Document:

Exhibit 4.1

 

 

 

 

SEQUOIA MORTGAGE TRUST 201_-_,

 

Issuer

 

 

and

 

 

_________________________________,

 

Trustee

 

 

INDENTURE

 

 

Dated as of _____________ __, 201__

 

 

Relating to

 

SEQUOIA MORTGAGE TRUST 201_-_

 

 

COLLATERALIZED MORTGAGE BONDS

 

  

    	 

    	 

    

 

Cross-reference sheet showing the location
in the indenture of the provisions inserted pursuant to Sections 310 through 318(a) inclusive of the Trust Indenture Act of 1939.

 

	TIA	Indenture Section
	Section 310	 
	 	(a)     (1)	6.08
	 	(a)     (2)	6.09
	 	(a)     (3)	6.14(2)
	 	(a)     (4)	Not Applicable
	 	(a)     (5)	6.08
	 	(b)	6.08
	 	 	6.10
	 	 	11.05
	 	(c)	Not Applicable
	 	 	 
	Section 311	 
	 	(a)	6.13
	 	(b)	6.13
	 	 	 
	Section 312	 
	 	(a)	7.01(a)
	 	 	7.02(a)
	 	(b)	7.02(b)
	 	(c)	7.02(c)
	 	 	 
	Section 313	 
	 	(a)	7.03(a)
	 	(b)	7.03(a)
	 	(c)	7.03(a)
	 	 	11.05
	 	(d)	7.03(b)
	 	 	 
	Section 314	 
	 	(a)	7.04
	 	 	11.05
	 	 	3.10
	 	(b)     (1)	2.12(c)(viii)
	 	(b)     (2)	3.06
	 	(c)     (1)	2.12(d)
	 	 	4.01
	 	 	11.01
	 	(c)     (2)	2.12(c)(ii)
	 	 	4.01
	 	 	11.01
	 	(c)     (3)	1.01
	 	 	 
	 	 	2.12(f)
	 	(d)     (1)	1.01
	 	 	8.12
	 	(d)     (2)	1.01
	 	 	Not Applicable
	 	(d)     (3)	1.01

 

    	i

    	 

    

 

	 	 	2.12(f)
	 	(e)	11.01
	 	 	 
	Section 315	 
	 	(a)	6.01(b)
	 	 	6.01(c)(1)
	 	(b)	6.02
	 	 	11.05
	 	(c)	6.01(a)
	 	(d)	6.01(c)
	 	(d)     (1)	6.01(b)
	 	(d)     (2)	6.01(c)(2)
	 	(d)     (3)	6.01(c)(3)
	 	(e)	5.16
	 	 	 
	Section 316	 
	(a)    	(1)    (A)	5.14
	 	 	8.01
	(a)    	(1)    (B)	5.15
	(a)    	(2)	Not Applicable
	 	(b)	5.10
	 	(c)	Not Applicable
	 	 	 
	Section 317	 
	 	(a)     (1)	5.03
	 	(a)     (2)	5.06
	 	(b)	3.03
	 	 	 
	Section 318	 
	 	(a)	11.07

 

    	ii

    	 

    

TABLE OF CONTENTS

 

	PARTIES	1
	 	 
	PRELIMINARY STATEMENT	1
	 	 
	GRANTING CLAUSE	1
	 	 	 
	ARTICLE I	DEFINITIONS	2
	 	 	 
	SECTION 1.01.	GENERAL DEFINITIONS.	2
	 	 	 
	ARTICLE II	THE BONDS.	22
	 	 	 
	SECTION 2.01.	FORMS GENERALLY.	22
	 	 	 
	SECTION 2.02.	FORMS OF BONDS AND CERTIFICATE OF AUTHENTICATION.	23
	 	 	 
	SECTION 2.03.	BONDS ISSUABLE IN CLASSES; PROVISIONS WITH RESPECT TO PRINCIPAL AND INTEREST PAYMENTS.	23
	 	 	 
	SECTION 2.04.	DENOMINATIONS.	26
	 	 	 
	SECTION 2.05.	EXECUTION, AUTHENTICATION, DELIVERY AND DATING.	26
	 	 	 
	SECTION 2.06.	TEMPORARY BONDS.	27
	 	 	 
	SECTION 2.07.	REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE.	27
	 	 	 
	SECTION 2.08.	MUTILATED, DESTROYED, LOST OR STOLEN BONDS.	28
	 	 	 
	SECTION 2.09.	PAYMENTS OF PRINCIPAL AND INTEREST.	28
	 	 	 
	SECTION 2.10.	PERSONS DEEMED OWNERS.	29
	 	 	 
	SECTION 2.11.	CANCELLATION.	30
	 	 	 
	SECTION 2.12.	AUTHENTICATION AND DELIVERY OF BONDS.	30
	 	 	 
	SECTION 2.13.	MATTERS RELATING TO BOOK ENTRY BONDS.	33
	 	 	 
	SECTION 2.14.	TERMINATION OF BOOK ENTRY SYSTEM.	34
	 	 	 
	SECTION 2.15.	ADDITIONAL BONDS.	34
	 	 	 
	ARTICLE III	COVENANTS.	35
	 	 	 
	SECTION 3.01.	PAYMENT OF BONDS.	35
	 	 	 
	SECTION 3.02.	MAINTENANCE OF OFFICE OR AGENCY.	35

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	SECTION 3.03.	MONEY FOR BOND PAYMENTS TO BE HELD IN TRUST.	35
	 	 	 
	SECTION 3.04.	CORPORATE EXISTENCE OF OWNER TRUSTEE.	37
	 	 	 
	SECTION 3.05.	PROTECTION OF TRUST ESTATE.	37
	 	 	 
	SECTION 3.06.	OPINIONS AS TO TRUST ESTATE.	38
	 	 	 
	SECTION 3.07.	PERFORMANCE OF OBLIGATIONS; MASTER SERVICING AGREEMENT.	38
	 	 	 
	SECTION 3.08.	INVESTMENT COMPANY ACT.	39
	 	 	 
	SECTION 3.09.	NEGATIVE COVENANTS.	39
	 	 	 
	SECTION 3.10.	ANNUAL STATEMENT AS TO COMPLIANCE.	40
	 	 	 
	SECTION 3.11.	RECORDING OF ASSIGNMENTS.	40
	 	 	 
	SECTION 3.12.	LIMITATION OF LIABILITY OF SATISFACTION AND DISCHARGE.	40
	 	 	 
	ARTICLE IV	 	41
	 	 	 
	SECTION 4.01.	SATISFACTION AND DISCHARGE OF INDENTURE.	41
	 	 	 
	SECTION 4.02.	APPLICATION OF TRUST MONEY.	42
	 	 	 
	ARTICLE V	DEFAULTS AND REMEDIES.	42
	 	 	 
	SECTION 5.01.	EVENT OF DEFAULT.	42
	 	 	 
	SECTION 5.02.	ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.	43
	 	 	 
	SECTION 5.03.	COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE.	44
	 	 	 
	SECTION 5.04.	REMEDIES.	45
	 	 	 
	SECTION 5.05.	[RESERVED].	45
	 	 	 
	SECTION 5.06.	TRUSTEE MAY FILE PROOFS OF CLAIM.	45
	 	 	 
	SECTION 5.07.	TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF BONDS.	46
	 	 	 
	SECTION 5.08.	APPLICATION OF MONEY COLLECTED.	46
	 	 	 
	SECTION 5.09.	LIMITATION ON SUITS.	46
	 	 	 
	SECTION 5.10.	UNCONDITIONAL RIGHTS OF BONDHOLDERS TO RECEIVE PRINCIPAL AND INTEREST.	47
	 	 	 
	SECTION 5.11.	RESTORATION OF RIGHTS AND REMEDIES.	47
	 	 	 
	SECTION 5.12.	RIGHTS AND REMEDIES CUMULATIVE.	47
	 	 	 
	SECTION 5.13.	DELAY OR OMISSION NOT WAIVER.	47

    	iv

    	 

    

 

	SECTION 5.14.	CONTROL BY BONDHOLDERS.	48
	 	 	 
	SECTION 5.15.	WAIVER OF PAST DEFAULTS.	48
	 	 	 
	SECTION 5.16.	UNDERTAKING FOR COSTS.	48
	 	 	 
	SECTION 5.17.	WAIVER OF STAY OR EXTENSION LAWS.	49
	 	 	 
	SECTION 5.18.	SALE OF TRUST ESTATE.	49
	 	 	 
	SECTION 5.19.	ACTION ON BONDS.	50
	 	 	 
	ARTICLE VI	THE TRUSTEE	50
	 	 	 
	SECTION 6.01.	DUTIES OF TRUSTEE.	50
	 	 	 
	SECTION 6.02.	NOTICE OF DEFAULT.	52
	 	 	 
	SECTION 6.03.	RIGHTS OF TRUSTEE.	52
	 	 	 
	SECTION 6.04.	NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF BONDS.	53
	 	 	 
	SECTION 6.05.	MAY HOLD BONDS.	53
	 	 	 
	SECTION 6.06.	MONEY HELD IN TRUST.	54
	 	 	 
	SECTION 6.07.	COMPENSATION AND REIMBURSEMENT.	54
	 	 	 
	SECTION 6.08.	ELIGIBILITY; DISQUALIFICATION.	55
	 	 	 
	SECTION 6.09.	TRUSTEE’S CAPITAL AND SURPLUS.	55
	 	 	 
	SECTION 6.10.	RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.	55
	 	 	 
	SECTION 6.11.	ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.	56
	 	 	 
	SECTION 6.12.	MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS OF TRUSTEE.	56
	 	 	 
	SECTION 6.13.	PREFERENTIAL COLLECTION OF CLAIM AGAINST ISSUER.	57
	 	 	 
	SECTION 6.14.	CO-TRUSTEES AND SEPARATE TRUSTEES.	57
	 	 	 
	SECTION 6.15.	AUTHENTICATING AGENTS.	58
	 	 	 
	SECTION 6.17.	PAYMENT OF CERTAIN INSURANCE PREMIUMS.	59
	 	 	 
	SECTION 6.18.	SUBSTITUTION OF INSURANCE POLICIES, ETC.; NOTIFICATION OF RATING AGENCIES.	59
	 	 	 
	ARTICLE VII	BONDHOLDERS’ LISTS AND REPORTS	60
	 	 	 
	SECTION 7.01.	ISSUER TO FURNISH TRUSTEE NAMES AND ADDRESSES OF BONDHOLDERS.	60
	 	 	 
	SECTION 7.02.	RESERVATION OF INFORMATION; COMMUNICATIONS TO BONDHOLDERS.	60

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	SECTION 7.03.	REPORTS BY TRUSTEE.	60
	 	 	 
	SECTION 7.04.	REPORTS BY ISSUER.	61
	 	 	 
	SECTION 7.05.	NOTICE TO THE RATING AGENCIES [AND TO BOND INSURER.]	61
	 	 	 
	ARTICLE VIII	ACCOUNTS, PAYMENTS OF INTEREST AND PRINCIPAL, AND RELEASES	61
	 	 	 
	SECTION 8.01.	COLLECTION OF MONEYS.	61
	 	 	 
	SECTION 8.02.	DISTRIBUTION ACCOUNT.	62
	 	 	 
	SECTION 8.03.	GENERAL PROVISIONS REGARDING PLEDGED ACCOUNTS.	62
	 	 	 
	SECTION 8.04.	PURCHASES OF DEFECTIVE PLEDGED MORTGAGES.	63
	 	 	 
	SECTION 8.05.	GRANT OF REPLACEMENT PLEDGED MORTGAGE.	64
	 	 	 
	SECTION 8.06.	REPORTS BY TRUSTEE TO BONDHOLDERS.	64
	 	 	 
	SECTION 8.07.	PREPARATION AND FILING OF REPORTS with the SEC	66
	 	 	 
	SECTION 8.08.	TRUSTEE’S ANNUAL STATEMENT OF COMPLIANCE.	70
	 	 	 
	SECTION 8.09.	TRUSTEE’S ASSESSMENT OF COMPLIANCE AND ATTESTATION REPORT.	70
	 	 	 
	SECTION 8.10.	OTHER REPORTS BY TRUSTEE.	71
	 	 	 
	SECTION 8.11.	TRUST ESTATE; RELEASE AND DELIVERY OF MORTGAGE DOCUMENTS.	71
	 	 	 
	SECTION 8.09.	AMENDMENTS TO THE MASTER SERVICING AGREEMENT.	72
	 	 	 
	SECTION 8.10.	SERVICERS AND MASTER SERVICER AS AGENTS AND BAILEES OF TRUSTEE.	72
	 	 	 
	SECTION 8.11.	OPINION OF COUNSEL.	73
	 	 	 
	SECTION 8.12.	RELEASE OF PLEDGED MORTGAGES.	73
	 	 	 
	ARTICLE IX	SUPPLEMENTAL INDENTURES	74
	 	 	 
	SECTION 9.01.	SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF BONDHOLDERS.	74
	 	 	 
	SECTION 9.02.	SUPPLEMENTAL INDENTURES WITH CONSENT OF BONDHOLDERS.	75
	 	 	 
	SECTION 9.03.	EXECUTION OF SUPPLEMENTAL INDENTURES.	76
	 	 	 
	SECTION 9.04.	EFFECT OF SUPPLEMENTAL INDENTURES.	76
	 	 	 
	SECTION 9.05.	CONFORMITY WITH TRUST INDENTURE ACT.	76
	 	 	 
	SECTION 9.06.	REFERENCE IN BONDS TO SUPPLEMENTAL INDENTURES.	76
	 	 	 
	SECTION 9.07.	AMENDMENTS TO DEPOSIT TRUST AGREEMENT OR MASTER SERVICING AGREEMENT.	77

    	vi

    	 

    

 

	ARTICLE X	REDEMPTION OF BONDS	77
	 	 	 
	SECTION 10.01.	SPECIAL REDEMPTION; REDEMPTION.	77
	 	 	 
	SECTION 10.02.	FORM OF REDEMPTION NOTICE.	78
	 	 	 
	SECTION 10.03.	BONDS PAYABLE ON OPTIONAL REDEMPTION DATE.	78
	 	 	 
	ARTICLE XI	MISCELLANEOUS	78
	 	 	 
	SECTION 11.01.	COMPLIANCE CERTIFICATES AND OPINIONS.	78
	 	 	 
	SECTION 11.02.	FORM OF DOCUMENTS DELIVERED TO TRUSTEE.	79
	 	 	 
	SECTION 11.03.	ACTS OF BONDHOLDERS.	80
	 	 	 
	SECTION 11.04.	NOTICES, ETC. TO TRUSTEE AND ISSUER.	80
	 	 	 
	SECTION 11.05.	NOTICES AND REPORTS TO BONDHOLDERS; WAIVER OF	81
	 	 	 
	SECTION 11.06.	RULES BY TRUSTEE AND AGENTS.	81
	 	 	 
	SECTION 11.07.	CONFLICT WITH TRUST INDENTURE ACT.	81
	 	 	 
	SECTION 11.08.	EFFECT OF HEADINGS AND TABLE OF CONTENTS.	81
	 	 	 
	SECTION 11.09.	SUCCESSORS AND ASSIGNS.	82
	 	 	 
	SECTION 11.11.	BENEFITS OF INDENTURE.	82
	 	 	 
	SECTION 11.12.	LEGAL HOLIDAYS.	82
	 	 	 
	SECTION 11.13.	GOVERNING LAW.	82
	 	 	 
	SECTION 11.14.	COUNTERPARTS.	82
	 	 	 
	SECTION 11.15.	RECORDING OF INDENTURE.	82
	 	 	 
	SECTION 11.16.	ISSUER OBLIGATION.	82
	 	 	 
	SECTION 11.17.	INSPECTION.	83
	 	 	 
	SECTION 11.18.	USURY.	83
	 	 	 
	SECTION 11.19.	NO PETITION.	83
	 	 	 
	ARTICLE XII	THE BOND INSURER.	83
	 	 	 
	SECTION 12.01.	CERTAIN MATTERS REGARDING THE BOND INSURER AND THE BOND INSURANCE POLICY.	83

 

    	vii

    	 

    

 

EXHIBITS

 

	EXHIBIT I	LETTER AGREEMENT WITH THE DEPOSITORY	i-1
	 	 	 
	EXHIBIT II	FORM OF SENIOR BOND	ii-1
	 	 	 
	EXHIBIT III	FORM OF A CLASS [B-1] BOND	iii-1
	 	 	 
	EXHIBIT IV	FORM OF A CLASS [B-2] BOND	iv-1
	 	 	 
	EXHIBIT V	FORM OF BOND INSURANCE POLICY	v-1
	 	 	 
	EXHIBIT VI	FORM OF CERTIFICATION TO BE PROVIDED TO MANAGER BY THE TRUSTEE	vi-1
	 	 	 
	EXHIBIT VII	SERVICING CRITERIA	vii-1
	 	 	 
	EXHIBIT VIII	ADDITIONAL FORM 10-D DISCLOSURE	viii
	 	 	 
	EXHIBIT IX	ADDITIONAL FORM 10-K DISCLOSURE	ix
	 	 	 
	EXHIBIT X	FORM 8-K DISCLOSURE information	x

 

 

    	viii

    	 

    

PARTIES

 

INDENTURE,
dated as of ___________ ___, 201__ (as amended or supplemented from time to time as permitted hereby, the “Indenture”),
between Sequoia Mortgage Trust 201_-_ (herein, together with its permitted successors and assigns, called the “Issuer”),
a statutory business trust created under the Deposit Trust Agreement (as defined herein), and _____________________________, a
_____________ corporation, as trustee (together with its permitted successors in the trusts hereunder, the “Trustee”).

PRELIMINARY
STATEMENT

The Issuer
has duly authorized the execution and delivery of this Indenture to provide for its Collateralized Mortgage Bonds, (the “Bonds”),
issuable as provided in this Indenture. All covenants and agreements made by the Issuer herein are for the benefit and security
of the Holders of the Bonds. The Issuer is entering into this Indenture, and the Trustee is accepting the trusts created hereby,
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged.

All things
necessary to make this Indenture a valid agreement of the Issuer in accordance with its terms have been done.

GRANTING
CLAUSE

The Issuer
hereby Grants to the Trustee, for the exclusive benefit of the Holders of the Bonds [and the Bond Insurer], all of the Issuer’s
right, title and interest in and to (a) the Pledged Mortgages identified in Schedule A to this Indenture, including the related
Mortgage Documents, which the Issuer has caused to be delivered to the Trustee herewith, and all interest and principal received
or receivable by the Issuer on or with respect to the Pledged Mortgages after the Cut-Off Date and all interest and principal payments
on the Pledged Mortgages received prior to the Cut-off Date in respect of installments of interest and principal due thereafter,
but not including payments of interest and principal due and payable on the Pledged Mortgages on or before the Cut-off Date, and
all other proceeds received in respect of such Pledged Mortgages, (b) the Issuer’s rights under the Master Servicing Agreement,
(c) the Insurance Policies, (d) all cash, instruments or other property held or required to be deposited in the Bond Account or
the Distribution Account (exclusive of any earnings on investments made with funds deposited in the Distribution Account or the
Bond Account) and (e) all proceeds of the conversion, voluntary or involuntary, of any of the foregoing into cash or other liquid
assets, including, without limitation, all Insurance Proceeds, Liquidation Proceeds and condemnation awards. Such Grants are made,
however, in trust, to secure the Bonds equally and ratably without prejudice, priority or distinction between any Bond and any
other Bond by reason of difference in time of issuance or otherwise, and to secure (i) the payment of all amounts due on the Bonds
in accordance with their terms, (ii) the payment of all other sums payable under this Indenture with respect to the Bonds and (iii)
compliance with the provisions of this Indenture, all as provided in this Indenture. All terms used in the foregoing granting clauses
that are defined in Section 1.01 are used with the meanings given in said Section.

