Document:

Form of Specimen Stock Certificate

 Exhibit 4.1 
 

 

 IMPORTANT NOTICE 
 RESTRICTION ON OWNERSHIP AND TRANSFER 
 The Company will furnish to any
stockholder, on request and without charge, a full statement of the information required by section 2-211(B) of the corporations and associations article of the annotated code of Maryland with respect to the designations and any preferences,
conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications, and terms and conditions of redemption of the stock of each class which the Company has authority to issue and, if the
Company is authorized to issue any preferred or special class in series, (I) the differences in the relative rights and preferences between the shares of each series to the extent set, and (II) the authority of the Board of Directors to set such
rights and preferences of subsequent series. The foregoing summary does not purport to be complete and is subject to and qualified in its entirety by references to the charter of the Company. 
 The shares represented by this Certificate are subject to restrictions on Beneficial Ownership and Constructive Ownership and Transfer for the purpose of
the Company’s maintenance of its qualification as a real estate investment trust under the Internal Revenue Code of 1986, as amended (the “Code”). Subject to certain further restrictions and except as expressly provided in the
Company’s charter, (i) no Person may Beneficially Own or Constructively Own shares of any class or series of the Company’s Capital Stock in excess of 9.8% of the aggregate value of the outstanding shares of any such class or series of
Capital Stock unless such Person is an Excepted Holder (in which case the Excepted Holder Limit shall be applicable); (ii) no Person may Beneficially Own or Constructively Own Capital Stock that would result in the Company being “closely
held” under Section 856(h) of the Code or otherwise cause the Company to fail to qualify as a REIT; and (iii) no Person may Transfer shares of Capital Stock if such Transfer would result in the Capital Stock of the Company being owned by fewer
than 100 Persons. Any Person who Beneficially Owns or Constructively Owns or attempts to Beneficially Own or Constructively Own shares of Capital Stock which causes or will cause a Person to Beneficially Own or Constructively Own shares of Capital
Stock in excess or in violation of the above limitations must immediately notify the Company. If any of the restrictions on transfer or ownership are violated, the shares of Capital Stock represented hereby will be automatically transferred to a
Trustee of a Trust for the benefit of one or more Charitable Beneficiaries. In addition, upon the occurrence of certain events, attempted Transfers in violation of the restrictions described above may be void ab initio. All capitalized terms
in this legend have the meanings defined in the charter of the Company, as the same may be amended from time to time. 
 KEEP THIS CERTIFICATE IN A SAFE
PLACE. IF IT IS LOST, STOLEN, MUTILATED OR DESTROYED, THE COMPANY WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE. 
 The following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were written out in full according to applicable laws or regulations: 
  

																
		 	 TEN COM
	  	 -   as tenants in common
	  		  	UNIF GIFT MIN ACT–	  	Custodian
		 	 TEN ENT
	  	 -   as tenants by the entireties
	  	  		  	(Cust)	  			 	(Minor)
		 	 JT TEN
	  	 -   as joint tenants with right
      of survivorship and not as
      tenants in common
	  	  		  	  
 under Uniform Gifts to Minors

	 	  	  	  	Act	  	 	  	 	 	 	 
	 	  	  	  		  		  	(State	)	 	

 Additional abbreviations may also be used though not in the above list. 
 For value received,
                                        
hereby sell, assign and transfer unto 
  

			
	 PLEASE INSERT SOCIAL SECURITY OR OTHER
 IDENTIFYING NUMBER OF ASSIGNEE
  
	  	
	 	
	 	  	 
		  	
		  	
	
	 
	Please print or typewrite name and address including postal zip code of assignee
		  	
	
	 
		  	
		  	
	
	 
	Shares of Common Stock represented by the within Certificate, and do hereby irrevocably constitute and appoint
		  	
	
	 
		  	
		  	
	
	 
	
	Attorney to transfer the said shares on the books of the within-named Company with full power of substitution in the premises.

 Dated,
                                        
     
  

					
	Signature(s) Guaranteed:	 		 	 
		 		 	SIGNATURE(S)
			
	  	 		 	  
	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION, AS DEFINED IN RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.	 		 	NOTICE: THE SIGNATURE(S) TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME(S) AS WRITTEN UPON THE FACE OF THE CERTIFICATE, IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT, OR ANY
CHANGE WHATEVER.Indenture, dated as of June 29, 2007

 Exhibit 4.6 
 BEAR STEARNS ARM TRUST 2007-2 
 Issuing Entity 
 WELLS FARGO BANK, N.A. 
 Securities Administrator 
 and 
 CITIBANK, N.A. 
 Indenture Trustee 
  

 INDENTURE 
 Dated as of June 29, 2007

  

 MORTGAGE-BACKED
NOTES 
  

  

 TABLE OF CONTENTS 
  

					
	 Section
	  	 	  	Page
	
	 ARTICLE I
 DEFINITIONS

			
	 Section 1.01
	  	 Definitions
	  	3
	 Section 1.02
	  	 Incorporation by Reference of Trust Indenture Act
	  	3
	 Section 1.03
	  	 Rules of Construction
	  	3
	
	ARTICLE II
	ORIGINAL ISSUANCE OF NOTES
			
	 Section 2.01
	  	 Form
	  	5
	 Section 2.02
	  	 Execution, Authentication and Delivery
	  	5
	
	ARTICLE III
	COVENANTS
			
	 Section 3.01
	  	 [Reserved].
	  	
	 Section 3.02
	  	 Existence
	  	6
	 Section 3.03
	  	 Payment of Principal and Interest
	  	6
	 Section 3.04
	  	 Reserve Fund
	  	11
	 Section 3.05
	  	 Protection of Trust Estate
	  	12
	 Section 3.06
	  	 Opinions as to Trust Estate
	  	12
	 Section 3.07
	  	 Performance of Obligations
	  	13
	 Section 3.08
	  	 Negative Covenants
	  	13
	 Section 3.09
	  	 Annual Statement as to Compliance
	  	14
	 Section 3.10
	  	 [Reserved].
	  	14
	 Section 3.11
	  	 Representations and Warranties Concerning the Mortgage Loans
	  	14
	 Section 3.12
	  	 Investment Company Act
	  	14
	 Section 3.13
	  	 Issuing Entity May Consolidate, etc
	  	15
	 Section 3.14
	  	 Successor or Transferee
	  	16
	 Section 3.15
	  	 No Other Business
	  	17
	 Section 3.16
	  	 No Borrowing
	  	17
	 Section 3.17
	  	 Guarantees, Loans, Monthly Advances and Other Liabilities
	  	17
	 Section 3.18
	  	 Capital Expenditures
	  	17
	 Section 3.19
	  	 Determination of Note Index
	  	17
	 Section 3.20
	  	 Restricted Payments
	  	18
	 Section 3.21
	  	 Notice of Events of Default
	  	18
	 Section 3.22
	  	 Further Instruments and Acts
	  	18
	 Section 3.23
	  	 Certain Representations Regarding the Trust Estate
	  	18
	 Section 3.24
	  	 Allocation of Realized Losses
	  	19

  

 i 

					
	ARTICLE IV
	THE NOTES; SATISFACTION AND DISCHARGE OF INDENTURE
			
	 Section 4.01
	  	 The Notes
	  	22
	 Section 4.02
	  	 Registration of and Limitations on Transfer and Exchange of Notes; Appointment of Securities Administrator to Act as Note Registrar and
Certificate Registrar
	  	22
	 Section 4.03
	  	 Mutilated, Destroyed, Lost or Stolen Notes
	  	25
	 Section 4.04
	  	 Persons Deemed Owners
	  	26
	 Section 4.05
	  	 Cancellation
	  	26
	 Section 4.06
	  	 Book-Entry Notes
	  	26
	 Section 4.07
	  	 Notices to Depository
	  	27
	 Section 4.08
	  	 Definitive Notes
	  	27
	 Section 4.09
	  	 Tax Treatment
	  	28
	 Section 4.10
	  	 Satisfaction and Discharge of Indenture
	  	28
	 Section 4.11
	  	 Application of Trust Money
	  	29
	 Section 4.12
	  	 [Reserved].
	  	30
	 Section 4.13
	  	 Repayment of Monies Held by Securities Administrator
	  	30
	 Section 4.14
	  	 Temporary Notes
	  	30
	 Section 4.15
	  	 ERISA Treatment
	  	30
	
	ARTICLE V
	DEFAULT AND REMEDIES
			
	 Section 5.01
	  	 Events of Default
	  	32
	 Section 5.02
	  	 Acceleration of Maturity; Rescission and Annulment
	  	32
	 Section 5.03
	  	 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
	  	33
	 Section 5.04
	  	 Remedies; Priorities
	  	35
	 Section 5.05
	  	 Optional Preservation of the Trust Estate
	  	36
	 Section 5.06
	  	 Limitation of Suits
	  	36
	 Section 5.07
	  	 Unconditional Rights of Noteholders To Receive Principal and Interest
	  	37
	 Section 5.08
	  	 Restoration of Rights and Remedies
	  	37
	 Section 5.09
	  	 Rights and Remedies Cumulative
	  	37
	 Section 5.10
	  	 Delay or Omission Not a Waiver
	  	38
	 Section 5.11
	  	 Control By Noteholders
	  	38
	 Section 5.12
	  	 Waiver of Past Defaults
	  	38
	 Section 5.13
	  	 Undertaking for Costs
	  	38
	 Section 5.14
	  	 Waiver of Stay or Extension Laws
	  	39
	 Section 5.15
	  	 Sale of Trust Estate
	  	39
	 Section 5.16
	  	 Action on Notes
	  	41
	
	ARTICLE VI
	THE INDENTURE TRUSTEE AND THE SECURITIES ADMINISTRATOR
			
	 Section 6.01
	  	 Duties of Indenture Trustee and Securities Administrator
	  	42
	 Section 6.02
	  	 Rights of Indenture Trustee and Securities Administrator
	  	43
	 Section 6.03
	  	 Individual Rights of Indenture Trustee
	  	46

  

 ii 

					
	 Section 6.04
	  	 [Reserved]
	  	43
	 Section 6.05
	  	 Indenture Trustee’s and Securities Administrator’s Disclaimer
	  	43
	 Section 6.06
	  	 Notice of Event of Default
	  	43
	 Section 6.07
	  	 Reports to Holders and Tax Administration
	  	43
	 Section 6.08
	  	 Compensation
	  	44
	 Section 6.09
	  	 Replacement of Indenture Trustee and the Securities Administrator
	  	44
	 Section 6.10
	  	 Successor Indenture Trustee and Securities Administrator by Merger
	  	46
	 Section 6.11
	  	 Appointment of Co-Indenture Trustee or Separate Indenture Trustee
	  	46
	 Section 6.12
	  	 Eligibility; Disqualification
	  	47
	 Section 6.13
	  	 Representations and Warranties
	  	48
	 Section 6.14
	  	 Representations and Warranties
	  	48
	 Section 6.15
	  	 Directions to Indenture Trustee and the Securities Administrator
	  	49
	 Section 6.16
	  	 The Agents
	  	49
	
	ARTICLE VII
	NOTEHOLDERS’ LISTS AND REPORTS
			
	 Section 7.01
	  	 Issuing Entity To Furnish Securities Administrator and Indenture Trustee Names and Addresses of Noteholders
	  	50
	 Section 7.02
	  	 Preservation of Information; Communications to Noteholders
	  	50
	 Section 7.03
	  	 Financial Information
	  	50
	 Section 7.04
	  	 Statements to Noteholders
	  	50
	
	ARTICLE VIII
	ACCOUNTS, DISBURSEMENTS AND RELEASES
			
	 Section 8.01
	  	 Collection of Money
	  	53
	 Section 8.02
	  	 Officer’s Certificate
	  	53
	 Section 8.03
	  	 Termination Upon Distribution to Noteholders
	  	53
	 Section 8.04
	  	 Termination Upon REMIC Conversion
	  	53
	 Section 8.05
	  	 Release of Trust Estate
	  	53
	 Section 8.06
	  	 Surrender of Notes Upon Final Payment or Receipt of REMIC Securities
	  	54
	 Section 8.07
	  	 Optional Redemption of the Mortgage Loans
	  	54
	
	ARTICLE IX
	SUPPLEMENTAL INDENTURES
			
	 Section 9.01
	  	 Supplemental Indentures Without Consent of Noteholders
	  	55
	 Section 9.02
	  	 Supplemental Indentures With Consent of Noteholders
	  	56
	 Section 9.03
	  	 Execution of Supplemental Indentures
	  	58
	 Section 9.04
	  	 Effect of Supplemental Indenture
	  	58
	 Section 9.05
	  	 Conformity with Trust Indenture Act
	  	58
	 Section 9.06
	  	 Reference in Notes to Supplemental Indentures
	  	58
	
	ARTICLE X
	MISCELLANEOUS
			
	 Section 10.01
	  	 Compliance Certificates and Opinions, etc.
	  	59

  

 iii 

					
	 Section 10.02
	  	 Form of Documents Delivered to Indenture Trustee or the Securities Administrator
	  	60
	 Section 10.03
	  	 Acts of Noteholders
	  	61
	 Section 10.04
	  	 Notices etc., to Indenture Trustee Issuing Entity, Securities Administrator and Rating Agencies
	  	61
	 Section 10.05
	  	 Notices to Noteholders; Waiver
	  	62
	 Section 10.06
	  	 Conflict with Trust Indenture Act
	  	63
	 Section 10.07
	  	 Effect of Headings
	  	63
	 Section 10.08
	  	 Successors and Assigns
	  	63
	 Section 10.09
	  	 Separability
	  	63
	 Section 10.10
	  	 Legal Holidays
	  	63
	 Section 10.11
	  	 GOVERNING LAW
	  	63
	 Section 10.12
	  	 Counterparts
	  	63
	 Section 10.13
	  	 Recording of Indenture
	  	63
	 Section 10.14
	  	 Issuing Entity Obligation
	  	64
	 Section 10.15
	  	 No Petition
	  	64
	 Section 10.16
	  	 Inspection
	  	64
	
	ARTICLE XI
	TMP TRIGGER EVENT AND REMIC CONVERSION
			
	 Section 11.01
	  	 Events to Occur Upon TMP Trigger Event and Prior to REMIC Conversion
	  	65
	 Section 11.02
	  	 REMIC Conversion
	  	66
	 Section 11.03
	  	 Acts in Furtherance of REMIC Conversion
	  	67

 EXHIBITS 
  

			
	Exhibit A-1	  	Form of Class A Notes
	Exhibit A-2	  	Form of Class X Notes
	Exhibit A-3	  	Form of Class B Notes
	Exhibit B	  	Mortgage Loan Schedule
	Exhibit C	  	Form of Rule 144A Investment Representation Letter
	Exhibit D	  	Form of Transferee Letter
	Exhibit E	  	Form of Transferor Certificate
	Exhibit F	  	Form of Transferor Certificate
	Exhibit G	  	Form of Lender Transferor Certificate
	Appendix A	  	Definitions

  

 iv 

 RECONCILIATION AND TIE BETWEEN TRUST INDENTURE 
 ACT OF 1939 AND INDENTURE PROVISIONS* 
 Act Section     Indenture Section

  

					
	Trust Indenture
Act Section	 	  	  	 Indenture
Section

	310(a)(1)	 		  	6.11
	      (a)(2)	 		  	6.11
	      (a)(3)	 		  	6.10
	      (a)(4)	 		  	Not Applicable
	      (a)(5)	 		  	6.11
	      (b)	 		  	6.08, 6.11
	      (c)	 		  	Not Applicable
	311(a)	 		  	6.12
	      (b)	 		  	6.12
	      (c)	 		  	Not Applicable
	312(a)	 		  	7.01, 7.02(a)
	      (b)	 		  	7.02(b)
	      (c)	 		  	7.02(c)
	313(a)	 		  	Not Applicable
	      (b)	 		  	Not Applicable
	      (c)	 		  	Not Applicable
	      (d)	 		  	Not Applicable
	314(a)	 		  	3.10
	      (b)	 		  	3.07
	      (c)(1)	 		  	8.05(c), 10.01(a)
	      (c)(2)	 		  	8.05(c), 10.01(a)
	      (c)(3)	 		  	Not Applicable
	      (d)(1)	 		  	8.05(c), 10.01(b)
	      (d)(2)	 		  	8.05(c), 10.01(b)
	      (d)(3)	 		  	8.05(c), 10.01(b)
	      (e)	 		  	10.01(a)
	315(a)	 		  	6.01(b)
	      (b)	 		  	6.05
	      (c)	 		  	6.01(a)
	      (d)	 		  	6.01(c)
	      (d)(1)	 		  	6.01(c)
	      (d)(2)	 		  	6.01(c)
	      (d)(3)	 		  	6.01(c)
	      (e)	 		  	5.13
	316(a)(1)(A)	 		  	5.11
	316(a)(1)(B)	 		  	5.12
	316(a)(2)	 		  	Not Applicable
	316(b)	 		  	5.07
	317(a)(1)	 		  	5.04
	317(a)(2)	 		  	5.03(d)
	317(b)	 		  	3.03(a)(i)
	318(a)	 		  	10.07

  

 v 

 This Indenture, dated as of June 29, 2007, is entered into among Bear Stearns ARM Trust 2007-2, a
Delaware statutory trust, as Issuing Entity (the “Issuing Entity”), Wells Fargo Bank, N.A., as Securities Administrator (the “Securities Administrator”) and Citibank, N.A., as Indenture Trustee (the “Indenture
Trustee”). 
 WITNESSETH THAT: 
 Each party hereto agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Issuing Entity’s Mortgage-Backed Notes, Series 2007-2 (the “Notes”). 
 GRANTING CLAUSE 
 The Issuing Entity hereby
Grants to the Indenture Trustee at the Closing Date, as trustee for the benefit of the Holders of the Notes, all of the Issuing Entity’s right, title and interest in and to, whether now existing or hereafter created, (a) the Mortgage Loans
and the proceeds thereof and all rights under the Related Documents; (b) all funds on deposit from time to time in the Payment Account and in all proceeds thereof; (c) any REO Property; (d) all rights under (I) the Mortgage Loan
Purchase Agreement as assigned to the Issuing Entity, with respect to the Mortgage Loans as assigned to the Issuing Entity, (II) the Required Insurance Policies and any amounts paid or payable by the insurer under any Insurance Policy (to the extent
the mortgagee has a claim thereto), (III) the rights with respect to the Wells Fargo Servicing Agreement and the Countrywide Servicing Agreement, as assigned to the Issuing Entity by the related Assignment Agreement and (IV) the rights with respect
to the Sale Agreements as assigned to the Issuing Entity by the Sale and Servicing Agreement; and; and (f) 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 and all payments on or under, and all proceeds of every kind and nature whatsoever in the conversion thereof, voluntary or involuntary, into cash
or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, checks, deposit accounts, 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, the “Trust Estate” or the “Collateral”). 
 The foregoing Grant is made in trust to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes, subject
to the priority set forth herein, and to secure compliance with the provisions of this Indenture, all as provided in this Indenture. 
 The
Indenture Trustee, as trustee on behalf of the Holders of the Notes, acknowledges such Grant, accepts the trust under this Indenture in accordance with the provisions hereof and each of the Indenture Trustee and the Securities Administrator agree to
perform their respective duties as Indenture Trustee and Securities Administrator as required herein. 
 In connection with a REMIC
Conversion, the Issuing Entity, concurrently with the execution and delivery of the new REMIC Class A Indenture and new Underlying REMIC Trust Pooling and Servicing Agreement, shall transfer and assign to the Underlying REMIC Trust without
recourse all its right, title and interest in and to the Collateral then remaining in the Trust Estate for the benefit of the holders of the REMIC Certificates. At such time, the Issuing Entity shall also grant to the Indenture Trustee all of the
Issuing Entity’s right, title and interest in and to the REMIC Class A Certificates for the benefit of the holders of the REMIC Class A Notes and the Certificates, whereupon the Indenture Trustee shall declare that it holds and will
hold the same in trust for the exclusive use and benefit of the holders of the REMIC Class A Notes and the Certificates. 

 ARTICLE I 
 DEFINITIONS 
 Section 1.01 Definitions. For all purposes of this Indenture, except as otherwise
expressly provided herein or unless the context otherwise requires, capitalized terms not otherwise defined herein shall have the meanings assigned to such terms in the Definitions attached hereto as Appendix A which is incorporated by reference
herein. All other capitalized terms used herein shall have the meanings specified herein. 
 Section 1.02 Incorporation by Reference of
Trust Indenture Act. Whenever this Indenture refers to a provision of the Trust Indenture Act (the “TIA”), the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture
have the following meanings: 
 “Commission” means the Securities and Exchange Commission. 
 “indenture securities” means the Notes. 
 “indenture security holder” means a Noteholder. 
 “indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Indenture Trustee. 
 “obligor” on the indenture securities means the Issuing Entity and any other obligor on the indenture securities. 
 All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by Commission rules have
the meanings assigned to them by such definitions. 
 Section 1.03 Rules of Construction. Unless the context otherwise requires:

 (i) a term has the meaning assigned to it; 
 (ii) an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles
as in effect from time to time; 
 (iii) “or” is not exclusive; 
 (iv) “including” means including without limitation; 
 (v) words in the singular include the plural and words in the plural include the singular; and 
 (vi) any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection
herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented 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. 
  

 2 

 ARTICLE II 
 ORIGINAL ISSUANCE OF NOTES 
 Section 2.01 Form. The Class I-A-1, Class I-A-2, Class II-A-1, Class
II-A-2, Class III-A-1, Class III-A-2, Class IV-A-1, Class IV-A-2, Class X, Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Notes, together with the Securities Administrator’s certificate of authentication, shall be in
substantially the form set forth in Exhibits A-1, A-2 and A-3 to this Indenture, respectively, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture. 
 The Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without steel engraved
borders). 
 The terms of the Notes set forth in Exhibits A-1, A-2 and A-3 to this Indenture are part of the terms of this Indenture.

 Section 2.02 Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuing Entity 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 Issuing Entity shall bind the Issuing Entity, 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 Securities Administrator shall upon Issuer Request
authenticate and deliver each Class of Notes for original issue in an aggregate initial principal amount equal to the Initial Note Principal Balance or Initial Notional Amount, as applicable, for such Class of Notes. 
 Each of the Notes shall be dated the date of its authentication. The Class I-A-1, Class I-A-2, Class II-A-1, Class II-A-2, Class III-A-1, Class III-A-2,
Class IV-A-1 and Class IV-A-2 Certificates shall be issuable as registered Notes in book-entry form and the Notes shall be issuable in the minimum initial Note Principal Balances of $25,000 and in integral multiples of $1 in excess thereof. The
Class X Notes shall be issuable as registered Notes in physical form and the Notes shall be issuable in the minimum initial Notional Amount of $25,000 and in integral multiples of $1 in excess thereof. The Class B-1, Class B-2, Class B-3, Class B-4,
Class B-5 and Class B-6 Notes shall be issuable as registered Notes in physical form and the Notes shall be issuable in the minimum initial Note Principal Balances of $25,000 and in integral multiples of $1 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 Securities Administrator 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. 
  

 3 

 ARTICLE III 
 COVENANTS 
 Section 3.01 [Reserved]. 
 Section 3.02 Existence. The Issuing Entity will keep in full effect its existence, rights and franchises as a statutory trust under the laws of
the State of Delaware (unless it becomes, or any successor Issuing Entity hereunder is or becomes, organized under the laws of any other state or of the United States of America, in which case the Issuing Entity 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 and each other instrument or agreement included in the Trust Estate. 
 Section 3.03 Payment
of Principal and Interest. (a) On each Payment Date, the Securities Administrator shall withdraw from the Payment Account the Available Funds for such Payment Date and make the following distributions in the order of priority set forth
below, in each case to the extent of the related Available Funds remaining for such Payment Date: 
  

	(I)	On each Payment Date, the Available Funds related to Loan Group I for such Payment Date will be distributed as follows: 

 (A) first, from the related Interest Funds, to the Class I-A-1 Notes and Class I-A-2 Notes, on a pro rata basis, the related
Accrued Note Interest on such Classes for such Payment Date; 
 (B) second, from remaining related Interest Funds, to
the Class I-A-1 Notes and Class I-A-2 Notes, on a pro rata basis, any related Accrued Note Interest thereon remaining undistributed from previous Payment Dates, with accrued interest on such amounts; 
 (C) third, from the related Principal Funds, to the Class I-A-1 Notes and Class I-A-2 Notes, on a pro rata basis, in reduction of
the Note Principal Balances thereof, the Senior Optimal Principal Amount for such Classes for such Payment Date, until the Note Principal Balances thereof have been reduced to zero; 
 (D) fourth, from remaining related Interest Funds, to the Class I-A-1 Notes and Class I-A-2 Notes, on a pro rata basis, an amount
equal to any Basis Risk Shortfall Carryover Amounts on such Classes based on the amount of Basis Risk Shortfall Carryover Amounts for each such Class for such Payment Date; and 
 (E) fifth, from remaining Available Funds related to Loan Group I, to the Class I-A-1 Notes and Class I-A-2 Notes, on a pro rata
basis, an amount equal to any previously allocated Realized Losses, based on the amount of Realized Losses previously allocated to each such Class. 
  

 4 

	(II)	On each Payment Date, the Available Funds related to Loan Group II for such Payment Date will be distributed as follows: 

 (A) first, from the related Interest Funds, to the Class II-A-1 Notes and Class II-A-2 Notes, on a pro rata basis, the related
Accrued Note Interest on such Classes for such Payment Date; 
 (B) second, from remaining related Interest Funds, to
the Class II-A-1 Notes and Class II-A-2 Notes, on a pro rata basis, any related Accrued Note Interest thereon remaining undistributed from previous Payment Dates, with accrued interest on such amounts; 
 (C) third, from the related Principal Funds, to the Class II-A-1 Notes and Class II-A-2 Notes, on a pro rata basis, in reduction of
the Note Principal Balances thereof, the Senior Optimal Principal Amount for such Classes for such Payment Date, until the Note Principal Balances thereof have been reduced to zero; 
 (D) fourth, from remaining related Interest Funds, to the Class II-A-1 Notes and Class II-A-2 Notes, on a pro rata basis, an amount
equal to any Basis Risk Shortfall Carryover Amounts on such Classes based on the amount of Basis Risk Shortfall Carryover Amounts for each such Class for such Payment Date; and 
 (E) fifth, from remaining Available Funds related to Loan Group II, to the Class II-A-1 Notes and Class II-A-2 Notes, on a pro rata
basis, an amount equal to any previously allocated Realized Losses, based on the amount of Realized Losses previously allocated to each such Class. 
  

	(III)	On each Payment Date, the Available Funds related to Loan Group III for such Payment Date will be distributed as follows: 

 (A) first, from the related Interest Funds, to the Class III-A-1 Notes and Class III-A-2 Notes, on a pro rata basis, the related
Accrued Note Interest on such Classes for such Payment Date; 
 (B) second, from remaining related Interest Funds, to
the Class III-A-1 Notes and Class III-A-2 Notes, on a pro rata basis, any related Accrued Note Interest thereon remaining undistributed from previous Payment Dates, with accrued interest on such amounts; 
 (C) third, from the related Principal Funds, to the Class III-A-1 Notes and Class III-A-2 Notes, on a pro rata basis, in reduction
of the Note Principal Balances thereof, the Senior Optimal Principal Amount for such Classes for such Payment Date, until the Note Principal Balances thereof have been reduced to zero; 
 (D) fourth, from remaining related Interest Funds, to the Class III-A-1 Notes and Class III-A-2 Notes, on a pro rata basis, an
amount equal to any Basis Risk Shortfall Carryover Amounts on such Classes based on the amount of Basis Risk Shortfall Carryover Amounts for each such Class for such Payment Date; and 
 (E) fifth, from remaining Available Funds related to Loan Group III, to the Class III-A-1 Notes and Class III-A-2 Notes, on a pro
rata basis, an amount equal to any previously allocated Realized Losses, based on the amount of Realized Losses previously allocated to each such Class. 
  

 5 

	(IV)	On each Payment Date, the Available Funds related to Loan Group IV for such Payment Date will be distributed as follows: 

 (A) first, from the related Interest Funds, to the Class IV-A-1 Notes and Class IV-A-2 Notes, on a pro rata basis, the related
Accrued Note Interest on such Classes for such Payment Date; 
 (B) second, from remaining related Interest Funds, to
the Class IV-A-1 Notes and Class IV-A-2 Notes, on a pro rata basis, any related Accrued Note Interest thereon remaining undistributed from previous Payment Dates, with accrued interest on such amounts; 
 (C) third, from the related Principal Funds, to the Class IV-A-1 Notes and Class IV-A-2 Notes, on a pro rata basis, in reduction of
the Note Principal Balances thereof, the Senior Optimal Principal Amount for such Classes for such Payment Date, until the Note Principal Balances thereof have been reduced to zero; 
 (D) fourth, from remaining related Interest Funds, to the Class IV-A-1 Notes and Class IV-A-2 Notes, on a pro rata basis, an amount
equal to any Basis Risk Shortfall Carryover Amounts on such Classes based on the amount of Basis Risk Shortfall Carryover Amounts for each such Class for such Payment Date; and 
 (E) fifth, from remaining Available Funds related to Loan Group IV, to the Class IV-A-1 Notes and Class IV-A-2 Notes, on a pro rata
basis, an amount equal to any previously allocated Realized Losses, based on the amount of Realized Losses previously allocated to each such Class. 
  

	(V)	On each Payment Date, the Available Funds, remaining after the payments made in clause (I), (II), (III) and (IV) above for such Payment Date shall be distributed as follows:

 (A) first, to the Class X Notes, in an amount equal to (a) the Accrued Note Interest on such
Class for such Payment Date, to the extent of the remaining Interest Funds for such Payment Date and (b) any Accrued Note Interest thereon remaining undistributed from previous Payment Dates, with accrued interest thereon, to the extent of any
remaining Interest Funds for such Payment Date; 
 (B) second, sequentially to each of the Class B-1, Class B-2, Class
B-3, Class B-4, Class B-5 and Class B-6 Notes, in that order, up to an amount equal to and in the following order with respect to each such Class: (a) the Accrued Note Interest thereon for such Payment Date (subject to Net Interest Shortfalls
allocated to such Class) to the extent of any remaining Interest Funds for such Payment Date; (b) any Accrued Note Interest thereon remaining undistributed from previous Payment Dates, with accrued interest thereon, to the extent of any
remaining Interest Funds for such Payment Date; and (c) such Class’s Allocable Share of the Subordinate Optimal Principal Amount for such Payment Date, to the extent of any remaining Principal Funds and until the Note Principal Balance
thereof has been reduced to zero; and 
  

 6 

 (C) third, to the Securities Administrator for distribution to the
Certificateholders as set forth in the Trust Agreement. 
  

	(VI)	If on any Payment Date the Principal Funds for a Loan Group are less than the Senior Optimal Principal Amount for the related Senior Notes, then such amount shall be reduced for
such Payment Date, and such remaining Principal Funds shall be distributed to the related Senior Notes, on a pro rata basis, on the basis of such reduced amounts. 

