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    EXHIBIT
      4.4

     

    
      

      

    

    
 

    NATIONAL
      CITY MORTGAGE CAPITAL LLC

     

    as
      Depositor

     

    and

     

    _________________________

     

    as
      Owner
      Trustee

     

    TRUST
      AGREEMENT

     

    Dated
      as
      of __________

     

     

    [NATIONAL
      CITY MORTGAGE CAPITAL LLC [MORTGAGE] LOAN TRUST], SERIES 20__-____

     

    

    
      

      

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    TABLE
      OF
      CONTENTS

     

     

    ARTICLE
      I
      DEFINITIONS

     

    Section
      1.01 Definitions

    Section
      1.02 Other
      Definitional Provisions

     

    ARTICLE
      II ORGANIZATION

     

    Section
      2.01 Name

    Section
      2.02 Office

    Section
      2.03 Purposes
      and Powers

    Section
      2.04 Appointment
      of Owner Trustee

    Section
      2.05 Initial
      Capital Contribution of Owner Trust Estate

    Section
      2.06 Declaration
      of Trust

    Section
      2.07 Liability
      of the Holder of the Certificates

    Section
      2.08 Title
      to
      Trust Property

    Section
      2.09 State
      of
      Trust

    Section
      2.10 Representations
      and Warranties of the Depositor

    Section
      2.11 Payment
      of Trust Fees

     

    ARTICLE
      III CONVEYANCE OF THE MORTGAGE COLLATERAL; CERTIFICATES

     

    Section
      3.01 Conveyance
      of the Mortgage Collateral

    Section
      3.02 Initial
      Ownership

    Section
      3.03 The
      Certificates

    Section
      3.04 Authentication
      of Certificates

    Section
      3.05 Registration
      of and Limitations on Transfer and Exchange of Certificates

    Section
      3.06 Mutilated,
      Destroyed, Lost or Stolen Certificates

    Section
      3.07 Persons
      Deemed Certificateholders

    Section
      3.08 Access
      to
      List of Certificateholders’ Names and Addresses

    Section
      3.09 Maintenance
      of Office or Agency

    Section
      3.10 Certificate
      Paying Agent

    Section
      3.11 Ownership

     

    ARTICLE
      IV AUTHORITY AND DUTIES OF OWNER TRUSTEE

     

    Section
      4.01 General
      Authority

    Section
      4.02 General
      Duties

    Section
      4.03 Action
      Upon Instruction

    Section
      4.04 No
      Duties
      Except as Specified under Specified Documents or In Instructions

    Section
      4.05 Restrictions

    Section
      4.06 Prior
      Notice to Certificateholders with Respect to Certain Matters

    Section
      4.07 Action
      by
      Certificateholders with Respect to Certain Matters

    Section
      4.08 Action
      by
      Certificateholders with Respect to Bankruptcy

    Section
      4.09 Restrictions
      on Certificateholders’ Power

    Section
      4.10 Majority
      Control

     

    ARTICLE
      V
      APPLICATION OF TRUST FUNDS

     

    Section
      5.01 Distributions

    Section
      5.02 Method
      Of
      Payment

    Section
      5.03 Signature
      on Returns

    Section
      5.04 Statements
      To Certificateholders

    Section
      5.05 Tax
      Reporting; Tax Elections

     

    ARTICLE
      VI CONCERNING THE OWNER TRUSTEE

     

    Section
      6.01 Acceptance
      of Trusts and Duties

    Section
      6.02 Furnishing
      of Documents

    Section
      6.03 Representations
      and Warranties

    Section
      6.04 Reliance;
      Advice of Counsel

    Section
      6.05 NOT
      ACTING IN INDIVIDUAL CAPACITY

    Section
      6.06 Power
      Trustee not Liable for Certificates or Related Documents

    Section
      6.07 Owner
      Trustee May Own Certificates and Bonds

     

    ARTICLE
      VII COMPENSATION OF OWNER TRUSTEE

     

    Section
      7.01 Owner
      Trustee’s Fees and Expenses

    Section
      7.02 Indemnification

     

    ARTICLE
      VIII TERMINATION OF TRUST AGREEMENT

     

    Section
      8.01 Termination
      of Trust Agreement

    Section
      8.02 Dissolution
      Upon Bankruptcy of the Holder of the Designated Certificate

     

    ARTICLE
      IX SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

     

    Section
      9.01 Eligibility
      Requirements for Owner Trustee

    Section
      9.02 Replacement
      of Owner Trustee

    Section
      9.03 Successor
      Owner Trustee

    Section
      9.04 Merger
      or
      Consolidation of Owner Trustee

    Section
      9.05 Appointment
      of Co-Trustee or Separate Trustee

     

    ARTICLE
      X
      MISCELLANEOUS

     

    Section
      10.01 Amendments

    Section
      10.02 No
      Legal
      Title to Owner Trust Estate

    Section
      10.03 Limitations
      on Rights of Others

    Section
      10.04 Notices

    Section
      10.05 Severability

    Section
      10.06 Separate
      Counterparts

    Section
      10.07 Successors
      and Assigns

    Section
      10.08 No
      Petition

    Section
      10.09 No
      Recourse

    Section
      10.10 Headings

    Section
      10.11 Governing
      Law

    Section
      10.12 Integration

    

    

    SIGNATURES

     

    EXHIBIT

     

    Exhibit
      A
      - Form of Certificate

    Exhibit
      B
      - Certificate of Trust of National
      City Mortgage Capital LLC [Mortgage] Loan Trust

    Exhibit
      C
      - Form of Certificate of Non-Foreign Status

    Exhibit
      D
      - Form of Investment Letter

    Exhibit
      E
      - Form of Investment Letter for Certificates

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    This
      Trust Agreement, dated as of ________________ (as amended from time to time,
      this “Trust Agreement”), between National
      City Mortgage Capital LLC,
      a
      Delaware limited liability company, as Depositor (the “Depositor”) and
      ______________________________________, a Delaware ___________________, as
      Owner
      Trustee (the “Owner Trustee”),

     

    WITNESSETH
      THAT:

     

    In
      consideration of the mutual agreements herein contained, the Depositor and
      the
      Owner Trustee agree as follows:

     

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01 Definitions.
      For all
      purposes of this Trust Agreement, 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 Indenture.
      All other capitalized terms used herein shall have the meanings specified
      herein.

     

    Section
      1.02 Other
      Definitional Provisions.

     

    (a) All
      terms
      defined in this Trust Agreement shall have the defined meanings when used in
      any
      certificate or other document made or delivered pursuant hereto unless otherwise
      defined therein.

     

    (b) As
      used
      in this Trust Agreement and in any certificate or other document made or
      delivered pursuant hereto or thereto, accounting terms not defined in this
      Trust
      Agreement or in any such certificate or other document, and accounting terms
      partly defined in this Trust Agreement or in any such certificate or other
      document to the extent not defined, shall have the respective meanings given
      to
      them under generally accepted accounting principles. To the extent that the
      definitions of accounting terms in this Trust Agreement or in any such
      certificate or other document are inconsistent with the meanings of such terms
      under generally accepted accounting principles, the definitions contained in
      this Trust Agreement or in any such certificate or other document shall
      control.

     

    (c) The
      words
“hereof,” “herein,” “hereunder” and words of similar import when used in this
      Trust Agreement shall refer to this Trust Agreement as a whole and not to any
      particular pro vision of this Trust Agreement; Section and Exhibit references
      contained in this Trust Agreement are references to Sections and Exhibits in
      or
      to this Trust Agreement unless otherwise specified; and the term “including”
shall mean “including without limitation.”

     

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

     

    (e) Any
      agreement, instrument or statute defined or referred to 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. 

     

    ARTICLE
      II

     

    ORGANIZATION

     

    Section
      2.01 Name.
      The
      trust created hereby (the “Trust”) shall be known as “National
      City Mortgage Capital LLC [Mortgage] Loan Trust
      ____,”
in which name the Owner Trustee may conduct the business of the Trust, make
      and
      execute contracts and other instruments on behalf of the Trust and sue and
      be
      sued.

     

    Section
      2.02 Office.
      The
      office of the Trust shall be in care of the Owner Trustee at the Corporate
      Trust
      Office or at such other address in Delaware as the Owner Trustee may designate
      by written notice to the Certificateholders and the Depositor.

     

    Section
      2.03 Purposes
      and Powers.
      The
      purpose of the Trust is to engage in the following activities:

     

    (i) to
      issue
      the Bonds pursuant to the Indenture and the Certificates pursuant to this Trust
      Agreement and to sell the Bonds and the Certificates;

     

    (ii) to
      pay
      the organizational, start-up and transactional expenses of the
      Trust;

     

    (iii) to
      assign, grant, transfer, pledge and convey the Mortgage Collateral pursuant
      to
      the Indenture and to hold, manage and distribute to the Certificateholders
      pursuant to Section 5.01 any portion of the Mortgage Collateral released from
      the Lien of, and remitted to the Trust pursuant to the Indenture;

     

    (iv) to
      enter
      into and perform its obligations under the Basic Documents to which it is to
      be
      a party;

     

    (v) to
      engage
      in those activities, including entering into agreements, that are necessary,
      suitable or convenient to accomplish the foregoing or are incidental thereto
      or
      connected therewith, including, without limitation, to accept additional
      contributions of equity that are not subject to the Lien of the Indenture;
      and

     

    (vi) subject
      to compliance with the Basic Documents, to engage in such other activities
      as
      may be required in connection with conservation of the Owner Trust Estate and
      the making of distributions to the Certificateholders and the Bondholders.
      

     

    The
      Trust
      is hereby authorized to engage in the foregoing activities. The Trust shall
      not
      engage in any activity other than in connection with the foregoing or other
      than
      as required or authorized by the terms of this Trust Agreement or the Basic
      Documents [while any Bond is outstanding and without regard to the Bonds and]
      [without the consent of __% of the Certificateholders].

     

    Section
      2.04 Appointment
      of Owner Trustee.
      The
      Depositor hereby appoints the Owner Trustee as trustee of the Trust effective
      as
      of the date hereof, to have all the rights, powers and duties set forth
      herein.

     

    Section
      2.05 Initial
      Capital Contribution of Owner Trust Estate.
      The
      Depositor hereby sells, assigns, transfers, conveys and sets over to the Trust,
      as of the date hereof, the sum of $1. The Owner Trustee hereby acknowledges
      receipt in trust from the Depositor, as of the date hereof, of the foregoing
      contribution, which shall constitute the initial corpus of the Trust and shall
      be deposited in the Certificate Distribution Account. The Owner Trustee also
      acknowledges on behalf of the trust receipt of the Mortgage Collateral and
      a
      Surety Bond assigned to the Trust pursuant to Section 3.01, which shall
      constitute the Owner Trust Estate.

     

    Section
      2.06 Declaration
      of Trust.
      The
      Owner Trustee hereby declares that it shall hold the Owner Trust Estate in
      trust
      upon and subject to the conditions set forth herein for the use and benefit
      of
      the Certificateholders, subject to the obligations of the Trust under the Basic
      Documents. It is the intention of the parties hereto that the Trust constitute
      a
      business trust under the Business Trust Statute and that this Trust Agreement
      constitute the governing instrument of such business trust. It is the intention
      of the parties hereto that, for income and franchise tax purposes, the Trust
      shall be treated as a corporation, with the assets of the corporation being
      the
      Owner Trust Estate, the [equity interest in the corporation] being the
      Certificates and the Bonds being debt of the corporation and the provisions
      of
      this Agreement shall be interpreted to further this intention. Except as
      otherwise provided in this Trust Agreement, the rights of the Certificateholders
      will be those of [equity owners of the Trust] formed under the Delaware
      [corporation law]. The parties agree that, unless otherwise required by
      appropriate tax authorities, the Trust will file or cause to be filed annual
      or
      other necessary returns, reports and other forms consistent with the
      characterization of the Trust as a corporation for such tax purposes. Effective
      as of the date hereof, the Owner Trustee shall have all rights, powers and
      duties set forth herein and in the Business Trust Statute with respect to
      accomplishing the purposes of the Trust.

     

    Section
      2.07 Liability
      of the Holder of the Certificates.
      i)
      The
      Holders of the Certificates shall be liable directly to and shall indemnify
      any
      injured party for all losses, claims, damages, liabilities and expenses of
      the
      Trust (including Expenses, to the extent not paid out of the Owner Trust Estate)
      to the extent that the Holders of the Certificates would be liable if the Trust
      were a corporation under [Delaware corporate law]; provided, however, that
      the
      Holders of the Certificates shall not be liable for payments required to be
      made
      on the Bonds or the Certificates, or for any losses incurred by a
      Certificateholder in the capacity of an investor in the Certificates or a Bond
      holder in the capacity of an investor in the Bonds. The Holders of the
      Certificates shall be liable for any entity level taxes imposed on the Trust.
      In
      addition, any third party creditors of the Trust, including the Credit Enhancer
      (other than in connection with the obligations described in the preceding
      sentence for which the Holders of the Certificates shall not be liable) shall
      be
      deemed third party beneficiaries of this paragraph. The obligations of the
      Holders of the Certificates under this paragraph shall be evidenced by the
      Certificates.

     

    (b) Subject
      to subsection (a) above, the Certificateholders shall be entitled to the same
      limitation of personal liability extended to stockholders of private
      corporations for profit organized under the General Corporation Law of the
      State
      of Delaware. 

     

    Section
      2.08 Title
      to Trust Property.
      Legal
      title to the Owner Trust Estate shall be vested at all times in the Trust as
      a
      separate legal entity except where applicable law in any jurisdiction requires
      title to any part of the Owner Trust Estate to be vested in a trustee or
      trustees, in which case title shall be deemed to be vested in the Owner Trustee,
      a co-trustee and/or a separate trustee, as the case may be.

     

    Section
      2.09 State
      of Trust.
      The
      Trust will be located and administered in the State of Delaware. All bank
      accounts maintained by the Owner Trustee on behalf of the Trust shall be located
      in the State of Delaware or the State of ________. The Trust shall not have
      any
      employees in any state other than Delaware; provided,
      however,
      that
      nothing herein shall restrict or prohibit the Owner Trustee from having
      employees within or without the State of Delaware or taking actions outside
      the
      State of Delaware in order to comply with Section 2.03. Payments will be
      received by the Trust only in Delaware, New York or ________, and payments
      will
      be made by the Trust only from Delaware, New York or ________. The only office
      of the Trust will be at the Corporate Trust Office in Delaware.

     

    Section
      2.10 Representations
      and Warranties of the Depositor.
      The
      Depositor hereby represents and warrants to the Owner Trustee that:

     

    (i) The
      Depositor is duly organized and validly existing as a limited liability company
      in good standing under the laws of the State of Delaware, 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
      Depositor is duly qualified to do business as a foreign corporation in good
      standing and has obtained all necessary licenses and approvals in all
      jurisdictions in which the ownership or lease of its property or the conduct
      of
      its business shall require such qualifications and in which the failure to
      so
      qualify would have a material adverse effect on the business, properties, assets
      or condition (financial or other) of the Depositor.

     

    (iii) The
      Depositor has the power and authority to execute and deliver this Trust
      Agreement and to carry out its terms; the Depositor has full power and authority
      to sell and assign the property to be sold and assigned to and deposited with
      the Trust as part of the Trust and the Depositor has duly authorized such sale
      and assignment and deposit to the Trust by all necessary corporate action;
      and
      the execution, delivery and performance of this Trust Agreement have been duly
      authorized by the Depositor by all necessary corporate action.

     

    (iv) The
      consummation of the transactions contemplated by this Trust Agreement 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 LLC agreement of the Depositor, or any
      indenture, agreement or other instrument to which the Depositor is a party
      or by
      which it is bound; nor result in the creation or imposition of any Lien upon
      any
      of its properties pursuant to the terms of any such indenture, agreement or
      other instrument (other than pursuant to the Basic Documents); nor violate
      any
      law or, to the best of the Depositor’s knowledge, any order, rule or regulation
      applicable to the Depositor of any court or of any federal or state regulatory
      body, administrative agency or other governmental instrumentality having
      jurisdiction over the Depositor or its properties. 

     

    Section
      2.11 Payment
      of Trust Fees.
      The
      Owner Trustee shall cause the Administrator (i) to pay the Trust’s fees and
      expenses incurred with respect to the performance of the Trust’s duties under
      the Indenture from amounts received pursuant to Section 3.05(x) under the
      Indenture and (ii) to notify the Certificate Paying Agent of such fees and
      expenses incurred thereunder.

     

    ARTICLE
      III

     

    CONVEYANCE
      OF THE MORTGAGE COLLATERAL;

    CERTIFICATES

     

    Section
      3.01 Conveyance
      of the Mortgage Collateral.
      The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, convey, sell and assign to the Trust, on behalf of the Holders of
      the
      Bonds and the Certificates and the Credit Enhancer, without recourse, all its
      right, title and interest in and to the Mortgage Collateral. The Depositor
      will
      also provide the Trust with a Surety Bond.

     

    The
      parties hereto intend that the transaction set forth herein be a sale by the
      Depositor to the Trust of all of its right, title and interest in and to the
      Mortgage Collateral. In the event that the trans action set forth herein is
      not
      deemed to be a sale, the Depositor hereby grants to the Trust a security
      interest in all of its right, title and interest in, to and under the Owner
      Trust Estate, all distributions thereon and all proceeds thereof; and this
      Trust
      Agreement shall constitute a security agreement under applicable
      law.

     

    Section
      3.02 Initial
      Ownership.
      Upon
      the formation of the Trust by the contribution by the Depositor pursuant to
      Section 2.05 and until the conveyance of the Mortgage Collateral pursuant to
      Section 3.01 and the issuance of the Certificates, the Depositor shall be the
      sole Certificateholder.

     

    Section
      3.03 The
      Certificates.
      The
      Certificates shall be issued in minimum denominations of $[_______] and in
      integral multiples of $______ in excess thereof; except for one Certificate
      that
      may not be in an integral multiple of $______; provided, however, that the
      Designated Certificate issued pursuant to Section 3.11 may be issued in the
      amount of $_________. The Certificates shall be executed on behalf of the Trust
      by manual or facsimile signature of an authorized officer of the Owner Trustee
      and authenticated in the manner provided in Section 3.04. Certificates bearing
      the manual or facsimile signatures of individuals who were, at the time when
      such signatures shall have been affixed, authorized to sign on behalf of the
      Trust, shall be validly issued and entitled to the benefit of this Trust
      Agreement, notwithstanding that such individuals or any of them shall have
      ceased to be so authorized prior to the authentication and delivery of such
      Certificates or did not hold such offices at the date of authentication and
      delivery of such Certificates. A Person shall become a Certificateholder and
      shall be entitled to the rights and subject to the obligations of a
      Certificateholder hereunder upon such Person’s acceptance of a Certificate duly
      registered in such Person’s name, pursuant to Section 3.05.

     

    A
      transferee of a Certificate shall become a Certificateholder and shall be
      entitled to the rights and subject to the obligations of a Certificateholder
      hereunder upon such transferee’s acceptance of a Certificate duly registered in
      such transferee’s name pursuant to and upon satisfaction of the conditions set
      forth in Section 3.05.

     

    Section
      3.04 Authentication
      of Certificates.
      Concurrently with the acquisition of the Mortgage Collateral by the Trust,
      the
      Owner Trustee shall cause the Certificates in an aggregate principal amount
      equal to the Initial Principal Balance of the Certificates to be executed on
      behalf of the Trust, authenticated and delivered to or upon the written order
      of
      the Depositor, signed by its chairman of the board, its president or any vice
      president, without further corporate action by the Depositor, in authorized
      denominations. No Certificate shall entitle its holder to any benefit under
      this
      Trust Agreement or be valid for any purpose unless there shall appear on such
      Certificate a certificate of authentication substantially in the form set forth
      in Exhibit A, executed by the Owner Trustee or ____________________, by manual
      signature; such authentication shall constitute conclusive evidence that such
      Certificate shall have been duly authenticated and delivered hereunder. All
      Certificates shall be dated the date of their authentication.

     

    Section
      3.05 Registration
      of and Limitations on Transfer and Exchange of Certificates.
      The
      Certificate Registrar shall keep or cause to be kept, at the office or agency
      maintained pursuant to Section 3.09, a Certificate Register in which, subject
      to
      such reasonable regulations as it may prescribe, the [Owner Trustee] shall
      provide for the registration of Certificates and of transfers and exchanges
      of
      Certificates as herein provided. _____________________________ shall be the
      initial Certificate Registrar. If the Certificate Registrar resigns or is
      removed, the Owner Trustee shall appoint a successor Certificate
      Registrar.

     

    Subject
      to satisfaction of the conditions set forth below and to the provisions of
      Section 3.11 with respect to the Designated Certificate, upon surrender for
      registration of transfer of any Certificate at the office or agency maintained
      pursuant to Section 3.09, the Owner Trustee shall execute, authenticate and
      deliver (or shall cause __________________________________ as its authenticating
      agent to authenticate and deliver) in the name of the designated transferee
      or
      transferees, one or more new Certificates in authorized denominations of a
      like
      aggregate amount dated the date of authentication by the Owner Trustee or any
      authenticating agent. At the option of a Holder, Certificates may be exchanged
      for other Certificates of authorized denominations of a like aggregate amount
      upon surrender of the Certificates to be exchanged at the office or agency
      maintained pursuant to Section 3.09.

     

    Every
      Certificate presented or surrendered for registration of transfer or exchange
      shall be accompanied by a written instrument of transfer in form satisfactory
      to
      the Certificate Registrar duly executed by the Holder or such Holder’s attorney
      duly authorized in writing. Each Certificate surrendered for registration of
      transfer or exchange shall be cancelled and subsequently disposed of by the
      Certificate Registrar in accordance with its customary practice.

     

    No
      service charge shall be made for any registration of transfer or exchange of
      Certificates, but the Owner Trustee or the Certificate Registrar may require
      payment of a sum sufficient to cover any tax or governmental charge that may
      be
      imposed in connection with any transfer or exchange of
      Certificates.

     

    No
      Person
      shall become a Certificateholder until it shall establish its non-foreign status
      by submitting to the Certificate Paying Agent an IRS Form W-9 and the
      Certificate of Non-Foreign Status set forth in Exhibit C hereto. 

     

    No
      transfer of a Certificate shall be made unless such transfer is exempt from
      the
      registration requirements of the Securities Act and any applicable state
      securities laws or is made in accordance with said Act and laws. In the event
      of
      any such transfer, the Certificate Registrar or the Depositor shall prior to
      such transfer require the transferee to execute (i) (a) an investment letter
      (in
      substantially the form attached hereto as Exhibit D) in form and substance
      reasonably satisfactory to the Certificate Registrar and the Depositor
      certifying to the Trust, the Owner Trustee, the Certificate Registrar and the
      Depositor that such transferee is a “qualified institutional buyer” under Rule
      144A under the Securities Act, or (b) solely with respect to the Designated
      Certificate, an investment letter (in substantially the form attached hereto
      as
      Exhibit E), acceptable to and in form and substance reasonably satisfactory
      to
      the Certificate Registrar and the Depositor, which investment letters shall
      not
      be an expense of the Trust, the Owner Trustee, the Certificate Registrar, the
      Servicer or the Depositor and (ii) the Certificate of Non-Foreign Status (in
      substantially the form attached hereto as Exhibit C) acceptable to and in form
      and substance reasonably satisfactory to the Certificate Registrar and the
      Depositor, which certificate shall not be an expense of the Trust, the Owner
      Trustee, the Certificate Registrar or the Depositor. The Holder of a Certificate
      desiring to effect such transfer shall, and does hereby agree to, indemnify
      the
      Trust, the Owner Trustee, the Certificate Registrar, the Servicer and the
      Depositor 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.

     

    No
      transfer of a Certificate shall be made unless the Certificate Registrar shall
      have received either (i) a representation letter from the proposed transferee
      of
      such Certificate to the effect that such proposed transferee is not an employee
      benefit plan subject to the fiduciary responsibility provisions of ERISA, or
      Section 4975 of the Code, or a Person acting on behalf of any such plan or
      using
      the assets of any such plan, which representation letter shall not be an expense
      of the Trust, Owner Trustee, the Certificate Registrar, the Servicer or the
      Depositor or (ii) in the case of any such certificate presented for registration
      in the name of an employee benefit plan subject to the fiduciary responsibility
      provisions of ERISA, or Section 4975 of the Code (or comparable provisions
      of
      any subsequent enactments), or a trustee of any such plan, or any other Person
      who is using the assets of any such plan to effect such acquisition, an Opinion
      of Counsel, in form and substance reasonably satisfactory to, and addressed
      and
      delivered to, the Trust, the Certificate Registrar and the Depositor, to the
      effect that the purchase or holding of such Certificate will not result in
      the
      assets of the Owner Trust Estate being deemed to be “plan assets” and subject to
      the fiduciary responsibility provisions of ERISA or the prohibited transaction
      provisions of the Code, will not constitute or result in a prohibited
      transaction within the meaning of Section 406 or Section 407 of ERISA or Section
      4975 of the Code, and will not subject the Trust, the Owner Trustee, the
      Certificate Registrar or the Depositor to any obligation or liability (including
      obligations or liabilities under ERISA or Section 4975 of the Code) in addition
      to those explicitly undertaken in this Trust Agreement which Opinion of Counsel
      shall not be an expense of the Trust, the Owner Trustee, the Certificate
      Registrar or Depositor.

     

    Section
      3.06 Mutilated,
      Destroyed, Lost or Stolen Certificates.
      If (a)
      any mutilated Certificate shall be surrendered to the Certificate Registrar,
      or
      if the Certificate Registrar shall receive evidence to its satisfaction of
      the
      destruction, loss or theft of any Certificate and (b) there shall be delivered
      to the Certificate Registrar and the Owner Trustee such security or indemnity
      as
      may be required by them to save each of them harmless, then in the absence
      of
      notice to the Certificate Registrar or the Owner Trustee that such Certificate
      has been acquired by a bona fide purchaser, the Owner Trustee shall execute
      on
      behalf of the Trust and the Owner Trustee or ________________, as the Trust’s
      authenticating agent, shall authenticate and deliver, in exchange for or in
      lieu
      of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate
      of like tenor and denomination. In connection with the issuance of any new
      Certificate under this Section 3.06, the Owner Trustee or the Certificate
      Registrar may require the payment of a sum sufficient to cover any tax or other
      governmental charge that may be imposed in connection therewith. Any duplicate
      Certificate issued pursuant to this Section 3.06 shall constitute conclusive
      evidence of ownership in the Trust, as if originally issued, whether or not
      the
      lost, stolen or destroyed Certificate shall be found at any time.

     

    Section
      3.07 Persons
      Deemed Certificateholders.
      Prior
      to due presentation of a Certificate for registration of transfer, the Owner
      Trustee, the Certificate Registrar or any Certificate Paying Agent may treat
      the
      Person in whose name any Certificate is registered in the Certificate Register
      as the owner of such Certificate for the purpose of receiving distributions
      pursuant to Section 5.02 and for all other purposes whatsoever, and none of
      the
      Trust, the Owner Trustee, the Certificate Registrar or any Paying Agent shall
      be
      bound by any notice to the contrary.

     

    Section
      3.08 Access
      to List of Certificateholders’ Names and Addresses.
      The
      Certificate Registrar shall furnish or cause to be furnished to the Depositor
      or
      the Owner Trustee, within 15 days after receipt by the Certificate Registrar
      of
      a written request therefor from the Depositor or the Owner Trustee, a list,
      in
      such form as the Depositor or the Owner Trustee, as the case may be, may
      reasonably require, of the names and addresses of the Certificateholders as
      of
      the most recent Record Date. Each Holder, by receiving and holding a
      Certificate, shall be deemed to have agreed not to hold any of the Trust, the
      depositor, the Holder of the Designated Certificate, the Certificate Registrar
      or the Owner Trustee accountable by reason of the disclosure of its name and
      address, regardless of the source from which such information was
      derived.

     

    Section
      3.09 Maintenance
      of Office or Agency.
      The
      Owner Trustee on behalf of the Trust, shall maintain in the Borough of
      Manhattan, The City of New York, an office or offices or agency or agencies
      where Certificates may be surrendered for registration of transfer or exchange
      and where notices and demands to or upon the Owner Trustee in respect of the
      Certificates and the Basic Documents may be served. The Owner Trustee initially
      designates the Corporate Trust Office of the Owner Trustee as its office for
      such purposes. The Owner Trustee shall give prompt written notice to the
      Depositor, the Holder of the Designated Certificate and the Certificateholders
      of any change in the location of the Certificate Register or any such office
      or
      agency.

     

    Section
      3.10 Certificate
      Paying Agent.
      ii)
      The
      Certificate Paying Agent shall make distributions to Certificateholders from
      the
      Certificate Distribution Account on behalf of the Trust in accordance with
      the
      provisions of the Certificates and Section 5.01 hereof from payments remitted
      to
      the Certificate Paying Agent by the Indenture Trustee pursuant to Section 3.05
      of the Indenture. The Trust hereby appoints __________________ as Certificate
      Paying Agent and _________________ hereby accepts such appointment and further
      agrees that it will be bound by the provisions of this Trust Agreement relating
      to the Certificate Paying Agent and shall: 

     

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

     

    (ii) give
      the
      Owner Trustee notice of any default by the Trust of which it has actual
      knowledge in the making of any payment required to be made with respect to
      the
      Certificates;

     

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

     

    (iv) immediately
      resign as Certificate Paying Agent and forthwith pay to the Owner Trustee on
      behalf of the Trust all sums held by it in trust for the payment of Certificates
      if at any time it ceases to meet the standards required to be met by the
      Certificate Paying Agent at the time of its appointment;

     

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

     

    (vi) deliver
      to the Owner Trustee a copy of the report to Certificateholders prepared with
      respect to each Payment Date by the Servicer pursuant to Section 4.01 of the
      Servicing Agreement.

     

    (b) On
      the
      second LIBOR Business Day immediately preceding (i) the Closing Date in the
      case
      of the first Interest Period and (ii) the first day of each succeeding Interest
      Period, the Certificate Paying Agent shall determine LIBOR and the Certificate
      Rate for such Interest Period and shall inform the Servicer and the Depositor
      at
      their respective facsimile numbers given to the Certificate Paying Agent in
      writing thereof.

     

    (c) The
      Trust
      may revoke such power and remove the Certificate Paying Agent if the
      Administrator determines in its sole discretion that the Certificate Paying
      Agent shall have failed to perform its obligations under this Trust Agreement
      in
      any material respect. __________________ shall be permitted to resign as
      Certificate Paying Agent upon 30 days written notice to the Owner Trustee;
      provided ________________ is also resigning as Paying Agent under the Indenture
      at such time. In the event that ___________________ shall no longer be the
      Certificate Paying Agent under this Trust Agreement and Paying Agent under
      the
      Indenture, the Administrator shall appoint a successor to act as Certificate
      Paying Agent (which shall be a bank or trust company) and which shall also
      be
      the successor Paying Agent under the Indenture. The Administrator shall cause
      such successor Certificate Paying Agent or any additional Certificate Paying
      Agent appointed by the Administrator to execute and deliver to the Owner Trustee
      an instrument to the effect set forth in this Section 3.10 as it relates to
      the
      Certificate Paying Agent. The Certificate Paying Agent shall return all
      unclaimed funds to the Trust and upon removal of a Certificate Paying Agent
      such
      Certificate Paying Agent shall also return all funds in its possession to the
      Trust. The provisions of Sections 6.01, 6.03, 6.04 and 7.01 shall apply to
      the
      Certificate Paying Agent to the extent applicable. Any reference in this
      Agreement to the Certificate Paying Agent shall include any co-paying agent
      unless the context requires otherwise.

     

    (d) The
      Certificate Paying Agent shall establish and maintain with itself a trust
      account (the “Certificate Distribution Account”) in which the Certificate Paying
      Agent shall, deposit, on the same day as it is received from the Indenture
      Trustee, each remittance received by the Certificate Paying Agent with respect
      to payments made pursuant to the Indenture. The Certificate Paying Agent shall
      make all distributions of principal of and interest on the Certificates, from
      moneys on deposit in the Certificate Distribution Account.

     

    Section
      3.11 Ownership.
      The
      Certificates shall, for income and franchise tax purposes, be treated as the
      equity interest of the Trust. The Certificates shall not be transferred unless
      (a) the transferee shall be an Affiliate of the Seller, unless the prior written
      consent of the Credit Enhancer is obtained, which will not be unreasonably
      withheld, (b) the applicable provisions of Section 3.05 are satisfied, (c)
      the
      Certificate Registrar receives an Opinion of Counsel to the effect that the
      transfer of the Certificates shall not cause the Trust to be subject to an
      entity level tax and (d) the Rating Agencies shall consent to such
      transfer.

     

    ARTICLE
      IV

     

    AUTHORITY
      AND DUTIES OF OWNER TRUSTEE

     

    Section
      4.01 General
      Authority.
      The
      Owner Trustee is authorized and directed to execute and deliver the Basic
      Documents to which the Trust is to be a party and each certificate or other
      document attached as an exhibit to or contemplated by the Basic Documents to
      which the Trust is to be a party and any amendment or other agreement or
      instrument described herein, in each case, in such form as the Administrator
      shall approve, as evidenced conclusively by the Owner Trustee’s execution
      thereof. In addition to the foregoing, the Owner Trustee is authorized, but
      shall not be obligated, to take all actions required of the Trust pursuant
      to
      the Basic Documents. The Owner Trustee is further authorized from time to time
      to take such action as the Administrator directs with respect to the Basic
      Documents.

     

    Section
      4.02 General
      Duties.
      It
      shall be the duty of the Owner Trustee to discharge (or cause to be discharged)
      all of its responsibilities pursuant to the terms of this Trust Agreement and
      the Basic Documents to which the Trust is a party and to administer the Trust
      in
      the interest of the Certificateholders, subject to the Basic Documents and
      in
      accordance with the provisions of this Trust Agreement. Notwithstanding the
      foregoing, the Owner Trustee shall be deemed to have discharged its duties
      and
      responsibilities hereunder and under the Basic Documents to the extent the
      Administrator has agreed in the Administration Agreement to perform such acts
      or
      to discharge such duties of the Owner Trustee or the Trust hereunder or under
      any Basic Document, and the Owner Trustee shall not be held liable for the
      default or failure of the Administrator to carry out its obligations under
      the
      Administration Agreement.

     

    Section
      4.03 Action
      Upon Instruction.
      iii)
      Subject
      to Article IV and in accordance with the terms of the Basic Documents, the
      Certificateholders may by written instruction direct the Owner Trustee in the
      management of the Trust. Such direction may be exercised at any time by written
      instruction of the Certificateholders pursuant to Article IV.

     

    (b) Notwithstanding
      the foregoing, the Owner Trustee shall not be required to take any action
      hereunder or under any Basic Document if the Owner Trustee shall have reasonably
      determined, or shall have been advised by counsel, that such action is likely
      to
      result in liability on the part of the Owner Trustee or is contrary to the
      terms
      hereof or of any Basic Document or is otherwise contrary to law.