The Trustee
acknowledges such Grant, accepts the trusts hereunder in accordance with the provisions of this Indenture and agrees to perform
the duties herein required to the best of its ability to the end that the interests of the Holders of the Bonds [and the Bond Insurer]
may be adequately and effectively protected.

[The Trustee
agrees that it will hold any proceeds of any claim made upon the Bond Insurance Policy, solely for the use and benefit of the Bondholders
in accordance with the terms hereof and of the Bond Insurance Policy.]

    	1

    	 

    

ARTICLE
I 

DEFINITIONS

 

SECTION
1.01. GENERAL DEFINITIONS.

Except as
otherwise specified or as the context may otherwise require, the following terms have the respective meanings set forth below for
all purposes of this Indenture, and the definitions of such terms are applicable to the singular as well as to the plural forms
of such terms and to the masculine as well as to the feminine and neuter genders of such terms. Whenever reference is made herein
to an Event of Default or a Default known to the Trustee or of which the Trustee has notice or knowledge, such reference shall
be construed to refer only to an Event of Default or Default of which the Trustee is deemed to have notice or knowledge pursuant
to Section 6.01(d). All other terms used herein which are defined in the Trust Indenture Act (as hereinafter defined), either directly
or by reference therein, have the meanings assigned to them therein.

“ACCOUNTANT”:
A Person engaged in the practice of accounting who (except when this Indenture provides that an Accountant must be Independent)
may be employed by or affiliated with the Issuer or an Affiliate of the Issuer.

“ACCRUAL
DATE”: The date upon which interest begins accruing on the Bonds, such date being ____________ ___, 201__.

“ACT”:
With respect to any Bondholder, as defined in Section 11.03.

“ADDITIONAL
FORM 10-D DISCLOSURE”: As defined in Section 8.07(a)(i).

“ADDITIONAL
FORM 10-K DISCLOSURE”: As defined in Section 8.07(b)(i).

“ADDITIONAL
MORTGAGE COLLATERAL”: Pledged Mortgages pledged to the Trustee following the Closing Date in connection with the issuance
of Additional Bonds pursuant to Section [___] hereof, provided that following such pledge, aggregate Pledged Mortgages then pledged
to secure the Bonds are within the following parameters: (i) the percentage of the Pledged Mortgages which are [fixed interest
rate] mortgage loans will not exceed __%, (ii) the percentage of Pledged Mortgages which are [adjustable rate] mortgage loans will
not exceed __%, (iii) the percentage of Pledged Mortgages that contain “due-on-sale” clauses will not exceed __%, (iv)
the percentage of Pledged Mortgages secured by investor properties will not exceed __%, (v) the weighted average original Loan-to-Value
Ratio of the Pledged Mortgages will not exceed __%, (vi) the percentage of Pledged Mortgages originated pursuant to a “limited
documentation” program will not exceed __%, (vii) the percentage of Pledged Mortgages having an original Loan-to-Value Ratio
in excess of 80% that will be covered by a primary mortgage loan insurance policy will equal at least __%, (viii) the percentage
of Pledged Mortgages which are cash-out refinance mortgages will not exceed __% and (ix) the percentage of Pledged Mortgages that
are delinquent by one or more scheduled payments will not exceed __%.

“ADDITIONAL
SERVICER:” Each affiliate of a Servicer that Services any of the Mortgage Loans and each Person who is not an affiliate of
any Servicer, who Services 10% or more of the Mortgage Loans.

“ADJUSTED
NET MORTGAGE RATE”: As to each Pledged Mortgage and at any time, the per annum rate equal to the Mortgage Rate less the sum
of the Master Servicing Fee Rate and the related Servicing Fee Rate.

    	2

    	 

    

 

“ADJUSTMENT
DATE”: As to any Pledged Mortgage, the date on which the related Mortgage Rate adjusts [annually] after a period of ___ year[s]
following origination, in accordance with the terms of the related Mortgage Note.

“ADVANCE”:
The payment required to be made by the Master Servicer with respect to any Payment Date pursuant to Section 4 of the Master Servicing
Agreement, the amount of any such payment being equal to the aggregate of the payments of principal and interest (net of the Master
Servicing Fee and the applicable Servicing Fee and net of any net income in the case of any REO Property) on the Pledged Mortgages
that were due on the related Due Date and not received as of the close of business on the related Determination Date, less the
aggregate amount of any such delinquent payments that the Master Servicer has determined would constitute a Nonrecoverable Advance
if advanced.

“AFFILIATE”:
With respect to any Person, any other Person controlling or controlled by or under common control with such specified Person. For
the purposes of this definition, “control” when used with respect to any specified Person means the power to direct
the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract
or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

“AGENT”:
Any Bond Registrar, Paying Agent or Authenticating Agent.

“APPRAISED
VALUE”: With respect to any Pledged Mortgage, the Appraised Value of the related Mortgaged Property shall be: (i) with respect
to a Pledged Mortgage other than a Refinancing Pledged Mortgage, the lesser of (a) the value of the Mortgaged Property based upon
the appraisal made at the time of the origination of such Pledged Mortgage and (b) the sales price of the Mortgaged Property at
the time of the origination of such Pledged Mortgage; (ii) with respect to a Refinancing Pledged Mortgage, the value of the Mortgaged
Property based upon the appraisal made at the time of the origination of such Refinancing Pledged Mortgage.

“ASSIGNMENTS”:
Collectively (i) the original instrument of assignment of a Mortgage, including any interim assignments from the originator or
any other holder of any Pledged Mortgage, and (ii) the original instrument of assignment of such Mortgage, made by the Issuer to
the Trustee (which in either case may, to the extent permitted by the laws of the state in which the related Mortgaged Property
is located, be a blanket instrument of assignment covering other Mortgages as well and which may also, to the extent permitted
by the laws of the state in which the related Mortgaged Property is located, be an instrument of assignment running directly from
the mortgagee of record under the related Mortgage to the Trustee).

“AUTHENTICATING
AGENT”: The Person, if any, appointed as Authenticating Agent by the Trustee at the request of the Issuer pursuant to Section
6.15, until any successor Authenticating Agent for the Bonds is named, and thereafter “Authenticating Agent” shall
mean such successor.

“AUTHORIZED
OFFICER”: Any officer of the Owner Trustee who is authorized to act for the Owner Trustee in respect of the Issuer and whose
name appears on a list of such authorized officers furnished by the Owner Trustee to the Trustee, as such list may be amended or
supplemented from time to time, and any officer of the Issuer who is authorized to act pursuant to the Deposit Trust Agreement
and whose name appears on a list furnished by the Depositor to the Owner Trustee and the Trustee, as such list may be amended or
supplemented from time to time.

“AVAILABLE
FUNDS”: As defined in Section 1 of the Master Servicing Agreement.

“BACK-UP
CERTIFICATION”: the certification as defined in Section 8.07(e).

    	3

    	 

    

 

“BANK”:
________________________, a Delaware banking corporation, in its individual capacity and not as Owner Trustee.

“BANKRUPTCY
CODE”: The United States Bankruptcy Reform Act of 1978, as amended.

“BENEFICIAL
OWNER”: With respect to a Book Entry Bond, the Person who is the beneficial owner of such Book Entry Bond.

“BOND
ACCOUNT”: The separate Eligible Account or Accounts created and maintained by the Master Servicer pursuant to Section 3(h)(v)
of the Master Servicing Agreement with a depository institution in the name of the Master Servicer for the benefit of the Trustee
on behalf of Bondholders and designated “Sequoia Mortgage Holdings, Inc. in trust for the registered holders of Sequoia Mortgage
Trust 201_-_ Collateralized Mortgage Bonds, Series 201_-_”.

“BOND
DISTRIBUTION AMOUNT”: As to any Payment Date, an amount equal to the sum of (i) the Senior Interest Payment Amount, (ii)
the Senior Principal Payment Amount, (iii) the Class [B-1] Interest Payment Amount, (iv) the Class [B-1] Principal Payment Amount,
(v) the Class [B-2] Interest Payment Amount and (vi) the Class [B-2] Principal Payment Amount.

“BOND
PAYMENT AMOUNT”: As to any Payment Date, an amount equal to the sum of (i) the Senior Interest Payment Amount, (ii) the Senior
Principal Payment Amount, (iii) the Class [B-1] Interest Payment Amount, (iv) the Class [B-1] Principal Payment Amount, (v) the
Class [B-2] Interest Payment Amount and (vi) the Class [B-2] Principal Payment Amount, in each case for such Payment Date.

“BONDHOLDER”
OR “HOLDER”: The Person in whose name a Bond is registered in the Bond Register.

“BOND
INSURANCE POLICY”: Any financial guaranty insurance policy covering any Bonds or Class of Bonds of any Series.

“BOND
INSURER”: The issuer of any Bond Insurance Policy.

“BOND
INTEREST RATE”: The Senior Bond Interest Rate, the Class [B-1] Bond Interest Rate or the Class [B-2] Bond Interest Rate,
as applicable.

“BOND
REGISTER” AND “BOND REGISTRAR”: As defined in Section 2.07.

“BONDS”:
Any bonds authorized by, and authenticated and delivered under, this Indenture.

“BOOK
ENTRY BONDS”: The Bonds shall be registered in the name of the Depository or its nominee, ownership of which is reflected
on the books of the Depository or on the books of a Person maintaining an account with such Depository (directly or as an indirect
participant in accordance with the rules of such Depository).

“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,
New York or the State of California or the city in which the Corporate Trust Office of the Trustee is located are authorized or
obligated by law or executive order to be closed.

“CERTIFICATE
INTEREST RATE”: As defined in Section 1 of the Master Servicing Agreement.

    	4

    	 

    

 

“CLASS”:
Collectively, all of the Bonds bearing the same class designation. The Bonds are divided into Classes as provided in Section 2.03.

“CLASS
[B-1] INTEREST CARRYOVER SHORTFALL”: The amount by which sum of (i) the interest at the Class [B-1] Bond Interest Rate on
the Class [B-1] Principal Amount and (ii) the interest at the Class [B-1] Bond Interest Rate on any Class [B-1] Principal Carryover
Shortfall, on each prior Payment Date, exceeded the amount actually distributed as interest on such prior Payment Dates and not
subsequently distributed.

“CLASS
[B-1] BOND INTEREST RATE”: With respect to any Interest Accrual Period, the annual rate at which interest accrues on the
Class [B-1] Bonds as specified in such Bonds and in Section 2.03(c).

“CLASS
[B-1] INTEREST PAYMENT AMOUNT”: As to any Payment Date, the sum of (i) interest at the Class [B-1] Bond Interest Rate on
the Class [B-1] Principal Amount, (ii) interest at the Class [B-1] Bond Interest Rate on any Class [B-1] Principal Carryover Shortfall,
(iii) the Class [B-1] Interest Carryover Shortfall and (iv) interest at the Class [B-1] Bond Interest Rate on any Class [B-1] Interest
Carryover Shortfall.

“CLASS
[B-1] PERCENTAGE”: As to any Payment Date, the percentage equivalent of a fraction the numerator of which is the Class [B-1]
Principal Amount immediately prior to such date and the denominator of which is the sum of (i) the Senior Class Principal Amount,
(ii) the Class [B-1] Principal Amount, (iii) the Class [B-2] Principal Amount and (iv) the Invested Amount, in each case immediately
prior to such date.

“CLASS
[B-1] PRINCIPAL AMOUNT”: As to any Payment Date is the lesser of (i) the aggregate of the Stated Principal Balances of the
Pledged Mortgages, less the Senior Class Principal Amount immediately prior to such date, and (ii) the Original Class [B-1] Principal
Amount reduced by all amounts previously distributed to holders of the Class [B-1] Bonds as payments of principal.

“CLASS
[B-1] PRINCIPAL CARRYOVER SHORTFALL”: As to any Payment Date, the excess of (i) the Original Class [B-1] Principal Amount
reduced by all amounts previously distributed to holders of the Class [B-1] Bonds as payments of principal or Class [B-1] Principal
Carryover Shortfall, over (ii) the Class [B-1] Principal Amount immediately prior to such date.

“CLASS
[B-1] PRINCIPAL PAYMENT AMOUNT”: As to any Payment Date, the sum of (i) the Class [B-1] Percentage of the sum of (a) the
principal portion of the Schedules Payment due on each Pledged Mortgage [on the related Due Date], (b) the principal portion of
the purchase price of each Pledged Mortgage that was purchased by [__________] or another person pursuant to the Mortgage Loan
Purchase Agreement [or by the Master Servicer in connection with any optional purchase by the Master Servicer of a defaulted Pledged
Mortgage] as of such Payment Date, (c) the Substitution Adjustment Amount in connection with any Deleted Pledged Mortgage received
with respect to such Payment Date, (d) any Insurance Proceeds or Liquidation Proceeds allocable to recoveries of principal of Pledged
Mortgages that are not yet Liquidated Pledged Mortgages received during the [calendar month] preceding the month of such Payment
Date, (e) with respect to each Pledged Mortgage that became a Liquidated Pledged Mortgage during the [calendar month] preceding
the month of such Payment Date, the Stated Principal Balance of such Pledged Mortgage and (f) all partial and full principal prepayments
by borrowers received during the related Prepayment Period and (ii) any Class [B-1] Principal Carryover Shortfall.

“CLASS
[B-2] BOND INTEREST RATE”: With respect to any Interest Accrual Period, the annual rate at which interest accrues on the
Class [B-2] Bonds as specified in such Bonds and in Section 2.03(c).

    	5

    	 

    

 

“CLASS
[B-2] INTEREST CARRYOVER SHORTFALL”: The amount by which sum of (i) the interest at the Class [B-2] Bond Interest Rate on
the Class [B-2] Principal Amount and (ii) the interest at the Class [B-2] Bond Interest Rate on any Class [B-2] Principal Carryover
Shortfall, on each prior Payment Date, exceeded the amount actually distributed as interest on such prior Payment Dates and not
subsequently distributed.

“CLASS
[B-2] INTEREST PAYMENT AMOUNT”: As to any Payment Date, the sum of (i) interest at the Class [B-2] Bond Interest Rate on
the Class [B-2] Principal Amount, (ii) interest at the Class [B-2] Bond Interest Rate on any Class [B-2] Principal Carryover Shortfall,
(iii) the Class [B-2] Interest Carryover Shortfall and (iv) interest at the Class [B-2] Bond Interest Rate on any Class [B-2] Interest
Carryover Shortfall.

“CLASS
[B-2] PERCENTAGE”: As to any Payment Date, the percentage equivalent of a fraction the numerator of which is the Class [B-2]
Principal Amount immediately prior to such date and the denominator of which is the sum of (i) the Senior Class Principal Amount,
(ii) the Class [B-1] Principal Amount, (iii) the Class [B-2] Principal Amount and (iv) the Invested Amount, in each case immediately
prior to such date.

“CLASS
[B-2] PRINCIPAL AMOUNT”: As to any Payment Date is the lesser of (i) the aggregate of the Stated Principal Balances of the
Pledged Mortgages, less the sum of the Senior Class Principal Amount and the Class [B-1] Principal Amount, in each case immediately
prior to such date, and (ii) the Original Class [B-2] Principal Amount reduced by all amounts previously distributed to holders
of the Class [B-2] Bonds as payments of principal.

“CLASS
[B-2] PRINCIPAL CARRYOVER SHORTFALL”: As to any Payment Date, the excess of (i) the Original Class [B-2] Principal Amount
reduced by all amounts previously distributed to holders of the Class [B-2] Bonds as payments of principal or Class [B-2] Principal
Carryover Shortfall, over (ii) the Class [B-2] Principal Amount immediately prior to such date.

“CLASS
[B-2] PRINCIPAL PAYMENT AMOUNT”: As to any Payment Date, the sum of (i) the Class [B-2] Percentage of the sum of (a) the
principal portion of the Scheduled Payment due on each Pledged Mortgage [on the related Due Date], (b) the principal portion of
the purchase price of each Pledged Mortgage that was purchased by [____________]or another person pursuant to the Mortgage Loan
Purchase Agreement [or by the Master Servicer in connection with any optional purchase by the Master Servicer of a defaulted Pledged
Mortgage] as of such Payment Date, (c) the Substitution Adjustment Amount in connection with any Deleted Pledged Mortgage received
with respect to such Payment Date, (d) any Insurance Proceeds or Liquidation Proceeds allocable to recoveries of principal of Pledged
Mortgages that are not yet Liquidated Pledged Mortgages received during the [calendar month] preceding the month of such Payment
Date, (e) with respect to each Pledged Mortgage that became a Liquidated Pledged Mortgage during the [calendar month] preceding
the month of such Payment Date, the Stated Principal Balance of such Pledged Mortgage and (f) all partial and full principal prepayments
by borrowers received during the related Prepayment Period and (ii) any Class [B-2] Principal Carryover Shortfall.

“CLASS
INTEREST SHORTFALL”: As to any Payment Date, the Senior Interest Shortfall, the Class [B-1] Interest Carryover Shortfall
or the Class [B-2] Interest Carryover Shortfall, as applicable.

“CLASS
PRINCIPAL AMOUNT”: The Senior Class Principal Amount, the Class [B-1] Principal Amount or the Class [B-2] Principal Amount,
as applicable.

“CLOSING
DATE”: ____________ ___, 201__.

    	6

    	 

    

 

“CODE”:
The Internal Revenue Code of 1986, including any successor or amendatory provisions.

“COMMISSION”:
Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934, or if
at any time such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the
body performing such duties at such time under the Trust Indenture Act or similar legislation replacing the Trust Indenture Act.

“CONTROLLING
CLASS”: The Class [A-1] Bonds or, if the Class [A-1] Bonds are no longer Outstanding, the most senior Class of Subordinated
Bonds then Outstanding.

“COOPERATIVE
LOAN”: As defined in Section 1 of the Master Servicing Agreement.

“COOPERATIVE
SHARES”: As defined in Section 1 of the Master Servicing Agreement.

“CORPORATE
TRUST OFFICE”: The principal corporate trust office of the Trustee located at ____________________________________________________,
or at such other address as the Trustee may designate from time to time by notice to the Bondholders and the Issuer, or the principal
corporate trust office of any successor Trustee.

“CUT-OFF
DATE”: _____________ ___, 201__.

“DEBT
SERVICE REDUCTION”: With respect to any Pledged Mortgage, a reduction by a court of competent jurisdiction in a proceeding
under the Bankruptcy Code in the Scheduled Payment for such Pledged Mortgage which became final and non-appealable, except such
a reduction resulting from 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.

“DEFAULTED
PLEDGED MORTGAGE”: The meaning specified in Section 8.04(e).

“DEFICIENT
VALUATION”: With respect to any Pledged Mortgage, a valuation by a court of competent jurisdiction of the Mortgaged Property
in an amount less than the then outstanding indebtedness under the Pledged Mortgage, or any reduction in the amount of principal
to be paid in connection with any Scheduled Payment that results in a permanent forgiveness of principal, which valuation or reduction
results from an order of such court which is final and non-appealable in a proceeding under the Bankruptcy Code.

“DEFINITIVE
BONDS”: Bonds other than Book Entry Bonds.

“DELETED
PLEDGED MORTGAGE”: As defined in Section 5 of the Master Servicing Agreement.