 (b) No Accrued Note Interest will be payable with respect to any Class of Notes after the Payment Date on which the Note Principal Balance or Notional
Amount of such Note has been reduced to zero. 
 (c) Each distribution with respect to a Book-Entry Note shall be paid to the Depository, as
Holder thereof, and the Depository shall be responsible for crediting the amount of such distribution to the accounts of its Depository Participants in accordance with its normal procedures. Each Depository Participant shall be responsible for
disbursing such distribution to the Note Owners that it represents and to each indirect participating brokerage firm (a “brokerage firm” or “indirect participating firm”) for which it acts as agent. Each brokerage firm shall be
responsible for disbursing funds to the Note Owners that it represents. None of the Securities Administrator, the Depositor or the Master Servicer shall have any responsibility therefor. 
 (d) On each Payment Date, the Securities Administrator shall deposit in the Certificate Payment Account all amounts it received pursuant to this
Section 3.03 for the purpose of distributing such funds to the Certificateholders. The Securities Administrator shall make distributions to the Certificateholders under the Trust Agreement as directed by the Securities Administrator hereunder.

 (e) Any installment of interest or principal, if any, payable on any Note that is punctually paid or duly provided for by the Issuing
Entity on the applicable Payment Date shall, if such Holder shall have so requested at least five Business Days prior to the related Record Date, be paid to each Holder of record on the preceding Record Date, by wire transfer to an account specified
in writing by such Holder as of the preceding Record Date or in all other cases or if no such instructions have been delivered to the Securities Administrator, by check to such Noteholder mailed to such Holder’s address as it appears in the
Note Register in the amount required to be distributed to such Holder on such Payment Date pursuant to such Holder’s Notes; provided, however, that the Securities Administrator shall not pay to such Holders any amount required to be withheld
from a payment to such Holder by the Code. 
 (f) Net Interest Shortfalls on the Mortgage Loans in a Loan Group will be allocated among the
holders of each Class of Subordinate Notes and Class X Notes, on a pro rata basis, in proportion to the respective amounts of Accrued Note Interest for that Payment Date that would have been allocated thereto in the absence of such Net Interest
Shortfalls for such Payment Date. In addition, the amount of any Net Interest Shortfalls with respect to the Mortgage Loans in a Loan Group will constitute unpaid Accrued Note Interest and will be distributable to holders of the related Classes of
Notes entitled to such amounts on subsequent Payment Dates, to the extent of the Available Funds for such Loan Group remaining after current interest payments. Any such 

  

 7 

 
amounts so carried forward will not bear interest. Any Net Interest Shortfalls will not be offset by a reduction in the servicing compensation of the
Servicers or the Master Servicer or otherwise, except to the limited extent with respect to certain Prepayment Interest Shortfalls. 
 (g)
The Note Principal Balance of each Note shall be due and payable in full on the Final Scheduled Payment Date for such Note as provided in the forms of Note set forth in Exhibits A-1, A-2 and A-3 to this Indenture. All principal payments on the Notes
shall be made to the Noteholders entitled thereto in accordance with the Percentage Interests represented by such Notes. Upon notice to the Securities Administrator by the Issuing Entity, the Securities Administrator shall notify the Person in whose
name a Note is registered at the close of business on the Record Date preceding the Final Scheduled Payment Date or other final Payment Date (including any final Payment Date resulting from any redemption pursuant to Section 8.06 hereof). Such
notice shall to the extent practicable be mailed no later than five Business Days prior to such Final Scheduled Payment Date or other final Payment Date and shall specify that payment of the principal amount and any interest due with respect to such
Note at the Final Scheduled Payment Date or other final Payment Date 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 such final payment. No interest
shall accrue on the Notes on or after the Final Scheduled Payment Date or any such other final Payment Date. 
 (h) On any Payment Date on
which there is an Undercollateralized Group, the priority and manner of distributions for the Notes described above shall be supplemented as follows: 
 (A) amounts then on deposit in the Reserve Fund shall be distributed as principal to the Senior Notes of any Undercollateralized Group on such Payment Date, on a pro rata basis, to the extent of the
Undercollateralized Amount for such Undercollateralized Group on such Payment Date (provided that, if there are multiple Undercollateralized Groups on such Payment Date, amounts then on deposit in the Reserve Fund shall first be allocated to each
such Undercollateralized Group in proportion to the Undercollateralized Amount for each such Undercollateralization Group on such Payment Date); 
 (B) any amounts from Available Funds otherwise distributable as principal on the Subordinate Notes, as described in Section 3.03(V)(B) of this Indenture, in reverse order of priority set forth in Section 3.03(V)(B), shall be
distributed (i) first, as principal to the Senior Notes of any Undercollateralized Group, on a pro rata basis, to the extent of the remaining Undercollateralized Amount for such Undercollateralized Group on such Payment Date after the
distribution in clause (A) above (provided that, if there are multiple Undercollateralized Groups on such Payment Date, such amounts from Available Funds shall first be allocated to each such Undercollateralized Group in proportion to the
remaining Undercollateralized Amount for each such Undercollateralization Group on such Payment Date after the distribution in clause (A) above) and (ii) second, to the Subordinate Notes in the same manner and priority set forth in
Section 3.03(V)(B); and 
  

 8 

 (C) in the event that the Note Principal Balances of the Subordinate Notes have been reduced to zero
prior to such Payment Date, any amounts from Available Funds related to any Overcollateralized Group for such Payment Date shall be distributed as principal to the Offered Notes of any Undercollateralized Group, on a pro rata basis, to the extent of
the remaining Undercollateralized Amount for such Undercollateralized Group on such Payment Date after the distribution in clause (A) above (provided that, if there are multiple Undercollateralized Groups on such Payment Date, such amounts from
Available Funds shall first be allocated to each such Undercollateralized Group in proportion to the remaining Undercollateralized Amount for each such Undercollateralization Group on such Payment Date after the distribution in clause
(A) above). 
 If, on any Payment Date, (i) the aggregate Note Principal Balance of the Senior Notes related to a Loan Group has
been reduced to zero, (ii) the Note Principal Balances of the Subordinate Notes have not been reduced to zero, and (iii) either (a) the weighted average of the Subordinate Percentages of the Subordinate Certificates on such Payment
Date is less than two times the initial weighted average of the Subordinate Percentages of the Subordinate Notes, or (b) the aggregate Scheduled Principal Balance of the Mortgage Loans Delinquent 60 days or more (including for this purpose any
such Mortgage Loans in foreclosure and bankruptcy and Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Issuing Entity), averaged over the last six months, as a percentage of the aggregate Note Principal
Balance of the Subordinate Notes equals or exceeds 50%, then any amounts from Available Funds related to such retired Senior Notes otherwise distributable in respect of principal under clauses (ii), (iii), (iv) and (v) of the definition of
Subordinate Optimal Principal Amount on each Class of Subordinate Notes, in reverse order of payment priority set forth in Section 3.03(V)(B), shall be deposited into the Reserve Fund for application on future Payment Dates to make principal
payments on any outstanding Senior Notes related to an Undercollateralized Group as described in this Section 3.03(h). If any amounts remain in the Reserve Fund after the Note Principal Balances of all of the Senior Notes have been reduced to
zero, such amounts shall be allocated to the Subordinate Notes in the same manner and priorities as set forth in Section 3.03(V)(B) of this Indenture; provided, however, if after making such payments, the aggregate Note Principal Balance of the
Subordinate Notes exceeds the aggregate Scheduled Principal Balance of the Mortgage Loans as of the related Due Date, the Note Principal Balances of the Subordinate Notes will be reduced, on a pro rata basis, by the amount of such excess in reverse
order of payment priority set forth in Section 3.03(V)(B). 
 Section 3.04 Reserve Fund. On or before the Closing Date, the
Securities Administrator shall establish a Reserve Fund on behalf of the Holders of the Notes. The Reserve Fund shall be entitled “Reserve Fund, Wells Fargo Bank, N.A. as Securities Administrator for the benefit of holders of Bear Stearns Arm
Trust 2007-2, Mortgage-Backed Notes, Series 2007-2”. The Securities Administrator shall deposit in the Reserve Fund the Available Funds described in Section 3.03(h) that are related to a group of retired Senior Notes and may otherwise be
distributable in respect of principal on the Subordinate Notes pursuant to such Section 3.03(h) on each relevant Payment Date. On each Payment Date, the Securities Administrator shall remit amounts then on deposit in the Reserve Fund to the
Holders of the Senior Notes of any Undercollateralized Group in the manner and priorities set forth in clause (A) of Section 3.03(h) hereof, or if no Senior Notes remain outstanding, to the Holders of the Subordinate Notes in the manner
and priorities set forth at the end of such Section 3.03(h). Amounts on deposit in the Reserve Fund shall remain uninvested. 
  

 9 

 Section 3.05 Protection of Trust Estate. (a) The Issuing Entity shall from time to time
prepare, 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) cause the Issuing Entity or the Securities Administrator on behalf of the Indenture Trustee to
enforce any of the rights to the Mortgage Loans; or 
 (iv) preserve and defend title to the Trust Estate and the rights of
the Indenture Trustee and the Noteholders in such Trust Estate against the claims of all persons and parties. 
 (b) Except as otherwise
provided in this Indenture, the Indenture Trustee shall not remove or permit the Custodians to remove any portion of the Trust Estate that consists of money or is evidenced by an instrument, certificate or other writing from the jurisdiction in
which it was held at the date of the most recent Opinion of Counsel delivered pursuant to Section 3.05 hereof (or from the jurisdiction in which it was held as described in the Opinion of Counsel delivered on the Closing Date pursuant to
Section 3.05(a) hereof, if no Opinion of Counsel has yet been delivered pursuant to Section 3.05(b) hereof), unless the Indenture Trustee shall have first received an Opinion of Counsel to the effect that the lien and security interest
created by this Indenture with respect to such property will continue to be maintained after giving effect to such action or actions. 
 The
Issuing Entity hereby designates the Securities Administrator its agent and attorney-in-fact to sign any financing statement, continuation statement or other instrument required to be signed pursuant to this Section 3.05 upon the Issuing
Entity’s preparation thereof and delivery to the Securities Administrator. 
 Section 3.06 Opinions as to Trust Estate.
(a) On the Closing Date, the Issuing Entity shall furnish to the Indenture Trustee and the Owner 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 first priority security interest in the Collateral 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 first priority security interest effective.

 (b) On or before December 31st in each calendar year, beginning in 2007, the Issuing Entity shall furnish to the Indenture Trustee an
Opinion of Counsel at the expense of the Issuing Entity either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, rerecording 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 

  

 10 

 
necessary to maintain the lien and security interest in the Collateral 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 in the Collateral until December 31 in the
following calendar year. 
 Section 3.07 Performance of Obligations. (a) The Issuing Entity shall punctually perform and observe
all of its obligations and agreements contained in this Indenture, the Basic Documents and in the instruments and agreements included in the Trust Estate. 
 (b) The Issuing Entity may contract with other Persons to assist it in performing its duties under this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in an
Officer’s Certificate of the Issuing Entity shall be deemed to be action taken by the Issuing Entity. 
 (c) The Issuing Entity shall
not take any action or permit any action to be taken by others which would release any Person from any of such Person’s covenants or obligations under any of the documents relating to the Mortgage Loans or under any instrument included in the
Trust Estate, or which would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any of the documents relating to the Mortgage Loans or any such instrument, except such
actions as the Master Servicer is expressly permitted to take in the Wells Fargo Servicing Agreement. 
 (d) The Issuing Entity may retain an
administrator and may enter into contracts with other Persons for the performance of the Issuing Entity’s obligations hereunder, and performance of such obligations by such Persons shall be deemed to be performance of such obligations by the
Issuing Entity. 
 Section 3.08 Negative Covenants. So long as any Notes are Outstanding or the Majority Certificateholder owns 100%
of the Securities, the Issuing Entity shall not: 
 (i) except as expressly permitted by this Indenture, sell, transfer,
exchange or otherwise dispose of the Trust Estate; 
 (ii) claim any credit on, or make any deduction from the principal or
interest payable in respect of, the Notes (other than amounts properly withheld from such payments under the Code) or assert any claim against any present or former Noteholder, by reason of the payment of the taxes levied or assessed upon any part
of the Trust Estate; 
 (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,
(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 Trust Estate or any part thereof or any
interest therein or the proceeds thereof or (C) permit the lien of this Indenture not to constitute a valid first priority security interest in the Trust Estate; or 
  

 11 

 (iv) waive or impair, or fail to assert rights under, the Mortgage Loans, or impair or
cause to be impaired the Issuing Entity’s interest in the Mortgage Loans, the Mortgage Loan Purchase Agreement or in any Basic Document, if any such action would materially and adversely affect the interests of the Noteholders. 
 Section 3.09 Annual Statement as to Compliance. The Issuing Entity will deliver to the Indenture Trustee, by March 1 of each year commencing
with the calendar year 2008, an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that: 
 (i) a review of the activities of the Issuing Entity during the previous calendar year and of its performance under this Indenture and the Trust Agreement has been made under such Authorized Officer’s
supervision; and 
 (ii) to the best of such Authorized Officer’s knowledge, based on such review, the Issuing Entity has
complied with all conditions and covenants under this Indenture and the provisions of the Trust Agreement throughout such year, or, if there has been a default in its compliance with any such condition or covenant, specifying each such default known
to such Authorized Officer and the nature and status thereof. 
 Section 3.10 [Reserved]. 
 Section 3.11 Representations and Warranties Concerning the Mortgage Loans. The Indenture Trustee, as pledgee of the Mortgage Loans, has the
benefit of the representations and warranties made by the Mortgage Loan Seller in the Mortgage Loan Purchase Agreement concerning the Mortgage Loan Seller and the representations and warranties made by the Underlying Sellers under the related Sale
Agreements, and the Mortgage Loans to the same extent as though such representations and warranties were made directly to the Indenture Trustee. If a Responsible Officer of the Indenture Trustee has actual knowledge of any breach of any
representation or warranty made by the Mortgage Loan Seller in the Mortgage Loan Purchase Agreement or by the Underlying Sellers under the related Sale Agreements, the Indenture Trustee shall promptly notify the Mortgage Loan Seller or the related
Underlying Seller, as applicable, to cure such defect or repurchase or substitute for the related Mortgage Loan. Alesco Financial Inc. will guarantee the Mortgage Loan Seller’s obligations to repurchase Mortgage Loans as to which there has been
a breach. 
 Section 3.12 Investment Company Act. The Issuing Entity shall not become an “investment company” or be under
the “control” of an “investment company” as such terms are defined in the Investment Company Act of 1940, as amended (or any successor or amendatory statute), and the rules and regulations thereunder (taking into account not only
the general definition of the term “investment company” but also any available exceptions to such general definition); provided, however, that the Issuing Entity shall be in compliance with this Section 3.11 if it shall have obtained
an order exempting it from regulation as an “investment company” so long as it is in compliance with the conditions imposed in such order. 
  

 12 

 Section 3.13 Issuing Entity May Consolidate, etc. (a) The Issuing Entity shall not
consolidate or merge with or into any other Person, unless: 
 (i) the Person (if other than the Issuing Entity) 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 or the District of Columbia and shall expressly assume, by an indenture supplemental hereto, executed and
delivered to the Indenture Trustee and the Securities Administrator, in form reasonably satisfactory to the Indenture Trustee and the Securities Administrator, the due and punctual payment of the principal of and interest on all Notes, and all
amounts payable to the Indenture Trustee and the Securities Administrator, the payment to the Securities Administrator of all amounts due to the Certificateholders, and the performance or observance of every agreement and covenant of this Indenture
on the part of the Issuing Entity to be performed or observed, all as provided herein; 
 (ii) immediately after giving effect
to such transaction, no Default or Event of Default shall have occurred and be continuing; 
 (iii) each of the Rating
Agencies shall have notified the Issuing Entity that such transaction shall not cause the rating of the Notes to be reduced, qualified, suspended or withdrawn or to be considered by either Rating Agencies to be below investment grade; 
 (iv) the Issuing Entity shall have received an Opinion of Counsel (and shall have delivered a copy thereof to the Indenture Trustee and
the Securities Administrator) to the effect that such transaction will not (A) result in a “significant modification” of the Class I-A-1, Class I-A-2, Class II-A-1, Class II-A-2, Class III-A-1, Class III-A-2, Class IV-A-1 and Class
IV-A-2 Notes or any other classes of Notes with respect to which a “will be debt” opinion has been rendered by nationally recognized tax counsel and furnished to the Securities Administrator under Treasury Regulation Section 1.1001-3,
or adversely affect the indebtedness status of such Notes and (B) cause the Trust to be subject to an entity level tax for federal income tax purposes; 
 (v) any action that is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and

 (vi) the Issuing Entity shall have delivered to the Indenture Trustee and the Securities Administrator an Officer’s
Certificate 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 or relating to such transaction have been
complied with (including any filing required by the Exchange Act), and that such supplemental indenture is enforceable. 
 (b) The Issuing
Entity shall not convey or transfer any of its properties or assets, including those included in the Trust Estate, to any Person, unless: 
  

	 	(1)	such conveyance or transfer is made in connection with a REMIC Conversion; or 

  

	 	(2)	the following conditions are satisfied: 

 (i) the Person that acquires by conveyance or transfer the properties and assets of the Issuing Entity, 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 

  

 13 

 
the United States of America or any state thereof, (B) expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture
Trustee and the Securities Administrator, in form satisfactory to the Indenture Trustee and the Securities Administrator, the due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement
and covenant of this Indenture on the part of the Issuing Entity to be performed or observed, all as provided herein, (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 the Holders of the Notes, (D) unless otherwise provided in such supplemental indenture, expressly agree to indemnify, defend and hold harmless the Issuing Entity and the Indenture Trustee and
the Securities Administrator against and from any loss, liability or expense arising under or related to this Indenture and the Notes and (E) expressly agree by means of such supplemental indenture that such Person (or if a group of Persons,
then one specified Person) shall make all filings with the Commission (and any other appropriate Person) required by the Exchange Act in connection with the Notes; 
 (ii) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

 (iii) each of the Rating Agencies shall have notified the Issuing Entity that such transaction shall not cause the ratings
of the Notes to be reduced, qualified, suspended or withdrawn; 
 (iv) the Issuing Entity shall have received an Opinion of
Counsel (and shall have delivered a copy thereof to the Indenture Trustee and the Securities Administrator) to the effect that such transaction will not (A) result in a “significant modification” of the Class I-A-1, Class I-A-2, Class
II-A-1, Class II-A-2, Class III-A-1, Class III-A-2, Class IV-A-1 and Class IV-A-2 Notes or any other Classes of Notes with respect to which a “will be debt” opinion has been rendered by nationally recognized tax counsel and furnished to
the Securities Administrator under Treasury Regulation Section 1.1001-3, or adversely affect the indebtedness status of such Notes, and (B) cause the Trust to be subject to an entity level tax for federal income tax purposes; 

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

 (vi) the Issuing Entity shall have delivered to the Indenture Trustee and the Securities Administrator an Officer’s
Certificate 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 (including any filing required by the Exchange Act). 
 Section 3.14 Successor or Transferee. (a) Upon any consolidation or
merger of the Issuing Entity in accordance with Section 3.13(a), the Person formed by or surviving such consolidation or merger (if other than the Issuing Entity) shall, following the Issuing Entity’s satisfaction of all of the conditions
precedent set forth therein with respect thereto, succeed to, and be substituted for, and may exercise every right and power of, the Issuing Entity under this Indenture with the same effect as if such Person had been named as the Issuing Entity
herein. 
  

 14 

 (b) Upon a conveyance or transfer of all the assets and properties of the Issuing Entity pursuant to
Section 3.13(b), the Issuing Entity, following its satisfaction of all of the conditions precedent set forth herein with respect thereto, will be released from every covenant and agreement of this Indenture to be observed or performed on the
part of the Issuing Entity with respect to the Notes immediately upon the delivery of written notice to the Indenture Trustee and the Securities Administrator of such conveyance or transfer. 
 Section 3.15 No Other Business. The Issuing Entity shall not engage in any business other than as set forth with respect thereto in the Trust
Agreement and other than financing, purchasing, owning and selling and managing the Mortgage Loans and the issuance of the Certificates and consummation of a REMIC Conversion in the manner contemplated by this Indenture and the Basic Documents and
all activities incidental thereto. 
 Section 3.16 No Borrowing. The Issuing Entity shall not issue, incur, assume, guarantee or
otherwise become liable, directly or indirectly, for any indebtedness except for the Notes under this Indenture. 
 Section 3.17
Guarantees, Loans, Monthly Advances and Other Liabilities. Except as contemplated by this Indenture or the Basic Documents, the Issuing Entity 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 3.18 Capital Expenditures. The Issuing Entity shall not make any expenditure (by long-term or operating lease or otherwise) for capital
assets (either realty or personalty). 
 Section 3.19 Determination of Note Index. 
 Semi-annually, on each Interest Determination Date beginning on the Interest Determination Date in November 2010, the Securities Administrator will
determine the Six-Month LIBOR Note Index for the Class I-A-1 Notes and Class I-A-2 Notes for the related Payment Date. Annually, on each Interest Determination Date beginning on the Interest Determination Date in November 2011 in the case of the
Class II-A-1 Notes and Class II-A-2 Notes and beginning in November 2013 in the case of the Class III-A-1 Notes and Class III-A-2 Notes, the Securities Administrator will determine the One-Year LIBOR Note Index for the related Payment Date.
Annually, on each Interest Determination Date beginning on the Interest Determination Date in November 2016, the Securities Administrator will determine the One-Year U.S. Treasury Note Index for the Class IV-A-1 Notes and Class IV-A-2 Notes for the
related Payment Date. 
 The establishment of the Six-Month LIBOR Note Index, One-Year LIBOR Note Index and One-Year U.S. Treasury Note Index
on each Interest Determination Date by the Securities Administrator and the Securities Administrator’s calculation of the rate of interest applicable to the Notes for the related Interest Accrual Period shall (in the absence of manifest error)
be final and binding. 
  

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 Section 3.20 Restricted Payments. The Issuing Entity 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 Issuing Entity or otherwise
with respect to any ownership or equity interest or security in or of the Issuing Entity, (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 Issuing Entity may make, or cause to be made, (x) distributions and payments to the Owner Trustee, the Indenture Trustee, the Securities Administrator, the Master Servicer,
the Servicers, the Noteholders and the Certificateholders as contemplated by, and to the extent funds are available for such purpose under this Indenture and the Basic Documents and (y) payments to the Master Servicer pursuant to the Sale and
Servicing Agreement and the Servicer pursuant to the terms of the Wells Fargo Servicing Agreement. The Issuing Entity will not, directly or indirectly, make payments to or distributions from the Payment Account except in accordance with this
Indenture and the Basic Documents. 
 Section 3.21 Notice of Events of Default. The Issuing Entity shall give the Indenture Trustee,
the Securities Administrator and each Rating Agencies prompt written notice of each Event of Default hereunder. 
 Section 3.22 Further
Instruments and Acts. Upon request of the Indenture Trustee, the Issuing Entity 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 3.23 Certain Representations Regarding the Trust Estate. 
 (a) With respect to that portion of the Collateral described in clauses (a) through (c) of the definition of Trust Estate, the Issuing Entity
represents to the Indenture Trustee that: 
 (i) This Indenture creates a valid and continuing security interest (as defined
in the applicable UCC) in the Collateral in favor of the Indenture Trustee, which security interest is prior to all other liens, and is enforceable as such as against creditors of and purchasers from the Issuing Entity. 
 (ii) The Collateral constitutes “deposit accounts,” “instruments” or “certificated securities,” as
applicable within the meaning of the applicable UCC. 
 (iii) The Issuing Entity owns and has good and marketable title to the
Collateral, free and clear of any lien, claim or encumbrance of any Person. 
 (iv) The Issuing Entity 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 Collateral granted to
the Indenture Trustee hereunder. 
 (v) Other than the security interest granted to the Indenture Trustee pursuant to this
Indenture, or the conveyances that the Issuing Entity would be required to make following a TMP Trigger Event, the Issuing Entity has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral. The
Issuing Entity has not authorized the filing of and 

  

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is not aware of any financing statements against the Issuing Entity that include a description of collateral covering the Collateral other than any financing
statement relating to the security interest granted to the Indenture Trustee hereunder or that has been terminated. 
 (vi)
The Collateral is not in the name of any Person other than the Issuing Entity or the Indenture Trustee. The Issuing Entity has in its possession all original copies of the security certificates that constitute or evidence the Collateral. The
security certificates that constitute or evidence the Collateral do not have any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee. The Issuing Entity has not
consented to the bank maintaining the Collateral to comply with instructions of any Person other than the Indenture Trustee. All financing statements filed or to be filed against the Issuing Entity in favor of the Indenture Trustee in connection
herewith describing the Collateral contain a statement to the following effect: “A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party.” 
 (vii) The foregoing representations may not be waived and shall survive the issuance of the Notes. 
 Section 3.24 Allocation of Realized Losses. (a) On or prior to each Payment Date, the Master Servicer shall determine, based solely on
information provided to it by the Servicer the amount of any Realized Loss in respect of each Mortgage Loan that occurred during the immediately preceding calendar month. 
 (b) With respect to any Notes (other than the Class X Notes) on any Payment Date, the principal portion of each Realized Loss on a Mortgage Loan shall be allocated as follows: 
 first, to the Class B-6 Notes until the Note Principal Balance thereof has been reduced to zero; 
 second, to the Class B-5 Notes until the Note Principal Balance thereof has been reduced to zero; 
 third, to the Class B-4 Notes until the Note Principal Balance thereof has been reduced to zero; 
 fourth, to the Class B-3 Notes until the Note Principal Balance thereof has been reduced to zero; 
 fifth, to the Class B-2 Notes until the Note Principal Balance thereof has been reduced to zero; 
 sixth, to the Class B-1 Notes until the Note Principal Balance thereof has been reduced to zero; 
 seventh, to the extent that such Realized Losses related to the Group I Mortgage Loans exceed amounts on deposit in the Reserve Fund, to the Class
I-A-2 Notes, and then, to the Class I-A-1 Notes, in each case until its Note Principal Balance has been reduced to zero; to the extent that such Realized Losses related to the Group II Mortgage Loans exceed amounts on deposit in 

  

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the Reserve Fund, to the Class II-A-2 Notes, and then, to the Class II-A-1 Notes, in each case until its Note Principal Balance has been reduced to zero; to
the extent that such Realized Losses related to the Group III Mortgage Loans exceed amounts on deposit in the Reserve Fund, to the Class III-A-2 Notes, and then, to the Class III-A-1 Notes, in each case until its Note Principal Balance has been
reduced to zero; and to the extent that such Realized Losses related to the Group IV Mortgage Loans exceed amounts on deposit in the Reserve Fund, to the Class IV-A-2 Notes, and then, to the Class IV-A-1 Notes, in each case until its Note Principal
Balance has been reduced to zero. 
 (c) Notwithstanding the foregoing clause (b), no such allocation of any Realized Loss shall be made on a
Payment Date to any Class or Classes of Senior Notes to the extent that such allocation would result in the reduction of the aggregate Note Principal Balance of all of the related Classes of Notes as of such Payment Date, after giving effect to all
distributions and prior allocations of Realized Losses on such date, to an amount less than the aggregate Scheduled Principal Balance of the related Mortgage Loans as of the related Due Date (such limitation, the “Loss Allocation
Limitation”). 
 (d) The principal portion of any Realized Losses allocated to a Class of Notes shall be allocated among the Notes of
such Class (other than the Class X Notes) in proportion to their respective Note Principal Balances. Any allocation of Realized Losses shall be accomplished by reducing the Note Principal Balance of the Notes on the related Payment Date. 

(e) Realized Losses shall be allocated on the Payment Date in the month following the month in which such loss was incurred and, in the case of the
principal portion thereof, after giving effect to distributions made on such Payment Date. 
 (f) On each Payment Date, the Securities
Administrator shall determine the Subordinate Writedown Amount. Any such Subordinate Writedown Amount shall effect a corresponding reduction in the Note Principal Balance of (i) with respect to the Subordinate Writedown Amount, if prior to the
Cross-Over Date, the Class B-6, Class B-5, Class B-4, Class B-3, Class B-2 and Class B-1 Notes, in that order, and (ii) from and after the Cross-Over Date, to the Senior Notes, in accordance with priorities set forth in clause (b) above,
in each case, on such Payment Date after giving effect to distributions made on such Payment Date. 
 (g) The interest portion of any
Realized Losses with respect to the Mortgage Loans occurring on or prior to the Cross-Over Date will be borne sequentially to the Class B-6, Class B-5, Class B-4, Class B-3, Class B-2, Class B-1 and Class X Notes, in that order. 
 (i) In addition, in the event that the Securities Administrator receives any Subsequent Recoveries from the Servicer or Master Servicer, the Securities
Administrator shall deposit such funds into the Payment Account pursuant to Section 4.02 of the Sale and Servicing Agreement. If, after taking into account such Subsequent Recoveries, the amount of a Realized Loss is reduced, the amount of such
Subsequent Recoveries will be applied to increase the Note Principal Balance of the Notes with the highest payment priority to which Realized Losses have been allocated, but not by more than the amount of Realized Losses previously allocated to that
Class or Classes of Notes pursuant to this Section 3.24. The amount of any Subsequent Recoveries following the application set forth in the immediately preceding sentence will be applied to sequentially increase the Note Principal Balance of
the Notes, beginning with the Class of Notes with the next highest payment priority, up to the amount of such Realized Losses previously allocated to such Class or Classes of Notes pursuant to this Section 3.24. Holders of such Notes will not
be entitled to any payments in respect of Accrued Note Interest on the amount of such increases for any Interest Accrual Period preceding the Payment Date on which such increase occurs. Any such increases shall be applied to the Note Principal
Balance of the Notes of such Class in accordance with its respective Percentage Interest. 
  

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 ARTICLE IV 
 THE NOTES; SATISFACTION AND DISCHARGE OF INDENTURE 
 Section 4.01 The Notes. Each Class of Class
I-A-1, Class I-A-2, Class II-A-1, Class II-A-2, Class III-A-1, Class III-A-2, Class IV-A-1 and Class IV-A-2 Notes shall be registered in the name of a nominee designated by the Depository. Beneficial Owners will hold interests in the Class I-A-1,
Class I-A-2, Class II-A-1, Class II-A-2, Class III-A-1, Class III-A-2, Class IV-A-1 and Class IV-A-2 Notes through the book-entry facilities of the Depository in minimum initial Note Principal Balances of $25,000 and integral multiples of $1 in
excess thereof. Registered Holders will hold interests in the Class X Notes in physical form in minimum initial Notional Amount of $25,000 and integral multiples of $1 in excess thereof. Registered Holders will hold interests in the Class X, Class
B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Notes in physical form in minimum initial Note Principal Balances of $25,000 and integral multiples of $1 in excess thereof. 
 The Indenture Trustee and Securities Administrator may for all purposes (including the making of payments due on the Notes) deal with the Depository as
the authorized representative of the Beneficial Owners with respect to the Notes for the purposes of exercising the rights of Holders of the Notes hereunder. Except as provided in the next succeeding paragraph of this Section 4.01, the rights
of Beneficial Owners with respect to the Notes shall be limited to those established by law and agreements between such Beneficial Owners and the Depository and Depository Participants. Except as provided in Section 4.08 hereof, Beneficial
Owners shall not be entitled to definitive certificates for the Notes as to which they are the Beneficial Owners. Requests and directions from, and votes of, the Depository as Holder of the Notes shall not be deemed inconsistent if they are made
with respect to different Beneficial Owners. The Securities Administrator may establish a reasonable record date in connection with solicitations of consents from or voting by Noteholders and give notice to the Depository of such record date.
Without the consent of the Issuing Entity and the Securities Administrator, no Note may be transferred by the Depository except to a successor Depository that agrees to hold such Note for the account of the Beneficial Owners. 
 In the event the Depository Trust Company resigns or is removed as Depository, the Depositor may appoint a successor Depository. If no successor
Depository has been appointed within 30 days of the effective date of the Depository’s resignation or removal, each Beneficial Owner shall be entitled to certificates representing the Notes it beneficially owns in the manner prescribed in
Section 4.08. 
 The Notes shall, on original issue, be executed on behalf of the Issuing Entity by the Owner Trustee, not in its
individual capacity but solely as Owner Trustee, authenticated by the Securities Administrator and delivered by the Securities Administrator to or upon the order of the Issuing Entity. 
 Section 4.02 Registration of and Limitations on Transfer and Exchange of Notes; Appointment of Securities Administrator to Act as Note Registrar and
Certificate Registrar. The Issuing Entity shall cause to be kept at the Corporate Trust Office of the Securities Administrator a Note Register in which, subject to such reasonable regulations as it may prescribe, the Securities Administrator
shall provide for the registration of Notes and of transfers and exchanges of Notes as herein provided. 
  

