of any losses incurred in respect of any such
investments (to the extent not offset by income from other such investments) shall be deposited in
the Collection Account by the Servicer out of its own funds immediately as realized; provided,
however, that if the Trustee becomes the Servicer, the Trustee shall not be required to deposit the
amount of any loss incurred prior to it becoming the Servicer.

     The Servicer shall deposit or cause to be deposited in the Collection Account on a daily basis
(and not later than the second Business Day following receipt), and retain therein:

     (i) All payments which were received after the Cut-off Date on account of principal of
the Mortgage Loans (other than the principal portion of Monthly Payments due on or before
the Cut-off Date), and all Principal Prepayments collected on or after the Cut-off Date;

     (ii) All payments which were received after the Cut-off Date on account of interest on
the Mortgage Loans (net of the Servicing Fee)(other than the interest portion of Monthly
Payments due on or before the Cut-off Date);

     (iii) Any Subsequent Recovery or Net Liquidation Proceeds;

     (iv) All Insurance Proceeds received by the Servicer under any title, hazard or other
insurance policy, including amounts required to be deposited pursuant to Sections 5.16 and
5.20, other than proceeds to be held in the Escrow Account or applied to the restoration or
repair of the Mortgaged Property (or Underlying Mortgaged Property, in the case of a Co-op
Loan) or released to the Mortgagor in accordance with the Servicer’s normal servicing
procedures or otherwise applied or held as required by applicable law;

     (v) All awards or settlements in respect of condemnation proceedings affecting any
Mortgaged Property (or Underlying Mortgaged Property, in the case of a Co-op Loan), which
are not released to the Mortgagor in accordance with the Servicer’s normal servicing
procedures;

     (vi) All Repurchase Proceeds;

     (vii) All Advances made by the Servicer pursuant to Section 6.03;

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     (viii) All amounts representing revenues under the insurance provided pursuant to
Section 5.19 to the extent of any losses borne by any Certificateholder;

     (ix) All revenues from any Mortgaged Property (or Underlying Mortgaged Property in the
case of a Co-op Loan) acquired by the Servicer by foreclosure or deed in lieu of foreclosure
net of any Servicing Advances with respect to such Mortgaged Property (or Underlying
Mortgaged Property in the case of a Co-op Loan); and

     (x) Any other amounts required to be deposited therein pursuant to this Agreement.

     The Servicer shall maintain accounting records on a Mortgage Loan by Mortgage Loan basis with
respect to the Collection Account. The Servicer shall give notice to the Trustee, any Paying
Agent, the Depositor and each Rating Agency of any change in the location of the Collection
Account, prior to the use thereof. Notwithstanding anything to the contrary herein, no Monthly
Payment or any portion thereof shall be permitted to remain in the Collection Account for more than
12 months. Any Monthly Payment or any portion thereof that has remained in the Collection Account
for 12 months shall be deemed a Principal Prepayment and distributed to Certificateholders pursuant
to the provisions of this Agreement on the Distribution Date immediately following the end of such
12 month period.

     Section 5.09 Permitted Withdrawals from the Collection Account. The Servicer may,
from time to time, withdraw funds from the Collection Account for the following purposes:

     (a) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to
reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing
Agreement), the Servicer’s and the related Sub-Servicer’s right to receive reimbursement pursuant
to this subclause (i) being limited to amounts received on particular Mortgage Loans which
represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage
Loans;

     (b) to pay itself the Servicing Fee;

     (c) to reimburse itself for unreimbursed Servicing Advances, or to pay the related
Sub-Servicer any unreimbursed Servicing Advances, the Servicer’s right to receive reimbursement or
make payments to the Sub-Servicer pursuant to this subclause (c) with respect to any Mortgage Loan
being limited to related Liquidation Proceeds, Insurance Proceeds, Subsequent Recoveries and
condemnation awards;

     (d) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred
by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16;

     (e) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances;

     (f) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds
deposited in the Collection Account;

     (g) to make deposits into the Certificate Account in the amounts and in the manner provided
for herein;

     (h) to make payments to itself or others pursuant to any provision of this Agreement, and to
clear and terminate the Collection Account upon the termination of this Agreement; and

     (i) to withdraw amounts deposited in error.

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     Section 5.10 Establishment of Escrow Account; Deposits in Escrow Account. With
respect to those Mortgage Loans on which the Servicer or any Sub-Servicer collects Escrow Payments,
if any, the Servicer shall, and shall cause any Sub-Servicer to, segregate and hold all funds
collected and received pursuant to each such Mortgage Loan which constitute Escrow Payments
separate and apart from any of its own funds and general assets and shall establish and maintain
one or more Escrow Accounts, in the form of trust accounts. Such Escrow Accounts shall be
established with a commercial bank, a mutual savings bank or a savings and loan association the
deposits of which are insured by the FDIC in a manner which shall provide maximum available
insurance thereunder, and which may be drawn on by the Servicer. The Servicer shall, if requested
by the Trustee, give notice to the Trustee of the location of any Escrow Account. Nothing in this
paragraph shall be deemed to require the Servicer to collect Escrow Payments in the absence of a
provision in the related Mortgage requiring such collection.

     The Servicer shall deposit, or cause to be deposited, in any Escrow Account or Accounts on a
daily basis, and retain therein, (i) all Escrow Payments collected on account of any Mortgage Loans
serviced by the Servicer, for the purpose of effecting timely payment of any such items as required
under the terms of this Agreement and (ii) all amounts representing proceeds of any hazard
insurance policy which are to be applied to the restoration or repair of any Mortgaged Property (or
Underlying Mortgaged Property, in the case of a Co-op Loan). The Servicer shall make withdrawals
therefrom only to effect such payments as are required under this Agreement, and for such other
purposes as are set forth in Section 5.11. The Servicer shall be entitled to retain any interest
paid on funds deposited in the Escrow Account by the depository institution other than interest on
escrowed funds required by law to be paid to the related Mortgagor and, to the extent required by
law, the Servicer shall pay interest on escrowed funds to the related Mortgagor notwithstanding
that the Escrow Account is non-interest-bearing or that interest paid thereon is insufficient for
such purposes.

     Section 5.11 Permitted Withdrawals from Escrow Account. Withdrawals from any Escrow
Account or Accounts may be made by a Servicer only (i) to effect timely payments of ground rents,
taxes, assessments, water rates, Standard Hazard Policy premiums, or other items constituting
Escrow Payments for the related Mortgage, (ii) to reimburse the Servicer for any Servicing Advance
made by the Servicer, with respect to a related Mortgage Loan but only from amounts received on the
related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder,
(iii) to refund to any Mortgagor any funds found to be in excess of the amounts required under the
terms of the related Mortgage Loan or under applicable law, (iv) for application to restoration or
repair of the property subject to the related Mortgage, (v) to pay to the Servicer, or to the
Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow
Account, (vi) to clear and terminate the Escrow Account on the termination of this Agreement or
(vii) to withdraw amounts deposited in error.

     Section 5.12 Payment of Taxes, Insurance and Other Charges. With respect to each
Mortgage Loan, the Servicer shall maintain, or cause to be maintained, accurate records reflecting
any delinquencies or nonpayments with regard to taxes, assessments and Standard Hazard Policy
premiums. The Servicer assumes full responsibility for ensuring the payment of all such bills and
shall effect payments of all such bills irrespective of each Mortgagor’s faithful performance in
the payment of same or the making of the Escrow Payments and shall make advances from its own funds
to effect such payments.

     Section 5.13 Transfer of Accounts. The Servicer may transfer the Collection Account
or Escrow Account to an Eligible Account maintained with a different depository institution from
time to time and shall notify the Trustee and the Paying Agent of any such transfer.

     Section 5.14 [Reserved].

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     Section 5.15 Maintenance of the Primary Insurance Policies. The Servicer shall not
take, or permit any related Sub-Servicer to take, any action which would result in non-coverage
under any applicable Primary Insurance Policy of any loss which, but for the actions of the
Servicer or Sub-Servicer, would have been covered thereunder. Except as otherwise required by
applicable law, to the extent coverage is available and until the Loan-to-Value Ratio of the
related Mortgage Loan is reduced to 80%, the Servicer shall keep or cause to be kept in full force
and effect each such Primary Insurance Policy in an amount equal to the amount by which the unpaid
principal balance of the related Mortgage Loan exceeds 75% of the value (as described in the
definition of Loan-to-Value Ratio) of the related Mortgaged Property (or Underlying Mortgaged
Property, in the case of a Co-op Loan). The Servicer shall not cancel or refuse to renew any such
Primary Insurance Policy or consent to any related Sub-Servicer canceling or refusing to renew any
such Primary Insurance Policy applicable to a Mortgage Loan subserviced by it, that is in effect at
the date of the initial issuance of the Certificates and is required to be kept in force hereunder
unless the replacement Primary Insurance Policy for such canceled or non-renewed policy is
maintained with an insurer whose claims-paying ability is rated at least as high as the original
insurer or is acceptable to each Rating Agency as confirmed in writing by each such Rating Agency,
unless otherwise required by law.

     Section 5.16 Maintenance of Standard Hazard Policies.

     (a) The Servicer shall cause to be maintained for each Mortgage Loan (other than a Co-op Loan)
a Standard Hazard Policy with extended coverage as is prudent in the area where the Mortgaged
Property is located in an amount which is equal to the greater of (i) the lesser of (A) 100% of the
maximum insurable value of the improvements securing such Mortgage Loan or (B) the principal
balance owing on such Mortgage Loan, or (ii) such amount required to prevent the Mortgagor or
mortgagee from becoming a co-insurer. If the Mortgaged Property is in an area identified at the
time of origination in the Federal Register by the Federal Emergency Management Agency as having
special flood hazards (and such flood insurance has been made available) the Servicer will cause to
be maintained a flood insurance policy meeting the requirements of the current guidelines of the
Federal Insurance Administration with a generally acceptable insurance carrier, in an amount
representing coverage not less than the least of (i) the outstanding Principal Balance of the
Mortgage Loan, (ii) the full insurable value or (iii) the maximum amount of insurance which is
available under the Flood Disaster Protection Act of 1973, as amended. The Servicer shall also
maintain on property acquired upon foreclosure, or by deed in lieu of foreclosure, of any Mortgage
Loan, fire and hazard insurance with extended coverage in an amount which is not less than the
lesser of (i) the outstanding Principal Balance of the Mortgage Loan or (ii) the maximum insurable
value of the improvements which are a part of such property, liability insurance, and, to the
extent available, flood insurance in an amount as provided above. Any amounts collected by the
Servicer under any such policies (other than amounts to be applied to the restoration or repair of
the property subject to the related Mortgage or property acquired in liquidation of the Mortgage
Loan, or released to the Mortgagor in accordance with the Servicer’s normal servicing procedures)
shall be deposited, subject to applicable law, in the Collection Account. It is understood and
agreed that no earthquake or other additional insurance need be required by the Servicer of any
Mortgagor or maintained on property acquired in respect of a Mortgage Loan, other than pursuant to
such applicable laws and regulations as shall at any time be in force and as shall require such
additional insurance. All such Standard Hazard Policies and other policies shall be endorsed with
standard mortgagee clauses with loss payable to the Servicer or its designee. Any such Standard
Hazard Policies or other policies may be in the form of blanket policies; provided, however, that
in the event of any claim arising in connection with a hazard loss the Servicer shall be obligated,
in the case of blanket insurance policies, to deposit in the Collection Account any amount not
payable under such blanket policy because of a deductible clause in such policy and not otherwise
payable under an individual policy. The Servicer shall not interfere with the Mortgagor’s freedom
of choice in selecting either his insurance carrier or agent; provided, however, that

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the Servicer shall not accept any such insurance policies from insurance companies unless such
companies are acceptable insurers in the discretion of the Servicer.

     (b) Any cost incurred by the Servicer in maintaining any of the foregoing insurance shall not,
for the purpose of calculating monthly distributions to Certificateholders, be added to the amount
owing under the Mortgage Loan, notwithstanding that the terms of the Mortgage Loan so permit. Such
costs (other than the costs of maintaining a blanket hazard insurance policy not attributable to a
specific Mortgaged Property) shall be recoverable by the Servicer from the Mortgagor or out of
Insurance Proceeds, Subsequent Recoveries or Liquidation Proceeds or to the extent permitted by
Section 5.09.

     Section 5.17 [Reserved].

     Section 5.18 [Reserved].

     Section 5.19 Fidelity Bond and Errors and Omissions Insurance. The Servicer shall
maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy,
with broad coverage with responsible companies on all officers, employees or other persons acting
on behalf of the Servicer in any capacity with regard to the Mortgage Loans to handle funds, money,
documents and papers relating to the Mortgage Loans. Any such fidelity bond and errors and
omissions insurance shall protect and insure the Servicer against losses, including forgery, theft,
embezzlement, fraud, errors and omissions and negligent acts of such persons and shall be
maintained at a level acceptable to FNMA. No provision of this Section 5.19 requiring such
fidelity bond and errors and omissions insurance shall diminish or relieve the Servicer from its
duties and obligations as set forth in this Agreement. Upon request of the Trustee, the Servicer
shall cause to be delivered to the Trustee a certification evidencing coverage under such fidelity
bond and insurance policy. Promptly upon receipt of any notice from the surety or the insurer that
such fidelity bond or insurance policy has been terminated or modified in a materially adverse
manner, the Servicer shall notify the Trustee and each Rating Agency of any such termination or
modification.

     Section 5.20 Collections under Insurance Policies; Enforcement of Due-On-Sale Clauses; Assumption Agreements.

     (a) In connection with its activities as administrator and servicer of the Mortgage Loans, the
Servicer agrees to present, on behalf of itself, the Trustee and the Certificateholders, claims to
the insurer under any Standard Hazard Policies and, in this regard, to take such reasonable action
as shall be necessary to permit recovery under any insurance policies. Pursuant to Section 5.08,
the Servicer shall deposit Insurance Proceeds in the Collection Account.

     (b) When any Mortgaged Property (or stock allocated to a dwelling unit, in the case of a Co-op
Loan) is conveyed by the Mortgagor, the Servicer shall enforce any due-on-sale clause contained in
any Mortgage Note or Mortgage, to the extent permitted by such Mortgage Note or Mortgage,
applicable law and governmental regulations. Subject to the foregoing, the Servicer is authorized
to take or enter into an assumption or substitution agreement from or with the Person to whom such
property has been or is about to be conveyed. In connection with such assumption or substitution,
the Servicer shall apply such underwriting standards and follow such practices and procedures as
shall be normal and usual and as it applies to mortgage loans owned solely by it.

     Notwithstanding the foregoing paragraph or any other provision of this Agreement, the Servicer
shall not be deemed to be in default, breach or any other violation of its obligations hereunder by
reason of any conveyance by the Mortgagor of the Mortgaged Property (or stock allocated to a
dwelling unit, in

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the case of a Co-op Loan) or any assumption of a Mortgage Loan by operation of law which the
Servicer in good faith determines it may be restricted by law from preventing, for any reason
whatsoever.

     (c) Subject to the Servicer’s duty to enforce any due-on-sale clause to the effect set forth
in Section 5.20(b), in any case in which a Mortgaged Property (or stock allocated to a dwelling
unit, in the case of a Co-op Loan) is to be conveyed to a Person by a Mortgagor, and such Person is
to enter into an assumption agreement or modification agreement or supplement to the Mortgage Note
or Mortgage, the Servicer shall so notify the Trustee by forwarding to the Trustee the original
copy of such assumption or substitution agreement, which copy shall be added by the Trustee to the
related Mortgage File and shall, for all purposes, be considered a part of such Mortgage File to
the same extent as all other documents and instruments constituting a part thereof. In connection
with any such assumption, modification agreement or substitution agreement, the interest rate of
the related Mortgage Note shall not be changed, the principal amount of the Mortgage Note shall not
be increased or decreased and the maturity of the Mortgage Note shall not be extended, nor shall it
be shortened by more than one year. Any fee collected by the Servicer for entering into an
assumption or substitution of liability agreement with respect to such Mortgage Loan shall be
retained by the Servicer as additional servicing compensation.

     Section 5.21 Income and Realization from Defaulted Mortgage Loans. The Servicer, on
behalf of the Trustee, shall foreclose upon or otherwise comparably convert the ownership of
Mortgaged Properties (or stock allocated to a dwelling unit, in the case of a Co-op Loan) securing
such of the Mortgage Loans as come into and continue in default and as to which no satisfactory
arrangements can be made for collection of delinquent payments pursuant to Section 5.07, shall
manage, conserve, protect and operate such Mortgaged Properties (or stock allocated to a dwelling
unit, in the case of a Co-op Loan) for the purposes of their prompt disposition and sale, and shall
dispose of such Mortgaged Properties (or stock allocated to a dwelling unit, in the case of a Co-op
Loan) on such terms and conditions as it deems in the best interests of the Certificateholders. The
Servicer shall sell such property prior to the close of the third calendar year beginning after the
year in which such foreclosure or conversion occurs or such longer period as would not prevent such
Mortgaged Property (or stock allocated to a dwelling unit, in the case of a Co-op Loan) from
constituting “foreclosure property” within the meaning of Section 860G(a)(8) of the Code. The
Servicer will ensure that no Mortgaged Property shall be held, rented or otherwise used in such a
manner or pursuant to any terms that would (i) cause such Mortgaged Property to fail to qualify as
“foreclosure property” within the meaning of Section 860G(a)(8) of the Code or (ii) subject any
REMIC Pool to the imposition of any federal income taxes on the income earned on such Mortgaged
Property, including any taxes imposed by reason of Section 860F or 860G(c) of the Code. In
connection with such activities, the Servicer shall follow such practices and procedures as it
shall deem necessary or advisable, as shall be normal and usual in its general mortgage servicing
activities, including its management of foreclosed properties for a temporary period as
contemplated herein. The foregoing is subject to the provisions of Section 5.28 of this Agreement
and to the proviso that the Servicer shall not be required to expend its own funds in connection
with any management, foreclosure or towards the restoration of any property unless it shall
determine that such management, restoration or foreclosure will increase any Subsequent Recoveries
or Liquidation Proceeds of the Mortgage Loan to Certificateholders after reimbursement to itself
for such expenses (respecting which it shall have priority for purposes of withdrawals from the
Collection Account pursuant to Section 5.09). The Servicer shall be permitted to earn income with
respect to any Mortgaged Properties (or stock allocated to a dwelling unit, in the case of a Co-op
Loan), provided such income does not constitute “net income from foreclosure property” within the
meaning of Section 860G(c) of the Code. The income earned from the management of such Mortgaged
Properties (or stock allocated to a dwelling unit, in the case of a Co-op Loan), net of
reimbursement to the Servicer for expenses (including any taxes) incurred in connection with such
management, shall be applied to the payment of principal of and interest on the related defaulted
Mortgage Loans (with interest accruing and principal amortizing as though such Mortgage Loans were
still current) and all such income shall be deemed, for all purposes in this Agreement, to be
payments on

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account of principal and interest on the related Mortgage Notes and shall be deposited into
the Collection Account. To the extent the income received is in excess of the amount attributable
to amortizing principal and accrued interest at the Net Mortgage Rate on the related Mortgage Loan,
such excess shall be deposited in the Collection Account.

     The Servicer shall take into account the existence of any hazardous substances, hazardous
wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response
Compensation and Liability Act, as amended, the Resources Conservation and Recovery Act of 1976, as
amended, or other federal, state or local environmental legislation, on a Mortgaged Property (or
Underlying Mortgaged Property, in the case of a Co-op Loan) in determining whether to foreclose
upon or otherwise comparably convert the ownership of such property. To the extent that the
Servicer has actual knowledge of any such substance or waste, it shall consult with the Trustee
regarding the appropriate course of action. The Servicer shall not institute foreclosure actions
with respect to a property containing substance or waste as described above if it reasonably
believes that such action would not be consistent with its servicing standards, and in no event
shall the Servicer manage, operate or take any other action with respect thereto which the Servicer
in good faith believes will result in “clean-up” or other liability under applicable law. The net
income from the rental or sale of a REO Property shall be deposited in the Collection Account
within two (2) Business Days after receipt thereof by the Servicer.

     The Servicer may enter into a special servicing agreement with an unaffiliated holder of 100%
Percentage Interest of the Class of Class B Certificates then outstanding having the highest
numerical class designation or a holder of a class of securities representing interests in such
Class B Certificate and/or other subordinate mortgage pass-through certificates, such agreement to
be (i) substantially in the form of Exhibit J hereto or (ii) subject to each Rating Agency’s
acknowledgment that the ratings of the Certificates in effect immediately prior to the entering
into of such agreement would not be qualified, downgraded or withdrawn and the Certificates would
not be placed on credit review status (except for possible upgrading) as a result of such
agreement. Any such agreement may contain provisions whereby such holder may instruct the Servicer
to commence or delay foreclosure proceedings with respect to delinquent Mortgage Loans and will
contain provisions for the deposit of cash by the holder that would be available for distribution
to Certificateholders if Liquidation Proceeds are less than they otherwise may have been had the
Servicer acted in accordance with its normal procedures.

     Section 5.22 Trustee to Cooperate; Release of Mortgage Files.

     (a) Upon becoming aware of the payment in full of any Mortgage Loan, or upon the receipt by
the Servicer of a notification that payment in full will be made in a manner customary for such
purposes, the Servicer shall immediately notify the Custodian with a copy to the Trustee by a
certification (which certification shall include a statement to the effect that all amounts
received or to be received in connection with such payment which are required to be deposited in
the Collection Account pursuant to Section 5.08 have been or will be so deposited) of a Servicing
Officer and shall request delivery to it of the Mortgage File. Upon receipt of such certification
and request, within five Business Days the Custodian on behalf of the Trustee shall release the
related Mortgage File to the Servicer and the Trustee will execute and deliver to the Servicer the
request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such other
instruments releasing the lien of the Mortgage as have been provided by the Servicer to the
Trustee, together with the Mortgage Note with written evidence of cancellation thereon, and the
Trustee shall have no further responsibility with respect to said Mortgage File. Upon any such
payment in full, or the receipt of such notification, the Servicer is authorized to procure from
the Trustee under the deed of trust which secured the Mortgage Note, if any, a deed of full
reconveyance covering the property encumbered by such deed of trust, which assignment of deed of
trust, except as otherwise provided by any applicable law, shall be recorded by the Servicer in the
appropriate land records in the jurisdiction in which the assignment of deed of trust is recorded,
or, as the case may

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be, to procure from the Trustee an instrument of satisfaction or, if the Mortgagor so
requests, an assignment without recourse, which deed of reconveyance, instrument of satisfaction or
assignment shall be delivered by the Servicer to the Person or Persons entitled thereto. No
expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall
be chargeable to the Collection Account or to the Trustee.

     (b) From time to time as is appropriate for the servicing or foreclosure of any Mortgage Loan,
the Servicer shall deliver to the Custodian a certificate of a Servicing Officer requesting that
possession of the Mortgage File be released to the Servicer and certifying as to the reason for
such release and that such release will not invalidate any insurance coverage provided in respect
of the Mortgage Loan under any of the insurance policies required by this Agreement. With such
certificate, the Servicer shall require that the Custodian on behalf of the Trustee release the
Mortgage File, and, within five Business Days, the Custodian shall deliver the Mortgage File or any
document therein to the Servicer. The Servicer shall cause each Mortgage File so released to be
returned to the Custodian on behalf of the Trustee when the need therefor by the Servicer no longer
exists, unless (i) the Mortgage Loan has been liquidated and the Net Liquidation Proceeds relating
to the Mortgage Loan have been deposited in the Collection Account or (ii) the Mortgage File has
been delivered to an attorney, or to a public trustee or other public official as required by law,
for purposes of initiating or pursuing legal action or other proceedings for the foreclosure of the
Mortgaged Property (or stock allocated to a dwelling unit, in the case of a Co-op Loan) either
judicially or non-judicially, and the Servicer has delivered to the Custodian on behalf of the
Trustee a certificate of a Servicing Officer in the form of Exhibit L hereto certifying as to the
name and address of the Person to which such Mortgage File was delivered and the purpose or
purposes of such delivery.

     (c) Upon written request of the Servicer, the Trustee shall execute and deliver to the
Servicer any court pleadings, requests for trustee’s sale or other documents prepared by and
delivered by the Servicer to the Trustee necessary to the foreclosure or trustee’s sale in respect
of a Mortgaged Property (or stock allocated to a dwelling unit, in the case of a Co-op Loan) or to
any legal action brought to obtain judgment against any Mortgagor on the Mortgage Note or Mortgage
or to obtain a deficiency judgment, or to enforce any other remedies or rights provided by the
Mortgage Note or Mortgage or otherwise available at law or in equity. Together with such documents
or pleadings, the Servicer shall deliver to the Trustee a certificate of a Servicing Officer
requesting that such pleadings or documents be executed by the Trustee and certifying as to the
reason such documents or pleadings are required and that the execution and delivery thereof by the
Trustee will not invalidate any insurance coverage under the insurance policies required under this
Agreement or invalidate or otherwise affect the lien of the Mortgage, except for the termination of
such a lien upon completion of the foreclosure or trustee’s sale. The Trustee may rely on such
certificate without further inquiry.

     (d) The Servicer may provide an electronic transmission for release of documents under this
Section 5.22 in a form agreed to in advance of initial transmission by both the Servicer and the
Custodian, which form shall contain information readable without intervention by Custodian’s data
processing operations computer hardware and software staff, and arranged in a record layout to be
specified by Custodian (a “Paperless Release Request”). The Servicer agrees to maintain and
control access to electronic signature information and assumes liability for any unauthorized use
thereof, except for any unauthorized use thereof by the Custodian and, provided that, the Servicer
shall have no liability arising from the form of transmission if the Servicer complies with the
Custodian’s standards set forth in the next paragraph of this Section 5.22(d). The Servicer also
agrees to maintain accurate records of electronic transactions related to the custodial files. The
Servicer hereby authorizes the Custodian to automatically append the electronic signature of an
authorized representative to the applicable request for release of documents and agrees and
acknowledges that by appending such authorized representative’s electronic signature, the Custodian
shall be entitled to rely thereon. For purposes of this Agreement the term

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“electronic signature” means an electronic identifier intended by the person using it to have
the same force and effect as the use of a manual signature.

          The Servicer agrees in advance to comply with all Custodian data encryption, security and
record layout standards in connection with any Paperless Release Request as may be amended from
time to time upon notice from Custodian to the Servicer. The Custodian reserves the right to
restrict or suspend the Servicer’s access to the Custodian’s computer systems for maintenance or
repairs or for any other reason in the Custodian’s sole discretion, provided however that the
Custodian shall promptly provide the Servicer with notice of such restriction or suspension.
Notwithstanding the foregoing, the Servicer is authorized to transmit and the Custodian is
authorized to accept signed facsimile copies of the requests for document release described in this
Section 5.22.

     Section 5.23 Servicing and Other Compensation. The Servicer, as compensation for its
activities hereunder, shall be entitled to receive, on or prior to each Distribution Date, the
amounts provided for as the Servicing Fee and as reimbursement for Nonrecoverable Advances,
Servicing Advances and reimbursement for Advances, all as specified by Section 5.09. The amount of
compensation or reimbursement provided for shall be accounted for on a Mortgage Loan-by-Mortgage
Loan basis.

     Additional servicing compensation in the form of assumption fees, prepayment fees and late
payment charges shall be retained by the Servicer, to the extent permitted by applicable law. The
Servicer shall be required to pay all expenses incurred by it in connection with its servicing
activities hereunder (including the fees, expenses and indemnities of the Trustee and any
Sub-Servicer) and shall not be entitled to reimbursement therefor except as specifically provided
in Sections 5.09 and 5.21.

     Section 5.24 1934 Act Reports.

     (a) As set forth on Schedule X hereto, for so long as the Trust is subject to the Exchange Act
reporting requirements, no later than the end of business on the 2nd Business Day after the
occurrence of an event requiring disclosure on Form 8-K (a “reportable event”) (i) the Depositor,
the Seller, the Trustee and the Paying Agent shall notify the Servicer of any item reportable on a
Form 8-K of which each such party has knowledge (unless such item is specific to the Servicer, in
which case the Servicer will be deemed to have notice) and (ii) shall deliver to the Servicer at
least two Business Days prior to the filing deadline for such Form 8-K, all information, data, and
exhibits (unless such information, data, and exhibits are specific to the Servicer) required to be
provided or filed with such Form 8-K. After preparing the Form 8-K on behalf of the Depositor, the
Servicer shall execute and promptly file such Form 8-K.

     (b) For so long as the Trust is subject to the Exchange Act, within 15 days after each
Distribution Date, the Servicer shall, on behalf of the Trust and in accordance with industry
standards, file with the Commission via the Electronic Data Gathering and Retrieval System (EDGAR),
a Form 10-D with (1) a copy of the report to the Certificateholders for such Distribution Date as
an exhibit thereto and (2) any other information known to the Servicer or provided to the Servicer
to be included at its discretion in Form 10-D (“Additional Form 10-D Disclosure”) as set forth in
the next paragraph.

     (c) For so long as the Trust is subject to the Exchange Act, as set forth in Schedule Y
hereto, within 5 calendar days after the related Distribution Date (i) the parties hereto, as
applicable, will be required to provide to the Servicer, to the extent known to such party, any
Additional Form 10-D Disclosure (including any breaches of pool asset representations and
warranties or transaction covenants of which the party has written notice and which has not been
included on the monthly distribution report for the period), if applicable, and (ii) the Servicer,
to the extent it deems necessary, shall incorporate such

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Additional Form 10-D Disclosure into the Form 10-D and shall file such Form 10-D by the
8th calendar day after the Distribution Date.

     (d) For so long as the Trust is subject to the Exchange Act, prior to the 90th calendar day
after the end of the fiscal year for the trust, the Servicer shall, on behalf of the Trust and in
accordance with industry standards, prepare and file with the Commission via EDGAR a Form 10 -K
with respect to the Trust Fund. Such Form 10-K shall include the following items: (i) an annual
compliance statement for the Servicer and each Subservicer, as described in Section 5.25 of the
Agreement, (ii)(A) the annual reports on assessment of compliance with servicing criteria for the
Paying Agent, each Servicer, Subservicer and Subcontractor (unless the Servicer has determined that
such compliance statement is not required by Regulation AB), as described in Section 5.25 of the
Agreement, and (B) if any Reporting Servicer’s report on assessment of compliance with servicing
criteria described in Section 5.25 identifies any material instance of noncompliance, disclosure
identifying such instance of noncompliance, or if any report on assessment of compliance with
servicing criteria described in Section 5.25 of the Agreement is not included as an exhibit to such
Form 10-K, disclosure that such report is not included and an explanation why such report is not
included, (iii)(A) the registered public accounting firm attestation report for the Paying Agent,
the Servicer and each Subservicer, as described in Section 5.26 of the Agreement, and (B) if any
registered public accounting firm attestation report described in the Section 5.26 of the Agreement
identifies any material instance of noncompliance, disclosure identifying such instance of
noncompliance, or if any such registered public accounting firm attestation report is not included
as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation why
such report is not included, and (iv) a Sarbanes-Oxley Certification in the form attached hereto as
Exhibit S, executed by the senior officer in charge of securitizations of the Servicer. Any
disclosure or information in addition to (i) through (iv) above that is required to be included on
Form 10-K (“Additional Form 10-K Disclosure”) shall be determined and prepared by and at the
direction of the Servicer pursuant to the following paragraph.

     (e) As set forth in Schedule Z hereto, no later than March 12 of each year that the Trust is
subject to the Exchange Act reporting requirements, commencing in 2008, (i) the parties identified
on Schedule Z shall be required to provide to the Depositor and the Servicer, to the extent known,
any Additional Form 10-K Disclosure, if applicable, and (ii) the Servicer, to the extent it deems
necessary, shall incorporate such Additional Form 10-K Disclosure into the Form 10-K and shall file
such Form 10-K by the 85th calendar day after the end of the fiscal year for the Trust.

     (f) Each Form 10-K shall include a certification (the “Sarbanes-Oxley Certification”) which
shall be in the form attached hereto as Exhibit S. The Depositor will cause its senior officer in
charge of securitization to execute the Sarbanes-Oxley Certification required pursuant to Rule
13a-14 under the Securities Exchange Act of 1934, as amended, by March 15 of each year in which the
Trust is subject to the reporting requirements of the Exchange Act. In connection therewith, the
Paying Agent shall sign a certification (in the form attached hereto as Exhibit O) for the benefit
of the Servicer and its officers, directors and affiliates regarding certain aspects of the Form
10-K Certification.

     (g) Following the first date legally permissible under applicable regulations and
interpretations of the Commission, the Servicer shall, on behalf of the Trust and in accordance
with industry standards, file with the Commission via EDGAR a Form 15 Suspension Notification with
respect to the Trust Fund, if applicable.

     (h) The Servicer shall have no responsibility to file any items with the Commission other than
those specified in this section and the Servicer shall execute any and all form 8-Ks and 10-Ds
required hereunder. The Depositor shall execute each form 10-K.

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     (i) If the Commission issues additional interpretative guidance or promulgates additional
rules or regulations with respect to Regulation AB or otherwise, or if other changes in applicable
law occur, that would require the reporting arrangements, or the allocation of responsibilities
with respect thereto, described in this Section 5.24, to be conducted differently than as
described, the Depositor, the Servicer, the Paying Agent and the Trustee shall comply with
reasonable requests made by CHF, the Servicer or the Depositor to amend the provisions of this
Section 5.24 in order to comply with such amended reporting requirements and to deliver additional
or different information as CHF or the Depositor may determine in good faith is necessary to comply
with the provisions of Regulation AB, provided that such information is available to such party
without unreasonable effort or expense or is reimbursed by the requesting party and within such
timeframe as may be reasonably requested. Any such supplementation or modification shall be made
without the consent of the Certificateholders, and may result in a change in the reports filed by
the Servicer on behalf of the Trust under the Exchange Act.

     (j) The Depositor, the Servicer, the Trustee and the Paying Agent agree to use their good
faith efforts to cooperate in complying with the requirements of this Sections 5.24.

     Section 5.25 Annual Statement as to Compliance. Not later than (a) March 15 of each
calendar year (other than the calendar year during which the Closing Date occurs) or (b) with
respect to any calendar year during which an annual report on Form 10-K is not required to be filed
pursuant to Section 5.24 on behalf of the Trust, by April 15 of each calendar year (or if such day
is not a Business Day, the immediately succeeding Business Day), the Servicer shall deliver to the
Depositor, an Officers’ Certificate in the form attached hereto as Exhibit T stating, as to each
signatory thereof, that (i) a review of the activities of the Servicer during the preceding
calendar year and of the performance of the Servicer under this Agreement has been made under such
officer’s supervision, and (ii) to the best of such officer’s knowledge, based on such review, the
Servicer has fulfilled all its obligations under this Agreement in all material respects throughout
such year or a portion thereof, or, if there has been a failure to fulfill any such obligation in
any material respect, specifying each such failure known to such officer and the nature and status
thereof. With respect to any Subservicer that meets the criteria of Item 1108(a)(2)(i) through
(iii) of Regulation AB in the sole determination of the Servicer, the Servicer shall request from
such Subservicer, the Officer’s Certificate set forth in this Section 5.25 as and when required
with respect to such Subservicer.

     Section 5.26 Assessment of Compliance and Independent Public Accountants’ Attestation;
Financial Statements.

     (a) Not later than (i) March 15 of each calendar year (other than the calendar year during
which the Closing Date occurs) or (ii) with respect to any calendar year during which an annual
report on Form 10-K is not required to be filed pursuant to Section 5.24 on behalf of the Trust, by
April 15 of each calendar year (or if such day is not a Business Day, the immediately succeeding
Business Day), the Servicer, at its own expense, shall deliver to the Trustee and the Depositor an
officer’s assessment of its compliance with the Servicing Criteria during the preceding calendar
year as required by Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB (the
“Assessment of Compliance”), which addresses the items set forth in Exhibit R hereto.

     (b) Not later than (i) March 15 of each calendar year (other than the calendar year during
which the Closing Date occurs) or (ii) with respect to any calendar year during which an annual
report on Form 10-K is not required to be filed pursuant to Section 5.24 on behalf of the Trust,
April 15 of each calendar year (or if such day is not a Business Day, the immediately succeeding
Business Day), the Servicer, at its own expense, shall cause a nationally or regionally recognized
firm of independent registered public accountants (who may also render other services to any
Servicer, the Sellers or any affiliate thereof) which is a member of the American Institute of
Certified Public Accountants to furnish a

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statement to the Trustee, the Paying Agent and the Depositor that attests to and reports on
the assessment of compliance provided by such Servicer pursuant to Section 5.26(a) (the
“Accountant’s Attestation”). Such Accountant’s Attestation shall be in accordance with Rules
1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act.

     (c) The Servicer shall request that any Subservicer and each Subcontractor (to the extent
determined by the Servicer to be required under Regulation AB) not later than March 15 of each
calendar year (other than the calendar year during which the Closing Date occurs) with respect to
any calendar year during which the Trust’s annual report on Form 10-K is required to be filed in
accordance with the Exchange Act and the rules and regulations of the Commission, provide an
Assessment of Compliance, which addresses the items set forth in Exhibit R hereto. The Servicer
shall request that any Subservicer (other than the calendar year during which the Closing Date
occurs) with respect to any calendar year during which the Trust’s annual report on Form 10-K is
not required to be filed in accordance with the Exchange Act and the rules and regulations of the
Commission, by April 15 of each calendar year (or, in each case, if such day is not a Business Day,
the immediately succeeding Business Day) provide an Assessment of Compliance, which addresses the
items set forth in Exhibit R hereto.

     (d) Not later than March 15 of each calendar year (other than the calendar year during which
the Closing Date occurs) with respect to any calendar year during which the Trust’s annual report
on Form 10-K is required to be filed in accordance with the Exchange Act and the rules and
regulations of the Commission, the Servicer shall request that each Subservicer and each
Subcontractor (to the extent determined by the Servicer to be required by Regulation AB) provide an
Accountant’s Attestation by a registered public accounting firm that attests to, and reports on,
the Assessment of Compliance pursuant to Section 5.26(c) above. Other than the calendar year
during which the Closing Date occurs, with respect to any calendar year during which the Trust’s
annual report on Form 10-K is not required to be filed in accordance with the Exchange Act and the
rules and regulations of the Commission, not later than April 15 of each calendar year (or, in each
case, if such day is not a Business Day, the immediately succeeding Business Day), the Servicer
shall request that each Subservicer provide an Accountant’s Attestation by a registered public
accounting firm that attests to, and reports on, the Assessment of Compliance pursuant to Section
5.26(c) above.

     (e) Not later than, with respect to any calendar year during which the Trust’s annual report
on Form 10K is required to be filed in accordance with the Exchange Act and the rules and
regulations of the Commission, March 15 (or, in each case, if such day is not a Business
Day, the immediately preceding Business Day), the Paying Agent shall deliver to the Depositor and
the Servicer an Assessment of Compliance with regard to the Servicing Criteria applicable to the
Paying Agent during the preceding calendar year, which addresses the items set forth in Exhibit R
hereto.

     (f) Not later than, with respect to any calendar year during which the Trust’s annual report
on Form 10-K is required to be filed in accordance with the Exchange Act and the rules and
regulations of the Commission, March 15 (or, in each case, if such day is not a Business Day, the
immediately preceding Business Day), the Paying Agent shall deliver to the Depositor and the
Servicer an Accountant’s Attestation by a registered public accounting firm that attests to, and
reports on, the Assessment of Compliance pursuant to Section 5.26(e) above.

     (g) Not later than, with respect to any calendar year during which the Trust’s annual report
on Form 10-K is required to be filed in accordance with the Exchange Act and the rules and
regulations of the Commission, 15 calendar days before the date on which the Trust’s annual report
on Form 10-K is required to be filed in accordance with the Exchange Act and the rules and
regulations of the Commission (or, in each case, if such day is not a Business Day, the immediately
preceding Business Day), the Servicer shall request that each custodian, including the Custodian,
deliver to the Servicer an Assessment

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of Compliance with regard to the Servicing Criteria applicable to such custodian during the
preceding calendar year, which addresses the items set forth in Exhibit R hereto; provided,
however, that where the Custodian and the Servicer are both Chase, the provisions of this Section
5.26(g) may be satisfied by the delivery of a single report containing the Assessment of Compliance
of Chase.

     (h) Not later than March 12 (or, in each case, if such day is not a Business Day, the
immediately succeeding Business Day), of any calendar year (other than the calendar year during
which the Closing Date occurs) during which the Trust’s annual report on Form 10-K is required to
be filed in accordance with the Exchange Act and the rules and regulations of the Commission, the
Servicer shall request that each Custodian deliver to the Servicer an Accountant’s Attestation by a
registered public accounting firm that attests to, and reports on, the Assessment of Compliance
pursuant to Section 5.26(g) above; provided, however, that where the Custodian and the Servicer are
both Chase, the provisions of this Section 5.26(h) may be satisfied by the delivery of a single
report containing the Accountant’s Attestation of Chase.

     (i) Each of the parties hereto acknowledges and agrees that the purpose of this Section 5.26
is to facilitate compliance by the Seller, the Servicer and the Depositor with the provisions of
Regulation AB, as such may be amended or clarified from time to time. Therefore, each of the
parties agrees that the parties’ obligations hereunder will be supplemented and modified as
necessary to be consistent with any such amendments, interpretive advice or guidance, convention or
consensus among active participants in the asset-backed securities markets, advice of counsel, or
otherwise in respect of the requirements of Regulation AB and the parties shall comply with
reasonable requests made by the Seller, the Servicer or the Depositor for delivery of additional or
different information as CHF or the Depositor may determine in good faith is necessary to comply
with the provisions of Regulation AB, provided that such information is available to such party
without unreasonable effort or expense or is reimbursed by the requesting party and within such
timeframe as may be reasonably requested. Any such supplementation or modification shall be made
without the consent of the Certificateholders, and may result in a change in the reports filed by
the Servicer on behalf of the Trust under the Exchange Act.