“DENOMINATION”:
With respect to each Bond, the amount set forth on the face thereof as the “Initial Principal Amount of this Bond”.

“DEPOSITOR”:
[_________________], a Delaware corporation.

“DEPOSITORY”:
The initial Depository with respect to each Class of Book Entry Bonds shall be The Depository Trust Company of New York, the nominee
for which is Cede & Co. The Depository shall at all times be a “clearing corporation” as defined in Section 8-102(3)
of the Uniform Commercial Code of the State of New York.

    	7

    	 

    

 

“DEPOSITORY
PARTICIPANTS”: A broker, dealer, bank or other financial institution or other Person for whom from time to time a Depository
effects book-entry transfers and pledges of securities deposited with the Depository.

“DEPOSIT
TRUST AGREEMENT”: The Amended and Restated Deposit Trust Agreement, dated as of ____________ _ _, 201__, between the Bank
and the Depositor, creating the Issuer, as such Deposit Trust Agreement may be amended or supplemented from time to time.

“DEPOSITOR”:
[________________], a Delaware corporation, or its successors-in-interest.

“DETERMINATION
DATE”: As to any Payment Date, the ___th day of each month or if such ___th day is not a Business Day the next succeeding
Business Day; provided, however, that if such next succeeding Business Day is less than two Business Days prior to the related
Payment Date, then the Determination Date shall be the next Business Day preceding the ___th day of such month.

“DISTRIBUTION
ACCOUNT”: The separate Eligible Account created and maintained by the Trustee pursuant to Section 8.02 in the name of the
Trustee for the benefit of the Bondholders and designated “____________________ in trust for registered holders of Sequoia
Mortgage Trust 201_-_, Collateralized Mortgage Bonds. Funds in the Distribution Account shall be held in trust for the Bondholders
for the uses and purposes set forth in this Indenture.

“DISTRIBUTION
ACCOUNT DEPOSIT DATE”: As to any Payment Date, [12:30 p.m. Pacific time] on the Business Day immediately preceding such Payment
Date.

“DUE
DATE”: The first day of each month.

[“DUFF
& PHELPS”: Duff & Phelps Credit Rating Company, or any successor thereto. For purposes of Section 11.04 the address
for notices to Duff & Phelps shall be Duff & Phelps Credit Rating Company, 55 E. Monroe Street, 35th Floor, Chicago, Illinois
60603, Attention: MBS Monitoring, or such other address as Duff & Phelps may hereafter furnish to the Issuer and the Master
Servicer.]

“ELIGIBLE
ACCOUNT”: Any of (i) an account or accounts maintained with a federal or state chartered depository institution or trust
company the short-term unsecured debt obligations of which (or, in the case of a depository institution or trust company that is
the principal subsidiary of a holding company, the debt obligations of such holding company) have the highest short-term ratings
of each Rating Agency at the time any amounts are held on deposit therein, or (ii) an account or accounts in a depository institution
or trust company in which such accounts are insured by the FDIC or the SAIF (to the limits established by the FDIC or the SAIF)
and the uninsured deposits in which accounts are otherwise secured such that, as evidenced by an Opinion of Counsel delivered to
the Trustee and to each Rating Agency, the Bondholders have a claim with respect to the funds in such account or a perfected first
priority security interest against any collateral (which shall be limited to Permitted Investments) securing such funds that is
superior to claims of any other depositors or creditors of the depository institution or trust company in which such account is
maintained, or (iii) a trust account or accounts maintained with the trust department of a federal or state chartered depository
institution or trust company, acting in its fiduciary capacity or (iv) any other account acceptable to each Rating Agency. Eligible
Accounts may bear interest, and may include, if otherwise qualified under this definition, accounts maintained with the Trustee.

“ESCROW
ACCOUNT”: As defined in Section 1 of the Master Servicing Agreement.

“EVENT
OF DEFAULT”: The meaning specified in Section 5.01.

    	8

    	 

    

 

“EXPENSE
RATE”: As to each Pledged Mortgage, the sum of the related Servicing Fee Rate, the Master Servicing Fee Rate and Trustee
Fee Rate.

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

“FHLMC”:
The Federal Home Loan Mortgage Corporation, a corporate instrumentality of the United States created and existing under Title III
of the Emergency Home Finance Act of 1970, as amended, or any successor thereto.

“FIRREA”:
The Financial Institutions Reform, Recovery and Enforcement Act of 1989.

[“FITCH”:
Fitch Investors Service, L.P., or any successor thereto. For purposes of Section 11.04 the address for notices to Fitch shall be
Fitch Investors Service, L.P., One State Street Plaza, New York, New York 10004, Attention: Residential Mortgage Surveillance Group,
or such other address as Fitch may hereafter furnish to the Issuer and the Master Servicer.]

“FNMA”:
The Federal National Mortgage Association, a federally chartered and privately owned corporation organized and existing under the
Federal National Mortgage Association Charter Act, or any successor thereto.

“FORM
8-K DISCLOSURE INFORMATION”: as defined in Section 8.07(c)(i).

“GRANT”:
To grant, bargain, sell, warrant, alienate, remise, release, convey, assign, transfer, mortgage, pledge, create and grant a security
interest in, deposit, set-over and confirm. A Grant of a Pledged Mortgage and related Mortgage Documents, a Permitted Investment,
the Master Servicing Agreement, an Insurance Policy, or any other instrument shall include all rights, powers and options (but
none of the obligations) of the Granting party thereunder, including, without limitation, the immediate and continuing right to
claim for, collect, receive and give receipts for principal and interest payments thereunder, Insurance Proceeds, condemnation
awards, purchase prices and all other moneys payable thereunder and all proceeds thereof, 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 which the Granting party is or may be entitled to do or receive
thereunder or with respect thereto.

“HIGHEST
LAWFUL RATE”: The meaning specified in Section 11.18.

“HOLDER”:
The holder of Bonds issued pursuant to this Indenture.

“INDENTURE”
or “THIS INDENTURE”: This instrument as originally executed and, if from time to time supplemented or amended by one
or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, as so supplemented or amended.
All references in this instrument to designated “Articles”, “Sections”, “Subsections” and other
subdivisions are to the designated Articles, Sections, Subsections and other subdivisions of this instrument as originally executed.
The words “herein,” “hereof” and “hereunder” and other words of similar import refer to this
Indenture as a whole and not to any particular Article, Section, Subsection or other subdivision.

“INDEPENDENT”:
When used with respect to any specified Person means such a Person who (i) is in fact independent of the Issuer and any other obligor
upon the Bonds, (ii) does not have any direct financial interest or any material indirect financial interest in the Issuer or in
any such other obligor or in an Affiliate of the Issuer or such other obligor and (iii) is not connected with the Issuer or any
such other obligor as an officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions.
Whenever it is herein provided that any Independent Person’s opinion or certificate shall be furnished to the Trustee, such
Person shall be appointed by an Issuer Order and with the approval of the Trustee, which approval shall not be unreasonably withheld,
and such opinion or certificate shall state that the signer has read this definition and that the signer is Independent within
the meaning hereof.

    	9

    	 

    

 

“INDEX”:
As to (a) each Pledged Mortgage, the index from time to time in effect for the adjustment of the Mortgage Rate set forth as such
on the related Mortgage Note and (b) either Bond Interest Rate and any Payment Date, the weekly average yield on United States
Treasury Securities adjusted to a constant maturity of one year as made available by the Federal Reserve Board and most recently
available as of 45 days prior to the first day of the month preceding the month in which such Payment Date occurs.

“INDIRECT
PARTICIPANT”: A broker, dealer, bank or other financial institution or other Person that clears through or maintains a custodial
relationship with a Depository Participant.

“INDIVIDUAL
BOND”: A Bond of an original principal amount of $_____; a Bond of an original principal amount in excess of $______ shall
be deemed to be a number of Individual Bonds equal to the quotient obtained by dividing such original principal amount by $_______.

“INSURANCE
POLICY”: With respect to any Pledged Mortgage, any insurance policy, including all riders and endorsements thereto in effect,
including any replacement policy or policies for any Insurance Policies.

“INSURANCE
PROCEEDS”: Proceeds paid by an insurer pursuant to any Insurance Policy, in each case other than any amount included in such
Insurance Proceeds in respect of Insured Expenses.

“INSURED
EXPENSES”: Expenses covered by an Insurance Policy or any other insurance policy with respect to the Pledged Mortgages.

“INTEREST
ACCRUAL PERIOD”: With respect to each Class of Bonds and any Payment Date, the calendar month prior to the month of such
Payment Date.

“INTEREST
CONVERSION DATE”: As to the Pledged Mortgages, the date on which the first Adjustment Date occurs.

“INTEREST
PAYMENT AMOUNT”: The Senior Interest Payment Amount, the Class [B-1] Interest Payment Amount, the Class [B-2] Interest Payment
Amount or the Certificate Interest Payment Amount, as applicable.

“INVESTED
AMOUNT”: As of any Payment Date, the lesser of (i) the aggregate of the Stated Principal Balances of the Pledged Mortgages,
less the sum of (x) the Senior Class Principal Amount, (y) the Class [B-1] Principal Amount and (z) the Class [B-2] Principal Amount,
in each case immediately prior to such date, and (ii) the Original Invested Amount reduced by all amounts previously distributed
to the holder of the Investor Certificate in reduction of the Invested Amount.

“INVESTOR
CERTIFICATE”: As defined in Section 1.01 of the Deposit Trust Agreement.

“INVESTOR
PERCENTAGE”: As of any Payment Date, the difference between 100% and the sum of the Senior Percentage, the Class [B-1] Percentage
and the Class [B-2] Percentage for such date.

“ISSUER”:
Sequoia Mortgage Trust 201_-_ formed pursuant to the Deposit Trust Agreement.

“ISSUER
ORDER” and “ISSUER REQUEST”: A written order or request that is dated and signed in the name of the Issuer by
an Authorized Officer and delivered to the Trustee.

    	10

    	 

    

 

“LETTER
AGREEMENT”: With respect to the Book Entry Bonds, the letter agreement among the Issuer, the Trustee and the Depository governing
book entry transfers of, and certain other matters with respect to, such Book Entry Bonds and attached as Exhibit I hereto.

“LIQUIDATED
PLEDGED MORTGAGE”: With respect to any Payment Date, a defaulted Pledged Mortgage (including any REO Property) which was
liquidated in the calendar month preceding the month of such Payment Date and as to which the Master Servicer has certified (in
accordance with the Master Servicing Agreement) that it has received all amounts it expects to receive in connection with the liquidation
of such Pledged Mortgage including the final disposition of an REO Property.

“LIQUIDATION
PROCEEDS”: Amounts, including Insurance Proceeds, received in connection with the partial or complete liquidation of defaulted
Pledged Mortgages, whether through trustee’s sale, foreclosure sale or otherwise or amounts received in connection with any
condemnation or partial release of a Mortgaged Property and any other proceeds received in connection with an REO Property, less
the sum of related unreimbursed Master Servicing Fees, Servicing Advances and Advances.

“LOAN-TO-VALUE
RATIO”: With respect to any Pledged Mortgage and as to any date of determination, the fraction (expressed as a percentage)
the numerator of which is the principal balance of the related Pledged Mortgage at such date of determination and the denominator
of which is the Appraised Value of the related Mortgaged Property.

“MANAGEMENT
AGREEMENT”: The agreement between the Trust and [ ], pursuant to which the Trust has delegated certain administrative functions
of the Trust to the Manager.

“MANAGER”:
The person acting in such capacity pursuant to the Management Agreement.

“MARGIN”:
As to each Pledged Mortgage, the percentage amount set forth on the related Mortgage Note added to the Index in calculating the
Mortgage Rate thereon.

“MASTER
SERVICER”: _________________________________, a ____________ corporation, as Master Servicer under the Master Servicing Agreement,
and its permitted successors and assigns thereunder.

“MASTER
SERVICING AGREEMENT”: The master servicing agreement dated as of _____________ , 201__, among the Issuer, the Trustee and
the Master Servicer, pursuant to which the Master Servicer will be obligated to manage and supervise the administration and servicing
of the Pledged Mortgages securing the Bonds and each Servicer of the Pledged Mortgages, or its successors or assigns, as such agreement
may be amended or supplemented from time to time as permitted thereby.

“MASTER
SERVICING FEE”: As to each Pledged Mortgage and any Payment Date, an amount equal to one month’s interest at the related
Master Servicing Fee Rate on the Stated Principal Balance of such Pledged Mortgage or, in the event of any payment of interest
which accompanies a Principal Prepayment in Full made by the Mortgagor, interest at the Master Servicing Fee Rate on the Stated
Principal Balance of such Pledged Mortgage for the period covered by such payment of interest, subject to reduction as provided
in Section 5(a) of the Master Servicing Agreement.

“MASTER
SERVICING FEE RATE”: With respect to each Mortgage Loan, _____% per annum.

“MATURITY”:
With respect to any Bond, the date on which the entire unpaid principal amount of such Bond becomes due and payable as therein
or herein provided, whether at the Stated Maturity of the final installment of such principal or by declaration of acceleration,
call for redemption or otherwise.

    	11

    	 

    

 

“MAXIMUM
RATE”: As to any Pledged Mortgage, the maximum rate set forth on the related Mortgage Note at which interest can accrue on
such Pledged Mortgage.

[“MOODY’S”:
Moody’s Investors Service, Inc., or any successor thereto. For purposes of Section 11.04 the address for notices to Moody’s
shall be Moody’s Investors Service, Inc., 99 Church Street, New York, New York 10007, Attention: ____________ or such other
address as Moody’s may hereafter furnish to the Issuer and the Master Servicer.]

“MORTGAGE”:
The mortgage, deed of trust or other instrument creating a first lien on an estate in fee simple or leasehold interest in real
property securing a Mortgage Note.

“MORTGAGE
DOCUMENTS”: The mortgage documents listed in Section 2(a)(i) of the Master Servicing Agreement pertaining to a particular
Pledged Mortgage and any additional documents delivered to the Trustee to be added to the Mortgage Documents pursuant to the Master
Servicing Agreement.

“MORTGAGE
NOTE”: The original executed note or other evidence of indebtedness evidencing the indebtedness of a Mortgagor under a Pledged
Mortgage.

“MORTGAGE
RATE”: The annual rate of interest borne by a Mortgage Note from time to time.

“MORTGAGED
PROPERTY”: The underlying property securing a Pledged Mortgage, which, with respect to a Cooperative Loan, is the related
Cooperative Shares and Proprietary Lease.

“MORTGAGOR”:
The obligor(s) on a Mortgage Note.

“NET
MORTGAGE RATE”: As to any Pledged Mortgage and Payment Date, the related Mortgage Rate as of the Due Date in the month preceding
the month of such Payment Date reduced by the related Expense Rate.

“NET
INTEREST SHORTFALLS”: As to any Payment Date, the amount by which the sum of (i) the amount of interest which would otherwise
have been received with respect to any Pledged Mortgage that was the subject of a Relief Act Reduction and (ii) any Prepayment
Interest Shortfalls, in each case during the [calendar month] preceding the month of such Payment Date, exceeds the sum of (i)
the Master Servicing Fee for such period and (ii) the Certificate Interest Payment Amount, the Invested Amount Payment and any
other amounts payable to the holder of the Investor Certificate described in [_______].

“NONRECOVERABLE
ADVANCE”: Any portion of an Advance or Servicer Advance previously made or proposed to be made by the Master Servicer or
the related Servicer, as the case may be, that, in the good faith judgment of the Master Servicer or such Servicer, will not be
ultimately recoverable by the Master Servicer from the related Mortgagor, related Liquidation Proceeds or otherwise.

“NRSRO”:
Any nationally statistical rating organization for purposes of Rule 17g-5 under the Exchange Act.

“NRSRO
CERTIFICATION”: A certification in the form of Exhibit O to the Pooling and Servicing Agreement.

“OFFICERS’
CERTIFICATE”: A certificate signed by two Authorized Officers.

“OFFICER’S
CERTIFICATE OF THE MASTER SERVICER”: A certificate (i) signed by the Chairman of the Board, the Vice Chairman of the Board,
the President, a Managing Director, a Vice President (however denominated), an Assistant Vice President, the Treasurer, the Secretary,
or one of the Assistant Treasurers or Assistant Secretaries of the Master Servicer, or (ii) if provided for herein, signed by a
Servicing Officer, as the case may be, and delivered to the Trustee, as required hereby.

    	12

    	 

    

 

“OPERATIVE
AGREEMENTS”: The meaning ascribed thereto in the Deposit Trust Agreement.

“OPINION
OF COUNSEL”: A written opinion of counsel who may, except as otherwise expressly provided in this Indenture, be counsel for
the Issuer, and who shall be reasonably satisfactory to the Trustee.

“OPTIONAL
REDEMPTION DATE”: With respect to the Bonds which are subject to optional redemption, the date on which Bonds may be redeemed
pursuant to Section 10.01.

“OPTIONAL
REDEMPTION RECORD DATE”: The meaning specified in Section 10.02.

“ORIGINAL
CLASS [B-1] PRINCIPAL AMOUNT”: $____________.

“ORIGINAL
CLASS [B-2] PRINCIPAL AMOUNT”: $____________.

“ORIGINAL
INVESTED AMOUNT”: $____________.

“ORIGINAL
PLEDGED MORTGAGES”: The Pledged Mortgages listed on the Pledged Mortgage Schedule and granted to the Trustee on the Closing
Date.

“ORIGINAL
SENIOR CLASS PRINCIPAL AMOUNT”: $___________________.

“ORIGINAL
SUBORDINATION AMOUNT”: The sum of the Original Subordinated Class Principal Amount and the Original Invested Amount.

“OTS”:
The Office of Thrift Supervision.

“OUTSTANDING”:
As of the date of determination, all Bonds theretofore authenticated and delivered under this Indenture except:

		(i)	Bonds theretofore cancelled by the Bond Registrar or delivered to the Bond Registrar for cancellation;

		(ii)	Bonds or portions thereof for whose payment or redemption money in the necessary amount has been
theretofore deposited with the Trustee or any Paying Agent (other than the Issuer) in trust for the Holders of such Bonds; provided,
however, that if such Bonds are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision
therefor, satisfactory to the Trustee, has been made;

		(iii)	Bonds in exchange for or in lieu of which other Bonds have been authenticated and delivered pursuant
to this Indenture unless proof satisfactory to the Trustee is presented that any such Bonds are held by a bona fide purchaser (as
defined by the Uniform Commercial Code of the applicable jurisdiction); and

		(iv)	Bonds alleged to have been destroyed, lost or stolen for which replacement Bonds have been issued
as provided for in Section 2.08;

provided, however, that in determining
whether the Holders of the requisite percentage of the aggregate Class Principal Amount of the Outstanding Bonds have given any
request, demand, authorization, direction, notice, consent or waiver hereunder, Bonds owned by the Issuer, any other obligor upon
the Bonds or any Affiliate of the Issuer or such other obligor shall be disregarded and deemed not to be Outstanding, except that,
in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice,
consent or waiver, only Bonds which the Trustee knows to be so owned shall be so disregarded. Bonds so owned which have been pledged
in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s
right so to act with respect to such Bonds and that the pledgee is not the Issuer, any other obligor upon the Bonds or any Affiliate
of the Issuer or such other obligor.

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“OUTSTANDING
PLEDGED MORTGAGE”: As of any Due Date, a Pledged Mortgage with a Stated Principal Balance greater than zero which was not
the subject of a Principal Prepayment in Full prior to such Due Date and which did not become a Liquidated Pledged Mortgage prior
to such Due Date.