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 Subject to the restrictions and limitations set forth below, upon surrender for registration of transfer
of any Note at the Corporate Trust Office of the Securities Administrator, the Issuing Entity shall execute and the Securities Administrator shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new
Notes in authorized initial Note Principal Balances evidencing the same Class and aggregate Percentage Interests. 
 No transfer, sale,
pledge or other disposition of any Privately Offered Note or interest therein shall be made unless that transfer, sale, pledge or other disposition is exempt from the registration and/or qualification requirements of the Securities Act and any
applicable state securities laws, or is otherwise made in accordance with the Securities Act and such state securities laws. If a transfer of any Privately Offered Note is to be made without registration under the Securities Act (other than in
connection with the initial issuance thereof or a transfer thereof to the Depositor or one of its Affiliates), then the Securities Administrator shall refuse to register such transfer unless (i) it receives (and upon receipt, may conclusively
rely upon) a certificate substantially in the form attached as Exhibit C hereto (provided, however, that in the case of the Book-Entry Notes, the Noteholder and the Noteholder’s prospective transferee will be deemed to have made the
representations set forth in such certification) or (ii) (a) it receives a written Opinion of Counsel acceptable to and in form and substance satisfactory to the Securities Administrator and the Indenture Trustee that such transfer may be
made pursuant to an exemption, describing the applicable exemption and the basis therefor, from the Securities Act and any applicable state securities laws or is being made pursuant to the Securities Act and any applicable state securities laws,
which Opinion of Counsel shall not be an expense of the Indenture Trustee, the Owner Trustee, the Depositor, the Seller, the Master Servicer, any Servicer or the Securities Administrator and (b) the transferee executes a representation letter,
substantially in the form of Exhibit D attached hereto, and transferor executes a representation letter, substantially in the form of Exhibit E hereto, each acceptable to and in form and substance satisfactory to the Securities Administrator and the
Indenture Trustee certifying the facts surrounding such transfer, which representation letters shall not be an expense of the Indenture Trustee, the Owner Trustee, the Depositor, the Seller, the Master Servicer, any Servicer or the Securities
Administrator. None of the Issuing Entity, the Depositor, the Indenture Trustee or the Securities Administrator is obligated to register or qualify any Notes under the Securities Act or any other securities law or to take any action not otherwise
required under this Indenture to permit the transfer of any Note or interest therein without registration or qualification. Any Noteholder desiring to effect a transfer of Notes or interests therein shall, and does hereby agree to, indemnify the
Issuing Entity, the Depositor, the Owner Trustee, the Indenture Trustee and the Securities Administrator against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws or in
accordance with any restrictions on transfer set forth in this Indenture. Notwithstanding the foregoing, the provisions of this paragraph shall not apply to the initial transfer of the Notes by the Depositor or any Affiliate thereof. 
 No transfer, sale, pledge or other disposition of any Privately Offered Notes shall be made, and the Securities Administrator shall refuse to register
any such transfer, sale, pledge or other disposition, unless and until the proposed transferor shall have delivered to the Owner Trustee, the Securities Administrator and the Indenture Trustee a certificate substantially in the form of Exhibit F
hereto 

  

 20 

 
certifying (i) that, following such transfer, the proposed transferee will either be (a) a Single Owner or (b) a Proportionate Owner, or
(ii) that such transfer, either (A) will not cause a TMP Trigger Event or (B) will cause a TMP Trigger Event, in each case, as evidenced by an opinion of nationally recognized tax counsel addressed and provided to the Securities Administrator,
the Owner Trustee and the Indenture Trustee (at the expense of the proposed transferor or proposed transferee), and in the case of clause (ii)(B), the REMIC Conversion associated with such TMP Trigger Event (and all conditions precedent thereto,
including the contribution to the Issuing Entity or provisions for payment to various parties of certain additional funds by such proposed transferor or proposed transferee pursuant to clauses (iii) and (iv) of Section 11.01(a)) shall
have been consummated. Notwithstanding the foregoing, any Privately Offered Notes may be pledged to secure indebtedness and may be the subject of repurchase agreements treated by the Issuing Entity as secured indebtedness for federal income tax
purposes, provided that, for the avoidance of doubt, none of the Privately Offered Notes may be transferred by the related lender or repurchase agreement counterparty under any such indebtedness or repurchase agreement upon a default under such
indebtedness or repurchase agreement, as applicable, except in accordance with the foregoing. The provisions of this paragraph shall not apply to the initial transfer of the Privately Offered Notes to the Depositor (or an affiliate
thereof).
 Subject to the foregoing and Section 4.08, Notes may be exchanged for other Notes of like tenor and in authorized initial
Note Principal Balances evidencing the same Class and aggregate Percentage Interests upon surrender of the Notes to be exchanged at the Corporate Trust Office of the Securities Administrator. Whenever any Notes are so surrendered for exchange, the
Issuing Entity shall execute and the Securities Administrator shall authenticate and deliver the Notes which the Noteholder making the exchange such Noteholder is entitled to receive. Each Note presented or surrendered for registration of transfer
or exchange shall (if so required by the Securities Administrator) be duly endorsed by, or be accompanied by a written instrument of transfer in form reasonably satisfactory to the Securities Administrator duly executed by the Holder thereof or his
attorney duly authorized in writing with such signature guaranteed by a commercial bank or trust company located or having a correspondent located in the city of New York. Notes delivered upon any such transfer or exchange will evidence the same
obligations, and will be entitled to the same rights and privileges, as the Notes surrendered. 
 Subject to the foregoing and
Section 4.08, in connection with a REMIC Conversion, each Noteholder shall surrender all of its Notes to the Securities Administrator in exchange for REMIC Class A Notes pursuant to Section 8.06 of like tenor and in authorized initial
note principal balances evidencing the same class designation and aggregate percentage interests upon surrender of the Notes to be exchanged at the Corporate Trust Office of the Securities Administrator. Whenever any Notes are so surrendered for
exchange, the Issuing Entity shall execute and the Securities Administrator shall authenticate and deliver the REMIC Class A Notes which the Noteholder making the exchange is entitled to receive. Each Note presented or surrendered for
registration of transfer or exchange shall (if so required by the Securities Administrator) be duly endorsed by, or be accompanied by a written instrument of transfer in form reasonably satisfactory to the Securities Administrator, the Holder
thereof or his attorney duly authorized in writing with such 

  

 21 

 
signature guaranteed by a commercial bank or trust company located or having a correspondent located in the city of New York. Notes delivered upon any such
transfer or exchange will evidence the same obligations in substance, and will be entitled to the same rights and privileges in substance, as the Notes surrendered. 
 No service charge shall be made for any registration of transfer or exchange of Notes, but the Securities Administrator shall require payment of a sum sufficient to cover any tax or governmental charge that may be
imposed in connection with any registration of transfer or exchange of Notes. 
 The Issuing Entity hereby appoints the Securities
Administrator as (i) certificate registrar to keep at its Corporate Trust Office a Certificate Register pursuant to Section 3.08 of the Trust Agreement in which, subject to such reasonable regulations as it may prescribe, the Certificate
Registrar shall provide for the registration of Certificates and of transfers and exchanges thereof pursuant to Section 3.03 of the Trust Agreement and (ii) Note Registrar under this Indenture. The Securities Administrator hereby accepts
such appointments. 
 No Person shall become a Holder of Privately Offered Notes until it establishes its non-foreign status by submitting to
the Securities Administrator an IRS Form W-9 and the Certificate of Non-Foreign Status set forth in Exhibit G hereto. 
 Section 4.03
Mutilated, Destroyed, Lost or Stolen Notes. If (i) any mutilated Note is surrendered to the Securities Administrator, or the Securities Administrator receives evidence to its satisfaction of the destruction, loss or theft of any Note,
and (ii) there is delivered to the Securities Administrator such security or indemnity as may be required by it to hold the Issuing Entity, the Indenture Trustee and the Securities Administrator harmless, then, in the absence of notice to the
Issuing Entity or the Securities Administrator 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 Issuing Entity shall execute, and upon its request the
Securities Administrator 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 seven days shall be due and payable, instead of issuing a replacement Note, the Issuing Entity 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 Issuing Entity and the Securities Administrator 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 Issuing
Entity, the Indenture Trustee or the Securities Administrator in connection therewith. 
 Upon the issuance of any replacement Note under
this Section 4.03, the Issuing Entity may require the payment by the Holder of such Note 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 Securities Administrator) connected therewith. 
  

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 Every replacement Note issued pursuant to this Section 4.03 in replacement of any mutilated,
destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuing Entity, 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 4.03 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 4.04 Persons Deemed Owners. Prior to due presentment for registration of transfer of any Note, the Issuing Entity, the Indenture Trustee,
the Securities Administrator and any agent of the Issuing Entity or the Securities Administrator 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 and interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Issuing Entity, the Indenture Trustee, the Securities Administrator or any agent of the Issuing
Entity, the Securities Administrator or the Indenture Trustee shall be affected by notice to the contrary. 
 Section 4.05
Cancellation. All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Securities Administrator, be delivered to the Securities Administrator and shall be promptly
cancelled by the Securities Administrator. The Issuing Entity may at any time deliver to the Securities Administrator for cancellation any Notes previously authenticated and delivered hereunder which the Issuing Entity may have acquired in any
manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Securities Administrator. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section 4.05, except as expressly
permitted by this Indenture. All cancelled Notes may be held or disposed of by the Securities Administrator in accordance with its standard retention or disposal policy as in effect at the time unless the Issuing Entity shall direct by an Issuer
Request that they be destroyed or returned to it; provided, however, that such Issuer Request is timely and the Notes have not been previously disposed of by the Securities Administrator. 
 Section 4.06 Book-Entry Notes. The Class I-A-1, Class I-A-2, Class II-A-1, Class II-A-2, Class III-A-1, Class III-A-2, Class IV-A-1 and Class
IV-A-2 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 Depository, by, or on behalf of, the Issuing Entity. The Notes
shall initially be registered on the Note Register in the name of Cede & Co., the nominee of the initial Depository, and no Beneficial Owner will receive a Definitive Note representing such Beneficial Owner’s interest in such Note,
except as provided in Section 4.08. With respect to such Notes, unless and until definitive, fully registered Notes (the “Definitive Notes”) have been issued to Beneficial Owners pursuant to Section 4.08: 
 (i) the provisions of this Section 4.06 shall be in full force and effect; 
 (ii) the Indenture Trustee and the Securities Administrator shall be entitled to deal with the Depository for all purposes of this
Indenture (including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole holder of the Notes, and shall have no obligation to the Beneficial Owners of the Notes; 
  

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 (iii) to the extent that the provisions of this Section 4.06 conflict with any other
provisions of this Indenture, the provisions of this Section 4.06 shall control; 
 (iv) the rights of Beneficial Owners
shall be exercised only through the Depository and shall be limited to those established by law and agreements between such Owners of Notes and the Depository and/or the Depository Participants. Unless and until Definitive Notes are issued pursuant
to Section 4.08, the initial Depository will make book-entry transfers among the Depository Participants and receive and transmit payments of principal of and interest on the Notes to such Depository Participants; and 
 (v) whenever this Indenture requires or permits actions to be taken based upon instructions or directions of Holders of Notes evidencing a
specified percentage of the Note Principal Balances of the Notes, the Depository shall be deemed to represent such percentage with respect to the Notes only to the extent that it has received instructions to such effect from Beneficial Owners and/or
Depository Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes and has delivered such instructions to the Securities Administrator and the Indenture Trustee. 
 None of the Depositor, the Issuing Entity, the Master Servicer, the Seller, the Securities Administrator, the Indenture Trustee and the Owner Trustee
shall have any liability for any aspect of the records relating to or payments made on account of beneficial ownership interests in the Book-Entry Notes or for maintaining, supervising or reviewing any records relating to beneficial ownership
interests or transfers thereof. 
 The Class X, Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Notes will be registered
in full definitive form. 
 Section 4.07 Notices to Depository. Whenever a notice or other communication to the Note Holders is
required under this Indenture, unless and until Definitive Notes shall have been issued to Beneficial Owners pursuant to Section 4.08, the Indenture Trustee or Securities Administrator, as applicable, shall give all such notices and
communications specified herein to be given to Holders of the Notes to the Depository, and shall have no obligation to the Beneficial Owners. 
 Section 4.08 Definitive Notes. If (i) the Depositor advises the Securities Administrator in writing that the Depository is no longer willing or able to properly discharge its responsibilities with respect to the Book-Entry Notes
and the Depositor is unable to locate a qualified successor within 30 days or (ii) the Depositor, at its option (with the consent of the Securities Administrator, such consent not to be unreasonably withheld) elects to terminate the book-entry
system through the Depository, then the Securities Administrator shall request that the Depository notify all Beneficial Owners of the occurrence of any such event and of the availability of Definitive Notes to Beneficial Owners requesting the same.
Upon surrender to the Securities Administrator of the typewritten Notes representing the Book-Entry Notes by the Depository, accompanied by registration instructions, the Issuing Entity shall execute and the Securities Administrator shall
authenticate the Definitive Notes in accordance with the instructions of the 

  

 24 

 
Depository. None of the Issuing Entity, the Securities Administrator 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 Securities Administrator shall recognize the Holders of the Definitive Notes as Noteholders. 
 In addition, if an Event of Default has occurred and is continuing, each Note Owner materially adversely affected thereby may at its option request a
Definitive Note evidencing such Noteholder’s interest in the related Class of Notes. In order to make such request, such Noteholder shall, subject to the rules and procedures of the Depository, provide the Depository or the related Depository
Participant with directions for the Securities Administrator to exchange or cause the exchange of the Noteholder’s interest in such Class of Notes for an equivalent interest in fully registered definitive form. Upon receipt by the Securities
Administrator of instructions from the Depository directing the Securities Administrator to effect such exchange (such instructions to contain information regarding the Class of Notes and the Note Principal Balance being exchanged, the Depository
Participant account to be debited with the decrease, the registered holder of and delivery instructions for the Definitive Note, and any other information reasonably required by the Securities Administrator), (i) the Securities Administrator
shall instruct the Depository to reduce the related Depository Participant’s account by the aggregate Note Principal Balance of the Definitive Note, (ii) the Securities Administrator shall execute, authenticate and deliver, in accordance
with the registration and delivery instructions provided by the Depository, a Definitive Note evidencing such Noteholder’s interest in such Class of Notes and (iii) the Issuing Entity shall execute and the Securities Administrator shall
authenticate a new Book-Entry Note reflecting the reduction in the Note Principal Balance of such Class of Notes by the amount of the Definitive Notes. 
 Section 4.09 Tax Treatment. The Issuing Entity has entered into this Indenture, and the Class I-A-1, Class I-A-2, Class II-A-1, Class II-A-2, Class III-A-1, Class III-A-2, Class IV-A-1 and Class IV-A-2 Notes
shall be issued with the intention that, for federal, state and local income, single business and franchise tax purposes, such Classes of Notes will qualify as indebtedness. The Issuing Entity and the Securities Administrator (in accordance with
Section 6.07 hereof), by entering into this Indenture, and each Class I-A-1, Class I-A-2, Class II-A-1, Class II-A-2, Class III-A-1, Class III-A-2, Class IV-A-1 and Class IV-A-2 Noteholder, by its acceptance of its Note (and each Beneficial
Owner by its acceptance of an interest in the applicable Book-Entry Note), agree to treat such Classes of Notes for federal, state and local income, single business and franchise tax purposes as indebtedness. 
 Section 4.10 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 Noteholders to receive payments of principal thereof and interest thereon, (iv) Sections 3.03,
3.04, 3.06, 3.09, 3.17, 3.19 and 3.20, (v) the rights, obligations and immunities of the Indenture Trustee and Securities Administrator hereunder (including the rights of the Securities Administrator under Section 6.08 and the obligations
of the Securities Administrator under Section 4.11), and (vi) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the Securities Administrator payable to all or any of them, and the Indenture
Trustee, on demand of and at the expense of the Issuing Entity, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes and shall release and deliver, or cause the related Custodian to
deliver, the Collateral to or upon the order of the Issuing Entity, when 
 (A) Any of the following occur: 
 (1) 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 4.03 hereof and (ii) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuing Entity and thereafter repaid to the Issuing Entity or
discharged from such trust, as provided in Section 3.03) have been delivered to the Securities Administrator for cancellation; 
  

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 (2) all Notes not theretofore delivered to the Securities Administrator for cancellation

  

	 	a.	have become due and payable, 

  

	 	b.	will become due and payable at the Final Scheduled Payment Date within one year, or 

  

	 	c.	have been called for early redemption and the Trust has been terminated pursuant to Section 8.07 hereof; 

 and the Issuing Entity, in the case of a., b. or c. above, has irrevocably deposited or caused to be irrevocably deposited with the Securities
Administrator cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire
indebtedness on such Notes then outstanding not theretofore delivered to the Securities Administrator for cancellation when due on the Final Scheduled Payment Date or other final Payment Date and has delivered to the Securities Administrator and the
Indenture Trustee a verification report from a nationally recognized accounting firm certifying that the amounts deposited with the Securities Administrator are sufficient to pay and discharge the entire indebtedness of such Notes, or, in the case
of c. above, the Issuing Entity shall have complied with all requirements of Section 8.07 hereof; or 
 (3) all Notes
have been called for surrender in exchange for the corresponding Classes of REMIC Class A Notes and REMIC Privately Offered Certificates pursuant to Section 8.06 in connection with a REMIC Conversion as described in Article XI. 

(B) the Issuing Entity has paid or caused to be paid all other sums payable hereunder; and 
 (C) the Issuing Entity has delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel, each meeting the
applicable requirements of Section 10.01 hereof, each stating that all conditions precedent herein provided for 

  

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relating to the satisfaction and discharge of this Indenture have been complied with and, if the Opinion of Counsel relates to a deposit made in connection
with Section 4.10(A)(2)b. above, such opinion shall further be to the effect that such deposit will constitute an “in-substance defeasance” within the meaning of Revenue Ruling 85-42, 1985-1 C.B. 36, and in accordance therewith, the
Issuing Entity will be the owner of the assets deposited in trust for federal income tax purposes. 
 Section 4.11 Application of Trust
Money. All monies deposited with the Securities Administrator pursuant to Section 4.10 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 or the certificate paying agent as designee of the Issuing Entity, as the Securities Administrator may determine, to the Holders of Securities, of all sums due and to become due thereon for principal and interest or
otherwise; but such monies need not be segregated from other funds except to the extent required herein or required by law. 
 Section 4.12
[Reserved]. 
 Section 4.13 Repayment of Monies Held by Securities Administrator. In connection with the satisfaction and
discharge of this Indenture with respect to the Notes, all monies then held by any Person other than the Securities Administrator under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuing Entity, be paid to
the Securities Administrator to be held and applied according to Section 3.03 and thereupon such Person shall be released from all further liability with respect to such monies. 
 Section 4.14 Temporary Notes. Pending the preparation of any Definitive Notes, the Issuing Entity may execute and upon its written direction, the
Securities Administrator may authenticate and make available for delivery, temporary Notes that are printed, lithographed, typewritten, photocopied or otherwise produced, in any denomination, substantially of the tenor of the Definitive Notes in
lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Notes may determine, as evidenced by their execution of such Notes. 
 If temporary Notes are issued, the Issuing Entity will cause Definitive Notes to be prepared without unreasonable delay. After the preparation of the
Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the Corporate Trust Office of the Securities Administrator, without charge to the Holder. Upon surrender for cancellation of
any one or more temporary Notes, the Issuing Entity shall execute and the Securities Administrator shall authenticate and make available for delivery, in exchange therefor, Definitive Notes of authorized denominations and of like tenor, class and
aggregate principal amount. Until so exchanged, such temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 
 Section 4.15 ERISA Treatment. 
 No Note may be sold or transferred to a Person unless such Person
certifies in the form of Exhibit E to this Agreement (which in the case of the Book-Entry Notes, such Person will be deemed to have made the representations contained in such certificates, respectively), which certification the Securities
Administrator may rely upon without further inquiry or investigation, that: 
 (i) Such Person is neither (A) an employee benefit plan
or other retirement arrangement, including individual retirement accounts and annuities, Keogh plans and collective investment funds and separate accounts in which such plans, accounts or arrangements are invested, including, without limitation,
insurance company general accounts, that is subject to ERISA or Section 4975 of the Code (each, a “Plan”), nor (B) any Person who is directly or indirectly purchasing such Note or interest therein on behalf of, as named fiduciary
of, as trustee of, or with “Plan Assets” (as defined under the DOL Regulation at 29 C.F.R. Section 2510.3-101) of a Plan; 
  

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 (ii) Except in the case of a Class X Note or Class B Note (A) such Person is a Plan or a Person
purchasing such Note with Plan Assets and represents that, as of the date of the transfer, the Notes are rated investment grade or better, (B) such Person believes that the Notes are properly treated as indebtedness without substantial equity
features for purposes of the DOL Regulations, and agrees to so treat the Notes, and (C) the acquisition and holding of the Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of
the Code; or 
 (iii) Such Person has provided the Securities Administrator with an Opinion of Counsel, which Opinion of Counsel will not be
at the expense of the Trust Estate, the Depositor, the Issuing Entity, the Owner Trustee, the Indenture Trustee or the Securities Administrator, which establishes to the satisfaction of the Securities Administrator that the purchase, holding and
transfer of such Note or interest therein is permissible under applicable law, will not constitute or result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code and will not subject the Issuing Entity, the Owner
Trustee, the Indenture Trustee, the Securities Administrator, the Depositor or the Indenture Trustee to any obligation in addition to those undertaken in the Indenture. 
 Notwithstanding the foregoing, neither an Opinion of Counsel nor a certification will be required in connection with the initial transfer of any such Note by the Depositor to an Affiliate of the Depositor (in which
case, the Depositor or any Affiliate thereof shall be deemed to have represented that such Affiliate is not a Plan or any Person investing “plan assets” of any Plan) and the Securities Administrator shall be entitled to conclusively rely
upon a representation (which, upon the request of the Securities Administrator, shall be a written representation) from the Depositor of the status of such transferee as an Affiliate of the Depositor. 
  

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 ARTICLE V 
 DEFAULT AND REMEDIES 
 Section 5.01 Events of Default. The Issuing Entity shall deliver to the
Indenture Trustee, within five days after learning of the occurrence of a Default, written notice in the form of an Officer’s Certificate of any event which with the giving of notice and the lapse of time would become an Event of Default under
clause (ii), (iii) or (iv) of the definition of “Event of Default”, its status and what action the Issuing Entity is taking or proposes to take with respect thereto. The Indenture Trustee shall not be deemed to have knowledge of
any Default or Event of Default unless a Responsible Officer has actual knowledge thereof or unless written notice of such Default or Event of Default is received by a Responsible Officer and such notice references the Notes, the Trust Estate or
this Indenture. 
 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 Holders of Notes representing not less than a majority of the aggregate Note Principal Balance of the Notes may declare the Notes to be immediately due and
payable, by a notice in writing to the Issuing Entity (and to the Indenture Trustee if such notice is given by Noteholders), and upon any such declaration the unpaid Note Principal Balance 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 with respect to an Event of Default 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, Holders of the Notes representing not less
than a majority of the aggregate Note Principal Balance of each Class of Notes, by written notice to the Issuing Entity and the Indenture Trustee, may, subject to Section 5.12, waive the related Event of Default and rescind and annul such
declaration and its consequences if: 
 (i) the Issuing Entity has paid or deposited with the Indenture Trustee or Securities
Administrator a sum sufficient to pay: 
 (A) all payments of principal of and interest on the Notes and all other amounts
that would then be due hereunder or under the 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 has 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.

  

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 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.

 (a) The Issuing Entity 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 five days, or (ii) default is made in the payment of the principal of or any installment of the principal of any Note when the same becomes due and payable, the Issuing Entity shall, upon
demand of the Indenture Trustee, acting at the direction of the Holders of a majority of the aggregate Note Principal Balances of the Notes, pay to the Securities Administrator, for the benefit of the Holders of Notes, the whole amount then due and
payable on the Notes for principal and interest, with interest at the applicable Note Interest Rate upon the overdue principal, 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 Issuing Entity shall fail forthwith to pay such amounts upon such demand, the Indenture Trustee, in its own name and as trustee of an express trust, subject to the provisions of Section 10.15 hereof, may institute a Proceeding for the
collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Issuing Entity or other obligor upon the Notes and collect in the manner provided by law out of the
property of the Issuing Entity or other obligor upon the Notes, wherever situated, the monies adjudged or decreed to be payable. 
 (c) If an
Event of Default occurs and is continuing, the Indenture Trustee, subject to the provisions of Section 10.15 hereof, may, as more particularly provided in Section 5.04 hereof, in its discretion, proceed to protect and enforce its rights
and the rights of the Noteholders by such appropriate Proceedings as directed in writing by the Holders of a majority of the aggregate Note Principal Balances of each Class of Notes, 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 Issuing Entity or any other obligor upon the Notes or any Person having or claiming an
ownership interest in the 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 Issuing Entity or its property or such other obligor or Person, or in case of any other comparable judicial Proceedings relative to
the Issuing Entity or other obligor upon the Notes, or to the creditors or property of the Issuing Entity or such other obligor, the Indenture Trustee, as directed in writing by the Holders of a majority of the aggregate Note Principal Balances of
each Class of Notes, 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, shall 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 and interest 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, willful misconduct or bad faith) and of the Noteholders allowed in such Proceedings; 
  

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 (ii) unless prohibited by applicable law and regulations, to vote on behalf of the
Holders of 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 monies or other property payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf, and

 (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 Notes allowed in any judicial proceedings relative to the Issuing Entity, its creditors and its property; 
 and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make payments to the Securities Administrator, and, in the event that the Indenture
Trustee shall consent to the making of payments directly to such Noteholders, 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. 
 (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 Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder 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, subject to Section 5.05 hereof. 
  

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 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 Noteholder a party to any
such Proceedings. 
 Section 5.04 Remedies; Priorities. (a) If an Event of Default shall have occurred and be continuing and if
an acceleration has been declared and not rescinded pursuant to Section 5.02 hereof, the Indenture Trustee, subject to the provisions of Section 10.15 hereof, may, and shall, at the written direction of the Holders of a majority of the
aggregate Note Principal Balances of the Notes, do one or more of the following (subject to Section 5.05 hereof): 
 (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 under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained,
and collect from the Issuing Entity and any other obligor upon such Notes monies adjudged due; 
 (ii) institute Proceedings
from time to time for the complete or partial foreclosure of this Indenture with respect to the Trust Estate; 
 (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 Trust Estate 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 Trust Estate following an
Event of Default, unless (A) the Indenture Trustee obtains the consent of the Holders of 100% of the aggregate Note Principal Balance of the Notes then outstanding, (B) the proceeds of such sale or liquidation distributable to the Holders
of the Notes are sufficient to discharge in full all amounts then due and unpaid upon such Notes for principal and interest or (C) the Indenture Trustee determines that the Mortgage Loans will not continue to provide sufficient funds for the
payment of principal of and interest on the applicable Notes as they would have become due if the Notes had not been declared due and payable, and the Indenture Trustee obtains the consent of the Holders of 66 2/3% of the aggregate Note Principal
Balance of each Class of Notes then outstanding, voting separately. In determining such sufficiency or insufficiency with respect to clause (B) and (C), the Indenture Trustee may, but need not, obtain and rely upon an opinion (obtained at the
expense of the Trust) 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 Trust Estate for such purpose. Notwithstanding the foregoing, any
Sale of the Trust Estate shall be made subject to the continued servicing of the Mortgage Loans by the Servicer (other than any Servicer as to which an Event of Servicer Termination has occurred and is continuing) as provided in the Sale and
Servicing Agreement. 
 (b) If the Indenture Trustee or the Securities Administrator collects any money or property pursuant to this Article
V, the Securities Administrator shall pay out the money or property in the following order: 
 FIRST: to the Indenture
Trustee, the Securities Administrator, Master Servicer, the Owner Trustee, the Custodians and the Servicers for amounts due and not previously paid pursuant to the Indenture and the other Basic Documents, 
  

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 SECOND: to the Noteholders, in the manner and priority set forth under Section 3.03
of this Agreement, and 
 THIRD: to the Securities Administrator for distribution to the holders of the Certificates.

 The Securities Administrator may fix a record date and Payment Date for any payment to Noteholders pursuant to this Section 5.04. At
least 15 days before such record date, the Securities Administrator shall mail to each Noteholder a notice that states the record date, the Payment Date and the amount to be paid. 
 Section 5.05 Optional Preservation of the Trust Estate. 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 elect to take and maintain possession of the Trust Estate. It is the desire of the parties hereto and the Noteholders that
there be at all times sufficient funds for the payment of principal of and interest on the Notes and other obligations of the Issuing Entity, and the Indenture Trustee shall take such desire into account when determining whether or not to take and
maintain possession of the Trust Estate. In determining whether to take and maintain possession of the 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 Trust Estate for such purpose. 
 Section
5.06 Limitation of Suits. So long as the Majority Certificateholder owns 100% of the Securities, no Holder of any Note 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. No Holder of any Note 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 and subject to the foregoing and the provisions of Section 10.15 hereof: 
 (i)
such Holder 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 aggregate Note Principal Balance of the Notes have made a 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 Holder or Holders 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 of request and offer of indemnity, has failed to institute such Proceedings; and 
  

 33 

 (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 Note Principal Balances of the Notes. 
 It is understood and intended
that no one or more Holders of 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 Notes or to obtain or to seek to
obtain priority or preference over any other Holders or to enforce any right under this Indenture, except in the manner herein provided. 
 No Holder of any Note shall have any right to institute any Proceeding, judicial or otherwise with respect to a TMP Trigger Event, with respect to the meeting of the conditions for a REMIC Conversion or with respect to a REMIC Conversion.