     Section 5.27 Access to Certain Documentation; Rights of the Depositor in Respect of the
Servicer. The Servicer shall provide access to the Trustee and Certificateholders which are
savings and loan associations, banks or insurance companies or examiners of any federal or state
banking or insurance regulatory authority to the documentation regarding the Mortgage Loans if so
required by applicable regulations of any regulatory authority, such access to be afforded subject
to reimbursement for expenses without charge but only upon reasonable request and during normal
business hours at the offices of the Servicer designated by it. The Depositor may, but is not
obligated to, enforce the obligations of the Servicer under this Agreement. The Depositor shall
not assume any responsibility or liability for any action or failure to take action by the Servicer
and is not obligated to supervise the performance of the Servicer under this Agreement or
otherwise.

     Section 5.28 REMIC-Related Covenants. For as long as the Trust Fund shall exist, the
Servicer, the Paying Agent and the Trustee shall act in accordance herewith to assure continuing
treatment of each REMIC created hereunder as a REMIC. In particular:

     (a) The Servicer shall not create, or permit the creation of, any “interests” in any REMIC
created hereunder within the meaning of Section 860G(a) of the Code other than the “regular
interests” in each such REMIC designated as such in Section 2.04(a) and the “residual interest” in
each such REMIC designated as such in Section 2.04(a);

     (b) As of all times as may be required by the Code, the Servicer will ensure that
substantially all of the assets of each REMIC created hereunder will consist of “qualified
mortgages” as defined in

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Section 860G(a)(3) of the Code and “permitted investments” as defined in Section 860G(a)(5) of
the Code. The Paying Agent will maintain records that are sufficient to indicate the compliance of
each REMIC created hereunder with applicable requirements of the Code (and applicable Proposed,
Temporary or final Treasury Regulations) relating to the assets held by such REMIC. Further, the
Servicer shall not permit and the Trustee shall not accept the transfer or substitution of any
Mortgage Loan other than pursuant to Section 3.03, 5.01 or 5.21 of this Agreement, and the Servicer
shall, in any case, not permit substitution unless the Servicer and the Trustee have received an
Opinion of Counsel, which will not be an expense of any REMIC created hereunder, that such transfer
or substitution would not adversely affect the REMIC status of any REMIC created hereunder or would
not otherwise be prohibited by this Agreement;

     (c) The Servicer shall ensure that no REMIC created hereunder receives a fee or other
compensation for services and that no REMIC created hereunder receives any income from assets other
than “qualified mortgages” within the meaning of Section 860G(a)(3) of the Code or “permitted
investments” within the meaning of Section 860G(a)(5) of the Code, and shall take whatever action
it deems necessary to avoid any material tax imposed by the Code on any REMIC created hereunder;

     (d) None of the Depositor, the Servicer, the Paying Agent or the Trustee shall sell or permit
the sale of all or any portion of the Mortgage Loans or of any Eligible Investment unless such sale
is as a result of a repurchase of the Mortgage Loans pursuant to this Agreement or the Trustee has
received an Opinion of Counsel, which will not be an expense of any REMIC created hereunder or the
Trustee, to the effect that such sale (i) is pursuant to a “qualified liquidation” as defined in
Section 860F(a)(4) of the Code and as described in Section 11.01 hereof, or (ii) would not be
treated as a “prohibited transaction” within the meaning of Section 860F(a)(2) of the Code that
results in the realization of a material amount of gain or loss for federal income tax purposes;

     (e) The Trustee shall not accept any contribution to any REMIC created hereunder after the
Startup Day without an Opinion of Counsel (which shall not be an expense of the Trustee) that such
contribution is included within the exceptions provided in Section 860G(d)(2) of the Code and,
therefore, will not be subject to the tax imposed by Section 860G(d)(1) of the Code; and

     (f) Notwithstanding anything to the contrary in this Agreement, the Servicer and the Trustee,
at the direction of the Servicer, shall take any other action or refuse to take any action
otherwise required (including adjusting the Purchase Price for any Mortgage Loan) where the
Servicer deems such action or inaction reasonably necessary to ensure the REMIC status of each
REMIC created hereunder under the Code and applicable regulations or to avoid the imposition of any
material tax liability on any REMIC created hereunder that will affect amounts distributable to the
Certificateholders.

     (g) In the event that any applicable federal, state or local tax, including interest,
penalties or assessments, additional amounts or additions to tax, is imposed on any REMIC created
hereunder, such tax shall be treated in the same manner as a Realized Loss and shall be charged
against amounts otherwise distributable to the Holders of the Certificates, except as provided in
the last sentence of this Section 5.28 (g). The Trustee or, if a Paying Agent has been appointed
under Section 4.05, the Paying Agent shall withdraw from the Collection Account sufficient funds to
pay or provide for the payment of, and to actually pay, such tax as is estimated to be legally owed
by (but such authorization shall not prevent the Trustee or, if a Paying Agent has been appointed
under Section 4.05, the Paying Agent from contesting, at the expense of the Trust Fund (other than
as a consequence of a breach of its obligations under this Agreement), any such tax in appropriate
proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such
proceedings). The Trustee or, if a Paying Agent has been appointed under Section 4.05, the Paying
Agent is hereby authorized to and shall segregate, into a separate non-interest bearing account,
the net income from any “prohibited transaction” under Code Section 860F(a),

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the amount of any taxable contribution to any REMIC created hereunder after the Startup Day
that is subject to tax under Code Section 860G(d), and 35% of any estimated “net income from
foreclosure property” under Section 860G(c) and use such income or amount, to the extent necessary,
to pay such tax. To the extent that any such tax is paid to the Internal Revenue Service or
applicable state or local tax authorities, the Trustee or a Paying Agent has been appointed under
Section 4.05, the Paying Agent shall retain an equal amount from future amounts otherwise
distributable to the Holder of the Class A-R Certificate and shall distribute such retained amounts
to the Holders of the other Classes of Certificates, to the extent they remain outstanding, until
they are fully reimbursed for any amount of such taxes previously charged to the then Holder of the
Class A-R Certificate. Neither the Trustee nor the Servicer shall be responsible for any taxes
imposed on any REMIC created hereunder except to the extent such taxes arise as a consequence of a
breach of their respective obligations under this Agreement. The Trustee shall not be liable
hereunder for any taxes imposed on any REMIC hereunder as the result of any direction taken
hereunder from the Servicer or any action of the Servicer or Paying Agent hereunder.

     Section 5.29 Reserve Fund; Yield Maintenance Agreements.

     (a) On the Closing Date, the Paying Agent shall establish an account (the “Reserve Fund”),
which shall be an Eligible Account. The Reserve Fund shall be entitled “Reserve Fund, The Bank of
New York Trust Company, N.A., as Trustee for the benefit of the
Holders of the Chase Mortgage
Finance Trust [        ] LIBOR Certificates.” On each Distribution Date, the Paying Agent is hereby
directed to, and shall therefore, deposit into the Reserve Fund all amounts received under the
Yield Maintenance Agreements. For federal and state income tax purposes, the LIBOR
Certificateholders will be deemed to be the owners of the related portion of the Reserve Fund and
all amounts deposited into the Reserve Fund and shall be taxable on any income earned thereon. The
Reserve Fund shall not be an asset of any REMIC. Amounts held in the Reserve Fund shall remain
uninvested. The Reserve Fund will be part of the Trust Fund but not part of any REMIC and any
payments to the LIBOR Certificates of Basis Risk Shortfall Carryover Amounts with respect to the
LIBOR Certificates will not be payments with respect to a “regular interest” in a REMIC within the
meaning of Code Section 860G(a)(1).

     (b) The Depositor hereby directs the Paying Agent, to execute and deliver on behalf of the
Trust each of the Yield Maintenance Agreements and authorizes the Paying Agent to perform its
obligations thereunder on behalf of the Trust in accordance with the terms of such Yield
Maintenance Agreement. Each Yield Maintenance Agreement will provide for the payment of Basis Risk
Shortfall Carryover Amounts for one Class of LIBOR Certificates to the extent provided in this
Section 5.29(b). On or before the Closing Date, the Paying Agent shall enter into each of the
Yield Maintenance Agreements on behalf of the Trust, with the Counterparty. The Yield Maintenance
Agreements shall be part of the Trust Fund but not part of any REMIC.

     On each Distribution Date, the Paying Agent shall distribute amounts received under the Class
A-1 Yield Maintenance Agreement on deposit in the Reserve Fund to the Class A-1 Certificates, up to
the Basis Risk Shortfall Carryover Amount for the Class A-1 Certificates.

     On each Distribution Date, the Paying Agent shall distribute amounts received under the Class
A-3 Yield Maintenance Agreement on deposit in the Reserve Fund to the Class A-3 Certificates, up to
the Basis Risk Shortfall Carryover Amount for the Class A-3 Certificates.

     On each Distribution Date, the Paying Agent shall distribute amounts received under the Class
A-4 Yield Maintenance Agreement on deposit in the Reserve Fund to the Class A-4 Certificates, up to
the Basis Risk Shortfall Carryover Amount for the Class A-4 Certificates.

     (c) [Reserved.]

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     (d) The Seller, the Depositor and the Certificateholders by acceptance of their Certificates
acknowledge and agree that the Paying Agent shall execute, deliver and perform its obligations
under each Yield Maintenance Agreement and shall do so solely in its capacity as Paying Agent of
the Trust Fund and not in its individual capacity. The Paying Agent is hereby directed to
represent and warrant to the Counterparty under each Yield Maintenance Agreement that the
beneficial owner for United States federal income tax purposes of payments made under such Yield
Maintenance Agreement is a “U.S. person” (as that term is used in section 1.1441-4(a)(3)(ii) of
United States Treasury Regulations (the “Regulations”)) for United States federal income tax
purposes. Every provision of this Agreement relating to the conduct of, affecting the liability of
or affording protection to the Paying Agent shall apply to the Paying Agent’s execution of each
Yield Maintenance Agreement and the performance of its duties and satisfaction of its obligations
thereunder.

     (e) On the 20th calendar day of each month, the Paying Agent shall calculate the
Class A-1 Maximum Yield Maintenance Agreement Amount and notify the Counterparty of such amount.
On each Distribution Date, the “Class A-1 Maximum Yield Maintenance Agreement Amount” shall be an
amount equal to the lesser of:

     (i) the product of:

     (A) the excess, if any, of LIBOR (as calculated under the Class A-1 Yield
Maintenance Agreement subject to the Rate Cap Ceiling) over the related Cap Strike
Rate for that Distribution Date;

     (B) the related Class A-1 Scheduled Notional Amount for that Distribution Date;
and

     (C) a fraction, the numerator of which is 30 and the denominator of which is
360;

     and

     (ii) the related Basis Risk Shortfall Carryover Amount related to the Class A-1
Certificates.

     (f) On the 20th calendar day of each month, the Paying Agent shall calculate the
Class A-3 Maximum Yield Maintenance Agreement Amount and notify the Counterparty of such amount.
On each Distribution Date, the “Class A-3 Maximum Yield Maintenance Agreement Amount” shall be an
amount equal to the lesser of:

     (i) the product of:

     (A) the excess, if any, of LIBOR (as calculated under the Class A-3 Yield
Maintenance Agreement subject to the Rate Cap Ceiling) over the related Cap Strike
Rate for that Distribution Date;

     (B) the related Class A-3 Scheduled Notional Amount for that Distribution Date;
and

     (C) a fraction, the numerator of which is 30 and the denominator of which is
360;

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     and

     (ii) the related Basis Risk Shortfall Carryover Amount related to the Class A-3
Certificates.

     (g) On the 20th calendar day of each month, the Paying Agent shall calculate the
Class A-4 Maximum Yield Maintenance Agreement Amount and notify the Counterparty of such amount.
On each Distribution Date, the “Class A-4 Maximum Yield Maintenance Agreement Amount” shall be an
amount equal to the lesser of:

     (i) the product of:

     (A) the excess, if any, of LIBOR (as calculated under the Class A-4 Yield
Maintenance Agreement subject to the Rate Cap Ceiling) over the related Cap Strike
Rate for that Distribution Date;

     (B) the related Class A-4 Scheduled Notional Amount for that Distribution Date;
and

     (C) a fraction, the numerator of which is 30 and the denominator of which is
360;

     and

     (ii) the related Basis Risk Shortfall Carryover Amount related to the Class A-4
Certificates.

     (h) If on any Distribution Date the Paying Agent has received any excess amounts from the
Yield Maintenance Agreement, such excess amounts shall be returned to the Counterparty via the
wiring instructions set forth in the applicable Yield Maintenance Agreement.

[END OF ARTICLE V]

ARTICLE VI

PAYMENTS TO THE CERTIFICATEHOLDERS

     Section 6.01 Distributions.

(I) Prior to the Credit Support Depletion Date, the Available Distribution Amount shall be applied
as follows:

     (a) On each Distribution Date, the Paying Agent shall apply an amount equal to the Available
Distribution Amount in the following order of priority:

     (i) To the Non-PO Class A Certificateholders, all distributable amounts up to the sum
of (A) the Aggregate Class A Interest Accrual Amount and (B) the Aggregate Class A Interest
Shortfall;

     (ii) the balance, if any, of the Available Distribution Amount shall be distributed
first, concurrently, between (A) the Non-PO Class A Certificateholders, the amounts
distributable

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pursuant to paragraph (I)(b)(ii)(A) below, up to the Non-PO Class A Optimal Principal
Amount and (B) the Class A-P Certificateholders, the Class A-P Amount, in accordance with
paragraph (I)(b)(ii)(B) below, and second, to the Class A-P Certificateholders, the
Class A-P Shortfall Amount, in accordance with paragraph (I)(b)(iii) below;

     (iii) subject to subsection (b) below, to the Class M Certificateholders, the balance,
if any, of the Available Distribution Amount after making the distributions provided for in
paragraphs (i) and (ii) above, in accordance with, and up to the amount calculated pursuant
to, Section 6.01(I)(c) below;

     (iv) subject to subsection (b) below, to the Class B Certificateholders, the balance,
if any, of the Available Distribution Amount after making the distributions provided for in
paragraphs (i) through (iii) above, in accordance with, and up to the amounts calculated
pursuant to, Section 6.01(I)(d) below; and

     (v) to the Class A-R Certificateholders the balance, if any, of the Available
Distribution Amount remaining after the distributions provided for in paragraphs (i) through
(iv) above.

     (b) Amounts payable to the Class A Certificateholders on any Distribution Date shall be
distributed as follows:

     (i) to the extent the amount available for distribution pursuant to paragraph (I)(a)(i)
above is sufficient:

     (A) to the Class A-1 Certificateholders, (1) the Class A-1 Interest Accrual
Amount plus (2) the Class A-1 Shortfall from the preceding Distribution Date;

     (B) to the Class A-2 Certificateholders, (1) the Class A-2 Interest Accrual
Amount plus (2) the Class A-2 Shortfall from the preceding Distribution Date;

     (C) to the Class A-3 Certificateholders, (1) the Class A-3 Interest Accrual
Amount plus (2) the Class A-3 Shortfall from the preceding Distribution Date;

     (D) to the Class A-4 Certificateholders, (1) the Class A-4 Interest Accrual
Amount plus (2) the Class A-4 Shortfall from the preceding Distribution Date;

     (E) to the Class A-5 Certificateholders, (1) the Class A-5 Interest Accrual
Amount plus (2) the Class A-5 Shortfall from the preceding Distribution Date;

     (F) to the Class A-6 Certificateholders, (1) the Class A-6 Interest Accrual
Amount plus (2) the Class A-6 Shortfall from the preceding Distribution Date;

     (G) to the Class A-7 Certificateholders, (1) the Class A-7 Interest Accrual
Amount plus (2) the Class A-7 Shortfall from the preceding Distribution Date;

     (H) to the Class A-8 Certificateholders, (1) the Class A-8 Interest Accrual
Amount plus (2) the Class A-8 Shortfall from the preceding Distribution Date;

     (I) to the Class A-9 Certificateholders, (1) the Class A-9 Interest Accrual
Amount plus (2) the Class A-9 Shortfall from the preceding Distribution Date;

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     (J) to the Class A-10 Certificateholders, (1) the Class A-10 Interest Accrual
Amount plus (2) the Class A-10 Shortfall from the preceding Distribution Date;

     (K) to the Class A-11 Certificateholders, (1) the Class A-11 Interest Accrual
Amount plus (2) the Class A-11 Shortfall from the preceding Distribution Date;

     (L) to the Class A-12 Certificateholders, (1) the Class A-12 Interest Accrual
Amount plus (2) the Class A-12 Shortfall from the preceding Distribution Date;

     (M) to the Class A-13 Certificateholders, (1) the Class A-13 Interest Accrual
Amount plus (2) the Class A-13 Shortfall from the preceding Distribution Date;

     (N) to the Class A-R Certificateholders, (1) the Class A-R Interest Accrual
Amount plus (2) the Class A-R Shortfall from the preceding Distribution Date;

     (O) to the Class A-X Certificateholders, (1) the Class A-X Interest Accrual
Amount plus (2) the Class A-X Shortfall from the preceding Distribution Date;

     (ii) concurrently, (A) to the Non-PO Class A Certificateholders, up to the Non-PO Class
A Optimal Principal Amount, allocated among the Non-PO Class A Certificates in accordance
with the Non-PO Class A Principal Payment Rules and (B) to Class A-P Certificateholders, the
Class A-P Amount;

     (iii) to the Class A-P Certificates, the Class A-P Shortfall Amount; provided, however,
that any amount distributed pursuant to this Section 6.01(I)(b)(iii) shall not cause a
further reduction in the Outstanding Certificate Principal Balance of the Class A-P
Certificates; and

     (iv) If the Available Distribution Amount is insufficient to make the distributions set
forth in (I)(b)(i) above, the Paying Agent shall distribute the Available Distribution
Amount to the Non-PO Class A Certificateholders pro rata in accordance with the amounts
otherwise distributable to them pursuant to (b)(i)(A)-(O) above.

     (c) Amounts payable on any Distribution Date to the Class M Certificateholders pursuant to
Section 6.01(I)(a)(iii) shall be distributed in the following priority:

          (1) Amounts payable on any Distribution Date to the Class A-M Certificateholders shall be
distributed up to an amount equal to (A) the Class A-M Interest Accrual Amount plus (B) the Class
A-M Shortfall from the preceding Distribution Date plus (C) the portion of the Subordinated Optimal
Principal Amount allocable (pursuant to Section 6.01(I)(e)) to the Class A-M Certificates plus (D)
any Carry-over Subordinated Principal Amounts with respect to the Class A-M Certificates; and

          (2) Amounts payable on any Distribution Date to the Class M-1 Certificateholders shall be
distributed up to an amount equal to (A) the Class M-1 Interest Accrual Amount plus (B) the Class
M-1 Shortfall from the preceding Distribution Date plus (C) the portion of the Subordinated Optimal
Principal Amount allocable (pursuant to Section 6.01(I)(e)) to the Class M-1 Certificates plus (D)
any Carry-over Subordinated Principal Amounts with respect to the Class M-1 Certificates plus (E)
any portion of the Subordinated Optimal Principal Amount allocated to the Class A-M Certificates in
excess of the Outstanding Certificate Principal Balance of such Class.

     (d) Amounts payable on any Distribution Date to the Class B Certificateholders pursuant to
Section 6.01(I)(a)(iv) shall be distributed in the following priority:

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          (1) first, to the Class B-1 Certificateholders, up to an amount equal to (A) the Class B-1
Interest Accrual Amount plus (B) the Class B-1 Shortfall from the preceding Distribution Date plus
(C) the pro rata portion, if any, of the Subordinated Optimal Principal Amount allocable to the
Class B-1 Certificates in accordance with Section 6.01(I)(e) plus (D) any Carry-over Subordinated
Principal Amounts with respect to the Class B-1 Certificates plus (E) any portion of the
Subordinated Optimal Principal Amount allocated to the Class M-1 Certificates in excess of the
Outstanding Certificate Principal Balance of such Class;

          (2) second, to the Class B-2 Certificateholders, up to an amount equal to (A) the Class B-2
Interest Accrual Amount plus (B) the Class B-2 Shortfall from the preceding Distribution Date plus
(C) the pro rata portion, if any, of the Subordinated Optimal Principal Amount allocable to the
Class B-2 Certificates in accordance with Section 6.01(I)(e) plus (D) any Carry-over Subordinated
Principal Amounts with respect to the Class B-2 Certificates plus (E) any portion of the
Subordinated Optimal Principal Amount allocated to the Class B-1 Certificates in excess of the
Outstanding Certificate Principal Balance of such Class;

          (3) third, to the Class B-3 Certificateholders, up to an amount equal to (A) the Class B-3
Interest Accrual Amount plus (B) the Class B-3 Shortfall from the preceding Distribution Date plus
(C) the pro rata portion, if any, of the Subordinated Optimal Principal Amount allocable to the
Class B-3 Certificates in accordance with Section 6.01(I)(e) plus (D) any Carry-over Subordinated
Principal Amounts with respect to the Class B-3 Certificates plus (E) any portion of the
Subordinated Optimal Principal Amount allocated to the Class B-2 Certificates in excess of the
Outstanding Certificate Principal Balance of such Class;

          (4) fourth, to the Class B-4 Certificateholders, up to an amount equal to (A) the Class B-4
Interest Accrual Amount plus (B) the Class B-4 Shortfall from the preceding Distribution Date plus
(C) the pro rata portion, if any, of the Subordinated Optimal Principal Amount allocable to the
Class B-4 Certificates in accordance with Section 6.01(I)(e) plus (D) any Carry-over Subordinated
Principal Amounts with respect to the Class B-4 Certificates plus (E) any portion of the
Subordinated Optimal Principal Amount allocated to the Class B-3 Certificates in excess of the
Outstanding Certificate Principal Balance of such Class; and

          (5) fifth, to the Class B-5 Certificateholders, up to an amount equal to (A) the Class B-5
Interest Accrual Amount plus (B) the Class B-5 Shortfall from the preceding Distribution Date plus
(C) the pro rata portion, if any, of the Subordinated Optimal Principal Amount allocable to the
Class B-5 Certificates in accordance with Section 6.01(I)(e) plus (D) any Carry-over Subordinated
Principal Amounts with respect to the Class B-5 Certificates plus (E) any portion of the
Subordinated Optimal Principal Amount allocated to the Class B-4 Certificates in excess of the
Outstanding Certificate Principal Balance of such Class.

     (e) On each Distribution Date, the Subordinated Optimal Principal Amount shall be allocated
among the Classes of Subordinated Certificates entitled, pursuant to the next succeeding sentence,
to an allocation of principal on such Distribution Date, pro rata based upon the Outstanding
Certificate Principal Balances of all such Classes so entitled. With respect to the Subordinated
Certificates, on each Distribution Date, principal shall be distributable to (1) any Class of
Subordinated Certificates which has current Credit Support (before giving effect to any
distribution of principal and any Realized Losses allocable on such Distribution Date) greater than
or equal to the Original Credit Support for such Class; (2) the Class having the lowest numerical
class designation of any outstanding Class of Subordinated Certificates which does not meet the
criteria in (1) above; and (3) the Class B-5 Certificates if all other outstanding Classes of
Subordinated Certificates meet the criteria in (1) above or if no other Class of Subordinated
Certificates is outstanding; provided, however, that no Class of Subordinated Certificates

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shall receive any distributions of principal if any Class of Subordinated Certificates having
a lower numerical class designation than such Class fails to meet the criteria in (1) above. For
purposes of this Agreement, the Class M Certificates shall be deemed to have a lower numerical
class designation than each Class of Class B Certificates and the Class A-M Certificates shall be
deemed to have a lower numerical class designation than the Class M-1 Certificates.

(II) On or after the Credit Support Depletion Date, the Available Distribution Amount shall be
applied, first, in respect of interest in accordance with Section 6.01(I)(b)(i) and, second, in
respect of principal to each Class of the Class A Certificates, pro rata, based upon their
respective outstanding balances.

(III) Based upon the information received from the Servicer, as provided in Section 6.02, the
Paying Agent shall make all calculations necessary to make the distributions described in this
Section 6.01. All distributions made to Certificateholders of any Class on each Distribution Date
will be made to the Certificateholders of the respective Class of record on the next preceding
Record Date, except that the final distribution with respect to each Class shall be made as
provided in the forms of Certificates. All distributions made to Certificateholders shall be based
on the Percentage Interest of the Class represented by their respective Certificates, and shall be
made either by transfer in immediately available funds to the account of such Holder at a bank or
other financial or depository institution having appropriate facilities therefor, if such Holder
has so notified the Trustee or, if a Paying Agent has been appointed under Section 4.05, the Paying
Agent, in writing at least 10 Business Days prior to the first Distribution Date for which
distribution by wire transfer is to be made and such Holder’s Certificates of such Class in the
aggregate evidence an original denomination of not less than $5,000,000 or such Holder holds a 100%
Percentage Interest of such Class or, if not, by check mailed to the address of the Person entitled
thereto as it appears on the Certificate Register, except that the final distribution in retirement
of the Certificates will be made only upon presentation and surrender of the Certificates at the
office specified in the final Distribution Notice. If on any Determination Date, the Servicer
determines that there are no Mortgage Loans outstanding and no other funds or assets in the Trust
Fund other than the funds in the Certificate Account, the Trustee or if a Paying Agent has been
appointed under Section 4.05, the Paying Agent shall promptly send the final distribution notice to
each Certificateholder specifying the manner in which the final distribution will be made.

     Section 6.02 Statements to the Certificateholders.

     (a) Not later than the earlier of (i) three Business Days after the Determination Date and
(ii) the second Business Day prior to each Distribution Date, the Servicer shall send to the Paying
Agent and the Trustee (in such format as may be mutually agreed) the relevant information for
purposes of this Section 6.02. Not later than each Distribution Date, the Paying Agent shall make
available on its website located at www.jpmorgan.com/sfr or upon request shall send to any
Certificateholder, the Depositor, the Trustee, the Servicer, any co-trustee, and each Rating Agency
a statement setting forth the following information, after giving effect to the distributions to be
made by the Paying Agent pursuant to Section 6.01 on or as of such Distribution Date:

     (i) with respect to each Class of Certificates the amount of such distribution to
Holders of such Class allocable to principal;

     (ii) with respect to each Class of Certificates the amount of such distribution to
Holders of such Class allocable to interest;

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     (iii) the aggregate amount of any Principal Prepayments, Repurchase Proceeds or other
unscheduled recoveries included in the distributions to Certificateholders, in each case
both in the aggregate;

     (iv) the aggregate amount of any Advances by the Servicer pursuant to Section 6.03, in
the aggregate;

     (v) the number of Outstanding Mortgage Loans and the Mortgage Pool Principal Balance as
of the close of business as of the end of the related Principal Prepayment Period;

     (vi) the related amount of the Servicing Fees (as adjusted pursuant to Section 6.05)
retained or withdrawn from the Collection Account by the Servicer;

     (vii) the number and aggregate principal amounts of Mortgage Loans (A) delinquent
(calculated using the Mortgage Bankers Association (MBA) method) (1) one Monthly Payment,
(2) two Monthly Payments and (3) three or more Monthly Payments, (B) in foreclosure and (C)
in bankruptcy, in each case, as of the end of the close of business on the first day of the
calendar month of such Distribution Date;

     (viii) the number and the principal balance of Mortgage Loans with respect to any real
estate acquired through foreclosure or grant of a deed in lieu of foreclosure;

     (ix) the aggregate amount of all Advances recovered during the related Due Period;

     (x) with respect to the following Distribution Date, the Class A Percentage, the Class
M Percentage, the Class B Percentage, the Class A Principal Balance, the Class M Principal
Balance, the Class B Principal Balance, the Non-PO Class A Percentage, the Non-PO Class A
Prepayment Percentage, the Non-PO Class A Percentage and the level of Credit Support, if
any, with respect to each Class of Subordinated Certificates;

     (xi) the aggregate amount of Realized Losses during the related Due Period and the
aggregate amount of Realized Losses since the Cut-off Date;

     (xii) the allocation to each Class of Certificate of any Realized Losses during the
related Due Period;

     (xiii) the Outstanding Certificate Principal Balance of each Class of Certificates
immediately prior to and after giving effect to the distributions to each Class on such
Distribution Date;

     (xiv) with respect to each Class of Certificates, any amounts of Compensating Interest
Shortfalls and reductions relating to the Relief Act on such Distribution Date;

     (xv) the number of Mortgage Loans with respect to which a reduction in the Mortgage
Rate has occurred pursuant to the Relief Act, as well as the amount of interest not required
to be paid with respect to any such Mortgage Loans during the related Due Period as a result
of such reductions; both in the aggregate and for each Class of Certificates;

     (xvi) updated pool composition information such as weighted average coupon, weighted
average life, weighted average remaining term, pool factors and prepayment amounts;

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     (xvii) if applicable, any material changes to methodology regarding calculations of
delinquencies and charge-offs;

     (xviii) any material modifications, extensions or waivers to pool asset terms, fees,
penalties or payments during the distribution period or that have cumulatively become
material over time;

     (xix) material breaches of pool asset representations or warranties or transaction
covenants;

     (xx) information on ratio, coverage or other test used for determining any early
amortization, liquidation or other performance trigger and whether the trigger was met;

     (xxi) as of each Distribution Date, the amount, if any, received pursuant to each Yield
Maintenance Agreement and the amount thereof to be paid to each Class of Certificates;

     (xxii) as of each Distribution Date, the amount in the Reserve Fund;

     (xxiii) if applicable, information regarding any new issuance of asset-backed
securities backed by the same asset pool, any pool asset changes (other than in connection
with a pool asset converting into cash in accordance with its terms), such as additions or
removals in connection with a prefunding period and pool asset substitutions and repurchases
(and purchase rates, if applicable), and cash flows available for future purchases, such as
the balances of any prefunding or revolving accounts, if applicable; and

     (xxiv) any material changes in the solicitation, credit-granting, underwriting,
origination, acquisition or pool selection criteria or procedures, as applicable, used to
originate, acquire or select the new pool assets.

     The Paying Agent’s responsibility for sending the above information to the Certificateholders
is limited to the availability, timeliness and accuracy of the information derived from the
Servicer which shall be provided as required in this Section 6.02(a).

     Upon reasonable advance notice in writing if required by federal regulation, the Servicer will
provide to each Certificateholder which is a savings and loan association, bank or insurance
company certain reports and access during business hours to information and documentation regarding
the Mortgage Loans sufficient to permit such Certificateholder to comply with applicable
regulations of regulatory authorities with respect to investment in the Certificates; provided,
that the Servicer shall be entitled to be reimbursed by each such Certificateholder for the
Servicer’s actual expenses incurred in providing such reports and access.

     (b) The Servicer shall cause to be prepared, and the Servicer or the Trustee, as required by
applicable law, shall file, any and all tax returns, information statements or other filings
required to be delivered to Certificateholders and any governmental taxing authority pursuant to
any applicable law with respect to the Trust Fund and the transactions contemplated hereby (the
Servicer or the Trustee may, at its option but with the consent of the other, which consent shall
not be unreasonably withheld, appoint an organization which regularly engages in the preparation
and filing of such documents on a continuous basis for profit and which represents itself to be
expert in such matters) and the Servicer shall maintain a record of the information necessary for
the application of Section 860E(e) of the Code and shall make such information available as
required by Section 860D(a)(6) of the Code; provided, however, that the Servicer shall notify the
Trustee of the Trustee’s obligation to make any such filings and that any fees of

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the organization appointed as provided above shall be paid by the Servicer; and provided
further that if an organization is employed, as described above, to prepare and file any such
filings, neither the Trustee nor the Servicer shall be liable for any errors by such organization.

     Section 6.03 Advances by the Servicer. If, on any Determination Date, the Servicer
determines that any Monthly Payments due on the immediately preceding Due Date have not been
received, the Servicer shall, unless it determines in its sole discretion that such amounts will
not be recoverable from Late Collections, Liquidation Proceeds or otherwise, make an Advance on or
before two Business Days prior to the related Distribution Date in an amount equal to the amount of
such delinquent Monthly Payments, after adjustment of any delinquent interest payment for the
Servicing Fee. For purposes of this Section 6.03, the delinquent Monthly Payments referred to in
the preceding sentence shall be deemed to include an amount equal to the Monthly Payments that
would have been due on Mortgage Loans which have been foreclosed or otherwise terminated and in
connection with which the Servicer acquired and continues to own the Mortgaged Properties on behalf
of the Certificateholders. If the Servicer makes an Advance, it shall on or prior to two Business
Days prior to such Distribution Date either (i) deposit in the Collection Account an amount equal
to such Advance, (ii) cause to be made an appropriate entry in the records of the Collection
Account that funds in such account being held for future distribution or withdrawal have been, as
permitted by this Section 6.03, used by the Servicer to make such Advance or (iii) make Advances in
the form of any combination of clauses (i) and (ii) aggregating the amount of such Advance. Any
funds being held in the Collection Account for future distribution to Certificateholders and so
used pursuant to clause (ii) or (iii) above shall be replaced by the Servicer from its own funds by
deposit into the Collection Account on or before any subsequent Distribution Date to the extent
that funds in the Collection Account on such Distribution Date shall be less than the amount of
payments required to be made to Certificateholders on such Distribution Date. Any such Advance
shall be included with the distribution to the Certificateholders on the related Distribution Date.
If the Servicer determines not to make a Nonrecoverable Advance, it shall on the related
Determination Date furnish to the Trustee, any co-trustee, the Paying Agent and each Rating Agency
notice of such determination. The Servicer shall be entitled to be reimbursed from the Collection
Account for all Advances and Nonrecoverable Advances as provided in Section 5.09.

     Section 6.04 Allocation of Realized Losses.

     (a) Prior to each Determination Date, the Servicer shall determine (i) the total amount of
Realized Losses, if any, incurred during the related Principal Prepayment Period; (ii) whether and
to what extent such Realized Losses constitute Excess Losses; and (iii) the respective portions of
such Realized Losses allocable to interest and to principal.

     (b) The principal portion of any Realized Losses, other than Excess Losses, shall be allocated
as follows: first, to the Class B-5 Certificates until the Outstanding Certificate Principal
Balance of the Class B-5 Certificates has been reduced to zero; second, to the Class B-4
Certificates until the Outstanding Certificate Principal Balance of the Class B-4 Certificates has
been reduced to zero; third, to Class B-3 Certificates until the Outstanding Certificate Principal
Balance of the Class B-3 Certificates has been reduced to zero; fourth, to the Class B-2
Certificates until the Outstanding Certificate Principal Balance of the Class B-2 Certificates has
been reduced to zero; fifth, to the Class B-1 Certificates until the Outstanding Certificate
Principal Balance of the Class B-1 Certificates has been reduced to zero; sixth, to the Class M-1
Certificates until the Outstanding Certificate Principal Balance of the Class M-1 Certificates has
been reduced to zero; seventh, to the Class A-M Certificates until the Outstanding Certificate
Principal Balance of the Class A-M Certificates has been reduced to zero; and eighth, to the Non-PO
Class A Certificates on a pro rata basis until the Outstanding
Certificate Principal Balance of the
Non-PO Class A Certificates has been reduced to zero; provided, however, that if a Realized Loss
occurs with respect to a Discount Mortgage Loan (a) the amount of such Realized Loss equal to the
product of (i)

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the amount of such Realized Loss and (ii) the PO Percentage with respect to such Discount
Mortgage Loan will be allocated to Class A-P Certificates and (b) the remainder of such Realized
Loss will be allocated as described above; provided further, however, that so long as the
Outstanding Certificate Principal Balance of the Class A-6 Certificates is greater than zero, (A)
any Realized Losses (other than Excess Losses) that would otherwise be allocated to the Class A-1
Certificates will instead be allocated to the Class A-6 Certificates, but only in an amount up to
the product of (x) the Outstanding Certificate Principal Balance of the Class A-6 Certificates
(after reduction of such Outstanding Certificate Principal Balance after giving effect to the pro
rata application of Realized Losses directly to the Class A-6 Certificates) and (y) [        ]%, (B) any
Realized Losses (other than Excess Losses) that would otherwise be allocated to the Class A-4
Certificates will instead be allocated to the Class A-6 Certificates, but only in an amount up to
the product of (x) the Outstanding Certificate Principal Balance of the Class A-6 Certificates
(after reduction of such Outstanding Certificate Principal Balance after giving effect to the pro
rata application of Realized Losses directly to the Class A-6 Certificates) and (y) [        ]% and (C)
any Realized Losses (other than Excess Losses) that would otherwise be allocated to the Class A-8
Certificates will instead be allocated to the Class A-6 Certificates, but only in an amount up to
the product of (x) the Outstanding Certificate Principal Balance of the Class A-6 Certificates
(after reduction of such Outstanding Certificate Principal Balance after giving effect to the pro
rata application of Realized Losses directly to the Class A-6 Certificates) and (y) [        ]%. The
principal portion of any Excess Losses shall be allocated among all Classes of Certificates on a
pro rata basis; provided, however, that the applicable PO Percentage of any Excess Losses on the
Discount Mortgage Loans shall be allocated to Class A-P Certificates.

     (c) As used herein, an allocation of a Realized Loss on a “pro rata basis” among two or more
specified Classes of Certificates means an allocation on a pro rata basis, among the various
Classes so specified, to each such Class of Certificates on the basis of their Outstanding
Certificate Principal Balances prior to giving effect to distributions to be made on such
Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates
hereunder will be allocated among the Certificates of such Class in proportion to the Percentage
Interests evidenced thereby.

     (d) In the event that a recovery is made with respect to any Realized Loss, the amount of such
recovery shall be treated as a Principal Prepayment and deposited into the Collection Account and
distributed on the applicable Distribution Date.

     Section 6.05 Compensating Interest; Allocation of Certain Interest Shortfalls.

     (a) Upon a Principal Prepayment of a Mortgage Loan, the Servicer shall deposit into the
Collection Account from its own funds, as a reduction of its servicing compensation hereunder, an
amount, if any, by which the amount of the interest that would otherwise accrue with respect to
such Mortgage Loan from the date of prepayment to the Due Date in the related Due Period at the Net
Mortgage Rate exceeds the amount of the interest (adjusted to the Net Mortgage Rate) collected from
the Mortgagor with respect to such period (such amount, “Compensating Interest”); provided,
however, that with respect to any Distribution Date, the Servicer’s obligation to deposit any such
amount is limited to an amount equal to the product of (i) one-twelfth of [        ]% and (ii) the
aggregate Scheduled Principal Balance of the Mortgage Loans with respect to such Distribution Date.

     (b) On any Distribution Date, the excess, if any, of (X) Compensating Interest with respect to
such Distribution Date over (Y) the amount deposited in the Collection Account pursuant to (a)
above for such Distribution Date shall equal the “Compensating Interest Shortfall” with respect to
such Distribution Date. On any Distribution Date, the Compensating Interest Shortfall shall be
allocated pro rata among the outstanding Classes of Class A, Class M and Class B Certificates based
on the amount of interest

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(disregarding any Basis Risk Shortfall Carryover Amount) to which each such Class would
otherwise be paid on such Distribution Date had there been no such Compensating Interest Shortfall.

     (c) On any Distribution Date, the interest portion of any Realized Losses (“Realized Loss
Interest Shortfall”) (other than the interest portion of Excess Losses) shall be allocated to
the Class of Subordinated Certificates then outstanding having the highest numerical class
designation (for this purpose, the Class M Certificates shall be deemed to have a lower numerical
class designation than each Class of Class B Certificates) or, if no Class of Subordinated
Certificates is then outstanding, to the Class A Certificates (other than the Class A-P
Certificates) pro rata among the outstanding Classes of Class A Certificates (other than the Class
A-P Certificates) based on the amount of interest (disregarding any Basis Risk Shortfall Carryover
Amount) to which each such Class would otherwise be entitled on such Distribution Date had there
been no such Realized Loss Interest Shortfall. On any Distribution Date, the interest portion of
any Excess Losses shall be allocated pro rata among the outstanding Classes of Certificates based
upon the amount of interest (disregarding any Basis Risk Shortfall Carryover Amount) to which each
such Class would otherwise be entitled on such Distribution Date had there been no such Excess
Losses allocable to interest; provided, however, that so long as the Outstanding Certificate
Principal Balance of the Class A-6 Certificates is greater than zero, (A) the interest portion of
any Excess Losses that would otherwise be allocated to the Class A-1 Certificates in accordance
with this Section 6.05(c) will instead be allocated to the Class A-6 Certificates, but only in an
amount up to the product of (x) the Outstanding Certificate Principal Balance of the Class A-6
Certificates (after reduction of such Outstanding Certificate Principal Balance after giving
effect to the pro rata application of Realized Losses directly to the Class A-6 Certificates) and
(y) [        ]%, (B) the interest portion of any Excess Losses that would otherwise be allocated to the
Class A-4 Certificates in accordance with this Section 6.05(c) will instead be allocated to the
Class A-6 Certificates, but only in an amount up to the product of (x) the Outstanding Certificate
Principal Balance of the Class A-6 Certificates (after reduction of such Outstanding Certificate
Principal Balance after giving effect to the pro rata application of Realized Losses directly to
the Class A-6 Certificates) and (y) [        ]% and (C) the interest portion of any Excess Losses that
would otherwise be allocated to the Class A-8 Certificates in accordance with this Section 6.05(c)
will instead be allocated to the Class A-6 Certificates, but only in an amount up to the product of
(x) the Outstanding Certificate Principal Balance of the Class A-6 Certificates (after reduction
of such Outstanding Certificate Principal Balance after giving effect to the pro rata application
of Realized Losses directly to the Class A-6 Certificates) and (y) [        ]%.

     (d) Any interest shortfall resulting from the Relief Act shall be allocated pro rata among the
outstanding Classes of Certificates based upon the amount of interest (disregarding any Basis Risk
Shortfall Carryover Amount) to which each such Class would otherwise be paid on such Distribution
Date.