“OWNER”:
The meaning ascribed thereto in the Deposit Trust Agreement.

“OWNER
TRUSTEE”: [_______________], a [____] banking corporation, not in its individual capacity but solely as Owner Trustee under
the Deposit Trust Agreement, until a successor Person shall have become the Owner Trustee pursuant to the applicable provisions
of the Deposit Trust Agreement, and thereafter “Owner Trustee” shall mean such successor Person.

“PAYING
AGENT”: The Trustee or any other depository institution or trust company that is authorized by the Issuer pursuant to Section
3.03 to pay the principal of, or interest on, any Bonds on behalf of the Issuer.

“PAYMENT
DATE”: The ___th day of each [calendar month] after the initial issuance of the Bonds or, if such ___th day is not a Business
Day, the next succeeding Business Day, commencing in ____________ 201__.

“PAYMENT
DATE STATEMENT”: shall have the meaning specified in Section 8.06.

[“PERIODIC
RATE CAP”: As to any Pledged Mortgage and any Adjustment Date, the maximum percentage increase or decrease to the related
Mortgage Note on any such Adjustment Date, as specified in the related Mortgage Note.]

“PERMITTED
ENCUMBRANCE”: Any lien, charge, security interest, mortgage or other encumbrance Granted by the Issuer in the Trust Estate,
provided that:

		(i)	such lien, charge, security interest, mortgage or encumbrance extends only to a portion of the
Trust Estate which is limited to cash deliverable or payable to the Issuer pursuant to Section 8.01 or Section 8.02(d);

		(ii)	such lien, charge, security interest, mortgage or other encumbrance secures indebtedness which
the Issuer is permitted to incur under the terms of this Indenture; and

		(iii)	the beneficiary of such lien, charge, security interest, mortgage or other encumbrance has agreed
that in connection with the enforcement thereof it will not bring any Proceeding seeking, or which would result in, the sale of
any portion of the Trust Estate and will not file any petition for the commencement of insolvency proceedings with respect to the
Issuer under the federal bankruptcy laws, as now or hereafter in effect, or any other present or future federal or state bankruptcy,
insolvency or similar law, or for the appointment of any receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official of the Issuer or of any of its property, or seeking an order for the winding up or liquidation of the affairs
of the Issuer.

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“PERMITTED
INVESTMENTS”: At any time, any one or more of the following obligations and securities:

		(i)	obligations of the United States or any agency thereof, provided that such obligations are backed
by the full faith and credit of the United States;

		(ii)	general obligations of or obligations guaranteed by any state of the United States or the District
of Columbia receiving the highest long-term debt rating of each Rating Agency, or such lower rating as will not result in the downgrading
or withdrawal of the ratings then assigned to the Bonds by the Rating Agencies, as evidenced by a signed writing delivered by each
Rating Agency;

		(iii)	commercial or finance company paper which is then receiving the highest commercial or finance company
paper rating of each Rating Agency, or such lower rating as will not result in the downgrading or withdrawal of the ratings then
assigned to the Bonds by the Rating Agencies, as evidenced by a signed writing delivered by each Rating Agency;

		(iv)	certificates of deposit, demand or time deposits, or bankers’ acceptances issued by any depository
institution or trust company incorporated under the laws of the United States or of any state thereof and subject to supervision
and examination by federal and/or state banking authorities, provided that the commercial paper and/or long-term unsecured debt
obligations of such depository institution or trust company (or in the case of the principal depository institution in a holding
company system, the commercial paper or long-term unsecured debt obligations of such holding company, but only if Moody’s
Investor’s service, Inc. is not the applicable Rating Agency) are then rated one of the two highest long-term and the highest
short-term ratings of each Rating Agency for such securities, or such lower ratings as will not result in the downgrading or withdrawal
of the ratings then assigned to the Bonds by the Rating Agencies, as evidenced by a signed writing delivered by each Rating Agency;

		(v)	demand or time deposits or certificates of deposit issued by any bank or trust company or savings
institution to the extent that such deposits are fully insured by the FDIC;

		(vi)	guaranteed reinvestment agreements issued by any bank, insurance company or other corporation acceptable
to the Rating Agencies at the time of the issuance of such agreements, as evidenced by a signed writing delivered by each Rating
Agency;

		(vii)	repurchase obligations with respect to any security described in clauses (i) and (ii) above, in
either case entered into with a depository institution or trust company (acting as principal) described in clause (iv) above;

		(viii)	securities (other than stripped bonds, stripped coupons or instruments sold at a purchase price
in excess of 115% of the face amount thereof) bearing interest or sold at a discount issued by any corporation incorporated under
the laws of the United States or any state thereof which, at the time of such investment, have one of the two highest ratings of
each Rating Agency (except if the Rating Agency is Moody’s, such rating shall be the highest commercial paper rating of Moody’s
for any such series), or such lower rating as will not result in the downgrading or withdrawal of the ratings then assigned to
the Bonds by the Rating Agencies, as evidenced by a signed writing delivered by each Rating Agency;

		(ix)	interests in any money market fund which at the date of acquisition of the interests in such fund
and throughout the time such interests are held in such fund has the highest applicable rating by each Rating Agency or such lower
rating as will not result in a change in the rating then assigned to the Bonds by each Rating Agency;

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		(x)	short-term investment funds sponsored by any trust company or national banking association incorporated
under the laws of the United States or any state thereof which on the date of acquisition has been rated by each applicable Rating
Agency in their respective highest applicable rating category or such lower rating as will not result in a change in the rating
then specified stated maturity and bearing interest or sold at a discount acceptable to each Rating Agency as will not result in
the downgrading or withdrawal of the ratings then assigned to the Bonds by the Rating Agencies; and

		(xi)	such other investments having a specified stated maturity and bearing interest or sold at a discount
acceptable to the Rating Agencies as will not result in the downgrading or withdrawal of the ratings then assigned to the Bonds
by the Rating Agencies;

provided, that no such instrument
shall be a Permitted Investment if (i) such instrument evidences the right to receive interest only payments with respect to the
obligations underlying such instrument or (ii) such instrument would require the Issuer to register as an investment company under
the Investment Company Act of 1940, as amended.

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

“PLEDGED
ACCOUNTS”: The Bond Account and the Distribution Account (exclusive of any earnings on investments made with funds deposited
in the Distribution Account or the Bond Account).

“PLEDGED
MORTGAGE SCHEDULE”: The list of Pledged Mortgages (as from time to time amended by the Master Servicer to reflect the addition
of Replacement Pledged Mortgages and the deletion of Deleted Pledged Mortgages pursuant to the provisions of the Master Servicing
Agreement) Granted to the Trustee pursuant to the provisions hereof as part of the Trust Estate and from time to time subject to
this Agreement, attached hereto as Schedule I.

“PLEDGED
MORTGAGES”: Such of the mortgage loans Granted to the Trustee pursuant to the provisions hereof as from time to time are
held as a part of the Trust Estate (including any REO Property), the mortgage loans so held being identified in the Pledged Mortgage
Schedule, notwithstanding foreclosure or other acquisition of title of the related Mortgaged Property.

“POOL
STATED PRINCIPAL BALANCE”: As to any Payment Date, the aggregate of the Stated Principal Balances of the Pledged Mortgages
which were Outstanding Pledged Mortgages on the Due Date in the month preceding the month of such Payment Date.

“PREDECESSOR
BONDS”: With respect to any particular Bond of a Class, every previous Bond of that Class evidencing all or a portion of
the same debt as that evidenced by such particular Bond; and, for the purpose of this definition, any Bond authenticated and delivered
under Section 2.08 in lieu of a lost, destroyed or stolen Bond shall be deemed to evidence the same debt as the lost, destroyed
or stolen Bond.

“PREPAYMENT
INTEREST SHORTFALL”: As to any Payment Date, Pledged Mortgage and Principal Prepayment, the amount, if any, by which one
month’s interest at the related Mortgage Rate on such Principal Prepayment exceeds the amount of interest paid in connection
with such Principal Prepayment.

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“PREPAYMENT
PERIOD”: As to any Payment Date, the [calendar month] preceding the month of such Payment Date.

“PRIMARY
MORTGAGE INSURANCE POLICY”: Each policy of primary mortgage guaranty insurance or any replacement policy therefor with respect
to any Pledged Mortgage.

“PRINCIPAL
PREPAYMENT”: Any payment of principal by a Mortgagor on a Pledged Mortgage that is received in advance of its scheduled Due
Date and is not accompanied by an amount representing scheduled interest due on any date or dates in any month or months subsequent
to the month of prepayment.

“PRINCIPAL
PREPAYMENT IN FULL”: Any Principal Prepayment made by a Mortgagor of the entire principal balance of a Pledged Mortgage.

“PROCEEDING”:
Any suit in equity, action at law or other judicial or administrative proceeding.

“PROPRIETARY
LEASE”: As defined in Section 1 of the Master Servicing Agreement.

“PROSPECTUS
SUPPLEMENT”: The Prospectus Supplement dated _________ ___, 201__ relating to the Bonds.

“PURCHASE
AGREEMENT:” The Mortgage Loan Purchase Agreement, dated as of ________, 201_, by and between the Seller and the Depositor
with respect to the Mortgage Loans.

“PURCHASE
PRICE”: With respect to any Pledged Mortgage required to be purchased by the Master Servicer pursuant to Section 2(a)(ii)
or 2(d)(iii) of the Master Servicing Agreement or purchased at the option of the Master Servicer pursuant to Section 3(n) of the
Master Servicing Agreement, an amount equal to the sum of (i) 100% of the unpaid principal balance of the Pledged Mortgage on the
date of such purchase, and (ii) accrued interest thereon at the applicable Adjusted Net Mortgage Rate from the date through which
interest was last paid by the Mortgagor to the Due Date in the month in which the Purchase Price is to be distributed to Bondholders.

“RATING
AGENCY”: Each of [ ] and [ ]. If either such organization or a successor is no longer in existence, “Rating Agency”
shall be such nationally recognized statistical rating organization, or other comparable Person, as is designated by the Issuer,
notice of which designation shall be given to the Trustee. References herein to a given rating or rating category of a Rating Agency
shall mean such rating category without giving effect to any modifiers.

“REALIZED
LOSS”: With respect to each Liquidated Pledged Mortgage, an amount (not less than zero or more than the Stated Principal
Balance of the Pledged Mortgage) as of the date of such liquidation, equal to (i) the Stated Principal Balance of the Liquidated
Pledged Mortgage as of the date of such liquidation, plus (ii) interest at the Net Mortgage Rate from the Due Date as to which
interest was last paid or advanced (and not reimbursed) to Bondholders up to the Due Date in the month in which Liquidation Proceeds
are required to be distributed on the Stated Principal Balance of such Liquidated Pledged Mortgage from time to time, minus (iii)
the Liquidation Proceeds, if any, received during the month in which such liquidation occurred, to the extent applied as recoveries
of interest at the Adjusted Net Mortgage Rate and to principal of the Liquidated Pledged Mortgage. With respect to each Pledged
Mortgage which has become the subject of a Deficient Valuation, if the principal amount due under the related Mortgage Note has
been reduced, the difference between the principal balance of the Pledged Mortgage outstanding immediately prior to such Deficient
Valuation and the principal balance of the Pledged Mortgage as reduced by the Deficient Valuation. With respect to each Pledged
Mortgage which has become the subject of a Debt Service Reduction and any Payment Date, the amount, if any, by which the principal
portion of the related Scheduled Payment has been reduced.

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“RECORD
DATE”: With respect to any Payment Date, the date on which the Persons entitled to receive any payment of principal of, or
interest on, any Bonds (or notice of a payment in full of principal) due and payable on such Payment Date are determined; such
date shall be the last day of the month preceding the month of such Payment Date.

“REDEMPTION
DATE”: Any Optional Redemption Date or any Payment Date on which Bonds may be redeemed.

“REDEMPTION
PRICE”: With respect to any Class of Bonds to be redeemed, an amount equal to 100% of the related Class Principal Amount
of the Bonds (including, in the case of the Subordinated Bonds, any unpaid Subordinated Principal Carryover Shortfall) to be so
redeemed, together with interest on such amount at the applicable Bond Interest Rate through the last day of the month immediately
preceding the month in which such Redemption Date occurs, together with any unpaid Class Interest Shortfalls.

“REFINANCING
PLEDGED MORTGAGE”: Any Pledged Mortgage originated in connection with the refinancing of an existing mortgage loan.

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

“RELEVANT
SERVICING CRITERIA”: The Servicing Criteria applicable to each party, as set forth on Exhibit VII attached hereto. Multiple
parties can have responsibility for the same Relevant Servicing Criteria. With respect to a Servicing Function Participant engaged
by the Master Servicer, the Trustee or each Servicer, the term “Relevant Servicing Criteria” may refer to a portion
of the Relevant Servicing Criteria applicable to such parties.

“RELIEF
ACT”: The Soldiers’ and Sailors’ Civil Relief Act of 1940, as amended.

“RELIEF
ACT REDUCTIONS”: With respect to any Payment Date and any Pledged Mortgage as to which there has been a reduction in the
amount of interest collectible thereon for the most recently ended calendar month as a result of the application of the Relief
Act, the amount, if any, by which (i) interest collectible on such Pledged Mortgage for the most recently ended calendar month
is less than (ii) interest accrued thereon for such month pursuant to the Mortgage Note.

“REO
PROPERTY”: A Mortgaged Property acquired by the Trustee through foreclosure or deed-in-lieu of foreclosure in connection
with a defaulted Pledged Mortgage.

“REPLACEMENT
PLEDGED MORTGAGE”: A Mortgage Loan substituted by the Master Servicer for a Deleted Mortgage Loan which must, on the date
of such substitution, as confirmed in a Request for Release, substantially in the form of Exhibit C to the Master Servicing Agreement,
(i) have a Stated Principal Balance, after deduction of the principal portion of the Scheduled Payment due in the month of substitution,
not in excess of, and not more than 10% less than, the Stated Principal Balance of the Deleted Mortgage Loan; (ii) be accruing
interest at a rate no lower than and not more than 1% per annum higher than, that of the Deleted Mortgage Loan; (iii) have a Loan-to-Value
Ratio no higher than that of the Deleted Mortgage Loan; (iv) have a Mortgage Rate based upon the same Index and a Margin at least
equal to and not greater than 50 basis points higher than that of the Deleted Mortgage Loan; (v) have a Mortgage Rate subject to
a Periodic Rate Cap and Maximum Rate that are no less than those applicable to the Deleted Mortgage Loan; (vi) have Adjustment
Dates that are no more or less frequent than the Deleted Mortgage Loan; (vii) have a remaining term to maturity no greater than
(and not more than one year less than that of) the Deleted Mortgage Loan; (viii) not be a Cooperative Loan unless the Deleted Mortgage
Loan was a Cooperative Loan; and (ix) comply with each representation and warranty set forth in Section 2(d)(ii) of the Master
Servicing Agreement.

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“REQUEST
FOR RELEASE”: The Request for Release submitted by the Master Servicer to the Trustee, substantially in the form of Exhibits
C and D to the Master Servicing Agreement, as appropriate.

“RESPONSIBLE
OFFICER”: With respect to the Trustee, any officer in the corporate trust department or similar group of the Trustee and
also, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his or
her knowledge of and familiarity with the particular subject.

“RULE
15GA-1 INFORMATION: As defined in Section 4.04(a) of the Pooling and Servicing Agreement.

“RULE
17g-5 INFORMATION PROVIDER”: The Securities Administrator.

“RULE
17G-5 WEBSITE”: The website maintained by the Securities Administrator pursuant to Section 4.03 of the Pooling and Servicing
Agreement.

“S&P”:
Standard & Poor’s Ratings Group, a division of McGraw-Hill Inc. For purposes of Section 11.04 the address for notices
to S&P shall be Standard & Poor’s Ratings Group, 26 Broadway, 15th Floor, New York, New York 10004, Attention: Mortgage
Surveillance Monitoring, or such other address as S&P may hereafter furnish to the Issuer and the Master Servicer.

“SAIF”:
The Savings Association Insurance Fund, or any successor thereto.

“SALE”:
The meaning specified in Section 5.18(a).

“SARBANES
OXLEY ACT”: The Sarbanes-Oxley Act of 2002 and the rules and regulations of the Commission promulgated thereunder (including
any interpretations thereof by the Commission’s staff).

“SARBANES-OXLEY
CERTIFICATION”: A written certification covering the activities of all Servicing Function Participants and signed by an officer
of the Depositor and that complies with (i) the Sarbanes-Oxley Act of 2002, as amended from time to time, and (ii) the February
21, 2003 Statement by the Staff of the Division of Corporation Finance of the Securities and Exchange Commission Regarding Compliance
by Asset-Backed Issuers with Exchange Act Rules 13a-14 and 15d-14, as in effect from time to time; provided that if, after the
Closing Date (a) the Sarbanes-Oxley Act of 2002 is amended, (b) the Statement referred to in clause (ii) is modified or superseded
by any subsequent statement, rule or regulation of the Securities and Exchange Commission or any statement of a division thereof,
or (c) any future releases, rules and regulations are published by the Securities and Exchange Commission from time to time pursuant
to the Sarbanes-Oxley Act of 2002, which in any such case affects the form or substance of the required certification and results
in the required certification being, in the reasonable judgment of the Master Servicer, materially more onerous than the form of
the required certification as of the Closing Date, the Sarbanes-Oxley Certification shall be as agreed to by the Master Servicer,
the Manager and the Seller following a negotiation in good faith to determine how to comply with any such new requirements.

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“SCHEDULED
PAYMENT”: The scheduled monthly payment on a Pledged Mortgage due on any Due Date allocable to principal and/or interest
on such Pledged Mortgage which, unless otherwise specified in the Master Servicing Agreement, shall give effect to any related
Debt Service Reduction and any Deficient Valuation that affects the amount of the monthly payment due on such Pledged Mortgage.

“SECURITIES
ACT”: The Securities Act of 1933, as amended.

“SELLER”:
RWT Holdings, Inc., a Delaware corporation, in its capacity as Seller pursuant to the Purchase Agreement.

“SENIOR
BOND INTEREST RATE”: With respect to any Interest Accrual Period, the annual rate at which interest accrues on the Senior
Bonds as specified in such Bonds and in Section 2.03(c).

“SENIOR
BONDS”: The Class [A-1] Bonds.

“SENIOR
CLASS PRINCIPAL AMOUNT”: As of any Payment Date, the Original Senior Class Principal Amount reduced by all amounts previously
distributed to Holders of the Senior Bonds as payments of principal.

“SENIOR
INTEREST PAYMENT AMOUNT”: As to any Payment Date, the sum of (i) one month’s interest accrued during the related Interest
Accrual Period at the Senior Bond Interest Rate on the Senior Class Principal Amount, subject to reduction pursuant to Section
2.03(d) and (ii) the sum of the amounts, if any, by which the amount described in clause (i) above on each prior Payment Date exceeded
the amount actually distributed as interest on such prior Payment Dates and not subsequently distributed.

“SENIOR
INTEREST SHORTFALL”: As to any Payment Date, the amount by which the amount described in clause (i) of the definition of
Senior Interest Payment Amount exceeds the amount of interest actually paid on the Senior Bonds on such Payment Date pursuant to
such clause (i).

“SENIOR
PERCENTAGE”: As to any Payment Date, the percentage equivalent of a fraction the numerator of which is the Senior Class Principal
Amount immediately prior to such date and the denominator of which is the sum of (i) the Senior Class Principal Amount, (ii) the
Class [B-1] Principal Amount, (iii) the Class [B-2] Principal Amount and (iv) the Invested Amount, in each case immediately prior
to such date.