 Subject to the last paragraph of Section 5.11 herein, in the event the Indenture Trustee shall receive conflicting or inconsistent
requests and indemnity from two or more Holders of Notes, each representing less than a majority of the Note Principal Balances of the Notes, the Indenture Trustee shall take such action as requested by the Holders representing the highest amount
(in the aggregate) of the Note Principal Balances, 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, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and
interest, if any, 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. Notwithstanding the foregoing, in the event of a REMIC Conversion, Holders of Notes shall receive in a mandatory exchange for such Notes, the corresponding classes of REMIC Class A Notes and REMIC Privately Offered Certificates, as
further described in Section 8.06 hereof, whose principal and interest entitlements shall not be determined by this Indenture but rather by the provisions of the REMIC Class A Indenture and Pooling and Servicing Agreement, as applicable.

 Section 5.08 Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder 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 Noteholder, then and in every such case the Issuing Entity,
the Indenture Trustee and the Noteholders 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
Noteholders 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 Noteholders 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. 
  

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 Section 5.10 Delay or Omission Not a Waiver. No delay or omission of the Indenture Trustee or any
Holder of any Note to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article
V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be. 
 Section 5.11 Control By Noteholders. The Holders of a majority of the aggregate Note Principal Balances of Notes 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) any direction to the Indenture Trustee to sell or liquidate the Trust Estate shall be by Holders of Notes representing not less than
100% of the aggregate Note Principal Balance of the Notes or the Holders of 66 2/3% of the aggregate Note Principal Balance of each Class of Notes then outstanding, voting separately as set forth in Section 5.04(a) hereof; and 
 (iii) the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction
of the Holders of Notes representing a majority of the Note Principal Balances of the Notes. 
 Notwithstanding the rights of Noteholders set
forth in this Section 5.11 the Indenture Trustee need not take any action that it determines might involve it in liability. 
 Section
5.12 Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.02 hereof, the Holders of Notes representing not less than a majority of the aggregate Note Principal
Balance of each Class of Notes may waive any past Event of Default and its consequences except an Event of Default (a) with respect to payment of principal of or interest on any of the Notes, or (b) in respect of a covenant or provision
hereof which cannot be modified or amended without the consent of the Holder of each Note. In the case of any such waiver, the Issuing Entity, 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 Event of Default or impair any right consequent thereto. 
 Upon any such waiver, any Event of Default arising therefrom shall 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 Event of Default or
impair any right consequent thereto. 
 Section 5.13 Undertaking for Costs. All parties to this Indenture agree, and each Holder of
any Note and each Beneficial Owner of any interest therein by such Holder’s or Beneficial Owner’s acceptance thereof 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 

  

 35 

 
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 5.13 shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, in each case
holding in the aggregate more than 10% of the Note Principal Balances of the Notes or (c) any suit instituted by any Noteholder 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 Issuing Entity 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 Issuing Entity (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall 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 Sale of Trust Estate. (a) The power to effect any sale or other disposition (a “Sale”) of any portion of the Trust Estate pursuant to Section 5.04 hereof is expressly subject to
the provisions of Sections 5.05 and 5.11(ii) hereof and this Section 5.15. The power to effect any such Sale shall not be exhausted by any one or more Sales as to any portion of the Trust Estate remaining unsold, but shall continue unimpaired
until the entire Trust Estate shall have been sold or all amounts payable on the Notes and under this Indenture shall have been paid. The Indenture Trustee may from time to time postpone any public Sale by public announcement made at the time and
place of such Sale. The Indenture Trustee hereby expressly waives its right to any amount fixed by law as compensation for any Sale. 
 (b)
The Indenture Trustee shall not in any private Sale sell the Trust Estate, or any portion thereof, unless 
 (1) the Holders
of all Notes consent to or direct the Indenture Trustee to make, such Sale, or 
 (2) the proceeds of such Sale would be not
less than the entire amount which would be payable to the Noteholders under the Notes, in full payment thereof in accordance with Section 5.02 hereof, on the Payment Date next succeeding the date of such Sale, or 
 (3) the Indenture Trustee determines that the conditions for retention of the Trust Estate set forth in Section 5.05 hereof cannot be
satisfied (in making any such determination, the Indenture Trustee may rely upon an opinion of an Independent investment banking firm obtained and delivered as provided in Section 5.05 hereof), and the Holders of Notes representing at least
100% of the Note Principal Balances of the Notes consent to such Sale; or 
  

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 (4) such Sale occurs following notice of a TMP Trigger Event in accordance with the terms
and conditions described in Section 11.01 of this Indenture. 
 The purchase by the Indenture Trustee of all or any portion of the Trust Estate at a
private Sale shall not be deemed a Sale or other disposition thereof for purposes of this Section 5.15(b). 
 (c) Subject to this
Section 5.15, unless the Holders representing at least 100% of the aggregate Note Principal Balance of the Notes or the Holders of 66 2/3% of the aggregate Note Principal Balance of each Class of Notes then outstanding, voting separately as set
forth in Section 5.04(a) hereof, have otherwise consented or directed the Indenture Trustee, at any public Sale of all or any portion of the Trust Estate at which a minimum bid equal to or greater than the amount described in paragraph
(2) of subsection (b) of this Section 5.15 has not been established by the Indenture Trustee and no Person bids an amount equal to or greater than such amount, the Indenture Trustee, as trustee for the benefit of the Holders of the
Notes, shall bid an amount (which shall include the Indenture Trustee’s right, in its capacity as Indenture Trustee, to credit bid) at least $1.00 more than the highest other bid in order to preserve the Trust Estate on behalf of the
Noteholders. 
 (d) In connection with a Sale of all or any portion of the Trust Estate, 
 (1) any Holder or Holders of Notes may bid for and purchase the property offered for sale, and upon compliance with the terms of sale may
hold, retain and possess and dispose of such property, without further accountability, and may, in paying the purchase money therefor, deliver any Notes or claims for interest thereon in lieu of cash up to the amount which shall, upon distribution
of the net proceeds of such sale, be payable thereon, and such Notes, in case the amounts so payable thereon shall be less than the amount due thereon, shall be returned to the Holders thereof after being appropriately stamped to show such partial
payment; 
 (2) the Indenture Trustee may bid for and acquire the property offered for Sale in connection with any Sale
thereof, and, subject to any requirements of, and to the extent permitted by, applicable law in connection therewith, may purchase all or any portion of the Trust Estate in a private sale, and, in lieu of paying cash therefor, may make settlement
for the purchase price by crediting the gross Sale price against the sum of (A) the amount which would be distributable to the Holders of the Notes and Holders of Certificates on the Payment Date next succeeding the date of such Sale and
(B) the expenses of the Sale and of any Proceedings in connection therewith which are reimbursable to it, without being required to produce the Notes in order to complete any such Sale or in order for the net Sale price to be credited against
such Notes, and any property so acquired by the Indenture Trustee shall be held and dealt with by it in accordance with the provisions of this Indenture; 
 (3) the Indenture Trustee shall execute and deliver an appropriate instrument of conveyance, prepared by the Issuing Entity and satisfactory to the Indenture Trustee, transferring its interest in any portion of the
Trust Estate in connection with a Sale thereof; and 
  

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 (4) the Indenture Trustee is hereby irrevocably appointed the agent and attorney-in-fact
of the Issuing Entity to transfer and convey its interest in any portion of the Trust Estate in connection with a Sale thereof, and to take all action necessary to effect such Sale. 
 (e) So long as the Majority Certificateholder owns 100% of the Securities, the Majority Certificateholder shall not consent to any Sale of the Trust
Estate as set forth herein other than a Sale following a TMP Trigger Event. 
 Section 5.16 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 Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuing Entity or by the levy of any execution under such judgment upon any portion of the
Trust Estate or upon any of the assets of the Issuing Entity. Any money or property collected by the Indenture Trustee or the Securities Administrator shall be applied by the Securities Administrator in accordance with Section 5.04(b) hereof.

  

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 ARTICLE VI 
 THE INDENTURE TRUSTEE AND THE SECURITIES ADMINISTRATOR 
 Section 6.01 Duties of Indenture Trustee and
Securities Administrator. (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 of which the Indenture Trustee has actual knowledge or has received written notice, in the case of the Indenture Trustee and, at any time, in the case of the Securities Administrator: 
 (i) the Indenture Trustee and the Securities Administrator undertakes to perform such duties and only such duties as are specifically set
forth in this Indenture and the other Basic Documents to which it is a party and no implied covenants or obligations shall be read into this Indenture and the other Basic Documents against the Indenture Trustee or the Securities Administrator; and

 (ii) in the absence of bad faith on its part, the Indenture Trustee and the Securities Administrator may conclusively rely,
as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates, reports, documents, Issuer Requests or other instruments or opinions furnished to each of the Indenture Trustee and the Securities
Administrator and conforming to the requirements of this Indenture or the other Basic Documents; however, the Indenture Trustee and the Securities Administrator shall examine the certificates, reports, documents, Issuer Requests or other instruments
and opinions to determine whether or not they conform on their face to the requirements of this Indenture. 
 (c) The Indenture Trustee and
the Securities Administrator may not be relieved from liability for each of 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 6.01; 
 (ii) neither the Indenture Trustee nor the Securities Administrator 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 or the Securities Administrator, as applicable, was negligent in ascertaining the pertinent facts; and 
 (iii) neither the Indenture Trustee nor the Securities Administrator shall be liable with respect to any action it takes or omits to take
in good faith in accordance with a direction received by it from Noteholders, the Certificateholders or from the Issuing Entity, which they are entitled to give under the Basic Documents. 
 (d) The Indenture Trustee shall not be liable for interest on any money received by it except as set forth in the Basic Documents and as the Indenture
Trustee may agree in writing with the Issuing Entity. 
  

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 (e) Money held in trust by the Indenture Trustee need not be segregated from other trust funds except to
the extent required by law or the terms of this Indenture or the Trust Agreement. 
 (f) No provision of this Indenture shall require the
Indenture Trustee or the Securities Administrator 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 repayment of such funds or indemnity satisfactory to it against such risk or liability is not reasonably assured to it. 
 (g) 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. 
 (h) The Indenture Trustee shall not be deemed to have notice or knowledge 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 such event that is in fact an Event of Default or Default is received by the Indenture Trustee at its Corporate Trust Office and such notice references the Notes or
Certificates generally, the Issuing Entity, the Trust Estate or this Indenture. 
 (i) The Securities Administrator (i) may not be an
originator, Master Servicer, Servicer, the Depositor or an affiliate of the Depositor unless the Securities Administrator is a bank or trust company organized under the laws of the United States or any state thereof, (ii) must be authorized to
exercise corporate trust powers under the laws of its jurisdiction of organization, and (iii) must be rated at least “A/F1” by Fitch, if Fitch is a Rating Agency, or the equivalent rating by S&P or Moody’s. If no successor
Securities Administrator shall have been appointed and shall have accepted appointment within 60 days after the Securities Administrator ceases to be the Securities Administrator pursuant to Section 6.09, then the Indenture Trustee when acting
as Securities Administrator shall perform the duties of the Securities Administrator pursuant to this Agreement. The Indenture Trustee shall be entitled to all compensation, reimbursement of expenses and indemnifications that the Securities
Administrator would have been entitled to if it had continued to act hereunder, provided, however, that the Indenture Trustee shall not be (i) liable for any acts or omissions of the Securities Administrator, or (ii) responsible for
expenses of the Securities Administrator. The Indenture Trustee shall notify the Rating Agencies of any change of Securities Administrator. 
 Section 6.02 Rights of Indenture Trustee and Securities Administrator. (a) The Indenture Trustee and the Securities Administrator 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 and the Securities Administrator need not investigate any fact or matter stated in the document. 
 (b)
Before the Indenture Trustee or the Securities Administrator acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel. Neither the Indenture Trustee nor the Securities Administrator shall be liable for any
action it takes or omits to take in good faith in reliance on and in accordance with an Officer’s Certificate or Opinion of Counsel. 
  

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 (c) Neither the Indenture Trustee nor the Securities Administrator shall 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. 
 (d) The Indenture Trustee or the
Securities Administrator may consult with counsel, and the written advice or Opinion of Counsel (which shall not be at the expense of the Indenture Trustee or the Securities Administrator) with respect to legal matters relating to this Indenture,
the other Basic Documents 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 written advice or opinion of
such counsel. 
 (e) For the limited purpose of effecting any action to be undertaken by each of the Indenture Trustee and the Securities
Administrator, but not specifically as a duty of the Indenture Trustee or the Securities Administrator in the Indenture, each of the Indenture Trustee and the Securities Administrator may execute any of the trusts or powers hereunder or perform any
duties hereunder, either directly or by or through agents, attorneys, custodians or nominees appointed with due care, and shall not be responsible for any willful misconduct or negligence on the part of any agent, attorney, custodian or nominee so
appointed. 
 (f) The Securities Administrator or its Affiliates are permitted to receive additional compensation that could be deemed to be
in the Securities Administrator’s economic self-interest for (i) serving as investment adviser, administrator, shareholder servicing agent, custodian or sub-custodian with respect to certain of the Permitted Investments, (ii) using
Affiliates to effect transactions in certain Permitted Investments and (iii) effecting transactions in certain Permitted Investments. Such compensation shall not be considered an amount that is reimbursable or payable to the Securities
Administrator (i) as part of the compensation hereunder or (ii) out of Available Funds. 
 (g) Anything in this Indenture to the
contrary notwithstanding, in no event shall the Indenture Trustee or the Securities Administrator be liable for special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the
Indenture Trustee or the Securities Administrator has been advised of the likelihood of such loss or damage and regardless of the form of action. 
 (h) None of the Securities Administrator, the Issuing Entity or the Indenture Trustee shall be responsible for the acts or omissions of the other, it being understood that this Indenture shall not be construed to render them partners, joint
venturers or agents of one another. 
 (i) Neither the Indenture Trustee nor the Securities Administrator shall be required 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 there is reasonable ground for believing that the repayment of such funds or indemnity
reasonably satisfactory to it against such risk or liability is not reasonably assured to it, and none of the provisions contained in this Indenture shall in any event require the Indenture Trustee or the Securities Administrator to perform, or be
responsible for the manner of performance of, any of the obligations of the Master Servicer under the Wells Fargo Servicing Agreement, except during such time, if any, as the Indenture Trustee shall be the successor to, and be vested with the
rights, duties, powers and privileges of, the Master Servicer in accordance with the terms of the Wells Fargo Servicing Agreement. 
  

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 (j) Except for those actions that the Indenture Trustee or the Securities Administrator are required to
take hereunder, neither the Indenture Trustee nor the Securities Administrator shall have any obligation or liability to take any action or to refrain from taking any action hereunder in the absence of written direction as provided hereunder.

 (k) Neither the Indenture Trustee nor the Securities Administrator shall be under any obligation to exercise any of the trusts or powers
vested in it by this Indenture, other than its obligation to give notices pursuant to this Indenture, or to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any of the Noteholders
pursuant to the provisions of this Indenture, unless such Noteholders shall have offered to the Indenture Trustee or the Securities Administrator, as applicable, reasonable security or indemnity against the costs, expenses and liabilities which may
be incurred therein or thereby. Nothing contained herein shall, however, relieve the Indenture Trustee of the obligation, upon the occurrence of an Event of Default of which a Responsible Officer of the Indenture Trustee has actual knowledge (which
has not been cured or waived), to exercise such of the rights and powers vested in it by this Indenture and to use the same degree of care and skill in their exercise as a prudent person would exercise under the circumstances in the conduct of his
own affairs. 
 (l) Neither the Indenture Trustee nor the Securities Administrator shall 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 Notes representing not less than
25% of the Note Principal Balance of the Notes and provided that the payment within a reasonable time to the Indenture Trustee or the Securities Administrator, as applicable, of the costs, expenses or liabilities likely to be incurred by it in the
making of such investigation is, in the opinion of the Indenture Trustee or the Securities Administrator, as applicable, reasonably assured to the Indenture Trustee by the security afforded to it by the terms of this Indenture. The Indenture Trustee
or the Securities Administrator may require reasonable indemnity against such expense or liability as a condition to taking any such action. The reasonable expense of every such examination shall be paid by the Noteholders requesting the
investigation. 
 (m) Should the Indenture Trustee or the Securities Administrator deem the nature of any action required on its part to be
unclear, the Indenture Trustee or the Securities Administrator, respectively, may require prior to such action that it be provided by the Depositor with reasonable further instructions. 
 (n) The right of the Indenture Trustee or the Securities Administrator to perform any discretionary act enumerated in this Indenture shall not be
construed as a duty, and neither the Indenture Trustee nor the Securities Administrator shall be accountable for other than its negligence or willful misconduct in the performance of any such act. 
 (o) Neither the Indenture Trustee nor the Securities Administrator shall be required to give any bond or surety with respect to the execution of the
trust created hereby or the powers granted hereunder. 
  

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 (p) Neither the Indenture Trustee nor the Securities Administrator shall have any duty to conduct any
affirmative investigation as to the occurrence of any condition requiring the repurchase of any Mortgage Loan by the Seller pursuant to this Indenture or the Mortgage Loan Purchase Agreement, as applicable, or the eligibility of any Mortgage Loan
for purposes of this Indenture. 
 (q) The Indenture Trustee shall not be deemed to have notice or actual knowledge of any Default or Event
of Default unless actually known to a Responsible Officer of the Indenture Trustee or written notice thereof (making reference to this Indenture or the Notes) is received by the Indenture Trustee at the Corporate Trust Office. 
 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 Issuing Entity or its Affiliates with the same rights it would have if it were not Indenture Trustee, subject to the requirements of the Trust Indenture Act. Any note registrar, co-registrar or co-paying
agent may do the same with like rights. However, the Indenture Trustee must comply with Section 6.12 hereof. 
 Section 6.04
[Reserved]. 
 Section 6.05 Indenture Trustee’s and Securities Administrator’s Disclaimer. Neither the Indenture
Trustee nor the Securities Administrator shall be responsible for and makes no representation as to the validity or adequacy of this Indenture, the Notes or any other Basic Document, it shall not be accountable for the Issuing Entity’s use of
the proceeds from the Notes, and it shall not be responsible for any statement of the Issuing Entity in the Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Securities Administrator’s
certificate of authentication. 
 Section 6.06 Notice of Event of Default. Subject to Section 5.01, the Indenture Trustee shall
promptly mail to each Noteholder notice of the Event of Default after it is known to a Responsible Officer of the Indenture Trustee, unless such Event of Default shall have been waived or cured. Except in the case of an Event of Default in payment
of principal of or interest on any Note, the Indenture Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the best interests of Noteholders.

 Section 6.07 Reports to Holders and Tax Administration. 
 The Securities Administrator shall deliver to each Noteholder such information as may be required by the Internal Revenue Service or by federal or state
law or rules or regulations to enable such holder to prepare its federal and state income tax returns. 
 The Securities Administrator shall
prepare and file (or cause to be prepared and filed), on behalf of the Owner Trustee, all tax returns (if any) and information reports and tax elections and such annual or other reports of the Issuing Entity as are necessary for preparation of tax
returns and information reports, each as provided in Section 5.03 of the Trust Agreement, including without limitation Form 1099. All tax returns and information reports shall be signed by the Owner Trustee, or to the extent permitted by law,
the Securities Administrator, as provided in Section 5.03 of the Trust Agreement. 
  

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 Section 6.08 Compensation. An annual fee shall be paid to the Indenture Trustee by the Master
Servicer pursuant to a separate agreement between the Indenture Trustee and the Master Servicer. The fee of the Securities Administrator will also be paid by the Master Servicer. In addition, the Indenture Trustee and the Securities Administrator
will each be entitled to recover from the Payment Account pursuant to Section 4.03 of the Sale and Servicing Agreement all reasonable out-of-pocket expenses, disbursements and advances and the expenses of the Indenture Trustee and the
Securities Administrator, respectively, in connection with any breach of this Indenture or any claim or legal action (including any pending or threatened claim or legal action) or otherwise incurred or made by the Indenture Trustee or the Securities
Administrator, respectively, in the administration of the trusts hereunder (including the reasonable compensation, expenses and disbursements of its counsel) except any such expense, disbursement or advance as may arise from its own negligence or
intentional misconduct or which is the responsibility of the Noteholders as provided herein. Such compensation and reimbursement obligation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust.
Additionally, each of the Indenture Trustee and the Securities Administrator (including in their individual capacity) and any director, officer, employee or agent of the Indenture Trustee or the Securities Administrator shall be indemnified by the
Trust and held harmless against any loss, liability or expense (including reasonable attorney’s fees and expenses) incurred in the administration of this Indenture (other than its ordinary out of pocket expenses incurred hereunder) or in
connection with any claim or legal action relating to (a) the Basic Documents or (b) the Notes, other than any loss, liability or expense incurred by reason of its own negligence or intentional misconduct, or which is the responsibility of
the Noteholders as provided herein. 
 The Issuing Entity’s payment obligations to the Indenture Trustee and Securities Administrator
pursuant to this Section 6.08 shall survive the discharge of this Indenture and the termination or resignation of the Indenture Trustee or Securities Administrator. When the Indenture Trustee or the Securities Administrator incurs expenses
after the occurrence of an Event of Default with respect to the Issuing Entity, the expenses are intended to constitute expenses of administration under Title 11 of the United States Code or any other applicable federal or state bankruptcy,
insolvency or similar law. 
 Section 6.09 Replacement of Indenture Trustee and the Securities Administrator. No resignation or
removal of the Indenture Trustee or the Securities Administrator and no appointment of a successor Indenture Trustee or a successor Securities Administrator shall become effective until the acceptance of appointment by the successor Indenture
Trustee pursuant to this Section 6.09. The Indenture Trustee or the Securities Administrator may resign at any time by so notifying the Issuing Entity. In the event that the Indenture Trustee determines that a conflict of interest exists
between the Holders of the Class A Notes and the Holders of any Class of Subordinate Notes, then the Indenture Trustee shall be entitled to resign as the indenture trustee for all Classes of Notes other than the Class A Notes. In such
event the Holders of a majority of Note Principal Balances of all of the Subordinate Notes shall designate a separate indenture trustee to represent their interests hereunder. Holders of a majority of Note Principal Balances of each Class of Notes
may remove the Indenture Trustee by so notifying the Indenture Trustee and may appoint a successor Indenture Trustee. The Issuing Entity shall remove the Indenture Trustee or the Securities Administrator, as applicable, if: 
 (i) the Indenture Trustee or the Securities Administrator fails to comply with or qualify pursuant to the provisions of Section 6.12
hereof; 
  

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 (ii) the Indenture Trustee or the Securities Administrator is adjudged a bankrupt or
insolvent; 
 (iii) a receiver or other public officer takes charge of the Indenture Trustee or the Securities Administrator
or its property; 
 (iv) the Indenture Trustee or the Securities Administrator otherwise becomes incapable of acting; or

 (v) the Master Servicer is terminated pursuant to Section 5.01 of the Wells Fargo Servicing Agreement. 
 If the Indenture Trustee or the Securities Administrator resigns or is removed or if a vacancy exists in the office of the Indenture Trustee or the
Securities Administrator for any reason (the Indenture Trustee or the Securities Administrator in such event being referred to herein as the retiring Indenture Trustee or the retiring Securities Administrator ), the Issuing Entity shall promptly
appoint a successor Indenture Trustee or successor Securities Administrator. 
 Each of a successor Indenture Trustee or successor Securities
Administrator shall deliver a written acceptance of its appointment to the retiring Indenture Trustee or the retiring Securities Administrator, as applicable, and to the Issuing Entity. Thereupon, the resignation or removal of the retiring Indenture
Trustee or the retiring Securities Administrator shall become effective, and the successor Indenture Trustee or successor Securities Administrator shall have all the rights, powers and duties of the Indenture Trustee or the Securities Administrator,
as applicable, under this Indenture. The successor Indenture Trustee or successor Securities Administrator shall each mail a notice of its succession to Noteholders. The retiring Indenture Trustee or the retiring Securities Administrator shall
promptly transfer all property held by it as Indenture Trustee or Securities Administrator, as applicable, to the successor Indenture Trustee or successor Securities Administrator. 
 If a successor Indenture Trustee or successor Securities Administrator does not take office within 60 days after the retiring Indenture Trustee or the
retiring Securities Administrator, as applicable, resigns or is removed, the retiring Indenture Trustee or the retiring Securities Administrator, the Issuing Entity or the Holders of a majority of Note Principal Balances of the Notes may petition
any court of competent jurisdiction for the appointment of a successor Indenture Trustee or successor Securities Administrator. 
 Notwithstanding the replacement of the Indenture Trustee or the Securities Administrator pursuant to this Section, the Issuing Entity’s obligations under Section 6.07 shall continue for the benefit of the retiring Indenture
Trustee or the retiring Securities Administrator. 
  

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 Section 6.10 Successor Indenture Trustee and Securities Administrator by Merger. If the Indenture
Trustee or the Securities Administrator consolidates with, merges or converts into, or transfers all or substantially all of 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 or successor Securities Administrator, as applicable; provided, that such corporation or banking association shall be otherwise qualified and eligible under
Section 6.12 hereof. The Indenture Trustee and the Securities Administrator shall provide the Rating Agencies and the Issuing Entity with prior written notice, and the Noteholders with prompt written notice, of any such transaction. 

If at the time such successor or successors by merger, conversion or consolidation to the Securities Administrator shall succeed to the trusts created
by this Indenture and any of the Notes shall have been authenticated but not delivered, any such successor to the Securities Administrator may adopt the certificate of authentication of any predecessor securities administrator and deliver such Notes
so authenticated; and if at that time any of the Notes shall not have been authenticated, any successor to the Securities Administrator may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to
the Securities Administrator. 
 Section 6.11 Appointment of Co-Indenture Trustee or Separate Indenture 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 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 Trust Estate, and to vest in such Person or Persons, in such
capacity and for the benefit of the Noteholders, such title to the 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 6.12 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 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 
  

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 (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 of 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 6.12 Eligibility; Disqualification. The Indenture Trustee shall at all times be an entity that meets the requirements of
Section 3(c)(3) under the Investment Company Act of 1940 applicable to a trustee, and shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and it or its parent
shall have a long-term debt rating of Baa3 or better by Moody’s. 
 Each of the Indenture Trustee and the Securities Administrator
hereunder shall at all times be a corporation or an association organized and doing business under the laws of any 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. In case at any time the Indenture Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of this
Section, the Trustee or the Securities Administrator, as the case may be, shall resign immediately in the manner and with the effect specified in Section 6.09 hereof. 
 The Securities Administrator and any successor Securities Administrator (i) may not be an Originator, the Master Servicer, a subservicer, the
Depositor or an affiliate of the Depositor unless the Securities Administrator is an institutional trust department, (ii) must be authorized to exercise corporate trust powers under the laws of its jurisdiction of organization, and
(iii) must at all times be rated at least “A/F1” by Fitch if Fitch is a rating agency. 
 The Indenture Trustee shall notify
the Rating Agencies of any change of Securities Administrator. Any resignation or removal of the Indenture Trustee or the Securities Administrator and appointment of a successor trustee or trust administrator, as the case may be, pursuant to any of
the provisions of this Section shall not become effective until acceptance of appointment by the successor indenture trustee or securities administrator as provided in Section 6.09 hereof. Notwithstanding the foregoing, in the event the 

  

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Securities Administrator advises the Indenture Trustee that it is unable to continue to perform its obligations pursuant to the terms of this Indenture prior
to the appointment of a successor, the Indenture Trustee shall be obligated to perform such obligations until a new securities administrator is appointed. Such performance shall be without prejudice to any claim by a party hereto or beneficiary
hereof resulting from the Securities Administrator’s breach of its obligations hereunder. As compensation therefore, the Indenture Trustee shall be entitled to all fees the Securities Administrator would have been entitled to if it had
continued to act hereunder. 
 Section 6.13 Representations and Warranties. The Securities Administrator hereby represents that:

 (i) The Securities Administrator is duly organized and validly existing as a national banking association in good standing
under the laws of the United States with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted; 
 (ii) The Securities Administrator has the power and authority to execute and deliver this Indenture and to carry out its terms; and the
execution, delivery and performance of this Indenture have been duly authorized by the Securities Administrator by all necessary corporate action; 
 (iii) The consummation of the transactions contemplated by this Indenture and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and provisions of, or constitute (with
or without notice or lapse of time) a default under, the articles of incorporation or bylaws of the Securities Administrator or any agreement or other instrument to which the Securities Administrator is a party or by which it is bound; and

 (iv) To the Securities Administrator’s knowledge, there are no proceedings or investigations pending or threatened
before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Securities Administrator or its properties: (A) asserting the invalidity of this Indenture, (B) seeking to prevent
the consummation of any of the transactions contemplated by this Indenture or (C) seeking any determination or ruling that might materially and adversely affect the performance by the Securities Administrator of its obligations under, or the
validity or enforceability of, this Indenture. 
 Section 6.14 Representations and Warranties. The Indenture Trustee hereby represents
that: 
 (i) The Indenture Trustee is duly organized and validly existing as a national banking association in good standing
under the laws of the United States with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted; 
 (ii) The Indenture Trustee has the power and authority to execute and deliver this Indenture and to carry out its terms; and the
execution, delivery and performance of this Indenture have been duly authorized by the Indenture Trustee by all necessary corporate action; 
  

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 (iii) The consummation of the transactions contemplated by this Indenture and the
fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the articles of incorporation or bylaws of the Indenture
Trustee or any agreement or other instrument to which the Indenture Trustee is a party or by which it is bound; and 
 (iv) To
the Indenture Trustee’s knowledge, there are no proceedings or investigations pending or threatened before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Indenture Trustee or
its properties: (A) asserting the invalidity of this Indenture, (B) seeking to prevent the consummation of any of the transactions contemplated by this Indenture or (C) seeking any determination or ruling that might materially and
adversely affect the performance by the Indenture Trustee of its obligations under, or the validity or enforceability of, this Indenture. 
 Section 6.15 Directions to Indenture Trustee and the Securities Administrator. 
 (a) the Indenture Trustee is
hereby directed to accept the pledge of the Mortgage Loans and hold the assets of the Trust in trust for the Noteholders; 
 (b) the Securities Administrator is hereby directed to (i) authenticate and deliver the Notes substantially in the form prescribed by Exhibits A-1, A-2 and A-3 to this Indenture in accordance with the terms of this Indenture; and
(ii) to take all other actions as shall be required to be taken by the Securities Administrator pursuant to the terms of this Indenture and the other Basic Documents. 
 Section 6.16 The Agents. The provisions of this Indenture relating to the limitations of the Indenture Trustee’s liability and to its rights
and protections shall inure also to the Securities Administrator. 
  