     Section 6.06 Subordination. The rights of the Class B Certificateholders to receive
distributions in respect of the Class B Certificates on any Distribution Date shall be subordinated
to the rights of the Class A and Class M Certificateholders to receive distributions in respect of
the Class A and Class M Certificates. The rights of the Class M-1 Certificateholders to receive
distributions in respect of the Class M-1 Certificates on any Distribution Date shall be
subordinated to the rights of the Class A and Class A-M Certificateholders to receive distributions
in respect of the Class A and Class A-M Certificates, respectively. The rights of the Class A-M
Certificateholders to receive distributions in respect of the Class A-M Certificates on any
Distribution Date shall be subordinated to the rights of the Class A Certificateholders to receive
distributions in respect of the Class A Certificates. The rights of the Class B-1
Certificateholders to receive distributions in respect of the Class B-1 Certificates on any
Distribution Date shall be subordinate to the rights of the Class A and Class M Certificateholders
to receive distributions in respect of such Class A and Class M Certificates. Each Class of Class
B Certificates (other than the Class B-1 Certificates) is subordinated to the Class A Certificates,
the Class M

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Certificates and each Class of Class B Certificates having a lower numerical class designation
than such Class of Class B Certificates. The rights of the Servicer, as servicer, to receive funds
from the Collection Account, pursuant to Section 5.09, on account of the Servicing Fee (except as
provided in Section 6.05) in respect of each Mortgage Loan, assumption fees, late payment charges
and other mortgagor charges, reimbursement of Advances and expenses or otherwise, shall not be
subordinated to the rights of the Class A, Class M or Class B Certificateholders. Amounts held by
the Servicer or the Paying Agent for future distribution to the Class M or Class B
Certificateholders, including, without limitation, in the Collection Account, shall not be
distributed in respect of the Class M or Class B Certificates except in accordance with the terms
of this Agreement. The Class B Certificateholders are deemed to have granted a security interest
in such amounts to the Class A and Class M Certificateholders to secure the rights of the Class A
and Class M Certificateholders to receive distributions in priority over the Class B
Certificateholders. The Class M Certificateholders are deemed to have granted a security interest
in such amounts to the Class A Certificateholders to secure the rights of the Class A
Certificateholders to receive distributions in priority over the Class A Certificateholders.

     Section 6.07 Determination of LIBOR. The meaning of LIBOR applicable to the
calculation of the Certificate Rates on the Class A-1, Class A-2, Class A-3 and Class A-4
Certificates for any Interest Accrual Period (other than the initial Interest Accrual Period) will
be determined by the Servicer on each Rate Adjustment Date as follows:

     For any Interest Accrual Period other than the first Interest Accrual Period, “LIBOR” means,
with respect to a Yield Maintenance Agreement Remittance Date, the rate determined by the
Counterparty to be (i) the per annum rate for deposits in U.S. dollars for a period of one month
which appears on the Telerate Page 3750 Screen as of 11:00 a.m., London time, on the day that is
two London Business Days prior to the first day of the Interest Accrual Period relating to such
Yield Maintenance Agreement Remittance Date (rounded upwards, if necessary, to the nearest
1/100,000 of 1%); (ii) if such rate does not appear on the Telerate Page 3750 Screen, LIBOR shall
be the arithmetic mean (rounded as aforesaid) of the offered quotations obtained by the
Counterparty from the Reference Banks for deposits in U.S. dollars to leading banks in the London
interbank market as of approximately 11:00 a.m., London time, on the day that is two London
Business Days prior to the first day of the Interest Accrual Period relating to such Yield
Maintenance Agreement Remittance Date; or (iii) if fewer than two Reference Banks provide the
Counterparty with such quotations, LIBOR shall be the rate per annum which the Counterparty
determines to be the arithmetic mean (rounded as aforesaid) of the offered quotations which leading
banks in New York City selected by the Counterparty are quoting in the New York interbank market on
the first day of the Interest Accrual Period relating to such Yield Maintenance Agreement
Remittance Date for deposits in U.S. dollars to the Reference Banks or, if fewer than two such
quotations are available, to leading European and Canadian banks.

     The establishment of LIBOR by the Counterparty on any Rate Adjustment Date and the Servicer’s
subsequent calculation of the Certificate Rates applicable to the Class A-1, Class A-2, Class A-3
and Class A-4 Certificates for the relevant Interest Accrual Period, in the absence of manifest
error, will be final and binding.

[END OF ARTICLE VI]

ARTICLE VII

REPORTS TO BE PREPARED BY THE SERVICER

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     Section 7.01 Servicer Shall Provide Information as Reasonably Required. The Servicer
shall furnish to the Trustee or, if a Paying Agent has been appointed pursuant to Section 4.05, the
Paying Agent, during the term of this Agreement, such periodic, special, or other reports or
information, whether or not provided for herein, as shall be necessary, reasonable, or appropriate
in respect to the Trustee or, if a Paying Agent has been appointed pursuant to Section 4.05, the
Paying Agent, or otherwise in respect to the purposes of this Agreement, all such reports or
information to be as provided by and in accordance with such applicable instructions and directions
as the Trustee or, if a Paying Agent has been appointed pursuant to Section 4.05, the Paying Agent
may reasonably require.

     Section 7.02 Federal Information Returns and Reports to Certificateholders.

     (a) For federal income tax purposes, the taxable year of each REMIC Pool shall be a calendar
year and the Servicer shall maintain or cause the maintenance of the books of each REMIC Pool on
the accrual method of accounting.

     (b) The Servicer or anyone acting on its behalf pursuant to Section 2.04(g) shall prepare and
file or cause to be filed with the Internal Revenue Service federal tax or information returns with
respect to the Trust Fund, each REMIC Pool and the Certificates containing such information and at
the times and in the manner as may be required by the Code or applicable Treasury regulations, and
shall furnish to each Certificateholder at any time during the calendar year for which such returns
or reports are made such statements or information at the times and in the manner as may be
required thereby. Without limitation on any other requirement of this Section 7.02, the Servicer
shall make available the information necessary for the application of Section 860E(e) of the Code
within 60 days of such request. With respect to the Class A-R Certificate, the Servicer shall
provide such information or cause such information to be provided to (i) the Internal Revenue
Service, (ii) the transferor of a Class A-R Certificate to a Disqualified Organization and (iii) a
Pass-Thru Entity that holds a Class A-R Certificate with one or more record holders that are
Disqualified Organizations. The Servicer also shall provide or cause to be provided promptly the
above described computation and information relating to the tax on transfers to Disqualified
Organizations or holdings by Pass-Thru Entities within sixty (60) days after becoming aware of the
transfer to a Disqualified Organization or Pass-Thru Entity with one or more Disqualified
Organization owners, as the case may be. In addition, except as may be provided in Treasury
Regulations, any Person holding an interest in a Pass-Thru Entity as a nominee for another will,
with respect to such interest, be treated as a Pass-Thru Entity. In connection with the foregoing,
the Servicer shall provide the name, address and telephone number of the person who can be
contacted to obtain information required to be reported to the holders of regular interests in any
REMIC created hereunder (the “REMIC Reporting Agent”) as required by IRS Form 8811. The Trustee
hereby designates the Servicer to serve as the REMIC Reporting Agent. The Servicer shall indicate
the elections to treat each of the REMIC Pools as a REMIC (which elections shall apply to the
taxable period ending December 31, 2007 and each calendar year thereafter) in such manner as the
Code or applicable Treasury regulations may prescribe. The Trustee shall sign all tax and
information returns filed pursuant to this Section 7.02 and any other returns as may be required by
the Code, and in doing so shall rely entirely upon, and shall have no liability for information
provided by, or calculations provided by, the Servicer. The Servicer is hereby designated as the
agent of the Holder of the Class A-R Certificate who shall be the “tax matters person” (within the
meaning of Treas. Reg. §1.860F-4(d)) for each REMIC Pool. Any Holder of a Class A-R Certificate
will by acceptance thereof so appoint the Servicer as agent and attorney-in-fact for the purpose of
acting as tax matters person. In the event that the Code or applicable Treasury regulations
prohibit the Trustee from signing tax or information returns or other statements, or the Servicer
from acting as tax matters person (as an agent or otherwise), the Trustee or the Servicer, as the
case may be, shall take whatever action that in its sole good faith judgment is necessary for the
proper filing of such information returns or for the provision of a tax matters person, including
designation of the Holder of a Class A-R Certificate to sign

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such returns or act as tax matters person. Each Holder of a Class A-R Certificate shall be
bound by this Section 7.02 by virtue of its acceptance of a Class A-R Certificate.

[END OF ARTICLE VII]

ARTICLE VIII

THE DEPOSITOR AND THE SERVICER 

     Section 8.01 Indemnification; Third Party Claims. The Servicer agrees to indemnify
the Depositor and the Trustee and hold the Depositor and the Trustee, their officers, directors,
employees and agents harmless against any and all claims, losses, penalties, fines, forfeitures,
legal fees and related costs, judgments, and any other costs, fees and expenses that the Depositor
or the Trustee, or their officers, directors, employees or agents may sustain in any way related to
failure of the Servicer to perform its duties and service the Mortgage Loans in compliance with the
terms of this Agreement; provided that no such indemnification shall be required with respect to
acts of a prior Servicer. The Servicer shall immediately notify the Depositor and the Trustee if a
claim is made by a third party with respect to this Agreement or the Mortgage Loans, assume (with
the consent of the Depositor and the Trustee) the defense of any such claim and pay all expenses in
connection therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment
or decree which may be entered against it, the Depositor or the Trustee, their officers, directors,
employees or agents in respect of such claim. This right to indemnification shall survive the
termination of this Agreement.

     Section 8.02 Merger or Consolidation of the Depositor or the Servicer. The Depositor
and the Servicer will each keep in full effect its existence, rights and franchises as a
corporation, and will obtain and preserve its qualification to do business as a foreign corporation
in each jurisdiction in which such qualification is or shall be necessary to protect the validity
and enforceability of this Agreement, the Certificates or any of the Mortgage Loans and to perform
its duties under this Agreement. The Servicer will not sell all or substantially all of its assets
without the prior written consent of the Depositor and the Trustee which shall not be unreasonably
withheld or delayed.

     Any Person into which the Depositor or the Servicer may be merged or consolidated, or to whom
the Depositor or the Servicer has sold substantially all of its assets, or any corporation
resulting from any merger, conversion or consolidation to which the Depositor or the Servicer shall
be a party, or any Person succeeding to the business of the Depositor or the Servicer, shall be the
successor of the Depositor or the Servicer hereunder, without the execution or filing of any paper
or any further act on the part of any of the parties hereto, anything herein to the contrary
notwithstanding; provided, however, that the successor or surviving Person to the Servicer shall
satisfy the requirements of Section 8.05 with respect to the qualifications of a successor to the
Servicer.

     Notwithstanding anything else in this Section 8.02 and Section 8.04 to the contrary, the
Servicer may assign its rights and delegate its duties and obligations under this Agreement;
provided that the Person accepting such assignment or delegation shall be a Person which is
qualified to service mortgage loans on behalf of FNMA or FHLMC, is approved in advance in writing
by the Trustee and the Depositor, is willing to service the Mortgage Loans and executes and
delivers to the Depositor and the Trustee an agreement, in form and substance reasonably
satisfactory to the Depositor and the Trustee, which contains an assumption by such Person of the
due and punctual performance and observance of each covenant and condition to be performed or
observed by the Servicer under this Agreement; provided further that each Rating Agency’s rating of
any of the Classes of Certificates that have been rated in effect immediately prior to such
assignment and delegation will not be qualified or reduced or withdrawn as a

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result of such assignment and delegation. In the case of any such assignment and delegation,
the Servicer shall be released from its obligations as Servicer under this Agreement, except that
the Servicer shall remain liable for all liabilities and obligations incurred by it as Servicer
hereunder prior to the satisfaction of the conditions to such assignment and delegation set forth
in the next preceding sentence.

     Section 8.03 Limitation on Liability of the Depositor, the Servicer, the Trustee and
Others. Neither the Depositor, the Servicer nor any of the directors, officers, employees or
agents of the Depositor or the Servicer shall be under any liability to the Trustee or the
Certificateholders for any action taken, or for refraining from the taking of any action, in good
faith pursuant to this Agreement, or for errors in judgment; provided, however, that this provision
shall not protect the Depositor or the Servicer against any breach of warranties or representations
made herein, or failure to perform its obligations in strict compliance with this Agreement, or any
liability which would otherwise be imposed by reason of any breach of the terms and conditions of
this Agreement. The Depositor, the Servicer, the Trustee, and any director, officer, employee or
agent of the Depositor, the Servicer or the Trustee may rely in good faith on any document of any
kind prima facie properly executed and submitted by any Person respecting any matters arising
hereunder. Neither the Depositor, the Servicer nor the Trustee shall be under any obligation to
appear in, prosecute or defend any legal action which is not incidental to its respective duties to
service the Mortgage Loans in accordance with this Agreement and which in its opinion may cause it
to incur any expenses or liability; provided, however, that the Depositor, the Servicer or the
Trustee may in its discretion (and, in the case of the Depositor or the Servicer, with the consent
of the Trustee, which consent shall not be unreasonably withheld) undertake any such action which
it may deem necessary or desirable with respect to this Agreement and the rights and duties of the
parties hereto. In such event, the legal expenses and costs of such action and any liability
resulting therefrom shall be expenses, costs and liabilities payable from the Collection Account
and the Depositor, the Servicer or the Trustee shall be entitled to be reimbursed therefor out of
the Collection Account as provided by Section 5.09; provided that no such right of reimbursement
shall exist with respect to the Servicer when such claim relates to the failure of the Servicer to
service the Mortgage Loans in strict compliance with the terms of this Agreement or to a breach of
a representation or warranty made by the Servicer hereunder.

     Section 8.04 Depositor and Servicer Not to Resign. Except as described in Section
8.02, neither the Depositor nor the Servicer shall assign this Agreement or resign from the
obligations and duties hereby imposed on it except by mutual consent of the Depositor, the Servicer
and all of the Certificateholders unless the determination is made that its duties hereunder are no
longer permissible under applicable law and such incapacity cannot be cured by the Depositor or the
Servicer. Any such determination permitting the resignation of the Depositor or the Servicer shall
be evidenced by an opinion of independent counsel to such effect delivered to the Trustee which
opinion of counsel shall be in form and substance acceptable to the Trustee. Upon any such
assignment or resignation, the Depositor or the Servicer, as appropriate, shall send notice to all
Certificateholders of the effect of such assignment or resignation upon the then current rating of
the Class of Certificates by each Rating Agency whose rating on such Class is then in effect. No
such resignation shall become effective until a successor shall have assumed the Depositor’s or the
Servicer’s responsibilities and obligations hereunder in the manner provided in Section 8.05. Any
purported assignment or resignation which does not comply with the requirements of this Section
shall be of no effect.

     Section 8.05 Successor to the Servicer. In connection with the termination of the
Servicer’s responsibilities and duties under this Agreement pursuant to Section 8.04 or 9.01, the
Trustee shall succeed to and assume all of the Servicer’s responsibilities, rights, duties and
obligations as Servicer (but not in any other capacity) under this Agreement (except that the
Trustee shall not be obligated to make Advances if prohibited by applicable law nor to effectuate
repurchases or substitutions of Mortgage Loans pursuant to Section 2.02 and except that the Trustee
makes no representations and warranties pursuant to Sections 3.01 and 3.02). Prior to the
termination of the Servicer’s responsibilities, duties and liabilities

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under this Agreement, the Trustee may appoint a successor having a net worth of not less than
$15,000,000 and which is a FNMA or FHLMC approved seller/servicer in good standing and which shall
succeed to all rights and assume all of the responsibilities, duties and liabilities of the
Servicer under this Agreement, except as aforesaid, if the Trustee receives a letter from each
Rating Agency that such appointment would not result in a reduction or withdrawal of the current
rating of any Class of Certificates that is rated by a Rating Agency. Any co-trustee appointed
pursuant to Section 10.10 for purposes of this Section 8.05 shall have an obligation to make
Advances pursuant to Section 6.03 during such time as the Trustee is the Servicer, which obligation
shall be joint and several with that of the Trustee as Servicer. If the Trustee has become the
successor to the Servicer in accordance with this Section or Section 9.03, then notwithstanding the
above, the Trustee may, if it shall be unwilling to so act, or shall, if it is unable to so act,
appoint, or petition a court of competent jurisdiction to appoint, any established housing and home
finance institution having a net worth of not less than $15,000,000 and which is a FNMA or FHLMC
approved seller/servicer in good standing as the successor to the Servicer hereunder in the
assumption of all of the responsibilities, duties or liabilities of the Servicer hereunder. In
connection with any such appointment and assumption, the Trustee may make such arrangements for the
compensation of such successor out of payments on Mortgage Loans as it and such successor shall
agree or such court shall determine; provided, however, that no such compensation shall be in
excess of that permitted under this Agreement without the consent of all of the Certificateholders.
If the Trustee is acting as Servicer, the Trustee shall be entitled to all compensation of the
Servicer hereunder, and all such compensation due to the Trustee as Servicer shall be in addition
to all compensation it is entitled to as Trustee under this Agreement. If the Servicer’s duties,
responsibilities and liabilities under this Agreement should be terminated pursuant to Section
8.02, 8.04 or 9.01, the Servicer shall discharge such duties and responsibilities during the period
from the date it acquires knowledge of such termination until the effective date thereof with the
same degree of diligence and prudence which it is obligated to exercise under this Agreement, and
shall take no action whatsoever that might impair or prejudice the rights or financial condition of
its successor or the Trust Fund. The resignation or removal of the Servicer pursuant to Section
8.02, 8.04 or 9.01 shall not become effective until a successor shall be appointed pursuant to this
Section and shall in no event relieve the Servicer of liability for breach of the representations
and warranties made pursuant to Section 3.02.

     Any successor appointed as provided herein shall execute, acknowledge and deliver to the
Servicer and to the Trustee an instrument accepting such appointment, whereupon such successor
shall become fully vested with all the rights, powers, duties, responsibilities, obligations and
liabilities of the Servicer, with like effect as if originally named as a party to this Agreement
and the Certificates. Any termination or resignation of the Servicer or this Agreement pursuant to
Section 8.02, 8.04, 9.01 or 11.01 shall not affect any claims that the Trustee may have against the
Servicer for events or actions taken or not taken by the Servicer arising prior to any such
termination or resignation.

     The Servicer shall timely deliver to the successor the funds that were, or were required to
be, in the Collection Account and the Escrow Account, if any, and all Mortgage Files and related
documents, statements and recordkeeping held by it hereunder and the Servicer shall account for all
funds and shall execute and deliver such instruments and do such other things as may reasonably be
required to more fully and definitely vest and confirm in the successor all such rights, powers,
duties, responsibilities, obligations and liabilities of the Servicer.

     Upon a successor’s acceptance of appointment as such, the Servicer shall notify, in writing,
the Trustee, the Certificateholders and each Rating Agency of such appointment.

     Section 8.06 Maintenance of Ratings. The Servicer shall cooperate with the Depositor
and take any action that may be reasonably necessary to maintain the current rating or ratings on
the Certificates.

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[END OF ARTICLE VIII]

ARTICLE IX

DEFAULT

     Section 9.01 Events of Default. If one or more of the following Events of Default
shall occur and be continuing, that is to say:

     (a) any failure by the Servicer to remit any payment required to be made or distributed under
the terms of this Agreement which continues unremedied for a period of three (3) Business Days
after the date upon which written notice of such failure, requiring the same to be remedied, shall
have been given to the Servicer by the Trustee, the Paying Agent or the Depositor or to the
Servicer, the Trustee, the Paying Agent and the Depositor by the Holders of Certificates of any
Class evidencing, as to such Class, Percentage Interests aggregating not less than 25%; or

     (b) a breach by the Servicer in a material respect of any representation or warranty set forth
in Section 3.02, or failure on the part of the Servicer duly to observe or perform in any material
respect any other of the covenants or agreements on the part of the Servicer set forth in this
Agreement, which continues unremedied for a period of 60 days after the date on which written
notice of such breach or failure, requiring the same to be remedied, shall have been given to the
Servicer by the Trustee or the Depositor or to the Servicer, the Trustee and the Depositor by the
Holders of Certificates of any Class evidencing, as to such Class, Percentage Interests aggregating
not less than 25%; or

     (c) the Servicer shall notify the Trustee and any Paying Agent appointed pursuant to Section
4.05 in writing that it is unable to make an Advance required to be made in accordance with Section
6.03; or;

     (d) a decree or order of a court or agency or supervisory authority having jurisdiction for
the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt,
marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation
of its affairs, shall have been entered against the Servicer and such decree or order shall have
remained in force undischarged or unstayed for a period of 60 days; or

     (e) the Servicer shall consent to the appointment of a conservator or receiver or liquidator
in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar
proceedings of or relating to the Servicer or of or relating to all or substantially all of the
Servicer’s property; or

     (f) the Servicer shall admit in writing its inability to pay its debts generally as they
become due, file a petition to take advantage of any applicable insolvency or reorganization
statute, make an assignment for the benefit of its creditors, or voluntarily suspend payment of its
obligations;

then, and in each and every such case, so long as an Event of Default shall not have been remedied,
upon receiving notice or knowledge of such event, the Trustee shall notify the Certificateholders
and each Rating Agency of such Event of Default. The Trustee may, upon receipt of such notice or
knowledge, and at the written direction of the Holders of Certificates evidencing Percentage
Interests aggregating more than 50%, shall, by notice in writing to the Servicer, terminate all the
rights and obligations of the Servicer under this Agreement and in and to the Mortgage Loans and
the proceeds thereof. On or after the receipt by the Servicer of such written notice, all
authority and power of the Servicer under this Agreement, whether with respect to the Mortgage
Loans or otherwise, shall pass to and be vested in the

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successor appointed pursuant to Section 8.05. Upon written request from the Trustee, the Servicer
shall prepare, execute and deliver, any and all documents and other instruments, place in such
successor’s possession all Mortgage Files, and do or accomplish all other acts or things necessary
or appropriate to effect the purposes of such notice of termination, whether to complete the
transfer and endorsement or assignment of the Mortgage Loans and related documents, or otherwise,
at the Servicer’s sole expense. The Servicer agrees to cooperate with the Trustee and any
co-trustee in effecting the termination of the Servicer’s responsibilities and rights hereunder,
including, without limitation, the transfer to such successor for administration by it of all cash
amounts which shall at the time be credited or should have been credited by the Servicer to the
Collection Account or Escrow Account or thereafter received with respect to the Mortgage Loans.
The Trustee will have no obligation to take any action or institute, conduct or defend any
litigation under this Agreement at the request, order or direction of any of the Holders of
Certificates unless such Certificateholders have offered to the Trustee reasonable security or
indemnity against the costs, expenses and liabilities which the Trustee may incur. The Paying
Agent shall provide information regarding the Certificateholders available to the Paying Agent in
order to allow the Trustee to comply with the provisions above.

     Section 9.02 Waiver of Defaults. The Trustee may waive any default by the Servicer in
the performance of its obligations hereunder and its consequences, except that a default in the
making of any required distribution on any of the Certificates may only be waived by the Holders of
a majority of the Percentage Interests of the affected Certificateholders. Upon any such waiver of
a past default, such default shall cease to exist, and any Event of Default arising therefrom shall
be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend
to any subsequent or other default or impair any right consequent thereon except to the extent
expressly so waived.

     Section 9.03 Trustee to Act; Appointment of Successor. On and after the time the
Servicer receives a notice of termination pursuant to Section 9.01, the Trustee or a successor
servicer appointed by it shall be the successor in all respects to the Servicer to the extent
provided in Section 8.05.

     Section 9.04 Notification to Certificateholders and the Rating Agencies.

     (a) Upon any such termination pursuant to Section 9.01, the Trustee shall give prompt written
notice thereof to Certificateholders at their respective addresses appearing in the Certificate
Register and to each Rating Agency.

     (b) Within sixty (60) days of a Responsible Officer of the Trustee having received written
notice of the occurrence of any Event of Default, the Trustee shall transmit by mail to all Holders
of Certificates notice of each such Event of Default hereunder known to the Trustee, unless such
Event of Default shall have been cured or waived.

     (c) The Paying Agent shall provide information regarding the Certificateholders available to
the Paying Agent in order to allow the Trustee to comply with the provisions above.

[END OF ARTICLE IX]

ARTICLE X

CONCERNING THE TRUSTEE

     Section 10.01 Duties of Trustee. The Trustee, prior to the occurrence of an Event of
Default and after the curing of all Events of Default which may have occurred, undertakes to, and
is empowered

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to, perform such duties and only such duties as are specifically set forth in this Agreement.
Any permissive right of the Trustee as enumerated in this Agreement shall not be construed as a
duty; provided that in case an Event of Default has occurred (which has not been cured), the
Trustee shall exercise such of the rights and powers vested in it by this Agreement, and use the
same degree of care and skill in their exercise as a prudent man would exercise or use under the
circumstances in the conduct of such man’s own affairs.

     No provision of this Agreement shall be construed to relieve the Trustee from liability for
its own negligent action, its own negligent failure to act or its own willful misconduct; provided,
however, that:

     (i) Prior to the occurrence of an Event of Default, and after the curing of all such
Events of Default which may have occurred, the duties and obligations of the Trustee shall
be determined solely by the express provisions of this Agreement, the Trustee shall not be
liable except for the performance of such duties and obligations as are specifically set
forth in this Agreement, no implied covenants or obligations shall be read into this
Agreement against the Trustee and, in the absence of bad faith on the part of the Trustee,
the Trustee may conclusively rely, as to the truth of the statements and the correctness of
the opinions expressed therein, upon any certificates or opinions furnished to the Trustee
and conforming to the requirements of this Agreement;

     (ii) The Trustee shall not be liable for an error of judgment made in good faith by a
Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that
the Trustee was negligent in ascertaining the pertinent facts; and

     (iii) The Trustee shall not be liable with respect to any action taken, suffered or
omitted to be taken by it in good faith in accordance with the direction of
Certificateholders of any Class holding Certificates which evidence, as to such Class,
Percentage Interests aggregating not less than 25% as to the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or exercising any trust
or power conferred upon the Trustee, under this Agreement.

     (iv) The Trustee shall execute the Letter of Representations, a form of which is
attached hereto as Exhibit P, on behalf of the Depositor.

     Section 10.02 Certain Matters Affecting the Trustee. Except as otherwise provided in
Section 10.01:

     (a) The Trustee may rely upon and shall be protected in acting or refraining from acting upon
any resolution, Officers’ Certificate, certificate of auditors or any other certificate, statement,
instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or
document believed by it to be genuine and to have been signed or presented by the proper party or
parties;

     (b) The Trustee may consult with counsel, and any advice or Opinion of Counsel shall be full
and complete authorization and protection in respect of any action taken or suffered or omitted by
it hereunder in good faith and in accordance with such advice or Opinion of Counsel;

     (c) The Trustee shall be under no obligation to exercise any of the trusts or powers vested in
it by this Agreement or to institute, conduct or defend any litigation hereunder or in relation
hereto at the request, order or direction of any of the Certificateholders, pursuant to the
provisions of this Agreement, unless such Certificateholders shall have offered to the Trustee
reasonable security or indemnity against the costs, expenses and liabilities which may be incurred
therein or thereby;

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     (d) Neither the Trustee nor any of its directors, officers, employees or agents shall be
personally liable for any action taken, suffered or omitted by it in good faith and believed by it
or any of them to be authorized or within the discretion or rights or powers conferred upon the
Trustee by this Agreement;

     (e) Prior to the occurrence of an Event of Default hereunder and after the curing of all
Events of Default which may have occurred, the Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, approval, bond or other paper or document, unless
requested in writing to do so by Holders of Certificates of any Class evidencing, as to such Class,
Percentage Interests aggregating not less than 25% (in the case of conflicting requests by two or
more 25% or greater Percentage Interests, the Trustee shall act in accordance with the first such
request); provided, however, that if the payment within a reasonable time to the Trustee of the
costs, expenses or liabilities likely to be incurred by it in the making of such investigation is,
in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it
by the terms of this Agreement, the Trustee may require reasonable indemnity against such expense
or liability as a condition to such proceeding. The reasonable expense of every such examination
shall be paid by the Servicer, if an Event of Default shall have occurred and is continuing, and
otherwise by the Certificateholder requesting the investigation;

     (f) The Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents, subcontractors or attorneys; and

     (g) Nothing in this Agreement shall be construed to require the Trustee (except as might
otherwise be required in its capacity as successor Servicer) to expend its own funds.

     Section 10.03 Trustee Not Liable for Certificates or Mortgage Loans. The recitals
contained herein shall be taken as the statements of the Depositor or the Servicer, as the case may
be, and the Trustee assumes no responsibility for their correctness. The Trustee makes no
representations or warranties as to the validity or sufficiency of this Agreement or of the
Certificates, of any Mortgage Loan or related document or the Trust Estate. The Trustee shall not
be accountable for the use or application by the Depositor or the Servicer of any of the
Certificates or of the proceeds of such Certificates, or for the use or application of any funds
paid to the Depositor or the Servicer in respect of the Mortgage Loans or deposited in or withdrawn
from the Collection Account by the Depositor or the Servicer or the Certificate Account by the
Paying Agent. The Trustee shall have no responsibility for the timeliness or the amount of
payments made by the Paying Agent to the Certificateholders.

     Section 10.04 Trustee May Own Certificates. The Trustee in its individual or any
other capacity may become the owner or pledgee of Certificates with the same rights it would have
if it were not Trustee.

     Section 10.05 Fees and Expenses. The Paying Agent, from moneys received from the
Servicer, covenants and agrees to pay to the Trustee and its agents a monthly fee (which shall not
be limited by any provision of law in regard to the compensation of a trustee of an express trust)
equal to the product of (a) the aggregate Principal Balance of the Mortgage Loans as of the
Determination Date in the preceding month and (b) one-twelfth of 0.000010, and the Servicer will
pay or reimburse the Trustee, or its agents upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee or its agents in accordance with any of
the provisions of this Agreement (including the reasonable compensation and the expenses and
disbursements of its counsel and of all persons not regularly in its employ, and the expenses
incurred by the Trustee in connection with the appointment of an office or agency pursuant to
Section 10.11) and the Servicer shall indemnify and hold harmless the Trustee its officers,
directors, employees and agents from and against any and all claims, liabilities, losses or

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expenses (including but not limited to reasonable attorneys fees) incurred in connection with
the administration of this Trust and the performance of its duties hereunder provided that the
Servicer shall not be required to reimburse any such expense or indemnify against any such loss or
liability incurred by the Trustee through the Trustee’s own negligence or bad faith.
Notwithstanding anything to the contrary in this Agreement, this Section shall survive the
termination of this Agreement.

     Section 10.06 Eligibility Requirements for Trustee. The Trustee hereunder shall at
all times be an entity having its principal office in a state and city acceptable to the Depositor
and organized and doing business under the laws of such state or the United States of America,
authorized under such laws to exercise corporate trust powers, having a combined capital and
surplus of at least $50,000,000 and subject to supervision or examination by federal or state
authority. The Trustee shall not be an Affiliate of either Seller or the Depositor. If such
entity publishes reports of condition at least annually, pursuant to law or to the requirements of
the aforesaid supervising or examining authority, then for the purposes of this Section, the
combined capital and surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. In case at any time the
Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee
shall resign immediately in the manner and with the effect specified in Section 10.07.

     Section 10.07 Resignation and Removal of the Trustee. The Trustee, and any co-trustee
may at any time resign and be discharged from the trusts hereby created by giving written notice
thereof to the Depositor, the Servicer and each Rating Agency. Upon receiving such notice of
resignation, the Depositor shall promptly appoint a successor trustee or co-trustee by written
instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee
and one copy to the successor trustee; provided that such appointment does not result in a
reduction or withdrawal of the rating of any of the Classes of Certificates that have been rated.
If no successor trustee shall have been so appointed and have accepted appointment within thirty
(30) days after the giving of such notice of resignation, the resigning Trustee may petition any
court of competent jurisdiction for the appointment of a successor trustee.

     If at any time, the Trustee shall cease to be eligible in accordance with the provisions of
Section 10.06 and shall fail to resign after written request therefor by the Depositor, or if at
any time the Trustee shall become incapable of acting, or shall be adjudged bankrupt or insolvent,
or a receiver of the Trustee or of its property shall be appointed, or any public officer shall
take charge or control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation, then the Depositor may remove the Trustee and appoint
a successor trustee by written instrument, in duplicate, one copy of which instrument shall be
delivered to the Trustee so removed and one copy to the successor trustee.

     The Holders of Certificates evidencing in the aggregate more than 50% of Percentage Interest
may at any time remove the Trustee and appoint a successor trustee by written instrument or
instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one
complete set of which instruments shall be delivered to the Depositor, one complete set to the
Trustee so removed and one complete set to the successor so appointed.

     Any resignation or removal of the Trustee or any resignation of any co-trustee and appointment
of a successor trustee or co-trustee pursuant to any of the provisions of this Section shall become
effective upon acceptance of appointment by the successor trustee as provided in Section 10.08, or
upon acceptance of appointment by a co-trustee, as applicable, unless with respect to a co-trustee,
the Trustee receives written notice from each Rating Agency that the failure to appoint a successor
co-trustee would not result in a withdrawal or reduction of the rating of any of the Classes of
Certificates that have been rated, in which case the resignation of any co-trustee shall be
effective upon receipt of such written notice. Any co-trustee may not be removed unless the
Depositor and the Trustee each receive written

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notice from each Rating Agency that such removal would not result in a withdrawal or reduction
of the rating of any of the Classes of Certificates that have been rated, in which case the removal
of any co-trustee shall be effective upon receipt of such written notice.

     Section 10.08 Successor Trustee. Any successor trustee appointed as provided in
Section 10.07 shall execute, acknowledge and deliver to the Depositor and to its predecessor
trustee an instrument accepting such appointment hereunder, and thereupon the resignation or
removal of the predecessor trustee shall become effective, and such successor trustee shall become
effective and such successor trustee, without any further act, deed or conveyance, shall become
fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with
the like effect as if originally named as trustee herein. The predecessor trustee shall deliver to
the successor trustee all Mortgage Files and related documents and statements held by it hereunder,
and the Depositor, the Servicer and the predecessor trustee shall execute and deliver such
instruments and do such other things as may reasonably be required for more fully and certainly
vesting and confirming in the successor trustee all such rights, powers, duties and obligations.

     No successor trustee shall accept appointment as provided in this Section unless at the time
of such acceptance such successor trustee shall be eligible under the provisions of Section 10.06.
Prior to the appointment of any successor trustee becoming effective, the Depositor shall have
received from each Rating Agency written confirmation that such appointment would not result in a
reduction of the rating of the Class A or Class M Certificates.

     Upon acceptance of appointment by a successor trustee as provided in this Section, the
Servicer shall mail notice of the succession of such trustee hereunder to all Holders of
Certificates at their addresses as shown in the Certificate Register, to the Servicer, any
Sub-Servicer and to each Rating Agency. If the Depositor fails to mail such notice within ten (10)
days after acceptance of appointment by the successor trustee, the successor trustee shall cause
such notice to be mailed at the expense of the Depositor.

     Section 10.09 Merger or Consolidation of Trustee. Any entity into which the Trustee
may be merged or converted or with which it may be consolidated or any entity resulting from any
merger, conversion or consolidation to which the Trustee shall be a party, or any entity succeeding
to the business of the Trustee, shall be the successor of the Trustee hereunder, provided such
corporation shall be eligible under the provisions of Section 10.06, without the execution or
filing of any paper or any further act on the part of any of the parties hereto, anything herein to
the contrary notwithstanding.

     Section 10.10 Appointment of Co-Trustee or Separate Trustee. At any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Fund
or property securing the same may at the time be located, the Depositor and the Trustee acting
jointly shall have the power and shall execute and deliver all instruments to appoint one or more
Persons approved by the Trustee to act as co-trustee or co-trustees, jointly with the Trustee, of
any part of the Trust Fund, and to vest in such Person or Persons, in such capacity, such title to
the Trust Fund, or any part thereof, and, subject to the other provisions of this Section 10.10,
such powers, duties, obligations, rights and trusts as the Depositor and the Trustee may consider
necessary or desirable. If the Depositor shall not have joined in such appointment within fifteen
(15) days after the receipt by it of a request so to do, or in case an Event of Default shall have
occurred and be continuing, the Trustee alone shall have the power to make such appointment. No
co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a
successor trustee under Section 10.06, hereunder, and no notice to Holders of Certificates of the
appointment of co-trustee(s) or separate trustee(s) shall be required under Section 10.08 hereof.

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     In the case of any appointment of a co-trustee or separate trustee pursuant to this Section
10.10, all rights, powers, duties and obligations conferred or imposed upon the Trustee shall be
conferred or imposed upon and exercised or performed by the Trustee and such separate trustee or
co-trustee jointly and severally, except to the extent that under any law of any jurisdiction in
which any particular act or acts are to be performed (whether as Trustee hereunder or as successor
to the Servicer hereunder), the Trustee shall be incompetent or unqualified to perform such act or
acts, in which event such rights, powers, duties and obligations (including the holding of title to
the Trust Fund or any portion thereof in any such jurisdiction) shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.

     Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement
and the conditions of this Article X. Each separate trustee and co-trustee, upon its acceptance of
the trusts conferred, shall be vested with the estates or property specified in its instrument of
appointment, either jointly with the Trustee or separately, as may be provided therein, subject to
all the provisions of this Agreement, specifically including every provision of this Agreement
relating to the conduct of, affecting the liability of, or affording protection to, the Trustee.
Every such instrument shall be filed with the Trustee.

     Any separate trustee or co-trustee may, at any time, constitute the Trustee, its agent or
attorney-in-fact, with full power and authority, to the extent not prohibited by law, to do any
lawful act under or in respect of this Agreement on its behalf and in its name.

     Section 10.11 Appointment of Office or Agency. The Trustee may appoint an office or
agency in The City of New York where Certificates may be surrendered for registration of transfer
or exchange. The Trustee will maintain an office at the address stated in Section 12.07 hereof
where notices and demands to or upon the Trustee in respect of the Certificates may be served.

     Section 10.12 Indemnification.

     (a) The Paying Agent shall indemnify and hold harmless the Trustee, the Depositor, the
Servicer and their respective officers, directors, agents and Affiliates from and against any
losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments
and other costs and expenses arising out of or based upon a failure of the Paying Agent to deliver
when required any Assessment of Compliance required of it pursuant to Section 5.26 or any material
misstatement or omission contained in any Assessment of Compliance provided on its behalf pursuant
to Section 5.26. If the indemnification provided for herein is unavailable or insufficient to hold
harmless the indemnified parties, then the Paying Agent agrees that it shall contribute to the
amount paid or payable by the indemnified parties as a result of the losses, claims, damages or
liabilities of the indemnified parties in such proportion as is appropriate to reflect the relative
fault of the Paying Agent on the one hand and of the indemnified parties on the other.

     (b) The Servicer shall indemnify and hold harmless the Trustee, the Paying Agent and the
Depositor and their respective officers, directors, agents and Affiliates from and against any
losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments
and other costs and expenses arising out of or based upon a breach by the Servicer or any of its
officers, directors, agents or Affiliates of its obligations under Sections 5.24, 5.25, and 5.26,
any material misstatement or omission in any documents prepared thereunder (to the extent the
Servicer is responsible for providing information or calculating amounts included in such
information), the failure of the Servicer to deliver when required any Assessment of Compliance or
Accountant’s Attestation required of it pursuant to Section 5.26 or Annual Statement of Compliance
required pursuant to Section 5.25, as applicable, or any material misstatement or omission
contained in any Assessment of Compliance, Accountant’s Attestation or

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Annual Statement of Compliance provided on its behalf pursuant to Section 5.25 or 5.26, as
applicable, or the negligence, bad faith or willful misconduct of the Servicer in connection
therewith. If the indemnification provided for herein is unavailable or insufficient to hold
harmless the indemnified parties, then the Servicer agrees that it shall contribute to the amount
paid or payable by the indemnified parties as a result of the losses, claims, damages or
liabilities of the indemnified parties in such proportion as is appropriate to reflect the relative
fault of the Servicer on the one hand and of the indemnified parties on the other.

[END OF ARTICLE X]

ARTICLE XI

TERMINATION

     Section 11.01 Termination. The respective obligations and responsibilities of the
Depositor, the Servicer (except the duty to pay the Trustee’s fees and expenses and indemnification
hereunder) and the Trustee shall terminate upon (i) the later of the final payment or other
liquidation (or any Advance with respect thereto) of the last Mortgage Loan or the disposition of
all property acquired upon foreclosure or deed in lieu of foreclosure of any Mortgage Loan and the
remittance of all funds due hereunder; or (ii) at the option of the Servicer, on any Distribution
Date which occurs in the month next following a Due Date on which the aggregate unpaid Principal
Balance of all Outstanding Mortgage Loans is less than 10% of the aggregate unpaid Principal
Balance of the Mortgage Loans on the Cut-off Date, so long as the Servicer deposits or causes to be
deposited in the Collection Account during the Principal Prepayment Period related to such
Distribution Date (and provides notice to the Trustee with a copy to the Paying Agent appointed
pursuant to Section 4.05 of its intention to so deposit on or before 20th day of such Principal
Prepayment Period) an amount equal to the Purchase Price for each Outstanding Mortgage Loan, less
any unreimbursed Advances made with respect to any Mortgage Loan (which amount shall offset
completely any unreimbursed Advances for which the Servicer is otherwise entitled to
reimbursement), and, with respect to all property acquired in respect of any Mortgage Loan
remaining in the Trust Fund, an amount equal to the fair market value of such property, as
determined by an appraisal to be conducted by an appraiser selected by the Trustee, less
unreimbursed Advances made with respect to any Mortgage Loan with respect to which property has
been acquired; provided, however, that in no event shall the trust created hereby continue beyond
the expiration of 21 years from the death of the last survivor of the descendants of Joseph P.
Kennedy, the late ambassador of the United States to the Court of St. James’s, living on the date
hereof. Notwithstanding the foregoing, a termination may be effected by the making of such
optional repurchases only if the termination of the Trust Fund satisfies the requirement for a
“qualified liquidation” of the Trust Fund within the meaning of Section 860F(a)(4) of the Code and
the purchases of the Outstanding Mortgage Loans pursuant to this Section 11.01 will not constitute
“prohibited transactions” within the meaning of Section 860F(a)(2) of the Code.