     

    (c) Whenever
      the Owner Trustee is unable to decide between alternative courses of action
      permitted or required by the terms of this Trust Agreement or under any Basic
      Document, or in the event that the Owner Trustee is unsure as to the application
      of any provision of this Trust Agreement or any Basic Document or any such
      provision is ambiguous as to its application, or is, or appears to be, in
      conflict with any other applicable provision, or in the event that this Trust
      Agreement permits any determination by the Owner Trustee or is silent or is
      incomplete as to the course of action that the Owner Trustee is required to
      take
      with respect to a particular set of facts, the Owner Trustee shall promptly
      give
      notice (in such form as shall be appropriate under the circumstances) to the
      Certificateholders (with a copy to the Credit Enhancer) requesting instruction
      as to the course of action to be adopted, and to the extent the Owner Trustee
      acts in good faith in accordance with any written instruction of the
      Certificateholders received, the Owner Trustee shall not be liable on account
      of
      such action to any Person. If the Owner Trustee shall not have received
      appropriate instruction within 10 days of such notice (or within such shorter
      period of time as reasonably may be specified in such notice or may be necessary
      under the circumstances) it may, but shall be under no duty to, take or refrain
      from taking such action not inconsistent with this Trust Agreement or the Basic
      Documents, as it shall deem to be in the best interests of the
      Certificateholders, and the Owner Trustee shall have no liability to any Person
      for such action or inaction.

     

    Section
      4.04 No
      Duties Except as Specified under Specified Documents or in
      Instructions.
      The
      Owner Trustee shall not have any duty or obligation to manage, make any payment
      with respect to, register, record, sell, dispose of, or otherwise deal with
      the
      Owner Trust Estate, or to otherwise take or refrain from taking any action
      under, or in connection with, any document contemplated hereby to which the
      Owner Trustee is a party, except as expressly provided (i) in accordance with
      the powers granted to and the authority conferred upon the Owner Trustee
      pursuant to this Trust Agreement, (ii) in accordance with the Basic Documents
      and (iii) in accordance with any document or instruction delivered to the Owner
      Trustee pursuant to Section 4.03; and no implied duties or obligations shall
      be
      read into this Trust Agreement or any Basic Document against the Owner Trustee.
      The Owner Trustee shall have no responsibility for filing any financing or
      continuation statement in any public office at any time or to otherwise perfect
      or maintain the perfection of any security interest or lien granted to it
      hereunder or to prepare or file any Securities and Exchange Commission filing
      for the Trust or to record this Trust Agreement or any Basic Document. The
      Owner
      Trustee nevertheless agrees that it will, at its own cost and expense, promptly
      take all action as may be necessary to discharge any liens on any part of the
      Owner Trust Estate that result from actions by, or claims against, the Owner
      Trustee that are not related to the ownership or the administration of the
      Owner
      Trust Estate.

     

    Section
      4.05 Restrictions.
      iv)
      The
      Owner Trustee shall not take any action (x) that is inconsistent with the
      purposes of the Trust set forth in Section 2.03 or (y) that, to the actual
      knowledge of the Owner Trustee, would result in the Trust becoming taxable
      as a
      corporation for federal income tax purposes. The Certificateholders shall not
      direct the Owner Trustee to take action that would violate the provisions of
      this Section 4.06.

     

    (b) The
      Owner
      Trustee shall not convey or transfer any of the Trust’s properties or assets,
      including those included in the Trust Estate, to any person unless (a) it shall
      have received an Opinion of Counsel to the effect that such transaction will
      not
      have any material adverse tax consequence to the Trust or any Certificateholder
      and (b) such conveyance or transfer shall not violate the provisions of Section
      3.16(b) of the Indenture.

     

    Section
      4.06 Prior
      Notice to Certificateholders with Respect to Certain Matters.
      With
      respect to the following matters, the Owner Trustee shall not take action unless
      at least 30 days before the taking of such action, the Owner Trustee shall
      have
      notified the Certificateholders in writing of the proposed action and the
      Certificateholders shall not have notified the Owner Trustee in writing prior
      to
      the 30th day after such notice is given that such Certificateholders have
      withheld consent or provided alternative direction:

     

    (a) the
      initiation of any claim or lawsuit by the Trust (except claims or lawsuits
      brought in connection with the collection of cash distributions due and owing
      under the Mortgage Collateral) and the compromise of any action, claim or
      lawsuit brought by or against the Trust (except with respect to the
      aforementioned claims or lawsuits for collection of cash distributions due
      and
      owing under the Mortgage Collateral);

     

    (b) the
      election by the Trust to file an amendment to the Certificate of Trust (unless
      such amendment is required to be filed under the Business Trust
      Statute);

     

    (c) the
      amendment of the Indenture by a supplemental indenture in circumstances where
      the consent of any Bondholder is required;

     

    (d) the
      amendment of the Indenture by a supplemental indenture in circumstances where
      the consent of any Bondholder is not required and such amendment materially
      adversely affects the interest of the Certificateholders; 

     

    (e) the
      amendment, change or modification of the Administration Agreement, except to
      cure any ambiguity or to amend or supplement any provision in a manner or add
      any provision that would not materially adversely affect the interests of the
      Certificateholders; or

     

    (f) the
      appointment pursuant to the Indenture of a successor Bond Registrar, Paying
      Agent or Indenture Trustee or pursuant to this Trust Agreement of a successor
      Certificate Registrar or Certificate Paying Agent or the consent to the
      assignment by the Bond Registrar, Paying Agent, Indenture Trustee, Certificate
      Registrar or Certificate Paying Agent of its obligations under the Indenture
      or
      this Trust Agreement, as applicable.

     

    Section
      4.07 Action
      by Certificateholders with Respect to Certain Matters.
      The
      Owner Trustee shall not have the power, except upon the direction of the
      Certificateholders, and with the consent of the Credit Enhancer, to (a) remove
      the Administrator under the Administration Agreement pursuant to Section 8
      thereof, (b) appoint a successor Administrator pursuant to Section 8 of the
      Administration Agreement, (c) remove the Servicer under the Servicing Agreement
      pursuant to Sections 7.01 and 8.05 thereof or (d) except as expressly provided
      in the Basic Documents, sell the Mortgage Collateral after the termination
      of
      the Indenture. The Owner Trustee shall take the actions referred to in the
      preceding sentence only upon written instructions signed by the
      Certificateholders and with the consent of the Credit Enhancer.

     

    Section
      4.08 Action
      by Certificateholders with Respect to Bankruptcy.
      The
      Owner Trustee shall not have the power to commence a voluntary proceeding in
      bankruptcy relating to the Trust without the unanimous prior approval of all
      Certificateholders and with the consent of the Credit Enhancer and the delivery
      to the Owner Trustee by each such Certificateholder of a certificate certifying
      that such Certificateholder reasonably believes that the Trust is
      insolvent. 

     

    Section
      4.09 Restrictions
      on Certificateholders’ Power.
      The
      Certificateholders shall not direct the Owner Trustee to take or to refrain
      from
      taking any action if such action or inaction would be contrary to any obligation
      of the Trust or the Owner Trustee under this Trust Agreement or any of the
      Basic
      Documents or would be contrary to Section 2.03, nor shall the Owner Trustee
      be
      obligated to follow any such direction, if given.

     

    Section
      4.10 Majority
      Control.
      Except
      as expressly provided herein, any action that may be taken by the
      Certificateholders under this Trust Agreement may be taken by the Holders of
      Certificates evidencing not less than a majority of the outstanding Principal
      Balance of the Certificates. Except as expressly provided herein, any written
      notice of the Certificateholders delivered pursuant to this Trust Agreement
      shall be effective if signed by Holders of Certificates evidencing not less
      than
      a majority of the outstanding Principal Balance of the Certificates at the
      time
      of the delivery of such notice.

     

    ARTICLE
      V

     

    APPLICATION
      OF TRUST FUNDS

     

    Section
      5.01 Distributions.
      v)
      On each
      Payment Date, the Certificate Paying Agent shall distribute to the
      Certificateholders all funds on deposit in the Certificate Distribution Account
      and available therefore (as provided in section 3.05 of the Indenture), as
      principal and the Certificate Distribution Amount for such Payment Date. All
      distributions made pursuant to this Section shall be made on a
      pro
      rata
      basis to
      the Certificateholders based on the Certificate Principal Balances thereof;
      provided however
      that any
      amount on deposit in the Certificate Distribution Account relating to a payment
      to the Certificate Paying Agent pursuant to Section 3.05(xi) of the Indenture
      shall be distributed solely to the Designated Certificate.

     

    (b) In
      the
      event that any withholding tax is imposed on the distributions (or allocations
      of income) to a Certificateholder, such tax shall reduce the amount otherwise
      distributable to the Certificateholder in accordance with this Section 5.01.
      The
      Certificate Paying Agent is hereby authorized and directed to retain or cause
      to
      be retained from amounts otherwise distributable to the Certificateholders
      sufficient funds for the payment of any tax that is legally owed by the Trust
      (but such authorization shall not prevent the Owner Trustee from contesting
      any
      such tax in appropriate proceedings, and withholding payment of such tax, if
      permitted by law, pending the outcome of such proceedings). The amount of any
      withholding tax imposed with respect to a Certificateholder shall be treated
      as
      cash distributed to such Certificateholder at the time it is withheld by the
      Certificate Paying Agent and remitted to the appropriate taxing authority.
      If
      there is a possibility that withholding tax is payable with respect to a
      distribution (such as a distribution to a non-U.S. Certificateholder), the
      Certificate Paying Agent may in its sole discretion withhold such amounts in
      accordance with this paragraph (b).

     

    (c) All
      calculations of the Certificate Distribution Amount on the Certificates shall
      be
      made on the basis of the actual number of days in an Interest Period and a
      year
      assumed to consist of 360 days.

     

    (d) Distributions
      to Certificateholders shall be subordinated to the creditors of the Trust,
      including the Bondholders. 

     

    Section
      5.02 Method
      of Payment.
      Subject
      to Section 8.01(c), distributions required to be made to Certificateholders
      on
      any Payment Date as provided in Section 5.01 shall be made to each
      Certificateholder of record on the preceding Record Date either by, in the
      case
      of any Certificateholder owning Certificates having denominations aggregating
      at
      least $1,000,000, wire transfer, in immediately available funds, to the account
      of such Holder at a bank or other entity having appropriate facilities therefor,
      if such Certificateholder shall have provided to the Certificate Registrar
      appropriate written instructions at least five Business Days prior to such
      Payment Date or, if not, by check mailed to such Certificateholder at the
      address of such Holder appearing in the Certificate Register.

     

    Section
      5.03 Signature
      on Returns.
      The
      Owner Trustee shall sign on behalf of the Trust the tax returns of the
      Trust.

     

    Section
      5.04 Statements
      To Certificateholders.
      On each
      Payment Date, the Certificate Paying Agent shall send to each Certificateholder
      the statement or statements provided to the Owner Trustee and the Certificate
      Paying Agent by the Servicer pursuant to Section 4.01 of the Servicing Agreement
      with respect to such Distribution Date.

     

    Section
      5.05 Tax
      Reporting; Tax Elections.
      The
      Holder of the Certificate shall cause the Trust to file federal and state income
      tax returns and information statements as a corporation for each of its taxable
      years. Within 90 days after the end of each calendar year, the Holder of the
      Designated Certificate shall cause the Trust to provide to each
      Certificateholder an Internal Revenue Service “K-1” or any successor schedule
      and supplemental information, if required by law, to enable each
      Certificateholder to file its federal and state income tax returns. The Holder
      of the Designated Certificate may from time to time make and revoke such tax
      elections with respect to the Trust as it deems necessary or desirable in its
      sole discretion to carry out the business of the Trust or the purposes of this
      Trust Agreement if permitted by applicable law. Notwithstanding the foregoing,
      an election under Section 754 of the Code shall not be made without the written
      consent of a majority in interest of the Holders of the Certificates. The Holder
      of the Designated Certificate shall serve as tax matters partner for the
      Trust.

     

    ARTICLE
      VI

     

    CONCERNING
      THE OWNER TRUSTEE

     

    Section
      6.01 Acceptance
      of Trusts and Duties.
      The
      Owner Trustee accepts the trusts hereby created and agrees to perform its duties
      hereunder with respect to such trusts but only upon the terms of this Trust
      Agreement. The Owner Trustee and the Certificate Paying Agent also agree to
      disburse all moneys actually received by it constituting part of the Owner
      Trust
      Estate upon the terms of the Basic Documents and this Trust Agreement. The
      Owner
      Trustee shall not be answerable or accountable hereunder or under any Basic
      Document under any circumstances, except (i) for its own willful misconduct,
      negligence or bad faith or negligent failure to act or (ii) in the case of
      the
      inaccuracy of any representation or warranty contained in Section 6.03 expressly
      made by the Owner Trustee. In particular, but not by way of limitation (and
      subject to the exceptions set forth in the pre ceding sentence):

     

    (a) The
      Owner
      Trustee shall not be liable with respect to any action taken or omitted to
      be
      taken by it in accordance with the instructions of the Administrator or the
      Certificateholders;

     

    (b) No
      provision of this Trust Agreement or any Basic Document shall require the Owner
      Trustee to expend or risk funds or otherwise incur any financial liability
      in
      the performance of any of its rights, duties or powers hereunder or under any
      Basic Document if the Owner Trustee shall have reasonable grounds for believing
      that repayment of such funds or adequate indemnity against such risk or
      liability is not reasonably assured or provided to it;

     

    (c) Under
      no
      circumstances shall the Owner Trustee be liable for indebtedness evidenced
      by or
      arising under any of the Basic Documents, including the principal of and
      interest on the Bonds;

     

    (d) The
      Owner
      Trustee shall not be responsible for or in respect of the validity or
      sufficiency of this Trust Agreement or for the due execution hereof by the
      Depositor or the Holder of the Designated Certificate or for the form,
      character, genuineness, sufficiency, value or validity of any of the Owner
      Trust
      Estate, or for or in respect of the validity or sufficiency of the Basic
      Documents, the Bonds, the Certificates, other than the certificate of
      authentication on the Certificates, if executed by the Owner Trustee and the
      Owner Trustee shall in no event assume or incur any liability, duty, or
      obligation to any Bondholder or to any Certificateholder, other than as
      expressly provided for herein or expressly agreed to in the Basic
      Documents;

     

    (e) The
      execution, delivery, authentication and performance by it of this Trust
      Agreement will not require the authorization, consent or approval of, the giving
      of notice to, the filing or registration with, or the taking of any other action
      with respect to, any governmental authority or agency; 

     

    (f) The
      Owner
      Trustee shall not be liable for the default or misconduct of the Administrator,
      the Holder of the Designated Certificate, the Depositor, Indenture Trustee
      or
      the Servicer under any of the Basic Documents or otherwise and the Owner Trustee
      shall have no obligation or liability to perform the obligations of the Trust
      under this Trust Agreement or the Basic Documents that are required to be
      performed by the Administrator under the Administration Agreement, the Indenture
      Trustee under the Indenture or the Seller under the Mortgage Loan Purchase
      Agreement; and

     

    (g) The
      Owner
      Trustee shall be under no obligation to exercise any of the rights or powers
      vested in it or duties imposed by this Trust Agreement, or to institute, conduct
      or defend any litigation under this Trust Agreement or otherwise or in relation
      to this Trust Agreement or any Basic Document, at the request, order or
      direction of any of the Certificateholders, unless such Certificateholders
      have
      offered to the Owner Trustee security or indemnity satisfactory to it against
      the costs, expenses and liabilities that may be incurred by the Owner Trustee
      therein or thereby. The right of the Owner Trustee to perform any discretionary
      act enumerated in this Trust Agreement or in any Basic Document shall not be
      construed as a duty, and the Owner Trustee shall not be answerable for other
      than its negligence or willful misconduct in the performance of any such
      act.

     

    Section
      6.02 Furnishing
      of Documents.
      The
      Owner Trustee shall furnish to the Securityholders promptly upon receipt of
      a
      written reasonable request therefor, duplicates or copies of all reports,
      notices, requests, demands, certificates, financial statements and any other
      instruments furnished to the Trust under the Basic Documents. 

     

    Section
      6.03 Representations
      and Warranties.
      The
      Owner Trustee hereby represents and warrants to the Depositor, for the benefit
      of the Certificateholders, that:

     

    (a) It
      is a
      banking corporation duly organized and validly existing in good standing under
      the laws of the State of Delaware. It has all requisite corporate power and
      authority to execute, deliver and perform its obligations under this Trust
      Agreement.

     

    (b) It
      has
      taken all corporate action necessary to authorize the execution and delivery
      by
      it of this Trust Agreement, and this Trust Agreement will be executed and
      delivered by one of its officers who is duly authorized to execute and deliver
      this Trust Agreement on its behalf.

     

    (c) Neither
      the execution nor the delivery by it of this Trust Agreement, nor the
      consummation by it of the transactions contemplated hereby nor compliance by
      it
      with any of the terms or provisions hereof will contravene any federal or
      Delaware law, governmental rule or regulation governing the banking or trust
      powers of the Owner Trustee or any judgment or order binding on it, or
      constitute any default under its charter documents or bylaws or any indenture,
      mortgage, contract, agreement or instrument to which it is a party or by which
      any of its properties may be bound.

     

    (d) This
      Trust Agreement, assuming due authorization, execution and delivery by the
      Owner
      Trustee and the Depositor, constitutes a valid, legal and binding obligation
      of
      the Owner Trustee, enforceable against it in accordance with the terms hereof
      subject to applicable bankruptcy, insolvency, reorganization, moratorium and
      other laws affecting the enforcement of creditors’ rights generally and to
      general principles of equity, regardless of whether such enforcement is
      considered in a proceeding in equity or at law; 

     

    (e) The
      Owner
      Trustee is not in default with respect to any order or decree of any court
      or
      any order, regulation or demand of any Federal, state, municipal or governmental
      agency, which default might have consequences that would materially and
      adversely affect the condition (financial or other) or operations of the Owner
      Trustee or its properties or might have consequences that would materially
      adversely affect its performance hereunder;

     

    (f) No
      litigation is pending or, to the best of the Owner Trustee’s knowledge,
      threatened against the Owner Trustee which would prohibit its entering into
      this
      Trust Agreement or performing its obligations under this Trust Agreement;

     

    Section
      6.04 Reliance;
      Advice of Counsel.
      vi)
      The
      Owner Trustee shall incur no liability to anyone in acting upon any signature,
      instrument, notice, resolution, request, consent, order, certificate, report,
      opinion, bond, or other document or paper believed by it to be genuine and
      believed by it to be signed by the proper party or parties. The Owner Trustee
      may accept a certified copy of a resolution of the board of directors or other
      governing body of any corporate party as conclusive evidence that such
      resolution has been duly adopted by such body and that the same is in full
      force
      and effect. As to any fact or matter the method of determination of which is
      not
      specifically prescribed herein, the Owner Trustee may for all purposes hereof
      rely on a certificate, signed by the president or any vice president or by
      the
      treasurer or other authorized officers of the relevant party, as to such fact
      or
      matter and such certificate shall constitute full protection to the Owner
      Trustee for any action taken or omitted to be taken by it in good faith in
      reliance thereon.

     

    (b) In
      the
      exercise or administration of the trusts hereunder and in the performance of
      its
      duties and obligations under this Trust Agreement or the Basic Documents, the
      Owner Trustee (i) may act directly or through its agents, attorneys, custodians
      or nominees (including persons acting under a power of attorney) pursuant to
      agreements entered into with any of them, and the Owner Trustee shall not be
      liable for the conduct or misconduct of such agents, attorneys , custodians
      or
      nominees (including persons acting under a power of attorney) if such persons
      have been selected by the Owner Trustee with reasonable care, and (ii) may
      consult with counsel, accountants and other skilled persons to be selected
      with
      reasonable care and employed by it. The Owner Trustee shall not be liable for
      anything done, suffered or omitted in good faith by it in accordance with the
      written opinion or advice of any such counsel, accountants or other such Persons
      and not contrary to this Trust Agreement or any Basic Document.

     

    Section
      6.05 Not
      Acting in Individual Capacity.
      Except
      as provided in this Article VII, in accepting the trusts hereby created
      ___________________ acts solely as Owner Trustee here under and not in its
      individual capacity, and all Persons having any claim against the Owner Trustee
      by reason of the transactions contemplated by this Trust Agreement or any Basic
      Document shall look only to the Owner Trust Estate for payment or satisfaction
      thereof.

     

    Section
      6.06 Power
      Trustee not Liable for Certificates or Related Documents.
      The
      recitals contained herein and in the Certificates (other than the signatures
      of
      the Owner Trustee on the Certificates) shall be taken as the statements of
      the
      Depositor, and the Owner Trustee assumes no responsibility for the correctness
      thereof. The Owner Trustee makes no representations as to the validity or
      sufficiency of this Trust Agreement, of any Basic Document or of the
      Certificates (other than the signatures of the Owner Trustee on the
      Certificates) or the Bonds, or of any Related Documents. The Owner Trustee
      shall
      at no time have any responsibility or liability with respect to the sufficiency
      of the Owner Trust Estate or its ability to generate the payments to be
      distributed to Certificateholders under this Trust Agreement or the Bondholders
      under the Indenture, including, the compliance by the Depositor or the Seller
      with any warranty or representation made under any Basic Document or in any
      related document or the accuracy of any such warranty or representation, or
      any
      action of the Administrator, the Certificate Paying Agent, the Certificate
      Registrar or the Indenture Trustee taken in the name of the Owner
      Trustee. 

     

    Section
      6.07 Owner
      Trustee May Own Certificates and Bonds.
      The
      Owner Trustee in its individual or any other capacity may become the owner
      or
      pledge of Certificates or Bonds and may deal with the Depositor, the Seller,
      the
      Certificate Paying Agent, the Certificate Registrar, the Administrator and
      the
      Indenture Trustee in transactions with the same rights as it would have if
      it
      were not Owner Trustee.

     

    ARTICLE
      VII

     

    COMPENSATION
      OF OWNER TRUSTEE

     

    Section
      7.01 Owner
      Trustee’s Fees and Expenses.
      The
      Owner Trustee shall receive as compensation for its services hereunder such
      fees
      as have been separately agreed upon before the date hereof, and the Owner
      Trustee shall be reimbursed for its reasonable expenses hereunder and under
      the
      Basic Documents, including the reasonable compensation, expenses and
      disbursements of such agents, representatives, experts and counsel as the Owner
      Trustee may reasonably employ in connection with the exercise and performance
      of
      its rights and its duties hereunder and under the Basic Documents pursuant
      to
      Section 3.08 of the Servicing Agreement.

     

    Section
      7.02 Indemnification.
      The
      Holder of the Designated Certificate shall indemnify, defend and hold harmless
      the Owner Trustee and its successors, assigns, agents and servants
      (collectively, the “Indemnified Parties”) from and against, any and all
      liabilities, obligations, losses, damages, taxes, claims, actions and suits,
      and
      any and all reasonable costs, expenses and disbursements (including reasonable
      legal fees and expenses) of any kind and nature whatsoever (collectively,
“Expenses” which may at any time be imposed on, incurred by, or asserted against
      the Owner Trustee or any Indemnified Party in any way relating to or arising
      out
      of this Trust Agreement, the Basic Documents, the Owner Trust Estate, the
      administration of the Owner Trust Estate or the action or inaction of the Owner
      Trustee hereunder, provided,
      that:

     

    (i) the
      Holder of the Designated Certificate shall not be liable for or required to
      indemnify an Indemnified Party from and against Expenses arising or resulting
      from the Owner Trustee’s willful misconduct, negligence or bad faith or as a
      result of any inaccuracy of a representation or warranty contained in Section
      6.03 expressly made by the Owner Trustee;

     

    (ii) with
      respect to any such claim, the Indemnified Party shall have given the Holder
      of
      the Designated Certificate written notice thereof promptly after the Indemnified
      Party shall have actual knowledge thereof;

     

    (iii) while
      maintaining control over its own defense, the Holder of the Designated
      Certificate shall consult with the Indemnified Party in preparing such defense;
      and

     

    (iv) notwithstanding
      anything in this Agreement to the contrary, the Holder of the Designated
      Certificate shall not be liable for settlement of any claim by an Indemnified
      Party entered into without the prior consent of the Holder of the Designated
      Certificate which consent shall not be unreasonably withheld. The indemnities
      contained in this Section shall survive the resignation or termination of the
      Owner Trustee or the termination of this Trust Agreement. In the event of any
      claim, action or proceeding for which indemnity will be sought pursuant to
      this
      Section, the Owner Trustee’s choice of legal counsel, if other than the legal
      counsel retained by the Owner Trustee in connection with the execution and
      delivery of this Trust Agreement, shall be subject to the approval of the Holder
      of the Designated Certificate, which approval shall not be unreasonably
      withheld. In addition, upon written notice to the Owner Trustee and with the
      consent of the Owner Trustee which consent shall not be unreasonably withheld,
      the Holder of the Designated Certificate has the right to assume the defense
      of
      any claim, action or proceeding against the Owner Trustee.

     

    ARTICLE
      VIII

     

    TERMINATION
      OF TRUST AGREEMENT

     

    Section
      8.01 Termination
      of Trust Agreement.
      vii)
      This
      Trust Agreement (other than Article VIII) and the Trust shall terminate and
      be
      of no further force or effect upon the earliest of (i) upon the final
      distribution of all moneys or other property or proceeds of the Owner Trust
      Estate in accordance with the terms of the Indenture and this Trust Agreement,
      (ii) the Payment Date in ____________, (iii) at the time provided in Section
      8.02 or (iv) purchase by the Servicer of all Mortgage Loans pursuant to Section
      8.08 of the Servicing Agreement. The bankruptcy, liquidation, dissolution,
      death
      or incapacity of any Certificateholder, other than the Holder of the Designated
      Certificate as described in Section 8.02, shall not (x) operate to terminate
      this Trust Agreement or the Trust or (y) entitle such Certificateholder’s legal
      representatives or heirs to claim an accounting or to take any action or
      proceeding in any court for a partition or winding up of all or any part of
      the
      Trust or the Owner Trust Estate or (z) otherwise affect the rights, obligations
      and liabilities of the parties hereto.

     

    (b) Except
      as
      provided in Section 8.01(a), none of the Depositor, the Holder of the Designated
      Certificate or any other Certificateholder shall be entitled to revoke or
      terminate the Trust.

     

    (c) Notice
      of
      any termination of the Trust, specifying the Payment Date upon which
      Certificateholders shall surrender their Certificates to the Certificate Paying
      Agent for payment of the final distribution and cancellation, shall be given
      by
      the Certificate Paying Agent by letter to Certificateholders and the Credit
      Enhancer mailed within five Business Days of receipt of notice of such
      termination from the Administrator, stating (i) the Payment Date upon or with
      respect to which final payment of the Certificates shall be made upon
      presentation and surrender of the Certificates at the office of the Certificate
      Paying Agent therein designated, (ii) the amount of any such final payment
      and
      (iii) that the Record Date otherwise applicable to such Payment Date is not
      applicable, payments being made only upon presentation and surrender of the
      Certificates at the office of the Certificate Payment Agent therein specified.
      The Certificate Paying Agent shall give such notice to the Owner Trustee and
      the
      Certificate Registrar at the time such notice is given to Certificateholders.
      Upon presentation and surrender of the Certificates, the Certificate Paying
      Agent shall cause to be distributed to Certificateholders amounts distributable
      on such Payment Date pursuant to Section 5.01.

     

    In
      the
      event that all of the Certificateholders shall not surrender their Certificates
      for cancellation within six months after the date specified in the above
      mentioned written notice, the Certificate Paying Agent shall give a second
      written notice to the remaining Certificateholders to surrender their
      Certificates for cancellation and receive the final distribution with respect
      thereto. Subject to applicable laws with respect to escheat of funds, if within
      one year following the Payment Date on which final payment of the Certificates
      was to have been made pursuant to Section 3.03 of the Indenture, all the
      Certificates shall not have been surrendered for cancellation, the Certificate
      Paying Agent may take appropriate steps, or may appoint an agent to take
      appropriate steps, to contact the remaining Certificateholders concerning
      surrender of their Certificates, and the cost thereof shall be paid out of
      the
      funds and other assets that shall remain subject to this Trust Agreement. Any
      funds remaining in the Certificate Distribution Account after exhaustion of
      such
      remedies shall be distributed by the Certificate Paying Agent to the Holder
      of
      the Designated Certificate.

     

    (d) Upon
      the
      winding up of the Trust and its termination, the Owner Trustee shall cause
      the
      Certificate of Trust to be cancelled by filing a certificate of cancellation
      with the Secretary of State in accordance with the provisions of Section 3810(c)
      of the Business Trust Statute.

     

    Section
      8.02 Dissolution
      Upon Bankruptcy of the Holder of the Designated Certificate.
      In the
      event that an Insolvency Event shall occur with respect to the Holder of the
      Designated Certificate, this Trust Agreement and the Trust shall be terminated
      in accordance with Section 8.01, 90 days after the date of such Insolvency
      Event, unless, before the end of such 90-day period, the Owner Trustee shall
      have received written instructions from (a) if no Credit Enhancer Default shall
      have occurred and be continuing, Holders of Certificates (other than the Holder
      of the Designated Certificate) representing more than 50% of the Principal
      Balance of the Certificates (not including the Principal Balance of the
      Designated Certificate), to the effect that such Holders disapprove of the
      termination of the Trust or (b) if a Credit Enhancer Default shall have occurred
      and be continuing, (i) each of the Holders of Certificates and (ii) each of
      the
      Holders of the Bonds, to the effect that such Holders disapprove of the
      termination of the Trust. Promptly after the occurrence of any Insolvency Event
      with respect to the Holder of the Designated Certificate (A) the Holder of
      the
      Designated Certificate shall give the Indenture Trustee, the Credit Enhancer
      and
      the Owner Trustee written notice of such Insolvency Event, (B) the Owner Trustee
      shall, upon the receipt of such written notice from the Holder of the Designated
      Certificate, give prompt written notice to the Certificateholders of the
      occurrence of such event and (C) the Indenture Trustee shall give prompt written
      notice of such event to the Bondholders; provided,
      however,
      that
      any failure to give a notice required by this sentence shall not prevent or
      delay, in any manner, a termination of the Trust pursuant to the first sentence
      of this Section 8.02. Upon a termination pursuant to this Section, the Owner
      Trustee shall direct the Indenture Trustee promptly to sell the assets of the
      Trust (other than the Payment Account) in a commercially reasonable manner
      and
      on commercially reasonable terms. The proceeds of any such sale of the assets
      of
      the Trust shall be deposited to the Payment Account for distribution in
      accordance with Section 5.04(b) of the Indenture.

     

    ARTICLE
      IX

     

    SUCCESSOR
      OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

     

    Section
      9.01 Eligibility
      Requirements for Owner Trustee.
      The
      Owner Trustee shall at all times be a corporation satisfying the provisions
      of
      Section 3807(a) of the Business Trust Statute; authorized to exercise corporate
      trust powers; having a combined capital and surplus of at least $__________
      and
      subject to supervision or examination by federal or state authorities; and
      having (or having a parent that has) a rating of at least Baa3 by [Moody’s]. If
      such corporation shall publish reports of condition at least annually pursuant
      to law or to the requirements of the aforesaid supervising or examining
      authority, then for the purpose of this Section, the combined capital and
      surplus of such corporation shall be deemed to be its combined capital and
      surplus as set forth in its most recent report of condition so published. In
      case at any time the Owner Trustee shall cease to be eligible in accordance
      with
      the provisions of this Section 9.01, the Owner Trustee shall resign immediately
      in the manner and with the effect specified in Section 9.02.

     

    Section
      9.02 Replacement
      of Owner Trustee.
      The
      Owner Trustee may at any time resign and be discharged from the trusts hereby
      created by giving 30 days prior written notice thereof to the Administrator,
      the
      Credit Enhancer and the Depositor. Upon receiving such notice of resignation,
      the Administrator shall promptly appoint a successor Owner Trustee with the
      consent of the Credit Enhancer which will not be unreasonably withheld, by
      written instrument, in duplicate, one copy of which instrument shall be
      delivered to the resigning Owner Trustee and to the successor Owner Trustee.
      If
      no successor Owner Trustee shall have been so appointed and have accepted
      appointment within 30 days after the giving of such notice of resignation,
      the
      resigning Owner Trustee may petition any court of competent jurisdiction for
      the
      appointment of a successor Owner Trustee.

     

    If
      at any
      time the Owner Trustee shall cease to be eligible in accordance with the
      provisions of Section 9.01 and shall fail to resign after written request
      therefor by the Administrator, or if at any time the Owner Trustee shall be
      legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver
      of the Owner Trustee or of its property shall be appointed, or any public
      officer shall take charge or control of the Owner Trustee or of its property
      or
      affairs for the purpose of rehabilitation, conservation or liquidation, then
      the
      Administrator may remove the Owner Trustee. If the Administrator shall remove
      the Owner Trustee under the authority of the immediately preceding sentence,
      the
      Administrator shall promptly appoint a successor Owner Trustee by written
      instrument, in duplicate, one copy of which instrument shall be delivered to
      the
      outgoing Owner Trustee so removed and one copy to the successor Owner Trustee,
      and shall pay all fees owed to the outgoing Owner Trustee.

     

    Any
      resignation or removal of the Owner Trustee and appointment of a successor
      Owner
      Trustee pursuant to any of the provisions of this Section shall not become
      effective until acceptance of appointment by the successor Owner Trustee
      pursuant to Section 9.03 and payment of all fees and expenses owed to the
      outgoing Owner Trustee. The Administrator shall provide notice of such
      resignation or removal of the Owner Trustee to each of the Rating Agencies.
      

     

    Section
      9.03 Successor
      Owner Trustee.
      Any
      successor Owner Trustee appointed pursuant to Section 9.02 shall execute,
      acknowledge and deliver to the Administrator and to its predecessor Owner
      Trustee an instrument accepting such appointment under this Trust Agreement,
      and
      thereupon the resignation or removal of the predecessor Owner Trustee shall
      become effective, and such successor Owner Trustee, without any further act,
      deed or conveyance, shall become fully vested with all the rights, powers,
      duties and obligations of its predecessor under this Trust Agreement, with
      like
      effect as if originally named as Owner Trustee. The predecessor Owner Trustee
      shall upon payment of its fees and expenses deliver to the successor Owner
      Trustee all documents and statements and monies held by it under this Trust
      Agreement; and the Administrator and the predecessor Owner Trustee shall execute
      and deliver such instruments and do such other things as may reasonably be
      required for fully and certainly vesting and confirming in the successor Owner
      Trustee all such rights, powers, duties and obligations.

     

    No
      successor Owner Trustee shall accept appointment as provided in this Section
      9.03 unless at the time of such acceptance such successor Owner Trustee shall
      be
      eligible pursuant to Section 9.01.

     

    Upon
      acceptance of appointment by a successor Owner Trustee pursuant to this Section
      9.03, the Administrator shall mail notice thereof to all Certificateholders,
      the
      Indenture Trustee, the Bondholders and the Rating Agencies. If the Administrator
      shall fail to mail such notice within 10 days after acceptance of such
      appointment by the successor Owner Trustee, the successor Owner Trustee shall
      cause such notice to be mailed at the expense of the Administrator.