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 ARTICLE VII 
 NOTEHOLDERS’ LISTS AND REPORTS 
 Section 7.01 Issuing Entity To Furnish Securities Administrator and
Indenture Trustee Names and Addresses of Noteholders. The Issuing Entity will furnish or cause to be furnished to the Securities Administrator and the Indenture Trustee (a) not more than five days after each Record Date, a list, in such
form as the Securities Administrator may reasonably require, of the names and addresses of the Holders of Notes as of such Record Date, and (b) at such other times as the Securities Administrator may request in writing, within 30 days after
receipt by the Issuing Entity 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 Securities Administrator is the Note Registrar,
no such list shall be required to be furnished to the Securities Administrator. 
 Section 7.02 Preservation of Information;
Communications to Noteholders. (a) The Securities Administrator shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders of Notes contained in the most recent list furnished to the Securities
Administrator as provided in Section 7.01 hereof and the names and addresses of Holders of Notes received by the Securities Administrator. The Securities Administrator may destroy any list furnished to it as provided in such Section 7.01
upon receipt of a new list so furnished. 
 (b) Noteholders may communicate with other Noteholders with respect to their rights under this
Indenture or under the Notes. 
 Section 7.03 Financial Information. For so long as any of the Notes bearing a restrictive legend
remains outstanding and is a “restricted security” within the meaning of Rule 144(a)(3) under the Securities Act, the Issuing Entity shall, during any period in which it is not subject to Section 13 or 15(d) of the Exchange Act nor
exempt from reporting pursuant to Rule 12g3-2(b) under such Act, cause the Securities Administrator to make available to any Holder of any such Note in connection with any sale thereof and to any prospective purchaser of any such Note from such
Holder, in each case upon request, the information specified in, and meeting the requirements of, Rule 144A(d)(4) under the Securities Act that is in the Securities Administrator’s possession or reasonably obtainable by it, if requested, from
the Master Servicer (and to the extent such information is in the Master Servicer’s possession or is reasonably obtainable by it from the Servicer). 
 Unless the Issuing Entity otherwise determines, the fiscal year of the Issuing Entity shall end on December 31 of each year. 
 Section 7.04 Statements to Noteholders. (a) With respect to each Payment Date, the Securities Administrator shall make available via the Securities Administrator’s website, initially located at
www.ctslink.com, to each Noteholder and each Certificateholder, the Depositor, the Issuing Entity, the Seller, the Owner Trustee, the Securities Administrator and the Rating Agencies, a statement setting forth the following information as to the
Notes, to the extent applicable: 
 (i) the applicable Record Dates, accrual periods and Determination Dates for calculating
payments and general Payment Dates; 
  

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 (ii) with respect to each Loan Group, the total cashflows received and the general
sources thereof; 
 (iii) the amount, if any, of fees or expenses accrued and paid with an identification of the payee and the
general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the related Servicer for the related Due Period; 
 (iv) the amount of the related distribution to holders of the Notes (by Class) allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein and
(B) the aggregate of all scheduled payments of principal included therein; 
 (v) the Current Principal Balance of the
Notes before and after giving effect to the distribution of principal and allocation of Realized Losses on such Payment Date; 
 (vi) with respect to each Loan Group, the number and Scheduled Principal Balance of all the Mortgage Loans for the following Payment Date, together with updated pool composition information; 
 (vii) the Note Interest Rates for each class of Notes for such Payment Date; 
 (viii) the amounts held in the Reserve Fund; 
 (ix) with respect to any mortgage loan that was liquidated during the preceding calendar month, the loan number and Scheduled Principal Balance of, and Realized Loss on, such mortgage loan as of the end of the prior
calendar month; 
 (x) with respect to each Loan Group, the total number and principal balance of any real estate owned, or
REO, properties as of the end of the prior calendar month; 
 (xi) with respect to each Loan Group, the cumulative Realized
Losses through the end of the preceding month; 
 (xii) with respect to each Loan Group, the number and aggregate outstanding
Scheduled Principal Balance of the mortgage loans, using the MBA method of calculation, that are, (1) 30 days delinquent, (2) 60 days delinquent and (3) 90 days or more delinquent, in each case as of the close of business on the last
day of the calendar month preceding such Payment Date; 
 (xiii) with respect to each Loan Group and if applicable, material
modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the payment period or that have become material over time; and 
  

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 (xiv) with respect to each Loan Group and if applicable, the special hazard amount, fraud
loss amount and bankruptcy amount, if applicable, as of the close of business on the applicable Payment Date. 
 The Securities Administrator
may conclusively rely upon the information provided by the Master Servicer to the Securities Administrator in its preparation of monthly statements to Noteholders. 
 The Securities Administrator will make the monthly statements provided for in this section (and, at its option, any additional files containing the same information in an alternative format) available each month to
Noteholders, each Noteholder and each Certificateholder, the Depositor, the Issuing Entity, the Seller, the Owner Trustee and the Rating Agencies via the Securities Administrator’s website. The Securities Administrator’s website shall
initially be located at “www.ctslink.com.” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at (866) 846-4526. Parties that are unable to use the website are entitled
to have a paper copy mailed to them via first class mail by calling the Securities Administrator’s customer service desk and indicating such. The Securities Administrator may have the right to change the way the monthly statements are
distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. 

The Securities Administrator shall be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by
third parties for purposes of preparing the monthly statement, and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto). 
  

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 ARTICLE VIII 
 ACCOUNTS, DISBURSEMENTS AND RELEASES 
 Section 8.01 Collection of Money. Except as otherwise
expressly provided herein, the Securities Administrator 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 Securities Administrator pursuant to this Indenture. The Securities Administrator shall apply all such money received by it 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 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 or Event of Default under this Indenture and any right to proceed thereafter as provided in Article V. 
 Section 8.02 Officer’s Certificate. The Indenture Trustee and the Securities Administrator shall receive at least seven Business Days’
notice when requested by the Issuing Entity to take any action pursuant to Section 8.07 hereof, accompanied by copies of any instruments to be executed, and the Indenture Trustee shall also require, as a condition to such action, an
Officer’s Certificate, 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. 
 Section 8.03 Termination Upon Distribution to Noteholders. This Indenture and the respective
obligations and responsibilities of the Issuing Entity, the Securities Administrator and the Indenture Trustee created hereby shall terminate upon the distribution to Noteholders, Certificateholders, the Securities Administrator and the Indenture
Trustee of all amounts required to be distributed pursuant to Article III; provided, however, that in no event shall the trust created hereby continue beyond the expiration of 21 years from the death of the survivor of the descendants of Joseph P.
Kennedy, the late ambassador of the United States to the Court of St. James, living on the date hereof. 
 Section 8.04 Termination Upon
REMIC Conversion. Notwithstanding anything to the contrary herein, this Indenture and the respective obligations and responsibilities of the Issuer, the Securities Administrator and the Indenture Trustee created hereby shall terminate upon the
surrender of Notes by the Holders thereof in exchange for the corresponding classes of REMIC Class A Notes and REMIC Privately Offered Certificates in connection with the REMIC Conversion pursuant to Section 8.06 below and Article XI
hereof and the discharge of this Indenture pursuant to Section 4.10 hereof. 
 Section 8.05 Release of Trust Estate.
(a) Subject to the payment of its fees and expenses, 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, including for the purposes of any purchase of a Mortgage Loan by the Majority Certificateholder pursuant to
Section 8.07 of this Indenture and for the purposes of consummating a REMIC Conversion. No party relying upon an instrument executed by the Indenture Trustee as provided in Article VIII hereunder 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 monies. 
  

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 (b) The Indenture Trustee shall, at such time as (i) it is notified by the Securities Administrator
that there are no Notes Outstanding and (ii) all sums then due and unpaid to the Indenture Trustee pursuant to this Indenture have been paid, release any remaining portion of the Trust Estate that secured the Notes from the lien of this
Indenture. 
 (c) The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.05 only upon
receipt of a request from the Issuing Entity or in conjunction with a Sale or other transfer of such property required to occur in connection with a REMIC Conversion, as described in Section 11.01 hereof. 
 Section 8.06 Surrender of Notes Upon Final Payment or Receipt of REMIC Securities. By acceptance of any Note, the Holder thereof agrees to
surrender such Note to the Securities Administrator promptly prior to such Noteholder’s receipt of the final payment thereon or promptly upon receipt of the corresponding class of REMIC Class A Note or REMIC Privately Offered Certificate
in connection with a REMIC Conversion as described in Article XI hereof. 
 Section 8.07 Optional Redemption of the Mortgage Loans.
(a) The Majority Certificateholder shall have the option to purchase the assets of the Trust and thereby cause the redemption of the Notes, in whole, but not in part, on or after the Payment Date on which the aggregate Scheduled Principal
Balance of the Mortgage Loans as of the end of the prior Due Period is less than 10% of the Cut-off Date Balance. The aggregate redemption price (the “Redemption Price”) for the Notes will be equal to 100% of the aggregate outstanding Note
Principal Balance of the Notes as of the Payment Date on which the proposed redemption will take place in accordance with the foregoing, together with accrued and unpaid interest thereon at the applicable Note Interest Rate through such Payment Date
(including any related Net Interest Shortfall and Basis Risk Shortfall Carryover Amount), plus an amount sufficient to pay in full all amounts owing to the Indenture Trustee, the Master Servicer and the Securities Administrator, pursuant to any
Basic Document (which amounts shall be specified in writing upon request of the Issuing Entity, the Indenture Trustee, the Master Servicer and the Securities Administrator, as applicable). 
 (b) In order to exercise the foregoing option, the Majority Certificateholder shall provide written notice of its exercise of such option to the
Securities Administrator, the Issuing Entity, the Owner Trustee and the Master Servicer at least 15 days prior to its exercise. Following receipt of the notice, the Securities Administrator shall provide written notice to the Noteholders of the
final payment on the Notes. In addition, the Majority Certificateholder shall, not less than one Business Day prior to the proposed Payment Date on which such redemption is to be made, deposit the Redemption Price specified in (a) above with
the Securities Administrator, who shall deposit the Redemption Price into the Payment Account and shall, on the Payment Date after receipt of the funds, apply such funds to make final payments of principal and interest on the Notes in accordance
with Section 3.03 hereof and payment to the Securities Administrator and the Master Servicer as set forth in (a) above, and this Indenture shall be discharged subject to the provisions of Section 4.10 hereof. If for any reason the
amount deposited by the Majority Certificateholder is not sufficient to make such redemption or such redemption cannot be completed for any reason, (a) the amount so deposited by the Majority Certificateholder with the Securities Administrator
shall be immediately returned to the Majority Certificateholder in full and shall not be used for any other purpose or be deemed to be part of the Trust Estate and (b) the Note Principal Balance of the Notes shall continue to bear interest at
the related Note Interest Rate. 
  

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 ARTICLE IX 
 SUPPLEMENTAL INDENTURES 
 Section 9.01 Supplemental Indentures Without Consent of Noteholders.
(a) Without the consent of the Holders of any Notes but with prior notice to the Rating Agencies, the Issuing Entity, the Indenture Trustee and the Securities Administrator, when authorized by an Issuer Request, at any time and from time to
time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Indenture Trustee and the Securities Administrator, 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 Issuing Entity, and the
assumption by any such successor of the covenants of the Issuing Entity herein and in the Notes contained; 
 (iii) to add to
the covenants of the Issuing Entity, for the benefit of the Holders of the Notes, or to surrender any right or power herein conferred upon the Issuing Entity; 
 (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 that may be inconsistent with
any other provision herein, in the Prospectus Supplement or in any supplemental indenture; 
 (vi) to revise any provisions to
reflect the obligations of the parties to this Agreement as they relate to Regulation AB, 
 (vii) 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 and adversely affect the interests of the Holders of the Notes; provided further, that
such supplemental indenture will be deemed to not materially and adversely affect the interests of the Holders of the Notes if a Rating Confirmation is received with respect to such supplemental indenture; 
 (viii) 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 hereof; 
 (ix) to reduce the rating requirements in clause (i) of the definition of Eligible Accounts in Appendix A to this Indenture; or

  

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 (x) to modify, eliminate or add to the provisions hereof to such extent as shall be
necessary to effect, facilitate or reinforce a REMIC Conversion and all activities related thereto or required therefor; 
 provided, however, that no
such indenture supplements shall be entered into unless the Indenture Trustee and the Securities Administrator shall have received (A) an Opinion of Counsel not at the expense of the Indenture Trustee or the Securities Administrator as to the
enforceability of any such indenture supplement and to the effect that (i) such indenture supplement is permitted hereunder and such indenture supplement will not materially and adversely affect the Holders of the Notes (other than in the case
of clause (viii) above) and (ii) entering into such indenture supplement will not result in a “significant modification” of the Class I-A-1, Class I-A-2, Class II-A-1, Class II-A-2, Class III-A-1, Class III-A-2, Class IV-A-1 and
Class IV-A-2 Notes and any other Classes of Notes with respect to which a “will be debt” opinion has been rendered by nationally recognized tax counsel and furnished to the Securities Administrator under Treasury Regulation
Section 1.1001-3 (other than in the case of clause (x) above) or adversely affect the indebtedness status of such Notes or (B) the Depositor obtains a letter from each Rating Agency stating that such supplemental indenture would not
result in the downgrading or withdrawal of the respective ratings then assigned to the Notes. 
 The Indenture Trustee and the Securities
Administrator are 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 Issuing Entity, the Securities Administrator and the Indenture Trustee, when authorized by an Issuer Request, in the case of the Securities
Administrator and the Indenture Trustee may, also without the consent of any of the Holders of the Notes and prior notice to the Rating Agencies, 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 such action as evidenced by an Opinion of Counsel
addressed to the Indenture Trustee, the Securities Administrator and the Owner Trustee, (i) is permitted by this Indenture, (ii) shall not adversely affect in any material respect the interests of any Noteholder (in lieu of this opinion,
the Depositor may obtain a letter from each Rating Agency stating that such supplemental indenture would not result in the downgrading or withdrawal of the respective ratings then assigned to the Notes) and (iii) shall not cause the Issuing
Entity to be subject to an entity level tax for federal income tax purposes. 
 Section 9.02 Supplemental Indentures With Consent of
Noteholders. The Issuing Entity, the Securities Administrator and the Indenture Trustee, when authorized by an Issuer Request in the case of the Securities Administrator and the Indenture Trustee, also may, with prior notice to the Rating
Agencies and, with the consent Holders of not less than a majority of the Note Principal Balance of each Class of Notes affected thereby, by Act (as defined in Section 10.03 hereof) of such Holders delivered to the Issuing Entity, the
Securities Administrator and the Indenture Trustee, 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 Note affected thereby: 
 (i) change the date of payment of any installment of principal of or interest on any Note, 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 Trust Estate and to payment of principal of or interest on the 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; 
  

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 (ii) reduce the percentage of the Note Principal Balances of the Notes, or any Class of
Notes, the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders 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” or modify or alter the exception in the definition of the term “Holder”; 
 (iv)
reduce the percentage of the Note Principal Balances of the Notes, or any Class of Notes, required to direct the Indenture Trustee to direct the Issuing Entity to sell or liquidate the Trust Estate pursuant to Section 5.04 hereof; 

(v) modify any provision of this Section 9.02 except to increase any percentage specified herein or to provide that certain
additional provisions of this Indenture or the Basic Documents cannot be modified or waived without the consent of the Holder of each 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 Note on any Payment Date (including the calculation of any of the individual components of such calculation); or 
 (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 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 the Holder of any Note of the security provided by the lien of this Indenture; 
 and provided, further, that such action shall not, as evidenced by an Opinion of Counsel addressed to the Indenture Trustee, the Securities Administrator and the Owner Trustee, cause the Issuing Entity to be subject to an entity
level tax for federal income tax purposes. 
 Any such action shall not adversely affect in any material respect the interest of any Holder
(other than a Holder who shall consent to such supplemental indenture) as evidenced by an Opinion of Counsel (provided by the Person requesting such supplemental indenture) delivered to the Indenture Trustee and the Securities Administrator.

 It shall not be necessary for any Act of Noteholders under this Section 9.02 to approve the particular form of any proposed
supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
  

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 Promptly after the execution by the Issuing Entity, the Securities Administrator and the Indenture
Trustee of any supplemental indenture pursuant to this Section 9.02, the Securities Administrator shall mail to the Holders of the Notes to which such amendment or supplemental indenture relates a notice setting forth in general terms the
substance of such supplemental indenture. Any failure of the Securities Administrator 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 modification thereby of the trusts created by this Indenture, the Indenture Trustee and the Securities Administrator shall be entitled to receive, and subject to Sections 6.01 and 6.02 hereof, shall be fully
protected in relying upon, an Opinion of Counsel not at the expense of the Indenture Trustee or the Securities Administrator stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Indenture
Trustee and the Securities Administrator each may, but shall not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s or the Securities Administrator’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 shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations,
duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Securities Administrator, the Issuing Entity 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 Conformity with Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture executed pursuant to this
Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act. 
 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 Securities
Administrator shall, bear a notation in form approved by the Securities Administrator as to any matter provided for in such supplemental indenture. If the Issuing Entity or the Securities Administrator shall so determine, new Notes so modified as to
conform, in the opinion of the Securities Administrator and the Issuing Entity, to any such supplemental indenture may be prepared and executed by the Issuing Entity and authenticated and delivered by the Securities Administrator in exchange for
Outstanding Notes. 
  

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 ARTICLE X 
 MISCELLANEOUS 
 Section 10.01 Compliance Certificates and Opinions, etc. (a) Upon any
application or request by the Issuing Entity to the Indenture Trustee or the Securities Administrator to take any action under any provision of this Indenture, the Issuing Entity shall furnish to the Indenture Trustee and the Securities
Administrator (i) an Officer’s Certificate 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: 
 (1) 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; 
 (2) 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; 
 (3) 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; 
 (4) a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with; and 
 (5) if the signatory of such certificate or opinion is required to be Independent, the statement required by the definition of the term “Independent”. 
 (b) (i) Prior to the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the release of
any property or securities subject to the lien of this Indenture, the Issuing Entity shall, in addition to any obligation imposed in Section 10.01 (a) or elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s
Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days prior to such deposit) to the Issuing Entity of the Collateral or other property or securities to be so deposited and a report
from a nationally recognized accounting firm verifying such value. 
 (ii) Whenever the Issuing Entity is required to furnish
to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above, the Issuing Entity shall also deliver to the Indenture Trustee an Independent
Certificate from a nationally recognized accounting firm as to the same matters, if the fair 

  

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value of the securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the
then current fiscal year of the Issuing Entity, as set forth in the certificates delivered pursuant to clause (i) above and this clause (ii), is 10% or more of the Note Principal Balances of the Notes, but such a certificate need not be
furnished with respect to any securities so deposited, if the fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the then outstanding Note Principal Balances of the Notes.

 (iii) Whenever any property or securities are to be released from the lien of this Indenture, the Issuing Entity shall also
furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days prior to such release) of the property or securities proposed to be
released and stating that in the opinion of such person the proposed release will not impair the security under this Indenture in contravention of the provisions hereof. 
 (iv) Whenever the Issuing Entity is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the
opinion of any signer thereof as to the matters described in clause (iii) above, the Issuing Entity shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the fair value of the property or securities
and of all other property or securities released from the lien of this Indenture since the commencement of the then-current calendar year, as set forth in the certificates required by clause (iii) above and this clause (iv), equals 10% or more
of the Note Principal Balances of the Notes, but such certificate need not be furnished in the case of any release of property or securities if the fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or
less than one percent of the then outstanding Note Principal Balances of the Notes. 
 Section 10.02 Form of Documents Delivered to
Indenture Trustee or the Securities Administrator. 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 Issuing Entity 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 the Seller or the Issuing Entity, stating that the information with respect to such factual matters is in the possession of the Seller or the Issuing Entity, 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. 
  

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 Whenever in this Indenture, in connection with any application or certificate or report to the Indenture
Trustee, it is provided that the Issuing Entity shall deliver any document as a condition of the granting of such application, or as evidence of the Issuing Entity’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 Issuing
Entity 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 10.03 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 Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders 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 Issuing Entity. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders 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 hereof) conclusive in favor of the Indenture Trustee and the Issuing Entity, if made
in the manner provided in this Section 10.03 hereof. 
 (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, the
Securities Administrator or the Issuing Entity in reliance thereon, whether or not notation of such action is made upon such Note. 
 Section
10.04 Notices etc., to Indenture Trustee Issuing Entity, Securities Administrator and Rating Agencies. Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders 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 Noteholders is to be made upon, given or furnished to or filed with: 
 (i) the Indenture Trustee by any Noteholder, by the Securities Administrator or by the Issuing Entity shall be sufficient for every
purpose hereunder if made, given, furnished or filed in writing to or with the Indenture Trustee at the Corporate Trust Office. The Indenture Trustee shall promptly transmit any notice received by it from the Noteholders to the Issuing Entity;

  

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 (ii) the Securities Administrator by any Noteholder, by the Indenture Trustee or by the
Issuing Entity shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Securities Administrator at Wells Fargo Bank, N.A., P.O. Box 98, Columbia Maryland 21046 (or, in the case of overnight
deliveries, 9062 Old Annapolis Road, Columbia, Maryland 21045), Attn: Bear Stearns ARM Trust 2007-2, or such other address as may hereafter be furnished to the other parties hereto in writing. The Securities Administrator shall promptly transmit any
notice received by it from the Noteholders to the Issuing Entity; or 
 (iii) the Issuing Entity by the Indenture Trustee, the
Securities Administrator or by any Noteholder shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing and mailed first-class, postage prepaid to the Issuing Entity addressed to: Bear Stearns ARM 2007-2, in care
of Wilmington Trust Company, Rodney Square North 1100 North Market Street, Wilmington, Delaware 19890-0001; Attention: Corporate Trust Services, or at any other address previously furnished in writing to the Indenture Trustee by the Issuing Entity.
The Issuing Entity shall promptly transmit any notice received by it from the Noteholders to the Indenture Trustee. 
 Notices required to be
given to the Rating Agencies by the Issuing Entity, the Indenture Trustee, the Securities Administrator or the Owner Trustee shall be in writing, mailed first-class postage pre-paid: in the case of Moody’s, to Moody’s, at the following
address: Moody’s Investors Service, Inc., 99 Church Street, New York, New York 10007; in the case of Fitch, One State Street Plaza - 32nd Floor, New York, New York 10004, in the case of Standard & Poor’s, 55 Water Street, 41st
Floor, New York, New York 10041; or as to each of the foregoing, at such other address as shall be designated by written notice to the other parties. 
 Section 10.05 Notices to Noteholders; Waiver. Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if made,
given, furnished or filed in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at such Person’s 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 Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the
sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given regardless of whether such notice is in fact actually received.

 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 Noteholders 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 Noteholders 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. 
  

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 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 an Event of Default. 
 Section
10.06 Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required
provision shall control. 
 The provisions of TIA §§ 310 through 317 that impose duties on any Person (including the provisions
automatically deemed included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. 
 Section 10.07 Effect of Headings. The Article and Section headings herein are for convenience only and shall not affect the construction hereof. 
 Section 10.08 Successors and Assigns. All covenants and agreements in this Indenture and the Notes by the Issuing Entity shall bind its successors
and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees and agents. 
 Section 10.09 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 10.10 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 10.11 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 (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAWS, WHICH SHALL APPLY
HERETO), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 Section 10.12
Counterparts. This Indenture may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 Section 10.13 Recording of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such recording is to
be effected by the Issuing Entity and at its expense accompanied by an Opinion of Counsel at its expense (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 Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. 
  

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 Section 10.14 Issuing Entity Obligation. No recourse may be taken, directly or indirectly, with
respect to the obligations of the Issuing Entity, the Owner Trustee or the Securities Administrator on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the
Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Securities
Administrator, the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuing Entity, the Securities Administrator, the Owner Trustee or the Indenture Trustee or of any successor or assign of 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. For all purposes
of this Indenture, in the performance of any duties or obligations of the Issuing Entity hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Article VI, VII and VIII of the Trust Agreement.

 Section 10.15 No Petition. The Indenture Trustee and the Securities Administrator, by entering into this Indenture, each
Noteholder, by accepting a Note and each Certificateholder, by accepting a Certificate, hereby covenant and agree that they will not at any time prior to one year from the date of termination hereof, institute against the Depositor or the Issuing
Entity, or join in any institution against the Depositor or the Issuing Entity of, any bankruptcy, reorganization, arrangement, insolvency 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 Basic Documents; provided however, that nothing herein shall prohibit the Indenture Trustee from filing proofs of claim in any proceeding. 

Section 10.16 Inspection. The Issuing Entity agrees that, at its expense, on reasonable prior notice, it shall permit any representative of the
Indenture Trustee or the Securities Administrator, during the Issuing Entity’s normal business hours, to examine all the books of account, records, reports and other papers of the Issuing Entity, to make copies and extracts therefrom, to cause
such books to be audited by Independent certified public accountants, and to discuss the Issuing Entity’s affairs, finances and accounts with the Issuing Entity’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 cause its representatives to hold in confidence all such information 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 or the Securities Administrator may reasonably determine that such disclosure is consistent with its obligations hereunder. 
  

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 ARTICLE XI 
 TMP TRIGGER EVENT AND REMIC CONVERSION 
 Section 11.01 Events to Occur Upon TMP Trigger Event and Prior
to REMIC Conversion. (a) Upon the receipt by the Owner Trustee, the Depositor, the Securities Administrator and the Indenture Trustee of a certification substantially in the form of Exhibit F hereto in connection with a proposed transfer of
any Privately Offered Notes or Certificates certifying that such transfer will cause a TMP Trigger Event, the following actions shall be promptly taken by the parties identified below in preparation for a REMIC Conversion: 
 (i) the Issuing Entity shall direct the Master Servicer (A) to cause the related Servicer, pursuant to the Sale and Servicing
Agreement and the related Servicing Agreement, to purchase from the Issuing Entity (or with respect to the Mortgage Loans serviced by Wells Fargo but not originated by the Wells Fargo, to purchase on behalf of the Depositor, if so requested by the
Depositor), or on behalf of the Issuing Entity to sell to a third party, any REO Property and other Non-REMIC-Eligible Assets at their then fair market values, and remit the proceeds used for such purchase or collected from such sale to the Master
Servicer, and (B) to remit such proceeds received from the related Servicer to the Securities Administrator for deposit in the Payment Account; 
 (ii) the Issuing Entity shall direct the Indenture Trustee to execute instruments to release the REO Properties and other Non-REMIC-Eligible Assets liquidated pursuant to clause (i) above from the lien of this
Indenture in accordance with Section 8.05 and on behalf of the Issuing Entity to transfer such portion of the Trust Estate to the related Servicer; 
 (iii) the Issuing Entity shall determine the extent to which, if any, that the purchase price of the REO Properties and Non-REMIC-Eligible Assets liquidated pursuant to clause (i) above would result in the
allocation of a Realized Loss to any Class of Notes, and shall require the proposed transferor or proposed transferee of the Privately Offered Notes or Certificates causing the TMP Trigger Event to, and such proposed transferor or proposed
transferee hereby agrees to, contribute the amount of any such Realized Loss to the Issuing Entity; 
 (iv) the Issuing Entity
shall require the proposed transferor of the Privately Offered Notes causing the TMP Trigger Event to, and such proposed transferor or proposed transferee hereby agrees to, make provisions for payment satisfactory to the Owner Trustee, the
Securities Administrator, the Seller and the Indenture Trustee and any other relevant party for any initial or ongoing administrative expenses (including the reasonable fees and expenses of their respective counsel and other professional advisors)
associated with the REMIC Conversion and any REMIC created thereby and for any taxes possibly payable as a result of the classification of the Issuing Entity for federal income tax purposes as a “taxable mortgage pool”; 
 (v) On the Special Payment Date, the Securities Administrator shall distribute the proceeds from the liquidation of the REO Properties and
Non-REMIC-Eligible Assets pursuant to clause (i) above to the related Noteholders in the manner and order of priority set forth for the distribution of Available Funds in Article III; and 
  

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 (vi) the Issuing Entity shall provide to each of the Rating Agencies prior written notice
of the TMP Trigger Event and impending REMIC Conversion and drafts of new documents relating to the REMIC Conversion and any REMIC created thereby, including, but not limited to, legal opinions described in Section 11.02(a)(vi). 
 Section 11.02 REMIC Conversion. (a) Upon the satisfaction of each of the requirements set forth in Section 11.01 above, the following
actions shall be promptly taken by the parties identified below to consummate the REMIC Conversion (each such action to be deemed to occur simultaneously): 
 (i) Each of the parties to the new documents relating to the REMIC Conversion and any REMIC created thereby, including, but not limited to, the REMIC Class A Indenture and the Underlying REMIC Trust Pooling and
Servicing Agreement, shall execute and complete such documents; 
 (ii) Pursuant to the Underlying Trust REMIC Pooling and
Servicing Agreement, the Issuing Entity shall cause the formation of the new Underlying REMIC Trust, the contribution to such Underlying REMIC Trust of the then remaining assets in the Trust Estate, the making of one or more REMIC elections with
respect to all or a portion of such assets and the issuance to it of new REMIC Certificates by such Underlying REMIC Trust in physical form with denominations similar to that specified for the Class of Notes with the corresponding designations as
provided in Section 4.01 hereof; 
 (iii) Pursuant to the REMIC Class A Indenture, the Issuing Entity shall cause a
REMIC election to be made with respect to the REMIC Class A Certificates received from the Underlying REMIC Trust pursuant to clause (ii) above and issue new REMIC Class A Notes secured by such REMIC Class A Certificates in
book-entry form to be registered in the name of a nominee designated by the Depository with denominations similar to that specified for the Class of Class A Notes with the corresponding designations as provided in Section 4.01 hereof;

 (iv) Pursuant to Section 8.06 hereof, the Issuing Entity shall require the Holders of the Class A Notes to
surrender their Notes in exchange for the corresponding classes of the REMIC Class A Notes newly issued by the Issuing Entity pursuant to clause (iii) above and require the Holders of the Class X Notes and Class B Notes to surrender their
Notes in exchange for the corresponding classes of the REMIC Privately Offered Certificates received from the Underlying REMIC Trust pursuant to clause (ii) above; 
 (v) Pursuant to Sections 4.10 and 8.04 hereof, this Indenture shall be discharged, and the assets remaining in the Trust Estate shall be
released from the lien of this Indenture; and 
 (vi) The Issuing Entity shall cause Opinions of Counsel (at the expense of
the proposed transferor or proposed transferee of the Privately Offered Notes or Certificates causing the TMP Trigger Event) to be rendered to the Owner Trustee, the Depositor, the Securities Administrator, the Rating Agencies and the Indenture
Trustee stating, among other things, that for federal income tax purposes each REMIC created under the Underlying REMIC Trust Agreement and REMIC Class A Indenture will qualify as a “real estate mortgage investment conduit” and each
REMIC Security will qualify as a “regular interest” in a REMIC. 
  

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 Section 11.03 Acts in Furtherance of REMIC Conversion. Each of the parties hereto acknowledges and
agrees that the purpose of this Article XI is to facilitate a REMIC Conversion upon notice of a TMP Trigger Event. Therefore, each of the parties hereto agree that it shall comply with reasonable requests made by any of the other parties hereto or
the proposed transferor or proposed transferee of the Privately Offered Notes or Certificates causing the TMP Trigger Event to consummate any such REMIC Conversion, including entering into a REMIC Pooling and Servicing Agreement and a REMIC
Class A Indenture in form and substance satisfactory to the Owner Trustee, Indenture Trustee, Securities Administrator and the Depositor. Pursuant to Section 9.01 hereof, this Indenture may be amended or supplemented at any time as
necessary to facilitate, effect or reinforce the consummation of any such REMIC Conversion. 
  

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 IN WITNESS WHEREOF, the Issuing Entity, the Securities Administrator and the Indenture Trustee 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. 
  