     Notice of any termination, specifying the Distribution Date upon which all Certificateholders
may surrender their Certificates to the Trustee or, if a Paying Agent has been appointed pursuant
to Section 4.05, the Paying Agent for payment and cancellation, shall be given promptly by the
Trustee or, if a Paying Agent has been appointed under Section 4.05, the Paying Agent, (upon
direction by the Depositor ten (10) days prior to the date such notice is to be mailed) by signed
letter to Certificateholders and each Rating Agency mailed no later than the 25th day of the month
preceding the month of such final distribution specifying (i) the Distribution Date upon which
final payment on the Certificates will be made upon presentation and surrender of Certificates at
the office or agency of the Trustee or, if a Paying Agent has been appointed under Section 4.05,
the Paying Agent, therein designated and (ii) that the Record Date otherwise applicable to such
Distribution Date is not applicable, payments being made only

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upon presentation and surrender of the Certificates at the office or agency of the Trustee or,
if a Paying Agent has been appointed under Section 4.05, the Paying Agent, therein specified. The
Servicer shall indicate the date of adoption of the plan of qualified liquidation in a statement
attached to the final federal income tax return of each REMIC Pool. After giving such notice, the
Trustee or if a Paying Agent has been appointed under Section 4.05, the Paying Agent shall not
register the transfer or exchange of any Certificates. If such notice is given in connection with
the Servicer’s election to purchase the Outstanding Mortgage Loans, the Servicer shall deposit in
the Collection Account after adoption of the plan during the applicable Principal Prepayment Period
an amount equal to the purchase price as determined as provided in clause (ii) of the preceding
paragraph and on the Distribution Date on which such termination is to occur, Certificateholders
will be entitled to the amount of such purchase price but not amounts in excess thereof, all as
provided herein. Upon presentation and surrender of the Certificates, the Trustee, or if a Paying
Agent has been appointed under Section 4.05, the Paying Agent shall notify the Servicer and the
Servicer shall cause to be distributed to Certificateholders an amount equal to (a) the amount
otherwise distributable on such Distribution Date, if not in connection with a purchase; or (b) if
the Servicer elected to so purchase, the purchase price determined as provided in clause (ii) of
the preceding paragraph. Following such final deposit the Trustee shall promptly release to the
Servicer the Mortgage Files for the remaining Mortgage Loans, and the Trustee shall execute all
assignments, endorsements and other instruments necessary to effectuate such transfer and shall
have no further responsibility with regard to said Mortgage Files.

     If all of the Certificateholders shall not surrender their Certificates for cancellation
within three (3) months after the time specified in the above-mentioned written notice, at the
close of the 90 day period beginning after the written notice is given, each remaining
Certificateholder will be credited with an amount that would have been otherwise distributed to
such Certificateholder, and the Trustee or, if a Paying Agent has been appointed under Section
4.05, the Paying Agent, shall give a second written notice to the remaining Certificateholders to
surrender their Certificates for cancellation and receive the final distribution with respect
thereto. If within three (3) months after the second notice all the Certificates shall not have
been surrendered for cancellation, the Trustee or, if a Paying Agent has been appointed under
Section 4.05, the Paying Agent, shall appoint an agent to take appropriate and reasonable steps to
contact the remaining Certificateholders concerning surrender of their Certificates, and the cost
thereof shall be paid out of the funds and other assets which remain in the Trust Fund hereunder.

[END OF ARTICLE XI]

ARTICLE XII

MISCELLANEOUS PROVISIONS

     Section 12.01 Severability of Provisions. If any one or more of the covenants,
agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid,
then such covenants, agreements, provisions or terms shall be deemed severable from the remaining
covenants, agreements, provisions or terms of this Agreement and shall in no way affect the
validity or enforceability of the other provisions of this Agreement.

     Section 12.02 Limitation on Rights of Certificateholders. The death or incapacity of
any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle
such Certificateholder’s legal representatives or heirs to claim an accounting or to take any
action or proceeding in any court for a partition or winding-up of the Trust Fund, nor otherwise
affect the rights, obligations and liabilities of the parties hereto or any of them.

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     No Certificateholder shall have any right to vote (except as expressly provided herein) or in
any manner otherwise control the operation and management of the Trust Fund, or the obligations of
the parties hereto, nor shall anything herein set forth, or contained in the terms of the
Certificates, be construed so as to constitute the Certificateholders from time to time as partners
or members of an association; nor shall any Certificateholder be under any liability to any third
Person by reason of any action taken by the parties to this Agreement pursuant to any provision
hereof.

     No Certificateholder shall have any right by virtue of any provision of this Agreement to
institute any suit, action or proceeding in equity or at law upon or under or with respect to this
Agreement, unless such Holder previously shall have given to the Trustee a written notice of
default and of the continuance thereof, as hereinbefore provided, and the Holders of Certificates
of any Class evidencing in the aggregate not less than 25% of the Percentage Interests of such
Class shall have made written request upon the Trustee to institute such action, suit or proceeding
in its own name as Trustee hereunder (in the case of conflicting requests by two or more 25% or
greater Percentage Interests, the Trustee shall act in accordance with the first such request) and
shall have offered to the Trustee such reasonable indemnity as it may require against the costs,
expenses and liabilities to be incurred therein or thereby, and the Trustee, for sixty (60) days
after its receipt of such notice, request and offer of indemnity, shall have neglected or refused
to institute any such action, suit or proceeding; it being understood and intended, and being
expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee,
that no one or more Holders of Certificates of any Class shall have any right in any manner
whatever by virtue of any provision of this Agreement to affect, disturb or prejudice the rights of
the Holders of any other of such Certificates of such Class or any other Class, or to obtain or
seek to obtain priority over or preference to any other such Holder, or to enforce any right under
this Agreement, except in the manner herein provided and for the common benefit of
Certificateholders of such Class or all Classes, as the case may be. For the protection and
enforcement of the provisions of this Section, each and every Certificateholder and the Trustee
shall be entitled to such relief as can be given either at law or in equity.

     Section 12.03 Amendment. This Agreement may be amended from time to time by the
Depositor, the Servicer and the Trustee, without the consent of any of the Certificateholders, to
cure any ambiguity, to correct or supplement any provisions herein which may be inconsistent with
any other provisions herein, to ensure continuing treatment of each REMIC created hereunder as a
REMIC to avoid or minimize the risk of imposition of any tax on any REMIC created hereunder
pursuant to the Code, or to make any other provisions with respect to matters or questions arising
under this Agreement which shall not be materially inconsistent with the provisions of this
Agreement, provided that such actions shall not, as evidenced by an Opinion of Counsel, adversely
affect in any material respect the interests of any Certificateholder of a Class having an
Outstanding Certificate Principal Balance of greater than zero or cause any REMIC created hereunder
to fail to qualify as a REMIC.

     This Agreement may also be amended from time to time by the Depositor, the Servicer and the
Trustee with the consent of the Holders of Certificates evidencing in the aggregate not less than
66-2/3% of the Percentage Interest of each Class of Certificates having an Outstanding Certificate
Principal Balance greater than zero and affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying
in any manner the rights of the Holders of Certificates of such Class; provided, however, that no
such amendment shall (i) reduce in any manner the amount of, or delay the timing of, payments
received on Mortgage Loans which are required to be distributed on any Certificate without the
consent of the Holder of such Certificate, (ii) reduce the aforesaid percentage of Certificates of
any Class the Holders of which are required to consent to any such amendment or (iii) change the
percentage specified in clause (ii) of the first paragraph of Section 11.01, without the consent of
the Holders of all Certificates of such Class then outstanding.

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     Notwithstanding anything to the contrary in this Agreement, this Agreement may be amended from
time to time by the Depositor, the Servicer and the Trustee with the consent of Certificateholders
evidencing not less than 66-2/3% of the interests held by parties other than the Depositor, its
Affiliates or its agents, for the purposes of significantly changing the Permitted Activities of
the Trust.

     Promptly after the execution of any such amendment the Trustee shall furnish written
notification of the substance of such amendment to each Certificateholder and each Rating Agency.

     It shall not be necessary for the consent of Certificateholders under this Section 12.03 to
approve the particular form of any proposed amendment but it shall be sufficient if such consent
shall approve the substance thereof. The manner of obtaining such consents and of evidencing the
authorization of the execution thereof by Certificateholders shall be subject to such reasonable
regulations as the Trustee may prescribe. In connection with any amendment pursuant to this
Section 12.03 the Trustee, Paying Agent and Depositor shall be entitled to receive an Opinion of
Counsel to the effect that such amendment is authorized or permitted by this Agreement and that all
conditions precedent to the execution of such amendment in accordance with this Section 12.03 have
been met.

     Section 12.04 Counterparts. This Agreement may be executed simultaneously in any
number of counterparts, each of which counterparts shall be deemed to be an original, and such
counterparts shall constitute but one and the same instrument.

     Section 12.05 Duration of Agreement. This Agreement shall continue in existence and
effect until terminated as herein provided.

     Section 12.06 Governing Law. This Agreement shall be construed in accordance with the
laws of the State of New York and the obligations, rights and remedies of the parties hereunder
shall be determined in accordance with such laws.

     Section 12.07 Notices. All demands, notices and communications hereunder shall be in
writing and shall be deemed to have been duly given if personally delivered at or mailed by first
class or registered mail, postage prepaid, to (i) in the case of the Depositor, Chase Mortgage
Finance Corporation, 300 Tice Boulevard, 3rd Floor North, Woodcliff Lake, New Jersey 07675,
Attention: Structured Finance, (ii) in the case of the Servicer, JPMorgan Chase Bank, N.A., 1111
Polaris Parkway, Columbus, Ohio 43240, (iii) in the case of the Custodian, JPMorgan Chase Bank,
N.A., 1080 Oliver Road, Monroe, Louisiana, 71201, (iv) in the case of the Trustee, The Bank of New
York Trust Company, N.A., 601 Travis, 16th Floor, Houston, Texas 77002, (v) in the case
of the Paying Agent, The Bank of New York Trust Company, N.A., 601 Travis, 16th Floor,
Houston, Texas 77002, (vi) in the case of Moody’s, Moody’s Investors Service, Inc., 99 Church
Street, 4th Floor, New York, New York 10007 (vii) in the case of Fitch Ratings, One
State Street Plaza, New York, New York 10004 (viii) in the case of S&P, Standard & Poor’s Ratings
Services, a division of The McGraw-Hill Companies, Inc., 55 Water Street, New York, New York 10041
and (ix) in the case of any of the foregoing persons, such other addresses as may hereafter be
furnished by any such persons to the other parties to this Agreement.

     Section 12.08 Further Assurances. The Sellers and the Servicer agree to do and
perform, from time to time, any and all acts and to execute any and all further instruments
required or reasonably requested by the Trustee more fully to effect the purposes of this
Agreement, including, without limitation, the execution of any financing statements and the
preparation for execution by the Trustee of any continuation statements relating to the Co-op Loans
for filing under the provisions of the Uniform Commercial Code as in effect in the jurisdiction in
which the Underlying Mortgaged Property related to the affected Co-op Loan is located. The Trustee
agrees that it shall promptly execute and redeliver to the

105

 

Seller or the Servicer for filing any such continuation statement so prepared by such Seller
relating to the Co-op Loans.

[END OF ARTICLE XII]

106

 

     IN WITNESS WHEREOF, the Depositor, the Servicer, the Paying Agent and the Trustee have caused
their names to be signed hereto by their respective officers thereunto duly authorized as of the
day and year first above written.

	 	 	 	 	 
	 	CHASE MORTGAGE FINANCE 

CORPORATION,

as Depositor

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	JPMORGAN CHASE BANK, N.A.,

as Servicer

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	THE BANK OF NEW YORK TRUST COMPANY, N.A.

as Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	JPMORGAN CHASE BANK, N.A.,

as Custodian

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	THE BANK OF NEW YORK TRUST COMPANY, N.A.

as Paying Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

EXHIBIT A

MORTGAGE LOAN SCHEDULE

[INTENTIONALLY OMITTED]

A-1

 

EXHIBIT B

CONTENTS OF MORTGAGE FILE

     (i) With respect to each Mortgage Loan which is not a Co-op Loan:

     (A) (I) Original Mortgage Note bearing all intervening endorsements, endorsed, “Pay to the
order of ___, without recourse” and signed in the name of the last endorsee by an
authorized officer.

     (B) The original Mortgage (including all riders thereto) with evidence of recording thereon,
or a copy thereof certified by the public recording office in which such Mortgage has been
recorded or, if the original Mortgage has not been returned from the applicable public recording
office, a true certified copy of the original that was sent for recording, certified by the Seller.

     (C) With respect to each Non-MERS Mortgage Loan which is not a Co-op Loan, the original
Assignment of Mortgage to “The Bank of New York Trust Company, N.A., as trustee (Chase Mortgage
Finance Corporation),” which assignment shall be in form and substance acceptable for recording, or
a copy certified by the Seller as a true and correct copy of the original Assignment of Mortgage
which has been sent for recordation. Subject to the foregoing, such assignments may, if permitted
by law, be by blanket assignments for Mortgage Loans covering Mortgaged Properties situated within
the same county. If the Assignment of Mortgage is in blanket form, a copy of the Assignment of
Mortgage shall be included in the related individual Mortgage File.

     (D) The original policy of title insurance, or in the event such original title policy is
unavailable a copy of the related policy (provided that use of a copy is acceptable to the related
title insurance or escrow company), including riders and endorsements thereto, or if the policy has
not yet been issued, a written commitment or interim binder or preliminary report of title issued
by the title insurance or escrow company.

     (E) Originals of all recorded intervening Assignments of Mortgage, or copies thereof,
certified by the public recording office in which such Assignments or Mortgage have been recorded
showing a complete chain of title from the originator to the Depositor, with evidence of recording,
thereon, or a copy thereof certified by the public recording office in which such Assignment of
Mortgage has been recorded or, if the original Assignment of Mortgage has not been returned from
the applicable public recording office, a true certified copy, certified by the Seller of the
original Assignment of Mortgage together with a certificate of the Seller certifying that the
original Assignment of Mortgage has been delivered for recording in the appropriate public
recording office of the jurisdiction in which the Mortgaged Property is located.

     (F) Originals, or copies thereof certified by the public recording office in which such
documents have been recorded, of each assumption, extension, modification, written assurance or
substitution agreements, if applicable, or if the original of such document has not been returned
from the applicable public recording office, a true certified copy, certified by the Seller, of
such original document together with certificate of such Seller certifying the original of such
document has been delivered for recording in the appropriate recording office of the jurisdiction
in which the Mortgaged Property is located.

     (G) If the Mortgage Note or Mortgage or any other material document or instrument relating to
the Mortgage Loan has been signed by a Person on behalf of the Mortgagor, the original power of

B-1

 

attorney or other instrument that authorized and empowered such Person to sign bearing
evidence that such instrument has been recorded, if so required in the appropriate jurisdiction
where the Mortgaged Property is located (or, in lieu thereof, a duplicate or conformed copy of such
instrument, together with a certificate of receipt from the recording office, certifying that such
copy represents a true and complete copy of the original and that such original has been or is
currently submitted to be recorded in the appropriate governmental recording office of the
jurisdiction where the Mortgaged Property is located), or if the original power of attorney
or other such instrument has been delivered for recording in the appropriate public recording
office of the jurisdiction in which the Mortgaged Property is located, a certified true copy of
any applicable power of attorney.

     (ii) With respect to each Co-op Loan:

     (A)(I) The original Mortgage Note endorsed “Pay to the order of ___, without
recourse” and signed in the name of the last endorsee by an authorized officer.

     (B) The original loan security agreement entered into by the Mortgagor with respect to
such Co-op Loan.

     (C) Original Form UCC-1 and any continuation statements with evidence of filing thereon
entered into by the Mortgagor with respect to such Co-op Loan or if the original of such
document has not been returned from the applicable public recording office, a true certified
copy of the document sent for recording.

     (D) Form UCC-3 (or copy thereof) by the applicable Mortgage Loan Seller or its agent
assigning the security interest covered by such Form UCC-1 to “The Bank of New York as
trustee” or to blank, together with all Forms UCC-3 (or copies thereof) showing a complete
chain of assignment from the originator of the related Co-op Loan to the Seller, with
evidence of recording thereon.

     (E) Stock certificate representing the stock allocated to the related dwelling unit in
the related residential cooperative housing corporation and pledged by the related Mortgagor
to the originator of such Co-op Loan with a stock power in blank attached.

     (F) Original proprietary lease.

     (G) Original assignment of proprietary lease, to the Trustee or to blank, and all
intervening assignments thereof.

     (H) Original recognition agreement of the interests of the mortgagee with respect to
the Co-op Loan by the residential cooperative housing corporation, the stock of which was
pledged by the related Mortgagor to the originator of such Co-op Loan.

     (I) Originals of any assumption, consolidation or modification agreements relating to
any of the items specified in (A) through (F) above with respect to such Co-op Loan.

     (J) Certified true copy of power of attorney sent for recording.

B-2

 

EXHIBIT C

FORM OF CLASS A CERTIFICATE

SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL
ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND
860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CHASE MORTGAGE FINANCE
CORPORATION (“CMFC”), JPMORGAN CHASE BANK, N.A. (THE “SERVICER”) OR THE TRUSTEE REFERRED TO BELOW
OR ANY OF THEIR AFFILIATES. NEITHER THIS CERTIFICATE, THE REMIC REGULAR INTEREST REPRESENTED
HEREBY NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED OR INSURED BY CMFC, THE SERVICER, THE
TRUSTEE OR BY ANY OF THEIR AFFILIATES OR BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES, THE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL
BE DIFFERENT FROM THE ORIGINAL DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY
ASCERTAIN ITS CURRENT [PRINCIPAL BALANCE][NOTIONAL AMOUNT] BY INQUIRY OF THE PAYING AGENT.

[THIS LEGEND WILL APPEAR ON THE CLASS A-X AND CLASS A-2 CERTIFICATES ONLY.] THE CLASS [ ]
CERTIFICATES ARE NOT ENTITLED TO DISTRIBUTIONS IN RESPECT OF PRINCIPAL.

[THIS LEGEND WILL APPEAR ON THE CLASS A-P CERTIFICATE ONLY.] THE CLASS A-P CERTIFICATES WILL NOT BE
ENTITLED TO PAYMENT OF INTEREST.

CLASS A-__ CERTIFICATE

	 	 	 
	Number: 07-S1-A-[ ]-1

	 	Original Denomination:
	 

	 	$
	 
	 	 
	Cut-off Date: [        ]

	 	Final Scheduled
	 

	 	Distribution Date: [          ]
	 
	 	 
	First Distribution Date:

	 	Aggregate Original [Principal
	[        ]

	 	Balance][Notional Amount] of all Class A-[          ]
	 

	 	Certificates: $
	 
	 	 
	Certificate Rate:

	 	CUSIP:

C-1

 

CHASE MORTGAGE FINANCE TRUST SERIES [        ]

MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATE

SERIES [        ]

evidencing an ownership interest in distributions allocable to the Class A-[ ] Certificates with
respect to a pool of conventional one- to four-family mortgage loans formed and sold by

CHASE MORTGAGE FINANCE CORPORATION

     Unless this Certificate is presented by an authorized representative of the Depository Trust
Company, a New York corporation (“DTC”), to the Paying Agent for registration of transfer, exchange
or payment, and any certificate issued is registered in the name of Cede & Co. or in such other
name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co.
or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co. has an interest herein.

     This certifies that CEDE & CO. is the registered owner of the ownership interest (the
“Ownership Interest”) evidenced by this Certificate (obtained by dividing the Original Denomination
of this Certificate by the aggregate Original Denomination of all Class A-[ ] Certificates) in
certain distributions with respect to a pool of conventional one- to four-family first lien
mortgage loans (the “Mortgage Loans”) formed and sold by Chase Mortgage Finance Corporation
(hereinafter called the “Depositor”), and certain other property held in trust for the benefit of
Certificateholders (collectively, the “Trust Fund”). The Mortgage Loans are serviced by JPMorgan
Chase Bank, N.A. (the “Servicer”) and are secured by first liens on Mortgaged Properties. The
Trust Fund was created pursuant to a Pooling and Servicing Agreement (the “Agreement”), dated as of
[        ] among the Depositor, the Servicer, the Custodian and The Bank of New York Trust
Company, N.A., as Paying Agent and trustee (the “Trustee”), a summary of certain of the pertinent
provisions of which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the meanings assigned in the Agreement.

     This Certificate is one of a duly authorized issue of Certificates, designated as Chase
Mortgage Finance Trust Series [        ], Multi-Class Mortgage Pass-Through Certificates, Series
[        ], Class A-[ ](the “Class A-[ ] Certificates”) and 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 Agreement such Holder is bound.
Also issued under the Agreement are Certificates designated as Chase Mortgage Finance Trust Series
[        ], Multi-Class Mortgage Pass-Through Certificates, Series [        ], Class M Certificates and
Class B Certificates. The Class A Certificates, the Class M Certificates and the Class B
Certificates are collectively referred to herein as the “Certificates.”

     Pursuant to the terms of the Agreement, the Paying Agent appointed under Section 4.05 of the
Agreement will distribute from funds in the Certificate Account the amount as described on the
reverse hereof on the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the “Distribution Date”), commencing on [        ].

C-2

 

     Distributions on this Certificate will be made either by check mailed to the address of the
Person entitled thereto, as such name and address shall appear on the Certificate Register, or by
wire transfer in immediately available funds to the account of such Holder at a bank or other
financial or depository institution having appropriate facilities therefor, if such Holder has so
notified the Paying Agent in writing at least 10 Business Days prior to the first Distribution Date
for which distribution by wire transfer is to be made, and such Holder’s Certificates evidence an
aggregate Original Denomination of not less than $5,000,000 or such Holder holds a 100% Percentage
Interest of such Class. Notwithstanding the above, the final distribution on this Certificate will
be made after due notice by the Paying Agent, of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office of the Paying Agent, for the purpose
and specified in such notice of final distribution.

     The Paying Agent will cause to be kept at its Agency & Trust Office in New York, New York, or
at the office of its designated agent, a Certificate Register in which, subject to such reasonable
regulations as it may prescribe, the Paying Agent will provide for the registration of Certificates
and of transfers and exchanges of Certificates. Upon surrender for registration of transfer of any
Certificate at any office or agency of the Paying Agent, maintained for such purpose, the Paying
Agent will, subject to the limitations set forth in the Agreement, authenticate and deliver, in the
name of the designated transferee or transferees, a Certificate of a like class and dated the date
of authentication by the Authenticating Agent. Notwithstanding the above, the final distribution on
this Certificate will be made after due notice by the Paying Agent of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the office or agency
of the Paying Agent, for that purpose and specified in such notice of final distribution.

     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.

     Unless the certificate of authentication has been executed by the Authenticating Agent, by
manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be
valid for any purpose.

C-3

 

     IN WITNESS WHEREOF, the Depositor has caused this Certificate to be duly executed.

	 	 	 	 	 
	Dated: [        ]	 	CHASE MORTGAGE FINANCE

CORPORATION
	 
	 	 	 	 
	 

	 	By:
	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Officer

C-4

 

	 	 	 	 	 
	Dated: [        ]	 	CERTIFICATE OF AUTHENTICATION
	 
	 	 	 	 
	 	 	This is one of the
Certificates referred to
in the within-mentioned
Agreement.
	 
	 	 	 	 
	 	 	THE BANK OF NEW YORK TRUST COMPANY, N.A.

as Authenticating Agent
	 
	 	 	 	 
	 

	 	By:
	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Signatory

C-5

 

REVERSE OF CERTIFICATE

CHASE MORTGAGE FINANCE TRUST SERIES [        ]

MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATE

SERIES [        ]

     This Certificate is one of a duly authorized issue of Certificates, designated as Chase
Mortgage Finance Trust Series [        ], Multi-Class Mortgage Pass-Through Certificates, Series
[        ], issued in one or more Classes of Class A, Class M and Class B Certificates. The Class A
Certificates evidence in the aggregate the Class A Percentage of distributions relating to
repayments of principal and interest on the Mortgage Loans. The Class M Certificates evidence in
the aggregate the Class M Percentage of distributions relating to repayments of principal and
interest on the Mortgage Loans. The Class B Certificates evidence in the aggregate the Class B
Percentage of distributions relating to repayments of principal and interest on the Mortgage Loans.

     Following the initial issuance of the Certificates, the [Principal Balance][Notional Amount]
of this Certificate will be different from the Original Denomination shown above. Anyone acquiring
this Certificate may ascertain its current [Principal Balance][Notional Amount] by inquiry of the
Paying Agent.

     The Holder, by its acceptance of this Certificate, agrees that it will look solely to the
Trust Fund and certain amounts resulting from credit enhancements for payment hereunder and that
neither the Trustee nor the Paying Agent is liable to the Holders for any amount payable under this
Certificate or the Agreement or, except as expressly provided in the Agreement, subject to any
liability under the Agreement.

     This Certificate does not purport to summarize the Agreement and reference is made to the
Agreement for the interests, rights and limitations of rights, benefits, obligations and duties
evidenced hereby, and the rights, duties and immunities of the Trustee and the Paying Agent.

     The Paying Agent will cause to be kept at its Agency & Trust Office in New York, New York, a
Certificate Register in which, subject to such reasonable regulations as it may prescribe, the
Paying Agent will provide for the registration of Certificates and of transfers and exchanges of
Certificates. Upon surrender for registration of transfer of any Certificate at any office or
agency of the Paying Agent, the Paying Agent will, subject to the limitations set forth in the
Agreement, authenticate and deliver, in the name of the designated transferee or transferees, a
Certificate of a like Class and dated the date of authentication by the Authenticating Agent.

     No service charge will be made to the Holder for any transfer or exchange of the Certificate,
but the Paying Agent may require payment of a sum sufficient to cover any tax or governmental
charge that may be imposed in connection with any transfer or exchange of the Certificate. Prior
to due presentation of a Certificate for registration of transfer, the Depositor, the Servicer, the
Paying Agent and the Trustee may treat the Person in whose name any Certificate is registered as
the owner of such Certificate and the Percentage Interest in the Trust Fund evidenced thereby for
the purpose of receiving distributions pursuant to the Agreement and

C-6

 

for all other purposes whatsoever, and neither the Depositor, the Servicer, the Paying Agent
nor the Trustee will be affected by notice to the contrary.

     The Agreement may be amended from time to time by the Depositor, the Servicer and the Trustee,
without the consent of any of the Certificateholders, to cure any ambiguity, to correct or
supplement any provisions therein which may be inconsistent with the other provisions therein, to
ensure continuing treatment of each REMIC (as hereinafter defined) included in the Trust Fund as a
REMIC, or to make any other provisions with respect to matters or questions arising under the
Agreement which are not materially inconsistent with the provisions of the Agreement, provided that
such action does not, as evidenced by an Opinion of Counsel, adversely affect in any material
respect the interests of any Certificateholder or cause any REMIC included in the Trust Fund to
fail to qualify as a REMIC.

     The Agreement may also be amended from time to time by the Depositor, the Servicer and the
Trustee with the consent of the Holders of Certificates evidencing in the aggregate not less than
66-2/3% of the Percentage Interests of each Class of Certificates affected thereby for the purpose
of adding any provisions to or changing in any manner or eliminating any of the provisions of the
Agreement or of modifying in any manner the rights of the Holders of Certificates of such Class;
provided, however, that no such amendment may (i) reduce in any manner the amount of, or delay the
timing of, payments received on Mortgage Loans which are required to be distributed on any
Certificate without the consent of the Holder of such Certificate, (ii) reduce the aforesaid
percentage of Certificates of any Class the Holders of which are required to consent to any such
amendment or (iii) change the percentage specified in clause (ii) of the first paragraph of Section
11.01 of the Agreement, without the consent of the Holders of all Certificates of such Class then
outstanding.

     The Agreement provides that the Trust Fund will elect to be treated as one or more “real
estate mortgage investment conduits” for federal income tax purposes (each, a “REMIC”). The Class
A Certificates (other than the Class A-R Certificate), the Class M Certificates and the Class B
Certificates will represent “regular interests” in a REMIC. The Class A-R Certificate will
represent the sole class of “residual interest” in each of the REMICs.

     The respective obligations and responsibilities of the Depositor, the Servicer (except the
duty to pay the Trustee’s fees and expenses and indemnification hereunder) and the Trustee shall
terminate upon (i) the later of the final payment or other liquidation (or any Advance with respect
thereto) of the last Mortgage Loan or the disposition of all property acquired upon foreclosure or
deed in lieu of foreclosure of any Mortgage Loan and the remittance of all funds due hereunder; or
(ii) at the option of the Servicer on any Distribution Date which occurs in the month next
following a Due Date on which the aggregate unpaid Principal Balance of all Outstanding Mortgage
Loans is less than 10% of the aggregate unpaid Principal Balance of the Mortgage Loans on the
Cut-off Date, so long as the Servicer deposits or causes to be deposited in the applicable
Collection Account during the Principal Prepayment Period related to such Distribution Date (and
provides notice to the Trustee of its intention to so deposit on or before the 20th day of such
Principal Prepayment Period) an amount equal to the Purchase Price for each Outstanding Mortgage
Loan, less any unreimbursed Advances made with respect to any Mortgage Loan (which amount shall
offset completely any unreimbursed Advances for which the Servicer is otherwise entitled to
reimbursement), and, with respect to all property acquired in

C-7

 

respect of any Mortgage Loan remaining in the Trust Fund, an amount equal to the fair market
value of such property, as determined by an appraisal to be conducted by an appraiser selected by
the Trustee, less unreimbursed Advances made with respect to any Mortgage Loan with respect to
which property has been acquired; provided, however, that in no event shall the trust created by
the Agreement continue beyond the expiration of 21 years from the death of the last survivor of the
descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of St.
James’s, living on the date hereof.

C-8

 

[FORM OF ASSIGNMENT]

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

(PLEASE INSERT SOCIAL SECURITY* OR TAXPAYER IDENTIFICATION NUMBER OF ASSIGNEE)

 

 

(Please Print or Type Name and Address of Assignee)

 

the within Certificate, and all rights thereunder, and hereby does irrevocably
constitute and appoint

                                                                                                    Attorney to transfer the within Certificate on the books
kept for the registration thereof, with full power of substitution in the premises.

	 	 	 
	Dated:

	 	 
	 
	 	 
	(Signature guaranty)

	 	 

NOTICE: The signature to this assignment must

correspond with the name as it appears upon the

face of the within Certificate in every

particular, without alteration or enlargement

or any change whatever.

(*This information, which is voluntary, is being requested to ensure that the assignee will not be
subject to backup withholding under Section 3406 of the Code.)

C-9

 

EXHIBIT D

FORM OF CLASS M CERTIFICATE

THIS CLASS M CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL
ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND
860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CHASE MORTGAGE FINANCE
CORPORATION (“CMFC”), JPMORGAN CHASE BANK, N.A. (THE “SERVICER”) OR THE TRUSTEE REFERRED TO BELOW
OR ANY OF THEIR AFFILIATES. NEITHER THIS CERTIFICATE, THE REMIC REGULAR INTEREST REPRESENTED
HEREBY NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED OR INSURED BY CMFC, THE SERVICER, THE
TRUSTEE OR BY ANY OF THEIR AFFILIATES OR BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES, THE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL
BE DIFFERENT FROM THE ORIGINAL DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY
ASCERTAIN ITS CURRENT PRINCIPAL BALANCE BY INQUIRY OF THE PAYING AGENT.

CLASS M CERTIFICATE

	 	 	 
	Number: 07-S1-M-1

	 	Original Denomination:
	 

	 	$
	 
	 	 
	Cut-off Date: [        ]

	 	Final Scheduled
	 

	 	Distribution Date: [          ]
	 
	 	 
	First Distribution Date:

	 	Aggregate Original Principal
	[        ]

	 	Balance of all Class M
	 

	 	Certificates: $
	 
	 	 
	Certificate Rate:

	 	CUSIP:

D-1

 

CHASE MORTGAGE FINANCE TRUST SERIES [        ]

MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATE

SERIES [        ]

evidencing an ownership interest in distributions allocable to the Class M Certificates with
respect to a pool of conventional one- to four-family mortgage loans formed and sold by

CHASE MORTGAGE FINANCE CORPORATION

     Unless this Certificate is presented by an authorized representative of the Depository Trust
Company, a New York corporation (“DTC”), to the Paying Agent for registration of transfer, exchange
or payment, and any certificate issued is registered in the name of Cede & Co. or in such other
name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co.
or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co. has an interest herein.

     This certifies that CEDE & CO. is the registered owner of the ownership interest (the
“Ownership Interest”) evidenced by this Certificate (obtained by dividing the Original Denomination
of this Certificate by the aggregate Original Denomination of all Class M Certificates) in certain
distributions with respect to a pool of conventional one-to four-family first lien mortgage loans
(the “Mortgage Loans”) formed and sold by Chase Mortgage Finance Corporation (hereinafter called
the “Depositor”), and certain other property held in trust for the benefit of Certificateholders
(collectively, the “Trust Fund”). The Mortgage Loans are serviced by JPMorgan Chase Bank, N.A.
(the “Servicer”) and are secured by first liens on Mortgaged Properties. The Trust Fund was
created pursuant to a Pooling and Servicing Agreement (the “Agreement”), dated as of [        ] among the Depositor, the Servicer, the Custodian and The Bank of New York Trust Company, N.A.,
as Paying Agent and trustee (the “Trustee”), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein
have the meanings assigned in the Agreement.

     This Certificate is one of a duly authorized issue of Certificates, designated as Chase
Mortgage Finance Trust Series [        ], Multi-Class Mortgage Pass-Through Certificates, Series
[        ], Class M (the “Class M Certificates”) and 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 Agreement such Holder is bound. Also issued
under the Agreement are Certificates designated as Chase Mortgage Finance Trust Series [        ],
Multi-Class Mortgage Pass-Through Certificates, Series [        ], Class A Certificates and Class B
Certificates. The Class A Certificates are senior to, and the Class B Certificates are subordinate
to, the Class M Certificates in right of payment to the extent described herein and in the
Agreement. The Class A Certificates, the Class M Certificates and the Class B Certificates are
collectively referred to herein as the “Certificates.” Amounts properly distributed to the Class M
Certificateholders pursuant to the Agreement will be deemed released from the Trust Fund, and the
Class M Certificateholders will not in any event be required to refund any such distributed
amounts.

D-2

 

     Pursuant to the terms of the Agreement, the Paying Agent will distribute from funds in the
Certificate Account the amount as described on the reverse hereof on the 25th day of each month or,
if such 25th day is not a Business Day, the Business Day immediately following (the “Distribution
Date”), commencing on [        ].

     Distributions on this Certificate will be made either by check mailed to the address of the
Person entitled thereto, as such name and address shall appear on the Certificate Register, or by
wire transfer in immediately available funds to the account of such Holder at a bank or other
financial or depository institution having appropriate facilities therefor, if such Holder has so
notified the Paying Agent in writing at least 10 Business Days prior to the first Distribution Date
for which distribution by wire transfer is to be made, and such Holder’s Certificates evidence an
aggregate Original Denomination of not less than $5,000,000 or such Holder holds a 100% Percentage
Interest of such Class. Notwithstanding the above, the final distribution on this Certificate will
be made after due notice by the Paying Agent of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office of the Paying Agent for the purpose
and specified in such notice of final distribution.

     The Paying Agent will cause to be kept at its Agency & Trust Office in New York, New York, or
at the office of its designated agent, a Certificate Register in which, subject to such reasonable
regulations as it may prescribe, the Paying Agent will provide for the registration of Certificates
and of transfers and exchanges of Certificates. Upon surrender for registration of transfer of any
Certificate at any office or agency of the Paying Agent, maintained for such purpose, the Paying
Agent will, subject to the limitations set forth in the Agreement, authenticate and deliver, in the
name of the designated transferee or transferees, a Certificate of a like class and dated the date
of authentication by the Authenticating Agent. Notwithstanding the above, the final distribution
on this Certificate will be made after due notice by the Paying Agent of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the office or agency
of the Paying Agent, for that purpose and specified in such notice of final distribution.

     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.

     Unless the certificate of authentication has been executed by the Authenticating Agent, by
manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be
valid for any purpose.

D-3

 

     IN WITNESS WHEREOF, the Depositor has caused this Certificate to be duly executed.

	 	 	 	 	 
	Dated: [        ]	 	CHASE MORTGAGE FINANCE

CORPORATION
	 
	 	 	 	 
	 

	 	By:
	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Officer

D-4

 

	 	 	 	 	 
	Dated: [        ]	 	CERTIFICATE OF AUTHENTICATION
	 
	 	 	 	 
	 	 	This is one of the
Certificates referred to
in the within-mentioned
Agreement.
	 
	 	 	 	 
	 	 	THE BANK OF NEW YORK TRUST COMPANY, N.A.

as Authenticating Agent
	 
	 	 	 	 
	 

	 	By:
	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Signatory

D-5

 

REVERSE OF CERTIFICATE

CHASE MORTGAGE FINANCE TRUST SERIES [        ]

MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATE

SERIES [        ]

     This Certificate is one of a duly authorized issue of Certificates, designated as Chase
Mortgage Finance Trust Series [        ], Multi-Class Mortgage Pass-Through Certificates, Series
[        ], issued in one or more Classes of Class A, Class M and Class B Certificates. The Class A
Certificates evidence in the aggregate the Class A Percentage of distributions relating to
repayments of principal and interest on the Mortgage Loans. The Class M Certificates evidence in
the aggregate the Class M Percentage of distributions relating to repayments of principal and
interest on the Mortgage Loans. The Class B Certificates evidence in the aggregate the Class B
Percentage of distributions relating to repayments of principal and interest on the Mortgage Loans.

     Following the initial issuance of the Certificates, the Principal Balance of this Certificate
will be different from the Original Denomination shown above. Anyone acquiring this Certificate
may ascertain its current Principal Balance by inquiry of the Paying Agent.

     The Holder, by its acceptance of this Certificate, agrees that it will look solely to the
Trust Fund and certain amounts resulting from credit enhancements for payment hereunder and that
neither the Trustee nor the Paying Agent is liable to the Holders for any amount payable under this
Certificate or the Agreement or, except as expressly provided in the Agreement, subject to any
liability under the Agreement.

     This Certificate does not purport to summarize the Agreement and reference is made to the
Agreement for the interests, rights and limitations of rights, benefits, obligations and duties
evidenced hereby, and the rights, duties and immunities of the Trustee and the Paying Agent.

     The Paying Agent will cause to be kept at its Agency & Trust Office in New York, New York, a
Certificate Register in which, subject to such reasonable regulations as it may prescribe, the
Paying Agent will provide for the registration of Certificates and of transfers and exchanges of
Certificates. Upon surrender for registration of transfer of any Certificate at any office or
agency of the Paying Agent, the Paying Agent will, subject to the limitations set forth in the
Agreement, authenticate and deliver, in the name of the designated transferee or transferees, a
Certificate of a like Class and dated the date of authentication by the Authenticating Agent.

     No service charge will be made to the Holder for any transfer or exchange of the Certificate,
but the Paying Agent may require payment of a sum sufficient to cover any tax or governmental
charge that may be imposed in connection with any transfer or exchange of the Certificate. Prior
to due presentation of a Certificate for registration of transfer, the Depositor, the Servicer, the
Paying Agent and the Trustee may treat the Person in whose name any Certificate is registered as
the owner of such Certificate and the Percentage Interest in the Trust Fund evidenced thereby for
the purpose of receiving distributions pursuant to the Agreement and

D-6

 

for all other purposes whatsoever, and neither the Depositor, the Servicer, the Paying Agent
nor the Trustee will be affected by notice to the contrary.

     The Agreement may be amended from time to time by the Depositor, the Servicer and the Trustee,
without the consent of any of the Certificateholders, to cure any ambiguity, to correct or
supplement any provisions therein which may be inconsistent with the other provisions therein, to
ensure continuing treatment of each REMIC (as hereinafter defined) included in the Trust Fund as a
REMIC, or to make any other provisions with respect to matters or questions arising under the
Agreement which are not materially inconsistent with the provisions of the Agreement, provided that
such action does not, as evidenced by an Opinion of Counsel, adversely affect in any material
respect the interests of any Certificateholder or cause any REMIC included in the Trust Fund to
fail to qualify as a REMIC.

     The Agreement may also be amended from time to time by the Depositor, the Servicer and the
Trustee with the consent of the Holders of Certificates evidencing in the aggregate not less than
66-2/3% of the Percentage Interests of each Class of Certificates affected thereby for the purpose
of adding any provisions to or changing in any manner or eliminating any of the provisions of the
Agreement or of modifying in any manner the rights of the Holders of Certificates of such Class;
provided, however, that no such amendment may (i) reduce in any manner the amount of, or delay the
timing of, payments received on Mortgage Loans which are required to be distributed on any
Certificate without the consent of the Holder of such Certificate, (ii) reduce the aforesaid
percentage of Certificates of any Class the Holders of which are required to consent to any such
amendment or (iii) change the percentage specified in clause (ii) of the first paragraph of Section
11.01 of the Agreement, without the consent of the Holders of all Certificates of such Class then
outstanding.

     The Agreement provides that the Trust Fund will elect to be treated as one or more “real
estate mortgage investment conduits” for federal income tax purposes (each, a “REMIC”). The Class
A Certificates (other than the Class A-R Certificate), the Class M Certificates and the Class B
Certificates will represent “regular interests” in a REMIC. The Class A-R Certificate will
represent the sole class of “residual interest” in each of the REMICs.

     The respective obligations and responsibilities of the Depositor, the Servicer (except the
duty to pay the Trustee’s fees and expenses and indemnification hereunder) and the Trustee shall
terminate upon (i) the later of the final payment or other liquidation (or any Advance with respect
thereto) of the last Mortgage Loan or the disposition of all property acquired upon foreclosure or
deed in lieu of foreclosure of any Mortgage Loan and the remittance of all funds due hereunder; or
(ii) at the option of the Servicer, on any Distribution Date which occurs in the month next
following a Due Date on which the aggregate unpaid Principal Balance of all Outstanding Mortgage
Loans is less than 10% of the aggregate unpaid Principal Balance of the Mortgage Loans on the
Cut-off Date, so long as the Servicer deposits or causes to be deposited in the applicable
Collection Account during the Principal Prepayment Period related to such Distribution Date (and
provides notice to the Trustee of its intention to so deposit on or before the 20th day of such
Principal Prepayment Period) an amount equal to the Purchase Price for each Outstanding Mortgage
Loan, less any unreimbursed Advances made with respect to any Mortgage Loan (which amount shall
offset completely any unreimbursed Advances for which the Servicer is otherwise entitled to
reimbursement), and, with respect to all property acquired in

D-7

 

respect of any Mortgage Loan remaining in the Trust Fund, an amount equal to the fair market
value of such property, as determined by an appraisal to be conducted by an appraiser selected by
the Trustee, less unreimbursed Advances made with respect to any Mortgage Loan with respect to
which property has been acquired; provided, however, that in no event shall the trust created by
the Agreement continue beyond the expiration of 21 years from the death of the last survivor of the
descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of St.
James’s, living on the date hereof.