“SENIOR
PRINCIPAL PAYMENT AMOUNT”: As to each Payment Date, the Senior Percentage of the sum of (a) the principal portion of the
Scheduled Payment due on each Pledged Mortgage [on the related Due Date], (b) the principal portion of the purchase price of each
Pledged Mortgage that was purchased by [___________]or another person pursuant to the Mortgage Loan Purchase Agreement [or any
optional purchase by the Master Servicer of a defaulted Pledged Mortgage] as of such Payment Date, (c) the Substitution Adjustment
Amount in connection with any Deleted Pledged Mortgage received with respect to such Payment Date, (d) any Insurance Proceeds or
Liquidation Proceeds allocable to recoveries of principal of Pledged Mortgages that are not yet Liquidated Pledged Mortgages received
during the [calendar month] preceding the month of such Payment Date, (e) with respect to each Pledged Mortgage that became a Liquidated
Pledged Mortgage during the [calendar month] preceding the month of such Payment Date, the Stated Principal Balance of such Pledged
Mortgage, and (f) all partial and full principal prepayments by borrowers received during the related Prepayment Period.

“SERVICER”:
Any person with which the Master Servicer has entered into a Servicing Agreement for the servicing of all or a portion of the Pledged
Mortgages pursuant to Section 3(b) of the Master Servicing Agreement.

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“SERVICER
ADVANCE”: The meaning ascribed to such term in Section 3(h)(iv) of the Master Servicing Agreement.

“SERVICING
ADVANCES”: All customary, reasonable and necessary “out of pocket” costs and expenses incurred in the performance
by the Master Servicer of its servicing obligations, including, but not limited to, the cost of (i) the preservation, restoration
and protection of a Mortgaged Property, (ii) any expenses reimbursable to the Master Servicer pursuant to Section 3(n) of the Master
Servicing Agreement and any enforcement or judicial proceedings, including foreclosures, (iii) the management and liquidation of
any REO Property and (iv) compliance with the obligations under Section 3(l) of the Master Servicing Agreement.

“SERVICING
AGREEMENT”: Any agreement between the Master Servicer and related Servicer relating to servicing and/or administration of
certain Pledged Mortgages as provided in Section 3(b) of the Master Servicing Agreement.

“SERVICING
CRITERIA”: The criteria set forth in paragraph (d) of Item 1122 of Regulation AB, as such may be amended from time to time.

“SERVICING
DEFAULT”: As defined in the Master Servicing Agreement.

“SERVICING
FEE”: As to each Pledged Mortgage and any Payment Date, an amount equal to one month’s interest at the applicable Servicing
Fee Rate on the Stated Principal Balance of such Pledged Mortgage.

“SERVICING
FEE RATE”: With respect to any Pledged Mortgage, the per annum rate set forth in the Pledged Mortgage Schedule for such Pledged
Mortgage.

“SERVICING
FUNCTION PARTICIPANT”: Any Subservicer or Subcontractor, other than each Servicer, the Master Servicer and the Trustee, that
is participating in the servicing function within the meaning of Regulation AB, unless such Person’s activities relate only
to 5% or less of the Mortgage Loans.

“SERVICING
OFFICER”: Any officer of the Master Servicer involved in, or responsible for, the administration and servicing of the Pledged
Mortgages whose name and facsimile signature appear on a list of servicing officers furnished to the Trustee by the Master Servicer
on the Closing Date pursuant to the Master Servicing Agreement, as such list may from time to time be amended.

“STATED
MATURITY”: With respect to any and all Bonds _________________.

“STATED
PRINCIPAL BALANCE”: As to any Pledged Mortgage and Due Date, the unpaid principal balance of such Pledged Mortgage as of
such Due Date as specified in the amortization schedule at the time relating thereto (before any adjustment to such amortization
schedule by reason of any moratorium or similar waiver or grace period) after giving effect to any previous partial Principal Prepayments
and Liquidation Proceeds allocable to principal (other than with respect to any Liquidated Pledged Mortgage) and to the payment
of principal due on such Due Date and irrespective of any delinquency in payment by the related Mortgagor.

“SUBCONTRACTOR”:
Any vendor, subcontractor or other Person that is not responsible for the overall servicing of Mortgage Loans but performs one
or more discrete functions identified in Item 1122(d) of Regulation AB with respect to Mortgage Loans under the direction or authority
of any Servicer (or a Subservicer of any Servicer), the Master Servicer or the Trustee.

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“SUBSERVICER”:
Any Person that (i) services Mortgage Loans on behalf of any Servicer, and (ii) is responsible for the performance (whether directly
or through sub-servicers or Subcontractors) of Servicing functions required to be performed under this Agreement, any related Servicing
Agreement or any sub-servicing agreement that are identified in Item 1122(d) of Regulation AB.

“SUBORDINATED
BOND INTEREST RATE”: With respect to any Interest Accrual Period, the annual rate at which interest accrues on the Subordinated
Bonds as specified in such Bonds and in Section 2.03(c).

“SUBORDINATED
BONDS”: The Class [B-1] and the Class [B-2] Bonds.

“SUBSTITUTION
ADJUSTMENT AMOUNT”: The meaning ascribed to such term pursuant to Section 2(d)(iv) of the Master Servicing Agreement.

“SUCCESSOR
MASTER SERVICER”: A Person appointed by the Trustee who succeeds either the Trustee or the Master Servicer, pursuant to the
applicable provisions of the Master Servicing Agreement.

“TRUST”:
Sequoia Mortgage Trust 201_-_, a trust established by a deposit trust agreement between the depositor and [ ], as owner trustee.

“TRUST
ESTATE”: All money, instruments and other property subject or intended to be subject to the lien of this Indenture for the
benefit of the Bondholders as of any particular time (including, without limitation, all property and interests Granted to the
Trustee), including all proceeds thereof.

“TRUST
INDENTURE ACT” OR “TIA”: The Trust Indenture Act of 1939, as amended, as in force at the Closing Date, unless
otherwise specifically provided.

“TRUSTEE”:
______________________________, a banking corporation organized and existing under the laws of _________________________________,
and any Person succeeding as Trustee hereunder pursuant to Section 6.12 or any other applicable provision hereof.

“TRUSTEE
FEE”: As to any Payment Date, an amount equal to one-twelfth of the Trustee Fee Rate multiplied by the Pool Stated Principal
Balance with respect to such Payment Date.

“TRUSTEE
FEE RATE”: With respect to each Pledged Mortgage, the per annum rate agreed upon in writing on or prior to the Closing Date
by the Trustee and the Issuer.

“TRUSTEE
MORTGAGE FILE”: With respect to each Pledged Mortgage, the original documents and instruments relating thereto to be retained
in the custody and possession of the Trustee, as set forth and enumerated in Section 2(a) of the Master Servicing Agreement.

“WITHDRAWAL
DATE”: The ___th day of each month, or if such day is not a Business Day, the next preceding Business Day.

ARTICLE
II 

THE
BONDS

 

SECTION
2.01.FORMS GENERALLY.

The Bonds
and the Trustee’s certificate of authentication shall be in substantially the form required by this Article II, 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 be required to comply
with the rules of any securities exchange on which the Bonds may be listed, or as may, consistently herewith, be determined by
the officers executing such Bonds, as evidenced by their execution thereof. Any portion of the text of any Bond may be set forth
on the reverse thereof with an appropriate reference on the face of the Bond.

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The Definitive
Bonds may be produced in any manner determined by the officers executing such Bonds, as evidenced by their execution thereof; provided,
however, that in the event the Bonds are listed on any securities exchange, the Bonds shall be produced in accordance with the
rules of any securities exchange on which the Bonds may be listed.

SECTION
2.02. FORMS OF BONDS AND CERTIFICATE OF AUTHENTICATION.

(a)The
form of Bond which is a Senior Bond is attached hereto as Exhibit II.

(b)The
form of Bond which is a Class [B-1] Bond is attached hereto as Exhibit III.

(c)The
form of Bond which is a Class [B-2] Bond is attached hereto as Exhibit IV.

(d)The
form of the Trustee’s certificate of authentication is as follows:

“This
is one of the Bonds referred to in the within mentioned Indenture.

as
Trustee

By:

Authorized Signatory”

(e)The
form of assignment is as follows:

“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 of Assignee) __________________________________________________________ the within Bond
of Sequoia Mortgage Trust 201_-_, and does hereby irrevocably constitute and appoint __________ Attorney to transfer such Bond
on the books of the within named trust, with full power of substitution in the premises.

Dated: ______________________________

Notice: The signature
to this assignment must correspond with the name as written upon the face of this Bond in every particular without alteration or
enlargement or any change whatever. The signature must be guaranteed by a member of a signature guaranty medallion program. Notarized
or witnessed signatures are not acceptable.”

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[(f)The
Bonds shall have a Statement of Insurance printed thereon or attached thereto which essentially sets forth the terms of the Bond
Insurance Policy.]

SECTION
2.03.BONDS ISSUABLE IN CLASSES; PROVISIONS WITH RESPECT TO PRINCIPAL AND INTEREST PAYMENTS.

(a)General.

The Bonds
shall be designated generally as the Sequoia Mortgage Trust _________, “Collateralized Mortgage Bonds” of the Issuer.
Each Bond shall bear upon the face thereof the designation so selected for the Class to which it belongs.

Bonds of
each Class shall constitute Book Entry Bonds as defined in Section 2.13 hereof. The aggregate principal amount of Bonds that may
be authenticated and delivered under the Indenture is unlimited.

All of the
Bonds shall be issued in the appropriate forms attached as Exhibits hereto with such additions and completions as are appropriate
for each such Class.

The Class
[A-1] Bonds shall constitute the sole Class of Senior Bonds and the Class [B-1] Bonds and the Class [B-2] Bonds shall constitute
the sole Classes of Subordinated Bonds.

The final
installments of principal of the Classes of Bonds shall have the Stated Maturity specified above. The principal of each Bond shall
be payable in installments ending no later than the Stated Maturity of the final installment of the principal thereof unless the
unpaid principal of such Bond becomes due and payable at an earlier date by declaration of acceleration or call for redemption
or otherwise. All payments made with respect to any Bond shall be applied first to the interest then due and payable on such Bond
and then to the principal thereof.

(b)Payments
of Principal of and Interest on the Bonds.

On each Payment
Date, the Trustee shall withdraw the Bond Payment Amount from the Distribution Account and apply such funds to payments on the
Bonds in the following order of priority and, in each case, to the extent of funds remaining:

		(i)	to the Senior Bonds, an amount allocable to interest equal to the Senior Interest Payment Amount
for such Payment Date;

		(ii)	to the Senior Bonds, an amount allocable to principal equal to the Senior Principal Payment Amount
for such Payment Date;

		(iii)	to the Class [B-1] Bonds, an amount allocable to interest equal to the Class [B-1] Interest Payment
Amount for such Payment Date;

		(iv)	to the Class [B-1] Bonds, an amount allocable to principal equal to the Class [B-1] Principal Payment
Amount for such Payment Date;

		(v)	to the Class [B-2] Bonds, an amount allocable to interest equal to the Class [B-2] Interest Payment
Amount for such Payment Date; and

		(vi)	to the Class [B-2] Bonds, an amount allocable to principal to the Class [B-2] Principal Payment
Amount for such Payment Date.

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(c)Calculation
of the Bond Interest Rate.

		(i)	The Bond Interest Rate for the Senior Bonds (the “Senior Bond Interest Rate”) and any
Interest Accrual Period will equal ______________;

		(ii)	The Bond Interest Rate for the Class [B-1] Bonds (the “Class [B-1] Bond Interest Rate”)
and any Interest Accrual Period will equal ___________________;

		(iii)	The Bond Interest Rate for the Class [B-2] Bonds (the “Class [B-2] Bond Interest Rate”)
and any Interest Accrual Period will equal _______________; and

		(iv)	The Senior Interest Payment Amount, the Class [B-1] Interest Payment Amount and the Class [B-2]
Interest Payment Amount shall each be calculated on the basis of a 360-day year of twelve 30-day months.

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(d)Reduction
of Interest Payment Amounts.

With respect
to each Payment Date, the amounts referred to in clause (i) of the definition of Senior Interest Payment Amount and clauses (i)
and (ii) of the definitions of Class [B-1] Interest Payment Amount and Class [B-2] Interest Payment Amount, as applicable, for
such Payment Date shall be reduced by the applicable Class’ pro rata share (based on the Interest Payment Amount for such
Class before reduction pursuant to this Section 2.03(d)) of Net Interest Shortfalls.

(e)Pro
Rata Payments.

All payments
on the Bonds of any Class shall be made pro rata among all Bonds of such Class.

(f)Payments
to the Senior Bondholders provided for in (b) of this Section 2.03 shall be paid, on each Payment Date after the Subordinated Class
Principal Amount and the Invested Amount have been reduced to zero and where the Senior Interest Payment Amount and the Senior
Principal Payment Amount exceed the Available Funds, by the Bond Insurer.

SECTION
2.04.DENOMINATIONS.

Each Class
of Book Entry Bonds shall be evidenced initially by a single Bond representing the entire aggregate Class Principal Amount of such
Class of Bonds as of the Closing Date, beneficial ownership of which may be held in denominations of $_______ and increments of
$______ in excess thereof for all Bonds. All of the Book Entry Bonds shall be initially registered on the Bond Register in the
name of Cede & Co., the nominee of the Depository, and no Beneficial Owner will receive a Definitive Bond representing such
Beneficial Owner’s interest in the Book Entry Bonds, except in the event of Book Entry Termination.

SECTION
2.05.EXECUTION, AUTHENTICATION, DELIVERY AND DATING.

The Bonds
shall be executed by an Authorized Officer of the Issuer. The signature of such officer on the Bonds may be manual or facsimile.

Bonds bearing
the manual or facsimile signature of an individual who was at any time an Authorized Officer shall bind the Issuer, notwithstanding
that such individual has ceased to hold such office prior to the authentication and delivery of such Bonds or did not hold such
office at the date of such Bonds.

At any time
and from time to time after the execution and delivery of this Indenture, the Issuer may deliver Bonds executed on behalf of the
Issuer to the Trustee for authentication; and the Trustee shall authenticate and deliver such Bonds as in this Indenture provided
and not otherwise.

Each Bond
authenticated on the Closing Date shall be dated the Closing Date. All other Bonds which are authenticated after the Closing Date
for any other purpose hereunder shall be dated the date of their authentication.

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

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SECTION
2.06. TEMPORARY BONDS.

So long as
the Book Entry Bonds are held by the Depository for the Participants in book-entry form, they may be typewritten or in any other
form acceptable to the Issuer, the Trustee and the Depository. At any time during which the Book Entry Bonds are not held by the
Depository for the Participants in book-entry form, the Definitive Bonds shall be lithographed or printed with steel engraved borders.

Pending the
preparation of Definitive Bonds, the Issuer may execute, and upon Issuer Order the Trustee shall authenticate and deliver, temporary
Bonds which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially
of the tenor of the definitive Bonds in lieu of which they may be so issued and with such variations as the officers executing
such Bonds may determine, as evidenced by their execution of such Bonds.

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

SECTION
2.07.REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE.

The Issuer
shall cause to be kept a register (the “Bond Register”) in which, subject to such reasonable regulations as it may
prescribe, the Issuer shall provide for the registration of Bonds and the registration of transfers of Bonds. The Trustee is hereby
initially appointed “Bond Registrar” for the purpose of registering Bonds and transfers of Bonds as herein provided.
Upon any resignation of any Bond Registrar appointed by the Issuer, the Issuer shall promptly appoint a successor or, in the absence
of such appointment, shall assume the duties of Bond Registrar.

At any time
the Trustee is not also the Bond Registrar, the Trustee shall be a co-Bond Registrar. The Issuer shall cause each co-Bond Registrar
to furnish the Bond Registrar, promptly after each authentication of a Bond by it, appropriate information with respect thereto
for entry by the Bond Registrar into the Bond Register. If the Trustee shall at any time not be authorized to keep and maintain
the Bond Register, the Trustee shall have the right to inspect such Bond Register at all reasonable times and to rely conclusively
upon a certificate of the Person in charge of the Bond Register as to the names and addresses of the Holders of the Bonds and the
principal amounts and numbers of such Bonds so held.

Upon surrender
for registration of transfer of any Bond at the office or agency of the Issuer to be maintained as provided in Section 3.02, the
Issuer shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees,
one or more new Bonds of any authorized denominations and of a like aggregate principal amount and Class.

At the option
of the Holder, Bonds may be exchanged for other Bonds of any authorized denominations, and of a like aggregate initial principal
amount and Class, upon surrender of the Bonds to be exchanged at such office or agency. Whenever any Bonds are so surrendered for
exchange, the Issuer shall execute, and the Trustee shall authenticate and deliver, the Bonds which the Bondholder making the exchange
is entitled to receive.

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All Bonds
issued upon any registration of transfer or exchange of Bonds shall be the valid obligations of the Issuer, evidencing the same
debt, and entitled to the same benefits under this Indenture, as the Bonds surrendered upon such registration of transfer or exchange.

Every Bond
presented or surrendered for registration of transfer or exchange shall be duly endorsed, or be accompanied by a written instrument
of transfer in form satisfactory to the Trustee duly executed by the Holder thereof or his attorney duly authorized in writing.

No service
charge shall be made for any registration of transfer or exchange of Bonds, but the Issuer may require payment of a sum sufficient
to cover any tax or other governmental charge as may be imposed in connection with any registration of transfer or exchange of
Bonds, other than exchanges pursuant to Section 2.08 not involving any transfer.

SECTION
2.08. MUTILATED, DESTROYED, LOST OR STOLEN BONDS.

If (1) any
mutilated Bond is surrendered to the Trustee or the Trustee receives evidence to its satisfaction of the destruction, loss or theft
of any Bond and (2) there is delivered to the Trustee such security or indemnity as may be required by the Trustee to save the
Issuer and the Trustee harmless, then, in the absence of notice to the Issuer or the Trustee that such Bond has been acquired by
a bona fide purchaser, the Issuer shall execute and upon its request the Trustee shall authenticate and deliver, in exchange for
or in lieu of any such mutilated, destroyed, lost or stolen Bond, a new Bond or Bonds of the same tenor, aggregate initial principal
amount and Class bearing a number not contemporaneously outstanding. If, after the delivery of such new Bond, a bona fide purchaser
of the original Bond in lieu of which such new Bond was issued presents for payment such original Bond, the Issuer and the Trustee
shall be entitled to recover such new Bond from the person to whom it was delivered or any person taking therefrom, 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 expenses incurred by the Issuer or the Trustee in connection therewith. If any such mutilated, destroyed, lost or stolen
Bond shall have become or shall be about to become due and payable, or shall have become subject to redemption in full, instead
of issuing a new Bond, the Issuer may pay such Bond without surrender thereof, except that any mutilated Bond shall be surrendered.

Upon the
issuance of any new Bond under this Section, the Issuer may require the payment 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 Trustee)
connected therewith.

Every new
Bond issued pursuant to this Section in lieu of any destroyed, lost or stolen Bond shall constitute an original additional contractual
obligation of the Issuer, whether or not the destroyed, lost or stolen Bond 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 Bonds duly issued hereunder.

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

SECTION
2.09. PAYMENTS OF PRINCIPAL AND INTEREST.