     

    Section
      9.04 Merger
      or Consolidation of Owner Trustee.
      Any
      Person into which the Owner Trustee may be merged or converted or with which
      it
      may be consolidated, or any Person resulting from any merger, conversion or
      consolidation to which the Owner Trustee shall be a party, or any Person
      succeeding to all or substantially all of the corporate trust business of the
      Owner Trustee, shall be the successor of the Owner Trustee hereunder, without
      the execution or filing of any instrument or any further act on the part of
      any
      of the parties hereto, anything herein to the contrary not withstanding;
provided,
      that
      such Person shall be eligible pursuant to Section 9.01 and, provided,
      further,
      that
      the Owner Trustee shall mail notice of such merger or consolidation to the
      Rating Agencies.

     

    Section
      9.05 Appointment
      of Co-Trustee or Separate Trustee.

     

    Notwithstanding
      any other provisions of this Trust Agreement, at any time, for the purpose
      of
      meeting any legal requirements of any jurisdiction in which any part of the
      Owner Trust Estate may at the time be located, the Administrator and the Owner
      Trustee acting jointly shall have the power and shall execute and deliver all
      instruments to appoint one or more Persons approved by the Administrator and
      Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or as
      separate trustee or trustees, of all or any part of the Owner Trust Estate,
      and
      to vest in such Person, in such capacity, such title to the Trust or any part
      thereof and, subject to the other provisions of this Section, such powers,
      duties, obligations, rights and trusts as the Administrator and the Owner
      Trustee may consider necessary or desirable. If the Administrator shall not
      have
      joined in such appointment within 15 days after the receipt by it of a request
      so to do, the Owner Trustee alone shall have the power to make such appointment.
      No co-trustee or separate trustee under this Trust Agreement shall be required
      to meet the terms of eligibility as a successor Owner Trustee pursuant to
      Section 9.01 and no notice of the appointment of any co-trustee or separate
      trustee shall be required pursuant to Section 9.03.

     

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

     

    (a) All
      rights, powers, duties and obligations conferred or imposed upon the Owner
      Trustee shall be conferred upon and exercised or performed by the Owner 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
      Owner 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
      Owner 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 Owner 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 Owner Trustee;

     

    (b) No
      trustee under this Trust Agreement shall be personally liable by reason of
      any
      act or omission of any other trustee under this Trust Agreement;
      and

     

    (c) The
      Administrator and the Owner Trustee acting jointly may at any time accept the
      resignation of or remove any separate trustee or co-trustee.

     

    (d) Any
      notice, request or other writing given to the Owner 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 Trust Agreement and the
      conditions of this Article. 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 Owner
      Trustee or separately, as may be provided therein, subject to all the provisions
      of this Trust Agreement, specifically including every provision of this Trust
      Agreement relating to the conduct of, affecting the liability of, or affording
      protection to, the Owner Trustee. Each such instrument shall be filed with
      the
      Owner Trustee and a copy thereof given to the Administrator.

     

    Any
      separate trustee or co-trustee may at any time appoint the Owner Trustee as
      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 Trust
      Agreement 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
      Owner Trustee, to the extent permitted by law, without the appointment of a
      new
      or successor co-trustee or separate trustee.

     

    ARTICLE
      X

     

    MISCELLANEOUS

     

    Section
      10.01 Amendments. viii)
      This
      Trust Agreement may be amended from time to time by the parties hereto as
      specified in this Section [, provided that any amendment, except as provided
      in
      subparagraph (e) below, be accompanied by an Opinion of Counsel to the Owner
      Trustee to the effect that such amendment (i) complies with the provisions
      of
      this Section and (ii) will not cause the Trust to be subject to an entity level
      tax].

     

    (b) If
      the
      purpose of the amendment (as detailed therein) is to correct any mistake,
      eliminate any inconsistency, cure any ambiguity or deal with any matter not
      covered (i.e. to give effect to the intent of the parties and, if applicable,
      to
      the expectations of the Holders), it shall not be necessary to obtain the
      consent of any Holders, but the Owner Trustee shall be furnished with (A) a
      letter from the Rating Agencies that the amendment will not result in the
      downgrading or with drawal of the rating then assigned to any Security and
      (B)
      an Opinion of Counsel to the effect that such action will not adversely affect
      in any material respect the interests of any Holders, and the consent of the
      Credit Enhancer shall be obtained.

     

    (c) If
      the
      purpose of the amendment is to prevent the imposition of any federal or state
      taxes at any time that any Security is outstanding (i.e.
      technical in nature), it shall not be necessary to obtain the consent of any
      Holder, but the Owner Trustee shall be furnished with an Opinion of Counsel
      that
      such amendment is necessary or helpful to prevent the imposition of such taxes
      and is not materially adverse to any Holder and the consent of the Credit
      Enhancer shall be obtained.

     

    (d) If
      the
      purpose of the amendment is to add or eliminate or change any provision of
      the
      Trust Agreement other than as contemplated in (b) and (c) above, the amendment
      shall require (A) an Opinion of Counsel to the effect that such action will
      not
      adversely affect in any material respect the interests of any Holders and (B)
      either (a) a letter from the Rating Agency that the amendment will not result
      in
      the downgrading or withdrawal of the rating then assigned to any security or
      (b)
      the consent of Holders of Certificates evidencing a majority of the Principal
      Balance of the Certificates and the Indenture Trustee; provided,
      however,
      that no
      such amendment shall (i) reduce in any manner the amount of, or delay the timing
      of, payments received that are required to be distributed on any Certificate
      without the consent of the related Certificateholder and the Credit Enhancer,
      or
      (ii) reduce the aforesaid percentage of Certificates the Holders of which are
      required to consent to any such amendment, without the consent of the Holders
      of
      all such Certificates then outstanding.

     

    (e) If
      the
      purpose of the amendment is to provide for the holding of any of the
      Certificates in book-entry form, it shall require the consent of Holders of
      all
      such Certificates then outstanding; provided, that the Opinion of Counsel
      specified in subparagraph (a) above shall not be required.

     

    (f) If
      the
      purpose of the amendment is to provide for the issuance of additional
      certificates representing an interest in the Trust, it shall not be necessary
      to
      obtain the consent of any Holder, but the Owner Trustee shall be furnished
      with
      (A) an Opinion of Counsel to the effect that such action will not adversely
      affect in any material respect the interests of any Holders and (B) letter
      from
      the Rating Agencies that the amendment will not result in the downgrading or
      withdrawal of the rating then assigned to any Security and the consent of the
      Credit Enhancer shall be obtained.

     

    (g) Promptly
      after the execution of any such amendment or consent, the Owner Trustee shall
      furnish written notification of the substance of such amendment or consent
      to
      each Certificate holder, the Indenture Trustee, the Credit Enhancer and each
      of
      the Rating Agencies. It shall not be necessary for the consent of
      Certificateholders or the Indenture Trustee pursuant to this Section 10.01
      to
      approve the particular form of any proposed amendment or consent, but it shall
      be sufficient if such consent shall approve the substance thereof. The manner
      of
      obtaining such consents (and any other consents of Certificateholders provided
      for in this Trust Agreement or in any other Basic Document) and of evidencing
      the authorization of the execution thereof by Certificateholders shall be
      subject to such reasonable requirements as the Owner Trustee may
      prescribe.

     

    (h) In
      connection with the execution of any amendment to any agreement to which the
      Trust is a party, other than this Trust Agreement, the Owner Trustee shall
      be
      entitled to receive and conclusively rely upon an Opinion of Counsel to the
      effect that such amendment is authorized or permitted by the documents subject
      to such amendment and that all conditions precedent in the Basic Documents
      for
      the execution and delivery thereof by the Trust or the Owner Trustee, as the
      case may be, have been satisfied. 

     

    Promptly
      after the execution of any amendment to the Certificate of Trust, the Owner
      Trustee shall cause the filing of such amendment with the Secretary of State
      of
      the State of Delaware.

     

    Section
      10.02 No
      Legal Title to Owner Trust Estate.
      The
      Certificateholders shall not have legal title to any part of the Owner Trust
      Estate. The Certificateholders shall be entitled to receive distributions with
      respect to their undivided beneficial interest therein only in accordance with
      Articles V and IX. No transfer, by operation of law or otherwise, of any right,
      title or interest of the Certificateholders to and in their ownership interest
      in the Owner Trust Estate shall operate to terminate this Trust Agreement or
      the
      trusts hereunder or entitle any transferee to an accounting or to the transfer
      to it of legal title to any part of the Owner Trust Estate

     

    Section
      10.03 Limitations
      on Rights of Others.
      Except
      for Section 2.07, the provisions of this Trust Agreement are solely for the
      benefit of the Owner Trustee, the Depositor, the Holder of the Designated
      Certificate, the Certificateholders, the Administrator, the Credit Enhancer
      and,
      to the extent expressly provided herein, the Indenture Trustee and the
      Bondholders, and nothing in this Trust Agreement (other than Section 2.07),
      whether express or implied, shall be construed to give to any other Person
      any
      legal or equitable right, remedy or claim in the Owner Trust Estate or under
      or
      in respect of this Trust Agreement or any covenants, conditions or provisions
      contained herein.

     

    Section
      10.04 Notices.
      ix)
      Unless
      otherwise expressly specified or permitted by the terms hereof, all notices
      shall be in writing and shall be deemed given upon receipt , if to the Owner
      Trustee, addressed to the Corporate Trust Office; if to the Depositor, addressed
      to National
      City Mortgage Capital LLC,
      _____________________; Attention: _________________; if to the Credit Enhancer,
      addressed to ___________, Attention: _________________, if to the Rating
      Agencies, addressed to ________________________ Attention: __________or, as
      to
      each party, at such other address as shall be designated by such party in a
      written notice to each other party.

     

    (b) Any
      notice required or permitted to be given to a Certificateholder shall be given
      by first-class mail, postage prepaid, at the address of such Holder as shown
      in
      the Certificate Register. Any notice so mailed within the time prescribed in
      this Trust Agreement shall be conclusively presumed to have been duly given,
      whether or not the Certificateholder receives such notice. 

     

    (c) A
      copy of
      any notice delivered to the Owner Trustee or the Trust shall also be delivered
      to the Depositor and the Administrator.

     

    Section
      10.05 Severability.
      Any
      provision of this Trust Agreement that is prohibited or unenforceable in any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
      such prohibition or unenforceability without invalidating the remaining
      provisions hereof, and any such prohibition or unenforceability in any
      jurisdiction shall not invalidate or render unenforceable such provision in
      any
      other jurisdiction.

     

    Section
      10.06 Separate
      Counterparts.
      This
      Trust Agreement may be executed by the parties hereto in separate counterparts,
      each of which when so executed and delivered shall be an original, but all
      such
      counterparts shall together constitute but one and the same
      instrument.

     

    Section
      10.07 Successors
      and Assigns.
      All
      representations, warranties, covenants and agreements contained herein shall
      be
      binding upon, and inure to the benefit of, each of the Depositor, the Owner
      Trustee and its successors and each Certificateholder and its successors and
      permitted assigns, all as herein provided and the Credit Enhancer. Any request,
      notice, direction, consent, waiver or other instrument or action by a
      Certificateholder shall bind the successors and assigns of such
      Certificateholder.

     

    Section
      10.08 No
      Petition.
      The
      Owner Trustee, by entering into this Trust Agreement and each Certificateholder,
      by accepting a Certificate, hereby covenant and agree that they will not at
      any
      time institute against the Depositor or the Trust, or join in any institution
      against the Depositor or the Trust of, any bankruptcy proceedings under any
      United States federal or state bankruptcy or similar law in connection with
      any
      obligations to the Certificates, the Bonds, this Trust Agreement or any of
      the
      Basic Documents.

     

    Section
      10.09 No
      Recourse.
      Each
      Certificateholder by accepting a Certificate acknowledges that such
      Certificateholder’s Certificates represent beneficial interests in the Trust
      only and do not represent interests in or obligations of the Depositor, the
      Holder of the Designated Certificate, the Seller, the Administrator, the Owner
      Trustee, the Indenture Trustee or any Affiliate thereof and no recourse may
      be
      had against such parties or their assets, except as may be expressly set forth
      or contemplated in this Trust Agreement, the Certificates or the Basic
      Documents.

     

    Section
      10.10 Headings.
      The
      headings of the various Articles and Sections herein are for convenience of
      reference only and shall not define or limit any of the terms or provisions
      hereof.

     

    Section
      10.11 Governing
      Law.
      THIS
      TRUST AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
      OF
      DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE
      OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED
      IN
      ACCORDANCE WITH SUCH LAWS.

     

    Section
      10.12 Integration.
      This
      Trust Agreement constitutes the entire agreement among the parties hereto
      pertaining to the subject matter hereof and supersedes all prior agreements
      and
      understanding pertaining thereto.

     

    IN
      WITNESS WHEREOF, the Depositor and the Owner 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.

     

    

      
        	 	NATIONAL
                CITY
                MORTGAGE CAPITAL LLC 
	 	 	 
	 	
                By:

              	 
	 	
                Name:

              	 
	 	
                Title:

              	 

      

      
   

    

    ___________________,
      not in its individual

    capacity
      but solely as Owner Trustee,

     

    

      
        	 	
                By:

              	 
	 	
                Name:

              	 
	 	
                Title:

              	 

      

      

    

    Acknowledged
      and Agreed:

    ____________________________________

    __________,
      as Certificate Registrar and Certificate

    Paying
      Agent

    

     

    

      
        	 	
                By:

              	 
	 	
                Name:

              	 
	 	
                Title:

              	 

      

      
 

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    EXHIBIT
      A

    

    [Form
      of
      Certificate]

    

    [Face]

    

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
      OR
      TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
      OR
      TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT
      AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE
      PROVISIONS OF SECTION 3.05 OF THE TRUST AGREEMENT REFERRED TO
      HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE MADE UNLESS THE CERTIFI CATE REGISTRAR
      SHALL HAVE RECEIVED EITHER (I) A REPRESENTATION LETTER FROM THE TRANSFEREE
      OF
      THIS CERTIFICATE TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT
      PLAN SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE
      RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF
      THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A PERSON ACTING
      ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN, OR (II) IF
      THIS
      CERTIFICATE IS PRESENTED FOR REGISTRATION IN THE NAME OF A PLAN SUBJECT TO
      THE
      FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA, OR SECTION 4975 OF THE CODE (OR
      COMPARABLE PROVISIONS OF ANY SUBSEQUENT ENACTMENTS), OR A TRUSTEE OF ANY SUCH
      PLAN, OR ANY OTHER PERSON WHO IS USING THE ASSETS OF ANY SUCH PLAN TO EFFECT
      SUCH ACQUISITION, AN OPINION OF COUNSEL TO THE EFFECT THAT THE PURCHASE OR
      HOLDING OF THIS CERTIFICATE WILL NOT RESULT IN THE ASSETS OF THE OWNER TRUST
      ESTATE BEING DEEMED TO BE “PLAN ASSETS” AND SUBJECT TO THE FIDUCIARY
      RESPONSIBILITY PROVISIONS OF ERISA OR THE PROHIBITED TRANSACTION PROVISIONS
      OF
      THE CODE, WILL NOT CONSTITUTE OR RESULT IN A PROHIBITED TRANSACTION WITHIN
      THE
      MEANING OF SECTION 406 OR SECTION 407 OF ERISA OR SECTION 4975 OF THE CODE,
      AND
      WILL NOT SUBJECT THE OWNER TRUSTEE OR THE DEPOSITOR TO ANY OBLIGATION OR
      LIABILITY.

     

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE MADE UNLESS THE CERTIFI CATE REGISTRAR
      SHALL HAVE RECEIVED A CERTIFICATE OF NON-FOREIGN STATUS CERTIFYING AS TO THE
      TRANSFEREE’S STATUS AS A U.S. PERSON OR CORPORATION UNDER U.S. LAW.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE SELLER,
      THE
      DEPOSITOR, THE SERVICER, THE INDENTURE TRUSTEE, OR THE OWNER TRUSTEE OR ANY
      OF
      THEIR RESPECTIVE AFFILIATES, EXCEPT AS EXPRESSLYPROVIDED IN THE TRUST AGREEMENT
      OR THE BASIC DOCUMENTS.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Certificate
      No._________

    

    Original
      principal amount ( “Denomination “) of this Certificate: $_________

    

    Aggregate
      Denominations of all Certificates: $_______

    

    Pass-Through
      Rate: Floating

    

    Cut-Off
      Date:

    

    First
      Payment Date

    _________,
      ____

    

    CUSIP
      NO.
      __________

    

    

    [National
      City Mortgage Capital LLC [Mortgage] Loan Trust], Series 20__-____

    

    Evidencing
      a fractional undivided equity interest in the Owner Trust state, the property
      of
      which consists primarily of the Mortgage Collateral in ________________________,
      a corporation sold by _____________ National
      City Mortgage Capital LLC,
      as
      Depositor.

     

    This
      certifies that [name of Holder] is the registered owner of the Percentage
      Interest represented hereby in the [National
      City Mortgage Capital LLC [Mortgage] Loan Trust] ____-__
      (the “Trust”).

     

    The
      Trust
      was created pursuant to an Trust Agreement dated as of ________________ (as
      amended and supplemented from time to time, the “Trust Agreement “) between the
      Depositor and ______________________, as owner trustee (as amended and
      supplemented from time to time, the “Owner Trustee”, which term includes any
      successor entity under the Trust Agreement), a summary of certain of the
      pertinent provisions of which is set forth hereinafter. This Certificate is
      issued under and is subject to the terms, provisions and conditions of the
      Trust
      Agreement, to which Trust Agreement the Holder of this Certificate by virtue
      of
      the acceptance hereof assents and by which such Holder is bound.

     

    This
      Certificate is one of a duly authorized issue of Mortgage-Backed Pass-Through
      Certificates, Series ____-__ (herein called the “Certificates”) issued under the
      Trust Agreement to which reference is hereby made for a statement of the
      respective rights thereunder of the Depositor, the Owner Trustee and the Holders
      of the Certificates and the terms upon which the Certificates are executed
      and
      delivered. All terms used in this Certificate which are defined in the Trust
      Agreement shall have the meanings assigned to them in the Trust Agreement.
      The
      Owner Trust Estate consists of the Mortgage Collateral in the New [National
      City Mortgage Capital LLC [Mortgage] Loan Trust]____-____
      and a Surety Bond. The rights of the Holders of the Certificates are
      subordinated to the rights of the Holders of the Bonds, as set forth in the
      [Indenture].

     

    There
      will be distributed on the [twentieth] day of each month or, if such [twentieth]
      day is not a Business Day, the next Business Day (each, a “Payment Date”),
      commencing in _____________, to the Person in whose name this Certificate is
      registered at the close of business on the last Business Day of the month
      preceding the month of such Payment Date (the “Record Date”), such
      Certificateholder’s Percentage Interest (obtained by dividing the Denomination
      of this Certificate by the aggregate Denominations of all Certificates) in
      the
      amount to be distributed to Certificateholders on such Payment
      Date.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Payment Account that have been
      released from the Lien of the Indenture for payment hereunder and that neither
      the Owner Trustee in its individual capacity nor the Depositor is personally
      liable to the Certificateholders for any amount payable under this Certificate
      or the Trust Agreement or, except as expressly provided in the Trust Agreement,
      subject to any liability under the Trust Agreement.

     

    The
      Holder of this Certificate acknowledges and agrees that its rights to receive
      distributions in respect of this Certificate are subordinated to the rights
      of
      the Bondholders as described in the Indenture, dated as of _________, ____,
      between the Trust and __________________________________, as Indenture Trustee
      (the “Indenture”).

     

    It
      is the
      intent of the Depositor and the Certificateholders that, for purposes of federal
      income, state and local income and single business tax and any other income
      taxes, the Trust will be treated as a corporation. The Depositor and each
      Certificateholder, by acceptance of a Certificate, agree to treat, and to take
      no action inconsistent with the treatment of, the Certificates for such tax
      purposes as an equity interest in a corporation.

     

    Each
      Certificateholder, by its acceptance of a Certificate, covenants and agrees
      that
      such Certificateholder will not at any time institute against the Depositor,
      or
      join in any institution against the Depositor or the Trust 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 Certificates, the Bonds,
      the
      Trust Agreement or any of the Basic Documents.

     

    Distributions
      on this Certificate will be made as provided in the Trust Agreement by the
      Certificate Paying Agent by wire transfer or check mailed to the
      Certificateholder of record in the Certificate Register without the presentation
      or surrender of this Certificate or the making of any notation hereon. Except
      as
      otherwise provided in the Trust Agreement and notwithstanding the above, the
      final distribution on this Certificate will be made after due notice by the
      Certificate Paying Agent of the pendency of such distribution and only upon
      presentation and surrender of this Certificate at the office or agency
      maintained by the Certificate Registrar for that purpose by the Trust in the
      __________________________________.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    Unless
      the certificate of authentication hereon shall have been executed by an
      authorized officer of the Owner Trustee, or an authenticating agent by manual
      signature, this Certificate shall not entitle the Holder hereof to any benefit
      under the Trust Agreement or be valid for any purpose.

     

    THIS
      CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
      DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE
      OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED
      IN
      ACCORDANCE WITH SUCH LAWS.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in its
      individual capacity, has caused this Certificate to be duly
      executed.

     

    

    

    [NATIONAL
      CITY MORTGAGE CAPITAL LLC [MORTGAGE] LOAN TRUST]____-__

    

     

     

    By:_______________________________________      

     

    not
      in
      its individual capacity but solely as Owner Trustee

     

    Dated:_____________________________________      

     

     

                                                                             _____________________________________

    Authorized
      Signatory

     

    
 

    Certificate
      of Authentication

    

    This
      is
      one of the Certificates referred to in the within mentioned Trust
      Agreement.

    

    

    ______________________________,

    not
      in
      its individual capacity

    but
      solely as Owner Trustee

    

    

    By:___________________________________________

    Authorized
      Signatory

    

    

    

    or
      __________________________________________,

    as
      Authenticating Agent of the Trust

    

    

    By:___________________________________________

    Authorized
      Signatory

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    [REVERSE
      OF CERTIFICATE]

    

    

    The
      Certificates do not represent an obligation of, or an interest in, the
      Depositor, the Seller, the Servicer, the Indenture Trustee, the Owner Trustee
      or
      any Affiliates of any of them and no recourse may be had against such parties
      or
      their assets, except as expressly set forth or contemplated herein or in the
      Trust Agreement or the Basic Documents. In addition, this Certificate is not
      guaranteed by any governmental agency or instrumentality and is limited in
      right
      of payment to certain collections and recoveries with respect to the Mortgage
      Collateral, all as more specifically set forth herein. A copy of the Trust
      Agreement may be examined by any Certificateholder upon written request during
      normal business hours at the principal office of the Depositor and at such
      other
      places, if any, designated by the Depositor.

     

    The
      Trust
      Agreement permits the amendment thereof as specified below, provided that any
      amendment be accompanied by the consent of the Credit Enhancer and an Opinion
      of
      Counsel to the Owner Trustee to the effect that such amendment complies with
      the
      provisions of the Trust Agreement and will not cause the Trust to be subject
      to
      an entity level tax. If the purpose of the amendment is to correct any mistake,
      eliminate any inconsistency, cure any ambiguity or deal with any matter not
      covered, it shall not be necessary to obtain the consent of any Holder, but
      the
      Owner Trustee shall be furnished with a letter from the Rating Agencies that
      the
      amendment will not result in the downgrading or withdrawal of the rating then
      assigned to any Security. If the purpose of the amendment is to prevent the
      imposition of any federal or state taxes at any time that any Security is
      outstanding, it shall not be necessary to obtain the consent of the any Holder,
      but the Owner Trustee shall be furnished with an Opinion of Counsel that such
      amendment is necessary or helpful to prevent the imposition of such taxes and
      is
      not materially adverse to any Holder. If the purpose of the amendment is to
      add
      or eliminate or change any provision of the Trust Agreement, other than as
      specified in the preceding two sentences, the amendment shall require either
      (a)
      a letter from the Rating Agencies that the amendment will not result in the
      downgrading or withdrawal of the rating then assigned to any Security or (b)
      the
      consent of Holders of the Certificates evidencing a majority of the Percentage
      Interests of the Certificates and the Indenture Trustee; PROVIDED,
      HOWEVER,
      that no
      such amendment shall (i) reduce in any manner the amount of, or delay the time
      of, payments received that are required to be distributed on any Certificate
      without the consent of the related Certificateholder, or (ii) reduce the
      aforesaid percentage of Certificates the Holders of which are required to
      consent to any such amendment without the consent of the Holders of all such
      Certificates then outstanding.

     

    As
      provided in the Trust Agreement and subject to certain limitations therein
      set
      forth, the transfer of this Certificate is registerable in the Certificate
      Register upon surrender of this Certificate for registration of transfer at
      the
      offices or agencies of the Certificate Registrar maintained by the Trust in
      the
      _______________________, accompanied by a written instrument of transfer in
      form
      satisfactory to the Certificate Registrar duly executed by the Holder hereof
      or
      such Holder’s attorney duly authorized in writing, and thereupon one or more new
      Certificates of authorized denominations evidencing the same aggregate interest
      in the Trust will be issued to the designated transferee. The initial
      Certificate Registrar appointed under the Trust Agreement is
      __________________________________.

     

    Except
      as
      provided in the Trust Agreement, the Certificates are issuable only in minimum
      denominations of $______ and in integral multiples of $______ in excess thereof,
      except for one Certificate that may not be in an integral multiple of $______.
      As provided in the Trust Agreement and subject to certain limitations therein
      set forth, Certificates are exchangeable for new Certificates of authorized
      denominations evidencing the same aggregate denomination, as requested by the
      Holder surrendering the same. No service charge will be made for any such
      registration of transfer or exchange, but the Owner Trustee or the Certificate
      Registrar may require payment of a sum sufficient to cover any tax or
      governmental charge payable in connection therewith.

     

    The
      Owner
      Trustee, the Certificate Paying Agent, the Certificate Registrar and any agent
      of the Owner Trustee, the Certificate Paying Agent, or the Certificate Registrar
      may treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Owner Trustee, the Certificate Paying
      Agent, the Certificate Registrar or any such agent shall be affected by any
      notice to the contrary.

     

    The
      obligations and responsibilities created by the Trust Agreement and the Trust
      created thereby shall terminate (i) upon the final distribution of all moneys
      or
      other property or proceeds of the Owner Trust Estate in accordance with the
      terms of the Indenture and the Trust Agreement, (ii) the Payment Date in
      ____________, or (iii) upon the bankruptcy or insolvency of the Holder of the
      Designated Certificate and the satisfaction of other conditions specified in
      Section 8.02 of the Trust Agreement.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    ASSIGNMENT

    

    

    FOR
      VALUE
      RECEIVED the undersigned hereby sells, assigns and transfers
      unto __________            

     

               
      _________________________________________________________

    (Please
      insert social security or other identifying number of assignee)

                _________________________________________________________

    (Please
      print or type name and address, including postal zip code, of
      assignee)

     

    the
      within Certificate, and all rights thereunder, hereby irrevocably constituting
      and appointing_______________________________________________ to
      transfer said Certificate on the books of the Certificate Registrar, with full
      power of substitution in the premises.

     

    Dated:

    Signature
      Guaranteed:_______________________________*/.

    

    */
      NOTICE: The signature to this assignment must correspond with the name as it
      appears upon the face of the within Certificate in every particular, without
      alteration, enlargement or any change whatever. Such signature must be
      guaranteed by a member firm of the New York Stock Exchange or a commercial
      bank
      or trust company.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

    

    

    The
      assignee should include the following for the information of the Certificate
      Paying Agent:

     

    Distribution
      shall be made by wire transfer in immediately available funds to
      __________________________________________________________________for the
      account of __________________________________________________, account number
      ______________, or, if mailed by check, to ______________.

     

    Applicable
      statements should be mailed to__________________.

     

    

     

     

    Signature
      of assignee or agent (for authorization of wire transfer only)

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    EXHIBIT
      B

    TO
      THE
      TRUST AGREEMENT

    CERTIFICATE
      OF TRUST OF

    

    [National
      City Mortgage Capital LLC [Mortgage] Loan Trust]____-___
      

    

    THIS
      Certificate of Trust of [National
      City Mortgage Capital LLC [Mortgage] Loan Trust]____-__
      (the “Trust”), dated ___________, ____, is being duly executed and filed by
      ______________________, a Delaware banking corporation, as trustee, to form
      a
      business trust under the Delaware Business Trust Act (12 Del. Code, ss. 3801
      et
      seq.).

     

    1.
       Name.
      The
      name of the business trust formed hereby is [National
      City Mortgage Capital LLC [Mortgage] Loan Trust] __________-___.

     

    2.
       Delaware
      Trustee. The name and business address of the trustee of the Trust in the State
      of Delaware is ______________________, __________________, __________,
      ______________, Attention: ______________________________.

     

    

    IN
      WITNESS WHEREOF, the undersigned, being the sole trustee of the Trust, has
      executed this Certificate of Trust as of the date first above
      written.

     

     

     

    
      	 	 	
            	,
	 	 	 	 
	 	 	
              not
                in its individual capacity but solely as owner
                trustee under a Trust Agreement dated ___________ as of _________,
                ____,

            	 
	 	 	 	 
	 	 	
              By: __________________________

                    

              Name:

               

              Title:

            	 

    

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    EXHIBIT
      C

    

    [FORM
      OF
      RULE 144A INVESTMENT REPRESENTATION]

    

    

    Description
      of Rule 144A Securities, including numbers:

     

     

     

     

    
      	 	 	 
	 	 	 
	 	 	 
	 	 	 

    

     

     

    The
      undersigned seller, as registered holder (the “Seller”), intends to transfer the
      Rule 144A Securities described above to the undersigned buyer (the
“Buyer”).

     

    1.
       In
      connection with such transfer and in accordance with the agreements pursuant
      to
      which the Rule 144A Securities were issued, the Seller hereby certifies the
      following facts: Neither the Seller nor anyone acting on its behalf has offered,
      transferred, pledged, sold or otherwise disposed of the Rule 144A Securities,
      any interest in the Rule 144A Securities or any other similar security to,
      or
      solicited any offer to buy or accept a transfer, pledge or other disposition
      of
      the Rule 144A Securities, any interest in the Rule 144A Securities or any other
      similar security from, or otherwise approached or negotiated with respect to
      the
      Rule 144A Securities, any interest in the Rule 144A Securities or any other
      similar security with, any person in any manner, or made any general
      solicitation by means of general advertising or in any other manner, or taken
      any other action, that would constitute a distribution of the Rule 144A
      Securities under the Securities Act of 1933, as amended (the “1933 Act”), or
      that would render the disposition of the Rule 144A Securities a violation of
      Section 5 of the 1933 Act or require registration pursuant thereto, and that
      the
      Seller has not offered the Rule 144A Securities to any person other than the
      Buyer or another “qualified institutional buyer” as defined in Rule 144A under
      the 1933 Act.

     

    

    2. The
      Buyer
      warrants and represents to, and covenants with, the Owner Trustee and the
      Depositor (as defined in the Trust Agreement (the “Agreement”), dated as of
      _________, ____ between National
      City Mortgage Capital LLC,
      as
      Depositor and ______________________, as Owner Trustee pursuant to Section
      3.05
      of the Agreement and __________________________________ as indenture trustee,
      as
      follows:

     

    

    (a) The
      Buyer
      understands that the Rule 144A Securities have not been registered under the
      1933 Act or the securities laws of any state.

     

    (b) The
      Buyer
      considers itself a substantial, sophisticated institutional investor having
      such
      knowledge and experience in financial and business matters that it is capable
      of
      evaluating the merits and risks of investment in the Rule 144A
      Securities.

     

    (c) The
      Buyer
      has been furnished with all information regarding the Rule 144A Securities
      that
      it has requested from the Seller, the Indenture Trustee, the Owner Trustee
      or
      the Servicer.

     

    (d) Neither
      the Buyer nor anyone acting on its behalf has offered, transferred, pledged,
      sold or otherwise disposed of the Rule 144A Securities, any interest in the
      Rule
      144A Securities or any other similar security to, or solicited any offer to
      buy
      or accept a transfer, pledge or other disposition of the Rule 144A Securities,
      any interest in the Rule 144A Securities or any other similar security from,
      or
      otherwise approached or negotiated with respect to the Rule 144A Securities,
      any
      interest in the Rule 144A Securities or any other similar security with, any
      person in any manner, or made any general solicitation by means of general
      advertising or in any other manner, or taken any other action, that would
      constitute a distribution of the Rule 144A Securities under the 1933 Act or
      that
      would render the disposition of the Rule 144A Securities a violation of Section
      5 of the 1933 Act or require registration pursuant thereto, nor will it act,
      nor
      has it authorized or will it authorize any person to act, in such manner with
      respect to the Rule 144A Securities.

     

    (e) The
      Buyer
      is a “qualified institutional buyer” as that term is defined in Rule 144A under
      the 1933 Act and has completed either of the forms of certification to that
      effect attached hereto as Annex 1 or Annex 2. The Buyer is aware that the sale
      to it is being made in reliance on Rule 144A. The Buyer is acquiring the Rule
      144A Securities for its own account or the accounts of other qualified
      institutional buyers, understands that such Rule 144A Securities may be resold,
      pledged or transferred only (i) to a person reasonably believed to be a
      qualified institutional buyer that purchases for its own account or for the
      account of a qualified institutional buyer to whom notice is given that the
      resale, pledge or transfer is being made in reliance on Rule 144A, or (ii)
      pursuant to another exemption from registration under the 1933 Act.

     

    3.
       [The
      Buyer warrants and represents to, and covenants with, the Seller, the Indenture
      Trustee, Owner Trustee, Servicer and the Depositor that either (1) the Buyer
      is
      (A) not an employee benefit plan (within the meaning of Section 3(3) of the
      Employee Retirement Income Security Act of 1974, as amended (“ERISA”)), or a
      plan (within the meaning of Section 4975(e)(1) of the Internal Revenue Code
      of
      1986 (“Code”)), which (in either case) is subject to ERISA or Section 4975 of
      the Code (both a “Plan”), and (B) is not directly or indirectly purchasing the
      Rule 144A Securities on behalf of, as investment manager of, as named fiduciary
      of, as trustee of, or with “plan assets” of a Plan, or (2) the Buyer understands
      that registration of transfer of any Rule 144A Securities to any Plan, or to
      any
      Person acting on behalf of any Plan, will not be made unless such Plan delivers
      an opinion of its counsel, addressed and satisfactory to the Certificate
      Registrar and the Depositor, to the effect that the purchase and holding of
      the
      Rule 144A Securities by, on behalf of or with “plan assets” of any Plan would
      not constitute or result in a prohibited transaction under Section 406 of ERISA
      or Section 4975 of the Code, and would not subject the Depositor, the Servicer,
      the Indenture Trustee or the Trust to any obligation or liability (including
      liabilities under ERISA or Section 4975 of the Code) in addition to those
      undertaken in the Agreement or any other liability.]

     

    4.
       This
      document may be executed in one or more counterparts and by the different
      parties hereto on separate counterparts, each of which, when so executed, shall
      be deemed to be an original; such counterparts, together, shall constitute
      one
      and the same document.