D-8

 

[FORM OF ASSIGNMENT]

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

(PLEASE INSERT SOCIAL SECURITY* OR TAXPAYER IDENTIFICATION NUMBER OF ASSIGNEE)

 

 

(Please Print or Type Name and Address of Assignee)

 

the within Certificate, and all rights thereunder, and hereby does irrevocably
constitute and appoint

                                                                                                    Attorney to transfer the within Certificate on the books
kept for the registration thereof, with full power of substitution in the premises.

	 	 	 
	Dated:
	 	 
	 
	 	 
	(Signature guaranty)

	 	 

	 

	 	NOTICE: The signature to this assignment must

correspond with the name as it appears upon the

face of the within Certificate in every

particular, without alteration or enlargement

or any change whatever.

(*This information, which is voluntary, is being requested to ensure that the assignee will not be
subject to backup withholding under Section 3406 of the Code.)

D-9

 

EXHIBIT E

FORM OF CLASS B CERTIFICATE

THIS CLASS B CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES AND THE
CLASS M CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL
ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND
860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CHASE MORTGAGE FINANCE
CORPORATION (“CMFC”), JPMORGAN CHASE BANK, N.A. (THE “SERVICER”) OR THE TRUSTEE REFERRED TO BELOW
OR ANY OF THEIR AFFILIATES. NEITHER THIS CERTIFICATE, THE REMIC REGULAR INTEREST REPRESENTED
HEREBY NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED OR INSURED BY CMFC, THE SERVICER, THE
TRUSTEE OR BY ANY OF THEIR AFFILIATES OR BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES, THE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL
BE DIFFERENT FROM THE ORIGINAL DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY
ASCERTAIN ITS CURRENT PRINCIPAL BALANCE BY INQUIRY OF THE PAYING AGENT.

[THIS LEGEND WILL APPEAR ON THE CLASS B-3, CLASS B-4 AND CLASS B-5 CERTIFICATES ONLY.] THIS CLASS
B-___CERTIFICATE HAS NOT AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD OR TRANSFERRED UNLESS IT IS SOLD OR
TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT OR UNDER APPLICABLE
STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS OF SECTION 4.02 OF THE POOLING AND
SERVICING AGREEMENT REFERRED TO HEREIN.

[THIS LEGEND WILL APPEAR ON THE CLASS B-3, CLASS B-4 AND CLASS B-5 CERTIFICATES ONLY.] NO TRANSFER
OF THIS CERTIFICATE SHALL BE MADE UNLESS THE DEPOSITOR AND THE TRUSTEE SHALL HAVE RECEIVED (A) A
REPRESENTATION LETTER FROM THE TRANSFEREE OF THIS CERTIFICATE TO THE EFFECT THAT SUCH TRANSFEREE IS
NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), A PLAN SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”), OR A PLAN SUBJECT TO ANY PROVISIONS UNDER ANY FEDERAL, STATE, LOCAL, NON-U.S.
OR OTHER LAWS OR REGULATIONS THAT ARE SUBSTANTIVELY SIMILAR TO THE

E-1

 

FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”) (COLLECTIVELY, A “PLAN”), AND IS NOT
DIRECTLY OR INDIRECTLY ACQUIRING THIS CERTIFICATE FOR, ON BEHALF OF OR WITH ANY ASSETS OF ANY SUCH
PLAN, (B) IF THE CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING, A
REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS AN INSURANCE COMPANY THAT IS ACQUIRING
THE CERTIFICATE WITH ASSETS OF AN “INSURANCE COMPANY GENERAL ACCOUNT” AS DEFINED IN SECTION V(E) OF
PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60 AND THE ACQUISITION AND HOLDING OF THE
CERTIFICATE ARE COVERED AND EXEMPT UNDER SECTIONS I AND III OF PTCE 95-60 OR (C) SOLELY IN THE CASE
OF A DEFINITIVE CERTIFICATE, AN OPINION OF COUNSEL SATISFACTORY TO THE DEPOSITOR AND THE TRUSTEE,
AND UPON WHICH THE DEPOSITOR AND THE TRUSTEE SHALL BE ENTITLED TO RELY, TO THE EFFECT THAT THE
ACQUISITION AND HOLDING OF THIS CERTIFICATE BY THE PROSPECTIVE TRANSFEREE WILL NOT CONSTITUTE OR
RESULT IN A NONEXEMPT PROHIBITED TRANSACTION UNDER ERISA OR THE CODE OR A VIOLATION OF SIMILAR LAW
AND WILL NOT SUBJECT THE TRUSTEE, THE DEPOSITOR OR THE SERVICER TO ANY OBLIGATION IN ADDITION TO
THOSE UNDERTAKEN BY SUCH ENTITIES IN THE POOLING AND SERVICING AGREEMENT, WHICH OPINION OF COUNSEL
SHALL NOT BE AN EXPENSE OF THE TRUSTEE, THE DEPOSITOR OR THE SERVICER.

CLASS B-__ CERTIFICATE

	 	 	 
	Number: 07-S1-B-_-1

	 	Original Denomination:
	 

	 	$
	 
	 	 
	Cut-off Date: [        ]

	 	Final Scheduled
	 

	 	Distribution Date: [          ]
	 
	 	 
	First Distribution Date:

	 	Aggregate Original Principal
	[        ]

	 	Balance of all Class B-___
	 

	 	Certificates: $
	 
	 	 
	Certificate Rate:

	 	CUSIP:

E-2

 

CHASE MORTGAGE FINANCE TRUST SERIES [        ]

MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATE

SERIES [        ]

evidencing an ownership interest in distributions allocable to the Class B-___Certificates with
respect to a pool of conventional one-to four-family mortgage loans formed and sold by

CHASE MORTGAGE FINANCE CORPORATION

     Unless this Certificate is presented by an authorized representative of the Depository Trust
Company, a New York corporation (“DTC”), to the Paying Agent for registration of transfer, exchange
or payment, and any certificate issued is registered in the name of Cede & Co. or in such other
name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co.
or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co. has an interest herein.

     This certifies that CEDE & CO. is the registered owner of the ownership interest (the
“Ownership Interest”) evidenced by this Certificate (obtained by dividing the Original Denomination
of this Certificate by the aggregate Original Denomination of all Class B-___Certificates) in
certain distributions with respect to a pool of conventional one- to four-family first lien
mortgage loans (the “Mortgage Loans”) formed and sold by Chase Mortgage Finance Corporation
(hereinafter called the “Depositor”), and certain other property held in trust for the benefit of
Certificateholders (collectively, the “Trust Fund”). The Mortgage Loans are serviced by JPMorgan
Chase Bank, N.A. (the “Servicer”) and are secured by first liens on Mortgaged Properties. The
Trust Fund was created pursuant to a Pooling and Servicing Agreement (the “Agreement”),
dated as of [        ] among the Depositor, the Servicer, the Custodian and The Bank of New York Trust
Company, N.A., as Paying Agent and trustee (the “Trustee”), a summary of certain of the pertinent
provisions of which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the meanings assigned in the Agreement.

     This Certificate is one of a duly authorized issue of Certificates, designated as Chase
Mortgage Finance Trust Series [        ], Multi-Class Mortgage Pass-Through Certificates, Series
[        ], Class B-___(the “Class B-___Certificates”) and 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 Agreement such Holder is bound.
Also issued under the Agreement are Certificates designated as Chase Mortgage Finance Trust Series
[        ], Multi-Class Mortgage Pass-Through Certificates, Series [        ], Class A Certificates and
Class M Certificates. The rights of the Class B-___Certificateholders to receive distributions in
respect of the Class B Certificates on any Distribution Date are subordinated to the rights of the
Class A and Class M Certificateholders to receive distributions in respect of the Class A and Class
M Certificates to the extent, and only to the extent, set forth in the Agreement. The Class A
Certificates, the Class M Certificates and the Class B Certificates are collectively referred to
herein as the “Certificates.” Amounts properly distributed to the Class B Certificateholders
pursuant to the Agreement will be deemed released from the Trust Fund, and the Class B
Certificateholders will not in any event be required to refund any such distributed amounts.

E-3

 

     Pursuant to the terms of the Agreement, the Paying Agent appointed under Section 4.05 of the
Agreement will distribute from funds in the Certificate Account the amount as described on the
reverse hereof on the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the “Distribution Date”), commencing on [        ].

     Distributions on this Certificate will be made either by check mailed to the address of the
Person entitled thereto, as such name and address shall appear on the Certificate Register, or by
wire transfer in immediately available funds to the account of such Holder at a bank or other
financial or depository institution having appropriate facilities therefor, if such Holder has so
notified the Paying Agent in writing at least 10 Business Days prior to the first Distribution Date
for which distribution by wire transfer is to be made, and such Holder’s Certificates evidence an
aggregate original denomination of not less than $5,000,000 or such Holder holds a 100% Percentage
Interest of such Class. Notwithstanding the above, the final distribution on this Certificate will
be made after due notice by the Paying Agent, of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office of the Paying Agent, for the purpose
and specified in such notice of final distribution.

     The Paying Agent will cause to be kept at its Agency & Trust Office in New York, New York, or
at the office of its designated agent, a Certificate Register in which, subject to such reasonable
regulations as it may prescribe, the Paying Agent will provide for the registration of Certificates
and of transfers and exchanges of Certificates. Upon surrender for registration of transfer of any
Certificate at any office or agency of the Paying Agent, maintained for such purpose, the Paying
Agent will, subject to the limitations set forth in the Agreement, authenticate and deliver, in the
name of the designated transferee or transferees, a Certificate of a like class and dated the date
of authentication by the Authenticating Agent. Notwithstanding the above, the final distribution
on this Certificate will be made after due notice by the Paying Agent, of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the office or agency
of the Paying Agent, for that purpose and specified in such notice of final distribution.

     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.

     Unless the certificate of authentication has been executed by the Authenticating Agent, by
manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be
valid for any purpose.

E-4

 

     IN WITNESS WHEREOF, the Depositor has caused this Certificate to be duly executed.

	 	 	 	 	 
	Dated: [        ]	 	CHASE MORTGAGE FINANCE

CORPORATION
	 
	 	 	 	 
	 

	 	By:
	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Officer

E-5

 

	 	 	 	 	 
	Dated: [        ]	 	CERTIFICATE OF AUTHENTICATION
	 
	 	 	 	 
	 	 	This is one of the
Certificates referred to
in the within-mentioned
Agreement.
	 
	 	 	 	 
	 	 	THE BANK OF NEW YORK TRUST COMPANY, N.A.

as Authenticating Agent
	 
	 	 	 	 
	 

	 	By:
	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Signatory

E-6

 

REVERSE OF CERTIFICATE

CHASE MORTGAGE FINANCE TRUST SERIES [        ]

MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATE

SERIES [        ]

     This Certificate is one of a duly authorized issue of Certificates, designated as Chase
Mortgage Finance Trust Series [        ], Multi-Class Mortgage Pass-Through Certificates, Series
[        ], issued in one or more Classes of Class A, Class M and Class B Certificates. The Class A
Certificates evidence in the aggregate the Class A Percentage of distributions relating to
repayments of principal and interest on the Mortgage Loans. The Class M Certificates evidence in
the aggregate the Class M Percentage of distributions relating to repayments of principal and
interest on the Mortgage Loans. The Class B Certificates evidence in the aggregate the Class B
Percentage of distributions relating to repayments of principal and interest on the Mortgage Loans.

     Following the initial issuance of the Certificates, the Principal Balance of this Certificate
will be different from the Original Denomination shown above. Anyone acquiring this Certificate
may ascertain its current Principal Balance by inquiry of the Paying Agent.

     The Holder, by its acceptance of this Certificate, agrees that it will look solely to the
Trust Fund and certain amounts resulting from credit enhancements for payment hereunder and that
neither the Trustee nor the Paying Agent is liable to the Holders for any amount payable under this
Certificate or the Agreement or, except as expressly provided in the Agreement, subject to any
liability under the Agreement.

     This Certificate does not purport to summarize the Agreement and reference is made to the
Agreement for the interests, rights and limitations of rights, benefits, obligations and duties
evidenced hereby, and the rights, duties and immunities of the Trustee and the Paying Agent.

     The Paying Agent will cause to be kept at its Agency & Trust Office in New York, New York, a
Certificate Register in which, subject to such reasonable regulations as it may prescribe, the
Paying Agent will provide for the registration of Certificates and of transfers and exchanges of
Certificates. Upon surrender for registration of transfer of any Certificate at any office or
agency of the Paying Agent, the Paying Agent will, subject to the limitations set forth in the
Agreement, authenticate and deliver, in the name of the designated transferee or transferees, a
Certificate of a like Class and dated the date of authentication by the Authenticating Agent.

     No service charge will be made to the Holder for any transfer or exchange of the Certificate,
but the Paying Agent may require payment of a sum sufficient to cover any tax or governmental
charge that may be imposed in connection with any transfer or exchange of the Certificate. Prior
to due presentation of a Certificate for registration of transfer, the Depositor, the Servicer, the
Paying Agent and the Trustee may treat the Person in whose name any Certificate is registered as
the owner of such Certificate and the Percentage Interest in the Trust Fund evidenced thereby for
the purpose of receiving distributions pursuant to the Agreement and for all other purposes
whatsoever, and neither the Depositor, the Servicer, the Paying Agent nor the Trustee will be
affected by notice to the contrary.

E-7 

 

     The Agreement may be amended from time to time by the Depositor, the Servicer and the Trustee,
without the consent of any of the Certificateholders, to cure any ambiguity, to correct or
supplement any provisions therein which may be inconsistent with the other provisions therein, to
ensure continuing treatment of each REMIC (as hereinafter defined) included in the Trust Fund as a
REMIC, or to make any other provisions with respect to matters or questions arising under the
Agreement which are not materially inconsistent with the provisions of the Agreement, provided that
such action does not, as evidenced by an Opinion of Counsel, adversely affect in any material
respect the interests of any Certificateholder or cause any REMIC included in the Trust Fund to
fail to qualify as a REMIC.

     The Agreement may also be amended from time to time by the Depositor, the Servicer and the
Trustee with the consent of the Holders of Certificates evidencing in the aggregate not less than
66-2/3% of the Percentage Interests of each Class of Certificates affected thereby for the purpose
of adding any provisions to or changing in any manner or eliminating any of the provisions of the
Agreement or of modifying in any manner the rights of the Holders of Certificates of such Class;
provided, however, that no such amendment may (i) reduce in any manner the amount of, or delay the
timing of, payments received on Mortgage Loans which are required to be distributed on any
Certificate without the consent of the Holder of such Certificate, (ii) reduce the aforesaid
percentage of Certificates of any Class the Holders of which are required to consent to any such
amendment or (iii) change the percentage specified in clause (ii) of the first paragraph of Section
11.01 of the Agreement, without the consent of the Holders of all Certificates of such Class then
outstanding.

     The Agreement provides that the Trust Fund will elect to be treated as one or more “real
estate mortgage investment conduits” for federal income tax purposes (each, a “REMIC”). The Class
A Certificates (other than the Class A-R Certificate), the Class M Certificates and the Class B
Certificates will represent “regular interests” in a REMIC. The Class A-R Certificate will
represent the sole class of “residual interest” in each of the REMICs.

     The respective obligations and responsibilities of the Depositor, the Servicer (except the
duty to pay the Trustee’s fees and expenses and indemnification hereunder) and the Trustee shall
terminate upon (i) the later of the final payment or other liquidation (or any Advance with respect
thereto) of the last Mortgage Loan or the disposition of all property acquired upon foreclosure or
deed in lieu of foreclosure of any Mortgage Loan and the remittance of all funds due hereunder; or
(ii) at the option of the Servicer, on any Distribution Date which occurs in the month next
following a Due Date on which the aggregate unpaid Principal Balance of all Outstanding Mortgage
Loans is less than 10% of the aggregate unpaid Principal Balance of the Mortgage Loans on the
Cut-off Date, so long as the Servicer deposits or causes to be deposited in the applicable
Collection Account during the Principal Prepayment Period related to such Distribution Date (and
provides notice to the Trustee of its intention to so deposit on or before the 20th day of such
Principal Prepayment Period) an amount equal to the Purchase Price for each Outstanding Mortgage
Loan, less any unreimbursed Advances made with respect to any Mortgage Loan (which amount shall
offset completely any unreimbursed Advances for which the Servicers are otherwise entitled to
reimbursement), and, with respect to all property acquired in respect of any Mortgage Loan
remaining in the Trust Fund, an amount equal to the fair market value of such property, as
determined by an appraisal to be conducted by an appraiser selected by the Trustee, less
unreimbursed Advances made with respect to any Mortgage Loan with respect to which property has
been acquired; provided, however, that in no event shall the trust

E-8 

 

created by the Agreement
continue beyond the expiration of 21 years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to
the Court of St. James’s, living on the date hereof.

E-9 

 

[FORM OF ASSIGNMENT]

      FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

(PLEASE INSERT SOCIAL SECURITY* OR TAXPAYER IDENTIFICATION NUMBER OF ASSIGNEE)

      

 

      

 

(Please Print or Type Name and Address of Assignee)

      

 

the within Certificate, and all rights thereunder, and hereby does irrevocably
constitute and appoint

                                                        Attorney to transfer the within Certificate on the books
kept for the registration thereof, with full power of substitution in the
premises.

Dated:

(Signature guaranty)

 

NOTICE: The signature to this assignment must
correspond with the name as it appears upon the
face of the within Certificate in every
particular, without alteration or enlargement
or any change whatever.

(*This information, which is voluntary, is being requested to ensure that the assignee will not be
subject to backup withholding under Section 3406 of the Code.)

E-10 

 

EXHIBIT F

FORM OF CLASS A-R CERTIFICATE

SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “RESIDUAL INTEREST” IN
MULTIPLE “REAL ESTATE MORTGAGE INVESTMENT CONDUITS,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN
SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CHASE MORTGAGE FINANCE
CORPORATION (“CMFC”), JPMORGAN CHASE BANK, N.A. (THE “SERVICER”) OR THE TRUSTEE REFERRED TO BELOW
OR ANY OF THEIR AFFILIATES. NEITHER THIS CERTIFICATE, THE REMIC RESIDUAL INTERESTS REPRESENTED
HEREBY NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED OR INSURED BY CMFC, THE SERVICER, THE
TRUSTEE OR BY ANY OF THEIR AFFILIATES OR BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE UNLESS THE DEPOSITOR AND THE TRUSTEE SHALL HAVE
RECEIVED A REPRESENTATION LETTER FROM THE TRANSFEREE OF THIS CERTIFICATE TO THE EFFECT THAT SUCH
TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A PLAN SUBJECT TO SECTION 4975 OF THE CODE OR A PLAN
SUBJECT TO ANY PROVISIONS UNDER ANY FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS
THAT ARE SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, A
“PLAN”), AND IS NOT DIRECTLY OR INDIRECTLY ACQUIRING THIS CERTIFICATE FOR, ON BEHALF OF, OR WITH
ANY ASSETS OF ANY SUCH PLAN.

TRANSFERABILITY OF THIS CERTIFICATE IS RESTRICTED UNDER THE PROVISIONS OF SECTION 4.02 OF THE
AGREEMENT.

FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES, THE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL
BE DIFFERENT FROM THE ORIGINAL DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY
ASCERTAIN ITS CURRENT PRINCIPAL BALANCE BY INQUIRY OF THE PAYING AGENT.

F-1 

 

CLASS A-R CERTIFICATE

	 	 	 
	Number: 07-S1-A-R-1

	 	Original Denomination:
	 

	 	$100.00
	 
	 	 
	Cut-off Date: [        ]

	 	Final Scheduled
	 

	 	Distribution Date: [          ]
	 
	 	 
	First Distribution Date:

	 	Aggregate Original Principal
	[        ]

	 	Balance of Class A-R
	 

	 	Certificate: $100.00
	 
	 	 
	Certificate Rate:

	 	CUSIP:

F-2 

 

CHASE MORTGAGE FINANCE TRUST SERIES [        ]

MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATE

SERIES [        ]

evidencing an ownership interest in distributions allocable to the Class A-R Certificate with
respect to a pool of conventional one-to four-family mortgage loans formed and sold by

CHASE MORTGAGE FINANCE CORPORATION

     This certifies that JPMORGAN CHASE BANK, N.A. is the registered owner of the ownership
interest (the “Ownership Interest”) evidenced by this Certificate in certain distributions with
respect to a pool of conventional one- to four-family first lien mortgage loans (the “Mortgage
Loans”) formed and sold by Chase Mortgage Finance Corporation (hereinafter called the “Depositor”),
and certain other property held in trust for the benefit of Certificateholders (collectively, the
“Trust Fund”). The Mortgage Loans are serviced by JPMorgan Chase Bank, N.A. (the “Servicer”) and
are secured by first liens on Mortgaged Properties. The Trust Fund was created pursuant to a
Pooling and Servicing Agreement (the “Agreement”), dated as of [        ] among the Depositor,
the Servicer, the Custodian and The Bank of New York Trust Company, N.A., as Paying Agent and
trustee (the “Trustee”), a summary of certain of the pertinent provisions of which is set forth
hereafter. To the extent not defined herein, the capitalized terms used herein have the meanings
assigned in the Agreement.

     This Certificate is one of a duly authorized issue of Certificates, designated as Chase
Mortgage Finance Trust Series [        ], Multi-Class Mortgage Pass-Through Certificates, Series
[        ], Class A-R (the “Class A-R Certificate”) and 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 Agreement such Holder is bound. Also issued
under the Agreement are Certificates designated as Chase Mortgage Finance Trust Series [        ],
Multi-Class Mortgage Pass-Through Certificates, Series [        ], Class M Certificates and Class B
Certificates. The Class A Certificates, the Class M Certificates and the Class B Certificates are
collectively referred to herein as the “Certificates.”

     Pursuant to the terms of the Agreement, the Paying Agent will distribute from funds in the
Certificate Account the amount as described on the reverse hereof on the 25th day of each month or,
if such 25th day is not a Business Day, the Business Day immediately following (the “Distribution
Date”), commencing on [        ].

     Distributions on this Certificate will be made either by check mailed to the address of the
Person entitled thereto, as such name and address shall appear on the Certificate Register, or by
wire transfer in immediately available funds to the account of such Holder at a bank or other
financial or depository institution having appropriate facilities therefor, if such Holder has so
notified the Paying Agent in writing at least 10 Business Days prior to the first Distribution Date
for which distribution by wire transfer is to be made, and such Holder’s Certificates evidence an
aggregate Original Denomination of not less than $5,000,000 or such Holder holds a 100% Percentage
Interest of such Class. Notwithstanding the above, the final distribution on this Certificate will
be made after due notice by the Paying Agent, of the pendency of such

F-3 

 

distribution and only upon presentation and surrender of this Certificate at the office of the
Paying Agent, for the purpose and specified in such notice of final distribution.

     The Paying Agent will cause to be kept at its Agency & Trust Office in New York, New York, or
at the office of its designated agent, a Certificate Register in which, subject to such reasonable
regulations as it may prescribe, the Paying Agent will provide for the registration of Certificates
and of transfers and exchanges of Certificates. Upon surrender for registration of transfer of any
Certificate at any office or agency of the Paying Agent, maintained for such purpose, the Paying
Agent will, subject to the limitations set forth in the Agreement, authenticate and deliver, in the
name of the designated transferee or transferees, a Certificate of a like class and dated the date
of authentication by the Authenticating Agent. Notwithstanding the above, the final distribution on
this Certificate will be made after due notice by the Paying Agent of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the office or agency
of the Agreement, the Paying Agent, for that purpose and specified in such notice of final
distribution.

     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.

     Unless the certificate of authentication has been executed by the Authenticating Agent, by
manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be
valid for any purpose.

F-4 

 

     IN WITNESS WHEREOF, the Depositor has caused this Certificate to be duly executed.

	 	 	 	 	 
	Dated: [        ]	 	CHASE MORTGAGE FINANCE CORPORATION
	 
	 	 	 	 
	 

	 	By:
	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Officer

F-5 

 

	 	 	 	 	 
	Dated: [        ]	 	CERTIFICATE OF AUTHENTICATION
	 
	 	 	 	 
	 	 	This is one of the Certificates referred to in the within-mentioned Agreement.
	 
	 	 	 	 
	 	 	THE BANK OF NEW YORK TRUST COMPANY, N.A.
as Authenticating Agent
	 
	 	 	 	 
	 

	 	By:
	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Signatory

F-6 

 

REVERSE OF CERTIFICATE

CHASE MORTGAGE FINANCE TRUST SERIES [        ]

MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATE

SERIES [        ]

     This Certificate is one of a duly authorized issue of Certificates, designated as Chase
Mortgage Finance Trust Series [        ], Multi-Class Mortgage Pass-Through Certificates, Series
[        ], issued in one or more Classes of Class A, Class M and Class B Certificates. The Class A
Certificates evidence in the aggregate the Class A Percentage of distributions relating to
repayments of principal and interest on the Mortgage Loans. The Class M Certificates evidence in
the aggregate the Class M Percentage of distributions relating to repayments of principal and
interest on the Mortgage Loans. The Class B Certificates evidence in the aggregate the Class B
Percentage of distributions relating to repayments of principal and interest on the Mortgage Loans.

     Following the initial issuance of the Certificates, the Principal Balance of this Certificate
will be different from the Original Denomination shown above. Anyone acquiring this Certificate
may ascertain its current Principal Balance by inquiry of the Paying Agent.

     The Holder, by its acceptance of this Certificate, agrees that it will look solely to the
Trust Fund and certain amounts resulting from credit enhancements for payment hereunder and that
neither the Trustee nor the Paying Agent is liable to the Holders for any amount payable under this
Certificate or the Agreement or, except as expressly provided in the Agreement, subject to any
liability under the Agreement.

     This Certificate does not purport to summarize the Agreement and reference is made to the
Agreement for the interests, rights and limitations of rights, benefits, obligations and duties
evidenced hereby, and the rights, duties and immunities of the Trustee and the Paying Agent.

     The Paying Agent will cause to be kept at its Agency & Trust Office in New York, New York, a
Certificate Register in which, subject to such reasonable regulations as it may prescribe, the
Paying Agent will provide for the registration of Certificates and of transfers and exchanges of
Certificates. Upon surrender for registration of transfer of any Certificate at any office or
agency of the Paying Agent, the Paying Agent will, subject to the limitations set forth in the
Agreement, authenticate and deliver, in the name of the designated transferee or transferees, a
Certificate of a like Class and dated the date of authentication by the Authenticating Agent.

     No service charge will be made to the Holder for any transfer or exchange of the Certificate,
but the Paying Agent may require payment of a sum sufficient to cover any tax or governmental
charge that may be imposed in connection with any transfer or exchange of the Certificate. Prior
to due presentation of a Certificate for registration of transfer, the Depositor, the Servicer, the
Paying Agent and the Trustee may treat the Person in whose name any Certificate is registered as
the owner of such Certificate and the Percentage Interest in the Trust Fund evidenced thereby for
the purpose of receiving distributions pursuant to the Agreement and

F-7 

 

for all other purposes whatsoever, and neither the Depositor, the Servicer, the Paying Agent
nor the Trustee will be affected by notice to the contrary.

     The Agreement may be amended from time to time by the Depositor, the Servicer and the Trustee,
without the consent of any of the Certificateholders, to cure any ambiguity, to correct or
supplement any provisions therein which may be inconsistent with the other provisions therein, to
ensure continuing treatment of each REMIC (as hereinafter defined) included in the Trust Fund as a
REMIC, or to make any other provisions with respect to matters or questions arising under the
Agreement which are not materially inconsistent with the provisions of the Agreement, provided that
such action does not, as evidenced by an Opinion of Counsel, adversely affect in any material
respect the interests of any Certificateholder or cause any REMIC included in the Trust Fund to
fail to qualify as a REMIC.

     The Agreement may also be amended from time to time by the Depositor, the Servicer and the
Trustee with the consent of the Holders of Certificates evidencing in the aggregate not less than
66-2/3% of the Percentage Interests of each Class of Certificates affected thereby for the purpose
of adding any provisions to or changing in any manner or eliminating any of the provisions of the
Agreement or of modifying in any manner the rights of the Holders of Certificates of such Class;
provided, however, that no such amendment may (i) reduce in any manner the amount of, or delay the
timing of, payments received on Mortgage Loans which are required to be distributed on any
Certificate without the consent of the Holder of such Certificate, (ii) reduce the aforesaid
percentage of Certificates of any Class the Holders of which are required to consent to any such
amendment or (iii) change the percentage specified in clause (ii) of the first paragraph of Section
11.01 of the Agreement, without the consent of the Holders of all Certificates of such Class then
outstanding.

     The Agreement provides that the Trust Fund will elect to be treated as one or more “real
estate mortgage investment conduits” for federal income tax purposes (each, a “REMIC”). The Class
A Certificates (other than the Class A-R Certificate), the Class M Certificates and the Class B
Certificates will represent “regular interests” in a REMIC. The Class A-R Certificate will
represent the sole class of “residual interest” in each of the REMICs.

     The respective obligations and responsibilities of the Depositor, the Servicer (except the
duty to pay the Trustee’s fees and expenses and indemnification hereunder) and the Trustee shall
terminate upon (i) the later of the final payment or other liquidation (or any Advance with respect
thereto) of the last Mortgage Loan or the disposition of all property acquired upon foreclosure or
deed in lieu of foreclosure of any Mortgage Loan and the remittance of all funds due hereunder; or
(ii) at the option of the Servicer, on any Distribution Date which occurs in the month next
following a Due Date on which the aggregate unpaid Principal Balance of all Outstanding Mortgage
Loans is less than 10% of the aggregate unpaid Principal Balance of the Mortgage Loans on the
Cut-off Date, so long as the Servicer deposits or causes to be deposited in the applicable
Collection Account during the Principal Prepayment Period related to such Distribution Date (and
provides notice to the Trustee of its intention to so deposit on or before the 20th day of such
Principal Prepayment Period) an amount equal to the Purchase Price for each Outstanding Mortgage
Loan, less any unreimbursed Advances made with respect to any Mortgage Loan (which amount shall
offset completely any unreimbursed Advances for which the Servicer is otherwise entitled to
reimbursement), and, with respect to all property acquired in

F-8 

 

respect of any Mortgage Loan remaining in the Trust Fund, an amount equal to the fair market
value of such property, as determined by an appraisal to be conducted by an appraiser selected by
the Trustee, less unreimbursed Advances made with respect to any Mortgage Loan with respect to
which property has been acquired; provided, however, that in no event shall the trust created by
the Agreement continue beyond the expiration of 21 years from the death of the last survivor of the
descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of St.
James’s, living on the date hereof.

F-9 

 

[FORM OF ASSIGNMENT]

      FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

(PLEASE INSERT SOCIAL SECURITY* OR TAXPAYER IDENTIFICATION NUMBER OF ASSIGNEE)

      

 

      

 

(Please Print or Type Name and Address of Assignee)

      

 

the within Certificate, and all rights thereunder, and hereby does irrevocably
constitute and appoint

                                                        Attorney to transfer the within Certificate on the books
kept for the registration thereof, with full power of substitution in the
premises.

Dated:

(Signature guaranty)

NOTICE: The signature to this assignment must
correspond with the name as it appears upon the
face of the within Certificate in every
particular, without alteration or enlargement
or any change whatever.

(*This information, which is voluntary, is being requested to ensure that the assignee will not be
subject to backup withholding under Section 3406 of the Code.)

F-10 

 

EXHIBIT G

FORM OF TRUSTEE CERTIFICATION

[DATE]

     The Bank of New York Trust Company, N.A., as trustee (the “Trustee”) under the Pooling and
Servicing Agreement dated as of [        ] (the “Agreement”) among Chase Mortgage Finance
Corporation (the “Company”), the Trustee, the Paying Agent and JPMorgan Chase Bank, N.A., regarding
Chase Mortgage Finance Trust, Series 2007-S1, hereby certifies that, except as noted in the
Exception Report:

     1. The Trustee or the Custodian on behalf of the Trustee took the Mortgage Notes and other
property in the Trust Fund in good faith for value and without notice or knowledge (i) of any
adverse claims, liens or encumbrances, (ii) that any Mortgage Note was overdue or had been
dishonored or subject to any security interest or other right or interest therein, or (iii) of any
defense against or claim to the Mortgage Notes or other property in the Trust Fund on the part of
any entity;

     2. The Trustee or the Custodian on behalf of the Trustee received actual possession of the
Mortgage Notes; and

     3. The Trustee or the Custodian on behalf of the Trustee took possession of the Mortgage Notes
in the ordinary course of its business.

     Capitalized words used herein shall have the respective meanings assigned to them in the
Agreement.

[SIGNATURE PAGE IMMEDIATELY FOLLOWS]

G-1 

 

     IN WITNESS WHEREOF, the undersigned executed this Trustee’s Certificate as of the
[        ].

	 	 	 	 	 
	 	 	THE BANK OF NEW YORK TRUST COMPANY, N.A.,
as Trustee
	 
	 	 	 	 
	 

	 	By:
	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

G-2 

 

EXHIBIT H

FORM OF INVESTMENT LETTER

(Accredited Investor)

[DATE]

JPMorgan Chase Bank, N.A.

1111 Polaris Parkway

Columbus, Ohio 43240

JPMorgan Chase Bank, N.A.

Global Trust Services

Four New York Plaza

6th Floor

New York, New York 10004

J.P. Morgan Securities Inc.

270 Park Avenue, 7th Floor

New York, New York 10017

The Bank of New York Trust Company, N.A., as trustee

601 Travis, 16th Floor

Houston, TX 77002

Attn: Corporate Trust Services/[        ]

	 	 	 
	Re:

	 	Chase Mortgage Finance Trust Series [        ],
Multi-Class Mortgage Pass-Through Certificates, Series [        ],
[Class B- ]

Ladies and Gentlemen:

                                             
(the “Purchaser”) intends to purchase from
                            (the
“Transferor”) $                     by original principal balance (the “Transferred Certificates”) of Chase
Mortgage Finance Trust Series [        ], Multi-Class Mortgage Pass-Through Certificates, Series
[        ], [Class B- ] (the “Certificates”), issued pursuant to a pooling and servicing agreement,
dated as of [        ] (the “Pooling and Servicing Agreement”), among Chase Mortgage Finance
Corporation (the “Depositor”), JPMorgan Chase Bank, N.A. (“Chase”), as servicer and custodian, The
Bank of New York Trust Company, N.A., as paying agent and The Bank of New York Trust Company, N.A.,
as trustee (the “Trustee”). [The Purchaser intends to register the Transferred Certificate in the
name of
                         ,
as nominee for 
                         .] All terms used and not otherwise
defined herein shall have the meanings set forth in the Pooling and Servicing Agreement.

     For good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Purchaser certifies, represents and warrants to, and covenants with, the
Depositor and the Trustee that:

H-1 

 

     1. The Purchaser understands that (a) the Certificates have not been registered or qualified
under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any
state, (b) neither the Depositor nor the Trustee is required, and neither of them intends, to so
register or qualify the Certificates, (c) the Certificates cannot be resold unless (i) they are
registered and qualified under the Securities Act and the applicable state securities laws or (ii)
an exemption from registration and qualification is available and (d) the Pooling and Servicing
Agreement contains restrictions regarding the transfer of the Certificates.

     2. The Certificates will bear a legend to the following effect:

THIS CLASS B CERTIFICATE HAS NOT AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD OR
TRANSFERRED UNLESS IT IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM
REGISTRATION UNDER SUCH ACT OR UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 4.02 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

[THIS LEGEND WILL APPEAR ON THE CERTIFICATE ONLY IF SUCH CERTIFICATE IS AN ERISA
RESTRICTED CERTIFICATE.] NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE UNLESS THE
DEPOSITOR SHALL HAVE RECEIVED (A) A REPRESENTATION LETTER FROM THE TRANSFEREE OF
THIS CERTIFICATE TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN
SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED (“ERISA”), A PLAN SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE “CODE”), OR A PLAN SUBJECT TO ANY PROVISIONS UNDER ANY
FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SUBSTANTIVELY
SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”)
(COLLECTIVELY, A “PLAN”), AND IS NOT DIRECTLY OR INDIRECTLY ACQUIRING THIS
CERTIFICATE FOR, ON BEHALF OF OR WITH ANY ASSETS OF ANY SUCH PLAN, (B) IF THE
CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING, A
REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS AN INSURANCE COMPANY
THAT IS ACQUIRING THE CERTIFICATE WITH ASSETS OF AN “INSURANCE COMPANY GENERAL
ACCOUNT” AS DEFINED IN SECTION V(E) OF PROHIBITED TRANSACTION CLASS EXEMPTION
(“PTCE”) 95-60 AND THE ACQUISITION AND HOLDING OF THE CERTIFICATE ARE COVERED AND
EXEMPT UNDER SECTIONS I AND III OF PTCE 95-60 OR (C) SOLELY IN THE CASE OF A
DEFINITIVE CERTIFICATE, AN OPINION OF COUNSEL SATISFACTORY TO THE DEPOSITOR, AND
UPON WHICH THE DEPOSITOR SHALL BE ENTITLED TO RELY, TO THE EFFECT THAT THE
ACQUISITION AND HOLDING OF THIS CERTIFICATE BY THE PROSPECTIVE TRANSFEREE WILL NOT
CONSTITUTE OR RESULT IN A NONEXEMPT PROHIBITED TRANSACTION UNDER ERISA OR THE CODE
OR A VIOLATION OF SIMILAR LAW AND WILL NOT SUBJECT THE TRUSTEE, THE DEPOSITOR OR THE
SERVICER TO ANY OBLIGATION IN ADDITION TO THOSE UNDERTAKEN BY SUCH ENTITIES IN THE
POOLING AND SERVICING AGREEMENT, WHICH

H-2 

 

OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUSTEE, THE DEPOSITOR OR THE
SERVICER.

     3. The Purchaser is acquiring the Transferred Certificates for its own account [for investment
only]*/ and not with a view to or for sale or other transfer in connection with any distribution of
the Transferred Certificates in any manner that would violate the Securities Act or any applicable
state securities laws, subject, nevertheless, to the understanding that disposition of the
Purchaser’s property shall at all times be and remain within its control.

     4. The Purchaser (a) is a substantial, sophisticated institutional investor having such
knowledge and experience in financial and business matters, and in particular in such matters
related to securities similar to the Certificates, such that it is capable of evaluating the merits
and risks of investment in the Certificates, (b) is able to bear the economic risks of such an
investment and (c) is an “accredited investor” within the meaning of Rule 501(a) promulgated
pursuant to the Securities Act.

     5. The Purchaser will not nor has it authorized nor will it authorize any Person to (a) offer,
pledge, sell, dispose of or otherwise transfer any Certificate, any interest in any Certificate or
any other similar security to any Person in any manner, (b) solicit any offer to buy or to accept a
pledge, disposition or other transfer of any Certificate, any interest in any Certificate or any
other similar security from any person in any manner, (c) otherwise approach or negotiate with
respect to any Certificate, any interest in any Certificate or any other similar security with any
person in any manner, (d) make any general solicitation by means of general advertising or in any
other manner, or (e) take any other action, that would constitute a distribution of any Certificate
under the Securities Act or the Investment Company Act of 1940, as amended (the “1940 Act”), that
would render the disposition of any Certificate a violation of Section 5 of the Securities Act or
any state securities law, or that would require registration or qualification pursuant thereto.
Neither the Purchaser nor anyone acting on its behalf has offered the Certificates for sale or made
any general solicitation by means of general advertising or in any other manner with respect to the
Certificates. The Purchaser will not sell or otherwise transfer any of the Certificates, except in
compliance with the provisions of the Pooling and Servicing Agreement.

     6. If the Purchaser is acquiring ERISA Restricted Certificates, the Purchaser is not a Plan
and is not acquiring the ERISA Restricted Certificates for, on behalf of or with any assets of any
such Plan, except as may be permitted in accordance with Section 4.02(d) of the Pooling and
Servicing Agreement.

     7. Prior to the sale or transfer by the Purchaser of any of the Certificates, the Purchaser
will obtain from any subsequent purchaser substantially the same certifications, representations,
warranties and covenants contained in the foregoing paragraphs and in this letter or a letter
substantially in the form of Exhibit I to the Pooling and Servicing Agreement.

     8. The Purchaser agrees to indemnify the Trustee, the Servicer and the Depositor against any
liability that may result from any misrepresentation made herein.

     9. The Purchaser has received such information as Purchaser deems necessary in order to make
its investment decision.

Very truly yours,

[PURCHASER]

 

			
	*/	 	Not required of a broker/dealer purchaser.

H-3 

 

	 	 	 	 	 
	 

	 	By:
	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Name:
	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Title:
	 	 
	 

	 	 	 	 

H-4 

 

EXHIBIT I

FORM OF RULE 144A INVESTMENT LETTER

(Qualified Institutional Buyer)

[DATE]

JPMorgan Chase Bank, N.A.

1111 Polaris Parkway

Columbus, Ohio 43240

JPMorgan Chase Bank, N.A.

Global Trust Services

Four New York Plaza

6th Floor

New York, New York 10004

J.P. Morgan Securities Inc.

270 Park Avenue, 7th Floor

New York, New York 10017

The Bank of New York Trust Company, N.A., as trustee

601 Travis, 16th Floor

Houston, TX 77002

Attn: Corporate Trust Services/[        ]

	 	 	 
	Re:

	 	Chase Mortgage Finance Trust Series [        ], Multi-Class Mortgage

Pass-Through Certificates, Series [        ], [Class B- ]

Ladies and Gentlemen:

     ___(the “Purchaser”) intends to purchase from ___(the
“Transferor”) $___by original principal balance (the “Transferred Certificates”) of Chase
Mortgage Finance Trust Series [        ], Multi-Class Mortgage Pass-Through Certificates, Series
[        ], [Class B-] (the “Certificates”), issued pursuant to a pooling and servicing agreement,
dated as of [        ] (the “Pooling and Servicing Agreement”), among Chase Mortgage Finance
Corporation (the “Depositor”), JPMorgan Chase Bank, N.A. (“Chase”), as servicer (the “Servicer”)
and custodian, The Bank of New York Trust Company, N.A., as paying agent and The Bank of New York
Trust Company, N.A., as trustee (the “Trustee”). [The Purchaser intends to register the
Transferred Certificate in the name of ___, as nominee for ___.]
All terms used and not otherwise defined herein shall have the meanings set forth in the Pooling
and Servicing Agreement.