(a)Each
payment of principal of and interest on a Book Entry Bond shall be paid to the Depository, which shall credit the amount of such
payments to the accounts of its Depository Participants in accordance with its normal procedures. Each Depository Participant shall
be responsible for disbursing such payments to the Beneficial Owners of the Book Entry Bonds that it represents and to each indirect
participating brokerage firm (a “brokerage firm” or “indirect participating firm”) for which it acts as
agent. Each brokerage firm shall be responsible for disbursing funds to the Beneficial Owners of the Book Entry Bonds that it represents.
All such credits and disbursements are to be made by the Depository and the Depository Participants in accordance with the provisions
of the Bonds. Neither the Trustee, the Bond Registrar nor the Issuer shall have any responsibility for such credits and disbursements.

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Each payment
of principal of and interest on a Definitive Bond shall be paid to the Person in whose name such Bond (or one or more Predecessor
Bonds) is registered at the close of business on the Record Date or Optional Redemption Record Date, for such Payment Date or Optional
Redemption Date, by check mailed to such Person’s address as it appears in the Bond Register on such Record Date or the Optional
Redemption Record Date, except for the final installment of principal payable with respect to such Bond, which shall be payable
as provided in Section 2.09(b).

All payments
of principal of and interest on the Bonds shall be made only from the Trust Estate and any other assets of the Issuer, and each
Holder of the Bonds, by its acceptance of the Bonds, agrees that it will have recourse solely against such Trust Estate and such
other assets of the Issuer and that neither the Owner Trustee in its individual capacity, the Owner nor any of their respective
partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for any amounts
payable, or performance due, under the Bonds or this Indenture.

(b)All
reductions in the principal amount of a Bond (or one or more Predecessor Bonds) effected by payments of installments of principal
made on any Payment Date or Optional Redemption Date shall be binding upon all Holders of such Bond and any Bond issued upon transfer
thereof or in exchange therefor or in lieu thereof. The final installment of principal of each Bond (including the Redemption Price
of any Bond called for optional redemption, if such optional redemption will result in payment of the entire unpaid principal amount
of any such Bond) shall be payable only upon presentation and surrender thereof on or after the Payment Date or Optional Redemption
Date therefor at the office or agency of the Issuer maintained by it for such purpose in the Borough of Manhattan, the City of
New York, State of New York, pursuant to Section 3.02. Whenever the Trustee expects that the entire remaining unpaid principal
amount of any Bond will become due and payable on the next Payment Date, it shall, no later than five days prior to such Payment
Date, mail or cause to be mailed to the Holder of each Bond as of the close of the business on such otherwise applicable Record
Date a notice to the effect that:

		(i)	the Trustee expects that funds sufficient to pay such final installment will be available in the
Distribution Account on such Payment Date; and

		(ii)	if such funds are available, such final installment will be payable on such Payment Date, but only
upon presentation and surrender of such Bond at the office or agency of the Issuer maintained for such purpose pursuant to Section
3.02 (the address of which shall be set forth in such notice).

Notices in
connection with optional redemptions of Bonds shall be mailed to Holders in accordance with Section 10.02.

SECTION
2.10. PERSONS DEEMED OWNERS.

Prior to
due presentment for registration of transfer of any Bond, the Issuer, [the Bond Insurer], the Trustee, any Agent and any other
agent of the Issuer, [the Bond Insurer], or the Trustee shall treat the Person in whose name any Bond is registered as the owner
of such Bond (a) on the applicable Record Date or Optional Redemption Record Date for the purpose of receiving payments of the
principal of, and interest on, such Bond and (b) on any other date for all other purposes whatsoever, whether or not such Bond
is overdue, and neither the Issuer, [the Bond Insurer], the Trustee, any Agent nor any other agent of the Issuer or the Trustee
shall be affected by notice to the contrary.

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SECTION
2.11. CANCELLATION.

All Bonds
surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Trustee,
be delivered to the Trustee and shall be promptly cancelled by it. The Issuer may at any time deliver to the Trustee for cancellation
any Bond previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all
Bonds so delivered shall be promptly cancelled by the Trustee. No Bonds shall be authenticated in lieu of or in exchange for any
Bonds cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Bonds held by the Trustee
shall be held by the Trustee in accordance with its standard retention policy, unless the Issuer shall direct by an Issuer Order
that they be destroyed or returned to it.

SECTION
2.12. AUTHENTICATION AND DELIVERY OF BONDS.

The Bonds
may be executed by the Issuer and delivered to the Trustee for authentication, and thereupon the same shall be authenticated and
delivered by the Trustee, upon Issuer Request and upon receipt by the Trustee of the following:

		(a)	an Issuer Order authorizing the execution, authentication and delivery of the Bonds and specifying
the Classes, the Stated Maturity of the final installment of principal, the principal amount and the Bond Interest Rate, of each
Class of such Bonds to be authenticated and delivered;

		(b)	an Issuer Order authorizing the execution and delivery of this Indenture;

		(c)	one or more Opinions of Counsel addressed to the Trustee, complying with the requirements of Section
11.01, reasonably satisfactory in form and substance to the Trustee, and to the effect that:

		(i)	all instruments furnished to the Trustee by the Issuer pursuant to this Section 2.12 in connection
with the Bonds conform in all material respects to the requirements of this Indenture and constitute all the documents required
to be delivered under this Section 2.12 for the Trustee to authenticate and deliver the Bonds (counsel rendering such opinion or
opinions need not express any opinion as to whether the Pledged Mortgages Granted to the Trustee as security conform to the requirements
of this Indenture);

		(ii)	all conditions precedent provided for in this Indenture relating to the authentication and delivery
of the Bonds have been complied with in all material respects (counsel rendering such opinion or opinions need not express any
opinion as to the matters set forth in the parenthetical clause at the end of paragraph (i) above or as to whether the amount of
cash or other collateral, if any, delivered to the Trustee pursuant to any subsection of this Section 2.12 is the requisite amount);

		(iii)	the Bank has corporate power to execute and deliver the Deposit Trust Agreement, the Deposit Trust
Agreement authorizes the Issuer to execute and deliver the Bonds and this Indenture, and to issue the Bonds, and the Owner Trustee
has duly taken all necessary action under the Deposit Trust Agreement for those purposes;

		(iv)	the Issuer is a statutory business trust created under the laws of the State of Delaware and duly
authorized by the Deposit Trust Agreement;

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		(v)	assuming due authorization, execution and delivery thereof by the Trustee, this Indenture will
be the legally valid and binding obligation of the Issuer, enforceable against the Issuer in accordance with its terms, except
as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws and equitable principles relating to or
limiting creditors’ rights generally and such counsel need express no opinion as to the availability of equitable remedies;

		(vi)	the Bonds, when issued, delivered, authenticated and paid for, will be the legally valid and binding
obligations of the Issuer, entitled to the benefits of this Indenture, and enforceable against the Issuer in accordance with their
terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws and equitable principles
relating to or limiting creditors’ rights generally and such counsel need express no opinion as to the availability of equitable
remedies;

		(vii)	assuming due execution and delivery thereof by the Trustee and by the Master Servicer, the Master
Servicing Agreement constitutes the legally valid and binding obligation of the Master Servicer and of the Issuer, respectively,
enforceable against the Master Servicer and the Issuer in accordance with its terms, except as may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws and equitable principles relating to or limiting creditors’ rights generally and
such counsel need express no opinion as to the availability of equitable remedies;

		(viii)	the Mortgage Notes included in the Original Pledged Mortgages have been duly and validly assigned,
delivered and pledged to the Trustee to the extent contemplated by this Indenture, and this Indenture together with such assignment,
delivery and pledge to the Trustee, creates as security for the Bonds a valid and perfected security interest of first priority
in such Mortgage Notes, except to the extent limited in the event (A) the Trustee relinquishes possession of any such Mortgage
Note, (B) the Depositor, the Issuer, the Master Servicer or any Servicer transfers any such Mortgage Note or the related Mortgage
to a bona fide purchaser for value without notice prior to notification to the Mortgagor of the assignment to the Trustee of such
Mortgage Note or due recordation of the Assignment to the Trustee of the related Mortgage or (C) the Depositor, the Issuer, the
Master Servicer or any Servicer discharges any such Mortgage Note or the related Mortgage prior to such notification or recordation;
the Mortgages delivered to the Trustee with the Original Mortgage Notes will continue to secure the Mortgage Notes included in
the Original Pledged Mortgages, as though, and to the same extent as if, such Mortgage Notes had not been assigned, delivered and
pledged; and it is not necessary to record or file this Indenture or to take any other action, except as set forth above, in order
to make effective the lien and security interest created by this Indenture in the Mortgage Notes included in the Original Pledged
Mortgages;

		(ix)	this Indenture has been duly qualified under the TIA; and

		(x)	the Issuer’s registration statement with respect to the Bonds has become effective under
the Securities Act of 1933, as amended, and, to the best of such counsel’s knowledge, no stop order suspending the effectiveness
of such registration statement has been issued and is in effect under such act and no proceedings for that purpose have been instituted
or are pending under such act.

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In rendering the opinions
set forth above, such counsel may rely upon officers’ certificates of the Depositor, the Owner Trustee, the Issuer, any Servicer,
the Master Servicer and the Trustee, without independent confirmation or verification, as to the following matters and as to such
other matters as shall be reasonably acceptable to the Trustee: (A) the accuracy of the descriptions of the Mortgage Notes included
in the Original Pledged Mortgages and the conformity thereof to the descriptions in this Indenture, (B) the ownership by [______________],
the Depositor and the Issuer of such Mortgage Notes free and clear of any lien, claim, charge or interest of any kind of any third
party, (C) the physical delivery of such Mortgage Notes to the Trustee, (D) the absence of any evidence appearing on any such Mortgage
Note of any right or interest inconsistent with the opinions expressed, and (E) the form of endorsement approved by such counsel
having been made on each such Mortgage Note. In rendering the opinions set forth above, such counsel need express no opinion as
to (A) the perfection of the security interest in any collateral not governed by Article 9 of the Uniform Commercial Code of the
State of California, (B) the existence of, or the priority of the security interest created by the Indenture against, any liens
or other interests which arise by operation of law and which do not require any filing or similar action in order to take priority
over a perfected security interest or (C) the priority of the security interest created by this Indenture with respect to any claim
or lien in favor of the United States or any agency or instrumentality thereof (including federal tax liens and liens arising under
Title IV of the Employee Retirement Income Security Act of 1974, as amended).

		(d)	an Officers’ Certificate complying with the requirements of Section 11.01 and stating that:

		(i)	the Issuer is not in Default under this Indenture and the issuance of the Bonds will not result
in any breach of any of the terms, conditions or provisions of, or constitute a default under, the Deposit Trust Agreement or any
indenture, mortgage, deed of trust or other agreement or instrument to which the Issuer is a party or by which it is bound, or
any order of any court or administrative agency entered in any proceeding to which the Issuer is a party or by which it may be
bound or to which it may be subject, and that all conditions precedent provided in this Indenture relating to the authentication
and delivery of the Bonds have been complied with;

		(ii)	the Issuer is the owner of each Original Pledged Mortgage, free and clear of any lien, security
interest or charge, has not assigned any interest or participation in any such Pledged Mortgage (or, if any such interest or participation
has been assigned, it has been released) and has the right to Grant each such Original Pledged Mortgage to the Trustee;

		(iii)	the information set forth in the Pledged Mortgage Schedule attached as Schedule A to this Indenture
is true and correct in all material respects as of the Closing Date;

		(iv)	the Issuer has Granted to the Trustee all of its right, title and interest in each Pledged Mortgage;

		(v)	as of the Closing Date, no lien in favor of the United States described in Section 6321 of the
Code, or lien in favor of the Pension Benefit Guaranty Corporation described in Section 4068(a) of the Employee Retirement Income
Security Act of 1974, as amended, has been filed as described in subsections 6323(f) and 6323(g) of the Code upon any property
belonging to the Issuer; and

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		(vi)	attached thereto is a true and correct copy of letters signed by the Rating Agencies confirming
that the Senior Bonds have been rated AAA by [ ] and [ ] and that the Class [B-1] Bonds have been rated [ ] by [ ].

		(e)	an executed counterpart of the Master Servicing Agreement.

		(f)	a certificate of one or more Independent Persons, whose regular business activity includes valuing
securities and mortgage loans similar to the Original Pledged Mortgages, of the fair value of the Original Pledged Mortgages, which
fair value, as so certified, will be equal to or in excess of the sum of the Original Senior Class Principal Amount and the Original
Subordinated Class Principal Amount, and which determination of fair value shall be as of a date not earlier than three Business
Days prior to the Closing Date.

SECTION
2.13. MATTERS RELATING TO BOOK ENTRY BONDS.

(a)If
the Bonds are listed on any stock exchange at any time after the Closing Date, the Issuer shall, if required as a condition to
such listing, prepare and deliver to the Trustee Bonds in substantially the same form as the Bonds issued on the Closing Date,
but with such other additional features and such modifications, if any, as shall be necessary or appropriate in order to comply
with the requirements of such stock exchange for the listing of the Bonds on such exchange. Bonds in the form issued on the Closing
Date shall thereafter be exchangeable for Bonds in such revised form to the same extent as temporary Bonds are exchangeable for
Definitive Bonds pursuant to Section 2.06.

(b)Each
Class of Book Entry Bonds will be issued in the form of a single typewritten bond certificate (each, a “DTC Certificate”)
to be delivered to the Depository by the Issuer substantially in the respective forms for each such Class attached as Exhibits
hereto. The DTC Certificate for each such Class of Book Entry Bonds shall be initially registered on the Bond Register in the name
of the nominee of such Depository and no Beneficial Owner will receive a certificate representing its interests in any Class of
Book Entry Bonds except in the event that the Trustee issues Definitive Bonds, as provided in Section 2.14. Pursuant to the Letter
Agreement, while each Class of the Book Entry Bonds remains outstanding and such Depository remains the Holder, it will agree to
make book-entry transfers among the Depository Participants and receive and transmit payments of principal and interest on the
Book Entry Bonds until and unless the Trustee authenticates and delivers Definitive Bonds to the Beneficial Owners of the Book
Entry Bonds or their nominees, as described in Section 2.14.

(c)Prior
to Book Entry Termination, each Class of Book Entry Bonds will remain registered in the name of the Depository or its nominee and
at all times: (i) registration of the Book Entry Bonds may not be transferred by the Trustee or the Bond Registrar except to another
Depository; (ii) the Depository shall maintain book-entry records with respect to the Beneficial Owners and with respect to ownership
and transfers of such Book Entry Bonds; (iii) ownership and transfers of registration of the Book Entry Bonds on the books of the
Depository shall be governed by applicable rules established by the Depository; (iv) the Depository may collect its usual and customary
fees, charges and expenses from its Depository Participants; (v) the Trustee shall deal with the Depository, Depository Participants
and interest participating firms as representatives of the Beneficial Owners of the Book Entry Bonds for purposes of exercising
the rights of holders under the Indenture, and requests and directions for and votes of such representatives shall not be deemed
to be inconsistent if they are made with respect to different Beneficial Owners; and (vi) the Trustee may rely and shall be fully
protected in relying upon information furnished by the Depository with respect to its Depository Participants and furnished by
the Depository Participants with respect to indirect participating firms and Persons shown on the books of such indirect participating
firms as direct or indirect Beneficial Owners.

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All transfers
by Beneficial Owners of Book Entry Bonds shall be made in accordance with the procedures established by the Depository Participant
or brokerage firm representing such Beneficial Owner. Each Depository Participant shall only transfer Book Entry Bonds of Beneficial
Owners it represents or of brokerage firms for which it acts as agent in accordance with the Depository’s normal procedures.

SECTION
2.14. TERMINATION OF BOOK ENTRY SYSTEM.

(a)The
book entry system through the Depository with respect to any Class of Book Entry Bonds may be terminated upon the happening of
any of the following:

		(i)	The Depository or the Issuer advises the Trustee in writing that the Depository is no longer willing
or able to properly discharge its responsibilities as Depository and the Issuer is unable to locate a qualified successor clearing
agency satisfactory to the Trustee and the Issuer;

		(ii)	The Issuer at its option advises the 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 (at which time the Trustee shall use all reasonable
efforts to promptly notify each Beneficial Owner through the Depository of such Event of Default when such notice shall be given
pursuant to Section 6.02), the Beneficial Owners of a majority in aggregate Class Principal Amount of the Book Entry Bonds together
advise the Trustee and the Depository through the Depository Participants in writing that the continuation of a book entry system
through the Depository is no longer in the best interests of the Beneficial Owners.

(b)Upon
the occurrence of any event described in subsection (a) above, the Trustee shall notify all Beneficial Owners, through the Depository,
of the occurrence of any such event and of the availability of Definitive Bond certificates to Beneficial Owners requesting the
same, in an aggregate Class Principal Amount representing the interest of each, making such adjustments and allowances as it may
find necessary or appropriate as to accrued interest, if any, and previous calls for redemption. Definitive Bond certificates shall
be issued only upon surrender to the Trustee of the Book Entry Bond by the Depository, accompanied by registration instructions
for the Definitive Bond certificates. Neither the Issuer nor the Trustee shall be liable for any delay in delivery of such instructions
and may conclusively rely on, and shall be protected in relying on, such instructions. Upon issuance of the Definitive Bond certificates,
all references herein to obligations imposed upon or to be performed by the Depository shall cease to be applicable and the provisions
relating to Definitive Bonds shall be applicable.

SECTION
2.15. ADDITIONAL BONDS.

Notwithstanding
the requirements of Article II hereof, the Issuer may without the consent of any Bondholder, pledge additional Mortgage Collateral
to the Trust Estate subsequent to the issuance of the Bonds and may issue Additional Bonds of any Class then Outstanding or of
one or more additional Classes. The Issuer’s right to issue any Additional Bonds is subject to receipt of written confirmation
from each Rating Agency to the effect that the issuance of such Additional Bonds will not adversely affect the rating of any Outstanding
Bonds of such Series and to satisfaction of the conditions precedent for authentication and delivery of Bonds by the Trustee in
Section 2.12.

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ARTICLE
III 

COVENANTS

 

SECTION
3.01. PAYMENT OF BONDS.

The Issuer
will pay or cause to be duly and punctually paid the principal of, and interest on, the Bonds in accordance with the terms of the
Bonds and this Indenture.

SECTION
3.02. MAINTENANCE OF OFFICE OR AGENCY.

The Issuer
will maintain in the Borough of Manhattan, the City of New York, the State of New York an office or agency where Bonds may be presented
or surrendered for payment or may be surrendered for registration of transfer or exchange, and where notices and demands to or
upon the Issuer in respect of the Bonds and this Indenture may be served. The Issuer will give prompt written notice to the Trustee
of the location and any change in the location, of such office or agency. Until written notice of any change in the location of
such office or agency is delivered to the Trustee or if at any time the Issuer shall fail to maintain any such required office
or agency or shall fail to furnish the Trustee with the address thereof, Bonds may be so presented and surrendered, and such notices
and demands may be made or served, at the office of ___________________________________________ at _______________________.

The Issuer
may also from time to time designate one or more other offices or agencies (in or outside the City of New York) where the Bonds
may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however,
that (i) no such designation or rescission shall in any manner relieve the Issuer of its obligation to maintain an office or agency
in the Borough of Manhattan, the City of New York, the State of New York, for the purposes set forth in the preceding paragraph,
(ii) presentations or surrenders of Bonds for payment may be made only in the City of New York, the State of New York or at the
Corporate Trust Office of the Trustee and (iii) any designation of an office or agency for payment of Bonds shall be subject to
Section 3.03. The Issuer will give prompt written notice to the Trustee of any such designation or rescission and of any change
in the location of any such other office or agency.