     

    IN
      WITNESS WHEREOF, each of the parties has executed this document as of the date
      set forth below.

     

    

      
        	 	 	 
	
                Print
                  Name of Seller

              	 	
                Print
                  Name of Buyer

              
	 	 	 	 	 
	
                By:

              	 	 	
                By:

              	 
	
                Name:

              	 	 	
                Name:

              	 
	
                Title:

              	 	 	
                Title:

              	 
	
                Taxpayer
                  Identification No.

              	 	
                Taxpayer
                  Identification No.

              
	Date:	 	 	Date:	 

      

    

     

     

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    ANNEX
      1
      TO EXHIBIT C

    

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

    

    [For
      Buyers other than Registered Investment Companies]

     

    The
      undersigned hereby certifies as follows in connection with the Rule 144A
      Investment Representation to which this Certification is attached:

     

    1. As
      indicated below, the undersigned is the President, Chief Financial Officer,
      Senior Vice President or other executive officer of the Buyer.

     

    2. In
      connection with purchases by the Buyer, the Buyer is a “qualified institutional
      buyer” as that term is defined in Rule 144A under the Securities Act of 1933
      (“Rule 144A”) because (i) the Buyer owned and/or invested on a discretionary
      basis $______________________ in securities (except for the excluded securities
      referred to below) as of the end of the Buyer’s most recent fiscal year (such
      amount being calculated in accordance with Rule 144A) and (ii) the Buyer
      satisfies the criteria in the category marked below.

     

    

    
      	
              ___

            	
              CORPORATION,
                ETC. The Buyer is a corporation (other than a bank, savings and loan
                association or similar institution), Massachusetts or similar business
                trust, partnership, or charitable organization described in Section
                501(c)(3) of the Internal Revenue
                Code.

            

    

     

    
      	
              ___

            	
              BANK.
                The Buyer (a) is a national bank or banking institution organized
                under
                the laws of any State, territory or the District of Columbia, the
                business
                of which is substantially confined to banking and is supervised by
                the
                State or territorial banking commission or similar official or is
                a
                foreign bank or equivalent institution, and (b) has an audited net
                worth
                of at least $25,000,000 as demonstrated in its latest annual financial
                statements, a copy of which is attached
                hereto.

            

    

     

    ------------------

    Buyer
      must own and/or invest on a discretionary basis at least $100,000,000 in
      securities unless Buyer is a dealer, and, in that case, Buyer must own and/or
      invest on a discretionary basis at least $10,000,000 in securities.

     

    
      	
              ___

            	
              SAVINGS
                AND LOAN. The Buyer (a) is a savings and loan association, building
                and
                loan association, cooperative bank, homestead association or similar
                institution, which is supervised and examined by a State or Federal
                authority having supervision over any such institutions or is a foreign
                savings and loan association or equivalent institution and (b) has
                an
                audited net worth of at least $25,000,000 as demonstrated in its
                latest
                annual financial statements.

            

    

     

    
      	
              ___

            	
              BROKER-DEALER.
                The Buyer is a dealer registered pursuant to Section 15 of the Securities
                Exchange Act of 1934.

            

    

     

    
      	
              ___

            	
              INSURANCE
                COMPANY. The Buyer is an insurance company whose primary and predominant
                business activity is the writing of insurance or the reinsuring of
                risks
                underwritten by insurance companies and which is subject to supervision
                by
                the insurance commissioner or a similar official or agency of a State
                or
                territory or the District of
                Columbia.

            

    

     

    
      	
              ___

            	
              STATE
                OR LOCAL PLAN. The Buyer is a plan established and maintained by
                a State,
                its political subdivisions, or any agency or instrumentality of the
                State
                or its political subdivisions, for the benefit of its
                employees.

            

    

     

    
      	
              ___

            	
              ERISA
                PLAN. The Buyer is an employee benefit plan within the meaning of
                Title I
                of the Employee Retirement Income Security Act of
                1974.

            

    

     

    
      	
              ___

            	
              INVESTMENT
                ADVISER. The Buyer is an investment adviser registered under the
                Investment Advisers Act of 1940.

            

    

     

    
      	
              ___

            	
              SBIC.
                The Buyer is a Small Business Investment Company licensed by the
                U.S.
                Small Business Administration under Section 301(c) or (d) of the
                Small
                Business Investment Act of 1958.

            

    

     

    
      	
              ___

            	
              BUSINESS
                DEVELOPMENT COMPANY. The Buyer is a business development company
                as
                defined in Section 202(a)(22) of the Investment Advisers Act of
                1940.

            

    

     

    
      	
              ___

            	
              TRUST
                FUND. The Buyer is a trust fund whose trustee is a bank or trust
                company
                and whose participants are exclusively (a) plans established and
                maintained by a State, its political subdivisions, or any agency
                or
                instrumentality of the State or its political subdivisions, for the
                benefit of its employees, or (b) employee benefit plans within the
                meaning
                of Title I of the Employee Retirement Income Security Act of 1974,
                but is
                not a trust fund that includes as participants individual retirement
                accounts or H.R. 10 plans.

            

    

     

    3. The
      term
“Securities”
as
      used
      herein does not include (i) securities of issuers that are affiliated with
      the
      Buyer, (ii) securities that are part of an unsold allotment to or subscription
      by the Buyer, if the Buyer is a dealer, (iii) bank deposit notes and
      certificates of deposit, (iv) loan participations, (v) repurchase agreements,
      (vi) securities owned but subject to a repurchase agreement and (vii) currency,
      interest rate and commodity swaps.

     

    For
      purposes of determining the aggregate amount of securities owned and/or invested
      on a discretionary basis by the Buyer, the Buyer used the cost of such
      securities to the Buyer and did not include any of the securities referred
      to in
      the preceding paragraph. Further, in determining such aggregate amount, the
      Buyer may have included securities owned by subsidiaries of the Buyer, but
      only
      if such subsidiaries are consolidated with the Buyer in its financial statements
      prepared in accordance with generally accepted accounting principles and if
      the
      investments of such subsidiaries are managed under the Buyer’s direction.
      However, such securities were not included if the Buyer is a majority-owned,
      consolidated subsidiary of another enterprise and the Buyer is not itself a
      reporting company under the Securities Exchange Act of 1934. 

     

    
      	
              1.

            	
              The
                Buyer acknowledges that it is familiar with Rule 144A and understands
                that
                the seller to it and other parties related to the Certificates are
                relying
                and will continue to rely on the statements made herein because one
                or
                more sales to the Buyer may be in reliance on Rule 144A.
                

            

    

     

    ___       
      ___   Will the Buyer be purchasing the Rule 144A

    Yes         
      No   Securities only for the Buyer’s own account?

    

    
      	
              2.

            	
              If
                the answer to the foregoing question is “no”, the Buyer agrees that, in
                connection with any purchase of securities sold to the Buyer for
                the
                account of a third party (including any separate account) in reliance
                on
                Rule 144A, the Buyer will only purchase for the account of a third
                party
                that at the time is a “qualified institutional buyer” within the meaning
                of Rule 144A. In addition, the Buyer agrees that the Buyer will not
                purchase securities for a third party unless the Buyer has obtained
                a
                current representation letter from such third party or taken other
                appropriate steps contemplated by Rule 144A to conclude that such
                third
                party independently meets the definition of “qualified institutional
                buyer” set forth in Rule 144A.

            

    

     

    
      	
              3.

            	
              The
                Buyer will notify each of the parties to which this certification
                is made
                of any changes in the information and conclusions herein. Until such
                notice is given, the Buyer’s purchase of Rule 144A Securities will
                constitute a reaffirmation of this certification as of the date of
                such
                purchase.

            

    

     

    ___________________________________

    Print
      Name of Buyer

     

    By:
      _______________________________

    Name:

    Title:

     

    Date:_______________________________

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    ANNEX
      2
      TO EXHIBIT C

    

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

    

    The
      undersigned hereby certifies as follows in connection with the Rule 144A
      Investment Representation to which this Certification is attached:

     

    1. As
      indicated below, the undersigned is the President, Chief Financial Officer
      or
      Senior Vice President of the Buyer or, if the Buyer is a “qualified
      institutional buyer” as that term is defined in Rule 144A under the Securities
      Act of 1933 (“Rule 144A”) because Buyer is part of a Family of Investment
      Companies (as defined below), is such an officer of the Adviser. 

     

    2. In
      connection with purchases by Buyer, the Buyer is a “qualified institutional
      buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment
      company registered under the Investment Company Act of 1940, and (ii) as marked
      below, the Buyer alone, or the Buyer’s Family of Investment Companies, owned at
      least $100,000,000 in securities (other than the excluded securities referred
      to
      below) as of the end of the Buyer’s most recent fiscal year. For purposes of
      determining the amount of securities owned by the Buyer or the Buyer’s Family of
      Investment Companies, the cost of such securities was used.

     

    
      	
              ____

            	
              The
                Buyer owned $___________________ in securities (other than the excluded
                securities referred to below) as of the end of the Buyer’s most recent
                fiscal year (such amount being calculated in accordance with Rule
                144A).

            

    

     

    
      	
              ____

            	
              The
                Buyer is part of a Family of Investment Companies which owned in
                the
                aggregate $______________ in securities (other than the excluded
                securities referred to below) as of the end of the Buyer’s most recent
                fiscal year (such amount being calculated in accordance with Rule
                144A).

            

    

     

    3. The
      term
“Family of Investment Companies” as used herein means two or more registered
      investment companies (or series thereof) that have the same investment adviser
      or investment advisers that are affiliated (by virtue of being majority owned
      subsidiaries of the same parent or because one investment adviser is a majority
      owned subsidiary of the other).

     

    4. The
      term
“securities” as used herein does not include (i) securities of issuers that are
      affiliated with the Buyer or are part of the Buyer’s Family of Investment
      Companies, (ii) bank deposit notes and certificates of deposit, (iii) loan
      participations, (iv) repurchase agreements, (v) securities owned but subject
      to
      a repurchase agreement and (vi) currency, interest rate and commodity
      swaps.

     

    5.
       The
      Buyer
      is familiar with Rule 144A and understands that each of the parties to which
      this certification is made are relying and will continue to rely on the
      statements made herein because one or more sales to the Buyer will be in
      reliance on Rule 144A. In addition, the Buyer will only purchase for the Buyer’s
      own account.

     

    6. The
      undersigned will notify each of the parties to which this certification is
      made
      of any changes in the information and conclusions herein. Until such notice,
      the
      Buyer’s purchase of Rule 144A Securities will constitute a reaffirmation of this
      certification by the undersigned as of the date of such purchase.

     

     

    

      
        	 	Print
                Name of
                Buyer
	 	 	 
	 	
                By:

              	 
	 	
                Name:

              	 
	 	
                Title:

              	 

      

       

      

        
          	 	
                  
                    IF
                      AN ADVISER:

                     

                  

                  Print Name of Buyer

                
	 	 	 
	 	
                  By:

                	 
	 	
                  Name:

                	 
	 	
                  Title:

                	 

        

        

          
            
               

            

            
               

              
                

              

            

            
               

            

          

      

    

    EXHIBIT
      D

    

    CERTIFICATE
      OF NON-FOREIGN STATUS

    

    This
      Certificate of Non-Foreign Status (“certificate”) is delivered pursuant to
      Section 3.03 of the Trust Agreement, dated as of _________, ____ (the “Trust
      Agreement”), between National
      City Mortgage Capital LLC,
      as
      depositor and ______________________, as Owner Trustee, in connection with
      the
      acquisition of, transfer to or possession by the undersigned, whether as
      beneficial owner (the “Beneficial Owner”), or nominee on behalf of the
      Beneficial Owner of the [National
      City Mortgage Capital LLC [Mortgage] Loan Trust], Series 20__-____
      (the
“Certificates”). Capitalized terms used but not defined in this certificate have
      the respective meanings given them in the Trust Agreement.

     

    Each
      holder must complete Part I, Part II (if the holder is a nominee), and in all
      cases sign and otherwise complete Part III. In addition, each holder shall
      submit with the Certificate an IRS Form W-9 relating to such
      holder.

     

    To
      confirm to the Trust that the provisions of Sections 871, 881 or 1446 of the
      Internal Revenue Code (relating to withholding tax on foreign partners) do
      not
      apply in respect of the Certificate held by the undersigned, the undersigned
      hereby certifies:

     

    

    Part
      I
      - Complete
      Either A or B

     

    A. Individual
      as Beneficial Owner

     

    1. I
      am (The
      Beneficial Owner is) not a non-resident alien for purposes of U.S. income
      taxation;

     

    2.
       My
      (The
      Beneficial Owner’s) name and home address are:

     

     

    
      	 	 	 
	 	 	 
	 	 	 

    

    ;
      and

    

    3. My
      (The
      Beneficial Owner’s) U.S. taxpayer identification number (Social Security Number)
      is __________________.

     

    B. Corporate,
      Partnership or Other Entity as Beneficial Owner

     

    1. ____________________
      (Name of the Beneficial Owner) is not a foreign corporation, foreign
      partnership, foreign trust or foreign estate (as those terms are defined in
      the
      Code and Treasury Regulations;

     

    2. The
      Beneficial Owner’s office address and place of incorporation (if applicable) is
      ______________________________________; and

     

    3. The
      Beneficial Owner’s U.S. employer identification number is
      ____________.

     

    Part
      II -
      Nominees

     

    If
      the
      undersigned is the nominee for the Beneficial Owner, the undersigned certifies
      that this certificate has been made in reliance upon information contained
      in:

     

    
      	
              _____
                

            	
              an
                IRS Form W-9

            

    

     

    
      	
              _____

            	
              a
                form such as this or substantially similar provided to the undersigned
                by
                an appropriate person and (i) the undersigned agrees to notify the
                Trust
                at least thirty (30) days prior to the date that the form relied
                upon
                becomes obsolete, and (ii) in connection with change in Beneficial
                Owners,
                the undersigned agrees to submit a new Certificate of Non-Foreign
                Status
                to the Trust promptly after such
                change.

            

    

     

    Part
      III
      - Declaration

     

    The
      undersigned, as the Beneficial Owner or a nominee thereof, agrees to notify
      the
      Trust within sixty (60) days of the date that the Beneficial Owner becomes
      a
      foreign person. The undersigned understands that this certificate may be
      disclosed to the Internal Revenue Service by the Trust and any false statement
      contained therein could be punishable by fines, imprisonment or
      both.

     

    

    Under
      penalties of perjury, I declare that I have examined this certificate and to
      the
      best of my knowledge and belief it is true, correct and complete and will
      further declare that I will inform the Trust of any change in the information
      provided above, and, if applicable, I further declare that I have the authority*
      to sign this document.

     

    

    

      
        	 	 
	 	 	 
	 	
                
                  Name

                

              	 
	 	
                
                  Title
                    (if applicable)

                

              
	 	
                
                  Signature
                    and Date

                

              	 

      

      

    

     

    *Note:
      If
      signed pursuant to a power of attorney, the power of attorney must accompany
      this certificate.

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    EXHIBIT
      E

    

    FORM
      OF
      INVESTMENT LETTER [NON-RULE 144A]

    

     

    

     

    [DATE]

     

    

     

    [Certificate
      Registrar]

     

    Re: [National
      City Mortgage Capital LLC [Mortgage] Loan Trust], Series 20__-____

    Mortgage-Backed
      Notes, Series, ___- __(the “Certificates”)

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above-captioned Certificates, we certify
      that (a) we understand that the Certificates are not being registered under
      the
      Securities Act of 1933, as amended (the “Act”), or any state securities laws and
      are being transferred to us in a transaction that is exempt from the
      registration requirements of the Act and any such laws, (b) we are an
“accredited investor,” as defined in Regulation D under the Act, and have such
      knowledge and experience in financial and business matters that we are capable
      of evaluating the merits and risks of investments in the Certificates, (c)
      we
      have had the opportunity to ask questions of and receive answers from the
      Depositor concerning the purchase of the Certificates and all matters relating
      thereto or any additional information deemed necessary to our decision to
      purchase the Certificates, (d) we are not an employee benefit plan that is
      subject to the Employee Retirement Income Security Act of 1974, as amended,
      or a
      plan that is subject to Section 4975 of the Internal Revenue Code of 1986,
      as
      amended, nor are we acting on behalf of any such plan, (e) we are acquiring
      the
      Certificates for investment for our own account and not with a view to any
      distribution of such Certificates (but without prejudice to our right at all
      times to sell or otherwise dispose of the Certificates in accordance with clause
      (g) below), (f) we have not offered or sold any Certificates to, or solicited
      offers to buy any Certificates from, any person, or otherwise approached or
      negotiated with any person with respect thereto, or taken any other action
      which
      would result in a violation of Section 5 of the Act, and (g) we will not sell,
      transfer or otherwise dispose of any Certificates unless (1) such sale, transfer
      or other disposition is made pursuant to an effective registration statement
      under the Act or is exempt from such registration requirements, and if
      requested, we will at our expense provide an opinion of counsel satisfactory
      to
      the addressees of this certificate that such sale, transfer or other disposition
      may be made pursuant to an exemption from the Act, (2) the purchaser or
      transferee of such Certificate has executed and delivered to you a certificate
      to substantially the same effect as this certificate, and (3) the purchaser
      or
      transferee has otherwise complied with any conditions for transfer set forth
      in
      the Trust Agreement.

     

    Very
      truly yours,

     

    

     

    [TRANSFEREE]

     

    By:____________________________

     

    Authorized
      OfficerUnassociated Document

    EXHIBIT
      4.5

     

    

     

    NATIONAL
      CITY MORTGAGE CAPITAL LLC Trust
      Series 20____
      -
      __

     

     

    Issuer

     

    and

     

     

    [Name
      of
      Indenture Trustee]

     

     

    Indenture
      Trustee

     

     

     

    __________________________________

     

     

    INDENTURE

     

     

    Dated
      as
      of _________ __, 200_

     

     

    __________________________________

     

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

    

    

     

     

    

     

    Mortgage
      Backed Pass-Through Certificates

    

    

    Series
      20__-____

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    TABLE
      OF
      CONTENTS

     

     

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01. Definitions 

    Section
      1.02. Incorporation by Reference of Trust Indenture Act 

    Section
      1.03. Rules of Construction 

     

    ARTICLE
      II

     

    ORIGINAL
      ISSUANCE OF NOTES

     

    Section
      2.01. Form 

    Section
      2.02. Execution, Authentication and Delivery 

     

    ARTICLE
      III

     

    COVENANTS

     

    Section
      3.01. Collection of Payments With Respect to the Mortgage Loans 

    Section
      3.02. Maintenance of Office or Agency 

    Section
      3.03. Money For Payments to be Held In Trust; Paying Agent 

    Section
      3.04. Existence 

    Section
      3.05. Payment of Principal and Interest; Defaulted Interest 

    Section
      3.06. Protection of Trust Estate 

    Section
      3.07. Opinions as to Trust Estate 

    Section
      3.08. Performance of Obligations; Servicing Agreement 

    Section
      3.09. Negative Covenants 

    Section
      3.10. Annual Statement as to Compliance 

    Section
      3.11. Recording of Assignments 

    Section
      3.12. Representations and Warranties Concerning the Mortgage Loans 

    Section
      3.13. Amendments to Servicing Agreement 

    Section
      3.14. Master Servicer as Agent and Bailee of the Mortgage Loans
      Holder 

    Section
      3.15. Investment Company Act 

    Section
      3.16. Issuer May Consolidate, Etc 

    Section
      3.17. Successor or Transferee 

    Section
      3.18. No Other Business 

    Section
      3.19. No Borrowing 

    Section
      3.20. Guarantees, Loans, Advances and Other Liabilities 

    Section
      3.21. Capital Expenditures 

    Section
      3.22. [Reserved]. 

    Section
      3.23. Restricted Payments 

    Section
      3.24. Notice of Events of Default 

    Section
      3.25. Further Instruments and Acts 

    Section
      3.26. Statements to Noteholders 

    Section
      3.27. Determination of Note Interest Rate 

    Section
      3.28. Payments Under the Note Insurance Policy 

    Section
      3.29. Replacement Note Insurance Policy 

     

    ARTICLE
      IV

     

    THE
      NOTES; SATISFACTION AND DISCHARGE OF INDENTURE

     

    Section
      4.01. The Notes 

    Section
      4.02. Registration
      of and Limitations On Transfer and Exchange of Notes; 

    Appointment
      of Certificate Registrar

    Section
      4.03. Mutilated, Destroyed, Lost or Stolen Notes 

    Section
      4.04. Persons Deemed Owners 

    Section
      4.05. Cancellation 

    Section
      4.06. Book-Entry Notes 

    Section
      4.07. Notices to Depository 

    Section
      4.08. Definitive Notes 

    Section
      4.09. Tax Treatment 

    Section
      4.10. Satisfaction and Discharge of Indenture 

    Section
      4.11. Application of Trust Money 

    Section
      4.12. Subrogation and Cooperation 

    Section
      4.13. Repayment of Monies Held by Paying Agent 

    Section
      4.14. Temporary Notes 

     

    ARTICLE
      V

     

    DEFAULT
      AND REMEDIES

     

    Section
      5.01. Events of Default 

    Section
      5.02. Acceleration of Maturity; Rescission and Annulment 

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

    Section
      5.04. Remedies; Priorities 

    Section
      5.05. Optional Preservation of the Trust Estate 

    Section
      5.06. Limitation of Suits 

    Section
      5.07. Unconditional Rights of Noteholders to Receive Principal and
      Interest 

    Section
      5.08. Restoration of Rights and Remedies 

    Section
      5.09. Rights and Remedies Cumulative 

    Section
      5.10. Delay or Omission Not a Waiver 

    Section
      5.11. Control By Noteholders 

    Section
      5.12. Waiver of Past Defaults 

    Section
      5.13. Undertaking for Costs 

    Section
      5.14. Waiver of Stay or Extension Laws 

    Section
      5.15. Sale of Trust Estate 

    Section
      5.16. Action on Notes 

    Section
      5.17. Performance and Enforcement of Certain Obligations 

     

    ARTICLE
      VI

     

    THE
      INDENTURE TRUSTEE

     

    Section
      6.01. Duties of Indenture Trustee 

    Section
      6.02. Rights of Indenture Trustee 

    Section
      6.03. Individual Rights of Indenture Trustee 

    Section
      6.04. Indenture Trustee’s Disclaimer 

    Section
      6.05. Notice of Event of Default 

    Section
      6.06. Reports by Indenture Trustee to Holders 

    Section
      6.07. Compensation and Indemnity 

    Section
      6.08. Replacement of Indenture Trustee 

    Section
      6.09. Successor Indenture Trustee by Merger 

    Section
      6.10. Appointment of Co-Indenture Trustee or Separate Indenture
      Trustee 

    Section
      6.11. Eligibility; Disqualification 

    Section
      6.12. Preferential Collection of Claims Against Issuer 

    Section
      6.13. Representation and Warranty 

    Section
      6.14. Directions to Indenture Trustee 

    Section
      6.15. [ No
      Consent to Certain Acts of Depositor

    Section
      6.16. Indenture Trustee May Own Securities 

     

    ARTICLE
      VII

     

    NOTEHOLDERS’
      LISTS AND REPORTS

     

    Section
      7.01. Issuer to Furnish Indenture Trustee Names and Addresses of
      Noteholders 

    Section
      7.02. Preservation of Information; Communications to Noteholders 

    Section
      7.03. Reports by Issuer 

    Section
      7.04. Reports by Indenture Trustee 

     

    ARTICLE
      VIII

     

    ACCOUNTS,
      DISBURSEMENTS AND RELEASES

     

    Section
      8.01. Collection of Money 

    Section
      8.02. Trust Accounts 

    Section
      8.03. Officer’s Certificate 

    Section
      8.04. Termination Upon Distribution to Noteholders 

    Section
      8.05. Release of Trust Estate 

    Section
      8.06. Surrender of Notes Upon Final Payment 

     

    ARTICLE
      IX

     

    SUPPLEMENTAL
      INDENTURES

     

    Section
      9.01. Supplemental Indentures Without Consent of Noteholders 

    Section
      9.02. Supplemental Indentures With Consent of Noteholders 

    Section
      9.03. Execution of Supplemental Indentures 

    Section
      9.04. Effect of Supplemental Indenture 

    Section
      9.05. Conformity With Trust Indenture Act 

    Section
      9.06. Reference in Notes to Supplemental Indentures 

     

    ARTICLE
      X

     

    MISCELLANEOUS

     

    Section
      10.01. Compliance Certificates and Opinions, Etc 

    Section
      10.02. Form of Documents Delivered to Indenture Trustee 

    Section
      10.03. Acts of Noteholders 

    Section
      10.04. Notices, Etc., to Indenture Trustee, Issuer, Note Insurer and Rating
      Agencies 

    Section
      10.05. Notices to Noteholders; Waiver 

    Section
      10.06. Alternate Payment and Notice Provisions 

    Section
      10.07. Conflict With Trust Indenture Act 

    Section
      10.08. Effect of Headings 

    Section
      10.09. Successors and Assigns 

    Section
      10.10. Separability 

    Section
      10.11. Benefits of Indenture 

    Section
      10.12. Legal Holidays 

    Section
      10.13. GOVERNING LAW 

    Section
      10.14. Counterparts 

    Section
      10.15. Recording of Indenture 

    Section
      10.16. Issuer Obligation 

    Section
      10.17. No Petition 

    Section
      10.18. Inspection 

    Section
      10.19. Authority of the Administrator 

    

     

    EXHIBITS

     

    

    Exhibit
      A
      - Form
      of
      Notes

    

    Appendix
      A Definitions

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    This
      Indenture, dated as of _______________, between

     

    [National
      City Mortgage Capital LLC [Mortgage] Loan Trust], Series 20__-____, a Delaware
      business trust, as Issuer (the “Issuer”), and ____________________________, 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 Issuer’s Mortgage Backed
      Pass-Through Certificates, Series _____, (the “Notes”).

     

    GRANTING
      CLAUSE

     

    The
      Issuer hereby Grants to the Indenture Trustee at the Closing Date, as trustee
      for the benefit of the Holders of the Notes, all of the Issuer’s right, title
      and interest in and to whether now existing or hereafter created by (a) the
      Mortgage Loans and the proceeds thereof, (b) all funds on deposit in the Funding
      Account, including all income from the investment and reinvestment of funds
      therein, (c) all funds on deposit from time to time in the Collection Account
      allocable to the Mortgage Loans excluding any investment income from such funds;
      (d) all funds on deposit from time to time in the Payment Account and in all
      proceeds thereof; (e) the Policy and (f) all present and future claims, demands,
      causes and chooses 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, equally
      and
      ratably without prejudice, priority or distinction, 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 agrees to perform its duties as Indenture Trustee
      as required herein.

     

     

    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 Issuer 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 rule have the meaning
      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.

     

     

    ARTICLE
      II 

     

    ORIGINAL
      ISSUANCE OF NOTES

     

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

     

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

     

    The
      terms
      of the Notes set forth in Exhibit A are part of the terms of this
      Indenture.

     

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

     

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

     

    The
      Indenture Trustee shall upon Issuer Request authenticate and deliver Notes
      for
      original issue in an aggregate initial principal amount of
      $___________.

     

    Each
      Note
      shall be dated the date of its authentication. The Notes shall be issuable
      as
      registered Notes and the Notes shall be issuable in the minimum initial Security
      Balances of $_______ and in integral multiples of $_____ in excess
      thereof.

     

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

     

     

    ARTICLE
      III

     

    COVENANTS

     

    Section
      3.01.   Collection
      of Payments With Respect to the Mortgage Loans.
      The
      Indenture Trustee shall establish and maintain with itself a trust account
      (the
“Payment Account”) in which the Indenture Trustee shall, subject to the terms of
      this paragraph, deposit, on the same day as it is received from the Master
      Servicer, each remittance received by the Indenture Trustee with respect to
      the
      Mortgage Loans. The Indenture Trustee shall make all payments of principal
      of
      and interest on the Notes, subject to Section 3.03 as provided in Section 3.05
      herein from monies on deposit in the Payment Account.

     

    Section
      3.02.   Maintenance
      of Office or Agency.
      The
      Issuer will maintain in the [County of ______, The City of ______,] an office
      or
      agency where, subject to satisfaction of conditions set forth herein, Notes
      may
      be surrendered for registration of transfer or exchange, and where notices
      and
      demands to or upon the Issuer in respect of the Notes and this Indenture may
      be
      served. The Issuer hereby initially appoints the Indenture Trustee to serve
      as
      its agent for the foregoing purposes. If at any time the Issuer shall fail
      to
      maintain any such office or agency or shall fail to furnish the Indenture
      Trustee with the address thereof, such surrenders, notices and demands may
      be
      made or served at the Corporate Trust Office, and the Issuer hereby appoints
      the
      Indenture Trustee as its agent to receive all such surrenders, notices and
      demands.

     

    Section
      3.03.   Money
      For Payments to be Held In Trust; Paying Agent.
      (a)
      As
      provided in Section 3.01, all payments of amounts due and payable with respect
      to any Notes that are to be made from amounts withdrawn from the Payment Account
      pursuant to Section 3.01 shall be made on behalf of the Issuer by the Indenture
      Trustee or by the Paying Agent, and no amounts so withdrawn from the Payment
      Account for payments of Notes shall be paid over to the Issuer except as
      provided in this Section 3.03.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Subject
      to applicable laws with respect to escheat of funds, any money held by the
      Indenture Trustee or any Paying Agent in trust for the payment of any amount
      due
      with respect to any Note and remaining unclaimed for one year after such amount
      has become due and payable shall be discharged from such trust and be paid
      to
      the Issuer on Issuer Request; and the Holder of such Note shall thereafter,
      as
      an unsecured general creditor, look only to the Issuer for payment thereof
      (but
      only to the extent of the amounts so paid to the Issuer), and all liability
      of
      the Indenture Trustee or such Paying Agent with respect to such trust money
      shall thereupon cease; provided, however, that the Indenture Trustee or such
      Paying Agent, before being required to make any such repayment, shall at the
      expense and direction of the Issuer cause to be published once, in an Authorized
      Newspaper published in the English language, notice that such money remains
      unclaimed and that, after a date specified therein, which shall not be less
      than
      30 days from the date of such publication, any unclaimed balance of such money
      then remaining will be repaid to the Issuer. The Indenture Trustee may also
      adopt and employ, at the expense and direction of the Issuer, any other
      reasonable means of notification of such repayment (including, but not limited
      to, mailing notice of such repayment to Holders whose Notes have been called
      but
      have not been surrendered for redemption or whose right to or interest in monies
      due and payable but not claimed is determinable from the records of the
      Indenture Trustee or of any Paying Agent, at the last address of record for
      each
      such Holder).

     

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

     

    Section
      3.05.   Payment
      of Principal and Interest; Defaulted Interest.
      (a)
      On each
      Payment Date from amounts on deposit in the Payment Account after making (x)
      any
      deposit to the Funding Account pursuant to Section 8.02(b) and (y) any deposits
      to the Payment Account pursuant to Section 8.02(c)(ii) and Section
      8.02(c)(i)(2), the Indenture Trustee shall pay to the Noteholders, the
      Certificate Paying Agent, on behalf of the Certificateholders, and to other
      Persons the amounts to which they are entitled as set forth below:

     

    (i)  To
      the
      Noteholders the sum of (a) one month’s interest at the Note Interest Rate on the
      Security Balances of Notes immediately prior to such Payment Date and (b) any
      previously accrued and unpaid interest for prior Payment Dates;

     

    (ii)  if
      such
      Payment Date is after the Funding Period, to the Noteholders, as principal
      on
      the Notes, the applicable Security Percentage of the Principal Collection
      Distribution Amount and if such Payment Date is the first Payment Date following
      the end of the Funding Period (if ending due to an Amortization Event) or the
      Payment Date on which the Funding Period ends, to the Noteholders as principal
      on the Notes the applicable Security Percentage of the amount deposited from
      the
      Funding Account in respect of Security Principal Collections;

     

    (iii)  to
      the
      Noteholders, as principal on the Notes, from the amount remaining on deposit
      in
      the Payment Account, up to the applicable Security Percentage of Liquidation
      Loss Amounts for the related Collection Period;

     

    (iv)  to
      the
      Noteholders, as principal on the Notes, from the amount remaining on deposit
      in
      the Payment Account, up to the applicable Security Percentage of Carryover
      Loss
      Amounts;

     

    (v)  to
      the
      Note Insurer, in the amount of the premium for the Note Insurance Policy and
      for
      any Additional Note Insurance Policy;

     

    (vi)  to
      the
      Note Insurer, to reimburse it for prior draws made on the Note Insurance Policy
      and on any Additional Note Insurance Policy (with interest thereon as provided
      in the Insurance Agreement);

     

    (vii)  to
      the
      Noteholders, as principal on the Notes based on the Security Balances from
      Security Interest Collections, up to the Special Capital Distribution Amount
      for
      such Payment Date;

     

    (viii)  to
      the
      Note Insurer, any other amounts owed to the Note Insurer pursuant to the
      Insurance Agreement;

     

    (ix)  
      [Reserved];

     

    (x)  to
      reimburse the Administrator for expenditures made on behalf of the Issuer with
      respect to the performance of its duties under the Indenture; and

     

    (xi)  any
      remaining amount, to the Certificate Paying Agent, on behalf of the
      Certificates.

     

    provided,
      however,
      in the
      event that on a Payment Date a Note Insurer Default shall have occurred and
      be
      continuing then the priorities of distributions described above will be adjusted
      such that payments of the Certificate Distribution Amount and all other amounts
      to be paid to the Certificate Paying Agent will not be paid until the full
      amount of interest and principal in accordance with clauses (i), (x) and (ii)
      through (iv) above that are due on the Notes on such Payment Date have been
      paid
      and provided,
      further,
      that on
      the Final Scheduled Payment Date or other final Payment Date, the amount to
      be
      paid pursuant to clause (ii) above shall be equal to the Security Balances
      of
      the Securities immediately prior to such Payment Date.

     

    On
      each
      Payment Date, the Certificate Paying Agent shall deposit in the Certificate
      Distribution Account all amounts it received pursuant to this Section 3.05
      for
      the purpose of distributing such funds to the Certificateholders.

     

    The
      amounts paid to Noteholders shall be paid to each Class in accordance with
      the
      Class Percentage as set forth in paragraph (b) below. Interest will accrue
      on
      the Notes during an Interest Period on the basis of the actual number of days
      in
      such Interest Period and a year assumed to consist of 360 days.

     

    [Any
      installment of interest or principal, if any, payable on any Note or Certificate
      that is punctually paid or duly provided for by the Issuer on the applicable
      Payment Date shall, if such Holder holds Notes or Certificates of an aggregate
      initial Principal Balance of at least $_________, be paid to each Holder of
      record on the preceding Record Date, by wire transfer to an account specified
      in
      writing by such Holder reasonably satisfactory to the Indenture Trustee as
      of
      the preceding Record Date or in all other cases or if no such instructions
      have
      been delivered to the Indenture Trustee, by check to such Noteholder mailed
      to
      such Holder’s address as it appears in the Note Register the amount required to
      be distributed to such Holder on such Payment Date pursuant to such Holder’s
      Securities; provided,
      however,
      that
      the Indenture Trustee shall not pay to such Holders any amount required to
      be
      withheld from a payment to such Holder by the Code.]