     For good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Purchaser certifies, represents and warrants to, and covenants with, the
Depositor and the Trustee that:

I-1

 

In connection with our acquisition of the above Transferred Certificates we certify that (a) we
understand that the Certificates are not being registered under the Securities Act of 1933, as
amended (the “Act”), or any state securities laws and are being transferred to us in a transaction
that is exempt from the registration requirements of the Act and any such laws, (b) we have such
knowledge and experience in financial and business matters that we are capable of evaluating the
merits and risks of investments in the Certificates, (c) we have had the opportunity to ask
questions of and receive answers from the Depositor concerning the purchase of the Transferred
Certificates and all matters relating thereto or any additional information deemed necessary to our
decision to purchase the Transferred Certificates, (d) solely with respect to an ERISA Restricted
Certificate, we (A) are not an employee benefit plan within the meaning of Title I of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), a plan subject to Section 4975 of the
Internal Revenue Code of 1986, as amended (the “Code”) or a plan subject to any provisions under
any federal, state, local, non-U.S. or other laws or regulations that are substantively similar to
the foregoing provisions of ERISA or the Code (“Similar Law”) (collectively, a “Plan”), and is not
directly or indirectly acquiring the Certificate for, on behalf of or with any assets of any such
Plan, (B) if the Certificate has been the subject of an ERISA-Qualifying Underwriting, are an
insurance company that is acquiring the Certificate with assets of an “insurance company general
account” as defined in Section V(e) of Prohibited Transaction Class Exemption 95-60 (“PTCE 95-60”),
and the acquisition and holding of the Certificate are covered and exempt under Sections I and III
of PTCE 95-60, or (C) solely in the case of a Definitive Certificate, will deliver herewith an
Opinion of Counsel satisfactory to the Depositor and the Trustee, and upon which the Depositor and
the Trustee shall be entitled to rely, to the effect that the acquisition and holding of this
Certificate by the prospective transferee will not constitute or result in a nonexempt prohibited
transaction under ERISA or the Code or a violation of Similar Law and will not subject the Trustee,
the Depositor or the Servicer to any obligation in addition to those undertaken by such entities in
the Pooling and Servicing Agreement, which Opinion of Counsel shall not be an expense of the
Trustee, the Depositor or the Servicer,(e) we have not, nor has anyone acting on our behalf
offered, transferred, pledged, sold or otherwise disposed of the Certificates, any interest in the
Certificates or any other similar security to, or solicited any offer to buy or accept a transfer,
pledge or other disposition of the Certificates, any interest in the Certificates or any other
similar security from, or otherwise approached or negotiated with respect to the Certificates, any
interest in the Certificates or any other similar security with, any person in any manner, or made
any general solicitation by means of general advertising or in any other manner, or taken any other
action, that would constitute a distribution of the Certificates under the Securities Act or that
would render the disposition of the Certificates a violation of Section 5 of the Securities Act or
require registration pursuant thereto, nor will act, nor has authorized or will authorize any
person to act, in such manner with respect to the Certificates, (f) we are a “qualified
institutional buyer” as that term is defined in Rule 144A under the Securities Act and have
completed one of the forms of certification to that effect attached hereto as Annex 1 or Annex 2.
We are aware that the sale of the Transferred Certificates to us is being made in reliance on Rule
144A. We are acquiring the Transferred Certificates for our own account or for resale pursuant to
Rule 144A and further understand that such Certificates may be resold, pledged or transferred only
(i) to a person reasonably believed by us, based upon certifications of such purchaser or
information we have in our possession, to be a qualified institutional buyer that purchases for its
own account or for the account of a qualified institutional buyer to whom notice is given that the
resale, pledge or transfer is being made in reliance on Rule 144A, or (ii) pursuant to another
exemption from registration under the Securities Act. We have received such information as we deem
necessary in order to make our investment decision.

I-2

 

     We agree to indemnify the Trustee, the Servicer and the Depositor against any liability that
may result from any misrepresentation made herein.

	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 
	 	 	[PURCHASER]
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

I-3

 

ANNEX 1

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

[For Transferees Other Than Registered Investment Companies]

     The undersigned (the “Buyer”) hereby certifies as follows to the parties listed in the Rule
144A Transferee Certificate to which this certification relates with respect to the Certificates
described therein:

     1. As indicated below, the undersigned is the President, Chief Financial Officer, Senior Vice
President or other executive officer of the Buyer.

     2. In connection with the purchases by the Buyer, the Buyer is a “qualified institutional
buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as amended (“Rule
144A”) because (i) the Buyer owned and/or invested on a discretionary basis $___*/ in
securities (except for the excluded securities referred to below) as of the end of the Buyer’s most
recent fiscal year (such amount being calculated in accordance with Rule 144A) and (ii) the Buyer
satisfies the criteria in the category marked below.

	 	   	 	Corporation, etc. The Buyer is a corporation (other
than a bank, savings and loan association or similar institution),
Massachusetts or similar business trust, partnership, or charitable
organization described in Section 501(c)(3) of the Internal Revenue Code of
1986, as amended.
	 
	 	   	 	Bank. The Buyer (a) is a national bank or banking
institution organized under the laws of any State, territory or the District of
Columbia, the business of which is substantially confined to banking and is
supervised by Federal, State or territorial banking commission or similar
official or is a foreign bank or equivalent institution, and (b) has an audited
net worth of at least $25,000,000 as demonstrated in its latest annual
financial statements, a copy of which is attached hereto.
	 
	 	   	 	Savings and Loan. The Buyer (a) is a savings and loan
association, building and loan association, cooperative bank, homestead
association or similar institution, which is supervised and examined by a State
or Federal authority having supervision over such institution or is a foreign
savings and loan association or equivalent institution and (b) has an audited
net worth of at least $25,000,000 as demonstrated in its latest annual
financial statements, a copy of which is attached hereto.
	 
	 	   	 	Broker-dealer. The Buyer is a dealer registered
pursuant to Section 15 of the Securities Exchange Act of 1934, as amended.

 

			
	*	 	Buyer must own and/or invest on a
discretionary basis at least $100,000,000 in securities unless Buyer is a
dealer, and, in that case, Buyer must own and/or invest on a discretionary
basis at least $10,000,000 in securities.

I-4

 

	 	   	 	Insurance Company. The Buyer is an insurance company
whose primary and predominant business activity is the writing of insurance or
the reinsuring of risks underwritten by insurance companies and which is
subject to supervision by the insurance commissioner or a similar official or
agency of the State, territory or the District of Columbia.
	 
	 	   	 	State or Local Plan. The Buyer is a plan established
and maintained by a State, its political subdivisions, or any agency or
instrumentality of the State or its political subdivisions, for the benefit of
its employees.
	 
	 	   	 	ERISA Plan. The Buyer is an employee benefit plan
within the meaning of Title I of the Employee Retirement Income Security Act of
1974, as amended.
	 
	 	   	 	Investment Advisor. The Buyer is an investment advisor
registered under the Investment Advisors Act of 1940, as amended.
	 
	 	   	 	Small Business Investment Company. Buyer is a small
business investment company licensed by the U.S. Small Business Administration
under Section 301(c) or (d) of the Small Business Investment Act of 1958, as
amended.
	 
	 	   	 	Business Development Company. Buyer is a business
development company as defined in Section 202(a)(22) of the Investment Advisors
Act of 1940, as amended.

     3. The term “securities” as used for purposes of the calculation of the dollar amount
in paragraph 2 excludes: (i) securities of issuers that are affiliated with the Buyer, (ii)
securities that are part of an unsold allotment to or subscription by the Buyer, if the Buyer is a
dealer, (iii) securities issued or guaranteed by the U.S. or any instrumentality thereof, (iv) bank
deposit notes and certificates of deposit, (v) loan participations, (vi) repurchase agreements,
(vii) securities owned but subject to a repurchase agreement and (viii) currency, interest rate and
commodity swaps.

     4. For purposes of determining the aggregate amount of securities owned and/or invested on a
discretionary basis by the Buyer, the Buyer used the cost of such securities to the Buyer and did
not include any of the securities referred to in the preceding paragraph, except (i) where the
Buyer reports its securities holdings in its financial statements on the basis of their market
value, and (ii) no current information with respect to the cost of those securities has been
published. If clause (ii) in the preceding sentence applies, the securities may be valued at
market. Further, in determining such aggregate amount, the Buyer may have included securities
owned by subsidiaries of the Buyer, but only if such subsidiaries are consolidated with the Buyer
in its financial statements prepared in accordance with generally accepted accounting principles
and if the investments of such subsidiaries are managed under the Buyer’s direction. However, such
securities were not included if the Buyer is a majority-owned, consolidated subsidiary of another
enterprise and the Buyer is not itself a reporting company under the Securities Exchange Act of
1934, as amended.

     5. The Buyer acknowledges that it is familiar with Rule 144A and understands that the seller
to it and other parties related to the Certificates are relying and will continue to rely on the
statements made herein because one or more sales to the Buyer may be in reliance on Rule 144A.

     6. Until the date of purchase of the Rule 144A Securities, the Buyer will notify each of the
parties to which this certification is made of any changes in the information and conclusions
herein. Until such notice is given, the Buyer’s purchase of the Certificates will constitute a
reaffirmation of this certification as of the date of such purchase. In addition, if the Buyer is
a bank or savings and loan as

I-5

 

provided above, the Buyer agrees that it will furnish to such parties updated annual financial
statements promptly after they become available.

	 	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Date:	 	 
	 

	 	 	 	 

I-6

 

ANNEX 2

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

[For Transferees That are Registered Investment Companies]

     The undersigned (the “Buyer”) hereby certifies as follows to the parties listed in the Rule
144A Transferee Certificate to which this certification relates with respect to the Certificates
described therein:

     1. As indicated below, the undersigned is the President, Chief Financial Officer or Senior
Vice President of the Buyer or, if the Buyer is a “qualified institutional buyer” as that term is
defined in Rule 144A under the Securities Act of 1933, as amended (“Rule 144A”), because Buyer is
part of a Family of Investment Companies (as defined below), is such an officer of the Adviser.

     2. In connection with purchases by Buyer, the Buyer is a “qualified institutional buyer” as
defined in Rule 144A because (i) the Buyer is an investment company registered under the Investment
Company Act of 1940, as amended and (ii) as marked below, the Buyer alone, or the Buyer’s Family of
Investment Companies, owned at least $100,000,000 in securities (other than the excluded securities
referred to below) as of the end of the Buyer’s most recent fiscal year. For purposes of
determining the amount of securities owned by the Buyer or the Buyer’s Family of Investment
Companies, the cost of such securities was used, except (i) where the Buyer or the Buyer’s Family
of Investment Companies reports its securities holdings in its financial statements on the basis of
their market value, and (ii) no current information with respect to the cost of those securities
has been published. If clause (ii) in the preceding sentence applies, the securities may be valued
at market.

	 	   	 	The Buyer owned $___in securities (other than the
excluded securities referred to below) as of the end of the Buyer’s most recent
fiscal year (such amount being calculated in accordance with Rule 144A).
	 
	 	   	 	The Buyer is part of a Family of Investment Companies which
owned in the aggregate $___in securities (other than the excluded
securities referred to below) as of the end of the Buyer’s most recent fiscal
year (such amount being calculated in accordance with Rule 144A).

     3. The term “Family of Investment Companies” as used herein means two or more registered
investment companies (or series thereof) that have the same investment adviser or investment
advisers that are affiliated (by virtue of being majority owned subsidiaries of the same parent or
because one investment adviser is a majority owned subsidiary of the other).

     4. The term “securities” as used herein does not include (i) securities of issuers that are
affiliated with the Buyer or are part of the Buyer’s Family of Investment Companies, (ii)
securities issued or guaranteed by the U.S. or any instrumentality thereof, (iii) bank deposit
notes and certificates of deposit, (iv) loan participations, (v) repurchase agreements, (vi)
securities owned but subject to a repurchase agreement and (vii) currency, interest rate and
commodity swaps.

     5. The Buyer is familiar with Rule 144A and understands that the parties listed in the Rule
144A Transferee Certificate to which this certification relates are relying and will continue to
rely on the

I-7

 

statements made herein because one or more sales to the Buyer will be in reliance on Rule
144A. In addition, the Buyer will only purchase for the Buyer’s own account.

     6. Until the date of purchase of the Certificates, the undersigned will notify the parties
listed in the Rule 144A Transferee Certificate to which this certification relates of any changes
in the information and conclusions herein. Until such notice is given, the Buyer’s purchase of the
Certificates will constitute a reaffirmation of this certification by the undersigned as of the
date of such purchase.

	 	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	IF AN ADVISER:
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	 	 	Print Name of Buyer
	 
	 	 	 	 
	 

	 	Date:	 	 
	 

	 	 	 	 

I-8

 

EXHIBIT J

FORM OF SPECIAL SERVICING AND COLLATERAL FUND AGREEMENT

     This SPECIAL SERVICING AND COLLATERAL FUND AGREEMENT (the “Agreement”) is made and entered
into as of [DATE], between JPMorgan Chase Bank, N.A., (the “Company”) and ___
(the “Purchaser”).

PRELIMINARY STATEMENT

     ___(the “Owner”) is the holder of the entire interest in Chase Mortgage
Finance Trust Series [        ], Multi-Class Mortgage Pass-Through Certificates, Series [        ], Class
B-5 (the “Class B-5 Certificates”). The Class B-5 Certificates were issued pursuant to a Pooling
and Servicing Agreement dated as of [        ] (the “Pooling and Servicing Agreement”) among
Chase Mortgage Finance Corporation, (the “Company”), JPMorgan Chase Bank, N.A., as servicer (the
“Servicer”), JPMorgan Chase Bank, N.A., as custodian, (the “Custodian”), The Bank of New York Trust
Company, N.A., as paying agent (the “Paying Agent”) and The Bank of New York Trust Company, N.A.,
as trustee (the “Trustee”).

     The Owner intends to resell all of the Class B-5 Certificates directly to the Purchaser on or
promptly after the date hereof.

     In connection with such sale, the parties hereto have agreed that the Company, as Servicer,
will engage in certain special servicing procedures relating to foreclosures for benefit of the
Purchaser, and that the Purchaser will deposit funds in a collateral fund to cover any losses
attributable to such procedures as well as all advances and costs in connection therewith, as set
forth herein.

     In consideration of the mutual agreements herein contained, the receipt and sufficiency of
which are hereby acknowledged, the Company and the Purchaser agree to the following:

ARTICLE I

DEFINITIONS

     Section 1.01 Defined Terms.

     Whenever used in this Agreement, the following words and phrases, unless the context otherwise
requires, shall have the following meanings:

     Business Day: Any day other than (i) a Saturday or a Sunday or (ii) a day on which
banking institutions in the State of New York are required or authorized by law or executive order
to be closed.

     Collateral Fund: The fund established and maintained pursuant to Section 3.01 hereof.

     Collateral Fund Permitted Investments: Either: (i) obligations of, or obligations
fully guaranteed as to principal and interest by, the United States, or any agency or
instrumentality thereof, provided such obligations are backed by the full faith and credit of the
United States, (ii) a money market fund rated in the highest rating category by a nationally
recognized rating agency selected by the Company, (iii) cash, (iv) mortgage pass-through
certificates issued or guaranteed by GNMA, FNMA or FHLMC, (v) commercial paper (including both
non-interest bearing discount obligations and interest bearing

J-1

 

obligations payable on demand or on a specified date), the issuer of which may be an affiliate
of the Company, having at the time of such investment a rating of at least Prime-1 by Moody’s
Investors Service, Inc. (“Moody’s”) or at least D-1 by Fitch Ratings and (vi) demand and time
deposits in, certificates of deposit of, any depository institution or trust company (which may be
an affiliate of the Company) incorporated under the laws of the United States of America or any
state thereof and subject to supervision and examination by federal and/or state banking
authorities, so long as at the time of such investment either (x) the long-term debt obligations of
such depository institution or trust company have a rating of at least Aa by Moody’s or at least AA
by Fitch Ratings or (y) the certificate of deposit or other unsecured short-term debt obligations
of such depository institution or trust company have a rating of at least A-1 by Fitch Ratings or
Prime-1 by Moody’s and, for each of the preceding clauses (i), (iv), (v) and (vi), the maturity
thereof shall be not later than the earlier to occur of (A) 30 days from the date of the related
investment and (B) the next succeeding Distribution Date.

     Commencement of Foreclosure: The first official action required under local law in
order to commence foreclosure proceedings or to schedule a trustee’s sale under a deed of trust,
including (i) in the case of a mortgage, any filing or service of process necessary to commence an
action to foreclose, or (ii) in the case of a deed of trust, the posting, publishing, filing or
delivery of a notice of sale, but not including in either case (x) any notice of default, notice of
intent to foreclose or sell or any other action prerequisite to the actions specified in (i) or
(ii) above and upon the consent of the Purchaser which will be deemed given unless expressly
withheld within two Business Days of notification, (y) the acceptance of a deed-in-lieu of
foreclosure (whether in connection with a sale of the related property or otherwise) or (z)
initiation and completion of a short pay-off.

     Current Appraisal: With respect to any Mortgage Loan as to which the Purchaser has
made an Election to Delay Foreclosure, an appraisal of the related Mortgaged Property (or
Underlying Mortgaged Property, in the case of a Co-op Loan), obtained by the Purchaser at its
expense from an appraiser (which shall not be an affiliate of the Purchaser) acceptable to the
Company as nearly contemporaneously as practicable to the time of the Purchaser’s election,
prepared based on the Company’s customary requirements for such appraisals.

     Election to Delay Foreclosure: Any election by the Purchaser to delay the
Commencement of Foreclosure, made in accordance with Section 2.02(b).

     Election to Foreclose: Any election by the Purchaser to proceed with the Commencement
of Foreclosure, made in accordance with Section 2.03(a).

     Required Collateral Fund Balance: As of any date of determination, an amount equal to
the aggregate of all amounts previously required to be deposited in the Collateral Fund pursuant to
Section 2.02(d) (after adjustment for all withdrawals and deposits pursuant to Section 2.02(e)) and
Section 2.03(b) (after adjustment for all withdrawals and deposits pursuant to Section 2.03(c)) and
Section 3.03 to be reduced by all withdrawals therefrom pursuant to Section 2.02(g) and Section
2.03(d).

     Section 1.02. Definitions Incorporated by Reference.

     All capitalized terms not otherwise defined in this Agreement shall have the meanings assigned
in the Pooling and Servicing Agreement.

J-2

 

ARTICLE II

SPECIAL SERVICING PROCEDURES

     Section 2.01 Reports and Notices.

     1. In connection with the performance of its duties under the Pooling and Servicing Agreement
relating to the realization upon defaulted Mortgage Loans, the Company, as Servicer, shall provide
to the Purchaser the following notices and reports:

	 	(a)	 	Within five Business Days after each Distribution Date (or
included in or with the monthly statement to Certificateholders pursuant to the
Pooling and Servicing Agreement), the Company shall provide to the Purchaser a
report indicating for the Trust the number of Mortgage Loans that are (A)
thirty days, (B) sixty days, (C) ninety days or more delinquent or (D) in
foreclosure, and indicating for each such Mortgage Loan the outstanding
principal balance.
	 
	 	(b)	 	Prior to the Commencement of Foreclosure in connection with any
Mortgage Loan, the Company shall provide the Purchaser with a notice (sent by
telecopier) of such proposed and imminent foreclosure, stating the loan number
and the aggregate amount owing under the Mortgage Loan.

     2. If requested by the Purchaser, the Company shall make its servicing personnel available
(during their normal business hours) to respond to reasonable inquiries by the Purchaser in
connection with any Mortgage Loan identified in a report under subsection (a)(i)(B), (a)(i)(C),
(a)(i)(D) or (a)(ii) which has been given to the Purchaser; provided, that (1) the Company shall
only be required to provide information that is readily accessible to its servicing personnel and
is non-confidential and (2) the Company shall not be required to provide any written information
under this subsection.

     3. In addition to the foregoing, the Company shall provide to the Purchaser such information
as the Purchaser may reasonably request concerning each Mortgage Loan that is at least sixty days
delinquent and each Mortgage Loan which has become real estate owned, through the final liquidation
thereof; provided that the Company shall only be required to provide information that is readily
accessible to its servicing personnel and is non-confidential.

	 	(a)	 	With respect to all Mortgage Loans which are serviced at any
time by the Company through a Subservicer, the Company shall be entitled to
rely for all purposes hereunder, including for purposes of fulfilling its
reporting obligations under this Section 2.01 on the accuracy and completeness
of any information provided to it by the applicable Subservicer.

     Section 2.02 Purchaser’s Election to Delay Foreclosure Proceedings.

     1. The Purchaser directs the Company that in the event that the Company does not receive
written notice of the Purchaser’s election pursuant to subsection (b) below within 24 hours
(exclusive of any intervening non-Business Days) of transmission of the notice provided by
the Company under Section 2.01(a)(ii), subject to extension as set forth in Section 2.02(b), the
Company shall proceed with the Commencement of Foreclosure in respect of such Mortgage Loan in
accordance with its normal foreclosure policies without further notice to the Purchaser. Any
foreclosure that has been initiated may be discontinued (i) without notice to the Purchaser, if the
Mortgage Loan has been brought current or if a refinancing or prepayment occurs with respect to the
Mortgage Loan (including by means of a short payoff approved by the Company) (ii) with notice to
the Purchaser if the Company has reached the terms of a forbearance agreement with the borrower.
In such latter case the Company may complete such

J-3

 

forbearance agreement unless instructed otherwise by the Purchaser within one Business Day of
notification.

     2. In connection with any Mortgage Loan with respect to which a notice under Section
2.01(a)(ii) has been given to the Purchaser, the Purchaser may elect, for reasonable cause as
determined by the Purchaser, to instruct the Company to delay the Commencement of Foreclosure until
such term as the Purchaser determines that the Company may proceed with the Commencement of
Foreclosure. Such election must be evidenced by written notice received within 24 hours (exclusive
of any intervening non-Business Days) of transmission of the notice provided by the Company under
Section 2.01(a)(ii). Such 24 hour period shall be extended for no longer than an additional four
Business Days after the receipt of the information if the Purchaser requests additional information
related to such foreclosure; provided, however that the Purchaser will have at least one Business
Day to respond to any requested additional information. Any such additional information shall (i)
not be confidential in nature and (ii) be obtainable by the Company from existing reports,
certificates or statements or otherwise be readily accessible to its servicing personnel. The
Purchaser agrees that it has no right to deal with the Mortgagor. If the Company’s normal
foreclosure policy includes acceptance of a deed-in-lieu of foreclosure or short payoff, the
Purchaser will be notified and given one Business Day to respond.

     3. With respect to any Mortgage Loan as to which the Purchaser has made an Election to Delay
Foreclosure, the Purchaser shall obtain a Current Appraisal as soon as practicable, and shall
provide the Company with a copy of such Current Appraisal.

     4. Within two Business Days of making any Election to Delay Foreclosure, the Purchaser shall
remit by wire transfer to the Company, for deposit in the Collateral Fund, an amount, as calculated
by the Company, equal to the sum of (i) 125% of the greater of the outstanding Principal Balance of
the Mortgage Loan and the value shown in the Current Appraisal referred to in subsection (c) above
(or, if such Current Appraisal has not yet been obtained, the Company’s estimate thereof, in which
case the required deposit under this subsection shall be adjusted upon obtaining of such Current
Appraisal), and (ii) three months’ interest on the Mortgage Loan at the applicable Mortgage Rate.
If any Election to Delay Foreclosure extends for a period in excess of three months (such excess
period being referred to herein as the “Excess Period”), the Purchaser shall remit by wire transfer
in advance to the Company for deposit in the Collateral Fund the amount, as calculated by the
Company, equal to interest on the Mortgage Loan at the applicable Mortgage Rate for the Excess
Period. The terms of this Agreement shall no longer apply to the servicing of any Mortgage Loan
upon the failure of the Purchaser to deposit the above amounts relating to the Mortgage Loan within
two Business Days of the Election to Delay Foreclosure.

     5. With respect to any Mortgage Loan as to which the Purchaser has made an Election to Delay
Foreclosure, the Company may withdraw from the Collateral Fund from time to time amounts necessary
to reimburse the Company for all Advances and Liquidation Expenses thereafter made by the Company
as Servicer in accordance with the Pooling and Servicing Agreement. To the extent that the amount
of any such Liquidation Expense is determined by the Company based on estimated costs, and the
actual costs are subsequently determined to be higher, the Company may withdraw the additional
amount from the Collateral Fund. In the event that the Mortgage Loan is brought current by the
Mortgagor and the foreclosure action is discontinued, the amounts so withdrawn from the Collateral
Fund shall be redeposited therein as and to the extent that reimbursement therefor from amounts
paid by the Mortgagor is not prohibited pursuant to the Pooling and Servicing Agreement. Except as
provided in the preceding sentence, amounts withdrawn from the Collateral Fund to cover Advances
and Liquidation Expenses shall not be redeposited therein or otherwise reimbursed to the Purchaser.
If and when any such Mortgage Loan is brought current by the Mortgagor, all amounts remaining in
the Collateral Fund in respect of such

J-4

 

Mortgage Loan (after adjustment for all withdrawals and deposits pursuant to this subsection)
shall be released to the Purchaser.

     6. With respect to any Mortgage Loan as to which the Purchaser has made an Election to Delay
Foreclosure, the Company shall continue to service the Mortgage Loan in accordance with its
customary procedures (other than the delay in Commencement of Foreclosure as provided herein). If
and when the Purchaser shall notify the Company that it believes that it is appropriate to do so,
the Company shall proceed with the Commencement of Foreclosure. In any event, if the Mortgage Loan
is not brought current by the Mortgagor by the time the loan becomes 6 months delinquent, the
Purchaser’s election shall no longer be effective and at the Purchaser’s option, either (i) the
Purchaser shall purchase the Mortgage Loan from the Trust Fund at a purchase price equal to the
fair market value as shown on the Current Appraisal, to be paid by (x) applying any balance in the
Collateral Fund to such purchase price, and (y) to the extent of any deficiency, by wire transfer
of immediately available funds to the Company or Trustee; or (ii) the Company shall proceed with
the Commencement of Foreclosure.

     7. Upon the occurrence of a liquidation with respect to any Mortgage Loan as to which the
Purchaser made an Election to Delay Foreclosure and as to which the Company proceeded with the
Commencement of Foreclosure in accordance with subsection (f) above, the Company shall calculate
the amount, if any, by which the value shown on the Current Appraisal obtained under subsection (c)
exceeds the actual sales price obtained for the related Mortgaged Property (or stock allocated to a
dwelling unit in the case of a Co-op Loan) (net of Liquidation Expenses and accrued interest
related to the extended foreclosure period), and the Company shall withdraw the amount of such
excess from the Collateral Fund, shall remit the same to the Trust Fund and in its capacity as
Servicer shall apply such amount as additional Liquidation Proceeds pursuant to the Pooling and
Servicing Agreement. After making such withdrawal, all amounts remaining in the Collateral Fund in
respect of such Mortgage Loan (after adjustment for all withdrawals and deposits pursuant to
subsection (e)) shall be released to the Purchaser.

     Section 2.03 Purchaser’s Election to Commence Foreclosure Proceedings.

     1. In connection with any Mortgage Loan identified in a report under Section 2.01(a)(i)(B),
the Purchaser may elect, for reasonable cause as determined by the Purchaser, to instruct the
Company to proceed with the Commencement of Foreclosure as soon as practicable. Such election must
be evidenced by written notice received by the Company by 5:00 p.m., New York City time, on the
third Business Day following the delivery of such report under Section 2.01(a)(i).

     2. Within two Business Days of making any Election to Foreclose, the Purchaser shall remit to
the Company, for deposit in the Collateral Fund, an amount, as calculated by the Company, equal to
125% of the current Principal Balance of the Mortgage Loan and three months’ interest on the
Mortgage Loan at the applicable Mortgage Rate. If and when any such Mortgage Loan is brought
current by the Mortgagor, all amounts in the Collateral Fund in respect of such Mortgage Loan shall
be released to the Purchaser. The terms of this Agreement shall no longer apply to the servicing
of any Mortgage Loan upon the failure of the Purchaser to deposit the above amounts relating to the
Mortgage Loans within two Business Days at the Election to Foreclose.

     3. With respect to any Mortgage Loan as to which the Purchaser has made an Election to
Foreclose, the Company shall continue to service the Mortgage Loan in accordance with its customary
procedures (other than to proceed with the Commencement of Foreclosure as provided herein). In
connection therewith, the Company shall have the same rights to make withdrawals for Advances and
Liquidation Expenses from the Collateral Fund as are provided under Section 2.02(e), and the
Company shall make reimbursements thereto to the limited extent provided under such subsection.
The Company shall not be required to proceed with the Commencement of Foreclosure if (i) the same
is stayed as a result of the Mortgagor’s bankruptcy or is otherwise barred by applicable law, or to
the extent that all

J-5

 

legal conditions precedent thereto have not yet been complied with or (ii) the Company believes
there is a breach of representation or warranties by the Company, which may result in a repurchase
or substitution of such Mortgage Loan, or (iii) the Company reasonably believes the Mortgaged
Property (or Underlying Mortgaged Property, in the case of a Co-op Loan) may be contaminated with
or affected by hazardous wastes or hazardous substances (and the Company supplies the Purchaser
with information supporting such belief). The Company will repurchase or substitute a Mortgage
Loan pursuant to the preceding clause (ii) within the time period specified in the Pooling and
Servicing Agreement. Any foreclosure that has been initiated may be discontinued (i) without
notice to the Purchaser if the Mortgage Loan has been brought current or if a refinancing or
prepayment occurs with respect to the Mortgage Loan (including by means of a short payoff approved
by the Company), or (ii) with notice to the Purchaser if the Company has reached the terms of a
forbearance agreement unless instructed otherwise by the Purchaser within two Business Days of
notification.

     4. Upon the occurrence of a liquidation with respect to any Mortgage Loan as to which the
Purchaser made an Election to Foreclose and as to which the Company proceeded with the Commencement
of Foreclosure in accordance with subsection (c) above, the Company shall calculate the amount, if
any, by which the Principal Balance of the Mortgage Loan at the time of liquidation (plus all
unreimbursed Advances and Liquidation Expenses in connection therewith other than those paid from
the Collateral Fund) exceeds the actual sales price obtained for the related Mortgaged Property (or
stock allocated to a dwelling unit in the case of a Co-op Loan), and the Company shall withdraw the
amount of such excess from the Collateral Fund, shall remit the same to the Trust Fund and in its
capacity as Servicer shall apply such amount as additional Liquidation Proceeds pursuant to the
Pooling and Servicing Agreement. After making such withdrawal, all amounts remaining in the
Collateral Fund (after adjustment for all withdrawals and deposits pursuant to subsection (c)) in
respect of such Mortgage Loan shall be released to the Purchaser.

     Section 2.04 Termination.

     1. With respect to all Mortgage Loans included in the Trust Fund, the Purchaser’s rights to
make any Election to Delay Foreclosure or any Election to Foreclose and the Company’s obligations
under Section 2.01 shall terminate (i) at such time as the Outstanding Certificate Principal
Balance of the Class B-5 Certificates has been reduced to zero, (ii) if the greater of (x) ___% (or
such lower or higher percentages that represents the Company’s actual historical loss experience
with respect to the Mortgage Loans in the related pool) of the aggregate principal balance of all
Mortgage Loans that are in foreclosure or are more than 90 days delinquent on a contractual basis
and REO properties or if the aggregate amount that the Company estimates will be required to be
withdrawn from the Collateral Fund with respect to Mortgage Loans as to which the Purchaser has
made an Election to Delay Foreclosure or an Election to Foreclose exceeds (z) the Outstanding
Certificate Principal Balance of the Class B-5 Certificates, or (iii) upon any transfer by the
Purchaser of any interest (other than the minority interest therein, but only if the transferee
provides written acknowledgment to the Company of the Purchaser’s right hereunder and that such
transferee will have no rights hereunder) in the Class B-5 Certificates (whether or not such
transfer is registered under the Pooling and Servicing Agreement), including any such transfer in
connection with a termination of the Trust Fund. Except as set forth above, this Agreement and the
respective rights, obligations and responsibilities of the Purchaser and the Company hereunder
shall terminate upon the later to occur of (i) the final liquidation of the last Mortgage Loan as
to which the Purchaser made any Election to Delay Foreclosure or any Election to Foreclose and the
withdrawal of all remaining amounts in the Collateral Fund as provided herein and (ii) ten (10)
Business Day’s notice.

     2. Purchaser’s rights pursuant to Section 2.02 or 2.03 of this Agreement shall terminate with
respect to a Mortgage loan as to which the Purchaser has exercised its rights under Section 2.02 or
2.03 hereof, upon Purchaser’s failure to deposit any amounts required pursuant to Section 2.02(d)
or 2.03(b).

J-6

 

     3. Neither the Servicer nor any of its directors, officers, employees or agents shall be under
any liability for any action taken or for refraining from the taking of any action in good faith
pursuant to this Agreement, or for errors in judgment; provided, however, that this provision shall
not protect the Servicer or any such Person against any liability which would otherwise be imposed
by reason of willful misfeasance, bad faith or gross negligence in the performance of duties or by
reason of reckless disregard of obligations and duties hereunder. The Servicer and any director,
officer, employee or agent thereof may rely in good faith on any document of any kind prima facie
properly executed and submitted by an Person respecting any matters arising hereunder.

ARTICLE III

COLLATERAL FUND; SECURITY INTEREST

     Section 3.01 Collateral Fund.

     1. Upon receipt from the Purchaser of the initial amount required to be deposited in the
Collateral Fund pursuant to Article 11, the Company shall establish and maintain with itself as a
segregated account on its books and records an account (the “Collateral Fund”), entitled “JPMorgan
Chase Bank, N.A., as Servicer, for the benefit of registered holders of Chase Mortgage Finance
Trust Series 2007-1, Multi-Class Mortgage Pass-Through Certificates, Series 2007-S1, Class B-5.”
Amounts in the Collateral Fund shall continue to be the property of the Purchaser, subject to the
first priority security interest granted hereunder for the benefit of the Certificate holders,
until withdrawn from the Collateral Fund pursuant to Section 2.02 or 2.03 hereof.

     2. Upon the termination of this Agreement and the liquidation of all Mortgage Loans as to
which the Purchaser has made any Election to Delay Foreclosure or any Election to Foreclose
pursuant to Section 2.04 hereof, the Company shall distribute to the Purchaser all amounts
remaining in the Collateral Fund together with any investment earnings thereon.

     3. The Collateral Fund shall be an “outside reserve fund” within the meaning of the REMIC
Provisions, beneficially owned by the Purchaser, who shall report all income, gain or loss with
respect thereto. Any amounts transferred from the Trust Fund to the Collateral Fund shall be
deemed to be transferred to the Purchaser, as beneficial owner of the Collateral Fund. In no event
shall the Purchaser (i) take or cause the Trustee or the Company to take any action that could
cause any REMIC established under the Trust Agreement to fail to qualify as a REMIC or cause the
imposition on any such REMIC of any “prohibited transaction” or “prohibited contribution” taxes or
(ii) cause the Trustee or the Company to fail to take any action necessary to maintain the status
of any such REMIC as a REMIC.

     Section 3.02. Collateral Fund Permitted Investments.

     1. The Company shall, at the written direction of the Purchaser invest the funds in the
Collateral Fund in Collateral Fund Permitted Investments. Such direction shall not be changed more
frequently than quarterly. In the absence of any direction, the Company shall select such
investments in accordance with the definition of Collateral Fund Permitted Investments in its
discretion.

     2. All income and gain realized from any investment as well as any interest earned on deposits
in the Collateral Fund (net of any losses on such investments) and any payments of principal made
in respect of any Collateral Fund Permitted Investment shall be deposited in the Collateral Fund
upon receipt. All costs and realized losses associated with the purchase and sale of Collateral
Fund Permitted Investments shall be borne by the Purchaser and the amount of net realized losses
shall be deposited by the Purchaser in the Collateral Fund. The Company shall periodically (but
not more frequently than monthly) distribute to the Purchaser upon request an amount of cash, to
the extent cash is

J-7

 

available therefor in the Collateral Fund, equal to the amount by which the balance of the
Collateral Fund, after giving effect to all other distributions to be made from the Collateral Fund
on such date, exceeds the Required Collateral Fund Balance. Any amounts so distributed shall be
released from the lien and security interest of this Agreement.

     Section 3.03 Grant of Security Interest.

     1. The Purchaser grants to the Company and the Trustee for the benefit of the
Certificateholders a security interest in and lien on all of the Purchaser’s right, title and
interest, whether now owned or hereafter acquired, in and to: (1) the Collateral Fund, (2) all
amounts deposited in the Collateral Fund and Collateral Fund Permitted Investments in which such
amounts are invested (and the distributions and proceeds of such investments) and (3) all cash and
non-cash proceeds of any of the foregoing, including proceeds of the voluntary or involuntary
conversion thereof (all of the foregoing collectively, the “Collateral”).

     2. The Purchaser acknowledges the lien on and security interest in the Collateral for the
benefit of the Certificateholders. The Purchaser shall take all actions requested by the Company
or the Trustee as may be reasonably necessary to perfect the security interest created under this
Agreement in the Collateral and cause it to be prior to all other security interests and liens,
including the execution and delivery to the Company for filing of appropriate financing statements
in accordance with applicable law. The Company shall file appropriate continuation statements, or
appoint an agent on its behalf to file such statements, in accordance with applicable law.

     Section 3.04 Collateral Shortfalls.

     In the event that amounts on deposit in the Collateral Fund at any time are insufficient to
cover any withdrawals therefrom that the Company or the Trustee is then entitled to make hereunder,
the Purchaser shall be obligated to pay such amounts to the Company or the Trustee immediately upon
demand. Such obligation shall constitute a general corporate obligation of the Purchaser.

ARTICLE IV

MISCELLANEOUS PROVISIONS

     Section 4.01 Amendment.

     This Agreement may be amended from time to time by the Company and the Purchaser by written
agreement signed by the Company and the Purchaser.

     Section 4.02 Counterparts.

     This Agreement may be executed simultaneously in any number of counterparts, each of which
counterparts shall be deemed to be an original, and such counterparts shall constitute but one and
the same instrument.

     Section 4.03 Governing Law.

     This Agreement shall be construed in accordance with the laws of the State of New York and the
obligations, rights and remedies of the parties hereunder shall be determined in accordance with
such laws.

     Section 4.04 Notices.

J-8

 

     All demands, notices and direction hereunder shall be in writing or by telecopy and shall be
deemed effective upon receipt to:

in the case of the Company,

JPMorgan Chase Bank, N.A.

1111 Polaris Parkway

Columbus, Ohio 43240

such other address as may hereafter be furnished in writing by the Company, or

in the case of the Purchaser, with respect to notices pursuant to Section 2.01,

	 	 	 	 	 
	 	 	[PURCHASER]
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	 	 	[ADDRESS]
	 

	 	Attn:	 	 
	 

	 	 	 	 
	 

	 	Phone:	 	 
	 

	 	 	 	 
	 

	 	Fax:	 	 
	 

	 	 	 	 

with respect to all other notices pursuant to this Agreement,

	 	 	 	 	 
	 	 	 
	 	 	[ADDRESS]
	 

	 	Attn:	 	 
	 

	 	 	 	 
	 

	 	Phone:	 	 
	 

	 	 	 	 
	 

	 	Fax:	 	 
	 

	 	 	 	 

or such other address as may hereafter be furnished in writing by the Purchaser.

     Section 4.05 Severability of Provisions.

     If any one or more of the covenants, agreements, provisions or terms of this Agreement shall
be for any reason whatsoever, including regulatory, held invalid, then such covenants, agreements,
provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions
or terms of this Agreement and shall in no way affect the validity or enforceability of the other
provisions of this Agreement.

     Section 4.06 Successors and Assigns.

     The provisions of this Agreement shall be binding upon and inure to the benefit of the
respective successors and assigns of the parties hereto, and all such provisions shall inure to the
benefit of the Certificateholders; provided, however, that the rights under this Agreement cannot
be assigned by the Purchaser without the consent of the Company.

     Section 4.07 Article and Section Headings.

     The article and section headings herein are for convenience of reference only, and shall not
limit or otherwise affect the meaning hereof.

J-9

 

     Section 4.08 Confidentiality.

     The Purchaser agrees that all information supplied by or on behalf of the Company pursuant to
Sections 2.01 or 2.02, including individual account information, is the property of the Company and
the Purchaser agrees to hold such information confidential and not to disclose such information.

J-10

 

     IN WITNESS WHEREOF, the Company and the Purchaser have caused their names to be signed hereto
by their respective officers thereunto duly authorized, all as of the day and year first above
written.

	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

J-11

 

EXHIBIT K

FORM OF CLASS A-R TRANSFEREE’S LETTER

CHASE MORTGAGE FINANCE TRUST SERIES [        ]

[DATE]

Chase Mortgage Finance Corporation

300 Tice Boulevard, Third Floor

Woodcliff Lake, New Jersey 07675

JPMorgan Chase Bank, N.A.

Global Trust Services

Four New York Plaza

6th Floor

New York, New York 10004

The Bank of New York Trust Company, N.A., as trustee

601 Travis, 16th Floor

Houston, TX 77002

Attn: Corporate Trust Services/CMFT [        ]

Ladies and Gentlemen:

     We propose to purchase Chase Mortgage Finance Corporation’s Chase Mortgage Finance Trust
Series [        ], Multi-Class Mortgage Pass-Through Certificates, Series [        ], Class A-R,
described in the Prospectus Supplement, dated [        ] and Prospectus, dated [        ].

     1. We certify that (a) we are not a disqualified organization, (b) we are not purchasing such
Class A-R Certificate on behalf of a disqualified organization and (c) we are not an entity that
holds such Class A-R Certificate as nominee to facilitate the clearance and settlement of such
securities through electronic book-entry changes in accounts of participating organizations; for
this purpose the term “disqualified organization” means the United States, any state or political
subdivision thereof, any foreign government, any international organization, any agency or
instrumentality of any of the foregoing (except any entity treated as other than an instrumentality
of the foregoing for purposes of Section 168(h)(2)(D) of the Internal Revenue Code of 1986, as
amended (the “Code”)), any organization (other than a cooperative described in Section 521 of the
Code) that is exempt from taxation under the Code (unless such organization is subject to tax on
excess inclusions) and any organization that is described in Section 1381(a)(2)(C) of the Code. We
understand that any breach by us of this certification may cause us to be liable for an excise tax
imposed upon transfers to disqualified organizations.