SECTION
3.03. MONEY FOR BOND PAYMENTS TO BE HELD IN TRUST.

All payments
of amounts due and payable with respect to any Bonds which are to be made from amounts withdrawn from the Distribution Account
pursuant to Section 8.02(c) or Section 5.08 shall be made on behalf of the Issuer by the Trustee or by a Paying Agent, and no amounts
so withdrawn from the Distribution Account for payments of Bonds shall be paid over to the Issuer under any circumstances except
as provided in this Section 3.03 or in Section 5.08.

If the Issuer
shall have a Paying Agent that is not also the Bond Registrar, it shall furnish, or cause the Bond Registrar to furnish, no later
than

		(a)	the fifth calendar day after each Record Date, and

		(b)	the first Business Day after the Optional Redemption Record Date applicable to the Optional Redemption
Date,

a list, in such form as such
Paying Agent may reasonably require, of the names and addresses of the Holders of Bonds and of the number of Individual Bonds of
each Class held by each such Holder.

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Whenever
the Issuer shall have a Paying Agent other than the Trustee, it will, on or before the Business Day next preceding each Payment
Date and Optional Redemption Date, direct the Trustee to deposit with such Paying Agent an aggregate sum sufficient to pay the
amounts then becoming due (to the extent funds are then available for such purpose in the Distribution Account), such sum to be
held in trust for the benefit of the Persons entitled thereto. Any moneys deposited with a Paying Agent in excess of an amount
sufficient to pay the amounts then becoming due on the Bonds with respect to which such deposit was made shall, upon Issuer Order,
be paid over by such Paying Agent to the Trustee for application in accordance with Article VIII.

Any Paying
Agent shall be appointed by Issuer Order. The Issuer shall not appoint any Paying Agent which is not, at the time of such appointment,
a depository institution or trust company whose obligations would be Permitted Investments pursuant to clause (iv) of the definition
of the term “Permitted Investments”. The Issuer will cause each Paying Agent other than the Trustee to execute and
deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee (and if the Trustee acts as Paying
Agent, it hereby so agrees), subject to the provisions of this Section, that such Paying Agent will:

		(1)	allocate all sums received for payment to the Holders of Bonds on each Payment Date and Optional
Redemption Date among such Holders in the proportion specified in the applicable Payment Date Statement, as the case may be, in
each case to the extent permitted by applicable law;

		(2)	hold all sums held by it for the payment of amounts due with respect to the Bonds 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;

		(3)	if such Paying Agent is not the Trustee, immediately resign as a Paying Agent and forthwith pay
to the Trustee all sums held by it in trust for the payment of the Bonds if at any time it ceases to meet the standards set forth
above required to be met by a Paying Agent at the time of its appointment;

		(4)	if such Paying Agent is not the Trustee, give the Trustee notice of any Default by the Issuer (or
any other obligor upon the Bonds) in the making of any payment required to be made with respect to any Bonds for which it is acting
as Paying Agent;

		(5)	if such Paying Agent is not the Trustee, at any time during the continuance of any such Default,
upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent; and

		(6)	comply with all requirements of the Code, and all regulations thereunder, with respect to the withholding
from any payments made by it on any Bonds of any applicable withholding taxes imposed thereon and with respect to any applicable
reporting requirements in connection therewith; provided, however, that with respect to withholding and reporting requirements
applicable to original issue discount (if any) on any Class of Bonds, the Issuer has provided the calculations pertaining thereto
to the Trustee.

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

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Subject to
applicable escheat laws, any money held by the Trustee or any Paying Agent in trust for the payment of any amount due with respect
to any Bond and remaining unclaimed for six years after such amount has become due and payable to the Holder of such Bond shall
be discharged from such trust and, upon its written request, paid to the Issuer; and the Holder of such Bond 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 Trustee or such Paying Agent with respect to such trust money shall thereupon cease. The
Trustee may, but shall not be required to, adopt and employ, at the expense of the Issuer, any reasonable means of notification
of such repayment (including, but not limited to, mailing notice of such repayment to Holders whose Bonds have been called but
have not been surrendered for redemption or whose right to or interest in moneys due and payable but not claimed is determinable
from the records of the Trustee or any Agent, at the last address of record for each such Holder).

SECTION
3.04. CORPORATE EXISTENCE OF OWNER TRUSTEE.

(a)Subject
to subsections (b) and (c) below, the Owner Trustee will keep in full effect its existence, rights and franchises as a bank and
trust company under the laws of the state of its incorporation.

(b)Any
corporation into which the Owner Trustee may be merged or with which it may be consolidated, or any corporation resulting from
any merger or consolidation to which the Owner Trustee shall be a party, shall be the successor Owner Trustee under this Indenture
without the execution or filing of any paper, instrument or further act to be done on the part of the parties hereto, anything
herein, or in any agreement relating to such merger or consolidation, by which any such Owner Trustee may seek to retain certain
powers, rights and privileges therefore obtaining for any period of time following such merger or consolidation, to the contrary
notwithstanding.

(c)Any
successor to the Owner Trustee appointed pursuant to Section 10.01 of the Deposit Trust Agreement shall be the successor Owner
Trustee under this Indenture without the execution or filing of any paper, instrument or further act to be done on the part of
the parties hereto.

(d)Upon
any consolidation or merger of or other succession to the Owner Trustee in accordance with this Section 3.04, the Person formed
by or surviving such consolidation or merger (if other than the Issuer) or the Person succeeding to the Owner Trustee under the
Deposit Trust Agreement may exercise every right and power of the Owner Trustee, on behalf of the Issuer, under this Indenture
with the same effect as if such Person had been named as the Owner Trustee herein.

SECTION
3.05. 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 as may be necessary
or advisable to:

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IMAGE
OMITTEDThe Issuer hereby designates the Trustee its agent and
attorney-in-fact to execute any financing statement, continuation statement or other instrument required pursuant to this Section
3.05; provided, however, that such designation shall not be deemed to create a duty in the Trustee to monitor the compliance of
the Issuer with the foregoing covenants; and provided further, however, that the duty of the Trustee to execute any instrument
required pursuant to this Section 3.05 shall arise only if the Trustee has knowledge pursuant to Section 6.01(d) of the occurrence
of a failure of the Issuer to comply with provisions of this Section 3.05. 

(b)Except
as permitted by Section 8.08, the 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 3.06 (or from the jurisdiction in which it was held, or to which it is intended to be
removed, as described in the Opinion of Counsel delivered at the Closing Date pursuant to Section 2.12(c), if no Opinion of Counsel
has yet been delivered pursuant to Section 3.06) or cause or permit ownership or the pledge of any portion of the Trust Estate
that consists of book-entry securities to be recorded on the books of a Person located in a different jurisdiction from the jurisdiction
in which such ownership or pledge was recorded at such time 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.

SECTION
3.06. OPINIONS AS TO TRUST ESTATE.

On or before
February 15 in each calendar year, beginning with [the first calendar year commencing more than three months after the Closing
Date, the Issuer shall furnish to the Trustee an Opinion of Counsel reasonably satisfactory in form and substance to the Trustee
either stating that, in the opinion of such counsel, such action has been taken as is necessary to maintain the lien and security
interest created by this Indenture and reciting the details of such action or stating that in the opinion of such counsel no such
action is necessary to maintain such lien and security interest. Such Opinion of Counsel shall also describe all such actions,
if any, that will, in the opinion of such counsel, be required to be taken to maintain the lien and security interest of this Indenture
with respect to the Trust Estate until May 15 in the following calendar year.

SECTION
3.07.PERFORMANCE OF OBLIGATIONS; MASTER SERVICING AGREEMENT.

(a)The
Issuer shall punctually perform and observe all of its obligations and agreements contained in the Deposit Trust Agreement. The
Issuer and the Trustee shall punctually perform and observe all of their respective obligations and agreements contained in the
Master Servicing Agreement.

(b)The
Issuer shall not take any action and will use its reasonable good faith efforts not to permit any action to be taken by others
that would release any Person from any of such Person’s covenants or obligations under any of the Mortgage Documents or under
any instrument included in the Trust Estate, or that would result in the amendment, hypothecation, subordination, termination or
discharge of, or impair the validity or effectiveness of, any of the Mortgage Documents, except as expressly provided or permitted
in this Indenture and the Master Servicing Agreement or such Mortgage Document or other instrument or unless such action will not
adversely affect the interests of the Holders of the Bonds.

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(c)The
Issuer shall monitor the performance of the Master Servicer under the Master Servicing Agreement, and shall use its reasonable
good faith efforts to cause the Master Servicer duly and punctually to perform all of its duties and obligations thereunder. Upon
the occurrence of a Servicing Default of which an Authorized Officer of the Issuer has actual knowledge under the Master Servicing
Agreement, the Issuer shall promptly notify the Trustee thereof, and shall specify in such notice the action, if any, the Issuer
is taking in respect of such Servicing Default. So long as any such Servicing Default shall be continuing, the Trustee may (i)
terminate all of the rights and powers of the Master Servicer pursuant to the applicable provisions of the Master Servicing Agreement;
(ii) exercise any rights it may have to enforce the Master Servicing Agreement against the Master Servicer; and/or (iii) waive
any such Servicing Default under the Master Servicing Agreement or take any other action with respect to such Servicing Default
as is permitted thereunder.

(d)Upon
any termination by the Trustee of the Master Servicer’s rights and powers pursuant to the Master Servicing Agreement, the
rights and powers of the Master Servicer with respect to the Pledged Mortgages shall vest in the Trustee and the Trustee shall
be the successor in all respects to the Master Servicer in its capacity as Master Servicer with respect to such Pledged Mortgages
under the Master Servicing Agreement, until the Trustee shall have appointed, with the consent of the Issuer, such consent not
to be unreasonably withheld, and the Rating Agencies, and in accordance with the applicable provisions of the Master Servicing
Agreement a new FNMA- or FHLMC-approved Person to serve as successor to the Master Servicer. With such consent, the Trustee may
elect to continue to serve as successor Master Servicer under the Master Servicing Agreement. Upon appointment of a successor Master
Servicer, the Trustee and such successor Master Servicer shall enter into a master servicing agreement in a form substantially
similar to the Master Servicing Agreement. In connection with any such appointment, the Trustee may make such arrangements for
the compensation of such successor as it and such successor shall agree, but in no event shall such compensation of any successor
Master Servicer (including the Trustee) be in excess of that payable to the Master Servicer under the Master Servicing Agreement.

(e)Upon
any termination of the Master Servicer’s rights and powers pursuant to the Master Servicing Agreement, the Trustee shall
promptly notify the Issuer and the Rating Agencies, specifying in such notice that the Trustee or any successor Master Servicer,
as the case may be, has succeeded the Master Servicer under the Master Servicing Agreement, which notice shall also specify the
name and address of any such successor Master Servicer.

SECTION
3.08. INVESTMENT COMPANY ACT.

The Issuer
shall at all times conduct its operations so as not to be subject to the Investment Company Act of 1940, as amended (or any successor
statute), and the rules and regulations thereunder.

SECTION
3.09. NEGATIVE COVENANTS.

The Issuer
shall not:

		(a)	sell, transfer, exchange or otherwise dispose of any portion of the Trust Estate except as expressly
permitted by this Indenture or the Master Servicing Agreement;

		(b)	claim any credit on, or make any deduction from, the principal of, or interest on, any of the Bonds
by reason of the payment of any taxes levied or assessed upon any portion of the Trust Estate;

		(c)	engage in any business or activity other than in connection with, or relating to, the issuance
of the Bonds and the Investor Certificate pursuant to this Indenture and the Deposit Trust Agreement, respectively, or amend Section
2.03 or Section 11.01 of the Deposit Trust Agreement as in effect on the Closing Date without, in each case, the consent of the
Holders of 66 2/3% of the aggregate Class Principal Amount of the Bonds then Outstanding;

		(d)	incur any indebtedness or assume or guaranty any indebtedness of any Person, except for such indebtedness
as may be incurred by the Issuer in connection with the issuance of the Bonds pursuant to this Indenture;

		(e)	dissolve or liquidate in whole or in part; or

		(f)	(i) permit the validity or effectiveness of this Indenture or any Grant to be impaired, or permit
the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released
from any covenants or obligations under this Indenture, except as may be expressly permitted hereby, (ii) permit any lien, charge,
security interest, mortgage or other encumbrance (other than the lien of this Indenture, the lien created by Section 8.04 of the
Deposit Trust Agreement, as in effect on the Closing Date, or any Permitted Encumbrance) to be created on or extended to or otherwise
arise upon or burden the Trust Estate or any part thereof or any interest therein or the proceeds thereof or (iii) permit the lien
of this Indenture not to constitute a valid perfected first priority security interest in the Trust Estate.

SECTION
3.10. ANNUAL STATEMENT AS TO COMPLIANCE.

On or before
120 days after the end of the first fiscal year of the Issuer which ends more than three months after the Closing Date, and each
fiscal year thereafter, the Issuer shall deliver to the Trustee a written statement, signed by an Authorized Officer, stating that:

		(1)	a review of the fulfillment by the Issuer during such year of its obligations under this Indenture
has been made under such officer’s supervision; and

		(2)	to the best of such officer’s knowledge, based on such review, the Issuer has fulfilled all
of its obligations under this Indenture throughout such year, or, if there has been a Default in the fulfillment of any such obligation,
specifying each such Default known to such officer and the nature and status thereof.

SECTION
3.11. RECORDING OF ASSIGNMENTS.

The Issuer
shall cause the Assignments of the Pledged Mortgages securing the Bonds to be duly recorded in the manner specified in Section
2(a)(i) of the Master Servicing Agreement. If the Issuer fails to cause the Assignment to be recorded within the time limit provided
thereunder, the Issuer shall cause the Master Servicer to purchase such corresponding Pledged Mortgage pursuant to Section 8.04
and the applicable provisions of the Master Servicing Agreement.

SECTION
3.12. LIMITATION OF LIABILITY OF  .

It is expressly
understood and agreed by the parties hereto that (a) this Indenture is executed and delivered by _________________________, not
individually or personally but solely as owner trustee of Sequoia Mortgage Trust 201_-_ under the Deposit Trust Agreement, in the
exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein
made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by ________________________,
but is made and intended for the purpose for binding only the Issuer, (c) nothing herein contained shall be construed as creating
any liability on ___ _____________________, other than any liability arising out of its gross negligence, bad faith or willful
misconduct, and (d) under no circumstances shall ________________________ be personally liable for the payment of any indebtedness
or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or
undertaken by the Issuer under this Indenture or the other Operative Agreements.

    	39

    	 

    

 

ARTICLE
IV

SATISFACTION
AND DISCHARGE

 

SECTION
4.01. SATISFACTION AND DISCHARGE OF INDENTURE.

Whenever
the following conditions shall have been satisfied:

(1)either

		(A)	all Bonds theretofore authenticated and delivered (other than (i) Bonds which have been destroyed,
lost or stolen and which have been replaced or paid as provided in Section 2.08, and (ii) Bonds for whose payment money has theretofore
been deposited in trust and thereafter repaid to the Issuer, as provided in Section 3.03) have been delivered to the Trustee for
cancellation; or

		(B)	all Bonds not theretofore delivered to the Trustee for cancellation

		(i)	have become due and payable, or

		(ii)	will become due and payable at the Stated Maturity of the final installment of the principal thereof
within one year, or

		(iii)	are to be called for redemption within one year under irrevocable arrangements satisfactory to
the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer, and the Issuer,
in the case of clauses (B)(i), (B)(ii) or (B)(iii) above, has deposited or caused to be deposited with the Trustee, in trust for
such purpose, an amount sufficient to pay and discharge the entire indebtedness on such Bonds not theretofore delivered to the
Trustee for cancellation, for principal and interest to the Stated Maturity of their entire unpaid principal amount or to the applicable
Redemption Date, as the case may be, and in the case of Bonds which were not paid at the Stated Maturity of their entire unpaid
principal amount, for all overdue principal and all interest payable on such Bonds to the next succeeding Payment Date therefor;

		(2)	the Issuer has paid or caused to be paid all other sums payable hereunder by the Issuer; and

		(3)	the Issuer has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel
reasonably satisfactory in form and substance to the Trustee each stating that all conditions precedent herein providing for the
satisfaction and discharge of this Indenture have been complied with;

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then, upon Issuer Request, this
Indenture and the lien, rights and interests created hereby shall cease to be of further effect, and the Trustee and each co-trustee
and separate trustee, if any, then acting as such hereunder shall, at the expense of the Issuer, execute and deliver all such instruments
as may be necessary to acknowledge the satisfaction and discharge of this Indenture and shall pay, or assign or transfer and deliver,
to the Issuer or upon Issuer Order all Pledged Mortgages, cash, securities and other property held by it as part of the Trust Estate
remaining after satisfaction of the conditions set forth in clauses (1) and (2) above.

Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Issuer to the Trustee under Section 6.07, the obligations
of the Trustee to the Issuer and the Holders of Bonds under Section 3.03, the obligations of the Trustee to the Holders of Bonds
under Section 4.02 and the provisions of Article II with respect to lost, stolen, destroyed or mutilated Bonds, registration of
transfers of Bonds and rights to receive payments of principal of, and interest on, the Bonds shall survive.

SECTION
4.02. APPLICATION OF TRUST MONEY.

All money
deposited with the Trustee pursuant to Sections 3.03 and 4.01 shall be held in trust and applied by it, in accordance with the
provisions of the Bonds and this Indenture, to the payment, either directly or through any Paying Agent, as the Trustee may determine,
to the Persons entitled thereto, of the principal and interest for whose payment such money has been deposited with the Trustee.

ARTICLE
V

DEFAULTS
AND REMEDIES

 

SECTION
5.01. EVENT OF DEFAULT.

“Event
of Default”, wherever used herein, means, with respect to Bonds issued hereunder, 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):

(1)if
the Issuer shall

		(A)	default in the payment when and as due of any installment of principal of or interest on any Bond,
or

		(B)	default in the payment of the Redemption Price of any Bond which has been called for optional redemption
pursuant to Article X;

		(2)	if the Issuer shall breach, or default in the due observance, of any one or more of the covenants
set forth in clauses (a) through (e) of Section 3.09;

		(3)	if the Issuer shall breach, or default in the due observance or performance of, any other of its
covenants in this Indenture, and such Default shall continue for a period of 30 days after there shall have been given, by registered
or certified mail, to the Issuer by the Trustee, or to the Issuer and the Trustee [by the Bond Insurer, or, during the existence
of a Bond Insurer Default] by the Holders of Bonds representing more than 50% of the aggregate Class Principal Amount of the Controlling
Class, a written notice specifying such Default and requiring it to be remedied and stating that such notice is a “Notice
of Default” hereunder;

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		(4)	if any representation or warranty of the Issuer made in this Indenture or any certificate or other
writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time
when the same shall have been made and, within 30 days after there shall have been given, by registered or certified mail, written
notice thereof to the Issuer by the Trustee, or to the Issuer and the Trustee by the Holders of Bonds representing more than 50%
of the aggregate Class Principal Amount of the Controlling Class, the circumstance or condition in respect of which such representation
or warranty was incorrect shall not have been eliminated or otherwise cured;

		(5)	the entry of a decree or order for relief by a court having jurisdiction in respect of the Issuer
in an involuntary case under the federal bankruptcy laws, as now or hereafter in effect, or any other present or future federal
or state bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator
or other similar official of the Issuer or of any substantial part of its property, or ordering the winding up or liquidation of
the affairs of the Issuer and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive
days; or

		(6)	the commencement by the Issuer of a voluntary case under the federal bankruptcy laws, as now or
hereafter in effect, or any other present or future federal or state bankruptcy, insolvency or similar law, or the consent by the
Issuer to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official of the Issuer or of any substantial part of its property or the making by the Issuer of an 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 corporate
action by the Issuer in furtherance of any of the foregoing.