			
	BEAR STEARNS ARM TRUST 2007-2,
as Issuing Entity
	
	BY: Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee
		
	By:	 	/s/    Patricia A. Evans
	Name: 	 	Patricia A. Evans
	Title:	 	Vice President
	
	WELLS FARGO BANK, N.A., as Securities Administrator
		
	By:	 	/s/    Benjamin F. Jordan
	Name: 	 	Benjamin F. Jordan
	Title:	 	Assistant Vice President
	
	Citibank, N.A., as Indenture Trustee
		
	By:	 	/s/    John J. Byrnes
	Name:	 	John J. Byrnes
	Title:	 	Vice President

 APPENDIX A 
 DEFINITIONS 
 Accepted Master Servicing Practices: With respect to any Mortgage Loan, those customary
mortgage servicing practices of prudent mortgage servicing institutions that master service Mortgage Loans of the same type and quality as such Mortgage Loan in the jurisdiction where the related Mortgaged Property is located, to the extent
applicable to the Master Servicer (except in its capacity as successor to Countrywide as Servicer). 
 Account: The Payment Account,
the Protected Account and the Reserve Fund, as the context may require. 
 Accrued Note Interest: With respect to any Class of Notes
and any Payment Date, the amount of interest accrued during the related Interest Accrual Period at the applicable Note Interest Rate on the Note Principal Balance or Notional Amount of such Note immediately prior to such Payment Date, less
(1) in the case of a Class A REMIC Note, such Class’s share of (a) Net Interest Shortfalls and (b) after the Cross-Over Date, interest portion of any Realized Losses on the Mortgage Loans and (2) in the case of a
Subordinate Note or a Class X Note, such Class’s share of (a) Net Interest Shortfalls and (b) the interest portion of any Realized Losses on the Mortgage Loans. Net Interest Shortfalls will be allocated among the Class X Notes and
Subordinate Notes in proportion to the amount of Accrued Note Interest that would have been allocated thereto in the absence of such shortfalls. Accrued Note Interest on the Notes will be calculated on the basis of a 360-day year consisting of
30-day months. 
 Additional Disclosure: The meaning specified in Section 3.17 of the Sale and Servicing Agreement. 

Additional Form 10-D Disclosure: The meaning specified in Section 3.17 of the Sale and Servicing Agreement. 
 Additional Form 10-K Disclosure: The meaning specified in Section 3.17 of the Sale and Servicing Agreement. 
 Administration Agreement: The Administration Agreement, dated as of June 29, 2007, among the Issuing Entity, the Depositor, the Owner Trustee
and the Securities Administrator. 
 Adjustment Date: As to each Mortgage Loan, each date set forth in the related Mortgage Note on
which an adjustment to the interest rate on such Mortgage Loan becomes effective. 
 Affiliate: With respect to any Person, any other
Person controlling, controlled by or under common control with such Person. For 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 “controlling” and “controlled” shall have meanings correlative to the foregoing. 
 Allocable Share: With respect to each Class of Class B Notes: 
 (a) as to any Payment Date and amounts
distributable pursuant to clauses (i) and (iv) of the definition of Subordinate Optimal Principal Amount, the fraction, expressed as a percentage, the numerator of which is the Note Principal Balance of such Class and the denominator of
which is the aggregate Note Principal Balance of all Classes of Class B Notes; and 

 (b) as to any Payment Date and amounts distributable pursuant to clauses (ii), (iii) and (v) of
the definition of Subordinate Optimal Principal Amount and as to each Class of Class B Notes (other than the Class of Class B Notes having the lowest numerical designation as to which the Class Prepayment Distribution Trigger shall not be
applicable) for which (x) the related Class Prepayment Distribution Trigger has been satisfied on such Payment Date, the fraction, expressed as a percentage, the numerator of which is the Note Principal Balance of such Class and the denominator
of which is the aggregate of the Note Principal Balances of all such Classes of Subordinate Notes and (y) the related Class Prepayment Distribution Trigger has not been satisfied on such Payment Date, 0%; provided that if on a Payment Date, the
Note Principal Balance of any Class of Class B Notes for which the related Class Prepayment Distribution Trigger was satisfied on such Payment Date is reduced to zero, any amounts distributed pursuant to this clause (b), to the extent of such
Class’s remaining Allocable Share, shall be distributed to the remaining Class or Classes of Subordinate Securities which satisfy the related Class Prepayment Distribution Trigger and to the Class B-6, Class B-5, Class B-4, Class B-3, Class B-2
and Class B-1 Notes, in that order, in reduction of their respective Note Principal Balances. 
 American Home: American Home Mortgage
Corp. 
 American Home Sale Agreement: That certain Master Mortgage Loan Purchase and Servicing Agreement, dated as of
September 1, 2005, between Citi and American Home, as amended by that certain Assignment, Assumption and Recognition Agreement, dated as of February 28, 2006, among the Sponsor, Citi and American Home. 
 Applicable Credit Rating: For any long-term deposit or security, a credit rating of AAA from S&P. For any short-term deposit or security, a
rating of A-l+ from S&P. 
 Appraised Value: For any Mortgaged Property related to a Mortgage Loan, the amount set forth as the
appraised value of such Mortgaged Property in an appraisal made for the mortgage originator in connection with its origination of the related Mortgage Loan. 
 Assessment of Compliance: The meaning specified in Section 3.16 of the Sale and Servicing Agreement. 
 Assignment Agreement: The agreements attached as Exhibits C and D to the Sale and Servicing Agreement, whereby the Servicing Agreements were assigned to the Indenture Trustee for the benefit of the Noteholders. 
 Assignment of Mortgage: An assignment of Mortgage, notice of transfer or equivalent instrument, in recordable form, which is sufficient under the
laws of the jurisdiction wherein the related Mortgaged Property is located to reflect of record the sale of the Mortgage, which assignment, notice of transfer or equivalent instrument may be in the form of one or more blanket assignments covering
Mortgages secured by Mortgaged Properties located in the same county, if permitted by law. 
  

 A-2 

 Attesting Party: The meaning specified in Section 3.16 of the Sale and Servicing Agreement.

 Attestation Report: The meaning specified in Section 3.16 of the Sale and Servicing Agreement. 
 Authorized Newspaper: A newspaper of general circulation in the Borough of Manhattan, The City of New York, printed in the English language and
customarily published on each Business Day, whether or not published on Saturdays, Sundays or holidays. 
 Authorized Officer: With
respect to the Issuer, any officer of the Owner Trustee who is authorized to act for the Owner Trustee in matters relating to the Issuer and who is identified on the list of Authorized Officers delivered by the Owner Trustee to the Indenture Trustee
and Securities Administrator on the Closing Date (as such list may be modified or supplemented from time to time thereafter). 
 Available
Funds: For any Payment Date with respect to each Loan Group, the (1) related Interest Funds and (2) the related Principal Funds, less in the case of such Principal Funds any Capitalization Reimbursement Amount related to such Loan
Group for that Payment Date. 
 Available Funds Rate: With respect to any Payment Date and the Class I-A-1 Notes and Class I-A-2
Notes, a per annum rate, expressed as a percentage, equal to a fraction, the numerator of which is the Interest Funds for Loan Group I, for such Payment Date, multiplied by 12, and the denominator of which is the aggregate Note Principal Balance of
the Class I-A-1 Notes and Class I-A-2 Notes immediately prior to such Payment Date. With respect to any Payment Date and the Class II-A-1 Notes and Class II-A-2 Notes, a per annum rate, expressed as a percentage, equal to a fraction, the numerator
of which is the Interest Funds for Loan Group II, multiplied by 12, and the denominator of which is the aggregate Note Principal Balance of the Class II-A-1 Notes and Class II-A-2 Notes immediately prior to such Payment Date. With respect to any
Payment Date and the Class III-A-1 Notes and Class III-A-2 Notes, a per annum rate, expressed as a percentage, equal to a fraction, the numerator of which is the Interest Funds for Loan Group III, multiplied by 12, and the denominator of which is
the aggregate Note Principal Balance of the Class III-A-1 Notes and Class III-A-2 Notes immediately prior to such Payment Date. With respect to any Payment Date and the Class IV-A-1 Notes and Class IV-A-2 Notes, a per annum rate, expressed as a
percentage, equal to a fraction, the numerator of which is the Interest Funds for Loan Group IV, multiplied by 12, and the denominator of which is the aggregate Note Principal Balance of the Class IV-A-1 Notes and Class IV-A-2 Notes immediately
prior to such Payment Date. 
 Average Loss Severity Percentage: With respect to any Payment Date, the percentage equivalent of a
fraction, the numerator of which is the sum of the Loss Severity Percentages for each Mortgage Loan which had a Realized Loss and the denominator of which is the number of Mortgage Loans which had Realized Losses. 
  

 A-3 

 Bankruptcy Code: The United States Bankruptcy Code, as amended as codified in 11 U.S.C.
§§ 101-1330. 
 Bankruptcy Loss: With respect to any Mortgage Loan, any Deficient Valuation or Debt Service Reduction
related to such Mortgage Loan as reported by the Servicer to the Master Servicer. 
 Basic Documents or Agreements: The Sale and
Servicing Agreement, the Wells Fargo Servicing Agreement, the Indenture, the Trust Agreement, the Sale Agreements, the Mortgage Loan Purchase Agreement, the Mortgage Loan Purchase Agreement, the Custodial Agreements and the Administration Agreement
and the other documents and certificates delivered in connection with any of the above. 
 Basis Risk Shortfall Carryover Amount: On
any Payment Date, and with respect to any Offered Note, an amount equal to the excess, if any, of the (i) interest accrued at the related Note Interest Rate (without giving effect to the related Available Funds Rate) over (ii) the amount
of interest received on such Note based on the related Available Funds Rate, together with the unpaid portion of any such excess from previous Payment Dates (and any interest thereon at the then applicable Note Interest Rate without giving effect to
the related Available Funds Rate). With respect to the REMIC Class A Notes and any Payment Date, the excess, if any, of the (i) interest accrued at the related Note Interest Rate for the Class of Offered Notes in exchange for which the
REMIC Class A Notes were received (without giving effect to the Net Rate Cap and the Available Funds Rate) over (ii) the amount of interest received on such Notes if the Note Interest Rate is based on the Net Rate Cap, together with the
unpaid portion of any excess from previous Payment Dates (and any interest thereon at the then applicable Note Interest Rate without giving effect to the Net Rate Cap and the Available Funds Rate). 
 Beneficial Owner: With respect to any 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 as a Depository Participant or indirectly through a Depository Participant, in accordance with the rules of such Depository). 
 Book-Entry Notes: Beneficial interests in the Class A Notes, ownership and transfers of which shall be made through book entries by the
Depository as described in the Indenture. 
 Business Day: Any day other than (i) a Saturday or a Sunday, or (ii) a day on
which the New York Stock Exchange or Federal Reserve is closed or on which banking institutions in the jurisdiction in which the Indenture Trustee, the Master Servicer, the Servicers or the Securities Administrator is located are authorized or
obligated by law or executive order to be closed. 
 Calendar Quarter: A calendar quarter shall consist of one of the following time
periods in any given year: January 1 through March 31, April 1 through June 30, July 1 through September 30, and October 1 through December 31. 
 Capitalization Reimbursement Amount: With respect to any Payment Date, the aggregate of the amounts added to the Scheduled Principal Balances of
the Mortgage Loans during the preceding calendar month representing reimbursements to the related Servicer on or prior to such Payment Date in connection with the modification of such Mortgage Loans. 
  

 A-4 

 Certificate Payment Account: The account or accounts created and maintained pursuant to
Section 3.08(c) of the Trust Agreement. The Certificate Payment Account shall be an Eligible Account. 
 Certificate Percentage
Interest: With respect to the Certificates and any date of determination, the percentage interest as stated on the face of any Certificate. 
 Certificate Register: The register maintained by the Certificate Registrar in which the Certificate Registrar shall provide for the registration of Certificates and of transfers and exchanges of Certificates. 
 Certificate of Trust: The Certificate of Trust filed for the Trust pursuant to Section 3810(a) of the Statutory Trust Statute. 
 Certificates: The Bear Stearns ARM Trust 2007-2 Trust Certificates, Series 2007-2, evidencing the beneficial ownership interest in the Issuer and
executed by the Owner Trustee in substantially the form set forth in Exhibit A to the Trust Agreement, and after a REMIC conversion, any of the new Residual Certificates issued by the Trust in connection with such REMIC Conversion. 
 Certificateholder: The Person in whose name a Certificate is registered in the Certificate Register. Owners of Certificates that have been pledged
in good faith may be regarded as Holders if the pledgee establishes to the satisfaction of the Securities Administrator or the Owner Trustee, as the case may be, the pledgee’s right so to act with respect to such Certificates and that the
pledgee is not the Issuer, any other obligor upon the Certificates or any Affiliate of any of the foregoing Persons. 
 Citibank Custodial
Agreement: The Citibank Custodial Agreement, dated as of June 29, 2007, among the Issuing Entity, the Depositor, the Seller, the Indenture Trustee, the Master Servicer, the Securities Administrator and Citibank as Custodian. 
 Citi: Citigroup Global Markets Realty Corp. 
 Citibank: Citibank, N.A. 
 Citigroup Sale Agreement: Any of (i) that certain Amended and Restated Master
Mortgage Loan Purchase and Servicing Agreement, dated as of December 15, 2003, between Citi and Countrywide Home Loans, as amended by that Amendment Reg AB, dated as of February 28, 2006, and as amended by that certain Assignment,
Assumption and Recognition Agreement, dated as of December 6, 2006, among the Sponsor, Citi and Countrywide Home Loans and (ii) that certain Amended and Restated Master Mortgage Loan Purchase and Interim Servicing Agreement, dated as of
November 1, 2005, as amended by that certain Assignment, Assumption and Recognition Agreement, dated as of February 28, 2006, among the Sponsor, Citi and MortgageIT, Inc. 
  

 A-5 

 Class: Any of the Class A, Class X or Class B Notes. 
 Class A Notes: The Class I-A-1, Class I-A-2, Class II-A-1, Class II-A-2, Class III-A-1, Class III-A-2, Class IV-A-1 and Class IV-A-2 Notes in
the form attached as Exhibit A-1 to the Indenture. 
 Class B Notes: The Class B-1, Class B-2, Class B-3 Class B-4, Class B-5 and
Class B-6 Notes in the form attached as Exhibit A-2 to the Indenture. 
 Class X Notes: The Class X Notes in the form attached as
Exhibit A-3 to the Indenture. 
 Class Prepayment Distribution Trigger: For a Class of Subordinate Notes for any Payment Date, the
Class Prepayment Distribution Trigger is satisfied if the fraction (expressed as a percentage), the numerator of which is the aggregate Note Principal Balance of such Class and each Class of Class B Notes subordinate thereto, if any, in each case,
immediately preceding such Payment Date, and the denominator of which is the Scheduled Principal Balances of all of the Mortgage Loans as of the beginning of the related Due Date, equals or exceeds such percentage calculated as of the Closing Date.
If on any Payment Date the Note Principal Balance of any Class or Classes of Class B Notes for which the related Class Prepayment Distribution Trigger was satisfied on such Payment Date is reduced to zero, any amounts distributable to such Class or
Classes pursuant to clauses (ii), (iii) and (v) of the definition of “Subordinate Optimal Principal Amount,” to the extent of such Class’s remaining Allocable Share, shall be distributed to the remaining Class or Classes of
Subordinate Notes in reduction of their respective Note Principal Balances, sequentially, Class B-6, Class B-5, Class B-4, Class B-3, Class B-2 and Class B-1 Notes, in that order. 
 Closing Date: June 29, 2007. 
 Code: The Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder. 
 Collateral: The meaning specified in the Granting Clause of the Indenture. 
 Commission: The Securities and Exchange
Commission. 
 Compensating Interest Payment: As defined in Section 3.22 of the Sale and Servicing Agreement with respect to
amounts payable by the Master Servicer, and any amounts in respect of Interest Shortfalls required to be paid by the Servicers pursuant to the related Servicing Agreement. 
 Corporate Trust Office: With respect to the Indenture Trustee, the principal corporate trust office of the Indenture Trustee at which at any
particular time its corporate trust business shall be administered, which office at the date of the execution of this instrument is located at 5280 Corporate Drive, Frederick, Maryland 21703. With respect to the Owner Trustee, the principal
corporate trust office of the Owner Trustee at which at any particular time its corporate trust business shall be administered, which office at the date of the execution of this Trust Agreement is located at Wilmington Trust Company, Rodney Square
North 1100 North Market 

  

 A-6 

 
Street, Wilmington, Delaware 19890-0001; Attention: Corporate Trust Services. With respect to the Securities Administrator, the Corporate Trust Office for
purposes of presentment and surrender of the Notes and the Certificates for the final payment or distribution thereon and for transfer is located at Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479, Attention: Bear Stearns ARM Trust
2007-2, and for all other purposes is located at P.O. Box 98, Columbia, Maryland 21046 (or, for overnight deliveries, 9062 Old Annapolis Road, Columbia, Maryland, 21045), Attn: Bear Stearns ARM Trust 2007-2, or any other address that the Securities
Administrator may designate from time to time by notice to the Noteholders and the Certificateholders. 
 Countrywide Home Loans:
Countrywide Home Loans, Inc. 
 Countrywide Sale Agreement: Any of (i) that Mortgage Loan Purchase and Servicing Agreement, dated
as of December 8, 2006, between Countrywide Home Loans and the Sponsor, as amended by that Amendment Reg AB, dated as of December 8, 2006, as amended by the Assignment, Assumption and Recognition Agreement, dated as of June 29, 2007,
among Countrywide Servicing, the Sponsor and the Issuing Entity, and acknowledged and agreed to by Wells Fargo Bank, N.A., as master servicer and (ii) that Mortgage Loan Purchase and Servicing Agreement, dated as of September 29, 2006,
between Countrywide Home Loans and the Sponsor, as amended by Amendment No. 1, dated as of October 17, 2006, and as amended by that Amendment Reg AB, dated as of October 25, 2006, as amended by the Assignment, Assumption and
Recognition Agreement, dated as of June 29, 2007, among Countrywide Servicing, the Sponsor and the Issuing Entity. 
 Countrywide
Servicing: Countrywide Home Loans Servicing LP. 
 Countrywide Servicing Agreement: Any of the Countrywide Sale Agreements and
that certain Amended and Restated Master Mortgage Loan Purchase and Servicing Agreement, dated as of December 15, 2003, between Citi and Countrywide Home Loans, as amended by that Amendment Reg AB, dated as of February 28, 2006, and as
amended by that certain Assignment, Assumption and Recognition Agreement, dated as of December 6, 2006, among the Sponsor, Citi and Countrywide Home Loans. 
 CPR: A constant rate of prepayment on the Mortgage Loans. 
 Cross-Over Date: The first Payment
Date on which the aggregate Note Principal Balance of the Class B Notes has been reduced to zero (after giving effect to all distributions on such Payment Date). 
 Custodial Agreement: Any of the Wells Fargo Bank Custodial Agreement or Citibank Custodial Agreement. 
 Custodian: Any of Wells Fargo Bank or Citibank, or their successors and assigns. 
 Cut-off Date: June 1, 2007.

 Cut-off Date Balance: $1,086,615,226.90. 
  

 A-7 

 Cut-off Date Principal Balance: With respect to any Mortgage Loan, the unpaid principal balance
thereof as of the Cut-off Date after applying the principal portion of Monthly Payments due on or before such date, whether or not received, and without regard to any payments due after such date. 
 Debt Service Reduction: Any reduction of the Scheduled Payments which a Mortgagor is obligated to pay with respect to a Mortgage Loan as a result
of any proceeding under the Bankruptcy Code or any other similar state law or other proceeding. 
 Default: Any occurrence which is or
with notice or the lapse of time or both would become an Event of Default. 
 Deficient Valuation: With respect to any Mortgage Loan,
a valuation of the Mortgaged Property by a court of competent jurisdiction in an amount less than the then outstanding indebtedness under the Mortgage Loan, which valuation results from a proceeding initiated under the Bankruptcy Code or any other
similar state law or other proceeding. 
 Definitive Notes: The meaning specified in Section 4.08 of the Indenture. 

Deleted Mortgage Loan: A Mortgage Loan replaced or to be replaced with an Substitute Mortgage Loan. 
 Delinquent: A Mortgage Loan is “delinquent” if any payment due thereon is not made pursuant to the terms of such Mortgage Loan by the
close of business on the day such payment is scheduled to be due. A Mortgage Loan is considered “30 days delinquent” if the borrower fails to make a scheduled payment prior to the close of business on the day prior to the mortgage
loan’s first succeeding due date. For example, if a securitization had a closing date occurring in August and a cut-off date of August 1, a mortgage loan with a payment due on July 1 that remained unpaid as of the close of business on
July 31 would be described as 30 days delinquent as of the cut-off date in the prospectus supplement. A mortgage loan would be considered “60 days delinquent” with respect to such scheduled payment if such scheduled payment were not
made prior to the close of business on the day prior to the mortgage loan’s second succeeding due date (or, in the preceding example, if the mortgage loan with a payment due on June 1 remained unpaid as of the close of business on
July 31). The determination as to whether a Mortgage Loan falls into these categories is made as of the close of business on the last Business Day of each month. This method of determining delinquencies is also referred to as the MBA method.

 Depositor: Structured Asset Mortgage Investments II Inc., a Delaware corporation, or its successor in interest. 
 Depository: The Depository Trust Company, the nominee of which is Cede & Co., or any successor thereto. 
 Depository Participant: A Person for whom, from time to time, the Depository effects book-entry transfers and pledges of securities deposited with
the Depository. 
  

 A-8 

 Designated Depository Institution: A depository institution (commercial bank, federal savings
bank, mutual savings bank or savings and loan association) or trust company (which may include the Indenture Trustee), the deposits of which are fully insured by the FDIC to the extent provided by law. 
 Determination Date: With respect to any Payment Date, the 15th day of the related month, or if the 15th day of such month is not a Business Day,
the immediately preceding Business Day. 
 Due Date: With respect to each Mortgage Loan, the day of the month on which each scheduled
Monthly Payment is due. 
 Due Period: With respect to any Payment Date and the Mortgage Loans, the period commencing on the second
day of the month immediately preceding the month of such Payment Date (or, with respect to the first Due Period, the day following the Cut-off Date) and ending on the first day of the month of such Payment Date. 
 Eligible Account: Any of (i) an account or accounts maintained with a federal or state chartered depository institution or trust company, the
long-term unsecured debt obligations and short-term unsecured debt obligations of which (or, in the case of a depository institution or trust company that is the principal subsidiary of a holding company, the debt obligations of such holding
company, so long as Moody’s is not a Rating Agency) are rated by each Rating Agency in one of its two highest long-term and its highest short-term rating categories, respectively, at the time any amounts are held on deposit therein; provided,
that following a downgrade, withdrawal, or suspension of such institution’s rating as set forth above, each account shall promptly (and in any case within not more than 30 calendar days) be moved to one or more segregated trust accounts in the
trust department of such institution, or to an account at another institution that complies with the above requirements, or (ii) a trust account or accounts maintained with the corporate trust department of a federal or state chartered
depository institution or trust company having capital and surplus of not less than $50,000,000, acting in its fiduciary capacity or (iii) any other account acceptable to the Rating Agencies, as evidenced in writing. Eligible Accounts may bear
interest, and may include, if otherwise qualified under this definition, accounts maintained with the Indenture Trustee or the Securities Administrator. Notwithstanding Section 9.02 of the Indenture, this Indenture may be amended to reduce the
rating requirements in clause (i) above, without the consent of any of the Noteholders, provided that the Person requesting such amendment obtains a letter from each Rating Agency stating that such amendment would not result in the downgrading
or withdrawal of the respective ratings then assigned to the Notes. 
 ERISA: The Employee Retirement Income Security Act of 1974, as
amended. 
 Event of Default: With respect to the Indenture, 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) a failure by the Issuing Entity to pay Accrued Note Interest on any Class of Offered Notes on any Payment Date and such default shall continue for a
period of five days; or 
  

 A-9 

 (ii) the failure by the Issuing Entity on the Final Scheduled Payment Date to pay all Accrued Note
Interest on any Class of Notes, all remaining Basis Risk Shortfall Carryover Amounts on the Class A Notes and to reduce the Note Principal Balances of any Class of Notes to zero; or 
 (iii) there occurs a default by the Issuing Entity in the observance of certain negative covenants or covenant in the Indenture or any representation or
warranty made by the Issuing Entity in the Indenture or in any certificate or other writing delivered pursuant thereto having been incorrect in a material respect as of the time when the same shall have been made, and the continuation of any such
default shall continue or not be cured, or the circumstance or condition in respect of which such representation 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 by the Holders of at least 25% of the aggregate Note Principal Balance of the Notes, as applicable, 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) there occurs 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 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 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) there
occurs 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
assets of the 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 any action by the Issuer in
furtherance of any of the foregoing. 
 Event of Servicer Termination: The occurrence of an event, as defined in the related Servicing
Agreement, permitting termination or removal of the related Servicer thereunder as servicer of the Mortgage Loans. 
 Excess Liquidation
Proceeds: To the extent that such amount is not required by law to be paid to the related Mortgagor, the amount, if any, by which Liquidation Proceeds with respect to a Liquidated Mortgage Loan exceed the sum of (i) the Outstanding
Principal Balance of such Mortgage Loan and accrued but unpaid interest at the related Mortgage Interest Rate through the last day of 

  

 A-10 

 
the month in which the related Liquidation Date occurs, (ii) related Liquidation Expenses (including Liquidation Expenses which are payable therefrom to
the related Servicer or the Master Servicer in accordance with the related Servicing Agreement or the Sale and Servicing Agreement, as applicable) and (iii) unreimbursed advances by the Servicers or the Master Servicer and Monthly Advances.

 Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 Expenses: The meaning specified in Section 7.02 of the Trust Agreement. 
 FDIC: The Federal Deposit Insurance Corporation or any successor thereto. 
 Final Certification: The final certification delivered by the Custodian pursuant to Section 2.3(c) of the Custodial Agreement in the form
attached thereto as Exhibit Three. 
 Final Scheduled Payment Date: With respect to each Class of Notes, the Payment Date in December
2046. 
 Fitch: Fitch, Inc. 
 Form 8-K Disclosure Information: The meaning specified Section 3.17(a)(ii)(A) of the Sale and Servicing Agreement. 
 Grant: 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 such collateral or other agreement or instrument 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. 
 Gross Margin: As to each Mortgage Loan, the fixed percentage set forth in the related Mortgage Note and indicated
on the Mortgage Loan Schedule which percentage is added to the related Index on each Interest Adjustment Date to determine (subject to rounding, the minimum and maximum Mortgage Interest Rate and the Periodic Rate Cap) the Mortgage Interest Rate
until the next Interest Adjustment Date. 
 Group I Mortgage Loan: Any of the Mortgage Loans in Loan Group I. 
 Group II Mortgage Loan: Any of the Mortgage Loans in Loan Group II. 
 Group III Mortgage Loan: Any of the Mortgage Loans in Loan Group III. 
  

 A-11 

 Group IV Mortgage Loan: Any of the Mortgage Loans in Loan Group IV. 
 Holder: Any Certificateholder or any Noteholder, as the context requires. 
 Indemnified Party: The meaning specified in Section 7.02 of the Trust Agreement. 
 Indenture: The indenture, dated as of June 29, 2007, among the Issuing Entity, the Indenture Trustee and the Securities Administrator,
relating to the Bear Stearns ARM Trust, Mortgage-Backed Notes, 2007-2. 
 Indenture Trustee: Citibank, N.A., and its successors and
assigns or any successor indenture trustee appointed pursuant to the terms of the Indenture. Upon the REMIC Conversion, the Indenture Trustee shall be the indenture trustee under the REMIC Class A Indenture. 
 Independent: When used with respect to any specified Person, the Person (i) is in fact independent of the Issuing Entity, any other obligor
on the Notes, the Seller, the Master Servicer, the Depositor and any Affiliate of any of the foregoing Persons, (ii) does not have any direct financial interest or any material indirect financial interest in the Issuing Entity, any such other
obligor, the Seller, the Master Servicer, the Depositor or any Affiliate of any of the foregoing Persons and (iii) is not connected with the Issuing Entity, any such other obligor, the Seller, the Master Servicer, the Depositor or any Affiliate
of any of the foregoing Persons as an officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions. 
 Independent Certificate: A certificate or opinion to be delivered to the Indenture Trustee under the circumstances described in, and otherwise complying with, the applicable requirements of Section 10.01 of the Indenture, made
by an independent appraiser or other expert appointed by an Issuer Request and approved by the Indenture Trustee in the exercise of reasonable care, and such opinion or certificate shall state that the signer has read the definition of
“Independent” in this Indenture and that the signer is Independent within the meaning thereof. 
 Index: The index, if any,
specified in a Mortgage Note by reference to which the related Mortgage Interest Rate will be adjusted from time to time. 
 Initial
Certification: The initial certification delivered by the Custodian pursuant to Section 2.3(a) of the Custodial Agreement in the form attached thereto as Exhibit One. 
 Initial Note Principal Balance: With respect to the Class I-A-1 Notes, $155,498,000, with respect to the Class I-A-2 Notes, $10,602,000, with
respect to the Class II-A-1 Notes, $499,261,000, with respect to the Class II-A-2 Notes, $34,040,000, with respect to the Class III-A-1 Notes, $229,619,000, with respect to the Class III-A-2 Notes, $15,656,000, with respect to the Class IV-A-1
Notes, $71,844,000, with respect to the Class IV-A-2 Notes, $4,898,000, with respect to the Class B-1 Notes, $36,402,000, with respect to the Class B-2 Notes, $9,780,000, with respect to the Class B-3 Notes, $7,063,000, with respect to the Class B-4
Notes, $4,890,000, with respect to the Class B-5 Notes, $3,803,000, and with respect to the Class B-6 Notes, $3,259,227. 
  

 A-12 

 Initial Notional Amount: With respect to the Class X Notes, $1,021,418,000. 
 Insurance Policy: With respect to any Mortgage Loan, any standard hazard insurance policy, flood insurance policy or title insurance policy.

 Insurance Proceeds: Amounts paid by the insurer under any Insurance Policy covering any Mortgage Loan or Mortgaged Property other
than amounts required to be paid over to the Mortgagor pursuant to law or the related Mortgage Note or Security Instrument and other than amounts used to repair or restore the Mortgaged Property or to reimburse insured expenses. 
 Interest Accrual Period: With respect to the Notes and any Payment Date, the calendar month preceding the month in which such Payment Date occurs.

 Interest Adjustment Date: With respect to a Mortgage Loan, the date, if any, specified in the related Mortgage Note on which the
Mortgage Interest Rate is subject to adjustment. 
 Interest Determination Date: With respect to any Payment Date (i) with
respect to the Class I-A-1 Notes and Class I-A-2 Notes, in October 2010, and semi-annually thereafter, (ii) with respect to the Class II-A-1 Notes and Class II-A-2 Notes, in October 2011, and annually thereafter, the last LIBOR business day of
the related Interest Accrual Period, (iii) with respect to the Class III-A-1 Notes and Class III-A-2 Notes, in October 2013, and annually thereafter, the last LIBOR Business Day of the related Interest Accrual Period and (iv) with respect
to the Class IV-A-1 Notes and Class IV-A-2 Notes, in October 2011, and annually thereafter, the last Business Day of the related Interest Accrual Period. Any subsequent Interest Determination Date shall be the last Business Day of the twelfth
Interest Accrual Period following the preceding Interest Determination Date. 
 Interest Funds: With respect to any Payment Date and
each Loan Group, an amount equal to (i) the sum, without duplication, of (a) all scheduled interest during the related Due Period with respect to the related Mortgage Loans less the related Servicing Fee, (b) all Advances relating to
interest with respect to the related Mortgage Loans made on or prior to the related Payment Date, (c) all Compensating Interest with respect to the related Mortgage Loans and required to be remitted by the Master Servicer pursuant to this
Agreement with respect to such Payment Date, (d) Liquidation Proceeds and Subsequent Recoveries with respect to the related Mortgage Loans collected during the related Prepayment Period (to the extent such Liquidation Proceeds and Subsequent
Recoveries relate to interest), (e) all amounts relating to interest with respect to each Mortgage Loan repurchased by the Seller or the Underlying Seller, as applicable, pursuant to Section 7 of the Mortgage Loan Purchase Agreement or the
related Sale Agreement, as applicable, in each case to the extent remitted by the Master Servicer to the Payment Account pursuant to the Sale and Servicing Agreement, and (f) all amounts relating to interest included in the proceeds from the
liquidation of REO Properties and Non-REMIC-Eligible Assets pursuant to Section 11.01(a)(i) of the Indenture remitted by the Securities Administrator to the Payment Account, minus (ii) all amounts required to be reimbursed or paid pursuant
to the Indenture or as otherwise set forth in any other Basic Document. 
  