     2. We certify that we are not an employee benefit plan subject to Title I of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), a plan subject to Section 4975 of the
Internal Revenue Code of 1986, as amended (the “Code”) or a plan or arrangement subject to any
provisions under any federal, state, local, non-U.S. or other laws or regulations that are
substantively similar to the

K-1

 

foregoing provisions of ERISA or the Code (collectively, a “Plan”), and are not directly or
indirectly acquiring the Class A-R Certificate for, on behalf of or with any assets of any such
Plan.

     3. We certify that (a) we have historically paid our debts as they became due, (b) we intend,
and believe that we will be able, to continue to pay our debts as they become due in the future,
(c) we understand that, as beneficial owner of the Class A-R Certificate, we may incur tax
liabilities in excess of any cash flows generated by the Class A-R Certificate, (d) we intend to
pay any taxes associated with holding the Class A-R Certificate as they become due and (e) we will
not cause income from the Class A-R Certificate to be attributable to a foreign permanent
establishment or fixed base (within the meaning of an applicable income tax treaty) of ours or
another U.S. taxpayer.

     4. We acknowledge that we will be the beneficial owner of the Class A-R Certificate and:*/

                          The Class A-R Certificate will be registered in our name.

                          The Class A-R Certificate will be held in the name of our nominee,
                    , which is not a disqualified organization.

     5. Unless Chase Mortgage Finance Corporation (“CMFC”) has consented to the transfer to us by
executing the form of Consent affixed hereto as Appendix B, we certify that we are a U.S. person;
for this purpose the term “U.S. Person” means a citizen or resident of the United States, a
corporation or partnership (unless, in the case of a partnership, Treasury regulations are adopted
that provide otherwise) created or organized in or under the laws of the United States, any state
thereof or the District of Columbia, including an entity treated as a corporation or partnership
for federal income tax purposes, an estate whose income is subject to Unites States federal income
tax regardless of its source, or a trust if a court within the United States is able to exercise
primary supervision over the administration of such trust, and one or more such U.S. Persons have
the authority to control all substantial decisions of such trust, (or, to the extent provided in
applicable Treasury regulations, certain trusts in existence on August 20, 1996 which are eligible
to elect to be treated as U.S. Persons). We agree that any breach by us of this certification
shall render the transfer of any interest in the Class A-R Certificate to us absolutely null and
void and shall cause no rights in the Class A-R Certificate to vest in us.

     6. We agree that in the event that at some future time we wish to transfer any interest in the
Class A-R Certificate, we will transfer such interest in the Class A-R Certificate only (a) to a
transferee that (i) is not a disqualified organization and is not purchasing such interest in the
Class A-R Certificate on behalf of a disqualified organization, (ii) is a U.S. person and (iii) has
delivered to CMFC a letter in the form of this letter (including the affidavit appended hereto)
and, if requested by CMFC, an opinion of counsel (in a form acceptable to CMFC) that the proposed
transfer will not cause the interest in the Class A-R Certificate to be held by a disqualified
organization or a person who is not a U.S. person or (b) with the written consent of CMFC.

     7. We hereby designate JPMorgan Chase Bank, N.A. as our fiduciary to act as the tax matters
person for the Series 2007-S1 REMICs.

	 	 	 
	 

	 	Very truly yours,
	 
	 	 
	 

	 	[PURCHASER]

 

			
	 	 	*/Check appropriate box and if necessary fill in
the name of the Transferee’s nominee.

K-2

 

	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Accepted as of                                        , 200_	 	 	 	 
	 
	 	 	 	 	 	 
	CHASE MORTGAGE FINANCE CORPORATION
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	Name:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	Title:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

K-3

 

APPENDIX A

     Affidavit pursuant to (i) Section 860E(e)(4) of the Internal Revenue Code of 1986, as amended, and
(ii) certain provisions of the Pooling and Servicing Agreement

     Under penalties of perjury, the undersigned declares that the following is true:

	 	(1)	 	He or she is an officer of ___(the
“Transferee”),
	 
	 	(2)	 	the Transferee’s Employee Identification number is ___,
	 
	 	(3)	 	the Transferee is not a “disqualified organization” (as defined below),
has no plan or intention of becoming a disqualified organization, and is not
acquiring any of its interest in the Chase Mortgage Finance Corporation,
Multi-Class Mortgage Pass-Through Certificates, Series 2007-S1, Class A-R on
behalf of a disqualified organization or any other entity,
	 
	 	(4)	 	unless Chase Mortgage Finance Corporation (“CMFC”) has consented to the
transfer to the Transferee by executing the form of Consent affixed as Appendix
B to the Transferee’s Letter to which this Certificate is affixed as Appendix
A, the Transferee is a “U.S. Person” (as defined below),
	 
	 	(5)	 	that no purpose of the transfer is to avoid or impede the assessment or
collection of tax,
	 
	 	(6)	 	the Transferee has historically paid its debts as they became due,
	 
	 	(7)	 	the Transferee intends, and believes that it will be able, to continue
to pay its debts as they become due in the future,
	 
	 	(8)	 	the Transferee understands that, as beneficial owner of the Class A-R
Certificate, it may incur tax liabilities in excess of any cash flows generated
by the Class A-R Certificate,
	 
	 	(9)	 	the Transferee intends to pay any taxes associated with holding the
Class A-R Certificate as they become due,
	 
	 	(10)	 	the Transferee consents to any amendment of the Pooling and Servicing
Agreement that shall be deemed necessary by CMFC (upon advice of counsel) to
constitute a reasonable arrangement to ensure that the Class A-R Certificate
will not be owned directly or indirectly by a disqualified organization, and
	 
	 	(11)	 	IF BRACKETED, THE FOLLOWING CERTIFICATIONS ARE INAPPLICABLE [the
transfer is not a direct or indirect transfer of the Class A-R Certificate to a
foreign permanent establishment or fixed base (within the meaning of an
applicable income tax treaty) of the Transferee, and as to each of the residual
interests represented by the Class A-R Certificate, the present value of the
anticipated tax liabilities associated with holding such residual interest does
not exceed the sum of:

     the present value of any consideration given to the Transferee to acquire such residual
interest;

     the present value of the expected future distributions on such residual interest; and

     the present value of the anticipated tax savings associated with holding such residual
interest as the related REMIC generates losses.

K-4

 

	 	 	For purposes of this declaration, (i) the Transferee is assumed to pay tax at a rate
equal to the highest rate of tax specified in Section 11(b)(1) of the Code, but the
tax rate specified in Section 55(b)(1)(B) of the Code may be used in lieu of the
highest rate specified in Section 11(b)(1) of the Code if the Transferee has been
subject to the alternative minimum tax under Section 55 of the Code in the preceding
two years and will compute its taxable income in the current taxable year using the
alternative minimum tax rate, and (ii) present values are computed using a discount
rate equal to the Federal short-term rate prescribed by Section 1274(d) of the Code
for the month of the transfer and the compounding period used by the Transferee;]

			
	[Alternative (11) (A)	 	at the time of the transfer, and at the close of each of the Transferee’s two
fiscal years preceding the year of transfer, the Transferee’s gross assets for financial
reporting purposes exceed $100 million and its net assets for financial reporting purposes
exceed $10 million; and

	(B)	 	the Transferee is an eligible corporation as defined in Treasury regulation Section
1.860E-1(c)(6)(i) and has agreed in writing that any subsequent transfer of the Class A-R
Certificate will be to another eligible corporation in a transaction that satisfies
Treasury regulation Sections 1.860E-1(c)(4)(i), 1.860E-1(c)(4)(ii),
1.860E-1(c)(4)(iii) and 1.860E-1(c)(5) and such transfer will not be a direct or
indirect transfer to a foreign permanent establishment (within the meaning of an
applicable income tax treaty) of a domestic corporation.
	 
	 	 	For purposes of this declaration, (i) the gross assets and net assets of the
Transferee do not include any obligation of any related person (as defined in
Treasury regulation section 1.860E-1(c)(6)(ii)) or any other asset if a principal
purpose for holding or acquiring the other asset is to permit the Transferee to make
this declaration or to satisfy the requirements of Treasury regulation section
1.860E-1(c)(5)(i);]

[Alternative (11) Intentionally left blank;]

     (12) the Transferee represents that it will not cause income from the Class A-R Certificate to
be attributable to a foreign permanent establishment or fixed base (within the meaning of an
applicable income tax treaty) of the Transferee or another U.S. taxpayer;

	 	 	For purpose of this affidavit, the term “disqualified organization” means the United
States, any state or political subdivision thereof, any foreign government, any
international organization, any agency or instrumentality of any of the foregoing
(except any entity treated as other than an instrumentality of the foregoing for
purposes of Section 168(h)(2)(D) of the Internal Revenue Code of 1986, as amended
(the “Code”)), any organization (other than a cooperative described in Section 521
of the Code) that is exempt from taxation under the Code (unless such organization
is subject to tax on excess inclusions) and any organization that is described in
Section 1381(a)(2)(C) of the Code and the term “U.S. Person” means a citizen or
resident of the United States, a corporation or partnership (unless, in the case of
a partnership, Treasury regulations are adopted that provide otherwise) created or
organized in or under the laws of the United States, any state thereof or the
District of Columbia, including an entity treated as a corporation or partnership
for federal income tax purposes, an estate whose income is subject to Unites States
federal income tax regardless of its source, or a trust if a court within the United
States is able to exercise primary supervision over the administration of such
trust, and one or more such U.S. Persons have the authority to control all
substantial decisions of

K-5

 

	 	 	such trust, (or, to the extent provided in applicable Treasury regulations, certain
trusts in existence on August 20, 1996 which are eligible to elect to be treated as
U.S. Persons).

K-6

 

	 	 	 	 	 
	 

	 	 	 	 
	 	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	 

Address of Investor for receipt of distribution:

Address of Investor for receipt of tax information:

(Corporate Seal)

Attest:

	 	 	 
	 	 	 
	 

	 	, Secretary
	 	 	 

     Personally appeared before me the above-named                                         , known or proved to me to be the same
person who executed the foregoing instrument and to be the                      of the Investor, and
acknowledged to me that he executed the same as his free act and deed and the free act and deed of
the Investor.

     Subscribed and sworn before me this                    day of                    , 200___.

	 	 	 	 	 	 	 
	Notary Public	 	 	 	 
	 
	 	 	 	 	 	 
	County of	 	 	 	 
	 

	 	 	 	 	 	 
	State of	 	 	 	 
	 

	 	 	 	 	 	 
	My commission expires the                     day of                                        
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Dated:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

K-7

 

APPENDIX B

CONSENT

	 	 	 	 	 
	 

	 	(Transferee)
	 	 
	 	 	 	 	 
	 
	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 
	 	 	 	 	 

Ladies and Gentlemen:

     Chase Mortgage Finance Corporation (“CMFC”) hereby consents to the transfer to, and
registration in the name of, the Transferee (or, if applicable, registration in the name of such
Transferee’s nominee of the Multi-Class Mortgage Pass-Through Certificates, Series 2007-S1, Class
A-R described in the Transferee’s Letter to which this Consent is appended, notwithstanding CMFC’s
knowledge that the Transferee is not a U.S. Person (as defined in such Transferee’s Letter).

	 	 	 	 	 	 	 
	 	 	 	 	CHASE MORTGAGE FINANCE CORPORATION
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Dated:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

K-8

 

EXHIBIT K-1

FORM OF CLASS A-R TRANSFEROR’S LETTER

CHASE MORTGAGE FINANCE TRUST SERIES [        ]

[DATE]

JPMorgan Chase Bank, N.A.

Global Trust Services

Four New York Plaza

6th Floor

New York, New York 10004

The Bank of New York Trust Company, N.A., as trustee

601 Travis, 16th Floor

Houston, TX 77002

Attn: Corporate Trust Services/[        ]

     We propose to transfer to ______(the “Transferee”) Chase Mortgage Finance
Corporation’s Chase Mortgage Finance Trust Series [        ], Multi-Class Mortgage Pass-Through
Certificates, Series [        ], Class A-R, described in the Prospectus Supplement, dated [        ]
 and Prospectus, dated [        ]. We have reviewed the attached affidavit of the
Transferee, and have no actual knowledge that such affidavit is not true, and have no reason to
believe that the Transferee has the intention to impede the assessment or collection of any
federal, state or local taxes legally required to be paid with respect to the Class A-R Certificate
referred to in the attached affidavit. In addition, we have conducted a reasonable investigation
at the time of the transfer and found that the Transferee has historically paid its debts as they
came due and we found no significant evidence to indicate that the Transferee will not continue to
pay its debts as they become due.

	 	 	 	 	 
	 

	 	Very truly yours,
	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 

Name:	 	 
	 

	 	Title:	 	 

K-1-1

 

EXHIBIT L

REQUEST FOR RELEASE OF DOCUMENTS

	 	 	 
	To:

	 	JPMorgan Chase Bank, N.A.
	 

	 	1111 Polaris Parkway
	 

	 	Columbus, Ohio 43240

	 	 	 	Re: Pooling and Servicing Agreement, dated as of [        ], by
and among Chase Mortgage Finance Corporation, JPMorgan Chase Bank, N.A.
and The Bank of New York Trust Company, N.A. relating to the
issuance of the Chase Mortgage Finance Trust Series [        ],
Multi-Class Mortgage Pass-Through Certificates, Series [        ]

     In connection with the administration of the Mortgage Loans held by you, as Custodian on
behalf of the Trustee, pursuant to the above-captioned Pooling and Servicing Agreement, we request
the release, and hereby acknowledge receipt, of the Mortgage File for the Mortgage Loan described
below, for the reason indicated.

Mortgage Loan Number:

Mortgagor Name, Address & Zip Code:

Reason for Requesting Documents (check one):

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	1.	 	 	Mortgage Paid in Full
	 

	 	 	2.	 	 	Foreclosure
	 

	 	 	3.	 	 	Substitution
	 

	 	 	4.	 	 	Other Liquidation
	 

	 	 	5.	 	 	Nonliquidation Reason:

	 	 	 	 	 
	 	 	 

	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 

(authorized signatory)
	 
	 	 	 	 
	 

	 	Issuer:	 	 
	 

	 	 	 	 

	 

	 	Address:	 	 
	 

	 	 	 	 

	 	 	 

	 

	 	Date:	 	 
	 

	 	 	 	 

L-1

 

Custodian

JPMorgan Chase Bank, N.A.

Please acknowledge the execution of the above request by your signature and date below:

	 	 	 
	 
	 	 
	Signature

	 	 

Date
	 
	 	 
	Documents returned to Custodian:
	 	 
	 
	 	 
	Custodian

	 	 

Date

L-2

 

EXHIBIT M

FORM OF TRANSFEREE ERISA REPRESENTATION LETTER

[DATE]

The Bank of New York Trust Company, N.A.

601 Travis, 16th Floor

Houston, TX 77002

Attn: Corporate Trust Services/CMFT 2007-S1

Chase Mortgage Finance Corporation

300 Tice Boulevard, Third Floor

Woodcliff Lake, New Jersey 07675

	 	 	 	Re: Chase Mortgage Finance Trust Series [        ],
Multi-Class Mortgage Pass-Through Certificates, Series [        ],
[Class B- ]

     Ladies and Gentlemen:

     ______(the “Purchaser”) intends to purchase from ______(the
“Transferor”) $______by original principal balance (the “Transferred Certificate”) of Chase
Mortgage Finance Trust Series [        ], Multi-Class Mortgage Pass-Through Certificates, Series
[        ], [Class B-______] (the “Certificates”), issued pursuant to a pooling and servicing agreement,
dated as of [        ] (the “Pooling and Servicing Agreement”), among Chase Mortgage Finance
Corporation (the “Depositor”), JPMorgan Chase Bank, N.A. (“Chase”), as servicer (the “Servicer”)
and Custodian, and The Bank of New York Trust Company, N.A., as trustee (the “Trustee”) and paying
agent. [The Purchaser intends to register the Transferred Certificate in the name of
______, as nominee for ______.] All terms used and not otherwise defined
herein shall have the meanings set forth in the Pooling and Servicing Agreement.

     For good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, we hereby certify, represent and warrant to, and covenant with, the Depositor that
we:

     (A) are not an employee benefit plan within the meaning of Title I of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), a plan subject to Section 4975 of the Internal
Revenue Code of 1986, as amended (the “Code”) or a plan subject to any provisions under any
federal, state, local, non-U.S. or other laws or regulations that are substantively similar to the
foregoing provisions of ERISA or the Code (“Similar Law”) (collectively, a “Plan”), and is not
directly or indirectly acquiring the Certificate for, on behalf of or with any assets of any such
Plan, (B) if the Certificate has been the subject of an ERISA-Qualifying Underwriting, are an
insurance company that is acquiring the Certificate with assets of an “insurance company general
account” as defined in Section V(e) of Prohibited Transaction Class Exemption 95-60 (“PTCE 95-60”),
and the acquisition and holding of the Certificate are covered and exempt under Sections I and III
of PTCE 95-60, or (C) solely in the case of a Definitive Certificate, will deliver herewith an
Opinion of Counsel satisfactory to the Depositor, and upon which the Depositor shall be entitled to
rely, to the effect that the acquisition and holding of this Certificate by the prospective
transferee will not constitute or result in a nonexempt prohibited transaction under ERISA or the
Code or

M-1

 

a violation of Similar Law and will not subject the Trustee, the Depositor or the Servicer to any
obligation in addition to those undertaken by such entities in the Pooling and Servicing Agreement,
which Opinion of Counsel shall not be an expense of the Trustee, the Depositor or the Servicer.

     We agree to indemnify the Trustee, the Servicer and the Depositor against any liability that
may result from any misrepresentation made herein.

M-2

 

	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 
	 	 	[PURCHASER]
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 

	 

	 	Name:	 	 
	 

	 	 	 	 

	 

	 	Title:	 	 
	 

	 	 	 	 

M-3

 

EXHIBIT N

PERMITTED EXCHANGEABLE CERTIFICATE COMBINATIONS

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Exchangeable Initial Certificates	 	 	Exchangeable Certificates	 
	 	 	Original	 	 	 	 	 	 	 	 	 	Maximum Original	 	 	 	 
	Exchangeable	 	Certificate	 	 	 	 	 	 	 	 	 	Certificate	 	 	 	 
	Combinations	 	Principal Amount	 	Coupon	 	 	Exchangeable Classes	 	 	Principal Amount	 	 	Coupon	 
	Exchangeable
Combination 1 (1)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Class A-11
	 	[        ]	 	 	[        ]	%	 	Class A-7	 	$	[        ]	 	 	 	[        ]	%
	Class A-12
	 	[        ]	 	 	[        ]	%	 	 	 	 	 	 	 	 	 	 	 	 
	Exchangeable
Combination 2 (2)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Class A-9
	 	[        ]	 	 	[        ]	%	 	Class A-13	 	$	[        ]	 	 	 	[        ]	%
	Class A-10
	 	[        ]	 	 	[        ]	%	 	 	 	 	 	 	 	 	 	 	 	 

(1) The Class A-11 and Class A-12 Certificates must be exchanged in a ratio of (i) [        ] to
(ii) [        ].

(2) The Class A-9 and Class A-10 Certificates must be exchanged in a ratio of (i) [        ] to
(ii) the product of (a) [        ] and (b) a fraction, the numerator of which is [        ] and the
denominator of which is [        ].

(3) The maximum outstanding principal balance of the Class A-13 Certificates will equal the sum of
(i) the original certificate principal balance of the Class A-9 Certificates and (ii) the original
certificate principal balance of the Class A-10 Certificates multiplied by a fraction, the
numerator of which is [        ] and the denominator of which is [        ].

(4) The maximum portion of the Class A-10 Certificates that may be exchanged is $[        ].

N-1

 

EXHIBIT O

FORM OF OFFICER’S CERTIFICATE (PAYING AGENT)

[DATE]

Chase Mortgage Finance Corporation

300 Tice Boulevard, Third Floor

Woodcliff Lake, New Jersey 07675

     Reference is made to each pooling and servicing agreement listed on Exhibit A hereto (each, an
“Agreement”) in which The Bank of New York Trust Company, N.A. has been appointed the paying agent
(the “Paying Agent”). The Bank of New York Trust Company, N.A., hereby certifies to you that:

1. I have reviewed the information contained in each monthly statement to
certificateholders, any information provided by the Paying Agent with respect to the annual
report on Form 10-K for the fiscal year 2007 (the “Annual Report”), and any information
provided by the Paying Agent with respect to all reports on Form 8-K (if any) and on Form
10-D required to be filed in respect of the period covered by the Annual Report
(collectively with the Annual Report, the “Reports”), of the Trust;

2. Based on my knowledge, the information in these reports, taken as a whole, does not
contain any untrue statement of a material fact or omit to state a material fact required by
the respective pooling and servicing agreement to be included therein and necessary to make
the statements made, in light of the circumstances under which such statements were made,
not misleading as of the last day of the period covered by the annual reports; and

3. Based on my knowledge, the distribution or servicing information required to be provided
to the Paying Agent by the Servicer under each Agreement for inclusion in the reports is
included in the reports.

4. In compiling the distribution information, the Paying Agent has relied upon information
furnished to it by the Servicer under each pooling and servicing agreement. The Paying
Agent shall have no responsibility or liability for any inaccuracy in such reports resulting
from information so provided by the Servicer.

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK TRUST COMPANY, N.A.	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 
	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 
	 	 
	 

	 	Title:	 	 	 	 

O-1

 

EXHIBIT P

LETTER OF REPRESENTATIONS

P-1

 

EXHIBIT Q

FORM OF TRUST AGREEMENT

[INTENTIONALLY OMITTED]

Q-1

 

EXHIBIT R

SERVICING CRITERIA TO BE ADDRESSED

IN ASSESSMENT OF COMPLIANCE

(RMBS unless otherwise noted)

[TO BE UPDATED]

	 	 	 
	Definitions

	 	Key:
	Primary Servicer — transaction party having borrower contact

	 	          X - obligation

Custodian — safe keeper of certain pool assets

Trustee — fiduciary of the transaction

Paying Agent — agent of the Trustee

Where there are multiple checks for criteria the attesting party will identify in their
management assertion that they are attesting only to the portion of the distribution chain they are
responsible for in the related transaction agreements.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	The Bank of	 	The Bank of	 	 
	 	 	 	 	 	 	New York	 	New York	 	 
	 	 	 	 	JPMorgan*	 	Trust	 	Trust	 	JPMorgan
	 	 	 	 	Chase Bank,	 	Company,	 	Company,	 	Chase Bank,
	Reg AB	 	 	 	N.A.	 	N.A. (Paying	 	N.A.	 	N.A.
	Reference	 	Servicing Criteria	 	(Servicer)	 	Agent)	 	(Trustee)	 	(Custodian)
	 	 	General Servicing Considerations
	 	 	 	 	 	 	 	 
	1122(d)(1)(i)
	 	Policies and procedures are
instituted to monitor any
performance or other triggers
and events of default in
accordance with the transaction
agreements.

	 	X
	 	X	 	 	 	 
	1122(d)(1)(ii)
	 	If any material servicing
activities are outsourced to
third parties, policies and
procedures are instituted to
monitor the third party’s
performance and compliance with
such servicing activities.

	 	X
	 	If applicable

for a transaction

participant
	 	 	 	If applicable

for a

transaction

participant
	1122(d)(1)(iii)
	 	Any requirements in the
transaction agreements to
maintain a back-up servicer for
the Pool Assets are maintained.

	 	X
	 	N/A
	 	N/A	 	 
	1122(d)(1)(iv)
	 	A fidelity bond and errors and
omissions policy is in effect on
the party participating in the
servicing function throughout
the reporting period in the
amount of coverage required by
and otherwise in accordance with
the terms of the transaction
agreements.

	 	X	 	 	 	 	 	 

R-1

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	The Bank of	 	The Bank of	 	 
	 	 	 	 	 	 	New York	 	New York	 	 
	 	 	 	 	JPMorgan*	 	Trust	 	Trust	 	JPMorgan
	 	 	 	 	Chase Bank,	 	Company,	 	Company,	 	Chase Bank,
	Reg AB	 	 	 	N.A.	 	N.A. (Paying	 	N.A.	 	N.A.
	Reference	 	Servicing Criteria	 	(Servicer)	 	Agent)	 	(Trustee)	 	(Custodian)
	 	 	Cash Collection and
Administration
	 	 	 	 	 	 	 	 
	1122(d)(2)(i)
	 	Payments on pool assets are
deposited into the appropriate
custodial bank accounts and
related bank clearing accounts
no more than two business days
following receipt, or such other
number of days specified in the
transaction agreements.

	 	X
	 	X	 	 	 	 
	1122(d)(2)(ii)
	 	Disbursements made via wire
transfer on behalf of an obligor
or to an investor are made only
by authorized personnel.

	 	X
	 	X	 	 	 	 
	1122(d)(2)(iii)
	 	Advances of funds or guarantees
regarding collections, cash
flows or distributions, and any
interest or other fees charged
for such advances, are made,
reviewed and approved as
specified in the transaction
agreements.

	 	X	 	 	 	 	 	 
	1122(d)(2)(iv)
	 	The related accounts for the
transaction, such as cash
reserve accounts or accounts
established as a form of over
collateralization, are
separately maintained (e.g.,
with respect to commingling of
cash) as set forth in the
transaction agreements.

	 	X
	 	X	 	 	 	 
	1122(d)(2)(v)**
	 	Each custodial account is
maintained at a federally
insured depository institution
as set forth in the transaction
agreements. For purposes of this
criterion, “federally insured
depository institution” with
respect to a foreign financial
institution means a foreign
financial institution that meets
the requirements of Rule
13k-1(b)(1) of the Securities
Exchange Act.

	 	X
	 	X	 	 	 	 
	1122(d)(2)(vi)
	 	Unissued checks are safeguarded
so as to prevent unauthorized
access.

	 	X
	 	If applicable	 	 	 	 
	1122(d)(2)(vii)
	 	Reconciliations are prepared on
a monthly basis for all
asset-backed securities related
bank accounts, including
custodial accounts and related
bank clearing accounts. These
reconciliations are (A)
mathematically accurate; (B)
prepared within 30 calendar days
after the bank statement cutoff
date, or such other number of
days specified in the
transaction agreements; (C)
reviewed and approved by someone
other than the
	 	X
	 	X	 	 	 	 

R-2

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	The Bank of	 	The Bank of	 	 
	 	 	 	 	 	 	New York	 	New York	 	 
	 	 	 	 	JPMorgan*	 	Trust	 	Trust	 	JPMorgan
	 	 	 	 	Chase Bank,	 	Company,	 	Company,	 	Chase Bank,
	Reg AB	 	 	 	N.A.	 	N.A. (Paying	 	N.A.	 	N.A.
	Reference	 	Servicing Criteria	 	(Servicer)	 	Agent)	 	(Trustee)	 	(Custodian)
	 	 	person who
prepared the reconciliation; and
(D) contain explanations for
reconciling items. These
reconciling items are resolved
within 90 calendar days of their
original identification, or such
other number of days specified
in the transaction agreements.

	 	 
	 	 	 	 	 	 
	 	 	Investor Remittances and
Reporting
	 	 	 	 	 	 	 	 
	1122(d)(3)(i)
	 	Reports to investors, including
those to be filed with the
Commission, are maintained in
accordance with the transaction
agreements and applicable
Commission requirements.
Specifically, such reports (A)
are prepared in accordance with
timeframes and other terms set
forth in the transaction
agreements; (B) provide
information calculated in
accordance with the terms
specified in the transaction
agreements; (C) are filed with
the Commission as required by
its rules and regulations; and
(D) agree with investors’ or the
trustee’s records as to the
total unpaid principal balance
and number of Pool Assets
serviced by the Servicer.

	 	X
	 	X

(not

including (c))	 	 	 	 
	1122(d)(3)(ii)
	 	Amounts due to investors are
allocated and remitted in
accordance with timeframes,
distribution priority and other
terms set forth in the
transaction agreements.

	 	X
	 	X	 	 	 	 
	1122(d)(3)(iii)
	 	Disbursements made to an
investor are posted within two
business days to the Servicer’s
investor records, or such other
number of days specified in the
transaction agreements.

	 	X
	 	X	 	 	 	 
	1122(d)(3)(iv)
	 	Amounts remitted to investors
per the investor reports agree
with cancelled checks, or other
form of payment, or custodial
bank statements.

	 	X
	 	X	 	 	 	 
	 	 	Pool Asset Administration
	 	 	 	 	 	 	 	 
	1122(d)(4)(i)
	 	Collateral or security on pool
assets is maintained as required
by the transaction agreements or
related pool asset documents.

	 	X
	 	 	 	 	 	X
	1122(d)(4)(ii)
	 	Pool assets and related
documents are safeguarded as
required by the transaction
agreements

	 	X
	 	 	 	 	 	X
	1122(d)(4)(iii)
	 	Any additions, removals or
substitutions to the asset pool
are
	 	X	 	 	 	 	 	 

R-3

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	The Bank of	 	The Bank of	 	 
	 	 	 	 	 	 	New York	 	New York	 	 
	 	 	 	 	JPMorgan*	 	Trust	 	Trust	 	JPMorgan
	 	 	 	 	Chase Bank,	 	Company,	 	Company,	 	Chase Bank,
	Reg AB	 	 	 	N.A.	 	N.A. (Paying	 	N.A.	 	N.A.
	Reference	 	Servicing Criteria	 	(Servicer)	 	Agent)	 	(Trustee)	 	(Custodian)
	 	 	made, reviewed and approved
in accordance with any
conditions or requirements in
the transaction agreements.

	 	 	 	 	 	 	 	 
	1122(d)(4)(iv)
	 	Payments on pool assets,
including any payoffs, made in
accordance with the related pool
asset documents are posted to
the Servicer’s obligor records
maintained no more than two
business days after receipt, or
such other number of days
specified in the transaction
agreements, and allocated to
principal, interest or other
items (e.g., escrow) in
accordance with the related pool
asset documents.

	 	X	 	 	 	 	 	 
	1122(d)(4)(v)
	 	The Servicer’s records regarding
the pool assets agree with the
Servicer’s records with respect
to an obligor’s unpaid principal
balance.

	 	X	 	 	 	 	 	 
	1122(d)(4)(vi)
	 	Changes with respect to the
terms or status of an obligor’s
pool assets (e.g., loan
modifications or re-agings) are
made, reviewed and approved by
authorized personnel in
accordance with the transaction
agreements and related pool
asset documents.

	 	X	 	 	 	 	 	 
	1122(d)(4)(vii)
	 	Loss mitigation or recovery
actions (e.g., forbearance
plans, modifications and deeds
in lieu of foreclosure,
foreclosures and repossessions,
as applicable) are initiated,
conducted and concluded in
accordance with the timeframes
or other requirements
established by the transaction
agreements.

	 	X	 	 	 	 	 	 
	1122(d)(4)(viii)
	 	Records documenting collection
efforts are maintained during
the period a pool asset is
delinquent in accordance with
the transaction agreements. Such
records are maintained on at
least a monthly basis, or such
other period specified in the
transaction agreements, and
describe the entity’s activities
in monitoring delinquent pool
assets including, for example,
phone calls, letters and payment
rescheduling plans in cases
where delinquency is deemed
temporary (e.g., illness or
unemployment).

	 	X	 	 	 	 	 	 
	1122(d)(4)(ix)
	 	Adjustments to interest rates or
rates of
	 	X	 	 	 	 	 	 

R-4

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	The Bank of	 	The Bank of	 	 
	 	 	 	 	 	 	New York	 	New York	 	 
	 	 	 	 	JPMorgan*	 	Trust	 	Trust	 	JPMorgan
	 	 	 	 	Chase Bank,	 	Company,	 	Company,	 	Chase Bank,
	Reg AB	 	 	 	N.A.	 	N.A. (Paying	 	N.A.	 	N.A.
	Reference	 	Servicing Criteria	 	(Servicer)	 	Agent)	 	(Trustee)	 	(Custodian)
	 	 	return for pool assets
with variable rates are computed
based on the related pool asset
documents.

	 	 	 	 	 	 	 	 
	1122(d)(4)(x)
	 	Regarding any funds held in
trust for an obligor (such as
escrow accounts): (A) such funds
are analyzed, in accordance with
the obligor’s pool asset
documents, on at least an annual
basis, or such other period
specified in the transaction
agreements; (B) interest on such
funds is paid, or credited, to
obligors in accordance with
applicable pool asset documents
and state laws; and (C) such
funds are returned to the
obligor within 30 calendar days
of full repayment of the related
pool assets, or such other
number of days specified in the
transaction agreements.

	 	X	 	 	 	 	 	 
	1122(d)(4)(xi)
	 	Payments made on behalf of an
obligor (such as tax or
insurance payments) are made on
or before the related penalty or
expiration dates, as indicated
on the appropriate bills or
notices for such payments,
provided that such support has
been received by the servicer at
least 30 calendar days prior to
these dates, or such other
number of days specified in the
transaction agreements.

	 	X	 	 	 	 	 	 
	1122(d)(4)(xii)
	 	Any late payment penalties in
connection with any payment to
be made on behalf of an obligor
are paid from the Servicer’s
funds and not charged to the
obligor, unless the late payment
was due to the obligor’s error
or omission.

	 	X	 	 	 	 	 	 
	1122(d)(4)(xiii)
	 	Disbursements made on behalf of
an obligor are posted within two
business days to the obligor’s
records maintained by the
servicer, or such other number
of days specified in the
transaction agreements.

	 	X	 	 	 	 	 	 
	1122(d)(4)(xiv)
	 	Delinquencies, charge-offs and
uncollectible accounts are
recognized and recorded in
accordance with the transaction
agreements.

	 	X	 	 	 	 	 	 
	1122(d)(4)(xv)
	 	Any external enhancement or
other support, identified in
Item 1114(a)(1) through (3) or
Item 1115 of Regulation AB, is
maintained as set forth in the
transaction agreements.

	 	X	 	 	 	 	 	 

R-5

 

 

			
	*	 	Certain obligations will be satisfied by Chase Home Finance LLC as subservicer.
	 
	**	 	Subject to further interpretation by the SEC.

R-6

 

EXHIBIT S

FORM OF SARBANES-OXLEY CERTIFICATION

[DATE]

Chase Mortgage Finance Corporation

300 Tice Boulevard, Third Floor

Woodcliff Lake, New Jersey 07675

			
	          Re:	 	Chase Mortgage Finance Trust Series [        ], Multi-Class Mortgage 

Pass-Through Certificates, Series [        ]

I, [identify the certifying individual], certify that:

     I have reviewed the report on Form 10-K and all reports on Form 10-D required to be filed in
respect of the period covered by this report on Form 10-K of [identify the issuing entity] (the
“Exchange Act periodic reports”);

     1. Based on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

     2. Based on my knowledge, all of the distribution, servicing and other information required to
be provided under Form 10-D for the period covered by this report is included in the Exchange Act
periodic reports;

     3. [I am responsible for reviewing the activities performed by the servicer(s) and based on my
knowledge and the compliance review(s) conducted in preparing the servicer compliance statement(s)
required in this report under Item 1123 of Regulation AB, and except as disclosed in the Exchange
Act periodic reports, the servicer(s) [has/have] fulfilled [its/their] obligations under the
servicing agreement(s); and]

     4. All of the reports on assessment of compliance with servicing criteria for ABS and their
related attestation reports on assessment of compliance with servicing criteria for asset-backed
securities required to be included in this report in accordance with Item 1122 of Regulation AB and
Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except as
otherwise disclosed in this report. Any material instances of noncompliance described in such
reports have been disclosed in this report on Form 10-K.

[In giving the certifications above, I have reasonably relied on information provided to me by the
following unaffiliated parties [name of servicer, sub-servicer, co-servicer, depositor or
trustee].]

     Date:                                         

	 	 	 	 	 
	 	 	 
	 	  	 	 
	 	 	                                           [Signature] 	 
	 	 	[Title] 	 
	 

S-1

 

EXHIBIT T

FORM OF ITEM 1123 CERTIFICATION OF SERVICER

[DATE]

Chase Mortgage Finance Corporation

300 Tice Boulevard, Third Floor

Woodcliff Lake, New Jersey 07675

			
	          Re:	 	Chase Mortgage Finance Trust Series [        ], Multi-Class Mortgage Pass-

Through Certificates, Series [        ]

I, [identify name of certifying individual], [title of certifying individual] of JPMorgan Chase
Bank, N.A. (the “Servicer”), hereby certify that:

(1) A review of the activities of the Servicer during the preceding calendar year and of the
performance of the Servicer under the Agreement has been made under my supervision; and

(2) To the best of my knowledge, based on such review, the Servicer has fulfilled all its
obligations under the Agreement in all material respects throughout such year or a portion
thereof[, or, if there has been a failure to fulfill any such obligation in any material respect, I
have specified below each such failure known to me and the nature and status thereof].

Date:

	 	 	 	 	 
	 	JPMorgan Chase Bank, N.A.,

as Servicer

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

T-1

 

	 	 	 	 	 

EXHIBIT U

FORM OF CLASS A-1 YIELD MAINTENANCE AGREEMENT

[        ]

Rate Collar Transaction

Chase Mortgage Finance Trust Series [        ]

Attn: Chris Jackson

Re: Interest Rate Transaction No: [ ]

Ladies and Gentlemen:

The purpose of this letter agreement is to set forth the terms and conditions of the rate collar
transaction (the “Interest Rate Transaction”) entered into between JPMorgan Chase Bank, N.A. (the
“Derivative Provider”) and The Bank of New York Trust Company, N.A., not in its individual
capacity, but solely as Paying Agent on behalf of Chase Mortgage
Finance Trust Series [        ] (the
“Counterparty”) on [        ]. This agreement constitutes a “Confirmation” as referred to in
and supplements, forms part of, and is subject to, the ISDA Master Agreement between the parties
hereto.

The particular Interest Rate Transaction to which this Confirmation relates is a Rate Collar
Transaction, the terms of which are set forth below.

The definitions and provisions contained in the 2000 ISDA Definitions, as published by the
International Swaps and Derivatives Association, Inc. are incorporated into this Confirmation. In
the event of any inconsistency between those definitions and provisions and this Confirmation, this
Confirmation will govern. The Interest Rate Transaction relates to the Class A1 Certificates issued
pursuant to the Pooling and Servicing Agreement dated as of [        ] among Chase Mortgage
Finance Corporation, as Depositor, The Bank of New York Trust Company, N.A., as Trustee and Paying
Agent, and JPMorgan Chase Bank, N.A., as Servicer (the “Pooling and Servicing Agreement”).

In consideration of the payment of the sum of USD $[ ] (the “Premium”) by J.P. Morgan Securities,
Inc. on behalf of Chase Home Finance, LLC to the Derivative Provider on or about [        ]
and in consideration of the promise by the Derivative Provider to make payments to the Counterparty
in accordance with Section 2 hereof, the parties hereto agree as follows

1. Definitions

	 	a.	 	“Ceiling Rate” means, with respect to any Calculation Period, the rate set forth as the
“Ceiling Rate” on the attached Schedule I.

	 	b.	 	“Floor Rate” means, with respect to any Calculation Period, the rate set forth as the
“Strike Rate” on the attached Schedule I.

	 	c.	 	“Business Day” means any day which is both a New York Business Day and a London
Business Day.

U-1

 

	 	d.	 	“Calculation Period” means, with respect to a Payment Date, the period, as set forth on
the attached Schedule I, from the Calculation Period Start Date to but excluding the
Calculation Period End Date, and including such Payment Date.

	 	e.	 	“Designated Maturity” means 1 month(s).

	 	f.	 	“Effective Date” means the first Calculation Period Start Date.

	 	g.	 	“Floating Rate” means, with respect to a Payment Date, the rate determined by the
Derivative Provider to be (i) the per annum rate for deposits in U.S. dollars for a period
of the Designated Maturity which appears on the Telerate Page 3750 Screen as of 11:00 a.m.,
London time, on the day that is two London Business Days prior to the Reset Date of the
Calculation Period of such Payment Date (rounded upwards, if necessary, to the nearest
1/100,000 of 1%); (ii) if such rate does not appear on the Telerate Page 3750 Screen, the
Floating Rate shall be the arithmetic mean (rounded as aforesaid) of the offered quotations
obtained by the Derivative Provider from the Reference Banks for deposits in U.S. dollars
to leading banks in the London interbank market as of approximately 11:00 a.m., London
time, on the day that is two London Business Days prior to the Reset Date of the
Calculation Period of such Payment Date; or (iii) if fewer than two Reference Banks provide
the Derivative Provider with such quotations, the Floating Rate shall be the rate per annum
which the Derivative Provider determines to be the arithmetic mean (rounded as aforesaid)
of the offered quotations which leading banks in New York City selected by the Derivative
Provider are quoting in the New York interbank market on the Reset Date of the Calculation
Period of such Payment Date for deposits in U.S. dollars to the Reference Banks or, if
fewer than two such quotations are available, to leading European and Canadian Banks.

	 	h.	 	“London Business Day” means any day on which banks are open for business in London and
on which dealings in deposits in U.S. dollars are transacted in the London interbank
market.

	 	i.	 	“Maximum Derivative Payment Amount” means, for any Payment Date, an amount which the
Paying Agent shall calculate in accordance with the Pooling and Servicing Agreement and
provide to the Derivative Provider no later than one Business Day prior to each Payment
Date.

	 	j.	 	“New York Business Day” means any day on which banks are not required or authorized by
law to close in New York City.

	 	k.	 	“Notional Principal Amount” means, with respect to any Calculation Period, the notional
amount set forth in the attached Schedule I.

	 	l.	 	“Payment Date” means the day that is two New York business days prior to each
Calculation Period End Date, provided that if such Payment Date is not a Business Day, such
Payment Date shall be the next preceding Business Day.

	 	m.	 	“Reference Banks” means four major banks in the London interbank market selected by the
Derivative Provider.

	 	n.	 	“Reset Date” means the first day of each Calculation Period.

U-2

 

	 	o.	 	“Telerate Page 3750 Screen” means the display designated as “Page 3750” on the Dow
Jones Telerate Service (or such other page as may replace Page 3750 on that service or such
other service as may be nominated by the British Bankers’ Association as the information
vendor for the purpose of displaying British Bankers’ Association Interest Settlement Rates
for U.S. Dollar deposits).

	 	p.	 	“Termination Date” means the last Calculation Period End Date.