     

    (b)  The
      principal of each Note shall be due and payable in full on the Final Scheduled
      Payment Date for such Note as provided in the form of Note set forth in Exhibit
      A. All principal payments on each Class of Notes shall be made to the
      Noteholders of such Class entitled thereto in accordance with the Percentage
      Interests represented by such Notes. Upon notice to the Indenture Trustee by
      the
      Issuer, the Indenture Trustee shall notify the Person in whose name a Note
      is
      register ed at the close of business on the Record Date preceding the Final
      Scheduled Payment Date or other final Payment Date. Such notice shall 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.

     

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

     

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

     

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

     

    (iii)  cause
      the
      Issuer to enforce any of 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
      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 3.07 (or from the jurisdiction in which it was held as described in
      the
      Opinion of Counsel delivered at the Closing Date pursuant to Section 3.07(a),
      if
      no Opinion of Counsel has yet been delivered pursuant to Section 3.07(b) unless
      the 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
      Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact
      to
      execute any financing statement, continuation statement or other instrument
      required to be executed pursuant to this Section 3.06.

     

    Section
      3.07.   Opinions
      as to Trust Estate.
      (a)
      On the
      Closing Date, the Issuer 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 security interest in the Mortgage Loans and reciting
      the
      details of such action, or stating that, in the opinion of such counsel, no
      such
      action is necessary to make such lien and security interest
      effective.

     

    (b)  On
      or
      before ___________ in each calendar year, beginning in ____, the Issuer shall
      furnish to the Indenture Trustee an Opinion of Counsel at the expense of the
      Issuer 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 necessary to maintain the lien and security
      interest in the Mortgage Loans 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 Mortgage Loans until December 31 in the following
      calendar year.

     

    Section
      3.08.   Performance
      of Obligations; Servicing Agreement.
      (a)
      The
      Issuer will 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
      Issuer 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 Issuer shall be
      deemed to be action taken by the Issuer. Initially, the Issuer has contracted
      with the Administrator to assist the Issuer in performing its duties under
      this
      Indenture.

     

    (c)  The
      Issuer will 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 Servicing Agreement. The Indenture Trustee,
      as pledgee of the Mortgage Loans, shall be able to exercise the rights Issuer
      and the Mortgage Loans holder, to direct the actions of the Master
      Servicer.

     

    (d)  The
      Issuer shall at all times retain an Administrator (approved by the Note Insurer
      under the Administration Agreement) and may enter into contracts with other
      Persons for the performance of the Issuer’s obligations hereunder, and
      performance of such obligations by such Persons shall be deemed to be
      performance of such obligations by the Issuer.

     

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

     

    (i)  except
      as
      expressly permitted by this Indenture, sell, transfer, exchange or otherwise
      dispose of the Trust Estate, unless directed to do so by the Indenture
      Trustee;

     

    (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

     

    (iv)  waive
      or
      impair, or fail to assert rights under, the Mortgage Loans, or impair or cause
      to be impaired the Company’s or the Issuer’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
      3.10.   Annual
      Statement as to Compliance.

     

    The
      Servicer shall deliver to the Indenture Trustee, the Depositor and the Rating
      Agencies on or before March 15 of each year, commencing in 2007, an officer’s
      certificate (an “Annual Statement of Compliance”), certifying that with respect
      to the period ending December 31st of the prior year: (i) the Servicer or such
      Servicing Officer, as applicable, has reviewed the activities of the Servicer
      during the preceding calendar year or portion thereof and its performance under
      this Agreement or other applicable servicing agreement and (ii) to the best
      of
      the Servicer’s or such Servicing Officer’s, as applicable, knowledge, based on
      such review, the Servicer has performed and fulfilled its duties,
      responsibilities and obligations under this Agreement or other applicable
      servicing agreement in all material respects throughout such year, or, if there
      has been a failure to fullfill of any such duties, responsibilities or
      obligations, in any material respect, specifying each such failure known to
      such
      Servicing Officer and the nature and status of cure provisions thereof. Copies
      of any such statement shall be provided by the Indenture Trustee to any
      Certificateholder and to any Person identified to the Indenture Trustee as
      a
      prospective transferee of a Certificate, upon request at the expense of the
      requesting party, provided such statement is delivered by the Servicer to the
      Indenture Trustee. In addition to the foregoing, the Servicer will, to the
      extent reasonable, give any other servicing information required by the
      Securities and Exchange Commission pursuant to applicable law. The Servicer
      shall indemnify and hold harmless the Depositor and its officers, directors
      and
      Affiliates from and against any actual losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments
      and other costs and expenses that such Person may sustain based upon a breach
      of
      the Servicer’s obligations under this Section 3.20. Such Annual Statement of
      Compliance shall contain no restrictions or limitations on its use. In the
      event
      that the Servicer has delegated any servicing responsibilities with respect
      to
      the Mortgage Loans serviced by it to a Sub-Servicer, the Servicer shall deliver
      an officer's certificate of the Sub-Servicer as described above as to each
      Sub-Servicer as and when required with respect to the Servicer.

     

    If
      the
      Servicer cannot deliver the Annual Statement of Compliance by March 15th of
      such
      year, the Indenture Trustee, at its sole option, may permit a cure period for
      the related Servicer to deliver such Annual Statement of Compliance, but in
      no
      event later than March 30th of such year.

     

    Failure
      of the Servicer to timely comply with this Section 3.20 shall be deemed an
      Servicer Event of Termination, automatically, without notice and without any
      cure period, and the Indenture Trustee may, in addition to whatever rights
      the
      Indenture Trustee may have under this Agreement and at law or equity or to
      damages, including injunctive relief and specific performance, terminate all
      the
      rights and obligations of the Servicer under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof without compensating the Servicer for
      the same. This paragraph shall supercede any other provision in this Agreement
      or any other agreement to the contrary

     

    Section
      3.11.   Recording
      of Assignments.
      The
      Company shall cause the to exercise its right under the Mortgage Loan Purchase
      Agreement with respect to the obligation of the Seller to submit or cause to
      be
      submitted for recording all Assignments of Mortgages on or prior to
      ______________ with respect to the Initial Loans and within 60 days following
      the related Deposit Date with respect to any Additional Loans.

     

    Section
      3.12.   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 Seller in Section [____] and Section
      [____] of the Mortgage Loan Purchase Agreement concerning the Mortgage Loans
      and
      the right to enforce the remedies against the Seller provided in such Section
      [____] or Section [____] to the same extent as though such representations
      and
      warranties were made directly to the Indenture Trustee.

     

    Section
      3.13.   Amendments
      to Servicing Agreement.
      The
      Issuer covenants with the Indenture Trustee that it will not enter into any
      amendment or supplement to the Servicing Agreement in accordance with Section
      8.01 of the Servicing Agreement without the prior written consent of the
      Indenture Trustee. The Indenture Trustee, as pledgee of the Mortgage Loans,
      may,
      in its discretion, decline to enter into or consent to any such supplement
      or
      amendment if its own rights, duties or immunities shall be adversely
      affected.

     

    Section
      3.14.   Master
      Servicer as Agent and Bailee of the Mortgage Loans Holder.
      Solely
      for purposes of perfection under Section 9-305 of the Uniform Commercial Code
      or
      other similar applicable law, rule or regulation of the state in which such
      property is held by the Master Servicer, the Indenture Trustee hereby
      acknowledges that the Master Servicer is acting as agent and bailee of the
      Mortgage Loans holder in holding amounts on deposit in the Collection Account
      pursuant to Section 3.02 of the Servicing Agreement, as well as its agent and
      bailee in holding any Related Documents released to the Master Servicer pursuant
      to Section 3.06(c) of the Servicing Agreement, and any other items constituting
      a part of the Trust Estate which from time to time come into the possession
      of
      the Master Servicer. It is intended that, by the Master Servicer’s acceptance of
      such agency pursuant to Section 3.02 of the Servicing Agreement, the Trustee,
      as
      a secured party of the Mortgage Loans, will be deemed to have possession of
      such
      Related Documents, such monies and such other items for purposes of Section
      9-305 of the Uniform Commercial Code of the state in which such property is
      held
      by the Master Servicer.

     

    Section
      3.15.   Investment
      Company Act.
      The
      Issuer shall not become an “investment company” or 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 Issuer shall be in compliance with
      this
      Section 3.15 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.

     

    Section
      3.16.   Issuer
      May Consolidate, Etc.
      (a)
      The
      Issuer shall not consolidate or merge with or into any other Person,
      unless:

     

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

     

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

     

    (iii)  the
      Rating Agencies shall have notified the Issuer that such transaction shall
      not
      cause the rating of the Notes [or the Certificates] to be reduced, suspended
      or
      withdrawn or to be considered by either Rating Agency to be below investment
      grade without taking into account the Note Insurance Policy;

     

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

     

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

     

    (vi)  the
      Issuer shall have delivered to the Indenture Trustee an 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 relating to such transaction have been complied
      with (including any filing required by the Exchange Act).

     

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

     

    (i)  the
      Person that acquires by conveyance or transfer the properties and assets of
      the
      Issuer the conveyance or transfer of which is hereby restricted shall (A) be
      a
      United States citizen or a Person organized and existing under the laws of
      the
      United States of America or any state, (B) expressly assumes, by an indenture
      supplemental hereto, executed and delivered to the Indenture Trustee, in form
      satisfactory to the Indenture Trustee, the due and punctual payment of the
      principal of and interest on all Notes and the performance or observance of
      every agreement and covenant of this Indenture on the part of the Issuer to
      be
      performed or observed, all as provided herein, (C) expressly agrees by means
      of
      such supplemental indenture that all right, title and interest so conveyed
      or
      transferred shall be subject and subordinate to the rights of Holders of the
      Notes, (D) unless otherwise provided in such supplemental indenture, expressly
      agrees to indemnify, defend and hold harmless the Issuer against and from any
      loss, liability or expense arising under or related to this Indenture and the
      Notes and (E) expressly agrees 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)  the
      Rating Agencies shall have notified the Issuer that such transaction shall
      not
      cause the rating of the Notes or the Certificates to be reduced, suspended
      or
      withdrawn;

     

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

     

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

     

    (vi)  the
      Issuer shall have delivered to the Indenture Trustee an 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
      3.17.   Successor
      or Transferee.
      (a)
      Upon any
      consolidation or merger of the Issuer in accordance with Section 3.16(a), the
      Person formed by or surviving such consolidation or merger (if other than the
      Issuer) shall succeed to, and be substituted for, and may exercise every right
      and power of, the Issuer under this Indenture with the same effect as if such
      Person had been named as the Issuer herein.

     

    (b)  Upon
      a
      conveyance or transfer of all the assets and properties of the Issuer pursuant
      to Section 3.16(b), the Issuer will be released from every covenant and
      agreement of this Indenture to be observed or performed on the part of the
      Issuer with respect to the Notes immediately upon the delivery of written notice
      to the Indenture Trustee of such conveyance or transfer.

     

    Section
      3.18.   No
      Other Business.
      The
      Issuer shall not engage in any business other than financing, purchasing, owning
      and selling and managing the Mortgage Loans and the issuance of the Notes and
      Certificates in the manner contemplated by this Indenture and the Basic
      Documents and all activities incidental thereto.

     

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

     

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

     

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

     

    Section
      3.22.   [Reserved]. 

     

    Section
      3.23.   Restricted
      Payments.
      The
      Issuer shall not, directly or indirectly, (i) pay any dividend or make any
      distribution (by reduction of capital or otherwise), whether in cash, property,
      securities or a combination thereof, to the Owner Trustee or any owner of a
      beneficial interest in the Issuer or otherwise with respect to any ownership
      or
      equity interest or security in or of the Issuer, (ii) redeem, purchase, retire
      or otherwise acquire for value any such ownership or equity interest or security
      or (iii) set aside or otherwise segregate any amounts for any such purpose;
      provided,
      however,
      that
      the Issuer may make, or cause to be made, (x) distributions to the Owner Trustee
      and the Certificateholders as contemplated by, and to the extent funds are
      available for such purpose under the Trust Agreement, (y) payments to the Master
      Servicer pursuant to the terms of the Servicing Agreement and (z) payments
      to
      the Indenture Trustee pursuant to Section 1(a)(ii) of the Administration
      Agreement. The Issuer will not, directly or indirectly, make payments to or
      distributions from the Collection Account except in accordance with this
      Indenture and the Basic Documents.

     

    Section
      3.24.   Notice
      of Events of Default.
      The
      Issuer shall give the Indenture Trustee the Note Insurer and the Rating Agencies
      prompt written notice of each Event of Default hereunder and under the Trust
      Agreement.

     

    Section
      3.25.   Further
      Instruments and Acts.
      Upon
      request of the Indenture Trustee, the Issuer will execute and deliver such
      further instruments and do such further acts as may be reasonably necessary
      or
      proper to carry out more effectively the purpose of this Indenture.

     

    Section
      3.26.   Statements
      to Noteholders.
      The
      Indenture Trustee and the Certificate Registrar shall forward by mail to each
      Noteholder and Certificateholder, respectively, the Statement delivered to
      it
      pursuant to Section 4.01 of the Servicing Agreement.

     

    Section
      3.27.   Determination
      of Note Interest Rate.
      On the
      second LIBOR Business Day immediately preceding (i) the Closing Date in the
      case
      of the first Interest Period and (ii) the first day of each succeeding Interest
      Period, the Indenture Trustee shall determine LIBOR and the Note Interest Rate
      for such Interest Period and shall inform the Issuer, the Master Servicer and
      the Depositor at their respective facsimile numbers given to the Indenture
      Trustee in writing thereof.

     

    Section
      3.28.   Payments
      Under the Note Insurance Policy.
      (a)
      On any
      Payment Date, other than a Dissolution Payment Date, the Indenture Trustee
      on
      behalf of the Noteholders, and in its capacity as Certificate Paying Agent
      on
      behalf of the Certificateholders shall make a draw on the Note Insurance Policy
      in an amount if any equal to the sum of (x) the amount by which the interest
      accrued at the Note Interest Rate on the Security Balance of the Notes exceeds
      the amount on deposit in the Payment Account available to be distributed
      therefor on such Payment Date and (y) the Guaranteed Principal Payment Amount
      (the “Credit Enhancement Draw Amount”).

     

    (b)  The
      Indenture Trustee shall submit, if a Credit Enhancement Draw Amount is specified
      in any Statement to Holders prepared by the Master Servicer pursuant to Section
      4.01 of the Servicing Agreement, the Notice for Payment (as defined in the
      Note
      Insurance Policy) in the amount of the Credit Enhancement Draw Amount to the
      Note Insurer no later than _____________ time, on the second Business Day prior
      to the applicable Payment Date. Upon receipt of such Credit Enhancement Draw
      Amount in accordance with the terms of the Note Insurance Policy, the Indenture
      Trustee shall deposit such Credit Enhancement Draw Amount in the Payment Account
      for distribution to Holders (and the Certificate Paying Agent on behalf of
      the
      Certificates) pursuant to Section 3.05.

     

    In
      addition, a draw may be made under the Note Insurance Policy in respect of
      any
      Avoided Payment (as defined in and pursuant to the terms and conditions of
      the
      Note Insurance Policy) and the Indenture Trustee shall submit a Notice for
      Payment with respect thereto together with the other documents required to
      be
      delivered to the Note Insurer pursuant to the Note Insurance Policy in
      connection with a draw in respect of any Avoided Payment.

     

    (c)  In
      the
      event that any Additional Note Insurance Policys are issued pursuant to Section
      4.01 and Section 2.02(B) of the Insurance Agreement, the Indenture Trustee
      shall
      be authorized to make draws thereon subject to the terms and conditions
      therein.

     

    Section
      3.29.   Replacement
      Note Insurance Policy.
      In the
      event of a Note Insurer Default or if the claims paying ability rating of the
      Note Insurer is downgraded and such downgrade results in a downgrading of the
      then current rating of the Securities (in each case, a “Replacement Event”), the
      Issuer, at its expense, in accordance with and upon satisfaction of the
      conditions set forth in the Note Insurance Policy, including, without
      limitation, payment in full of all amounts owed to the Note Insurer, may, but
      shall not be required to, substitute a new surety bond or surety bonds for
      the
      existing Note Insurance Policy or may arrange for any other form of credit
      enhancement; provided,
      however,
      that in
      each case the Notes shall be rated no lower than the rating assigned by each
      Rating Agency to the Notes immediately prior to such Replacement Event and
      the
      timing and mechanism for drawing on such new credit enhancement shall be
      reasonably acceptable to the Indenture Trustee and provided further that the
      premiums under the proposed credit enhancement shall not exceed such premiums
      under the existing Note Insurance Policy. It shall be a condition to
      substitution of any new credit enhancement that there be delivered to the
      Indenture Trustee (i) an Opinion of Counsel, acceptable in form to the Indenture
      Trustee, from counsel to the provider of such new credit enhancement with
      respect to the enforceability thereof and such other matters as the Indenture
      Trustee may require and (ii) an Opinion of Counsel to the effect that such
      substitution would not (a) adversely affect in any material respect the tax
      status of the Notes or (b) cause the Issuer to be subject to a tax at the entity
      level. Upon receipt of the items referred to above and payment of all amounts
      owing to the Note Insurer and the taking of physical possession of the new
      credit enhancement, the Indenture Trustee shall, within _____ Business Days
      following receipt of such items and such taking of physical possession, deliver
      the replaced Note Insurance Policy to the Note Insurer. In the event of any
      such
      replacement the Issuer shall give written notice thereof to the Rating
      Agencies.

     

    ARTICLE
      IV  

     

    THE
      NOTES; SATISFACTION AND DISCHARGE OF INDENTURE

     

    Section
      4.01.   The
      Notes.
      The
      Notes shall be registered in the name of a nominee designated by the Depository.
      Beneficial Owners will hold interests in the Notes through the book-entry
      facilities of the Depository in minimum initial Principal Balances of $______
      and integral multiples of $_______ in excess thereof.

     

    The
      Indenture Trustee 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 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, 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 Indenture Trustee 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 Issuer
      and the Indenture Trustee, 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
      Indenture Trustee with the approval of the Issuer 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 Issuer by the Owner
      Trustee, not in its individual capacity but solely as Owner Trustee,
      authenticated by the Note Registrar and delivered by the Indenture Trustee
      to or
      upon the order of the Issuer.

     

    Section
      4.02.   Registration
      of and Limitations On Transfer and Exchange of Notes; Appointment of Certificate
      Registrar.
      The
      Issuer shall cause to be kept at its Corporate Trust Office a Note Register
      in
      which, subject to such reasonable regulations as it may prescribe, the Note
      Registrar shall provide for the registration of Notes and of transfers and
      exchanges of Notes as herein provided.

     

    Subject
      to the restrictions and limitations set forth below, upon surrender for
      registration of transfer of any Note at the Corporate Trust Office, the
      Indenture Trustee shall execute and the Note Registrar shall authenticate and
      deliver, in the name of the designated transferee or transferees, one or more
      new Notes in authorized initial Security Balances evidencing the same aggregate
      Percentage Interests.

     

    Subject
      to the foregoing, at the option of the Noteholders, Notes may be exchanged
      for
      other Notes of like tenor or, in each case in authorized initial Principal
      Balances evidencing the same aggregate Percentage Interests upon surrender
      of
      the Notes to be exchanged at the Corporate Trust Office of the Note Registrar.
      Whenever any Notes are so surrendered for exchange, the Indenture Trustee shall
      execute and the Note Registrar shall authenticate and deliver the Notes which
      the Note holder making the exchange is entitled to receive. Each Note presented
      or surrendered for registration of transfer or exchange shall (if so required
      by
      the Note Registrar) be duly endorsed by, or be accompanied by a written
      instrument of transfer in form reasonably satisfactory to the Note Registrar
      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.

     

    No
      service charge shall be made for any registration of transfer or exchange of
      Notes, but the Note Registrar 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.

     

    All
      Notes
      surrendered for registration of transfer and exchange shall be canceled by
      the
      Note Registrar and delivered to the Indenture Trustee for subsequent destruction
      without liability on the part of either.

     

    The
      Issuer hereby appoints __________________________________ as Certificate
      Registrar to keep at its Corporate Trust Office a Certificate Register pursuant
      to Section 3.09 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 3.05 of the Trust Agreement. __________________________________ hereby
      accepts such appointment.

     

    Section
      4.03.   Mutilated,
      Destroyed, Lost or Stolen Notes.
      If (i)
      any mutilated Note is surrendered to the Indenture Trustee, or the Indenture
      Trustee receives evidence to its satisfaction of the destruction, loss or theft
      of any Note, and (ii) there is delivered to the Indenture Trustee such security
      or indemnity as may be required by it to hold the Issuer and the Indenture
      Trustee harmless, then, in the absence of notice to the Issuer, the Note
      Registrar or the Indenture Trustee that such Note has been acquired by a bona
      fide purchaser, and provided that the requirements of Section 8-405 of the
      UCC
      are met, the Issuer shall execute, and upon its request the Indenture Trustee
      shall authenticate and deliver, in exchange for or in lieu of any such
      mutilated, destroyed, lost or stolen Note, a replacement Note of the same Class;
      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 Issuer may pay such destroyed, lost
      or stolen Note when so due or payable without surrender thereof. If, after
      the
      delivery of such replacement Note or payment of a destroyed, lost or stolen
      Note
      pursuant to the proviso to the preceding sentence, a bona fide purchaser of
      the
      original Note in lieu of which such replacement Note was issued presents for
      payment such original Note, the Issuer and the Indenture Trustee shall be
      entitled to recover such replacement Note (or such payment) from the Person
      to
      whom it was delivered or any Person taking such replacement Note from such
      Person to whom such replacement Note was delivered or any assignee of such
      Person, except a bona fide purchaser, and shall be entitled to recover upon
      the
      security or indemnity provided therefor to the extent of any loss, damage,
      cost
      or expense incurred by the Issuer or the Indenture Trustee in connection
      therewith.

     

    Upon
      the
      issuance of any replacement Note under this Section 4.03, the Issuer 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 Indenture Trustee)
      connected therewith.

     

    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 Issuer, whether or not the mutilated,
      destroyed, lost or stolen Note shall be at any time enforceable by anyone,
      and
      shall be entitled to all the benefits of this Indenture equally and
      proportionately with any and all other Notes duly issued hereunder.

     

    The
      provisions of this Section 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 Issuer, the
      Indenture Trustee and any agent of the Issuer or the Indenture Trustee may
      treat
      the Person in whose name any Note is registered (as of the day of determination)
      as the owner of such Note for the purpose of receiving payments of principal
      of
      and interest, if any, on such Note and for all other purposes whatsoever,
      whether or not such Note be overdue, and neither the Issuer, the Indenture
      Trustee nor any agent of the Issuer 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 Indenture Trustee, be
      delivered to the Indenture Trustee and shall be promptly canceled by the
      Indenture Trustee. The Issuer may at any time deliver to the Indenture Trustee
      for cancellation any Notes previously authenticated and delivered hereunder
      which the Issuer may have acquired in any manner whatsoever, and all Notes
      so
      delivered shall be promptly canceled by the Indenture Trustee. No Notes shall
      be
      authenticated in lieu of or in exchange for any Notes canceled as provided
      in
      this Section 4.05, except as expressly permitted by this Indenture. All canceled
      Notes may be held or disposed of by the Indenture Trustee in accordance with
      its
      standard retention or disposal policy as in effect at the time unless the Issuer
      shall direct by an Issuer 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 Indenture Trustee.

     

    Section
      4.06.   Book-Entry
      Notes.
      The
      Notes, upon original issuance, will be issued in the form of typewritten Notes
      representing the Book-Entry Notes, to be delivered to The Depository Trust
      Company, the initial Depository, by, or on behalf of, the Issuer. Such Notes
      shall initially be registered on the Note Register in the name of Cede &
Co., the nominee of the initial 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. 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
      Note
      Registrar and the Indenture Trustee 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 Owners of Notes;

     

    (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
      Security Balances of the Notes, the Depository shall be deemed to represent
      such
      percentage 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 Indenture Trustee.

     

    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 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 Administrator advises the Indenture Trustee in writing that the Depository
      is no longer willing or able to properly discharge its responsibilities with
      respect to the Notes and the Administrator is unable to locate a qualified
      successor, (ii) the Administrator at its option advises the Indenture Trustee
      in
      writing that it elects to terminate the book-entry system through the Depository
      or (iii) after the occurrence of an Event of Default, Owners of Notes
      representing beneficial interests aggregating at least a majority of the
      Security Balances of the Notes advise the Depository in writing that the
      continuation of a book-entry system through the Depository is no longer in
      the
      best interests of the Beneficial Owners, then the Depository shall notify all
      Beneficial Owners and the Indenture Trustee of the occurrence of any such event
      and of the availability of Definitive Notes to Beneficial Owners requesting
      the
      same. Upon surrender to the Indenture Trustee of the typewritten Notes
      representing the Book-Entry Notes by the Depository, accompanied by registration
      instructions, the Issuer shall execute and the Indenture Trustee shall
      authenticate the Definitive Notes in accordance with the instructions of the
      Depository. None of the Issuer, the Note Registrar or the Indenture Trustee
      shall be liable for any delay in delivery of such instructions and may
      conclusively rely on, and shall be protected in relying on, such instructions.
      Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize
      the
      Holders of the Definitive Notes as Noteholders.

     

    Section
      4.09.   Tax
      Treatment.
      The
      Issuer has entered into this Indenture, and the Notes will be issued, with
      the
      intention that, for federal, state and local income, single business and
      franchise tax purposes, the Notes will qualify as indebtedness of the Issuer.
      The Issuer, by entering into this Indenture, and each Noteholder, by its
      acceptance of its Note (and each Beneficial Owner by its acceptance of an
      interest in the applicable Book-Entry Note), agree to treat the Notes for
      federal, state and local income, single business and franchise tax purposes
      as
      indebtedness of the Issuer.

     

    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, 3.16, 3.18 and 3.19, (v) the rights, obligations and
      immunities of the Indenture Trustee hereunder (including the rights of the
      Indenture Trustee under Section 6.07 and the obligations of the Indenture
      Trustee under Section 4.11) and (vi) the rights of Noteholders as beneficiaries
      hereof with respect to the property so deposited with the Indenture Trustee
      payable to all or any of them, and the Indenture Trustee, on demand of and
      at
      the expense of the Issuer, shall execute proper instruments acknowledging
      satisfaction and discharge of this Indenture with respect to the Notes,
      when

     

    (A)  either

     

    (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 and (ii) Notes for whose payment money has theretofore been
      deposited in trust or segregated and held in trust by the Issuer and thereafter
      repaid to the Issuer or discharged from such trust, as provided in Section
      3.03)
      have been delivered to the Indenture Trustee for cancellation; or

     

    (2)  all
      Notes
      not theretofore delivered to the Indenture Trustee 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 pursuant to Section 5.02.

     

    and
      the
      Issuer, in the case of a. or b. above, has irrevocably deposited or caused
      to be
      irrevocably deposited with the Indenture Trustee 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
      and
      Certificates then outstanding not theretofore delivered to the Indenture Trustee
      for cancellation when due on the Final Scheduled Payment Date;

     

    (B)  the
      Issuer has paid or caused to be paid all other sums payable hereunder and under
      the Insurance Agreement by the Issuer; and

     

    (C)  the
      Issuer has delivered to the Indenture Trustee and the Note Insurer an Officer’s
      Certificate, an Opinion of Counsel and each meeting the applicable requirements
      of Section 10.01 each stating that all conditions precedent herein provided
      for
      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 not have any material adverse tax consequences to the Issuer,
      any Noteholders or any Certificateholders.

     

    Section
      4.11.   Application
      of Trust Money.
      All
      monies deposited with the Indenture Trustee 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 Certificate Paying Agent, as the Indenture Trustee may
      determine, to the Holders of Securities, of all sums due and to become due
      thereon for principal and interest; but such monies need not be segregated
      from
      other funds except to the extent required herein or required by
      law.

     

    Section
      4.12.   Subrogation
      and Cooperation.
      (a)
      The
      Issuer and the Indenture Trustee acknowledge that (i) to the extent the Note
      Insurer makes payments under the Note Insurance Policy on account of principal
      of or interest on the Notes, the Note Insurer will be fully subrogated to the
      rights of such Holders to receive such principal and interest from the Issuer,
      and (ii) the Note Insurer shall be paid such principal and interest but only
      from the sources and in the manner provided herein and in the Insurance
      Agreement for the payment of such principal and interest.

     

    The
      Indenture Trustee shall cooperate in all respects with any reasonable request
      by
      the Note Insurer for action to preserve or enforce the Note Insurer’s rights or
      interest under this Indenture or the Insurance Agreement without limiting the
      rights of the Noteholders as otherwise set forth in the Indenture, including,
      without limitation, upon the occurrence and continuance of a default under
      the
      Insurance Agreement, a request to take any one or more of the following
      actions:

     

    (i)  institute
      Proceedings for the collection of all amounts then payable on the Notes, or
      under this Indenture in respect to the Notes and all amounts payable under
      the
      Insurance Agreement enforce any judgment obtained and collect from the Issuer
      monies adjudged due;

     

    (ii)  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;

     

    (iii)  file
      or
      record all Assignments that have not previously been recorded;

     

    (iv)  institute
      Proceedings from time to time for the complete or partial foreclosure of this
      Indenture; and

     

    (v)  exercise
      any remedies of a secured party under the Uniform Commercial Code and take
      any
      other appropriate action to protect and enforce the rights and remedies of
      the
      Note Insurer hereunder.

     

    Section
      4.13.   Repayment
      of Monies Held by Paying Agent.
      In
      connection with the satisfaction and discharge of this Indenture with respect
      to
      the Notes, all monies then held by any Administrator other than the Indenture
      Trustee under the provisions of this Indenture with respect to such Notes shall,
      upon demand of the Issuer, be paid to the Indenture Trustee to be held and
      applied according to Section 3.05 and thereupon such Paying Agent 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 Issuer may execute and upon its
      written direction, the Indenture Trustee 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 Issuer 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 office or agency of the Indenture
      Trustee, without charge to the Holder. Upon surrender for cancellation of any
      one or more temporary Notes, the Issuer shall execute and the Indenture Trustee
      shall authenticate and make available for delivery, in exchange therefor,
      Definitive Notes of authorized denominations and of like tenor 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.

     

     

    ARTICLE
      V 

     

    DEFAULT
      AND REMEDIES

     

    Section
      5.01.   Events
      of Default.
“Event
      of Default,” wherever used herein, shall have the meaning provided in Article I;
      provided, however, that no Event of Default will occur under clause (i) or
      clause (ii) of the definition of “Event of Default” if the Issuer fails to make
      payments of principal of and interest on the Notes so long as the Note Insurer
      makes payments sufficient therefore under the Note Insurance
      Policy.

     

    The
      Issuer shall deliver to the Indenture Trustee and the Note Insurer, within
      five
      days after learning of the occurrence of an Event of 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
      (iii)
      of the definition of “Event of Default”, its status and what action the Issuer
      is taking or proposes to take with respect thereto.

     

    Section
      5.02.   Acceleration
      of Maturity; Rescission and Annulment.
      If an
      Event of Default should occur and be continuing or if the Master Servicer shall
      purchase all of the Mortgage Loans pursuant to Section 8.08 of the Servicing
      Agreement, then and in every such case the Indenture Trustee or the Holders
      of
      Notes representing not less than a majority of the Security Balances of all
      Notes may declare the Notes to be immediately due and payable, by a notice
      in
      writing to the Issuer (and to the Indenture Trustee if given by Noteholders),
      and upon any such declaration the unpaid principal amount of such Class of
      Notes, together with accrued and unpaid interest thereon through the date of
      acceleration, shall become immediately due and payable. Unless the prior written
      consent of the Note Insurer shall have been obtained by the Indenture Trustee,
      the Payment Date upon which such accelerated payment is due and payable shall
      not be a Payment Date under the Note Insurance Policy and the Indenture Trustee
      shall not be authorized under Section 3.29 to make a draw therefor.

     

    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, the Holders of Notes representing a majority of the Security
      Balances of all Notes, by written notice to the Issuer and the Indenture
      Trustee, may waive the related Event of Default and rescind and annul such
      declaration and its consequences if:

     

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

     

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

     

    (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.

     

    Section
      5.03.   Collection
      of Indebtedness and Suits for Enforcement by Indenture Trustee.
      (a)
      The
      Issuer covenants that if (i) default is made in the payment of any interest
      on
      any Note when the same becomes due and payable, and such default continues
      for a
      period of 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 Issue shall, upon demand of the Indenture Trustee, pay to it,
      for
      the benefit of the Holders of Notes and of the Note Insurer, the whole amount
      then due and payable on the Notes for principal and interest, with interest
      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 Issuer shall fail forthwith to pay such amounts upon such demand, the
      Indenture Trustee, in its own name and as trustee of an express trust, subject
      to the provisions of Section 10.17 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 Issuer or other
      obligor upon the Notes and collect in the manner provided by law out of the
      property of the Issuer or other obligor 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 10.17 hereof may, as more particularly provided in Section
      5.04, in its discretion, proceed to protect and enforce its rights and the
      rights of the Noteholders and the Note Insurer, by such appropriate Proceedings
      as the Indenture Trustee shall deem most effective to protect and enforce any
      such rights, whether for the specific enforcement of any covenant or agreement
      in this Indenture or in aid of the exercise of any power granted herein, or
      to
      enforce any other proper remedy or legal or equitable right vested in the
      Indenture Trustee by this Indenture or by law.

     

    (d)  In
      case
      there shall be pending, relative to the Issuer or any other obligor upon the
      Notes or any Person having or claiming an ownership interest in the Trust
      Estate, Proceedings under Title 11 of the United States Code or any other
      applicable federal or state bankruptcy, insolvency or other similar law, or
      in
      case a receiver, assignee or trustee in bankruptcy or reorganization,
      liquidator, sequestrator or similar official shall have been appointed for
      or
      taken possession of the Issuer or its property or such other obligor or Person,
      or in case of any other comparable judicial Proceedings relative to the Issuer
      or other obligor upon the Notes, or to the creditors or property of the Issuer
      or such other obligor, the Indenture Trustee, irrespective of whether the
      principal of any Notes shall then be due and payable as therein expressed or
      by
      declaration or otherwise and irrespective of whether the Indenture Trustee
      shall
      have made any demand pursuant to the provisions of this Section, 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 or bad faith) and of the
      Noteholders allowed in such Proceedings;

     

    (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 Issuer, 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 Indenture Trustee, 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 except as a result of negligence or bad
      faith.

     

    (e)  Nothing
      herein contained shall be deemed to authorize the Indenture Trustee to authorize
      or consent to or vote for or accept or adopt on behalf of any 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.