 A-13 

 Interest Shortfall: With respect to any Payment Date and each Mortgage Loan that during the
related Prepayment Period was the subject of a Principal Prepayment or constitutes a Relief Act Mortgage Loan, an amount determined as follows: 
 (a) Partial principal prepayments received during the relevant Prepayment Period: The difference between (i) one month’s interest at the applicable Net Rate on the amount of such prepayment and (ii) the amount of interest for
the calendar month of such prepayment (adjusted to the applicable Net Rate) received at the time of such prepayment; 
 (b) Principal
prepayments in full received during the relevant Prepayment Period: The difference between (i) one month’s interest at the applicable Net Rate on the Scheduled Principal Balance of such Mortgage Loan immediately prior to such prepayment
and (ii) the amount of interest for the calendar month of such prepayment (adjusted to the applicable Net Rate) received at the time of such prepayment; and 
 (c) Relief Act Mortgage Loans: As to any Relief Act Mortgage Loan, the excess of (i) 30 days’ interest (or, in the case of a principal prepayment in full, interest to the date of prepayment) on the Scheduled
Principal Balance thereof (or, in the case of a principal prepayment in part, on the amount so prepaid) at the related Net Rate over (ii) 30 days’ interest (or, in the case of a principal prepayment in full, interest to the date of
prepayment) on such Scheduled Principal Balance (or, in the case of a Principal Prepayment in part, on the amount so prepaid) at the Net Rate required to be paid by the Mortgagor as limited by application of the Relief Act. 
 Interim Certification: The interim certification delivered by the Custodian pursuant to Section 2.3(b) of the Custodial Agreement in the form
attached thereto as Exhibit Two. 
 Investment Company Act: The Investment Company Act of 1940, as amended, and any amendments
thereto. 
 IRS: The Internal Revenue Service. 
 Issuing Entity or Issuer: Bear Stearns ARM Trust 2007-2, a Delaware statutory trust, or its successor in interest. 
 Issuing Entity Request: A written order or request signed in the name of the Issuing Entity by any one of its Authorized Officers and delivered to the Indenture Trustee. 
 LIBOR Business Day: A day on which banks are open for dealing in foreign currency and exchange in London and New York City. 
 Lien: Any mortgage, deed of trust, pledge, conveyance, hypothecation, assignment, participation, deposit arrangement, encumbrance, lien (statutory
or other), preference, priority right or interest or other security agreement or preferential arrangement of any kind or nature whatsoever, including, without limitation, any conditional sale or other title retention agreement, any financing lease
having substantially the same economic effect as any of the foregoing and the filing of any financing statement under the UCC (other than any such financing statement filed for informational purposes only) or comparable law of any jurisdiction to
evidence any of the foregoing. 
  

 A-14 

 Liquidated Mortgage Loan: With respect to any Payment Date, a defaulted Mortgage Loan that has
been liquidated through deed-in-lieu of foreclosure, foreclosure sale, indenture trustee’s sale or other realization as provided by applicable law governing the real property subject to the related Mortgage and any security agreements and as to
which the related Servicer has certified in the related Prepayment Period that it has received all amounts it expects to receive in connection with such liquidation. 
 Liquidation Date: With respect to any Liquidated Mortgage Loan, the date on which the Master Servicer or the related Servicer has certified that such Mortgage Loan has become a Liquidated Mortgage Loan.

 Liquidation Expenses: With respect to a Mortgage Loan in liquidation, unreimbursed expenses paid or incurred by or for the account
of the Master Servicer or the related Servicer in connection with the liquidation of such Mortgage Loan and the related Mortgage Property, such expenses including (a) property protection expenses, (b) property sales expenses,
(c) foreclosure and sale costs, including court costs and reasonable attorneys’ fees, and (d) similar expenses reasonably paid or incurred in connection with liquidation. 
 Liquidation Proceeds: Cash received in connection with the liquidation of a defaulted Mortgage Loan, whether through trustee’s sale,
foreclosure sale, Insurance Proceeds, condemnation proceeds or otherwise. 
 Loan-to-Value Ratio: With respect to any Mortgage Loan,
the fraction, expressed as a percentage, the numerator of which is the original principal balance of the related Mortgage Loan and the denominator of which is the Original Value of the related Mortgaged Property. 
 Loss Allocation Limitation: As defined in Section 3.24(c) of the Indenture. 
 Loss Severity Percentage: With respect to any Payment Date, the percentage equivalent of a fraction, the numerator of which is the amount of
Realized Losses incurred on a Mortgage Loan and the denominator of which is the Scheduled Principal Balance of such Mortgage Loan immediately prior to the liquidation of such Mortgage Loan. 
 Lost Notes: The original Mortgage Notes that have been lost, as indicated on the Mortgage Loan Schedule. 
 Majority Certificateholder: A Holder of a 50.01% or greater Certificate Percentage Interest of the Trust Certificates. 
 Master Servicer: Wells Fargo Bank, N.A., and its successors and assigns. 
 Master Servicer Compensation: As defined in Section 3.13 of the Sale and Servicing Agreement. 
  

 A-15 

 Master Servicer Event of Default: Has the meaning assigned to such term in Section 6.01 of
the Sale and Servicing Agreement. 
 Master Servicer Information: The meaning specified in Section 3.17(b) of the Sale and
Servicing Agreement. 
 Material Defect: The meaning specified in Section 2.02(a) of the Sale and Servicing Agreement.

 Maximum Lifetime Mortgage Rate: The maximum level to which a Mortgage Interest Rate can adjust in accordance with its terms,
regardless of changes in the applicable Index. 
 MERS: Mortgage Electronic Registration Systems, Inc., a corporation organized and
existing under the laws of the State of Delaware, or any successor thereto. 
 MERS® System: The system of recording transfers of
Mortgages electronically maintained by MERS. 
 MIN: The Mortgage Identification Number for Mortgage Loans registered with MERS on the
MERS® System. 
 Minimum Lifetime Mortgage Rate: The minimum level to which a Mortgage Interest Rate can adjust in accordance with
its terms, regardless of changes in the applicable Index. 
 MOM Loan: With respect to any Mortgage Loan, MERS acting as the mortgagee
of such Mortgage Loan, solely as nominee for the originator of such Mortgage Loan and its successors and assigns, at the origination thereof, or as nominee for any subsequent assignee of the originator pursuant to an assignment of mortgage to MERS.

 Monthly Advance: The aggregate of all payments of principal and interest, net of the Servicing Fee, that were due during the
related Due Period on the Mortgage Loans serviced by it and that were delinquent on the related Due Date (other than shortfalls in interest due to the application of the Relief Act or similar state or local law). 
 Monthly Payment: With respect to any Mortgage Loan (including any REO Property) and any Due Date, the payment of principal and interest due
thereon in accordance with the amortization schedule at the time applicable thereto (after adjustment, if any, for partial Principal Prepayments and for Deficient Valuations occurring prior to such Due Date but before any adjustment to such
amortization schedule by reason of any bankruptcy, other than a Deficient Valuation, or similar proceeding or any moratorium or similar waiver or grace period). 
 Moody’s: Moody’s Investors Service, Inc. 
 Mortgage: The mortgage, deed of trust or
other instrument reflected on the Mortgage Loan Schedule as securing a Mortgage Loan. 
  

 A-16 

 Mortgage File: The file containing the Related Documents pertaining to a particular Mortgage Loan
and any additional documents required to be added to the Mortgage File pursuant to the Indenture. 
 Mortgage Interest Rate: The
annual rate at which interest accrues from time to time on any Mortgage Loan pursuant to the related Mortgage Note, which rate is initially equal to the “Mortgage Interest Rate” set forth with respect thereto on the applicable Mortgage
Loan Schedule. 
 Mortgage Loan: Any of the Mortgage Loans included in the Trust Estate as of the Closing Date. The aggregate
principal balance of the Mortgage Loans as of the Cut-off Date is equal to approximately $1,086,615,226.90. 
 Mortgage Loan Purchase
Agreement: The Mortgage Loan Purchase Agreement, dated as of June 29, 2007, between Alesco Loan Holdings Trust, as mortgage loan seller, and Structured Asset Mortgage Investments II Inc., as purchaser, and all amendments thereof and
supplements thereto, attached to the Sale and Servicing Agreement as Exhibit E. 
 Mortgage Loan Schedule: The Preliminary and Final
Mortgage Loan Schedules shall set forth the following information with respect to each Mortgage Loan: 
  

	(a)	the city, state and zip code of the Mortgaged Property; 

  

	(b)	the property type; 

  

	(c)	the Mortgage Interest Rate; 

  

	(d)	the Servicing Fee Rate; 

  

	(e)	the Master Servicer’s Fee Rate, if applicable; 

  

	(f)	the LPMI Fee, if applicable; 

  

	(g)	the Indenture Trustee Fee Rate, if applicable; 

  

	(h)	the Net Rate; 

  

	(i)	the maturity date; 

  

	(j)	the stated original term to maturity; 

  

	(k)	the stated remaining term to maturity; 

  

	(l)	the original Principal Balance; 

  

	(m)	the first payment date; 

  

	(n)	the principal and interest payment in effect as of the Cut-off Date; 

  

	(o)	the unpaid Principal Balance as of the Cut-off Date; 

  

	(p)	the Loan-to-Value Ratio at origination; 

  

	(q)	the insurer of any Primary Mortgage Insurance Policy; 

  

	(r)	the Gross Margin, if applicable; 

  

 A-17 

	(s)	the next Adjustment Date, if applicable; 

  

	(t)	the Maximum Lifetime Mortgage Rate, if applicable; 

  

	(u)	the Minimum Lifetime Mortgage Rate, if applicable; 

  

	(v)	the Periodic Rate Cap, if applicable; 

  

	(w)	the Loan Group, if applicable; 

  

	(x)	a code indicating whether the Mortgage Loan is negatively amortizing; 

  

	(y)	which Mortgage Loans adjust after an initial fixed-rate period of one, two, three, five, seven or ten years or any other period; 

  

	(z)	the Prepayment Charge, if any; 

 (aa) lien position (e.g., first lien or
second lien); 
 (bb) a code indicating whether the Mortgage Loan is has a balloon payment; 
 (cc) a code indicating whether the Mortgage Loan is an interest-only loan; 
 (dd) the interest-only term, if applicable;

 (ee) the Mortgage Loan Seller; and 
  

	(ff)	the original amortization term. 

 Such schedule also shall set forth for
all of the Mortgage Loans, the total number of Mortgage Loans, the total of each of the amounts described under (n) and (j) above, the weighted average by principal balance as of the Cut-off Date of each of the rates described under
(c) through (h) above, and the weighted average remaining term to maturity by unpaid principal balance as of the Cut-off Date. 
 Mortgage Loan Seller or Seller: Alesco Loan Holdings Trust. 
 Mortgage Note: The originally executed note or other
evidence of the indebtedness of a Mortgagor under the related Mortgage Loan. 
 Mortgaged Property: Land and improvements securing the
indebtedness of a Mortgagor under the related Mortgage Loan or, in the case of REO Property, such REO Property. 
 Mortgagor: The
obligor on a Mortgage Note. 
 Net Collections: With respect to any Liquidated Mortgage Loan, an amount equal to all payments on
account of interest and principal on such Mortgage Loan. 
 Net Interest Shortfall: With respect to any Payment Date, the Interest
Shortfall, if any, for such Payment Date net of Compensating Interest made with respect to such Payment Date, together with Interest Shortfalls due to the application of the Relief Act or similar state laws. 
  

 A-18 

 Net Liquidation Proceeds: With respect to any Liquidated Mortgage Loan, Liquidation Proceeds and
Subsequent Recoveries net of unreimbursed advances by the related Servicer, Monthly Advances, expenses incurred by the related Servicer in connection with the liquidation of such Mortgage Loan and the related mortgaged property, and any other
amounts payable to the related Servicer under the related Servicing Agreement. 
 Net Rate or Net Mortgage Rate: For any Mortgage
Loan, the then applicable Mortgage Rate thereon less the Servicing Fee Rate. 
 Non-REMIC-Eligible Asset: Any asset in the Trust
Estate at the time of a REMIC Conversion that would not be permissible for inclusion in any REMIC created thereby by reason of its failing to qualify for treatment as a “qualified mortgage” or a “permitted investment”, each as
defined in Section 860G of the Code, or with respect to any “qualified mortgage” that is then 60 or more days Delinquent, by reason of the absence of the necessary foreclosure restrictions relating to it in the Underlying REMIC Trust
Pooling and Servicing Agreement. 
 Nonrecoverable Advance: Any advance or Monthly Advance (i) which was previously made or is
proposed to be made by the Master Servicer, the Indenture Trustee solely as successor master servicer, or the related Servicer and (ii) which, in the good faith judgment of the Master Servicer, the Indenture Trustee as successor Master Servicer
or the related Servicer, will not or, in the case of a proposed advance or Monthly Advance, would not, be ultimately recoverable by the Master Servicer, the Indenture Trustee as successor Master Servicer, or the related Servicer from Liquidation
Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such advance or Monthly Advance was made or is proposed to be made. 
 Note: A Class I-A-1, Class I-A-2, Class II-A-1, Class II-A-2, Class III-A-1, Class III-A-2, Class IV-A-1, Class IV-A-2, Class X, Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 or Class B-6 Note. 
 Noteholder: The Person in whose name a Note is registered in the Note Register, except that, any Note registered in the name of the Depositor, the
Issuing Entity, the Indenture Trustee, the Seller, the Securities Administrator or the Master Servicer or any Affiliate of any of them shall be deemed not to be a holder or holders, nor shall any so owned be considered outstanding, for purposes of
giving any request, demand, authorization, direction, notice, consent or waiver under the Indenture or the Trust Agreement; provided that, in determining whether the Indenture Trustee or Securities Administrator 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 or Securities Administrator has actual knowledge to be so owned shall be so disregarded. Owners of Notes
that have been pledged in good faith may be regarded as Holders if the pledgee establishes to the satisfaction of the Securities Administrator or the Owner Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is
not the Issuing Entity, any other obligor upon the Notes or any Affiliate of any of the foregoing Persons. 
  

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 Note Interest Rate: The Note Interest Rate with respect to the Class I-A-1 Notes and Class I-A-2
Notes, prior to the related Note Rate Change Date, the lesser of (i) 5.000% per annum and (ii) the related Available Funds Rate; and thereafter, the least of (i) Six-Month LIBOR Note Index (determined every six months) plus
1.875% per annum, (ii) 11.150% per annum and (iii) the related Available Funds Rate. The Note Interest Rate with respect to the Class II-A-1 Notes and Class II-A-2 Notes, prior to the related Note Rate Change Date, the lesser of
(i) 5.875% per annum and (ii) the related Available Funds Rate; and thereafter, the least of (i) One-Year LIBOR Note Index (determined annually) plus 1.875% per annum, (ii) 11.150% per annum and (iii) the
related Available Funds Rate. The Note Interest Rate with respect to the Class III-A-1 Notes and Class III-A-2 Notes, prior to the related Note Rate Change Date, the lesser of (i) 5.875% per annum and (ii) the related Available Funds
Rate; and thereafter, the least of (i) One-Year LIBOR Note Index (determined annually) plus 1.900% per annum, (ii) 11.000% per annum and (iii) the related Available Funds Rate. The Note Interest Rate with respect to the
Class IV-A-1 Notes and Class IV-A-2 Notes, prior to the related Note Rate Change Date, the lesser of (i) 6.000% per annum (and (ii) the related Available Funds Rate; and thereafter, the least of (i) One-Year U.S. Treasury Note
Index (determined annually) plus 2.350% per annum, (ii) 10.425% per annum and (iii) the related Available Funds Rate. 
 Note Owner: The Beneficial Owner of a Note. 
 Note Principal Balance: With respect to any Note (other than the Class
X Notes) as of any Payment Date, will equal such Note’s initial principal balance on the Closing Date, as reduced by (i) all amounts distributed on previous Payment Dates on such Note with respect to principal, (ii) the principal
portion of all Realized Losses allocated prior to such Payment Date to such Note (taking into account the applicable Loss Allocation Limitation) and (iii) in the case of a Subordinate Note, such Class’s pro rata share, if any, of the
applicable Subordinate Writedown Amount for previous Payment Dates, plus any Subsequent Recoveries added to the Note Principal Balance of such Note. With respect to any Class of Notes (other than the Class X Notes), the Note Principal Balance
thereof shall be equal to the sum of the Note Principal Balances of all Outstanding Notes of such Class. 
 Note Rate Change Date:
With respect to the Class I-A-1 Notes and Class I-A-2 Notes, the Payment Date occurring in November 2010. With respect to the Class II-A-1 Notes and Class II-A-2 Notes, the Payment Date occurring in November 2011. With respect to the Class III-A-1
Notes and Class III-A-2 Notes, the Payment Date occurring in November 2013. With respect to the Class IV-A-1 Notes and Class IV-A-2 Notes, the Payment Date occurring in November 2016. 
 Note Register: The register maintained by the Note Registrar in which the Note Registrar shall provide for the registration of Notes and of
transfers and exchanges of Notes. 
 Notional Amount: With respect to the Class X Notes and each Payment Date, an amount equal to the
aggregate Note Principal Balance of the Senior Notes before giving effect to distributions to be made on such Payment Date. 
 Offered
Noteholder: A holder of an Offered Note. 
  

 A-20 

 Offered Notes: The Class I-A-1, Class I-A-2, Class II-A-1, Class II-A-2, Class III-A-1, Class
III-A-2, Class IV-A-1 and Class IV-A-2 Notes. 
 Officer’s Certificate: With respect to the Master Servicer, a certificate signed
by the President, Managing Director, a Director, a Vice President or an Assistant Vice President, of the Master Servicer and delivered to the Indenture Trustee or the Securities Administrator, as applicable. With respect to the Issuing Entity, a
certificate signed by any Authorized Officer of the Issuing Entity, under the circumstances described in, and otherwise complying with, the applicable requirements of Section 10.01 of the Indenture, and delivered to the Indenture Trustee.
Unless otherwise specified, any reference in the Indenture to an Officer’s Certificate shall be to an Officer’s Certificate of any Authorized Officer of the Issuer. 
 One- Year U.S. Treasury Note Index: The weekly average yield on U.S. Treasury securities adjusted to a constant maturity of one year as
reported by the Federal Reserve Board in statistical Release No. H.15(519), on the related Interest Determination Date or, if not so available, as most recently available immediately prior to such Interest Determination Date. 
 Opinion of Counsel: A written opinion of counsel acceptable to the Indenture Trustee in its reasonable discretion which counsel may be in-house
counsel for the Depositor or the Seller if acceptable to the Indenture Trustee and the Rating Agencies or outside counsel for the Depositor, the Seller, the Issuing Entity or the Master Servicer, as the case may be. 
 Optional Termination Date: The Payment Date occurring after the first Payment Date for which the sum of the aggregate Scheduled Principal Balance
of the Mortgage Loans as of the end of the related Due Period is reduced to 10% or less of the Cut-off Date Balance. 
 Original
Subordinate Principal Balance: The aggregate Note Principal Balance of the Class B Notes as of the Closing Date. 
 Original
Value: The lesser of (i) the Appraised Value or (ii) the sales price of a Mortgaged Property at the time of origination of a Mortgage Loan, except in instances where either clauses (i) or (ii) is unavailable, the other may be
used to determine the Original Value, or if both clauses (i) and (ii) are unavailable, Original Value may be determined from other sources reasonably acceptable to the Depositor. 
 Outstanding: With respect to the Notes, as of the date of determination, all Notes theretofore executed, authenticated and delivered under this
Indenture except: 
 (i) Notes theretofore canceled by the Note Registrar or delivered to the Securities Administrator for
cancellation; and 
 (ii) Notes in exchange for or in lieu of which other Notes have been executed, authenticated and
delivered pursuant to the Indenture unless proof satisfactory to the Securities Administrator is presented that any such Notes are held by a holder in due course. 
  

 A-21 

 Outstanding Mortgage Loan: With respect to any Due Date, a Mortgage Loan which, prior to such Due
Date, was not the subject of a Principal Prepayment in full, did not become a Liquidated Mortgage Loan and was not purchased or replaced. 
 Outstanding Principal Balance: As of the time of any determination, the principal balance of a Mortgage Loan remaining to be paid by the Mortgagor, or, in the case of an REO Property, the principal balance of the related Mortgage
Loan remaining to be paid by the Mortgagor at the time such property was acquired by the Trust less any Excess Liquidation Proceeds with respect thereto to the extent applied to principal. 
 Overcollateralized Group: The Senior Notes related to any Loan Group whose aggregate Note Principal Balance is less than the aggregate Scheduled
Principal Balance of the Mortgage Loans in such Loan Group. 
 Owner Trust Estate: The corpus of the Issuing Entity created by the
Trust Agreement which consists of items referred to in Section 3.01 of the Trust Agreement. 
 Owner Trustee: Wilmington Trust
Company, and its successors and assigns or any successor owner trustee appointed pursuant to the terms of the Trust Agreement. 
 Payment
Account: The trust account or accounts created and maintained pursuant to Section 3.01 of the Indenture, which shall be denominated Wells Fargo Bank, N.A., as Securities Administrator f/b/o holders of Bear Stearns ARM Trust 2007-2,
Mortgage-Backed Notes, Series 2007-2—Payment Account.” The Payment Account shall be an Eligible Account. 
 Payment Account
Deposit Date: The Business Day prior to each Payment Date. 
 Payment Date: The 25th day of each month, or if such day is not a
Business Day, then the next Business Day, commencing in July 2007. 
 Percentage Interest: With respect to any Note, the percentage
obtained by dividing the Note Principal Balance of such Note by the aggregate Note Principal Balance of all Notes of that Class. With respect to any Certificate, the percentage as stated on the face thereof. 
 Periodic Rate Cap: With respect to any Mortgage Loan, the maximum rate, if any, by which the Mortgage Rate on such Mortgage Loan can adjust on any
Adjustment Date, as stated in the related Mortgage Note or Mortgage. 
 Permitted Investments: Any one or more of the following
obligations or securities held in the name of the Indenture Trustee for the benefit of the Noteholders: 
 (i) direct obligations of, and
obligations the timely payment of which are fully guaranteed by the United States of America or any agency or instrumentality of the United States of America the obligations of which are backed by the full faith and credit of the United States of
America; 
 (ii) (a) demand or time deposits, federal funds or bankers’ acceptances issued by any depository institution or trust
company incorporated under the laws of the United States of America or any state thereof (including the Indenture Trustee, Securities 

  

 A-22 

 
Administrator or the Master Servicer or its Affiliates acting in its commercial banking capacity) and subject to supervision and examination by federal
and/or state banking authorities, provided that the commercial paper and/or the short-term debt rating and/or the long-term unsecured debt obligations of such depository institution or trust company at the time of such investment or contractual
commitment providing for such investment have the Applicable Credit Rating or better from the Rating Agencies; 
 (iii) repurchase
obligations with respect to (a) any security described in clause (i) above or (b) any other security issued or guaranteed by an agency or instrumentality of the United States of America, the obligations of which are backed by the full
faith and credit of the United States of America, in either case entered into with a depository institution or trust company (acting as principal) described in clause (ii)(a) above where the Securities Administrator holds the security therefor;

 (iv) securities bearing interest or sold at a discount issued by any corporation (including the Indenture Trustee, Securities
Administrator or the Master Servicer or its Affiliates) incorporated under the laws of the United States of America or any state thereof that have the Applicable Credit Rating or better from the Rating Agencies at the time of such investment or
contractual commitment providing for such investment; provided, however, that securities issued by any particular corporation will not be Permitted Investments to the extent that investments therein will cause the then outstanding principal amount
of securities issued by such corporation and held as part of the Trust to exceed 10% of the aggregate Outstanding Principal Balances of all the Mortgage Loans and Permitted Investments held as part of the Trust as determined by the Master Servicer;

 (v) commercial paper (including both non-interest-bearing discount obligations and interest-bearing obligations payable on demand or on a
specified date not more than one year after the date of issuance thereof) having the Applicable Credit Rating or better from the Rating Agencies at the time of such investment; 
 (vi) a Reinvestment Agreement issued by any bank, insurance company or other corporation or entity; 
 (vii) any other demand, money market or time deposit, obligation, security or investment as may be acceptable to the Rating Agencies as evidenced in
writing by the Rating Agencies to the Securities Administrator; and 
 (viii) any money market or common trust fund having the Applicable
Credit Rating or better from the Rating Agencies rating such fund, including any such fund for which the Securities Administrator or Master Servicer or any affiliate of the Securities Administrator or Master Servicer acts as a manager or an advisor;
provided, however, that no instrument or security shall be a Permitted Investment if such instrument or security evidences a right to receive only interest payments with respect to the obligations underlying such instrument or if such security
provides for payment of both principal and interest with a yield to maturity in excess of 120% of the yield to maturity at par or if such instrument or security is purchased at a price greater than par as determined by the Master Servicer.

  

 A-23 

 Person: Any individual, corporation, partnership, limited liability company, joint venture,
association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 Plan: Any employee benefit plan or certain other retirement plans and arrangements, including individual retirement accounts and annuities, Keogh plans and bank collective investment funds and insurance company general or separate
accounts in which such plans, accounts or arrangements are invested, that are subject to ERISA or Section 4975 of the Code. 
 Plan
Assets: Assets of a Plan within the meaning of Department of Labor regulation 29 C.F.R. § 2510.3-101. 
 Pool Balance: With
respect to any date of determination, the aggregate of the Scheduled Principal Balances of all Mortgage Loans as of such date. 
 Prepayment Interest Shortfall: As to any Payment Date, Interest Shortfalls, if any, of the type described in clauses (a) and (b) of the definition thereof, for such Payment Date, net of Compensating Interest Payments made
with respect to such Payment Date. 
 Prepayment Period: With respect to any Mortgage Loan and any Payment Date, the period set forth
in the related Servicing Agreements. 
 Primary Mortgage Insurance Policy: Any primary mortgage guaranty insurance policy issued in
connection with a Mortgage Loan which provides compensation to a Mortgage Note holder in the event of default by the obligor under such Mortgage Note or the related Security Instrument, if any, or any replacement policy therefor through the related
Interest Accrual Period for such Class relating to a Payment Date. 
 Principal Funds: With respect to a Payment Date and each Loan
Group, are equal to (x) the sum, without duplication, of (i) the scheduled principal collected on the Mortgage Loans in the related Loan Group during the related Due Period or advanced by the related Servicer or Master Servicer,
(ii) prepayments of principal in respect of the Mortgage Loans in the related Loan Group, exclusive of any prepayment charges, collected in the related Prepayment Period, (iii) the Outstanding Principal Balance of each Mortgage Loan in the
related Loan Group that was repurchased by the related Underlying Seller or the Sponsor, as applicable, the amount, if any, by which the aggregate unpaid principal balance of any replacement mortgage loans in the related Loan Group is less than the
aggregate unpaid principal balance of any deleted mortgage loans in the related Loan Group delivered by the related Underlying Seller or the Sponsor, as applicable, in connection with a substitution of a Mortgage Loan in the related Loan Group,
(iv) all Liquidation Proceeds and Subsequent Recoveries collected during the related Prepayment Period on the Mortgage Loans in the related Loan Group, to the extent such Liquidation Proceeds and Subsequent Recoveries relate to principal, less
all non-recoverable advances relating to principal reimbursed during the related Due Period, and (v) such Loan Group’s pro rata share (based on the aggregate Scheduled Principal Balance) of the principal portion of the purchase price of
the assets of the Issuing Entity upon the exercise by the majority holder of the Owner Trust Certificates of its optional termination right and (vi) all amounts relating to 

  

 A-24 

 
principal included in the proceeds from the liquidation of REO Properties and Non-REMIC-Eligible Assets pursuant to Section 11.01(a)(i) of the Indenture
remitted by the Securities Administrator to the Payment Account; minus (y) the sum of (a) any amounts required to be reimbursed to the Sponsor, the Servicers, the Master Servicer, the Securities Administrator, the Custodians or the
Indenture Trustee as provided in the Indenture to the extent related to such Loan Group (or, if such reimbursement or payment is not related to a Loan Group, then such Loan Group’s pro rata share (based on the aggregate Scheduled Principal
Balances of each Loan Group) of such reimbursement or payment), to the extent not reimbursed from the Interest Funds from any Loan Group for such Payment Date, and (b) any Capitalization Reimbursement Amount to the extent such amount relates to
any Mortgage Loan in the related Loan Group. 
 Principal Prepayment: With respect to each Loan Group any payment or other recovery of
principal on a Mortgage Loan in the related Loan Group which is received in advance of its scheduled Due Date to the extent that it is not accompanied by an amount as to interest representing scheduled interest due on any date or dates in any month
or months subsequent to the month of prepayment, including Insurance Proceeds and Repurchase Proceeds, but excluding the principal portion of Net Liquidation Proceeds received at the time a Mortgage Loan becomes a Liquidated Mortgage Loan.

 Privately Offered Notes: Any of the Class X, Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Notes. 

Proceeding: Any suit in equity, action at law or other judicial or administrative proceeding. 
 Proportionate Owner: Any Holder of both the Certificates and each Class of the Class X Notes and Class B Notes whose percentage interest in the
Certificates is identical to such Holder’s percentage interest in each Class of the Class X Notes and Class B Notes. 
 Prospectus
Supplement: The supplement, dated June 28, 2007, to the Prospectus, dated June 28, 2007, relating to certain classes of the Notes. 
 Protected Account: The trust account or accounts created and maintained by the Servicers pursuant to the related Servicing Agreement. Each Protected Account shall be an Eligible Account. 
 Publicly Offered Notes: Any of the Class I-A-1, Class I-A-2, Class II-A-1, Class II-A-2, Class III-A-1, Class III-A-2, Class IV-A-1 and Class
IV-A-2 Notes. 
 Purchaser: Structured Asset Mortgage Investments II Inc., a Delaware corporation, and its successors and assigns.

 Qualified Insurer: Any insurance company duly qualified as such under the laws of the state or states in which the related
Mortgaged Property or Mortgaged Properties is or are located, duly authorized and licensed in such state or states to transact the type of insurance business in which it is engaged and approved as an insurer by the Master Servicer, so long as the
claims paying ability of which is acceptable to the Rating Agencies for mortgage-backed notes having the same rating as the Notes rated by the Rating Agencies as of the Closing Date. 
  