	2.	 	Payments

	 	a.	 	The Derivative Provider agrees, subject to the payment of the Premium, to pay to the
Counterparty, on each Payment Date on which the related Floating Rate is determined to be
greater than the Floor Rate and less than the Ceiling Rate, an amount equal to the lesser
of 1) the Maximum Derivative Payment Amount for such Payment Date and 2) the product of (x)
the amount by which the Floating Rate exceeds the Floor Rate with respect to the
Calculation Period ending on or nearest such Payment Date, (y) the Notional Principal
Amount and (z) 30 divided by 360.

	 	b.	 	All payments to the Derivative Provider shall be made as follows.

Payments in USD

JPMORGAN CHASE BANK NA

JPMORGAN CHASE BANK NA

	 	c.	 	All payments to the Counterparty shall be made as follows:

	 
	Wire Transfer:

	     JPMorgan Chase Bank

	3.	 	Notices. Any notices hereunder 1) shall be in writing and hand-delivered or sent by
first-class mail, postage prepaid, return receipt requested, and shall be addressed to the
intended recipient at its address set forth on the signature page hereof or at such other
address as such party shall have last specified by notice to the other party and 2) shall be
effective (a) if delivered by hand or sent by overnight courier, on the day it is delivered,
unless delivery is made after the close of business or on a day that is not a Business Day, in
which case such notice will be effective on the next Business Day, or (b) if sent by certified
or registered mail or the equivalent (return receipt requested), three Business Days after
dispatch.

U-3

 

	 	 	All notices and queries to the Derivative Provider should be sent to:
	 
	 	 	All notices and queries to the Counterparty should be sent to:

	4.	 	Governing Law. This letter agreement shall be governed by and construed in
accordance with the laws of the State of New York.

	5.	 	Assignments. Neither party shall have the right to assign its rights or obligations
under this letter agreement without the prior written consent of the other party.

	6.	 	Set-off; Counterclaim. All payments under this letter agreement will be made without
set-off or counterclaim, except that each party will have the right to set-off, counterclaim
or withhold payment in respect of any default by the other party under this letter agreement
or under any other agreement between the parties.

	7.	 	Each Party’s Reliance on its Own Judgment. Each party has entered into this Rate
Collar Transaction solely in reliance on its own judgment. Neither party has any fiduciary
obligation to the other party relating to this Rate Collar Transaction. In addition, neither
party has held itself out as advising, or has held out any of its employees or agents as
having the authority to advise, the other party as to whether or not the other party should
enter into this Rate Collar Transaction, any subsequent actions relating to this Rate Collar
Transaction or any other matters relating to this Rate Collar Transaction. Neither party
shall have any responsibility or liability whatsoever in respect of any advice of this nature
given, or views expressed, by it or any of such persons to the other party relating to this
Rate Collar Transaction, whether or not such advice is given or such views are expressed at
the request of the other party.

	8.	 	Waiver of Right to Trial by Jury. Each party hereby irrevocably waives any and all
rights to trial by jury with respect to any legal proceeding arising out of or relating to
this letter agreement or the Rate Collar Transaction.

	9.	 	Limitation of Liability. It is expressly understood and agreed by the parties hereto
that (a) this Rate Collar Transaction is executed and delivered by the Counterparty, not
individually or personally but solely as Paying Agent of the Trust, in the exercise of the
powers and authority conferred and vested in it under the Pooling and Servicing Agreement, (b)
each of the representations, undertakings and agreements herein made on the part of the Trust
is made and intended for the purpose of binding only the Trust (c) nothing herein shall be
construed as creating any liability on the Counterparty, individually or personally, to
perform any covenant either expressed or implied contained herein, all such liability, if any,
being expressly waived by the parties who are signatories to this letter agreement and by any
person claiming by, through or under such parties, and (d) under no circumstances shall the
Counterparty be personally liable for the payment of any indebtedness or expenses of the Trust
or be liable for the breach or failure of any obligation, representation, warranty or covenant
made or undertaken by the Trust under this Rate Collar Transaction.

U-4

 

	10.	 	Reporting. Counterparty agrees to deliver, promptly upon request by the Derivative
Provider, or with respect to any particular type of report or other document as to which the
Derivative Provider has previously made request to receive all reports or documents of that
type, promptly upon delivery or receipt of such report or document by the Counterparty, any
report or other document required to be delivered by or to the Counterparty under the terms of
the Pooling and Servicing Agreement, other than those required to be delivered directly by the
Counterparty to the Derivative Provider thereunder.

	11.	 	Written confirmation. No later than each Reset Date, the Derivative Provider agrees
to deliver to the Counterparty a written confirmation containing the results of the
Calculations performed on each Reset Date and the amount which is to be paid to the
Counterparty on the next Payment Date.

	12.	 	Compliance with Regulation AB.

	 	(i)	 	If at any time after the date hereof for so long as the Counterparty is required to
file periodic reports under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) with respect to the Certificates, in the reasonable determination made in good faith
of Chase Mortgage Finance Corporation the aggregate “significance percentage” (as defined
in Regulation AB (“Regulation AB”) under the Securities Act of 1933, as amended, and the
Exchange Act) of all derivative instruments (contemplated by Item 1115 of Regulation AB)
provided by the Derivative Provider and any of its affiliates to the Counterparty is at
least 10% but less than 20%, the Derivative Provider shall, subject to subparagraph [(iii)]
below, within five (5) Business Days following request therefor provide the financial
information required under Item 1115(b)(1) of Regulation AB for the Derivative Provider
(and for the group of affiliated entities, if applicable) (the “Item 1115(b)(1)
Information”). Any such Item 1115(b)(1) Information shall be in a form suitable for
conversion to the format required for filing by the Depositor with the Securities and
Exchange Commission via the Electronic Data Gathering and Retrieval System (EDGAR).

	 	(ii)	 	If at any time after the date hereof for so long as the Counterparty is required to
file periodic reports under the Exchange Act with respect to the Certificates, in the
reasonable determination made in good faith of Chase Mortgage Finance Corporation, the
aggregate “significance percentage” of all derivative instruments (contemplated by Item
1115 of Regulation AB) provided by the Derivative Provider and any of its affiliates to the
Counterparty is at least 20%, the Derivative Provider shall, subject to subparagraph
[(iii)] below, within five (5) Business Days following request therefor provide the
financial information required under Item 1115(b)(2) of Regulation AB for the Derivative
Provider (and for the group of affiliated entities, if applicable) (the “Item 1115(b)(2)
Information”, and together with the Item 1115(b)(1) Information, the “Additional
Information”). Any such Item 1115(b)(2) Information shall be in a form suitable for
conversion to the format required for filing by the Depositor with the Securities and
Exchange Commission via the Electronic Data Gathering and Retrieval System (EDGAR). In
addition, any such Item 1115(b)(2) Information shall be accompanied by any necessary
auditor’s consents.

	 	(iii)	 	If the Derivative Provider is unable to provide any such Additional Information if, as
and when required, the Derivative Provider shall, at its option, within ten (10) Business
Days following request therefor, (1) promptly post collateral satisfactory to Chase
Mortgage Finance Corporation in an amount which is reasonably determined in good faith to
be sufficient to reduce the aggregate “significance percentage” to (x) in the case of
subparagraph (A) above, below 10%, and (y) in the case of subparagraph (B) above, provided
the Derivative Provider is able to meet the requirements of subparagraph (A) above, below
20%, in each case pursuant to a [credit

U-5

 

	 	 	 	support annex] or similar agreement reasonably satisfactory to the Chase Mortgage Finance
Corporation, or (2) at the sole expense of the Derivative Provider, without any expense or
liability to the Counterparty, transfer or assign its obligations under this Agreement to a
substitute counterparty reasonably acceptable to the Counterparty that (x) is able to
provide such Additional Information if, as and when required, and (y) enters into an
agreement similar in form to this Agreement pursuant to which such substitute counterparty
agrees to provide the Additional Information if, as and when required.

	 	(iv)	 	The Derivative Provider’s obligation to provide any such Additional Information shall
terminate beginning in any such year in which the Counterparty’s obligation to file
periodic reports under the Exchange Act has terminated.

U-6

 

JPMorgan Chase Bank, N.A.

	 	 	 	 	 
	 
	 	 
	 
	 	 	 	 
	Name:

	 	 

	 	 
	 
	 	 	 	 
	Title:

	 	 
	 	 

Chase Mortgage Finance Trust Series [        ]

By: Bank of New York Trust Company, N.A., not in its individual capacity, but solely as Paying
Agent on behalf of Chase Mortgage Finance Trust Series [        ]

     Name:

     Title:

U-7

 

Schedule I

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Calculation Period	 	Calculation Period End	 	Scheduled Notional	 	Cap Strike	 	Rate Cap
	Start Date	 	Date	 	Amount ($)	 	Rate (%)	 	Ceiling (%)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

U-8

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Calculation Period	 	Calculation Period End	 	Scheduled Notional	 	Cap Strike	 	Rate Cap
	Start Date	 	Date	 	Amount ($)	 	Rate (%)	 	Ceiling (%)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

U-9

 

EXHIBIT U-1

FORM OF CLASS A-3 YIELD MAINTENANCE AGREEMENT

[        ]

Rate Collar Transaction

Chase Mortgage Finance Trust Series [        ]

Attn: Chris Jackson

Re: Interest Rate Transaction No: [ ]

Ladies and Gentlemen:

The purpose of this letter agreement is to set forth the terms and conditions of the rate collar
transaction (the “Interest Rate Transaction”) entered into between JPMorgan Chase Bank, N.A. (the
“Derivative Provider”) and The Bank of New York Trust Company, N.A., not in its individual
capacity, but solely as Paying Agent on behalf of Chase Mortgage Finance Trust Series [        ] (the
“Counterparty”) on [        ]. This agreement constitutes a “Confirmation” as referred to in
and supplements, forms part of, and is subject to, the ISDA Master Agreement between the parties
hereto.

The particular Interest Rate Transaction to which this Confirmation relates is a Rate Collar
Transaction, the terms of which are set forth below.

The definitions and provisions contained in the 2000 ISDA Definitions, as published by the
International Swaps and Derivatives Association, Inc. are incorporated into this Confirmation. In
the event of any inconsistency between those definitions and provisions and this Confirmation, this
Confirmation will govern. The Interest Rate Transaction relates to the Class A4 Certificates issued
pursuant to the Pooling and Servicing Agreement dated as of [        ] among Chase Mortgage
Finance Corporation, as Depositor, The Bank of New York Trust Company, N.A., as Trustee and Paying
Agent, and JPMorgan Chase Bank, N.A., as Servicer (the “Pooling and Servicing Agreement”).

In consideration of the payment of the sum of USD $[ ] (the “Premium”) by J.P. Morgan Securities,
Inc. on behalf of Chase Home Finance, LLC to the Derivative Provider on or about [        ]
and in consideration of the promise by the Derivative Provider to make payments to the Counterparty
in accordance with Section 2 hereof, the parties hereto agree as follows

	13.	 	Definitions

	 	a.	 	“Ceiling Rate” means, with respect to any Calculation Period, the rate set forth as the
“Ceiling Rate” on the attached Schedule I.

	 	b.	 	“Floor Rate” means, with respect to any Calculation Period, the rate set forth as the
“Strike Rate” on the attached Schedule I.

	 	c.	 	“Business Day” means any day which is both a New York Business Day and a London
Business Day.

V-1

 

	 	d.	 	“Calculation Period” means, with respect to a Payment Date, the period, as set forth on
the attached Schedule I, from the Calculation Period Start Date to but excluding the
Calculation Period End Date, and including such Payment Date.

	 	e.	 	“Designated Maturity” means 1 month(s).

	 	f.	 	“Effective Date” means the first Calculation Period Start Date.

	 	g.	 	“Floating Rate” means, with respect to a Payment Date, the rate determined by the
Derivative Provider to be (i) the per annum rate for deposits in U.S. dollars for a period
of the Designated Maturity which appears on the Telerate Page 3750 Screen as of 11:00 a.m.,
London time, on the day that is two London Business Days prior to the Reset Date of the
Calculation Period of such Payment Date (rounded upwards, if necessary, to the nearest
1/100,000 of 1%); (ii) if such rate does not appear on the Telerate Page 3750 Screen, the
Floating Rate shall be the arithmetic mean (rounded as aforesaid) of the offered quotations
obtained by the Derivative Provider from the Reference Banks for deposits in U.S. dollars
to leading banks in the London interbank market as of approximately 11:00 a.m., London
time, on the day that is two London Business Days prior to the Reset Date of the
Calculation Period of such Payment Date; or (iii) if fewer than two Reference Banks provide
the Derivative Provider with such quotations, the Floating Rate shall be the rate per annum
which the Derivative Provider determines to be the arithmetic mean (rounded as aforesaid)
of the offered quotations which leading banks in New York City selected by the Derivative
Provider are quoting in the New York interbank market on the Reset Date of the Calculation
Period of such Payment Date for deposits in U.S. dollars to the Reference Banks or, if
fewer than two such quotations are available, to leading European and Canadian Banks.

	 	h.	 	“London Business Day” means any day on which banks are open for business in London and
on which dealings in deposits in U.S. dollars are transacted in the London interbank
market.

	 	i.	 	“Maximum Derivative Payment Amount” means, for any Payment Date, an amount which the
Paying Agent shall calculate in accordance with the Pooling and Servicing Agreement and
provide to the Derivative Provider no later than one Business Day prior to each Payment
Date.

	 	j.	 	“New York Business Day” means any day on which banks are not required or authorized by
law to close in New York City.

	 	k.	 	“Notional Principal Amount” means, with respect to any Calculation Period, the notional
amount set forth in the attached Schedule I.

	 	l.	 	“Payment Date” means the day that is two New York business days prior to each
Calculation Period End Date, provided that if such Payment Date is not a Business Day, such
Payment Date shall be the next preceding Business Day.

	 	m.	 	“Reference Banks” means four major banks in the London interbank market selected by the
Derivative Provider.

	 	n.	 	“Reset Date” means the first day of each Calculation Period.

U-1-2

 

	 	o.	 	“Telerate Page 3750 Screen” means the display designated as “Page 3750” on the Dow
Jones Telerate Service (or such other page as may replace Page 3750 on that service or such
other service as may be nominated by the British Bankers’ Association as the information
vendor for the purpose of displaying British Bankers’ Association Interest Settlement Rates
for U.S. Dollar deposits).

	 	p.	 	“Termination Date” means the last Calculation Period End Date.

	14.	 	Payments

	 	a.	 	The Derivative Provider agrees, subject to the payment of the Premium, to pay to the
Counterparty, on each Payment Date on which the related Floating Rate is determined to be
greater than the Floor Rate and less than the Ceiling Rate, an amount equal to the lesser
of 1) the Maximum Derivative Payment Amount for such Payment Date and 2) the product of (x)
the amount by which the Floating Rate exceeds the Floor Rate with respect to the
Calculation Period ending on or nearest such Payment Date, (y) the Notional Principal
Amount and (z) 30 divided by 360.

	 	b.	 	All payments to the Derivative Provider shall be made as follows.

Payments in USD

JPMORGAN CHASE BANK NA

JPMORGAN CHASE BANK NA

	 	c.	 	All payments to the Counterparty shall be made as follows:

Wire Transfer: 

     JPMorgan Chase Bank

	15.	 	Notices. Any notices hereunder 1) shall be in writing and hand-delivered or sent by
first-class mail, postage prepaid, return receipt requested, and shall be addressed to the
intended recipient at its address set forth on the signature page hereof or at such other
address as such party shall have last specified by notice to the other party and 2) shall be
effective (a) if delivered by hand or sent by overnight courier, on the day it is delivered,
unless delivery is made after the close of business or on a day that is not a Business Day, in
which case such notice will be effective on the next Business Day, or (b) if sent by certified
or registered mail or the equivalent (return receipt requested), three Business Days after
dispatch.

U-1-3

 

	 	 	All notices and queries to the Derivative Provider should be sent to:
	 
	 	 	All notices and queries to the Counterparty should be sent to:

	16.	 	Governing Law. This letter agreement shall be governed by and construed in
accordance with the laws of the State of New York.

	17.	 	Assignments. Neither party shall have the right to assign its rights or obligations
under this letter agreement without the prior written consent of the other party.

	18.	 	Set-off; Counterclaim. All payments under this letter agreement will be made without
set-off or counterclaim, except that each party will have the right to set-off, counterclaim
or withhold payment in respect of any default by the other party under this letter agreement
or under any other agreement between the parties.

	19.	 	Each Party’s Reliance on its Own Judgment. Each party has entered into this Rate
Collar Transaction solely in reliance on its own judgment. Neither party has any fiduciary
obligation to the other party relating to this Rate Collar Transaction. In addition, neither
party has held itself out as advising, or has held out any of its employees or agents as
having the authority to advise, the other party as to whether or not the other party should
enter into this Rate Collar Transaction, any subsequent actions relating to this Rate Collar
Transaction or any other matters relating to this Rate Collar Transaction. Neither party
shall have any responsibility or liability whatsoever in respect of any advice of this nature
given, or views expressed, by it or any of such persons to the other party relating to this
Rate Collar Transaction, whether or not such advice is given or such views are expressed at
the request of the other party.

	20.	 	Waiver of Right to Trial by Jury. Each party hereby irrevocably waives any and all
rights to trial by jury with respect to any legal proceeding arising out of or relating to
this letter agreement or the Rate Collar Transaction.

	21.	 	Limitation of Liability. It is expressly understood and agreed by the parties hereto
that (a) this Rate Collar Transaction is executed and delivered by the Counterparty, not
individually or personally but solely as Paying Agent of the Trust, in the exercise of the
powers and authority conferred and vested in it under the Pooling and Servicing Agreement, (b)
each of the representations, undertakings and agreements herein made on the part of the Trust
is made and intended for the purpose of binding only the Trust (c) nothing herein shall be
construed as creating any liability on the Counterparty, individually or personally, to
perform any covenant either expressed or implied contained herein, all such liability, if any,
being expressly waived by the parties who are signatories to this letter agreement and by any
person claiming by, through or under such parties, and (d) under no circumstances shall the
Counterparty be personally liable for the payment of any indebtedness or expenses of the Trust
or be liable for the breach or failure of any obligation, representation, warranty or covenant
made or undertaken by the Trust under this Rate Collar Transaction.

U-1-4

 

	22.	 	Reporting. Counterparty agrees to deliver, promptly upon request by the Derivative
Provider, or with respect to any particular type of report or other document as to which the
Derivative Provider has previously made request to receive all reports or documents of that
type, promptly upon delivery or receipt of such report or document by the Counterparty, any
report or other document required to be delivered by or to the Counterparty under the terms of
the Pooling and Servicing Agreement, other than those required to be delivered directly by the
Counterparty to the Derivative Provider thereunder.

	23.	 	Written confirmation. No later than each Reset Date, the Derivative Provider agrees
to deliver to the Counterparty a written confirmation containing the results of the
Calculations performed on each Reset Date and the amount which is to be paid to the
Counterparty on the next Payment Date.

	24.	 	Compliance with Regulation AB.

	 	(i)	 	If at any time after the date hereof for so long as the Counterparty is required to
file periodic reports under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) with respect to the Certificates, in the reasonable determination made in good faith
of Chase Mortgage Finance Corporation the aggregate “significance percentage” (as defined
in Regulation AB (“Regulation AB”) under the Securities Act of 1933, as amended, and the
Exchange Act) of all derivative instruments (contemplated by Item 1115 of Regulation AB)
provided by the Derivative Provider and any of its affiliates to the Counterparty is at
least 10% but less than 20%, the Derivative Provider shall, subject to subparagraph [(iii)]
below, within five (5) Business Days following request therefor provide the financial
information required under Item 1115(b)(1) of Regulation AB for the Derivative Provider
(and for the group of affiliated entities, if applicable) (the “Item 1115(b)(1)
Information”). Any such Item 1115(b)(1) Information shall be in a form suitable for
conversion to the format required for filing by the Depositor with the Securities and
Exchange Commission via the Electronic Data Gathering and Retrieval System (EDGAR).

	 	(ii)	 	If at any time after the date hereof for so long as the Counterparty is required to
file periodic reports under the Exchange Act with respect to the Certificates, in the
reasonable determination made in good faith of Chase Mortgage Finance Corporation, the
aggregate “significance percentage” of all derivative instruments (contemplated by Item
1115 of Regulation AB) provided by the Derivative Provider and any of its affiliates to the
Counterparty is at least 20%, the Derivative Provider shall, subject to subparagraph
[(iii)] below, within five (5) Business Days following request therefor provide the
financial information required under Item 1115(b)(2) of Regulation AB for the Derivative
Provider (and for the group of affiliated entities, if applicable) (the “Item 1115(b)(2)
Information”, and together with the Item 1115(b)(1) Information, the “Additional
Information”). Any such Item 1115(b)(2) Information shall be in a form suitable for
conversion to the format required for filing by the Depositor with the Securities and
Exchange Commission via the Electronic Data Gathering and Retrieval System (EDGAR). In
addition, any such Item 1115(b)(2) Information shall be accompanied by any necessary
auditor’s consents.

	 	(iii)	 	If the Derivative Provider is unable to provide any such Additional Information if, as
and when required, the Derivative Provider shall, at its option, within ten (10) Business
Days following request therefor, (1) promptly post collateral satisfactory to Chase
Mortgage Finance Corporation in an amount which is reasonably determined in good faith to
be sufficient to reduce the aggregate “significance percentage” to (x) in the case of
subparagraph (A) above, below 10%, and (y) in the case of subparagraph (B) above, provided
the Derivative Provider is able to meet the requirements of subparagraph (A) above, below
20%, in each case pursuant to a [credit

U-1-5

 

	 	 	 	support annex] or similar agreement reasonably satisfactory to the Chase Mortgage Finance
Corporation, or (2) at the sole expense of the Derivative Provider, without any expense or
liability to the Counterparty, transfer or assign its obligations under this Agreement to a
substitute counterparty reasonably acceptable to the Counterparty that (x) is able to
provide such Additional Information if, as and when required, and (y) enters into an
agreement similar in form to this Agreement pursuant to which such substitute counterparty
agrees to provide the Additional Information if, as and when required.

	 	(iv)	 	The Derivative Provider’s obligation to provide any such Additional Information shall
terminate beginning in any such year in which the Counterparty’s obligation to file
periodic reports under the Exchange Act has terminated.

U-1-6

 

	 
	JPMorgan Chase Bank, N.A.

	 	 	 	 	 
	 
	 	 
	 
	 	 	 	 
	Name:

	 	 

	 	 
	 
	 	 	 	 
	Title:

	 	 
	 	 

Chase Mortgage Finance Trust Series [        ]

By: Bank of New York Trust Company, N.A., not in its individual capacity, but solely as Paying
Agent on behalf of Chase Mortgage Finance Trust
Series [        ]

     Name:

     Title:

U-1-7

 

Schedule I

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Calculation Period	 	Calculation Period End	 	Scheduled Notional	 	Cap Strike	 	Rate Cap
	Start Date	 	Date	 	Amount ($)	 	Rate (%)	 	Ceiling (%)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

U-1-8

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Calculation Period	 	Calculation Period End	 	Scheduled Notional	 	Cap Strike	 	Rate Cap
	Start Date	 	Date	 	Amount ($)	 	Rate (%)	 	Ceiling (%)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

U-1-9

 

EXHIBIT U-2

FORM OF CLASS A-4 YIELD MAINTENANCE AGREEMENT

[        ]

Rate Collar Transaction

Chase Mortgage Finance Trust Series [        ]

Attn: Chris Jackson

Re: Interest Rate Transaction No: [ ]

Ladies and Gentlemen:

The purpose of this letter agreement is to set forth the terms and conditions of the rate collar
transaction (the “Interest Rate Transaction”) entered into between JPMorgan Chase Bank, N.A. (the
“Derivative Provider”) and The Bank of New York Trust Company, N.A., not in its individual
capacity, but solely as Paying Agent on behalf of Chase Mortgage Finance Trust Series [        ] (the
“Counterparty”) on [        ]. This agreement constitutes a “Confirmation” as referred to in
and supplements, forms part of, and is subject to, the ISDA Master Agreement between the parties
hereto.

The particular Interest Rate Transaction to which this Confirmation relates is a Rate Collar
Transaction, the terms of which are set forth below.

The definitions and provisions contained in the 2000 ISDA Definitions, as published by the
International Swaps and Derivatives Association, Inc. are incorporated into this Confirmation. In
the event of any inconsistency between those definitions and provisions and this Confirmation, this
Confirmation will govern. The Interest Rate Transaction relates to the Class A4 Certificates issued
pursuant to the Pooling and Servicing Agreement dated as of [        ] among Chase Mortgage
Finance Corporation, as Depositor, The Bank of New York Trust Company, N.A., as Trustee and Paying
Agent, and JPMorgan Chase Bank, N.A., as Servicer (the “Pooling and Servicing Agreement”).

In consideration of the payment of the sum of USD $[ ] (the “Premium”) by J.P. Morgan Securities,
Inc. on behalf of Chase Home Finance, LLC to the Derivative Provider on or about [        ]
and in consideration of the promise by the Derivative Provider to make payments to the Counterparty
in accordance with Section 2 hereof, the parties hereto agree as follows

	25.	 	Definitions

	 	a.	 	“Ceiling Rate” means, with respect to any Calculation Period, the rate set forth as the
“Ceiling Rate” on the attached Schedule I.
	 
	 	b.	 	“Floor Rate” means, with respect to any Calculation Period, the rate set forth as the
“Strike Rate” on the attached Schedule I.

U-1-10

 

	 	c.	 	“Business Day” means any day which is both a New York Business Day and a London
Business Day.
	 
	 	d.	 	“Calculation Period” means, with respect to a Payment Date, the period, as set forth on
the attached Schedule I, from the Calculation Period Start Date to but excluding the
Calculation Period End Date, and including such Payment Date.
	 
	 	e.	 	“Designated Maturity” means 1 month(s).
	 
	 	f.	 	“Effective Date” means the first Calculation Period Start Date.
	 
	 	g.	 	“Floating Rate” means, with respect to a Payment Date, the rate determined by the
Derivative Provider to be (i) the per annum rate for deposits in U.S. dollars for a period
of the Designated Maturity which appears on the Telerate Page 3750 Screen as of 11:00 a.m.,
London time, on the day that is two London Business Days prior to the Reset Date of the
Calculation Period of such Payment Date (rounded upwards, if necessary, to the nearest
1/100,000 of 1%); (ii) if such rate does not appear on the Telerate Page 3750 Screen, the
Floating Rate shall be the arithmetic mean (rounded as aforesaid) of the offered quotations
obtained by the Derivative Provider from the Reference Banks for deposits in U.S. dollars
to leading banks in the London interbank market as of approximately 11:00 a.m., London
time, on the day that is two London Business Days prior to the Reset Date of the
Calculation Period of such Payment Date; or (iii) if fewer than two Reference Banks provide
the Derivative Provider with such quotations, the Floating Rate shall be the rate per annum
which the Derivative Provider determines to be the arithmetic mean (rounded as aforesaid)
of the offered quotations which leading banks in New York City selected by the Derivative
Provider are quoting in the New York interbank market on the Reset Date of the Calculation
Period of such Payment Date for deposits in U.S. dollars to the Reference Banks or, if
fewer than two such quotations are available, to leading European and Canadian Banks.
	 
	 	h.	 	“London Business Day” means any day on which banks are open for business in London and
on which dealings in deposits in U.S. dollars are transacted in the London interbank
market.
	 
	 	i.	 	“Maximum Derivative Payment Amount” means, for any Payment Date, an amount which the
Paying Agent shall calculate in accordance with the Pooling and Servicing Agreement and
provide to the Derivative Provider no later than one Business Day prior to each Payment
Date.
	 
	 	j.	 	“New York Business Day” means any day on which banks are not required or authorized by
law to close in New York City.
	 
	 	k.	 	“Notional Principal Amount” means, with respect to any Calculation Period, the notional
amount set forth in the attached Schedule I.
	 
	 	l.	 	“Payment Date” means the day that is two New York business days prior to each
Calculation Period End Date, provided that if such Payment Date is not a Business Day, such
Payment Date shall be the next preceding Business Day.
	 
	 	m.	 	“Reference Banks” means four major banks in the London interbank market selected by the
Derivative Provider.

U-1-11

 

	 	n.	 	“Reset Date” means the first day of each Calculation Period.
	 
	 	o.	 	“Telerate Page 3750 Screen” means the display designated as “Page 3750” on the Dow
Jones Telerate Service (or such other page as may replace Page 3750 on that service or such
other service as may be nominated by the British Bankers’ Association as the information
vendor for the purpose of displaying British Bankers’ Association Interest Settlement Rates
for U.S. Dollar deposits).
	 
	 	p.	 	“Termination Date” means the last Calculation Period End Date.

	26.	 	Payments

	 	a.	 	The Derivative Provider agrees, subject to the payment of the Premium, to pay to the
Counterparty, on each Payment Date on which the related Floating Rate is determined to be
greater than the Floor Rate and less than the Ceiling Rate, an amount equal to the lesser
of 1) the Maximum Derivative Payment Amount for such Payment Date and 2) the product of (x)
the amount by which the Floating Rate exceeds the Floor Rate with respect to the
Calculation Period ending on or nearest such Payment Date, (y) the Notional Principal
Amount and (z) 30 divided by 360.
	 
	 	b.	 	All payments to the Derivative Provider shall be made as follows.
	 
	 	 	 	Payments in USD

JPMORGAN CHASE BANK NA

   JPMORGAN CHASE BANK NA
	 
	 	c.	 	All payments to the Counterparty shall be made as follows:
	 
	 	 	 	Wire Transfer:

     JPMorgan Chase Bank

	27.	 	Notices. Any notices hereunder 1) shall be in writing and hand-delivered or sent by
first-class mail, postage prepaid, return receipt requested, and shall be addressed to the
intended recipient at its address set forth on the signature page hereof or at such other
address as such party shall have last specified by notice to the other party and 2) shall be
effective (a) if delivered by hand or sent by overnight courier, on the day it is delivered,
unless delivery is made after the close of business or on a day that is not a Business Day, in
which case such notice will be effective on the next Business Day,

U-1-12

 

	 	 	or (b) if sent by certified or registered mail or the equivalent (return receipt requested),
three Business Days after dispatch.
	 
	 	 	All notices and queries to the Derivative Provider should be sent to:
	 
	 	 	All notices and queries to the Counterparty should be sent to:

	28.	 	Governing Law. This letter agreement shall be governed by and construed in
accordance with the laws of the State of New York.
	 
	29.	 	Assignments. Neither party shall have the right to assign its rights or obligations
under this letter agreement without the prior written consent of the other party.
	 
	30.	 	Set-off; Counterclaim. All payments under this letter agreement will be made without
set-off or counterclaim, except that each party will have the right to set-off, counterclaim
or withhold payment in respect of any default by the other party under this letter agreement
or under any other agreement between the parties.
	 
	31.	 	Each Party’s Reliance on its Own Judgment. Each party has entered into this Rate
Collar Transaction solely in reliance on its own judgment. Neither party has any fiduciary
obligation to the other party relating to this Rate Collar Transaction. In addition, neither
party has held itself out as advising, or has held out any of its employees or agents as
having the authority to advise, the other party as to whether or not the other party should
enter into this Rate Collar Transaction, any subsequent actions relating to this Rate Collar
Transaction or any other matters relating to this Rate Collar Transaction. Neither party
shall have any responsibility or liability whatsoever in respect of any advice of this nature
given, or views expressed, by it or any of such persons to the other party relating to this
Rate Collar Transaction, whether or not such advice is given or such views are expressed at
the request of the other party.
	 
	32.	 	Waiver of Right to Trial by Jury. Each party hereby irrevocably waives any and all
rights to trial by jury with respect to any legal proceeding arising out of or relating to
this letter agreement or the Rate Collar Transaction.
	 
	33.	 	Limitation of Liability. It is expressly understood and agreed by the parties hereto
that (a) this Rate Collar Transaction is executed and delivered by the Counterparty, not
individually or personally but solely as Paying Agent of the Trust, in the exercise of the
powers and authority conferred and vested in it under the Pooling and Servicing Agreement, (b)
each of the representations, undertakings and agreements herein made on the part of the Trust
is made and intended for the purpose of binding only the Trust (c) nothing herein shall be
construed as creating any liability on the Counterparty, individually or personally, to
perform any covenant either expressed or implied contained herein, all such liability, if any,
being expressly waived by the parties who are signatories to this letter agreement and by any
person claiming by, through or under such parties, and (d) under no

U-1-13

 

	 	 	circumstances shall the Counterparty be personally liable for the payment of any indebtedness or
expenses of the Trust or be liable for the breach or failure of any obligation, representation,
warranty or covenant made or undertaken by the Trust under this Rate Collar Transaction.
	34.	 	Reporting. Counterparty agrees to deliver, promptly upon request by the Derivative
Provider, or with respect to any particular type of report or other document as to which the
Derivative Provider has previously made request to receive all reports or documents of that
type, promptly upon delivery or receipt of such report or document by the Counterparty, any
report or other document required to be delivered by or to the Counterparty under the terms of
the Pooling and Servicing Agreement, other than those required to be delivered directly by the
Counterparty to the Derivative Provider thereunder.
	 
	35.	 	Written confirmation. No later than each Reset Date, the Derivative Provider agrees
to deliver to the Counterparty a written confirmation containing the results of the
Calculations performed on each Reset Date and the amount which is to be paid to the
Counterparty on the next Payment Date.
	 
	36.	 	Compliance with Regulation AB.

	 	(i)	 	If at any time after the date hereof for so long as the Counterparty is required to
file periodic reports under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) with respect to the Certificates, in the reasonable determination made in good faith
of Chase Mortgage Finance Corporation the aggregate “significance percentage” (as defined
in Regulation AB (“Regulation AB”) under the Securities Act of 1933, as amended, and the
Exchange Act) of all derivative instruments (contemplated by Item 1115 of Regulation AB)
provided by the Derivative Provider and any of its affiliates to the Counterparty is at
least 10% but less than 20%, the Derivative Provider shall, subject to subparagraph [(iii)]
below, within five (5) Business Days following request therefor provide the financial
information required under Item 1115(b)(1) of Regulation AB for the Derivative Provider
(and for the group of affiliated entities, if applicable) (the “Item 1115(b)(1)
Information”). Any such Item 1115(b)(1) Information shall be in a form suitable for
conversion to the format required for filing by the Depositor with the Securities and
Exchange Commission via the Electronic Data Gathering and Retrieval System (EDGAR).
	 
	 	(ii)	 	If at any time after the date hereof for so long as the Counterparty is required to
file periodic reports under the Exchange Act with respect to the Certificates, in the
reasonable determination made in good faith of Chase Mortgage Finance Corporation, the
aggregate “significance percentage” of all derivative instruments (contemplated by Item
1115 of Regulation AB) provided by the Derivative Provider and any of its affiliates to the
Counterparty is at least 20%, the Derivative Provider shall, subject to subparagraph
[(iii)] below, within five (5) Business Days following request therefor provide the
financial information required under Item 1115(b)(2) of Regulation AB for the Derivative
Provider (and for the group of affiliated entities, if applicable) (the “Item 1115(b)(2)
Information”, and together with the Item 1115(b)(1) Information, the “Additional
Information”). Any such Item 1115(b)(2) Information shall be in a form suitable for
conversion to the format required for filing by the Depositor with the Securities and
Exchange Commission via the Electronic Data Gathering and Retrieval System (EDGAR). In
addition, any such Item 1115(b)(2) Information shall be accompanied by any necessary
auditor’s consents.
	 
	 	(iii)	 	If the Derivative Provider is unable to provide any such Additional Information if, as
and when required, the Derivative Provider shall, at its option, within ten (10) Business
Days following request therefor, (1) promptly post collateral satisfactory to Chase
Mortgage Finance Corporation

U-1-14

 

	 	 	 	in an amount which is reasonably determined in good faith to be sufficient to reduce the
aggregate “significance percentage” to (x) in the case of subparagraph (A) above, below 10%,
and (y) in the case of subparagraph (B) above, provided the Derivative Provider is able to
meet the requirements of subparagraph (A) above, below 20%, in each case pursuant to a
[credit support annex] or similar agreement reasonably satisfactory to the Chase Mortgage
Finance Corporation, or (2) at the sole expense of the Derivative Provider, without any
expense or liability to the Counterparty, transfer or assign its obligations under this
Agreement to a substitute counterparty reasonably acceptable to the Counterparty that (x) is
able to provide such Additional Information if, as and when required, and (y) enters into an
agreement similar in form to this Agreement pursuant to which such substitute counterparty
agrees to provide the Additional Information if, as and when required.
	  
	 	(iv)	 	The Derivative Provider’s obligation to provide any such Additional Information shall
terminate beginning in any such year in which the Counterparty’s obligation to file
periodic reports under the Exchange Act has terminated.

U-1-15

 

	 	 	 	 	 
	JPMorgan Chase Bank, N.A.	 	 
	 

	 	 	 	 
	 	 	 
	Name:
	 	 	 	 
	 

	 	 	 	 
	Title:
	 	 	 	 
	 

	 	 	 	 

Chase Mortgage Finance Trust Series [        ]

By: Bank of New York Trust Company, N.A., not in its individual capacity, but solely as Paying
Agent on behalf of Chase Mortgage Finance Trust Series [        ]

Name:

Title:

U-1-16

 

Schedule I

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Calculation	 	Calculation Period	 	Scheduled Notional	 	 	 	 
	Period Start Date	 	End Date	 	Amount ($)	 	Cap Strike Rate (%)	 	Rate Cap Ceiling (%)
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

U-1-17

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Calculation	 	Calculation Period	 	Scheduled Notional	 	 	 	 
	Period Start Date	 	End Date	 	Amount ($)	 	Cap Strike Rate (%)	 	Rate Cap Ceiling (%)
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 

U-1-18

 

EXHIBIT V

[RESERVED]

V-1

 

EXHIBIT W

[RESERVED]

W-1

 

SCHEDULE X

	 	 	 
	Item on Form 8-K	 	Party Responsible
	*Item 1.01- Entry into a Material Definitive
Agreement

	 	All parties
	 
	 	 
	*Item 1.02- Termination of a Material Definitive
Agreement

	 	All parties
	 
	 	 
	Item 1.03- Bankruptcy or Receivership

	 	Depositor
	 
	 	 
	Item 2.04- Triggering Events that Accelerate or
Increase a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet
Arrangement

	 	Depositor
	 
	 	 
	*Item 3.03- Material Modification to Rights of
Security Holders

	 	Depositor, Servicer
	 
	 	 
	Item 5.03- Amendments of Articles of
Incorporation or Bylaws; Change of Fiscal Year

	 	Depositor
	 
	 	 
	Item 6.01- ABS Informational and Computational
Material

	 	Depositor
	 
	 	 
	*Item 6.02- Change of Servicer or Trustee

	 	Servicer, Trustee (as
to change of Trustee
only), Paying Agent (as
to change of Paying
Agent only)
	 
	 	 
	*Item 6.03- Change in Credit Enhancement or
External Support

	 	Depositor
	 
	 	 
	*Item 6.04- Failure to Make a Required
Distribution

	 	Paying Agent
	 
	 	 
	Item 6.05- Securities Act Updating Disclosure

	 	Depositor
	 
	 	 
	Item 7.01- Reg FD Disclosure

	 	Depositor
	 
	 	 
	Item 8.01

	 	Depositor
	 
	 	 
	Item 9.01

	 	Depositor

X-1

 

SCHEDULE Y

	 	 	 
	Item on Form 10-D	 	Party Responsible
	Item 1: Distribution and Pool Performance
Information

Plus any information required by Item 1121 which
is NOT included on the monthly statement to
Certificateholders

	 	Paying Agent through the
Item 602 statement based
on information provided
to it by the Servicer
Servicer
	Item 2: Legal Proceedings per Item 1117 of Reg AB

	 	All parties to the PSA
(as to themselves), the
depositor/trustee/paying
agent/servicer (to the
extent known) as to the
issuing entity, the
depositor/servicer as to
the sponsor, 1106(b)
originator and any
1100(d)(1) party
	Item 3: Sale of Securities and Use of Proceeds

	 	Depositor
	Item 4: Defaults Upon Senior Securities

	 	Servicer, Paying Agent
(except as to 9.01(b) or
(d)) and Trustee (to the
extent of knowledge
thereof)
	Item 5: Submission of Matters to a Vote of
Security Holders

	 	Depositor, Paying Agent
(to the extent it is
submitting a matter to
vote) and the Trustee
(to the extent it is
submitting a matter to
vote)
	Item 6: Significant Obligors of Pool Assets

	 	Depositor/Sponsor/Mortgage Loan Seller/ Servicer
	Item 7: Significant Enhancement Provider
Information

	 	Depositor/Sponsor
	Item 8: Other Information

	 	Servicer, Paying Agent
and any other party
responsible for
disclosure items on Form
10-D
	Item 9: Exhibits

	 	Servicer

Y-1

 

SCHEDULE Z

	 	 	 
	Item on Form 10-K	 	Party Responsible
	Item 1B: Unresolved Staff Comments

	 	Depositor
	 
	 	 
	*Item 9B: Other Information

	 	Servicer, Paying Agent and any
other party responsible for
disclosure items on Form 8-K
	 
	 	 
	*Item 15: Exhibits, Financial
Statement Schedules

	 	Servicer/subservicers/Depositor
	 
	 	 
	*Additional Item:

Disclosure per Item 1117 of Reg AB

	 	All parties to the PSA (as to
themselves), the
Depositor/Trustee/Paying
Agent/Servicer (to the extent
known) as to the issuing entity,
the depositor/servicer as to the
sponsor, 1106(b) originator, any
1100(d)(1) party
	*Additional Item:

Disclosure per Item 1119 of Reg AB

	 	All parties to the PSA, the
sponsor, originator, significant
obligor, enhancement or support
provider
	Additional Item:

Disclosure per Item 1112(b) of Reg AB

	 	Depositor/Sponsor/Mortgage Loan Seller/Servicer
	Additional Item:

Disclosure per Items 1114(b) and
1115(b) of Reg AB

	 	Depositor/Sponsor

Z-1

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