     

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

     

    Section
      5.04.   Remedies;
      Priorities.
      (a)
      If an
      Event of Default shall have occurred and be continuing, the Indenture Trustee
      subject to the provisions of Section 10.17 hereof may do one or more of the
      following (subject to Section 5.05):

     

    (i)  institute
      Proceedings in its own name and as trustee of an express trust for the
      collection of all amounts then payable on the Notes or under this Indenture
      with
      respect thereto, whether by declaration or otherwise, and all amounts payable
      under the Insurance Agreement, enforce any judgment obtained, and collect from
      the Issuer 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,
      the Holders of the Notes and the Note Insurer; 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 Principal Balances of the Notes
      and the Note Insurer, which consent will not be unreasonably withheld, (B)
      the
      proceeds of such sale or liquidation distributable to Holders are sufficient
      to
      discharge in full all amounts then due and unpaid upon the Notes for principal
      and interest and to reimburse the Note Insurer for any amounts drawn under
      the
      Note Insurance Policy and any other amounts due the Note Insurer under the
      Insurance Agreement 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 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 Note Insurer, which consent will not be unreasonably withheld, and of the
      Holders of a majority of the aggregate Principal Balances of the Notes. 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
      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, so long as an
      Event of Servicer Termination has not occurred, any Sale of the Trust Estate
      shall be made subject to the continued Servicing of the Mortgage Loans by the
      Master Servicer as provided in the Servicing Agreement.

     

    (b)  If
      the
      Indenture Trustee collects any money or property pursuant to this Article V,
      it
      shall pay out the money or property in the following order:

     

    FIRST:
      to
      the Indenture Trustee for amounts due under Section 6.07;

     

    SECOND:
      to each Class of Noteholders for amounts due and unpaid on the related Class
      Notes for interest and to each Noteholder of such Class in each case, ratably,
      without preference or priority of any kind, according to the amounts due and
      payable on such Class of Notes for interest from amounts available in the Trust
      Estate for such Noteholders;

     

    THIRD:
      to
      Holders of each Class of Notes for amounts due and unpaid on the related Class
      of Notes for principal, from amounts available in the Trust Estate for such
      Noteholders, and to each Noteholder of such Class in each case ratably, without
      preference or priority of any kind, according to the amounts due and payable
      on
      such Class of Notes for principal, until the Security Balances of each Class
      of
      Notes is reduced to zero;

     

    FOURTH:
      to the Issuer for amounts required to be distributed to the Certificateholders
      in respect of interest and principal pursuant to the Trust
      Agreement;

     

    FIFTH:
      To
      the payment of all amounts due and owing to the Note Insurer under the Insurance
      Agreement;

     

    SIXTH:
      to
      the Issuer for amounts due under Article VIII of the Trust Agreement;
      and

     

    SEVENTH:
      to the payment of the remainder, if any to the Issuer or any other person
      legally entitled thereto.

     

    The
      Indenture Trustee 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 Indenture Trustee 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, but need not, 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
      Issuer including payment to the Note Insurer, 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.
      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
      provisions of Section 10.17 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 Security Balances of the Notes have made
      written request to the Indenture Trustee to institute such Proceeding in respect
      of such Event of Default in its own name as Indenture Trustee
      hereunder;

     

    (iii)  such
      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, request and
      offer of indemnity has failed to institute such Proceedings; and

     

    (v)  no
      direction inconsistent with such written request has been given to the Indenture
      Trustee during such 60-day period by the Holders of a majority of the Security
      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.

     

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

     

    Section
      5.07.   Unconditional
      Rights of Noteholders to Receive Principal and Interest.
      Notwithstanding any other provisions in this Indenture, 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.

     

    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 Issuer, 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.

     

    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 Security 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)  subject
      to the express terms of Section 5.04, 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 Security Balances of Notes;

     

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

     

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

     

    Notwithstanding
      the rights of Noteholders set forth in this Section, subject to Section 6.01,
      the Indenture Trustee need not take any action that it determines might involve
      it in liability or might materially adversely affect the rights of any
      Noteholders not consenting to such action.

     

    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, the Holders of Notes of not less than a majority of the
      Security Balances of the 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 or (c) the waiver of which would materially and adversely affect
      the
      interests of the Note Insurer or modify its obligation under the Note Insurance
      Policy. In the case of any such waiver, the Issuer, the Indenture Trustee and
      the Holders of the Notes shall be restored to their former positions and rights
      hereunder, respectively; but no such waiver shall extend to any subsequent
      or
      other 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 by such Holder’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 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 Security 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
      Issuer covenants (to the extent that it may lawfully do so) that it will not
      at
      any time insist upon, or plead or in any manner whatsoever, claim or take the
      benefit or advantage of, any stay or extension law wherever enacted, now or
      at
      any time hereafter in force, that may affect the covenants or the performance
      of
      this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby
      expressly waives all benefit or advantage of any such law, and covenants that
      it
      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 is expressly subject to the provisions
      of
      Section 5.05 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 and under the Insurance Agreement 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 and the Note Insurer 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 and the Note Insurer in respect
      of
      amounts drawn under the Note Insurance Policy and any other amounts due the
      Note
      Insurer under the Insurance Agreement, in full payment thereof in accordance
      with Section 5.02, on the Payment Date next succeeding the date of such Sale,
      or

     

    (3) The
      Indenture Trustee determines, in its sole discretion, that the conditions for
      retention of the Trust Estate set forth in Section 5.05 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), and the Note Insurer consents to such Sale, which consent will
      not be unreasonably withheld and the Holders representing at least ______%
      of
      the Security Balances of the Notes consent to such Sale.

     

    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)  Unless
      the Holders and the Note Insurer 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 shall bid an amount at least $1.00 more than
      the
      highest other bid.

     

    (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 with the consent of the Note Insurer
      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 and amounts owing to the Note
      Insurer as a result of such Sale in accordance with Section 5.04(b) 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 transferring its interest in any portion of the Trust Estate in
      connection with a Sale there of;

     

    (4) the
      Indenture Trustee is hereby irrevocably appointed the agent and attorney-in-fact
      of the Issuer 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; and

     

    (5) no
      purchaser or transferee at such a Sale 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.

     

    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 Issuer 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 Issuer.
      Any money or property collected by the Indenture Trustee shall be applied in
      accordance with Section 5.04(b).

     

    Section
      5.17.   Performance
      and Enforcement of Certain Obligations.
      (a)
      Promptly
      following a request from the Indenture Trustee to do so and at the
      Administrator’s expense, the Issuer in its capacity as holder of the Mortgage
      Loans, shall take all such lawful action as the Indenture Trustee may request
      to
      cause the Issuer to compel or secure the performance and observance by the
      Seller and the Master Servicer, as applicable, of each of their obligations
      to
      the Issuer under or in connection with the Mortgage Loan Purchase Agreement
      and
      the Servicing Agreement, and to exercise any and all rights, remedies, powers
      and privileges lawfully available to the Issuer under or in connection with
      the
      Mortgage Loan Purchase Agreement and the Servicing Agreement to the extent
      and
      in the manner directed by the Indenture Trustee, as pledgee of the Mortgage
      Loans, including the transmission of notices of default on the part of the
      Seller or the Master Servicer thereunder and the institution of legal or
      administrative actions or proceedings to compel or secure performance by the
      Seller or the Master Servicer of each of their obligations under the Mortgage
      Loan Purchase Agreement and the Servicing Agreement.

     

    (b)  If
      an
      Event of Default has occurred and is continuing, the Indenture Trustee, as
      pledgee of the Mortgage Loans, subject to the rights of the Note Insurer under
      the Servicing Agreement may, and at the direction (which direction shall be
      in
      writing or by telephone (confirmed in writing promptly thereafter)) of the
      Holders of 66-2/3% of the Security Balances of the Notes shall, exercise all
      rights, remedies, powers, privileges and claims of the Issuer against the Seller
      or the Master Servicer under or in connection with the Mortgage Loan Purchase
      Agreement and the Servicing Agreement, including the right or power to take
      any
      action to compel or secure performance or observance by the Seller or the Master
      Servicer, as the case may be, of each of their obligations to the Issuer
      thereunder and to give any consent, request, notice, direction, approval,
      extension or waiver under the Mortgage Loan Purchase Agreement and the Servicing
      Agreement, as the case may be, and any right of the Issuer to take such action
      shall not be suspended.

     

     

    ARTICLE
      VI 

     

    THE
      INDENTURE TRUSTEE

     

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

     

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

     

    (i)  the
      Indenture Trustee undertakes to perform such duties and only such duties as
      are
      specifically set forth in this Indenture and no implied covenants or obligations
      shall be read into this Indenture against the Indenture Trustee;
      and

     

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

     

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

     

    (i)  this
      paragraph does not limit the effect of paragraph (b) of this Section
      6.01;

     

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

     

    (iii)  the
      Indenture Trustee shall not be liable with respect to any action it takes or
      omits to take in good faith in accordance with a direction received by it (A)
      pursuant to Section 5.11 or (B) from the Note Insurer, which it is entitled
      to
      give under any of the Basic Documents.

     

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

     

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

     

    (f)  No
      provision of this Indenture shall require the Indenture Trustee to expend or
      risk its own funds or otherwise incur financial liability in the performance
      of
      any of its duties hereunder or in the exercise of any of its rights or powers,
      if it shall have reasonable grounds to believe that repayment of such funds
      or
      adequate indemnity 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 and to the provisions of the TIA.

     

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

     

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

     

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

     

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

     

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

     

    Section
      6.03.   Individual
      Rights of Indenture Trustee.
      The
      Indenture Trustee in its individual or any other capacity may become the owner
      or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates
      with the same rights it would have if it were not Indenture Trustee. Any
      Administrator, Note Registrar, co-registrar or co-paying agent may do the same
      with like rights. However, the Indenture Trustee must comply with Sections
      6.11
      and 6.12.

     

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

     

    Section
      6.05.   Notice
      of Event of Default.
      If an
      Event of Default occurs and is continuing and if it is known to a Responsible
      Officer of the Indenture Trustee, the Indenture Trustee shall give notice
      thereof to the Note Insurer. The Trustee shall mail to each Noteholder notice
      of
      the Event of Default within 90 days after it occurs. 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 interests of Noteholders.

     

    Section
      6.06.   Reports
      by Indenture Trustee to Holders.
      The
      Indenture Trustee shall deliver to each Noteholder such information as may
      be
      required to enable such holder to prepare its federal and state income tax
      returns. In addition, upon the Issuer’s written request, the Indenture Trustee
      shall promptly furnish information reasonably requested by the Issuer that
      is
      reasonably available to the Indenture Trustee to enable the Issuer to perform
      its federal and state income tax reporting obligations.

     

    Section
      6.07.   Compensation
      and Indemnity.
      The
      Issuer shall or shall cause the Administrator to pay to the Indenture Trustee
      on
      each Payment Date reasonable compensation for its services. The Indenture
      Trustee’s compensation shall not be limited by any law on compensation of a
      trustee of an express trust. The Issuer shall or shall cause the Administrator
      to reimburse the Indenture Trustee for all reasonable out-of-pocket expenses
      incurred or made by it, including costs of collection, in addition to the
      compensation for its services. Such expenses shall include the reasonable
      compensation and expenses, disbursements and advances of the Indenture Trustee’s
      agents, counsel, accountants and experts. The Issuer shall or shall cause the
      Administrator to indemnify the Indenture Trustee against any and all loss,
      liability or expense (including attorneys’ fees) incurred by it in connection
      with the administration of this trust and the performance of its duties
      hereunder. The Indenture Trustee shall notify the Issuer and the Administrator
      promptly of any claim for which it may seek indemnity. Failure by the Indenture
      Trustee to so notify the Issuer and the Administrator shall not relieve the
      Issuer or the Administrator of its obligations hereunder. The Issuer shall
      or
      shall cause the Administrator to defend any such claim, and the Indenture
      Trustee may have separate counsel and the Issuer shall or shall cause the
      Administrator to pay the fees and expenses of such counsel. Neither the Issuer
      nor the Administrator need reimburse any expense or indemnify against any loss,
      liability or expense incurred by the Indenture Trustee through the Indenture
      Trustee’s own willful misconduct, negligence or bad faith.

     

    The
      Issuer’s payment obligations to the Indenture Trustee pursuant to this Section
      6.07 shall survive the discharge of this Indenture. When the Indenture Trustee
      incurs expenses after the occurrence of an Event of Default specified in Section
      5.01(iv) or (v) with respect to the Issuer, 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
      6.08.   Replacement
      of Indenture Trustee.
      No
      resignation or removal of the Indenture Trustee and no appointment of a
      successor Indenture Trustee shall become effective until the acceptance of
      appointment by the successor Indenture Trustee pursuant to this Section 6.08.
      The Indenture Trustee may resign at any time by so notifying the Issuer and
      the
      Note Insurer. The Holders of a majority of Security Balances of the Notes may
      remove the Indenture Trustee by so notifying the Indenture Trustee and the
      Note
      Insurer and may appoint a successor Indenture Trustee. The Issuer shall remove
      the Indenture Trustee if:

     

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

     

    (ii)  the
      Indenture Trustee is adjudged a bankrupt or insolvent;

     

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

     

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

     

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

     

    A
      successor Indenture Trustee shall deliver a written acceptance of its
      appointment to the retiring Indenture Trustee and to the Issuer. Thereupon,
      the
      resignation or removal of the retiring Indenture Trustee shall become effective,
      and the successor Indenture Trustee shall have all the rights, powers and duties
      of the Indenture Trustee under this Indenture. The successor Indenture Trustee
      shall mail a notice of its succession to Noteholders. The retiring Indenture
      Trustee shall promptly transfer all property held by it as Indenture Trustee
      to
      the successor Indenture Trustee.

     

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

     

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

     

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

     

    Section
      6.09.   Successor
      Indenture Trustee by Merger.
      If the
      Indenture Trustee consolidates with, merges or converts into, or transfers
      all
      or substantially all its corporate trust business or assets to, another
      corporation or banking association, the resulting, surviving or transferee
      corporation without any further act shall be the successor Indenture Trustee;
      provided, that such corporation or banking association shall be otherwise
      qualified and eligible under Section 6.11. The Indenture Trustee shall provide
      the Rating Agencies prior written notice of any such transaction.

     

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

     

    Section
      6.10.   Appointment
      of Co-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, 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 6.11 and no notice to Noteholders of the
      appointment of any co-trustee or separate trustee shall be required under
      Section 6.08 hereof.

     

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

     

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

     

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

     

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

     

    (c)  Any
      notice, request or other writing given to the Indenture Trustee shall be deemed
      to have been given to each of the then separate trustees and co-trustees, as
      effectively as if given to each of them. Every instrument appointing any
      separate trustee or co-trustee shall refer to this Agreement 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 Agreement
      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
      6.11.   Eligibility;
      Disqualification.
      The
      Indenture Trustee shall at all times satisfy the requirements of TIA ss. 310(a).
      The Indenture Trustee 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]. The Indenture Trustee shall comply with TIA ss. 310(b),
      including the optional provision permitted by the second sentence of TIA ss.
      310(b)(9); provided, however, that there shall be excluded from the operation
      of
      TIA ss. 310(b)(1) any indenture or indentures under which other securities
      of
      the Issuer are outstanding if the requirements for such exclusion set forth
      in
      TIA ss. 310(b)(1) are met.

     

    Section
      6.12.   Preferential
      Collection of Claims Against Issuer.
      The
      Indenture Trustee shall comply with TIA ss. 311(a), excluding any creditor
      relationship listed in TIA ss. 311(b). An Indenture Trustee who has resigned
      or
      been removed shall be subject to TIA ss. 311(a) to the extent
      indicated.

     

    Section
      6.13.   Representation
      and Warranty.
      The
      Indenture Trustee hereby represents that:

     

    (i)  The
      Indenture Trustee is duly organized and validly existing as a corporation in
      good standing under the laws of the State of ___________, 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.

     

    (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

     

    (iv)  To
      the
      Indenture Trustee’s best 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
      6.14.   Directions
      to Indenture Trustee.
      The
      Indenture Trustee is hereby directed:

     

    (a)  to
      accept
      the pledge of the Mortgage Loans and hold the assets of the Trust in trust
      for
      the Noteholders;

     

    (b)  to
      issue,
      execute and deliver the Notes substantially in the form prescribed by Exhibit
      A
      in accordance with the terms of this Indenture; and

     

    (c)  to
      take
      all other actions as shall be required to be taken by the terms of this
      Indenture.

     

    Section
      6.15.   [No
      Consent to Certain Acts of Depositor.
      The
      Indenture Trustee shall not consent to any action proposed to be taken by the
      Depositor pursuant to Article [_________] of the Depositor’s Restated
      Certificate of Incorporation.]

     

    Section
      6.16.   Indenture
      Trustee May Own Securities.
      The
      Indenture Trustee, in its individual or any other capacity may become the owner
      or pledgee of Securities with the same rights it would have if it were not
      Indenture Trustee.

     

     

    ARTICLE
      VII

     

    NOTEHOLDERS’
      LISTS AND REPORTS

     

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

     

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

     

    (b)  Noteholders
      may communicate pursuant to TIA ss. 312(b) with other Noteholders with respect
      to their rights under this Indenture or under the Notes.

     

    (c)  The
      Issuer, the Indenture Trustee and the Note Registrar shall have the protection
      of TIA ss. 312(c).

     

    Section
      7.03.   Reports
      by Issuer.
      (a)
      The
      Issuer shall:

     

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

     

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

     

    (iii)  supply
      to
      the Indenture Trustee (and the Indenture Trustee shall transmit by mail to
      all
      Noteholders described in TIA ss. 313(c)) such summaries of any information,
      documents and reports required to be filed by the Issuer pursuant to clauses
      (i)
      and (ii) of this Section 7.03(a) and by rules and regulations prescribed from
      time to time by the Commission.

     

    (b)  Unless
      the Issuer otherwise determines, the fiscal year of the Issuer shall end on
      December 31 of each year.

     

    Section
      7.04.   Reports
      by Indenture Trustee.
      If
      required by TIA ss. 313(a), within 60 days after each January 1 beginning with
      January 1, ______, the Indenture Trustee shall mail to each Note holder as
      required by TIA ss. 313(c) and to the Note Insurer a brief report dated as
      of
      such date that complies with TIA ss. 313(a). The Indenture Trustee also shall
      comply with TIA ss. 313(b).

     

    A
      copy of
      each report at the time of its mailing to Noteholders shall be filed by the
      Indenture Trustee with the Commission and each stock exchange, if any, on which
      the Notes are listed. The Issuer shall notify the Indenture Trustee if and
      when
      the Notes are listed on any stock exchange.

     

    Section
      7.05.   Commission
      Reporting.

     

    (a) (i) The
      Indenture Trustee and the Servicer shall reasonably cooperate with the Depositor
      in connection with the Trust’s satisfying the reporting requirements under the
      Exchange Act. Within 15 days after each Distribution Date, the Indenture Trustee
      shall, in accordance with industry standards, file with the Commission via
      the
      Electronic Data Gathering and Retrieval System (“EDGAR”), a Distribution Report
      on Form 10-D, signed by the Depositor, with a copy of the monthly statement
      to
      be furnished by the Indenture Trustee to the Certificateholders for such
      Distribution Date and detailing all data elements specified in Item 1121(a)
      of
      Regulation AB as part of the monthly statement or otherwise as part of the
      Form
      10-D; provided that the Indenture Trustee shall have received no later than
      four
      Business Days prior to the date such Distribution Report on Form 10-D is
      required to be filed, all information required to be provided to the Indenture
      Trustee as described in Section 4.07(a)(iv). The information required to be
      filed on Form 10-D is as set forth in Exhibit C. The Indenture Trustee shall
      not
      be responsible for determing what information is required to be filed on Form
      10-D or for any filing that is not made on a timely basis in accordance with
      Regulation AB in the event that such information is not delivered to the
      Indenture Trustee on or prior to the fourth Business Day prior to the applicable
      filing deadline.

     

    (ii) The
      Indenture Trustee will prepare and file Current Reports on Form 8-K in respect
      of the Trust, signed by the Depositor, as and when required; provided, that,
      the
      Indenture Trustee shall have received no later than four Business Days prior
      to
      the filing deadline for such Current Report, all information, data, and exhibits
      required to be provided or filed with such Current Report and required to be
      provided to the Indenture Trustee as described in Section 4.07(a)(iv) below.
      The
      Depositor shall prepare or cause to be prepared and file the Current Report
      on
      Form 8-K attaching this Agreement as an exhibit. The information required to
      be
      filed on Form 8-K is as set forth in Exhibit C. The Indenture Trustee shall
      not
      be responsible for determing what information is required to be filed on Form
      8-K or for any filing that is not made on a timely basis in accordance with
      Regulation AB in the event that such information is not delivered to the Trust
      Adminsitrator on or prior to the fourth Business Day prior to the applicable
      filing deadline.

     

    (iii) No
      later
      than January 30, 2007, the Indenture Trustee shall, in accordance with industry
      standards, file a Form 15 Suspension Notice with respect to the Trust Fund,
      if
      applicable. Prior to (x) March 15, 2007 and (y) unless and until a Form 15
      Suspension Notice shall have been filed, prior to March 15th of each year
      thereafter, the Servicer shall provide the Indenture Trustee with an Annual
      Compliance Statement, together with a copy of the Assessment of Compliance
      and
      Attestation Report to be delivered by the Servicer pursuant to Sections 3.21
      and
      3.22 (including with respect to any Sub-Servicer or subcontractor, if required
      to be filed). Prior to (x) March 31, 2007 and (y) unless and until a Form 15
      Suspension Notice shall have been filed, March 31st of each year thereafter,
      the
      Indenture Trustee shall, subject to subsection (d) below, file a Form 10-K,
      in
      substance as required by applicable law or applicable Commission staff’s
      interpretations and conforming to industry standards, with respect to the Trust
      Fund. Such Form 10-K shall include the Assessment of Compliance, Attestation
      Report, Annual Compliance Statements and other documentation provided by the
      Servicer pursuant to Sections 3.20 and 3.21 (including with respect to any
      Sub-Servicer or subcontractor, if required to be filed) and with respect to
      the
      Indenture Trustee, and the Form 10-K certification in the form attached hereto
      as Exhibit H-1 (the “Certification”) signed by the senior officer of the
      Depositor in charge of securitization; provided that the Indenture Trustee
      shall
      have received no later than March 25th of each calendar year prior to the filing
      deadline for the Form 10-K all information, data and exhibits required to be
      provided or filed with such Form 10-K and required to be provided to the
      Indenture Trustee as described in clause (a)(iv) below. If they are not so
      timely delivered, the Indenture Trustee shall file an amended Form 10-K
      including such documents as exhibits reasonably promptly after they are
      delivered to the Indenture Trustee. The information required to be filed on Form
      10-K is as set forth in Exhibit C. The Indenture Trustee shall not be
      responsible for determing what information is required to be filed on Form
      10-K
      or for any filing that is not made on a timely basis in accordance with
      Regulation AB in the event that such information is not delivered to the Trust
      Adminsitrator on or prior to the fourth Business Day prior to the applicable
      filing deadline.

     

    (iv) As
      to
      each item of information required to be included in any Form 10-D, Form 8-K
      or
      Form 10-K, the Indenture Trustee’s obligation to include the information in the
      applicable report is subject to receipt from the entity that is indicated in
      Exhibit B as the responsible party for providing that information, if other
      than
      the Indenture Trustee, as and when required as described above. The Depositor
      hereby agrees to notify and provide to the Indenture Trustee all information
      that is required to be included in any Form 10-D, Form 8-K or Form 10-K, with
      respect to which that entity is indicated in Exhibit B as the responsible party
      for providing that information. The Servicer shall be responsible for
      determining the pool concentration applicable to any Sub-Servicer at any time,
      for purposes of disclosure as required by Items 1117 and 1119 of Regulation
      AB.
      The Depositor shall be responsible for determining the pool concentration
      applicable to any originator at any time, for purposes of disclosure as required
      by Items 1117 and 1119 of Regulation AB. In addition, in the event that
      affiliations among the parties to this transaction, other than as disclosed
      in
      the Prospectus Supplement under the heading “AFFILIATIONS AND RELATED
      TRANSACTIONS”, are required to be reported on Form 10-K, the Depositor shall
      notify the Indenture Trustee of such requirement by no later than March 1st
      of
      each year in which a Form 10-K is filed. 

     

    (b) In
      addition, (x) the Indenture Trustee shall sign a certification (in the form
      attached hereto as Exhibit H-2) for the benefit of the Depositor and its
      officers, directors and Affiliates regarding certain aspects of the
      Certification (the “Indenture Trustee Certification”); provided, however, that
      the Indenture Trustee shall not undertake an analysis of the Attestation Report
      attached as an exhibit to the Form 10-K, and (y) the Servicer shall sign a
      certification (in the related form attached hereto as Exhibit H-3) for the
      benefit of the Depositor, the Indenture Trustee and their officers, directors
      and Affiliates regarding certain aspects of the Certification (the “Servicer
      Certification”). The Servicer Certification shall be delivered to the Depositor
      and the Indenture Trustee no later than March 15th or if such day is not a
      Business Day, the preceding Business Day, each year (subject to Section
      4.07(a)).

     

    In
      addition, (A) the Indenture Trustee shall indemnify and hold harmless the
      Depositor and its officers, directors and Affiliates from and against any actual
      losses, damages, penalties, fines, forfeitures, reasonable and necessary legal
      fees and related costs, judgments and other costs and expenses arising out
      of
      third party claims based upon (i) a breach of the Indenture Trustee’s
      obligations under this Section 4.07 or (ii) any material misstatement or
      omission contained in the Indenture Trustee Certification, the Annual Statement
      of Compliance delivered by the Indenture Trustee pursuant to Section 3.20 or
      the
      Assessment of Compliance delivered by the Indenture Trustee pursuant to Section
      3.21 and (B) the Servicer shall indemnify and hold harmless the Depositor,
      the
      Indenture Trustee and their respective officers, directors and Affiliates from
      and against any actual losses, damages, penalties, fines, forfeitures,
      reasonable and necessary legal fees and related costs, judgments and other
      costs
      and expenses that such Person may sustain arising out of third party claims
      based upon (i) a breach of such Servicer’s obligations under this Section 4.07,
      (ii) any material misstatement or omission contained in the Servicer’s
      Certification, the Annual Statement of Compliance provided by the Servicer
      pursuant to Section 3.20, the Assessment of Compliance provided by the Servicer
      pursuant to Section 3.21 or (iii) any information correctly derived by the
      Indenture Trustee and included in a Form 10-D or Form 10-K from information
      provided to the Indenture Trustee by the Servicer under this Agreement. If
      the
      indemnification provided for herein is unavailable or insufficient to hold
      harmless the Depositor, then (i) the Indenture Trustee agrees that it shall
      contribute to the amount paid or payable by the Depositor as a result of the
      losses, claims, damages or liabilities of the Depositor in such proportion
      as is
      appropriate to reflect the relative fault of the Depositor on the one hand
      and
      the Indenture Trustee on the other and (ii) the Servicer agrees that it shall
      contribute to the amount paid or payable by the Depositor as a result of the
      losses, claims, damages or liabilities of the Depositor in such proportion
      as is
      appropriate to reflect the relative fault of the Depositor on the one hand
      and
      the Servicer on the other. Notwithstanding the foregoing, in no event shall
      the
      Indenture Trustee be liable for any consequential, indirect or punitive
      damages

     

     

    ARTICLE
      VIII

     

    ACCOUNTS,
      DISBURSEMENTS AND RELEASES

     

    Section
      8.01.   Collection
      of Money.
      Except
      as otherwise expressly provided herein, the Indenture Trustee may demand payment
      or delivery of, and shall receive and collect, directly and without intervention
      or assistance of any fiscal agent or other intermediary, all money and other
      property payable to or receivable by the Indenture Trustee pursuant to this
      Indenture. The Indenture Trustee shall apply all such money received by it
      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.   Trust
      Accounts.
      (a)
      On or
      prior to the Closing Date, the Issuer shall cause the Indenture Trustee to
      establish and maintain, in the name of the Indenture Trustee, for the benefit
      of
      the Noteholders and the Certificate Paying Agent, on behalf of the
      Certificateholders and the Note Insurer, the Payment Account as provided in
      Section 3.01 of this Indenture.

     

    (b)  All
      monies deposited from time to time in the Payment Account pursuant to the
      Servicing Agreement and all deposits therein pursuant to this Indenture are
      for
      the benefit of the Noteholders and the Certificate Paying Agent, on behalf
      of
      the Certificateholders and all investments made with such monies including
      all
      income or other gain from such investments are for the benefit of the Master
      Servicer as provided by the Servicing Agreement.

     

    On
      each
      Payment Date during the Funding Period the Indenture Trustee shall withdraw
      Net
      Principal Collections from the Payment Account and deposit Net Principal
      Collections to the Funding Account.

     

    On
      each
      Payment Date, the Indenture Trustee shall distribute all amounts on deposit
      in
      the Payment Account (after giving effect to the withdrawal referred to in the
      preceding paragraph) to Noteholders in respect of the Notes and in its capacity
      as Certificate Paying Agent to Certificateholders in the order of priority
      set
      forth in Section 3.05 (except as otherwise provided in Section
      5.04(b).

     

    The
      Master Servicer may direct the Indenture Trustee to invest any funds in the
      Payment Account in Eligible Investments maturing no later than the Business
      Day
      preceding each Payment Date and shall not be sold or disposed of prior to the
      maturity. Unless otherwise instructed by the Master Servicer, the Indenture
      Trustee shall invest all funds in the Payment Account in Eligible
      Investments.

     

    (c)  On
      or
      before the Closing Date the Issuer shall open, at the Corporate Trust Office,
      an
      account which shall be the “Funding Account”. The Master Servicer may direct the
      Indenture Trustee to invest any funds in the Funding Account in Eligible
      Investments maturing no later than the Business Day preceding each Payment
      Date
      and shall not be sold or disposed of prior to the maturity. Unless otherwise
      instructed by the Master Servicer, the Indenture Trustee shall invest all funds
      in the Payment Account in its Corporate Trust Short Term Investment Fund so
      long
      as it is an Eligible Investment. During the Funding Period, any amounts received
      by the Indenture Trustee in respect of Net Principal Collections for deposit
      in
      the Funding Account, together with any Eligible Investments in which such monies
      are or will be invested or reinvested during the term of the Notes, shall be
      held by the Indenture Trustee in the Funding Account as part of the Trust
      Estate, subject to disbursement and withdrawal as herein provided: Amounts
      on
      deposit in the Funding Account in respect of Net Principal Collections may
      be
      withdrawn on each Deposit Date and (1) paid to the Issuer in payment for
      Additional Loans by the deposit of such amount to the Collection Account and
      (2)
      at the end of the Funding Period any amounts remaining in the Funding Account
      after the withdrawal called for by clause (1) shall be deposited in the Payment
      Account to be included in the payment of principal on the Payment Date that
      is
      the last day of the Funding Period.

     

    (d)  (i)
      Any
      investment in the institution with which the Funding Account is maintained
      may
      mature on such Payment Date and (ii) any other investment may mature on such
      Payment Date if the Indenture Trustee shall advance funds on such Payment Date
      to the Funding Account in the amount payable on such investment on such Payment
      Date, pending receipt thereof to the extent necessary to make distributions
      on
      the Notes and the Certificates) and shall not be sold or disposed of prior
      to
      maturity.

     

    Section
      8.03.   Officer’s
      Certificate.
      The
      Indenture Trustee shall receive at least [seven] days notice when requested
      by
      the Issuer to take any action pursuant to Section 8.05(a), 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
      8.04.   Termination
      Upon Distribution to Noteholders.
      This
      Indenture and the respective obligations and responsibilities of the Issuer
      and
      the Indenture Trustee created hereby shall terminate upon the distribution
      to
      Noteholders, Certificate Paying Agent, on behalf of the Certificateholders
      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
      8.05.   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. 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.

     

    (b)  The
      Indenture Trustee shall, at such time as (i) there are no Notes Outstanding,
      (ii) all sums due the Indenture Trustee pursuant to this Indenture have been
      paid, and (iii) all sums due the Note Insurer 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 an request from the Issuer
      accompanied by an [Officers’ Certificate], [an Opinion of Counsel,] and a letter
      from the Note Insurer, stating that the Note Insurer has no objection to such
      request from the Issuer.]

     

    Section
      8.06.   Surrender
      of Notes Upon Final Payment.
      By
      acceptance of any Note, the Holder thereof agrees to surrender such Note to
      the
      Indenture Trustee promptly, prior to such Note holder’s receipt of the final
      payment thereon.

     

     

    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 the consent of the Note Insurer
      and prior notice to the Rating Agencies and the Note Insurer, the Issuer and
      the
      Indenture Trustee, when authorized by an Issuer Request, at any time and from
      time to time, may enter into one or more indentures supplemental hereto (which
      shall conform to the provisions of the Trust Indenture Act as in force at the
      date of the execution thereof), in form satisfactory to the Indenture Trustee,
      for any of the following purposes:

     

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

     

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

     

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

     

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

     

    (v)  to
      cure
      any ambiguity, to correct or supplement any provision herein or in any
      supplemental indenture that may be inconsistent with any other provision herein
      or in any supplemental indenture

     

    (vi)  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;

     

    (vii)  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; or

     

    (viii)  to
      modify, eliminate or add to the provisions of this Indenture to such extent
      as
      shall be necessary to effect the qualification of this Indenture under the
      TIA
      or under any similar federal statute hereafter enacted and to add to this
      Indenture such other provisions as may be expressly required by the
      TIA;

     

    provided,
      however, that no such indenture supplements shall be entered into unless the
      Indenture Trustee shall have received an Opinion of Counsel that entering into
      such indenture supplement will not have any material adverse tax consequences
      to
      the Noteholders.

     

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

     

    (b)  The
      Issuer and the Indenture Trustee, when authorized by an Issuer Request, may,
      also without the consent of any of the Holders of the Notes but with the consent
      of the Note Insurer and prior notice to the Rating Agencies and the Note
      Insurer, 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 shall not, as evidenced by an Opinion of Counsel, (i) adversely
      affect in any material respect the interests of any Noteholder or (ii) cause
      the
      Issuer to be subject to an entity level tax.

     

    Section
      9.02.   Supplemental
      Indentures With Consent of Noteholders.
      The
      Issuer and the Indenture Trustee, when authorized by an Issuer Request, also
      may, with prior notice to the Rating Agencies and, with the written consent
      of
      the Note Insurer and with the consent of the Holders of not less than a majority
      of the Security Balances of each Class of Notes affected thereby, by Act of
      such
      Holders delivered to the Issuer 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 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;

     

    (ii)  reduce
      the percentage of the Security Balances of the 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 Security Balances of the Notes required to direct the
      Indenture Trustee to direct the Issuer to sell or liquidate the Trust Estate
      pursuant to Section 5.04;

     

    (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, cause the Issuer
      to be subject to an entity level tax.

     

    The
      Indenture Trustee may in its discretion determine whether or not any Notes
      would
      be affected by any supplemental indenture and any such determination shall
      be
      conclusive upon the Holders of all Notes, whether theretofore or thereafter
      authenticated and delivered hereunder. The Indenture Trustee shall not be liable
      for any such determination made in good faith.

     

    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.

     

    Promptly
      after the execution by the Issuer and the Indenture Trustee of any supplemental
      indenture pursuant to this Section 9.02, the Indenture Trustee 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 Indenture Trustee to mail such notice, or any
      defect therein, shall not, however, in any way impair or affect the validity
      of
      any such supplemental indenture.