 A-25 

 Rating Agency: Any nationally recognized statistical rating organization, or its successor, that
rated the Notes at the request of the Depositor at the time of the initial issuance of the Notes. Initially, Standard & Poor’s, Fitch and Moody’s. If such organization or a successor is no longer in existence, “Rating
Agency” with respect to the Notes 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 Indenture Trustee and Master
Servicer. References herein to the highest short term unsecured rating category of a Rating Agency shall mean A-1 or better in the case of Standard & Poor’s, A-1 or better in the case of Fitch, P-1 in the case of Moody’s and in
the case of any other Rating Agency shall mean such equivalent ratings. References herein to the highest long-term rating category of a Rating Agency shall mean “AAA” in the case of Standard & Poor’s, “AAA” in the
case of Fitch, “Aaa” in the case of Moody’s and in the case of any other Rating Agency, such equivalent rating. 
 Rating
Confirmation: A letter from each Rating Agency then providing a rating for any of the Notes at the request of the Issuer confirming that the action proposed to be taken by the Issuer will not, in and of itself, result in a downgrade of any of
the ratings then applicable to the Notes, or cause any Rating Agency to suspend or withdraw the ratings then applicable to the Notes. 
 Realized Loss: With respect to a Mortgage Loan in each Loan Group is (1) a Bankruptcy Loss or (2) as to any Liquidated Mortgage Loan in the related Loan Group, the unpaid principal balance thereof plus accrued and unpaid
interest thereon payable to the Issuing Entity at the mortgage rate through the last day of the month of liquidation less the Net Liquidation Proceeds with respect to such Mortgage Loan and the related Mortgaged Property. With respect to each
Mortgage Loan which is the subject of a Servicing Modification during the calendar month immediately preceding the related Distribution Date, the sum of (a) the total amount of interest and principal which is forgiven with respect to the
related Mortgage Loan and (b) the amount of any Advances and Servicing Advances, to the extent forgiven, made by the Master Servicer with respect to such Mortgage Loan which are reimbursable from the Trust to the Master Servicer with respect to
that Servicing Modification; provided that, the amounts expressed in clause (a) above shall not include the amounts expressed in clause (b) above. In addition, to the extent the Master Servicer receives Subsequent Recoveries with respect
to any Mortgage Loan, the amount of the Realized Loss with respect to that Mortgage Loan will be reduced to the extent such recoveries are applied to reduce the Note Principal Balance of any Class of related Notes (other than the Class X Notes) on
any Payment Date. 
 Record Date: With respect to any Class of Notes and the Trust Certificate and any Payment Date, the close of
business on the last Business Day of the calendar month immediately preceding such Payment Date. 
 Redemption Price: The meaning
specified in Section 8.07(a) of the Indenture. 
 Registered Holder: The Person in whose name a Note is registered in the Note
Register on the applicable Record Date. 
 Related Documents: With respect to each Mortgage Loan, the documents specified in
Section 2.01(b)(i)-(vii) of the Sale and Servicing Agreement, and any documents required to be added to such documents pursuant to the Sale and Servicing Agreement, the Trust Agreement, the Indenture or the Mortgage Loan Purchase Agreement.

  

 A-26 

 Release: The Federal Reserve Board’s statistical Release No. H.15(519). 
 Relief Act: Service members Civil Relief Act. 
 REMIC: A “real estate mortgage investment conduit” within the meaning of Section 860D of the Code. 
 REMIC Certificates: Any of the pass-through certificates issued by the Underlying REMIC Trust in connection with a REMIC Conversion pursuant to the Underlying REMIC Trust Pooling and Servicing Agreement, as
described in Article XI of the Indenture. 
 REMIC Class A Certificates: Any of the REMIC Certificates issued by the Underlying
REMIC Trust in connection with a REMIC Conversion pursuant to the Underlying REMIC Trust Pooling and Servicing Agreement, as described in Article XI of the Indenture, each of which will represent senior interests in the Underlying REMIC Trust and
will bear a class designation corresponding to one of the Classes of the then outstanding Classes of Class A Notes. 
 REMIC
Class A Indenture: A new indenture into and under which the parties to the Indenture shall enter and agree to be bound in connection with a REMIC Conversion, as described in Article XI of the Indenture. 
 REMIC Class A Notes: Any of the new classes of notes issued by the Issuing Entity in connection with a REMIC Conversion pursuant to the REMIC
Class A Indenture, as described in Article XI of the Indenture, each of which will bear a class designation corresponding to one of the Classes of the then outstanding Classes of Class A Notes. 
 REMIC Conversion: The totality of events and actions specified in Article XI of the Indenture occurring upon notice of a TMP Trigger Event that
results in a conversion of the Trust Estate and its related structure into a pool of assets qualifying for treatment as one or more REMICs for federal income tax purposes and each of the Notes and Certificates into “regular interests” or
“residual interests” in a REMIC for federal income tax purposes. 
 REMIC Privately Offered Certificates: Any of the REMIC
Certificates issued by the Underlying REMIC Trust in connection with a REMIC Conversion pursuant to the Underlying REMIC Trust Pooling and Servicing Agreement, as described in Article XI of the Indenture, each of which will represent subordinate
interests in the Underlying REMIC Trust and will bear a class designation corresponding to one of the Classes of the then outstanding Classes of Class X Notes or Class B Notes. 
 REMIC Securities: Any of the REMIC Certificates or REMIC Class A Notes. 
 Relief Act Mortgage Loan: Any Mortgage Loan as to which the Scheduled Payment thereof has been reduced due to the application of the Relief Act.

  

 A-27 

 REO Property: A Mortgaged Property acquired in the name of the Indenture Trustee, for the benefit
of the Noteholders, by foreclosure or deed-in-lieu of foreclosure in connection with a defaulted Mortgage Loan. 
 Repurchase Price:
With respect to any Mortgage Loan (or any property acquired with respect thereto) required to be repurchased by the Seller pursuant to the Mortgage Loan Purchase Agreement or Article II of the Sale and Servicing Agreement, an amount equal to the sum
of (i)(a) 100% of the Outstanding Principal Balance of such Mortgage Loan as of the date of repurchase (or if the related Mortgaged Property was acquired with respect thereto, 100% of the Outstanding Principal Balance at the date of the
acquisition), plus (b) accrued but unpaid interest on the Outstanding Principal Balance at the related Mortgage Interest Rate, through and including the last day of the month of repurchase, plus (c) any unreimbursed Monthly Advances and
servicing advances payable to the related Servicer or to the Master Servicer and (ii) any costs and damages (if any) incurred by the Trust in connection with any violation of such Mortgage Loan of any predatory lending laws. 
 Repurchase Proceeds: the Repurchase Price in connection with any repurchase of a Mortgage Loan by the Seller and any cash deposit in connection
with the substitution of a Mortgage Loan. 
 Request for Release: A request for release in the form attached to Exhibit B to the Sale
and Servicing Agreement. 
 Required Insurance Policy: With respect to any Mortgage Loan, any insurance policy which is required to be
maintained from time to time under the Sale and Servicing Agreement with respect to such Mortgage Loan. 
 Reserve Fund: The reserve
fund maintained by the Securities Administrator in the name of the Indenture Trustee and for the benefit of the Noteholders and created pursuant to Section 3.04 of the Indenture. 
 Reserve Interest Rate: With respect to any Interest Determination Date for the Offered Notes, the rate per annum that the Securities Administrator
determines to be either (i) the arithmetic mean (rounded upwards if necessary to the nearest whole multiple of 0.0625%) of the one-year United States dollar lending rates which New York City banks selected by the Securities Administrator are
quoting on the relevant Interest Determination Date to the principal London offices of leading banks in the London interbank market or (ii) in the event that the Securities Administrator can determine no such arithmetic mean, the lowest
one-month United States dollar lending rate which New York City banks selected by the Securities Administrator are quoting on such Interest Determination Date to leading European banks. 
 Residual Certificates: Any of the new certificates to be issued by the Trust in connection with a REMIC Conversion pursuant to Section 11.01
of the Trust Agreement, each evidencing the sole class of “residual interests” in a REMIC created in connection with such REMIC Conversion pursuant to the REMIC Class A Indenture. 
 Responsible Officer: With respect to the Securities Administrator, any officer of the Securities Administrator with direct responsibility for the
administration of the Indenture and also, with respect to a particular matter, any other officer to whom such 

  

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matter is referred because of such officer’s knowledge of and familiarity with the particular subject; and with respect to the Indenture Trustee, any
vice president, assistant vice president, any assistant secretary, any assistant treasurer, any associate or any other officer of the Indenture Trustee customarily performing functions similar to those performed by any of the above designated
officers who at such time shall be officers to whom, with respect to a particular matter, such matter is referred because of such officer’s knowledge of and familiarity with the particular subject or who shall have direct responsibility for the
administration of this Indenture. 
 Sale Agreement: Any of American Home Sale Agreement, Citigroup Sale Agreement, Countrywide Sale
Agreement and Wells Fargo Sale Agreement, as applicable. 
 Sale and Servicing Agreement: The Sale and Servicing Agreement, dated as
of June 29, 2007, among the Issuing Entity, the Sponsor, the Indenture Trustee, the Master Servicer, the Securities Administrator and the Depositor. 
 Sarbanes-Oxley Certification: The meaning specified in Section 3.17(a)(iii)(D) of the Sale and Servicing Agreement. 
 Sarbanes-Oxley Act: The Sarbanes-Oxley Act of 2002, as amended from time to time. 
 Scheduled
Payment: With respect to any Mortgage Loan and any month, the scheduled payment or payments of principal and interest due during such month on such Mortgage Loan which either is payable by a Mortgagor in such month under the related Mortgage
Note or, in the case of REO Property, would otherwise have been payable under the related Mortgage Note. 
 Scheduled Principal: The
principal portion of any Scheduled Payment. 
 Scheduled Principal Balance: With respect to any Mortgage Loan and any Payment Date
(1) the sum of (a) the unpaid principal balance of such Mortgage Loan as of the close of business on the related Due Date (taking account of the principal payment to be made on such Due Date and irrespective of any delinquency in its
payment), as specified in the amortization schedule at the time relating thereto (before any adjustment to such amortization schedule by reason of any bankruptcy or similar proceeding occurring after the Cut-off Date (other than a Deficient
Valuation) or any moratorium or similar waiver or grace period) and (b) the amount by which the Scheduled Principal Balance of the Mortgage Loan has been increased pursuant to a Servicing Modification less (2) any Principal Prepayments and
the principal portion of any Excess Liquidation Proceeds received during or prior to the immediately preceding Prepayment Period; provided that the Scheduled Principal Balance of any Liquidated Mortgage Loan is zero. 
 Securities Act: The Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 
 Securities Administrator: Wells Fargo Bank, National Association, or its successor in interest, or any successor securities administrator.

  

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 Securities Administrator Information: The meaning specified in Section 3.17(b) of the Sale
and Servicing Agreement. 
 Security: Any of the Certificates or Notes. 
 Securityholder or Holder: Any Noteholder or Certificateholder. 
 Security Instrument: A written instrument creating a valid first lien on a Mortgaged Property securing a Mortgage Note, which may be any
applicable form of mortgage, deed of trust, deed to secure debt or security deed, including any riders or addenda thereto. 
 Seller:
Alesco Loan Holdings Trust. 
 Senior Notes: The Class I-A-1, Class I-A-2, Class II-A-1, Class II-A-2, Class III-A-1, Class III-A-2,
Class IV-A-1 and Class IV-A-2 Notes. 
 Senior Optimal Principal Amount: With respect to each group of the Senior Notes related to a
Loan Group and each Payment Date, an amount equal to the sum, without duplication, of the following but in no event greater than the aggregate Note Principal Balance of such group of Senior Notes, immediately prior to such Payment Date: 

(1) the applicable Senior Percentage of the principal portion of all Monthly Payments due on each Outstanding Mortgage Loan in the related Loan Group
on the related Due Date as specified in the amortization schedule at the time applicable thereto (after adjustments for previous Principal Prepayments but before any adjustment to such amortization schedule by reason of any bankruptcy or similar
proceeding or any moratorium or similar waiver or grace period); 
 (2) the applicable Senior Prepayment Percentage of the Scheduled
Principal Balance of each Mortgage Loan in the related Loan Group which was the subject of a Principal Prepayment in full received by the related Servicer during the related Prepayment Period; 
 (3) the applicable Senior Prepayment Percentage of all Principal Prepayments in part received by the related Servicer during the related Prepayment
Period with respect to each Mortgage Loan in the related Loan Group; 
 (4) the lesser of (a) the applicable Senior Prepayment
Percentage of the sum of (i) all Net Liquidation Proceeds allocable to principal received in respect of each Mortgage Loan in the related Loan Group which became a Liquidated Mortgage Loan during the related Prepayment Period (other than
Mortgage Loans described in the immediately following clause (ii)) and all Subsequent Recoveries received in respect of each Liquidated Mortgage Loan in the related Loan Group during the related Due Period and (ii) the Scheduled Principal
Balance of each such Mortgage Loan purchased by an insurer from the Indenture Trustee during the related Prepayment Period pursuant to the related Primary Mortgage Insurance Policy, if any, or otherwise; and (b) the applicable Senior Percentage
of the sum of (i) the Scheduled Principal Balance of each Mortgage Loan in the related Loan Group which became a Liquidated Mortgage Loan during the related Prepayment Period (other than the Mortgage Loans described in the immediately following
clause (ii)) and all Subsequent Recoveries received in respect of each Liquidated Mortgage Loan in the related Loan Group 

  

 A-30 

 
during the related Due Period and (ii) the Scheduled Principal Balance of each such Mortgage Loan that was purchased by an insurer from the Indenture
Trustee during the related Prepayment Period pursuant to the related Primary Mortgage Insurance Policy, if any or otherwise; and 
 (5) the
applicable Senior Prepayment Percentage of the sum of (a) the Scheduled Principal Balance of each Mortgage Loan in the related Loan Group which was repurchased by the Seller or the Underlying Seller or purchased pursuant to optional termination
or purchased in connection with a REMIC Conversion, as applicable, in connection with such Payment Date and (b) the excess, if any, of the Scheduled Principal Balance of a Mortgage Loan in the related Loan Group that has been replaced by the
Seller or the Underlying Seller, as applicable, with an Eligible Substitute Mortgage Loan pursuant to the Mortgage Loan Purchase Agreement or the related Sale Agreement, as applicable, in connection with such Payment Date over the Scheduled
Principal Balance of such Eligible Substitute Mortgage Loan. 
 Senior Percentage: With respect to the Senior Notes related to a Loan
Group, the lesser of (a) 100% and (b) the percentage obtained by dividing the aggregate Note Principal Balance of the related Senior Notes of such Loan Group as of the beginning of the related Due Period. The initial Senior Percentage will
be equal to approximately 94.00%. 
 Senior Prepayment Percentage: The Senior Prepayment Percentage for the Class I-A-1, Class I-A-2,
Class II-A-1, Class II-A-2, Class III-A-1, Class III-A-2, Class IV-A-1 and Class IV-A-2 Notes, as applicable, on any Payment Date occurring during the periods set forth below will be as follows: 
  

			
	 Period (dates inclusive)
	 	 Senior Prepayment Percentage

	 July 25, 2007– June 25, 2014
	 	100%
		
	 July 25, 2014 – June 25, 2015
	 	Senior Percentage for the related Senior Notes plus 70% of the related Subordinate Percentage
		
	 July 25, 2015 – June 25, 2016
	 	Senior Percentage for the related Senior Notes plus 60% of the related Subordinate Percentage
		
	 July 25, 2016 – June 25, 2017
	 	Senior Percentage for the related Senior Notes plus 40% of the related Subordinate Percentage
		
	 July 25, 2017 – June 25, 2018
	 	Senior Percentage for the related Senior Notes plus 20% of the related Subordinate Percentage
		
	 July 25, 2018 and thereafter
	 	Senior Percentage for the related Senior Notes

 Any scheduled reduction to the Senior Prepayment Percentage for the Senior Notes shall not be made
as of any Payment Date unless, as of the last day of the month preceding such Payment Date (1) the aggregate Scheduled Principal Balance of the Mortgage Loans delinquent 60 days or more (including for this purpose any such Mortgage Loans in
foreclosure and bankruptcy and such Mortgage Loans with respect to which the related mortgaged property has been acquired by the Issuing Entity) averaged over the last six months, as a percentage of the aggregate Note Principal Balance of the
Subordinate Notes does not exceed 50% and (2) cumulative Realized Losses on the Mortgage Loans do not exceed (a) 30% of the Original Subordinate Principal Balance if such Payment Date occurs between and including July 2014 and June 2015,
(b) 35% of the Original Subordinate Principal Balance if such 

  

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Payment Date occurs between and including July 2015 and June 2016, (c) 40% of the Original Subordinate Principal Balance if such Payment Date occurs
between and including July 2016 and June 2017, (d) 45% of the Original Subordinate Principal Balance if such Payment Date occurs between and including July 2017 and June 2018, and (e) 50% of the Original Subordinate Principal Balance if
such Payment Date occurs during or after June 2018. 
 In addition, if on any Payment Date the weighted average of the current Subordinate
Percentages is equal to or greater than two times the weighted average of the initial Subordinate Percentages, and (a) the aggregate Scheduled Principal Balance of the Mortgage Loans delinquent 60 days or more (including for this purpose any
such Mortgage Loans in foreclosure and bankruptcy and such Mortgage Loans with respect to which the related mortgaged property has been acquired by the Issuing Entity), averaged over the last six months, as a percentage of the aggregate Note
Principal Balance of the Subordinate Notes does not exceed 50% and (b)(i) on or prior to the Payment Date occurring in June 2010, cumulative Realized Losses on the Mortgage Loans as of the end of the related Prepayment Period do not exceed 20% of
the Original Subordinate Principal Balance and (ii) after the Payment Date occurring in June 2010, cumulative Realized Losses on the Mortgage Loans as of the end of the related Prepayment Period do not exceed 30% of the Original Subordinate
Principal Balance, then, in each case, the Senior Prepayment Percentage for the related Senior Notes for such Payment Date will equal the related Senior Percentage for the Senior Notes; provided, however, if on such Payment Date the weighted average
of the current Subordinate Percentages is equal to or greater than two times the weighted average of the initial Subordinate Percentages on or prior to the Payment Date occurring in June 2010 and the above delinquency and loss tests are met, then
the Senior Prepayment Percentage for the related Senior Notes for such Payment Date, will equal the Senior Percentage for the Class I-A-1 Notes and Class I-A-2 Notes, Class II-A-1 Notes and Class II-A-2 Notes, Class III-A-1 Notes and Class III-A-2
Notes, or Class IV-A-1 Notes and Class IV-A-2 Notes, as applicable, plus 50% of the related Subordinate Percentage on such Payment Date. 
 Notwithstanding the foregoing, if on any Payment Date, the percentage, the numerator of which is the aggregate Note Principal Balance of the Senior Notes of a note group immediately preceding such Payment Date, and the denominator of which
is the Scheduled Principal Balance of the Mortgage Loans in the related Loan Group as of the beginning of the related Due Period, exceeds such percentage as of the Cut-off Date, then the Senior Prepayment Percentage for the Senior Notes for such
Payment Date will equal 100%. 
 Servicer: Wells Fargo or Countrywide, as applicable. 
 Servicer Remittance Date: With respect to each Mortgage Loan, the date set forth in the related Servicing Agreement. 
 Servicing Agreement: Any of the Countrywide Servicing Agreement or Wells Fargo Servicing Agreement, as applicable. 
 Servicing Criteria: The “servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may be amended from time to time,
or those Servicing Criteria otherwise mutually agreed to by the Sponsor, the Master Servicer, the Indenture Trustee and the Servicer in response to evolving interpretations of Regulation AB and incorporated into a revised Exhibit F of the Sale and
Servicing Agreement. 
  

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 Servicing Fee: As to any Mortgage Loan and Payment Date, an amount equal to the product of
(i) the Scheduled Principal Balance of such Mortgage Loan as of the Due Date in the preceding calendar month and (ii) the applicable Servicing Fee Rate. 
 Servicing Fee Rate: With respect to each Mortgage Loan, a rate ranging from 0.175% per annum to 0.375% per annum as set forth in the Mortgage Loan Schedule. 
 Servicing Modification: Any modification of a Mortgage Loan which is effected by the Servicers in accordance with the terms of the related
Servicing Agreements or the Sale and Servicing Agreement. 
 Servicing Officer: Any officer of the Master Servicer involved in, or
responsible for, the administration and servicing of the Mortgage Loans whose name and specimen signature appear on a list of servicing officers furnished to the Indenture Trustee by the Master Servicer, as such list may be amended from time to
time. 
 Single Owner: Any Holder of a 100% interest in the Certificates and each Class of the Class X Notes and Class B Notes,
directly or indirectly through one or more entities disregarded as entities separate from such Holder. 
 Special Payment Date: The
earliest date on which the proceeds from the liquidation of REO Properties and Non-REMIC Eligible Assets pursuant to Section 11.01(a)(i) of the Indenture remitted by the Securities Administrator to the Payment Account can be paid to the Notes;
provided, however, such Special Payment Date shall occur no earlier than ten (10) Business Days after the completion of such liquidation. 
 Standard & Poor’s: Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., or its successor in interest. 
 Statutory Trust Statute: Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code §§3801 et seq., as the same may be
amended from time to time. 
 Subordinate Notes: Any of the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Notes.

 Subordinate Optimal Principal Amount: With respect to the Subordinate Notes and each Payment Date and each Loan Group will be an
amount equal to the sum of the following (but in no event greater than the aggregate Note Principal Balance of the Subordinate Notes immediately prior to such Payment Date): 
 (i) the applicable Subordinate Percentage of the principal portion of all Monthly Payments due on each Mortgage Loan in the related Loan Group on the
related Due Date, as specified in the amortization schedule at the time applicable thereto (after adjustment for previous principal prepayments but before any adjustment to such amortization schedule by reason of any bankruptcy or similar proceeding
or any moratorium or similar waiver or grace period); 
  

 A-33 

 (ii) the applicable Subordinate Prepayment Percentage of the Scheduled Principal Balance of each Mortgage
Loan in the related Loan Group which was the subject of a prepayment in full received during the applicable Prepayment Period; 
 (iii) the
applicable Subordinate Prepayment Percentage of all partial prepayments of principal received during the applicable Prepayment Period for each Mortgage Loan in the related Loan Group; 
 (iv) the excess, if any, of (a) the Net Liquidation Proceeds allocable to principal received during the related Prepayment Period in respect of each
Liquidated Mortgage Loan in the related Loan Group and all Subsequent Recoveries received in respect of each Liquidated Mortgage Loan in the related Loan Group during the related Due Period over (b) the sum of the amounts distributable to the
holders of the Senior Notes pursuant to clause (4) of the definition of “Senior Optimal Principal Amount” on such Payment Date; 
 (v) the applicable Subordinate Prepayment Percentage of the sum of (a) the Scheduled Principal Balance of each Mortgage Loan in the related Loan Group which was repurchased by the Seller or the Underlying Seller or purchased pursuant
to optional termination or purchased in connection with a REMIC Conversion, as applicable, in connection with such Payment Date and (b) the difference, if any, between the Scheduled Principal Balance of each Mortgage Loan that has been replaced
by the Seller or the Underlying Seller, as applicable, with a substitute Mortgage Loan pursuant to the Mortgage Loan Purchase Agreement or the related Sale Agreement, as applicable, in connection with such Payment Date and the Scheduled Principal
Balance of each such substitute mortgage loan; and 
 (vi) on the Payment Date on which the Note Principal Balances of the Senior Notes have
all been reduced to zero, 100% of any applicable Senior Optimal Principal Amount. 
 Subordinate Percentage: As of any Payment Date
with respect to any Loan Group, 100% minus the related Senior Percentage for the Senior Notes related to such Loan Group. The initial Subordinate Percentage will be equal to approximately 6.00%. 
 Subordinate Prepayment Percentage: As of any Payment Date and with respect to any Loan Group, 100% minus the related Senior Prepayment Percentage
for such Loan Group, except that on any Payment Date after the Note Principal Balance of each class of Senior Notes of the related Loan Group have each been reduced to zero, if (A) the weighted average of the Subordinate Percentages on such
Payment Date equals or exceeds two times the initial weighted average of the Subordinate Percentages and (B) the aggregate Scheduled Principal Balance of the Mortgage Loans delinquent 60 days or more (including for this purpose any such
Mortgage Loans in foreclosure and bankruptcy and Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Issuing Entity), averaged over the last six months, as a percentage of the aggregate Note Principal Balance
of the Subordinate Notes does not exceed 50%, the Subordinate Prepayment Percentage for the Subordinate Notes with respect to such Loan Group will equal 100%. If the above test is not satisfied on any Payment Date after the Note Principal Balance of
each class of Senior Notes of the related Loan Group have each been reduced to zero, then the Subordinate Prepayment Percentage with respect to such Loan Group shall equal zero for such Payment Date. 
  

 A-34 

 Subordinate Writedown Amount: With respect to the Subordinate Notes, the amount by which
(a) the sum of the Note Principal Balances of the Class B Notes (after giving effect to the distribution of principal and the allocation of applicable Realized Losses in reduction on a pro rata basis of the Note Principal Balances of such Notes
on such Payment Date) exceeds (b) the aggregate Scheduled Principal Balances of the Mortgage Loans on the Due Date related to such Payment Date. 
 Substitute Mortgage Loan: A Mortgage Loan tendered to the Indenture Trustee pursuant to the Mortgage Loan Purchase Agreement or the Sale and Servicing Agreement, as applicable, in each case, (i) which has
an Outstanding Principal Balance not greater nor materially less than the Mortgage Loan for which it is to be substituted; (ii) which has a Mortgage Interest Rate and Net Rate not less than, and not materially greater than, such Mortgage Loan;
(iii) which has a maturity date not materially earlier or later than such Mortgage Loan and not later than the latest maturity date of any Mortgage Loan; (iv) which is of the same property type and occupancy type as such Mortgage Loan;
(v) which has a Loan-to-Value Ratio not greater than the Loan-to-Value Ratio of such Mortgage Loan; (vi) which is current in payment of principal and interest as of the date of substitution; (vii) as to which the payment terms do not
vary in any material respect from the payment terms of the Mortgage Loan for which it is to be substituted and (viii) which has a Gross Margin and Maximum Lifetime Mortgage Rate no less than those of such Mortgage Loan, has the same Index and
interval between Interest Adjustment Dates as such Mortgage Loan, and a Minimum Lifetime Mortgage Rate no lower than that of such Mortgage Loan. 
 Subsequent Recoveries: Means any amount recovered by the related Servicer or the Master Servicer (net of reimbursable expenses) with respect to a Liquidated Mortgage Loan with respect to which a Realized Loss was incurred after the
liquidation or disposition of such Mortgage Loan. 
 TMP Trigger Event: A sale or other transfer of the Class X Notes, Class B Notes
or Certificates, or any ownership interest therein, that would cause the Issuing Entity to be a “taxable mortgage pool” for federal income tax purposes. 
 Treasury Regulations: Regulations, including proposed or temporary Regulations, promulgated under the Code. References herein to specific provisions of proposed or temporary regulations shall include analogous
provisions of final Treasury Regulations or other successor Treasury Regulations. 
 Trust: The Bear Stearns ARM Trust 2007-2 created
pursuant to the Trust Agreement. 
 Trust Agreement: The Short Form Trust Agreement, dated as of June 26, 2007, as amended by the
Amended and Restated Trust Agreement, dated as of June 29, 2007, among the Owner Trustee, the Depositor and the Securities Administrator. 
  

 A-35 

 Trust Estate: The meaning specified in the Granting Clause of the Indenture. 
 Trust Indenture Act or TIA: The Trust Indenture Act of 1939, as amended from time to time, as in effect on any relevant date. 
 UCC: The Uniform Commercial Code, as amended from time to time, as in effect in any specified jurisdiction. 
 Undercollateralized Amount: The amount, if any, on any Payment Date by which the aggregate Note Principal Balance of the Senior Notes related to a
Loan Group (after giving effect to distributions to be made on that Payment Date) is greater than the aggregate Scheduled Principal Balance of the Mortgage Loans in such Loan Group. 
 Undercollateralized Group: The Senior Notes related to a Loan Group with respect to which there is an Undercollateralized Amount. 
 Underlying REMIC Trust: The new trust created in connection with a REMIC Conversion for the purposes of, among other things, holding the then
remaining assets in the Trust Estate (other than the Non-REMIC-Eligible Assets) and issuing the REMIC Certificates, all as described in Article XI of the Indenture, pursuant to the Underlying REMIC Trust Pooling and Servicing Agreement. 

Underlying REMIC Trust Pooling and Servicing Agreement: A new pooling and servicing agreement into and under which the parties to the Indenture
shall enter and agree to be bound in connection with a REMIC Conversion, as described in Article XI of the Indenture. 
 Underlying
Seller: American Home, Countrywide Home Loans, Wells Fargo or Citi, as applicable, and in each case is the entity making the representations and warranties under the related Sale Agreement. American Home is the Underlying Seller with respect to
the Mortgage Loans sold pursuant to the American Home Sale Agreement. Citigroup is the Underlying Seller with respect to the Mortgage Loans sold pursuant to the Citigroup Sale Agreement. Countrywide is the Underlying Seller with respect to the
Mortgage Loans sold pursuant to the Countrywide Sale Agreement. Wells Fargo is the Underlying Seller with respect to the Mortgage Loans sold pursuant to the Wells Fargo Sale Agreement. 
 Underwriter: Bear, Stearns & Co. Inc. 
 Uninsured Cause: Any cause of damage to a Mortgaged Property or related REO Property such that the complete restoration of such Mortgaged Property or related REO Property is not fully reimbursable by the hazard
insurance policies required to be maintained pursuant to the Wells Fargo Servicing Agreement, without regard to whether or not such policy is maintained. 
 Wells Fargo Bank: Wells Fargo Bank, N.A. 
 Wells Fargo Bank Custodial Agreement: The Wells
Fargo Bank Custodial Agreement, dated as of June 29, 2007, among the Issuing Entity, the Seller, the Depositor, the Indenture Trustee, the Master Servicer, the Securities Administrator and Wells Fargo Bank as Custodian. 
  

 A-36 

 Wells Fargo Sale Agreement: Any of (i) that certain Amended and Restated Master Mortgage Loan
Purchase Agreement dated as of March 1, 2006 by and between Wells Fargo and Citi and (ii) those certain Assignment and Conveyance Agreements (2006-W95, 2006-W96 and 2006-W97) dated as of November 28, 2006 between Wells Fargo and Citi.

 Wells Fargo Servicing Agreement: Any of (i) that certain Amended and Restated Flow Servicing Agreement, dated as of
March 1, 2006, by and between Wells Fargo and Citi, as amended by the Assignment, Assumption and Recognition Agreement, dated as of June 29, 2007 among Wells Fargo, the Sponsor and the Issuing Entity, relating to the Mortgage Loans sold
pursuant to the Wells Fargo Sale Agreement and (ii) that certain Amended and Restated Flow Servicing Agreement, dated as of March 1, 2006, by and between Wells Fargo and Citi, as amended by the Assignment, Assumption and Recognition
Agreement, dated as of June 29, 2007 among Wells Fargo, the Sponsor and the Issuing Entity, relating to the Mortgage Loans sold pursuant to the American Home Sale Agreement and the Citigroup Sale Agreement. 
  

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