     

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

     

    Section
      9.04.   Effect
      of Supplemental Indenture.
      Upon
      the execution of any supplemental indenture pursuant to the provisions hereof,
      this Indenture shall be and 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 Issuer and the
      Holders of the Notes shall thereafter be determined, exercised and enforced
      hereunder subject in all respects to such modifications and amendments, and
      all
      the terms and conditions of any such supplemental indenture shall be and be
      deemed to be part of the terms and conditions of this Indenture for any and
      all
      purposes.

     

    Section
      9.05.   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 Indenture Trustee shall,
      bear a notation in form approved by the Indenture Trustee as to any matter
      provided for in such supplemental indenture. If the Issuer or the Indenture
      Trustee shall so determine, new Notes so modified as to conform, in the opinion
      of the Indenture Trustee and the Issuer, to any such supplemental indenture
      may
      be prepared and executed by the Issuer and authenticated and delivered by the
      Indenture Trustee in exchange for Outstanding Notes.

     

     

    ARTICLE
      X 

     

    MISCELLANEOUS

     

    Section
      10.01.   Compliance
      Certificates and Opinions, Etc.
      (a)
      Upon any
      application or request by the Issuer to the Indenture Trustee to take any action
      under any provision of this Indenture, the Issuer shall furnish to the Indenture
      Trustee and to the Note Insurer (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
      Signer 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 Issuer 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 of such deposit) to the Issuer of the Collateral or other
      property or securities to be so deposited.

     

    (ii)  Whenever
      the Issuer 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 Issuer shall also deliver to the
      Indenture Trustee an Independent Certificate as to the same matters, if the
      fair
      value to the Issuer 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 Issuer, as set forth in
      the
      certificates delivered pursuant to clause (i) above and this clause (ii), is
      ____% or more of the Security Balances of the Notes, but such a certificate
      need
      not be furnished with respect to any securities so deposited, if the fair value
      thereof to the Issuer as set forth in the related Officer’s Certificate is less
      than $_________ or less than one percent of the Security Balances of the
      Notes.

     

    (iii)  Whenever
      any property or securities are to be released from the lien of this Indenture,
      the Issuer 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 of 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 Issuer 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 Issuer 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, other than
      property as contemplated by clause (v) below 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 ____% or more of the Security 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 $_______ or less than one percent of the then Security
      Balances of the Notes.

     

    (v)  Notwithstanding
      any provision of this Indenture, the Issuer may, without compliance with the
      requirements of the other provisions of this Section 10.01, (A) collect, sell
      or
      otherwise dispose of the Mortgage Loans as and to the extent permitted or
      required by the Basic Documents or (B) make cash payments out of the Payment
      Account as and to the extent permitted or required by the Basic Documents [,
      so
      long as the Issuer shall deliver to the Indenture Trustee every six months,
      commencing _____________, an Officer’s Certificate of the Issuer stating that
      all the dispositions of Collateral described in clauses (A) or (B) above that
      occurred during the preceding six calendar months were in the ordinary course
      of
      the Issuer’s business and that the proceeds thereof were applied in accordance
      with the Basic Documents].

     

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

     

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

     

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

     

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

     

    Section
      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 Issuer.
      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) conclusive in favor
      of
      the Indenture Trustee and the Issuer, if made in the manner provided in this
      Section 10.03.

     

    (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 Registrar.

     

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

     

    Section
      10.04.   Notices,
      Etc., to Indenture Trustee, Issuer, Note Insurer and Rating
      Agencies.
      Any
      request, demand, authorization, direction, notice, consent, waiver or Act of
      Note holders 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 or by the Issuer shall be sufficient for
      every purpose hereunder if made, given, furnished or filed in writing to or
      with
      the Indenture Trustee at the Corporate Trust Office. The Indenture Trustee
      shall
      promptly transmit any notice received by it from the Noteholders to the Issuer,
      or

     

    (ii)  the
      Issuer by the Indenture Trustee or by any Noteholder shall be sufficient for
      every purpose hereunder if in writing and mailed first-class, postage prepaid
      to
      the Issuer addressed to: [National City Mortgage Capital LLC [Mortgage] Loan
      Trust], Series 20__-____, in care of [Name of Owner Trustee] _________________,
      __________, ______________, Attention of
      _________________________________________ with a copy to the Administrator
      at
      ________________ Attention: __________ __________________________, or at any
      other address previously furnished in writing to the Indenture Trustee by the
      Issuer or the Administrator. The Issuer shall promptly transmit any notice
      received by it from the Noteholders to the Indenture Trustee, or

     

    (iii)  the
      Note
      Insurer by the Issuer, the Indenture Trustee or by any Noteholders shall be
      sufficient for every purpose hereunder to in writing and mailed, first-class
      postage pre-paid, or personally delivered or telecopied to: [Name of Note
      Insurer], ________________, ________, _______________, Attention:
      _________________, ___________________________, Telephone ______________.
      Telecopier ______________. The Note Insurer shall promptly transmit any notice
      received by it from the Issuer, the Indenture Trustee or the Noteholders to
      the
      Issuer or Indenture Trustee, as the case may be.

     

    Notices
      required to be given to the Rating Agencies by the Issuer, the Indenture Trustee
      or the Owner Trustee shall be in writing, personally delivered or mailed by
      certified mail, return receipt requested, to (i) in the case of [Moody’s], at
      the following address: [Moody’s Investors Service, Inc., ABS Monitoring
      Department, 99 Church Street, New York, New York 10007] and (ii) in the case
      of
      [Standard & Poor’s], at the following address: [Standard & Poor’s
      Ratings Group, 26 Broadway (15th Floor), New York, New York 10004, Attention
      of
      Asset Backed Surveillance Department]; 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
      in
      writing and mailed, first-class, postage prepaid to each Noteholder affected
      by
      such event, at such Person’s 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.

     

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

     

    Section
      10.07.   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 ss.ss. 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
      10.08.   Effect
      of Headings.
      The
      Article and Section headings herein are for convenience only and shall not
      affect the construction hereof.

     

    Section
      10.09.   Successors
      and Assigns.
      All
      covenants and agreements in this Indenture and the Notes by the Issuer shall
      bind its successors and assigns, whether so expressed or not. All agreements
      of
      the Indenture Trustee in this Indenture shall bind its successors, co-trustees
      and agents.

     

    Section
      10.10.   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
      10.11.   Benefits
      of Indenture.
      The
      Note Insurer and its successors and assigns shall be a third-party beneficiary
      to the provisions of this Indenture. Nothing in this Indenture or in the Notes,
      express or implied, shall give to any Person, other than the parties hereto
      and
      their successors hereunder, and the Noteholders, and any other party secured
      hereunder, and any other Person with an ownership interest in any part of the
      Trust Estate, any benefit or any legal or equitable right, remedy or claim
      under
      this Indenture.

     

    Section
      10.12.   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
      10.13.   GOVERNING
      LAW.
      THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
      OF
      NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE
      OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED
      IN
      ACCORDANCE WITH SUCH LAWS.

     

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

     

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

     

    Section
      10.16.   Issuer
      Obligation.
      No
      recourse may be taken, directly or indirectly, with respect to the obligations
      of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under
      this Indenture or any certificate or other writing delivered in connection
      herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee
      in
      its individual capacity, (ii) any owner of a beneficial interest in the Issuer
      or (iii) any partner, owner, beneficiary, agent, officer, director, employee
      or
      agent of the Indenture Trustee or the Owner Trustee in its individual capacity,
      any holder of a beneficial interest in the Issuer, 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 Issuer 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
      10.17.   No
      Petition.
      The
      Indenture Trustee, by entering into this Indenture, and each Noteholder, by
      accepting a Note, hereby covenant and agree that they will not at any time
      institute against the Depositor or the Issuer, or join in any institution
      against the Depositor or the Issuer 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.

     

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

     

    Section
      10.19.   Authority
      of the Administrator.
      Each of
      the parties to this Indenture acknowledges that the Issuer and the Owner Trustee
      have each appointed the Administrator to act as its agent to perform the duties
      and obligations of the Issuer hereunder. Unless otherwise instructed by the
      Issuer or the Owner Trustee, copies of all notices, requests, demands and other
      documents to be delivered to the Issuer or the Owner Trustee pursuant to the
      terms hereof shall be delivered to the Administrator. Unless otherwise
      instructed by the Issuer or the Owner Trustee, all notices, requests, demands
      and other documents to be executed or delivered, and any action to be taken,
      by
      the Issuer or the Owner Trustee pursuant to the terms hereof may be executed,
      delivered and/or taken by the Administrator pursuant to the Administration
      Agreement.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the Issuer 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.

     

    [NATIONAL
      CITY MORTGAGE CAPITAL LLC [MORTGAGE] LOAN TRUST], SERIES 20__-____,

     

    as
      Issuer

     

    By:___________________________

    not
      in
      its individual capacity

    but
      solely as Owner Trustee

     

     

    By:
      ___________________________

    Name:
      _________________________

    Title:
      __________________________

     

                                                                            
      ____________________________

    as
      Indenture Trustee, as Certificate Paying

    Agent
      and
      as Note Registrar

     

    By:
      ______________________________

    Name:____________________________

    Title:_____________________________

     

     

    _________________________

    hereby
      accepts the appointment as 

    Certificate
      Paying Agent pursuant to

    Section
      3.03 hereof and as Certificate

    Registrar
      pursuant to Section 4.02

    hereof.

     

    By:
      _______________________________

    Name:_____________________________

    Title:______________________________

     

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
 

    

      
        	
                STATE
                  OF ____________

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

      

    

     

    On
      this
      ____ day of __________, before me personally appeared ______________, to me
      known, who being by me duly sworn, did depose and say, that he resides at
      _________________, __________________ _____, that he is the of the Owner
      Trustee, one of the corporations described in and which executed the above
      instrument; that he knows the seal of said corporation; that the seal affixed
      to
      said instrument is such corporate seal; that it was so affixed by order of
      the
      Board of Directors of said corporation; and that he signed his name thereto
      by
      like order.

     

    _____________________

    Notary
      Public

     

    [NOTARIAL
      SEAL]

     

    
      

        
          	
                  STATE
                    OF ____________

                	
                  )

                	 
	 	
                  )

                	
                  ss.:

                
	
                  COUNTY
                    OF___________

                	
                  )

                	 

        

        
 

      

    

    On
      this
      ____ day of __________, before me personally appeared , to me known, who being
      by me duly sworn, did depose and say, that he resides at , that he is the
      ______________ of ________________, as Indenture Trustee, one of the
      corporations described in and which executed the above instrument; that he
      knows
      the seal of said corporation; that the seal affixed to said instrument is such
      corporate seal; that it was so affixed by order of the Board of Directors of
      said corporation; and that he signed his name thereto by like
      order.

     

    _____________________

    Notary
      Public

     

    [NOTARIAL
      SEAL]

    

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    APPENDIX
      A

     

    DEFINITIONS

     

    Adjustable
      Rate Mortgage Loan:
      A
      Mortgage Loan with a Mortgage Rate that is subject to periodic adjustment
      calculated on the basis of the Index, plus an applicable Gross Margin. Each
      Adjustable Rate Mortgage Loan is secured by a first lien on the related
      Mortgaged Property.

     

    Adjustment
      Date:
      As to
      each Adjustable Rate 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.

     

    Administrative
      Fee:
      The
      amount of the fee payable to the Owner Trustee together with the amount of
      the
      premium payable to the Note Insurer, which will accrue at ______% per annum
      based on the Note Principal Balance of the Notes.

     

    Advance:
      As to
      any Mortgage Loan, any advance made by the Master Servicer, pursuant to Section
      4.04 of the Servicing Agreement.

     

    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.

     

    Appraised
      Value:
      The
      appraised value of a Mortgaged Property based upon the lesser of (i) the
      appraisal made at the time of the origination of the related Mortgage Loan,
      or
      (ii) the sales price of such Mortgaged Property at such time of origination.
      With respect to a Mortgage Loan the proceeds of which were used to refinance
      an
      existing mortgage loan, the appraised value of the Mortgaged Property based
      upon
      the appraisal (as reviewed and approved by the Seller) obtained at the time
      of
      refinancing.

     

    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.

     

    Authorized
      Newspaper:
      A
      newspaper of general circulation in the _______ of ___________, The City of
      ___________, 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 on the Closing Date (as such list may be modified or supplemented from
      time to time thereafter).

     

    Available
      Funds:
      As to
      any Payment Date, an amount equal to the amount on deposit in the Payment
      Account on such Payment Date and available for distribution to the Noteholders
      (minus, if the Notes have been declared due and payable following an Event
      of
      Default on such Payment Date, any amounts owed to the Indenture Trustee by
      the
      Issuer pursuant to Section 6.07 of the Indenture).

     

    Available
      Funds Cap Carry-Forward Amount:
      With
      respect to the Notes and any Payment Date, an amount equal to the sum of (x)
      the
      amount, if any, by which (a) the lesser of (1) the amount payable if clause
      (i)
      of the definition of Note Interest Rate is used to calculate interest and (2)
      the amount payable if the Maximum Note Interest Rate is used to calculate
      interest exceeds (b) the amount payable if clause (ii) of the definition of
      Note
      Interest Rate is used to calculate interest and (y) the interest accrued during
      the prior Interest Period on the amount of any Available Funds Cap Carry-Forward
      Amount immediately prior to such Payment Date, calculated on the basis of a
      360-day year and the actual number of days elapsed and using the Note Interest
      Rate applicable to such Payment Date minus (z) the aggregate of all amounts
      distributed to the Noteholders on all prior Payment Dates pursuant to Section
      3.05(v) of the Indenture.

     

    Available
      Funds Interest Rate:
      As to
      any Payment Date, a per annum rate equal to the lesser of (x) the fraction,
      expressed as a percentage, the numerator of which is (i) an amount equal to
      (A)
      1/12 of the aggregate Principal Balance of the then outstanding Mortgage Loans
      times the weighted average of the Expense Adjusted Mortgage Rates on the then
      outstanding Mortgage Loans minus (B) the Administrative Fee for such Payment
      Date, and the denominator of which is (ii) an amount equal to (A) the then
      outstanding aggregate Note Principal Balance of the Notes multiplied by (B)
      the
      actual number of days elapsed in the related Interest Period divided by 360
      and
      (y) the Maximum Note Interest Rate.

     

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

     

    Basic
      Documents:
      The
      Trust Agreement, the Certificate of Trust, the Indenture, the Mortgage Loan
      Purchase Agreement, the Insurance Agreement, the Servicing Agreement, and the
      other documents and certificates delivered in connection with any of the
      above.

     

    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 Notes, ownership and transfers of which shall be
      made through book entries by the Depository as described in Section 4.06 of
      the
      Indenture.

     

    Business
      Day:
      Any day
      other than (i) a Saturday or a Sunday or (ii) a day on which banking
      institutions in the City of New York, Delaware or California or in the city
      in
      which the corporate trust offices of the Indenture Trustee or the Note Insurer
      are located, are required or authorized by law to be closed.

     

    Business
      Trust Statute:
      Chapter
      38 of Title 12 of the Delaware Code, 12 DEL. Code ss.ss.3801 ET seq., as the
      same may be amended from time to time.

     

    Cash
      Liquidation:
      As to
      any defaulted Mortgage Loan other than a Mortgage Loan as to which an REO
      Acquisition occurred, a determination by the Master Servicer that it has
      received all Insurance Proceeds, Liquidation Proceeds and other payments or
      cash
      recoveries which the Master Servicer reasonably and in good faith expects to
      be
      finally recoverable with respect to such Mortgage Loan.

     

    Certificate
      Distribution Account:
      The
      account or accounts created and maintained pursuant to Section 3.10(d) of the
      Trust Agreement. The Certificate Distribution Account shall be an Eligible
      Account.

     

    Certificate
      Paying Agent:
      The
      meaning specified in Section 3.10 of the Trust Agreement.

     

    Certificate
      Percentage Interest:
      With
      respect to each Certificate, the Certificate Percentage Interest on the face
      thereof.

     

    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
      Registrar:
      Initially, the Indenture Trustee, in its capacity as Certificate Registrar,
      or
      any successor to the Indenture Trustee in such capacity.

     

    Certificate
      of Trust:
      The
      Certificate of Trust filed for the Trust pursuant to Section 3810(a) of the
      Business Trust Statute.

     

    Certificates:
      The New
      [National City Mortgage Capital LLC [Mortgage] Loan Trust], Trust Certificates,
      Series _____- __, 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.

     

    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 Indenture Trustee
      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.

     

    Closing
      Date:
      ______
      __, 200_.

     

    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.

     

    Collection
      Account:
      The
      account or accounts created and maintained pursuant to Section 3.06(d) of the
      Servicing Agreement. The Collection Account shall be an Eligible
      Account.

     

    Combined
      Loan-to-Value Ratio:
      With
      respect to any Mortgage Loan and any date, the percentage equivalent of a
      fraction, the numerator of which is the Cut-Off Date Principal Balance of such
      Mortgage Loan and the denominator of which is the outstanding principal balance
      as of the date of the origination of such Mortgage Loan of any mortgage loan
      or
      mortgage loans that are secured by liens on the Mortgaged Property that are
      senior or subordinate to the Mortgage and the denominator of which is the
      Appraised Value of the related Mortgaged Property.

     

    Compensating
      Interest:
      With
      respect to any Determination Date, an amount equal to the lesser of (i) the
      aggregate amount of Prepayment Interest Shortfall for the related Prepayment
      Period and (ii) the Servicing Fee for such Determination Date.

     

    Converted
      Mortgage Loan:
      Any
      Convertible Mortgage Loan with respect to which the interest rate borne by
      such
      Mortgage Loan has been converted from an adjustable interest rate to a fixed
      interest rate.

     

    Convertible
      Mortgage Loan:
      Any
      Adjustable Rate Mortgage Loan which by its terms grants to the related Mortgagor
      the option to convert the interest rate borne by such Mortgage Loan from an
      adjustable interest rate to a fixed interest rate.

     

    Converting
      Mortgage Loan:
      Any
      Convertible Mortgage Loan with respect to which the related Mortgagor has given
      notice of his intent to convert from an adjustable interest rate to a fixed
      interest rate and prior to the conversion of such Mortgage Loan.

     

    Corporate
      Trust Office:
      With
      respect to the Indenture Trustee, Certificate Registrar, Certificate Paying
      Agent and Paying Agent, the principal corporate trust office of the Indenture
      Trustee and Note Registrar 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 ____________, __________, ______, __________
      _____, Attention: ________ ___ ______, except that for purposes of Section
      4.02
      of the Indenture and Section 3.09 of the Trust Agreement, such term shall
      include the Indenture Trustee’s office or agency at _______________, ________,
      ________ _____, Attention: ___________ _________. 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
      ________________________, ______ ____________, ________________________,
      __________, ________ _____, Attention:
      ________________________________.

     

    Cut-Off
      Date:
      With
      respect to the Mortgage Loans, ______ 1, 200_.

     

    Cut-Off
      Date Principal Balance:
      With
      respect to any Mortgage Loan, the unpaid principal balance thereof as of the
      opening of business on the last day of the related Due Period immediately prior
      to the Cut-Off Date.

     

    Debt
      Service Reduction:
      With
      respect to any Mortgage Loan, a reduction in the scheduled Monthly Payment
      for
      such Mortgage Loan by a court of competent jurisdiction in a proceeding under
      the Bankruptcy Code, except such a reduction constituting a Deficient Valuation
      or any reduction that results in a permanent forgiveness of
      principal.

     

    Default:
      Any
      occurrence which is or with notice or the lapse of time or both would become
      an
      Event of Default.

     

    Deficiency
      Amount:
      The
      meaning provided in the Note Insurance Policy.

     

    Deficient
      Valuation:
      With
      respect to any Mortgage Loan, a valuation by a court of competent jurisdiction
      of the Mortgaged Property in an amount less than the then outstanding
      indebtedness under the Mortgage Loan, or any reduction in the amount of
      principal to be paid in connection with any scheduled Monthly Payment that
      constitutes a permanent forgiveness of principal, which valuation or reduction
      results from a proceeding under the Bankruptcy Code.

     

    Definitive
      Notes:
      The
      meaning specified in Section 4.06 of the Indenture.

     

    Deleted
      Mortgage Loan:
      A
      Mortgage Loan replaced or to be replaced with an Eligible Substitute Mortgage
      Loan.

     

    Depositor:
      National City Mortgage Capital LLC, a Delaware limited liability company, or
      its
      successor in interest.

     

    Depository
      or Depository Agency:
      The
      Depository Trust Company or a successor appointed by the Indenture Trustee
      with
      the approval of the Depositor. Any successor to the Depository shall be an
      organization registered as a “clearing agency” pursuant to Section 17A of the
      Exchange Act and the regulations of the Securities and Exchange Commission
      thereunder.

     

    Depository
      Participant:
      A
      Person for whom, from time to time, the Depository effects book-entry transfers
      and pledges of securities deposited with the Depository.

     

    Determination
      Date:
      With
      respect to any Payment Date, the 15th of the related month, or if the 15th
      day
      of such month is not a Business Day, the immediately preceding Business
      Day.

     

    Due
      Date:
      The
      first day of the month of the related Payment Date.

     

    Due
      Period:
      With
      respect to any Mortgage Loan and Due Date, the period commencing on the second
      day of the month 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
      related Due Date.

     

    Eligible
      Account:
      An
      account that is any of the following: (i) maintained with a depository
      institution the short term deposits of which have been rated by each Rating
      Agency in its highest rating available, or (ii) an account or accounts in a
      depository institution in which such accounts are fully insured to the limits
      established by the FDIC, provided
      that any
      deposits not so insured shall, to the extent acceptable to the Note Insurer
      and
      each Rating Agency, as evidenced in writing, be maintained such that (as
      evidenced by an Opinion of Counsel delivered to the Indenture Trustee, the
      Note
      Insurer and each Rating Agency) the Indenture Trustee have a claim with respect
      to the funds in such account or a perfected first security interest against
      any
      collateral (which shall be limited to Eligible Investments) securing such funds
      that is superior to claims of any other depositors or creditors of the
      depository institution with which such account is maintained, or (iii) in the
      case of the Collection Account, either (A) a trust account or accounts
      maintained at the Corporate Trust Department of the Indenture Trustee or (B)
      an
      account or accounts maintained at the Corporate Trust Department of the
      Indenture Trustee, as long as its short term debt obligations are rated P-1
      by
      Moody’s and A-1 by Standard & Poor’s or better and its long term debt
      obligations are rated A2 by Moody’s and A by Standard & Poor’s or better, or
      (iv) in the case of the Collection Account and the Payment Account, a trust
      account or accounts maintained in the corporate trust division of the Indenture
      Trustee, or (v) an account or accounts of a depository institution acceptable
      to
      each Rating Agency as evidenced in writing by each Rating Agency that use of
      any
      such account as the Collection Account or the Payment Account will not reduce
      the rating assigned to any of the Securities by such Rating Agency below
      investment grade without taking into account the Note Insurance Policy and
      acceptable to the Note Insurer as evidenced in writing.

     

    Eligible
      Investments:
      One or
      more of the following:

     

    (i)  direct
      obligations of, and obligations fully guaranteed by, the United States of
      America, the Federal Home Mortgage Corporation, the Federal National Mortgage
      Association, the Federal Home Loan Banks 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 and time deposits in, certificates of deposit of, banker’s acceptances
      issued by or federal funds sold by any depository institution or trust company
      (including the Indenture Trustee or its agent acting in their respective
      commercial capacities) incorporated under the laws of the United States of
      America or any State thereof and subject to supervision and examination by
      federal and/or state authorities, so long as at the time of such investment
      or
      contractual commitment providing for such investment, such depository
      institution or trust company has a short term unsecured debt rating in the
      highest available rating category of each of the Rating Agencies and provided
      that each such investment has an original maturity of no more than 365 days,
      and
      (B) any other demand or time deposit or deposit which is fully insured by the
      Federal Deposit Insurance Corporation;

     

    (iii)  repurchase
      obligations with a term not to exceed 30 days with respect to any security
      described in clause (i) above and entered into with a depository institution
      or
      trust company (acting as a principal) rated “A” or higher by S&P and A2 or
      higher by Moody’s; provided, however, that collateral transferred pursuant to
      such repurchase obligation must (A) be valued weekly at current market price
      plus accrued interest, (B) pursuant to such valuation, equal, at all times,
      105%
      of the cash transferred by the Indenture Trustee in exchange for such collateral
      and (C) be delivered to the Indenture Trustee or, if the Indenture Trustee
      is
      supplying the collateral, an agent for the Indenture Trustee, in such a manner
      as to accomplish perfection of a security interest in the collateral by
      possession of certificated securities.

     

    (iv)  securities
      bearing interest or sold at a discount issued by any corporation incorporated
      under the laws of the United States of America or any State thereof which has
      a
      long term unsecured debt rating in the highest available rating category of
      each
      of the Rating Agencies at the time of such investment;

     

    (v)  commercial
      paper having an original maturity of less than 365 days and issued by an
      institution having a short term unsecured debt rating in the highest available
      rating category of each of the Rating Agencies at the time of such
      investment;

     

    (vi)  a
      guaranteed investment contract approved by each of the Rating Agencies and
      the
      Note Insurer and issued by an insurance company or other corporation having
      a
      long term unsecured debt rating in the highest available rating category of
      each
      of the Rating Agencies at the time of such investment;

     

    (vii)  money
      market funds having ratings in the highest available long-term rating category
      of each of the Rating Agencies at the time of such investment; any such money
      market funds which provide for demand withdrawals being conclusively deemed
      to
      satisfy any maturity requirement for Eligible Investments set forth in the
      Indenture; and

     

    (viii)  any
      investment approved in writing by each of the Rating Agencies and the Note
      Insurer.

     

    The
      Indenture Trustee may purchase from or sell to itself or an affiliate, as
      principal or agent, the Eligible Investments listed above.

     

    provided,
      however,
      that
      each such instrument shall be acquired in an arm’s length transaction and no
      such instrument shall be an Eligible Investment if it represents, either (1)
      the
      right to receive only interest payments with respect to the underlying debt
      instrument or (2) the right to receive both principal and interest payments
      derived from obligations underlying such instrument and the principal and
      interest payments with respect to such instrument provide a yield to maturity
      greater than 120% of the yield to maturity at par of such underlying
      obligations; provided further,
      however,
      that
      each such instrument acquired shall not be acquired at a price in excess of
      par.

     

    Eligible
      Substitute Mortgage Loan:
      A
      Mortgage Loan substituted by the Seller for a Deleted Mortgage Loan which must,
      on the date of such substitution, as confirmed in an Officer’s Certificate
      delivered to the Indenture Trustee, (i) have an outstanding principal balance,
      after deduction of the principal portion of the monthly payment due in the
      month
      of substitution (or in the case of a substitution of more than one Mortgage
      Loan
      for a Deleted Mortgage Loan, an aggregate outstanding principal balance, after
      such deduction), not in excess of the outstanding principal balance of the
      Deleted Mortgage Loan (the amount of any shortfall to be deposited by the Seller
      in the Collection Account in the month of substitution); (ii) comply with each
      representation and warranty set forth in clauses (ii) through (lxxvii) of
      Section 3.1(b) of the Mortgage Loan Purchase Agreement other than clauses (ii),
      (iii), (v)-(xi), (xiii)-(xiv), (l), (lxvi), (lxviii), (lxxi)-(lxxiii); (iii)
      have a Mortgage Rate and Gross Margin no lower than and not more than 1% per
      annum higher than the Mortgage Rate and Gross Margin, respectively, of the
      Deleted Mortgage Loan as of the date of substitution; (iv) have a Combined
      Loan-to-Value Ratio at the time of substitution no higher than that of the
      Deleted Mortgage Loan at the time of substitution; (v) have a remaining term
      to
      stated maturity not greater than (and not more than one year less than) that
      of
      the Deleted Mortgage Loan and (vi) not be 30 days or more
      delinquent.

     

    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
      default
      in (a) the payment of the Interest Payment Amount or the Principal Payment
      Amount with respect to a Payment Date on such Payment Date or (b) the
      Subordination Increase Amount or the Available Funds Cap Carry-Forward Amount,
      but only, with respect to clause (b), to the extent funds are available to
      make
      such payment as provided in the Indenture; or

     

    (ii) the
      failure by the Issuer on the Final Scheduled Payment Date to reduce the Note
      Principal Balance to zero; or

     

    (iii) there
      occurs a default in the observance or performance of any covenant or agreement
      of the Issuer made in the Indenture, or any representation or warranty of the
      Issuer made in the Indenture or in any certificate or other writing delivered
      pursuant hereto or in connection herewith proving to have been incorrect in
      any
      material respect as of the time when the same shall have been made, and such
      default shall continue or not be cured, or the circumstance or condition in
      respect of which such 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 to the Issuer and the Indenture Trustee by the Note Insurer, or
      if a
      Note Insurer Default exists the Holders of at least 25% of the Outstanding
      Amount of the Notes, a written notice specifying such default or incorrect
      representation or warranty and requiring it to be remedied and stating that
      such
      notice is a notice of default hereunder; or

     

    (iv) 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:
      With
      respect to the Servicing Agreement, a Servicing Default as defined in Section
      6.01 of the Servicing Agreement.

     

    Excess
      Subordination Amount:
      With
      respect to any Payment Date, the excess, if any, of (a) the Subordination Amount
      that would apply on such Payment Date after taking into account all
      distributions to be made on such Payment Date (exclusive of any reductions
      thereto attributable to Subordination Reduction Amounts on such Payment Date)
      over (b) the Required Subordination Amount for such Payment Date.

     

    Exchange
      Act:
      The
      Securities Exchange Act of 1934, as amended, and the rules and regulations
      promulgated thereunder.

     

    Expense
      Adjusted Mortgage Rate:
      For any
      Mortgage Loan, the rate equal to the then applicable Mortgage Rate thereon
      minus
      the sum of (i) the Minimum Spread and (ii) the Servicing Fee Rate and (iii)
      the
      Indenture Trustee Fee Rate.

     

    Expenses:
      The
      meaning specified in Section 7.02 of the Trust Agreement.

     

    FDIC:
      The
      Federal Deposit Insurance Corporation or any successor thereto.

     

    FHLMC:
      The Federal Home Loan Mortgage Corporation, or any successor
      thereto.

     

    Final
      Scheduled Payment Date:
      The
      Payment Date occurring in _________, _____.

     

    Fixed
      Rate Mortgage Loan:
      Any
      Mortgage Loan with a fixed rate of interest.

     

    FNMA:
      The
      Federal National Mortgage Association, or any successor thereto.

     

    Foreclosure
      Profit:
      With
      respect to a Liquidated Mortgage Loan, the amount, if any, by which (i) the
      aggregate of its Net Liquidation Proceeds exceeds (ii) the related Principal
      Balance (plus accrued and unpaid interest thereon at the applicable Mortgage
      Rate from the date interest was last paid through the date of receipt of the
      final Liquidation Proceeds) of such Liquidated Mortgage Loan immediately prior
      to the final recovery of its Liquidation Proceeds.

     

    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:
      With
      respect to any Adjustable Rate Mortgage Loan, the percentage set forth as the
      “Gross Margin” for such Mortgage Loan on the Mortgage Loan Schedule, as adjusted
      from time to time in accordance with the terms of the Servicing
      Agreement.

     

    Indemnified
      Party:
      The
      meaning specified in Section 7.02 of the Trust Agreement.

     

    Indenture:
      The
      indenture dated as of ______ 1, ____, between the Issuer, as debtor, and the
      Indenture Trustee, as Indenture Trustee.

     

    Indenture
      Trustee:
      _________________________________________, a national banking association,
      and
      its successors and assigns or any successor indenture trustee appointed pursuant
      to the terms of the Indenture.

     

    Indenture
      Trustee Fee:
      With
      respect to each Mortgage Loan and any Payment Date the product of (i) the
      Indenture Trustee Fee Rate divided by 12 and (ii) the Principal Balance of
      such
      Mortgage Loans as of such date.

     

    Indenture
      Trustee Fee Rate:
      _____%
      per annum.

     

    Independent:
      When
      used with respect to any specified Person, the Person (i) is in fact independent
      of the Issuer, any other obligor on the Notes, the Seller, the Issuer, 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
      Issuer, any such other obligor, the Seller, the Issuer, the Depositor or any
      Affiliate of any of the foregoing Persons and (iii) is not connected with the
      Issuer, any such other obligor, the Seller, the Issuer, 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 Order 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:
      With
      respect to any Adjustable Rate Mortgage Loan, index for the adjustment of the
      Mortgage Rate set forth as such on the related Mortgage Note.

     

    Initial
      Note Principal Balance:
      With
      respect to the Notes, $______________.

     

    Initial
      Subservicer:
      _____________, a __________ corporation.

     

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

     

    Insurance
      Agreement:
      The
      insurance and reimbursement agreement dated as of _____ 1, _____, among the
      Master Servicer, the Seller, the Depositor, the Issuer, Indenture Trustee and
      the Note Insurer, including any amendments and supplements thereto.

     

    Insurance
      Proceeds:
      Proceeds paid by any insurer (other than the Note Insurer) pursuant to any
      insurance policy covering a Mortgage Loan which are required to be remitted
      to
      the Master Servicer, or amounts required to be paid by the Master Servicer
      pursuant to the Servicing Agreement, net of any component thereof (i) covering
      any expenses incurred by or on behalf of the Master Servicer in connection
      with
      obtaining such proceeds, (ii) that is applied to the restoration or repair
      of
      the related Mortgaged Property, (iii) released to the Mortgagor in accordance
      with the Master Servicer’s normal servicing procedures or (iv) required to be
      paid to any holder of a mortgage senior to such Mortgage Loan.

     

    Insured
      Payment:
      Shall
      have the meaning set forth in the Note Insurance Policy.

     

    Interest
      Determination Date:
      With
      respect to any Interest Period, the second London Business Day preceding the
      commencement of such Interest Period.

     

    Interest
      Payment Amount:
      With
      respect to any Payment Date, an amount equal to interest accrued during the
      related Interest Period on the Note Principal Balance thereof at the
      then-applicable Note Interest Rate, minus any Prepayment Interest Shortfalls
      and
      Relief Act Shortfalls to the extent not covered by the Master Servicer by
      Compensating Interest for such Payment Date.

     

    Interest
      Period:
      With
      respect to any Payment Date other than the first Payment Date, the period
      beginning on the preceding Payment Date and ending on the day preceding such
      Payment Date, and in the case of the first Payment Date, the period beginning
      on
      the Closing Date and ending on the day preceding the first Payment
      Date.

     

    Interest
      Rate Adjustment Date:
      With
      respect to each Mortgage Loan, the date or dates on which the Mortgage Rate
      is
      adjusted in accordance with the related Mortgage Note.

     

    Issuer:
      [National City Mortgage Capital LLC [Mortgage] Loan Trust], a Delaware business
      trust, or its successor in interest.

     

    Issuer
      Request:
      A
      written order or request signed in the name of the Issuer by any one of its
      Authorized Officers and approved in writing by the Note Insurer, so long as
      no
      Note Insurer Default exists and delivered to the Indenture Trustee.

     

    LIBOR
      Business Day:
      Any day
      other than (i) a Saturday or a Sunday or (ii) a day on which banking
      institutions in the State of New York, Delaware or California, or in the city
      of
      London, England are required or authorized by law to be closed.

     

    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;
provided,
      however,
      that
      any assignment pursuant to Section 6.02 of the Servicing Agreement shall not
      be
      deemed to constitute a Lien.

     

    Lifetime
      Rate Cap:
      With
      respect to each Mortgage Loan with respect to which the related Mortgage Note
      provides for a lifetime rate cap, the maximum Mortgage Rate permitted over
      the
      life of such Mortgage Loan under the terms of such Mortgage Note, as set forth
      on the Mortgage Loan Schedule and initially as set forth on Exhibit A to the
      Servicing Agreement.

     

    Liquidated
      Mortgage Loan:
      With
      respect to any Payment Date, any Mortgage Loan in respect of which the Master
      Servicer has determined, in accordance with the servicing procedures specified
      in the Servicing Agreement, as of the end of the related Prepayment Period
      that
      substantially all Liquidation Proceeds which it reasonably expects to recover
      with respect to the disposition of the related REO Property have been
      recovered.

     

    Liquidation
      Expenses:
      Out-of-pocket expenses (exclusive of overhead) which are incurred by or on
      behalf of the Master Servicer in connection with the liquidation of any Mortgage
      Loan and not recovered under any insurance policy, such expenses including,
      without limitation, legal fees and expenses, any unreimbursed amount expended
      (including, without limitation, amounts advanced to correct defaults on any
      mortgage loan which is senior to such Mortgage Loan and amounts advanced to
      keep
      current or pay off a mortgage loan that is senior to such Mortgage Loan)
      respecting the related Mortgage Loan and any related and unreimbursed
      expenditures for real estate property taxes or for property restoration,
      preservation or insurance against casualty loss or damage.

     

    Liquidation
      Proceeds:
      Proceeds (including Insurance Proceeds but not including amounts drawn under
      the
      Note Insurance Policy) received in connection with the liquidation of any
      Mortgage Loan or related REO Property, whether through trustee’s sale,
      foreclosure sale or otherwise.

     

    Loan
      Year:
      With
      respect to any Mortgage Loan, the one year period commencing on the day
      succeeding the origination of such Mortgage Loan and ending on the anniversary
      date of such Mortgage Loan, and each annual period thereafter.

     

    London
      Business Day:
      Any day
      on which banks in the City of London, England are open and conducting
      transactions in United States dollars.

     

    Lost
      Note Affidavit:
      With
      respect to any Mortgage Loan as to which the original Mortgage Note has been
      permanently lost or destroyed and has not been replaced, an affidavit from
      the
      Seller certifying that the original Mortgage Note has been lost, misplaced
      or
      destroyed (together with a copy of the related Mortgage Note).

     

    Master
      Servicer:
      _______________________, a __________ corporation, and its successors and
      assigns.

     

    Master
      Servicing Fee:
      With
      respect to each Mortgage Loan and any Payment Date the product of (i) the Master
      Servicing Fee Rate divided by 12 and (ii) the Principal Balance of such Mortgage
      Loans as of such date.

     

    Master
      Servicing Fee Rate:
      With
      respect to each Mortgage Loan, ____% per annum.

     

    Maximum
      Note Interest Rate:
      With
      respect to any Payment Date, the per annum rate equal to the fraction, expressed
      as a percentage, the numerator of which is (i) an amount equal to (A) 1/12
      of
      the aggregate Principal Balance of the then outstanding Mortgage Loans times
      the
      weighted average of the Expense Adjusted Maximum Mortgage Rates on the then
      outstanding Mortgage Loans minus (B) the Administrative Fee for such Payment
      Date, and the denominator of which is (ii) an amount equal to (A) the aggregate
      Note Principal Balance of the Notes multiplied by (B) the actual number of
      days
      elapsed in the related Interest Period divided by 360.

     

    Maximum
      Mortgage Rate:
      With
      respect to each Adjustable Rate Mortgage Loan, the maximum Mortgage
      Rate.

     

    Minimum
      Mortgage Rate:
      With
      respect to each Adjustable Rate Mortgage Loan, the minimum Mortgage
      Rate.

     

    Minimum
      Spread:
      ____%
      per annum.

     

    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 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. or its successor in interest.

     

    Mortgage:
      The
      mortgage, deed of trust or other instrument creating a first or second lien
      on
      an estate in fee simple interest in real property securing a Mortgage
      Loan.

     

    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 Mortgage Loan Purchase Agreement or the Servicing Agreement.

     

    Mortgage
      Loan Purchase Agreement:
      The
      Mortgage Loan Purchase Agreement, dated as of the Cut-Off Date, between the
      Seller, as seller, and the Purchaser, as purchaser, with respect to the Mortgage
      Loans, dated as of ______ 1, _____.

     

    Mortgage
      Loan Schedule:
      With
      respect to any date, the schedule of Mortgage Loans held by the Issuer on such
      date. The initial schedule of Mortgage Loans as of the Cut-Off Date is the
      schedule set forth in Exhibit A of the Servicing Agreement, which schedule
      sets
      forth as to each Mortgage Loan

     

    (i)  the
      loan
      number and name of the Mortgagor;

     

    (ii)  the
      street address, city, state and zip code of the Mortgaged Property;

     

    (iii)  the
      Mortgage Rate;

     

    (iv)  the
      Maximum Rate;

     

    (v)  the
      maturity date;

     

    (vi)  the
      original principal balance;

     

    (vii)  the
      first
      payment date;

     

    (viii)  the
      type
      of Mortgaged Property;

     

    (ix)  the
      Monthly Payment in effect as of the Cut-Off Date;

     

    (x)  the
      Cut-off Date Principal Balance;

     

    (xi)  the
      occupancy status;

     

    (xii)  the
      purpose of the Mortgage Loan;

     

    (xiii)  the
      Appraised Value of the Mortgaged Property;

     

    (xiv)  the
      original term to maturity;

     

    (xv)  the
      paid-through date of the Mortgage Loan;

     

    (xvi)  the
      Loan-to-Value Ratio; and

     

    	(xvii)  	
            whether
              or not the Mortgage Loan was underwritten pursuant to a limited
              documentation program.

          

     

    The
      Mortgage Loan Schedule shall also set forth the total of the amounts described
      under (ix) above for all of the Mortgage Loans.

     

    Mortgage
      Loans:
      At any
      time, collectively, all Mortgage Loans that have been sold to the Depositor
      under the Mortgage Loan Purchase Agreement or substituted for pursuant to
      Section 2.1 and 3.1 of the Mortgage Loan Purchase Agreement and transferred
      and
      conveyed to the Issuer, in each case together with the Related Documents, and
      that remain subject to the terms thereof.

     

    Mortgage
      Note:
      The
      note or other evidence of the indebtedness of a Mortgagor under a Mortgage
      Loan.

     

    Mortgage
      Rate:
      With
      respect to any Mortgage Loan, the annual rate at which interest accrues on
      such
      Mortgage Loan.

     

    Mortgaged
      Property:
      The
      underlying property, including real property and improvements thereon, securing
      a Mortgage Loan.

     

    Mortgagor:
      The
      obligor or obligors under a Mortgage Note.

     

    Net
      Liquidation Proceeds:
      With
      respect to any Liquidated Mortgage Loan, Liquidation Proceeds net of Liquidation
      Expenses.

     

    Net
      Monthly Excess Cashflow:
      For any
      Payment Date, the amount of Available Funds and any Insured Payment remaining
      after distributions pursuant to clauses (i) through (iii) of Section 3.05 of
      the
      Indenture (minus any Insured Payment and any Subordination Reduction
      Amount).

     

    Net
      Mortgage Rate:
      With
      respect to any Mortgage Loan and any day, the related Mortgage Rate less the
      sum
      of the related Servicing Fee Rate, the Administrative Fee Rate and the Indenture
      Trustee Fee Rate.

     

    Nonrecoverable
      Advance:
      Any
      advance (i) which was previously made or is proposed to be made by the Master
      Servicer; and (ii) which, in the good faith judgment of the Master Servicer,
      will not or, in the case of a proposed advance, would not, be ultimately
      recoverable by the Master Servicer from Liquidation Proceeds, Insurance Proceeds
      or future payments on any Mortgage Loan.

     

    Note
      Insurance Policy:
      The
      bond guaranty insurance policy number ____, issued by the Note Insurer to the
      Indenture Trustee for the benefit of the Noteholders.

     

    Note
      Insurer:
      _______________, a ________- insurance company, any successor thereto or any
      replacement bond insurer substituted pursuant to Section 3.29 of the
      Indenture.

     

    Note
      Insurer Default:
      The
      existence and continuance of any of the following: (a) a failure by the Note
      Insurer to make a payment required under the Note Insurance Policy in accordance
      with its terms; or (b)(i) the Note Insurer (A) files any petition or commences
      any case or proceeding under any provision or chapter of the Bankruptcy Code
      or
      any other similar federal or state law relating to insolvency, bankruptcy,
      rehabilitation, liquidation or reorganization, (B) makes a general assignment
      for the benefit of its creditors, or (C) has an order for relief entered against
      it under the Bankruptcy Code or any other similar federal or state law relating
      to insolvency, bankruptcy, rehabilitation, liquidation or reorganization which
      is final and nonappealable; or (ii) a court of competent jurisdiction, the
      New
      York Department of Insurance or other competent regulatory authority enters
      a
      final and nonappealable order, judgment or decree (A) appointing a custodian,
      trustee, agent or receiver for the Note Insurer or for all or any material
      portion of its property or (B) authorizing the taking of possession by a
      custodian, trustee, agent or receiver of the Note Insurer (or the taking of
      possession of all or any material portion of the property of the Note
      Insurer).

     

    Note
      Interest Rate:
      With
      respect to each Payment Date after the first Payment Date, a floating rate
      equal
      to the lesser of (i) with respect to each Payment Date up to and including
      the
      Payment Date in _________ _____, One-Month LIBOR plus ____%, and with respect
      to
      each Payment Date thereafter, One-Month LIBOR plus ____% and (ii) the Available
      Funds Interest Rate with respect to such Payment Date. The Note Interest Rate
      for the first Payment Date will equal ____% per annum.

     

    Note
      Owner:
      The
      Beneficial Owner of a Note.

     

    Note
      Percentage:
      With
      respect to any Payment Date and any Note, the ratio expressed as a percentage
      of
      the Note Principal Balance of such Note to the aggregate Note Principal Balance
      of all Notes immediately prior to such Payment Date.

     

    Note
      Principal Balance:
      With
      respect to any Note, the initial Note Principal Balance thereof minus all
      amounts distributed in respect of principal with respect to such
      Note.

     

    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.

     

    Note
      Registrar:
      The
      Indenture Trustee, in its capacity as Note Registrar.

     

    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 Issuer or the Indenture
      Trustee or any Affiliate of any of them shall be deemed not to be outstanding
      and the registered holder will not be considered a Noteholder or holder 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 shall be protected in relying upon
      any
      such request, demand, authorization, direction, notice, consent or waiver,
      only
      Notes that the Indenture Trustee or the Owner Trustee knows 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
      Indenture Trustee or the Owner Trustee the pledgee’s right so to act with
      respect to such Notes and that the pledgee is not the Issuer, any other obligor
      upon the Notes or any Affiliate of any of the foregoing Persons. Any bonds
      on
      which payments are made under the Note Insurance Policy shall be deemed
      Outstanding until the Note Insurer has been reimbursed with respect thereto
      and
      the Note Insurer shall be deemed the Noteholder thereof to the extent of such
      unreimbursed payment.

     

    Notes:
      The
      Notes designated as the “Notes” in the Indenture.

     

    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. With respect to the
      Issuer, a certificate signed by any Authorized Officer of the Issuer, 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-Month
      Libor:
      With
      respect to any Interest Period, the rate determined by the Indenture Trustee
      on
      the related Interest Determination Date on the basis of the offered rates of
      the
      Reference Banks for one-month United States dollar deposits, as such rates
      appear on the Reuters Screen LIBO Page, as of 11:00 a.m. (London time) on such
      Interest Determination Date. On each Interest Determination Date, One-Month
      LIBOR for the related Interest Period will be established by the Indenture
      Trustee as follows:

     

    (i)  If
      on
      such Interest Determination Date two or more Reference Banks provide such
      offered quotations, One-Month LIBOR for the related Interest Period shall be
      the
      arithmetic mean of such offered quotations (rounded upwards if necessary to
      the
      nearest whole multiple of 1/16%).

     

    (ii)  If
      on
      such Interest Determination Date fewer than two Reference Banks provide such
      offered quotations, One-Month LIBOR for the related Interest Period shall be
      the
      higher of (i) One-Month LIBOR as determined on the previous Interest
      Determination Date and (ii) the Reserve Interest Rate.

     

    Opinion
      of Counsel:
      A
      written opinion of counsel acceptable to Note Insurer who may be in-house
      counsel for the Master Servicer if acceptable to the Indenture Trustee, the
      Note
      Insurer and the Rating Agencies or counsel for the Depositor, as the case may
      be.

     

    Original
      Specified Subordination Amount:
      An
      amount equal to ____% of the aggregate Principal Balance of the Mortgage Loans
      as of the Cut-Off Date.

     

    Original
      Value:
      Except
      in the case of a refinance Mortgage Loan, the lesser of the Appraised Value
      or
      sales price of Mortgaged Property at the time a Mortgage Loan is closed, and
      for
      a refinance Mortgage Loan, the Original Value is the value of such property
      set
      forth in an appraisal acceptable to the Master Servicer.

     

    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 Indenture Trustee
      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
      Indenture Trustee is presented that any such Notes are held by a holder in
      due
      course;

     

    all
      Notes
      that have been paid with funds provided under the Note Insurance Policy shall
      be
      deemed to be Outstanding until the Note Insurer has been reimbursed with respect
      thereto.

     

    Owner
      Trust:
      [National City Mortgage Capital LLC [Mortgage] Loan Trust], Series 20__-____
      to
      be created pursuant to the Trust Agreement.

     

    Owner
      Trust Estate:
      The
      corpus of the Issuer created by the Trust Agreement which consists of items
      in
      Section 2.01 of the Trust Agreement.

     

    Owner
      Trustee:
      ________________________ and its successors and assigns or any successor owner
      trustee appointed pursuant to the terms of the Trust Agreement.

     

    Owner
      Trustee Fee:

     

    Owner
      Trustee Fee Rate:
      ______%
      per annum.

     

    Paying
      Agent:
      Any
      paying agent or co-paying agent appointed pursuant to Section 3.03 of the
      Indenture, which initially shall be the Indenture Trustee.

     

    Payment
      Account:
      The
      account established by the Indenture Trustee pursuant to Section 8.02 of the
      Indenture and Section 4.03 of the Servicing Agreement. The Payment Account
      shall
      be an Eligible Account.

     

    Payment
      Date:
      The
      [25th] day of each month, or if such day is not a Business Day, then the next
      Business Day.

     

    Percentage
      Interest:
      With
      respect to any Note, the percentage obtained by dividing the Note Principal
      Balance of such Note by the aggregate of the Note Principal Balances of all
      Notes. With respect to any Certificate, the percentage on the face
      thereof.

     

    Person:
      Any
      individual, corporation, partnership, joint venture, association, joint-stock
      company, trust, unincorporated organization or government or any agency or
      political subdivision thereof.

     

    Pool
      Balance:
      With
      respect to any date, the aggregate of the Principal Balances of all Mortgage
      Loans as of such date.

     

    Preference
      Amount:
      Any
      amount previously distributed to an Owner on the Notes that is recoverable
      and
      sought to be recovered as a voidable preference by a trustee in bankruptcy
      pursuant to the United States Bankruptcy Code (11 U.S.C.), as amended from
      time
      to time, in accordance with a final nonappealable order of a court having
      competent jurisdiction.

     

    Premium
      Amount:
      The
      amount of premium due to the Note Insurer in accordance with the terms of the
      Insurance Agreement.

     

    Prepayment
      Interest Shortfall:
      As to
      any Payment Date and any Mortgage Loan (other than a Mortgage Loan relating
      to
      an REO Property) that was the subject of (a) a Principal Prepayment in full
      during the related Prepayment Period, an amount equal to the excess of interest
      accrued during the related Prepayment Period at the Net Mortgage Rate on the
      Principal Balance of such Mortgage Loan over the amount of interest (adjusted
      to
      the Net Mortgage Rate) paid by the Mortgagor for such Prepayment Period to
      the
      date of such Principal Prepayment in full or (b) a partial Prepayment during
      the
      prior calendar month, an amount equal to interest accrued during the related
      Prepayment Period at the Net Mortgage Rate on the amount of such partial
      Prepayment.

     

    Prepayment
      Period:
      As to
      any Payment Date, the calendar month preceding the month of
      distribution.

     

    Primary
      Insurance Policy:
      Each
      primary policy of mortgage guaranty insurance issued by a Qualified Insurer
      or
      any replacement policy therefor.

     

    Principal
      Balance:
      With
      respect to any Mortgage Loan or related REO Property, at any given time, (i)
      the
      Cut-off Date Principal Balance of the Mortgage Loan, minus (ii) the sum of
      (a)
      the principal portion of the Monthly Payments due with respect to such Mortgage
      Loan or REO Property during each Due Period ending prior to the most recent
      Payment Date which were received or with respect to which an Advance was made,
      and (b) all Principal Prepayments with respect to such Mortgage Loan or REO
      Property, and all Insurance Proceeds, Liquidation Proceeds and REO Proceeds,
      to
      the extent applied by the Master Servicer as recoveries of principal in
      accordance with the Servicing Agreement with respect to such Mortgage Loan
      or
      REO Property, and (c) any Realized Loss with respect thereto for any previous
      Payment Date.

     

    Principal
      Payment Amount:
      With
      respect to any Payment Date (a) other than the Final Scheduled Payment Date,
      and
      the first Payment Date following any acceleration of the Notes following an
      Event of Default, the lesser of (a) the sum of the Available Funds remaining
      after distributions pursuant to clause (i) of Section 3.05 of the Indenture
      and
      any portion of any Insured Payment for such Payment Date representing a
      Subordination Deficit and (b) the sum of:

     

    (1)  the
      principal portion of all Monthly Payments received during the related Due Period
      or advanced on each Mortgage Loan;

     

    (2)  the
      Principal Balance of any Mortgage Loan repurchased during the related Prepayment
      Period (or deemed to have been so repurchased) pursuant to the Mortgage Loan
      Purchase Agreement or Section 3.18 of the Servicing Agreement and the amount
      of
      any Substitution Adjustment Amounts during the related Prepayment
      Period;

     

    (3)  the
      principal portion of all other unscheduled collections (including, without
      limitation, Principal Prepayments in full, partial Prepayments, Insurance
      Proceeds, Liquidation Proceeds and REO Proceeds) received during the related
      Prepayment Period to the extent applied by the Master Servicer as payments
      or
      recoveries of principal of the related Mortgage Loan;

     

    (4)  any
      Insured Payment made with respect to any Subordination Deficit; and

     

    minus

     

    (5)  the
      amount of any Subordination Reduction Amount for such Payment Date;

     

    and
      (b)
      with respect to the Final Scheduled Payment Date, and the first Payment Date
      following any acceleration of the Notes following an Event of Default, the
      amount necessary to reduce the Note Principal Balance to zero.

     

    Principal
      Prepayment:
      Any
      payment of principal made by the Mortgagor on a Mortgage Loan which is received
      in advance of its scheduled Due Date and which is not accompanied by an amount
      of interest representing scheduled interest due on any date or dates in any
      month or months subsequent to the month of prepayment.

     

    Proceeding:
      Any
      suit in equity, action at law or other judicial or administrative
      proceeding.

     

    Purchase
      Price:
      The
      meaning specified in Section 2.2(a) of the Mortgage Loan Purchase
      Agreement.

     

    Purchaser:
      _______________________, a ________ corporation, and its successors and
      assigns.

     

    Qualified
      Insurer:
      A
      mortgage guaranty insurance company duly qualified as such under the laws of
      the
      state of its principal place of business and each state having jurisdiction
      over
      such insurer in connection with the insurance policy issued by such insurer,
      duly authorized and licensed in such states to transact a mortgage guaranty
      insurance business in such states and to write the insurance provided by the
      insurance policy issued by it, approved as an insurer by the Master Servicer
      and
      as a FNMA-approved mortgage insurer.

     

    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, Moody’s or Standard & Poor’s. If such
      organization or a successor is no longer in existence, “Rating Agency” shall be
      such nationally recognized statistical rating organization, or other comparable
      Person, designated by the Note Insurer so long as no Note Insurer Default
      exists, notice of which designation shall be given to the Indenture Trustee.
      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 and
      P-1 or better 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 and “Aaa” in the case of Moody’s and in the case of any other
      Rating Agency, such equivalent rating.

     

    Realized
      Loss:
      With
      respect to each Mortgage Loan (or REO Property) as to which a Cash Liquidation
      or REO Disposition has occurred, an amount (not less than zero) equal to (i)
      the
      Principal Balance of the Mortgage Loan (or REO Property) as of the date of
      Cash
      Liquidation or REO Disposition, plus (ii) interest (and REO Imputed Interest,
      if
      any) at the Net Mortgage Rate from the Due Date as to which interest was last
      paid or advanced to Noteholders up to the last day of the month in which the
      Cash Liquidation (or REO Disposition) occurred on the Principal Balance of
      such
      Mortgage Loan (or REO Property) outstanding during each Due Period that such
      interest was not paid or advanced, minus (iii) the proceeds, if any, received
      during the month in which such Cash Liquidation (or REO Disposition) occurred,
      to the extent applied as recoveries of interest at the Net Mortgage Rate and
      to
      principal of the Mortgage Loan, net of the portion thereof reimbursable to
      the
      Master Servicer or any Subservicer with respect to related Advances or expenses
      as to which the Master Servicer or Subservicer is entitled to reimbursement
      thereunder but which have not been previously reimbursed. With respect to each
      Mortgage Loan which has become the subject of a Deficient Valuation, the
      difference between the principal balance of the Mortgage Loan outstanding
      immediately prior to such Deficient Valuation and the principal balance of
      the
      Mortgage Loan as reduced by the Deficient Valuation. With respect to each
      Mortgage Loan which has become the object of a Debt Service Reduction, the
      amount of such Debt Service Reduction.

     

    Record
      Date:
      With
      respect to the Notes and any Payment Date, the last day of the calendar month
      preceding such Payment Date.

     

    Reference
      Banks:
      Bankers
      Trust Company, Barclay’s Bank PLC, The Bank of Tokyo and National Westminster
      Bank PLC and their successors in interest; provided
      that if
      any of the foregoing banks are not suitable to serve as a Reference Bank, then
      any leading banks selected by the Indenture Trustee which are engaged in
      transactions in Eurodollar deposits in the international Eurocurrency market
      (i)
      with an established place of business in London, (ii) not controlling, under
      the
      control of or under common control with the Company or any Affiliate thereof,
      (iii) whose quotations appear on the Reuters Screen LIBO Page on the relevant
      Interest Determination Date and (iv) which have been designated as such by
      the
      Indenture Trustee.

     

    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 2.1(b) of
      the
      Mortgage Loan Purchase Agreement and any documents required to be added to
      such
      documents pursuant to the Mortgage Loan Purchase Agreement, the Trust Agreement,
      Indenture or the Servicing Agreement.

     

    Relief
      Act:
      The
      Soldiers’ and Sailors’ Civil Relief Act of 1940, as amended.

     

    Relief
      Act Shortfall:
      For any
      Payment Date, As to any Payment Date and any Mortgage Loan (other than a
      Mortgage Loan relating to an REO Property) any shortfalls relating to the Relief
      Act or similar legislation or regulations.

     

    REO
      Acquisition:
      The
      acquisition by the Master Servicer on behalf of the Indenture Trustee for the
      benefit of the Noteholders of any REO Property pursuant to Section 3.13 of
      the
      Servicing Agreement.

     

    REO
      Disposition:
      As to
      any REO Property, a determination by the Master Servicer that it has received
      substantially all Insurance Proceeds, Liquidation Proceeds, REO Proceeds and
      other payments and recoveries (including proceeds of a final sale) which the
      Master Servicer expects to be finally recoverable from the sale or other
      disposition of the REO Property.

     

    REO
      Imputed Interest:
      As to
      any REO Property, for any period, an amount equivalent to interest (at the
      Net
      Mortgage Rate that would have been applicable to the related Mortgage Loan
      had
      it been outstanding) on the unpaid principal balance of the Mortgage Loan as
      of
      the date of acquisition thereof for such period.

     

    REO
      Proceeds:
      Proceeds, net of expenses, received in respect of any REO Property (including,
      without limitation, proceeds from the rental of the related Mortgaged Property)
      which proceeds are required to be deposited into the Collection Account only
      upon the related REO Disposition.

     

    REO
      Property:
      A
      Mortgaged Property that is acquired by the Issuer in foreclosure or by deed
      in
      lieu of foreclosure.

     

    Repurchase
      Event:
      With
      respect to any Mortgage Loan, either (i) a discovery that, as of the Closing
      Date the related Mortgage was not a valid lien on the related Mortgaged Property
      subject only to (A) the lien of any prior mortgage indicated on the Mortgage
      Loan Schedule, (B) the lien of real property taxes and assessments not yet
      due
      and payable, (C) covenants, conditions, and restrictions, rights of way,
      easements and other matters of public record as of the date of recording of
      such
      Mortgage and such other permissible title exceptions as are permitted and (D)
      other matters to which like properties are commonly subject which do not
      materially adversely affect the value, use, enjoyment or marketability of the
      related Mortgaged Property or (ii) with respect to any Mortgage Loan as to
      which
      the Seller delivers an affidavit certifying that the original Mortgage Note
      has
      been lost or destroyed, a subsequent default on such Mortgage Loan if the
      enforcement thereof or of the related Mortgage is materially and adversely
      affected by the absence of such original Mortgage Note.

     

    Repurchase
      Price:
      With
      respect to any Mortgage Loan required to be repurchased on any date pursuant
      to
      the Mortgage Loan Purchase Agreement or purchased by the Master Servicer
      pursuant to the Servicing Agreement, an amount equal to the sum, without
      duplication, of (i) 100% of the Principal Balance thereof (without reduction
      for
      any amounts charged off) and (ii) unpaid accrued interest at the Mortgage Rate
      on the outstanding principal balance thereof from the Due Date to which interest
      was last paid by the Mortgagor to the first day of the month following the
      month
      of purchase plus (iii) the amount of Advances and any unreimbursed Servicing
      Advances or unreimbursed Advances made with respect to such Mortgage Loan plus
      (iv) any other amounts owed to the Master Servicer or the Subservicer pursuant
      to Section 3.07 of the Servicing Agreement not included in clause (iii) of
      this
      definition.

     

    Required
      Subordination Amount:
      [With
      respect to any Payment Date occurring from the initial Payment Date and ending
      on the later of (i) the date on which the aggregate Principal Balance of the
      Mortgage Loans is 50% of the initial aggregate Principal Balance of the Mortgage
      Loans and (ii) the 30th Payment Date, the greater of:

     

    (a)  the
      Original Specified Subordination Amount; and

     

    (b)  two
      times
      the excess of (1) 50% of the aggregate Principal Balance of the Mortgage Loans
      which are 91 or more days delinquent (including Mortgage Loans in foreclosure
      and REO Properties) as of such date over (2) two times the current Net Monthly
      Excess Cash Flow for such Payment Date; and

     

    with
      respect to any Payment Date thereafter, the greatest of:

     

    (a)  the
      lesser of (1) the Original Specified Subordination Amount and (2) two times
      ____% times the aggregate Note Principal Balance as of such Payment
      Date;

     

    (b)  two
      times
      the excess of (A) 50% of the aggregate Principal Balance of the Mortgage Loans
      which are 91 or more days delinquent (including Mortgage Loans in foreclosure
      and REO Properties) as of such date over (B) two times the current Net Monthly
      Excess Cash Flow for such Payment Date;

     

    (c)  0.5%
      of
      the Cut-Off Date Principal Balance of the Mortgage Loans; and

     

    (d)  an
      amount
      equal to the outstanding balance of the four largest Mortgage Loans as of the
      Cut-Off Date;]

     

    provided,
      however,
      that if
      (x) a Servicer Default has occurred and is continuing as of such Payment Date,
      and such Servicer Default has not been waived by the Note Insurer or (y) a
      claim
      has been made on the Note Insurance Policy by the Indenture Trustee, the
      Required Subordination Amount shall not decrease on any Payment
      Date.

     

    Reserve
      Interest Rate:
      With
      respect to any Interest Determination Date, the rate per annum that the
      Indenture Trustee determines to be either (i) the arithmetic mean (rounded
      upwards if necessary to the nearest whole multiple of 1/16%) of the three-month
      United States dollar lending rates which New York City banks selected by the
      Indenture Trustee 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 Indenture Trustee can determine no such arithmetic mean,
      the lowest three-month United States dollar lending rate which New York City
      banks selected by the Indenture Trustee are quoting on such Interest
      Determination Date to leading European banks.

     

    Responsible
      Officer:
      With
      respect to the Indenture Trustee, any officer of the Indenture Trustee with
      direct responsibility for the administration of the Trust Agreement and also,
      with respect to a particular matter, any other officer to whom such matter
      is
      referred because of such officer’s knowledge of and familiarity with the
      particular subject.

     

    Securities
      Act:
      The
      Securities Act of 1933, as amended, and the rules and regulations promulgated
      thereunder.

     

    Security:
      Any of
      the Certificates or Notes.

     

    Securityholder
      or Holder:
      Any
      Noteholder or a 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:
      _______________________, a __________ corporation, and its successors and
      assigns.

     

    Servicing
      Account:
      The
      separate trust account created and maintained by the Master Servicer or each
      Subservicer with respect to the Mortgage Loans or REO Property, which shall
      be
      an Eligible Account, for collection of taxes, assessments, insurance premiums
      and comparable items as described in Section 3.08 of the Servicing
      Agreement.

     

    Servicing
      Advances:
      All
      customary, reasonable and necessary “out of pocket” costs and expenses incurred
      in connection with a default, delinquency or other unanticipated event in the
      performance by the Master Servicer of its servicing obligations, including,
      without duplication, but not limited to, the cost of (i) the preservation,
      restoration and protection of a Mortgaged Property, (ii) any enforcement or
      judicial proceedings, including foreclosures, (iii) the management and
      liquidation of any REO Property and (iv) compliance with the obligations under
      Sections 3.10, 3.11, 3.13 of the Servicing Agreement.

     

    Servicing
      Agreement:
      The
      Servicing Agreement dated as of ______ 1, ____, between the Master Servicer
      and
      the Issuer.

     

    Servicing
      Certificate:
      A
      certificate completed and executed by a Servicing Officer on behalf of the
      Master Servicer in accordance with Section 4.01 of the Servicing
      Agreement.

     

    Servicing
      Default:
      The
      meaning assigned in Section 6.01 of the Servicing Agreement.

     

    Servicing
      Fee:
      With
      respect to any Mortgage Loan, the sum of the related Master Servicing Fee and
      the related Subservicing Fee.

     

    Servicing
      Fee Rate:
      With
      respect to any Mortgage Loan, the sum of the related Master Servicing Fee Rate
      and the Subservicing Fee Rate.

     

    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 (with a copy to the Note Insurer) by the Master Servicer, as such list
      may be amended from time to time.

     

    Single
      Note:
      A Note
      in the amount of $_________.

     

    Standard
      & Poor’s:
      Standard & Poor’s Ratings Service, or its successor in
      interest.

     

    Subordination
      Amount:
      As of
      any Payment Date, the excess, if any, of (x) the sum of the aggregate Principal
      Balances of the Mortgage Loans as of the close of business on the last day
      of
      the related Due Period as of such Payment Date over (y) the Note Principal
      Balance of the Notes as of such Payment Date (and following the making of all
      distributions on such Payment Date)

     

    Subordination
      Deficit:
      With
      respect to any Payment Date, the amount, if any, by which (x) the aggregate
      Note
      Principal Balance of the Notes as of such Payment Date, and following the making
      of all distributions to be made on such Payment Date (except for any payment
      to
      be made as to principal from proceeds of the Note Insurance Policy), exceeds
      (y)
      the aggregate Principal Balances of the Mortgage Loans as of the close of
      business on the preceding Due Date on such Payment Date.

     

    Subordination
      Increase Amount:
      With
      respect to any Payment Date, the amount of any Net Monthly Excess Cashflow
      (including any Subordination Reduction Amount) available in the Payment Account
      to increase the Subordination Amount up to the Required Subordination
      Amount.

     

    Subordination
      Reduction Amount:
      With
      respect to any Payment Date, an amount equal to the lesser of (a) the Excess
      Subordination Amount and (b) the principal collections received by the Master
      Servicer with respect to the prior Due Period.

     

    Subservicer:
      Any
      Person with whom the Master Servicer has entered into a Subservicing Agreement
      as a Subservicer by the Master Servicer and acceptable to the Note Insurer
      and
      the Indenture Trustee, including the Initial Subservicers.

     

    Subservicing
      Account:
      An
      Eligible Account established or maintained by a Sub servicer as provided for
      in
      Section 3.06(e) of the Servicing Agreement.

     

    Subservicing
      Agreement:
      The
      written contract between the Master Servicer and any Subservicer relating to
      servicing and administration of certain Mortgage Loans as provided in Section
      3.02 of the Servicing Agreement.

     

    Subservicing
      Fee:
      With
      respect to each Mortgage Loan and any date of determination, the product of
      (i)
      the Subservicing Fee Rate divided by 12 and (ii) the Principal Balance of such
      Mortgage Loans as of such date.

     

    Subservicing
      Fee Rate:
      For any
      date of determination, ____% per annum.

     

    Substitution
      Adjustment Amount:
      With
      respect to any Eligible Substitute Mortgage Loan, the amount as defined in
      Section 2.03 of the Servicing Agreement.

     

    Telerate
      Screen Page 3750:
      The
      display designated as page 3750 on the Telerate Service (or such other page
      as
      may replace page 3750 on that service for the purpose of displaying London
      interbank offered rates of major banks). If such rate does not appear on such
      page (or such other page as may replace that page on that service, or if such
      service is no longer offered, such other service for displaying One-Month LIBOR
      or comparable rates as may be selected by the Issuer after consultation with
      the
      Indenture Trustee), the rate will be the Reference Bank Rate.

     

    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
      Agreement:
      The
      Trust Agreement dated as of ______ 1, _____ between the Owner Trustee and the
      Depositor.

     

    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.

     

    Weighted
      Average Net Mortgage Rate:
      With
      respect to the Mortgage Loans in the aggregate, and any Due Date, the average
      of
      the Net Mortgage Rate for each Mortgage Loan as of the last day of the related
      Due Period weighted on the basis of the related Principal Balances out standing
      as of the last day of the related Due Period for each Mortgage Loan as
      determined by the Master Servicer in accordance with the Master Servicer’s
      normal servicing procedures.

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