(a)Notwithstanding
the foregoing, prior to the payment in full of the Senior Bonds, the failure of the Issuer to pay when and as due any installment
of principal of or interest (regardless of the lapse of any grace period) on any Subordinated Bond shall not constitute an Event
of Default hereunder. In addition, notwithstanding any applicable provision of this Indenture, upon payment in full of the Senior
Bonds, the prior occurrence of any such shortfalls attributable to the Subordinated Bonds, which shortfalls have previously been
paid in full, will not constitute an Event of Default hereunder in respect of the Subordinated Bonds. Subject to the foregoing,
Section 5.01 of the Indenture shall otherwise apply in all respects to the Subordinated Bonds.

(b)Notwithstanding
the foregoing, the failure of the Issuer to pay when and as due any installment of principal of (regardless of the lapse of any
grace period) any Senior Bond shall not constitute an Event of Default hereunder unless the Senior Class Principal Amount exceeds
the aggregate Stated Principal Balances of the Pledged Mortgages after application of all available amounts on deposit in the Distribution
Account on a Payment Date. Subject to the foregoing, Section 5.01 of the Indenture shall otherwise apply in all respects to the
Senior Bonds.

SECTION
5.02ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.

If an Event
of Default occurs and is continuing with respect to the Bonds, then and in every such case the Trustee or the Holders of Bonds
representing more than 50% of the aggregate Class Principal Amount of the Controlling Class may declare all the Bonds to be immediately
due and payable, by a notice in writing to the Issuer (and to the Trustee if given by Bondholders), and upon any such declaration
such Bonds shall become immediately due and payable in an amount equal to:

		(i)	the aggregate Class Principal Amount of all Classes of Bonds,

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		(ii)	accrued and unpaid interest at the respective Bond Interest Rates on the aggregate Class Principal
Amount through the date of acceleration, and

		(iii)	in the case of the Senior Bonds, interest (but only to the extent payment thereof shall be legally
enforceable) on any overdue installments of interest on the Senior Bonds from the Stated Maturity of any such installments to the
date of the acceleration at the Bond Interest Rate at which such interest accrued or such lower rate at which payment of such interest
shall be legally enforceable.

At any time
after such a declaration of acceleration of maturity of the Bonds has been made and before a judgment or decree for payment of
the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of Bonds representing more
than 50% of the aggregate Class Principal Amount of the Controlling Class, by written notice to the Issuer and the Trustee, may
rescind and annul such declaration and its consequences if:

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

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

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

		(2)	all Events of Default, other than the nonpayment of the principal of Bonds which have become due
solely by such acceleration, have been cured or waived as provided in Section 5.15.

No such rescission
shall affect any subsequent Default or impair any right consequent thereon.

SECTION
5.03.COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE.

Subject to
Section 5.05, the Issuer covenants that if an Event of Default shall occur and be continuing in respect to the Bonds and the Bonds
have been declared due and payable and such declaration and its consequences have not been rescinded and annulled, the Issuer will,
upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of the Bonds:

		(i)	the amounts specified in the first paragraph of Section 5.02, and

		(ii)	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 Trustee, its agents and counsel.

If the Issuer
fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, 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 any other obligor upon the Bonds and collect, out of the Trust Estate (as defined in
the Deposit Trust Agreement), wherever situated, of the Issuer, the moneys adjudged or decreed to be payable in the manner provided
by law; provided, however, that neither the Bank nor any of its agents, officers, directors, employees, successors or assigns shall
be personally liable for any amounts due under the Bonds or this Indenture.

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If an Event
of Default occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights
of the Bondholders by any Proceedings the Trustee deems appropriate 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 enforce any
other proper remedy, including, without limitation, instituting a Proceeding prior to any declaration of acceleration of the Maturity
of the Bonds for the collection of all amounts then due and unpaid on such Bonds, prosecuting such Proceeding to final judgment
or decree, enforcing the same against the Issuer and collecting out of the property, wherever situated, of the Issuer the moneys
adjudged or decreed to be payable in the manner provided by law.

SECTION
5.04. REMEDIES.

If an Event
of Default shall have occurred and be continuing and the Bonds have been declared due and payable and such declaration and its
consequences have not been rescinded and annulled, the Trustee (subject to Section 5.18, to the extent applicable) may do one or
more of the following:

		(a)	institute Proceedings for the collection of all amounts then payable on the Bonds, or under this
Indenture, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuer moneys adjudged due;

		(b)	in accordance with Section 5.18, 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;

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

		(d)	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 Trustee or the Holders of the Bonds hereunder.

SECTION
5.05. [RESERVED].

SECTION
5.06. TRUSTEE MAY FILE PROOFS OF CLAIM.

In case of
the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, composition or other judicial
Proceeding relative to the Issuer or any other obligor upon any of the Bonds or the property of the Issuer or of such other obligor
or their creditors, the Trustee (irrespective of whether the Bonds shall then be due and payable as therein expressed or by declaration
or otherwise and irrespective of whether the Trustee shall have made any demand on the Issuer for the payment of any overdue principal
or interest) shall be entitled and empowered, by intervention in such Proceeding or otherwise to:

		(i)	file and prove a claim for the whole amount of principal and interest owing and unpaid in respect
of the Bonds and file such other papers or documents and take such other actions as it deems necessary or advisable in order to
have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel) and of the Bondholders allowed in such Proceeding; and

		(ii)	collect and receive any moneys or other property payable or deliverable on any such claims and
to distribute the same; and any receiver, assignee, trustee, liquidator or sequestrator (or other similar official) in any such
Proceeding is hereby authorized by each Bondholder to make such payments to the Trustee and, in the event that the Trustee shall
consent to the making of such payments directly to the Bondholders, to pay to the Trustee any amount due it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee
under Section 6.07.

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Nothing herein
contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Bondholder any
plan of reorganization, arrangement, adjustment or composition affecting any of the Bonds or the rights of any Holder thereof,
or to authorize the Trustee to vote in respect of the claim of any Bondholder in any such Proceeding.

SECTION
5.07.TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF BONDS.

All rights
of action and claims under this Indenture or any of the Bonds may be prosecuted and enforced by the Trustee without the possession
of any of the Bonds or the production thereof in any Proceeding relating thereto, and any such Proceeding instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall be for the ratable benefit
of the Holders of the Bonds in respect of which such judgment has been recovered. Any surplus shall be available, in accordance
with Section 5.08, for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel.

SECTION
5.08. APPLICATION OF MONEY COLLECTED.

If the Bonds
have been declared due and payable following an Event of Default and such declaration and its consequences have not been rescinded
and annulled, any money collected by the Trustee with respect to the Bonds pursuant to this Article or otherwise and any monies
that may then be held or thereafter received by the Trustee with respect to the Bonds shall be applied, after payment to the Trustee
of such amounts as may be payable to it under Section 6.07, in the order, at the date or dates fixed by the Trustee and, in case
of the distribution of the entire amount due on account of principal of, and interest on, such Bonds, upon presentation and surrender
thereof:

First:
To the payment of amounts then due and unpaid to any Servicer or the Master Servicer in respect of Nonrecoverable Advances made
by such Servicer or the Master Servicer pursuant to the related Servicing Agreement or the Master Servicing Agreement;

Second:
To the payment of amounts of interest and principal then due and unpaid upon the Outstanding Bonds in accordance with the priorities
set forth in Section 2.03(b); and

Third:
To the payment of the remainder, if any, to the Issuer or any other Person legally entitled thereto.

SECTION
5.09. LIMITATION ON SUITS.

No Holder
of a Bond shall have any right to institute any Proceedings, judicial or otherwise, with respect to this Indenture, or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless:

		(1)	such Holder has previously given written notice to the Trustee of a continuing Event of Default;

		(2)	the Holders of Bonds representing more than 50% of the aggregate Class Principal Amount of the
Controlling Class shall have made written request to the Trustee to institute Proceedings in respect of such Event of Default in
its own name as Trustee hereunder;

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		(3)	such Holder or Holders have offered to the Trustee indemnity in full against the costs, expenses
and liabilities to be incurred in compliance with such request;

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

		(5)	no direction inconsistent with such written request has been given to the Trustee during such 60-day
period by the Holders of Bonds representing more than 50% of the aggregate Class Principal Amount of the Controlling Class;

it being understood and intended
that no one or more Holders of Bonds shall have any right in any manner whatever by virtue of, or by availing themselves of, any
provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Bonds 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 and for the equal and ratable benefit of all the Holders of Bonds.

SECTION
5.10.UNCONDITIONAL RIGHTS OF BONDHOLDERS TO RECEIVE PRINCIPAL AND INTEREST.

Notwithstanding
any other provision in this Indenture, other than the provisions hereof limiting the right to recover amounts due on a Bond to
recovery from the property of the Issuer, the Holder of any Bond shall have the right, to the extent permitted by applicable law,
which right is absolute and unconditional, to receive payment of each installment of interest on such Bond on the respective Stated
Maturities of such installments of interest, to receive payment of each installment of principal of such Bond when due (or, in
the case of any Bond called for redemption, on the date fixed for such redemption) 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
5.11. RESTORATION OF RIGHTS AND REMEDIES.

If the Trustee
or any Bondholder 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 Trustee or to such Bondholder, then and in every
such case the Issuer, the Trustee and the Bondholders 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 Trustee and the Bondholders
shall continue as though no such Proceeding had been instituted.

SECTION
5.12. RIGHTS AND REMEDIES CUMULATIVE.

No right
or remedy herein conferred upon or reserved to the Trustee or to the Bondholders 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
5.13. DELAY OR OMISSION NOT WAIVER.

No delay
or omission of the Trustee or of any Holder of any Bond 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 or by law to the Trustee or to the Bondholders may be exercised from time to time, and as often as
may be deemed expedient, by the Trustee or by the Bondholders, as the case may be.

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SECTION
5.14. CONTROL BY BONDHOLDERS.

The Holders
of Bonds representing more than 50% of the aggregate Class Principal Amount of the Controlling Class shall have the right to direct
the time, method and place of conducting any Proceeding for any remedy available to the Trustee or exercising any trust or power
conferred on the Trustee; provided, however, that:

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

		(2)	any direction to the Trustee to undertake a Sale of the Trust Estate shall be by the Holders of
Bonds representing the percentage of the aggregate Class Principal Amount of the Controlling Class specified in Section 5.18(b)(1),
unless Section 5.18(b)(2) is applicable; and

		(3)	[Reserved];

		(4)	the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with
such direction;

provided, however, that, subject
to Section 6.01, the Trustee need not take any action which it determines might involve it in liability or be unjustly prejudicial
to the Bondholders not consenting.

SECTION
5.15. WAIVER OF PAST DEFAULTS.

The Holders
of Bonds representing more than 50% of the aggregate Class Principal Amount of the Controlling Class may on behalf of the Holders
of all the Bonds of such Class waive any past Default hereunder and its consequences, except a Default:

		(1)	in the payment of any installment of principal of, or interest on, any Bond; or

		(2)	in respect of a covenant or provision hereof which under Section 9.02 cannot be modified or amended
without the consent of the Holder of each Outstanding Bond affected.

Upon any
such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for
every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent
thereon.

SECTION
5.16. UNDERTAKING FOR COSTS.

All parties
to this Indenture agree, and each Holder of any Bond by his or her 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 Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of
an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or
defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee,
to any suit instituted by any Bondholder, or group of Bondholders, holding in the aggregate Bonds representing more than 10% of
the aggregate Class Principal Amount of the Controlling Class, or to any suit instituted by any Bondholder for the enforcement
of the payment of any installment of interest on any Bond on or after the Stated Maturity thereof expressed in such Bond or for
the enforcement of the payment of any installment of principal of any Bond when due (or, in the case of any Bond called for redemption,
on or after the applicable redemption date).

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SECTION
5.17. 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 of law wherever enacted, now or at any time hereafter in force,
which may affect the covenants in, or the performance of, this Indenture; and the Issuer (to the extent that it may lawfully do
so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the
execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no
such law had been enacted.

SECTION
5.18. SALE OF TRUST ESTATE.

(a)The
power to effect any sale (a “Sale”) of any portion of the Trust Estate pursuant to Section 5.04 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 Bonds and under this Indenture with respect thereto shall have
been paid. The Trustee may from time to time postpone any public Sale by public announcement made at the time and place of such
Sale. The Trustee hereby expressly waives its right to any amount fixed by law as compensation for any Sale.

(b)To
the extent permitted by law, the Trustee shall not in any private Sale sell or otherwise dispose of the Trust Estate, or any portion
thereof, unless:

		(1)	the Holders of all Controlling Class consent to, or direct the Trustee to make, such Sale; or

		(2)	the proceeds of such Sale would be not less than the entire amount which would be distributable
to the Holders of the Bonds, in full payment thereof in accordance with Section 5.08, on the Payment Date next succeeding the date
of such Sale.

		(3)	[Reserved]

The purchase
by the Trustee of all or any portion of the Trust Estate at a private Sale shall not be deemed a Sale or disposition thereof for
purposes of this Section 5.18(b).

(c)Unless
the Holders of all Controlling Class have otherwise consented or directed the 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 5.18 has not been established by the Trustee and no Person bids an amount equal to or greater than such amount, the
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 Bonds may bid for and purchase the property offered for Sale, and upon
compliance with the terms of sale may hold, retain and possess and dispose of such property, without further accountability, and
may, in paying the purchase money therefor, deliver any Controlling Class 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 Bonds, in case the amount
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 Trustee may bid for and acquire the property offered for Sale in connection with any public
Sale thereof, 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 Bonds as a result of such Sale in accordance
with Section 5.08 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 Bonds in order to complete any such
Sale or in order for the net Sale price to be credited against such Bonds, and any property so acquired by the Trustee shall be
held and dealt with by it in accordance with the provisions of this Indenture;

		(3)	the 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 thereof;

		(4)	the 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 Trustee’s authority,
inquire into the satisfaction of any conditions precedent or see to the application of any moneys.

(e)Notwithstanding
anything in this Indenture to the contrary, if an Event of Default specified in Section 5.01(1) is the Event of Default, or one
of the Events of Default, on the basis of which the Bonds have been declared due and payable, then the Trustee may, in its sole
discretion, sell the Trust Estate without compliance with this Section 5.18.

SECTION
5.19. ACTION ON BONDS.

The Trustee’s
right to seek and recover judgment 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 Trustee or
the Holders of Bonds shall be impaired by the recovery of any judgment by the Trustee against the Issuer or by the levy of any
execution under such judgment upon any portion of the Trust Estate.

ARTICLE
VI

THE
TRUSTEE

 

SECTION
6.01. DUTIES OF TRUSTEE.

(a)If
an Event of Default has occurred and is continuing, the Trustee shall exercise such of 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 his or her own affairs.

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

		(1)	The Trustee need perform only those duties that are specifically set forth in this Indenture and
no others and no implied covenants or obligations shall be read into this Indenture; and

		(2)	In the absence of bad faith on its part, the 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 Trustee and
conforming to the requirements of this Indenture. The Trustee shall, however, examine such certificates and opinions to determine
whether they conform to the requirements of this Indenture.

(c)The
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:

		(1)	This paragraph does not limit the effect of subsection (b) of this Section;

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

		(3)	The Trustee shall not be liable with respect to any action it takes or omits to take in good faith
in accordance with a direction received by it pursuant to Section 5.14 or Section 5.18.

(d)Except
with respect to duties of the Trustee prescribed by the TIA, as to which this Section 6.01(d) shall not apply, for all purposes
under this Indenture, the Trustee shall not be deemed to have notice or knowledge of any Event of Default described in Section
5.01(2), 5.01(5) or 5.01(6) or any Default described in Section 5.01(3) or 5.01(4) or any Servicing Default or default under the
Master Servicing Agreement unless a Responsible Officer assigned to and working in the Trustee’s corporate trust department
has actual knowledge thereof or unless written notice of any event which is in fact such an Event of Default, Servicing Default
or default is received by the Trustee at the Corporate Trust Office, and such notice references the Bonds generally, the Issuer,
the Trust Estate or this Indenture.

(e)No
provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any 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 for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured
to it. In determining that such repayment or indemnity is not reasonably assured to it, the Trustee must consider not only the
likelihood of repayment or indemnity by or on behalf of the Issuer but also the likelihood of repayment or indemnity from amounts
payable to it from the Trust Estate pursuant to Sections 6.07 and 8.02(d); provided, however, that, except as provided in the first
sentence of this Section 6.01(e), the Trustee shall not refuse or fail to perform any of its duties hereunder solely as a result
of nonpayment of its reasonable fees and expenses; and provided further, however, that nothing in this Section 6.01(e) shall be
construed to limit the exercise by the Trustee of any right or remedy permitted under this Indenture or otherwise in the event
of the Issuer’s failure to pay the amounts due the Trustee pursuant to Section 6.07.

(f)Every
provision of this Indenture that in any way relates to the Trustee is subject to the provisions of this Section.

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(g)Notwithstanding
any extinguishment of all right, title and interest of the Issuer in and to the Trust Estate following an Event of Default and
a consequent declaration of acceleration of the Maturity of the Bonds, whether such extinguishment occurs through a Sale of the
Trust Estate to another Person, the acquisition of the Trust Estate by the Trustee or otherwise, the rights, powers and duties
of the Trustee with respect to the Trust Estate (or the proceeds thereof) and the Bondholders and the rights of Bondholders shall
continue to be governed by the terms of this Indenture.

SECTION
6.02. NOTICE OF DEFAULT.

Within 90
days after the occurrence of any Default known to the Trustee, the Trustee shall transmit by mail to all Holders of Bonds notice
of each such Default, unless such Default shall have been cured or waived; provided, however, that except in the case of a Default
of the type described in Section 5.01(1), the Trustee shall be protected in withholding such notice if and so long as the board
of directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Trustee in good faith
determine that the withholding of such notice is in the interests of the Holders of the Bonds; and provided, further, that in the
case of any Default of the character specified in Section 5.01(3) or 5.01(4) no such notice to Holders of the Bonds shall be given
until at least 30 days after the occurrence thereof. Concurrently with the mailing of any such notice to the Holders of the Bonds,
the Trustee shall transmit by mail a copy of such notice to the Rating Agencies.

SECTION
6.03. RIGHTS OF TRUSTEE.

Except as
otherwise provided in Section 6.01 hereof:

		(a)	the Trustee may rely and shall be protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, note or other paper or document
believed by it to be genuine and to have been signed or presented by the proper party or parties;

		(b)	any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Issuer
Request or Issuer Order, and any resolution of the board of directors may be sufficiently evidenced by a written resolution;

		(c)	whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter
be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein
specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officers’ Certificate or the Officer’s
Certificate of the Master Servicer;

		(d)	the Trustee may consult with counsel, and the written advice of such counsel or any Opinion of
Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder
in good faith and in reliance thereon;

		(e)	the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by
this Indenture at the request or direction of any of the Bondholders pursuant to this Indenture, unless such Bondholders shall
have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which might be incurred
by it in compliance with such request or direction;

		(f)	the Trustee shall not be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, note or other
paper or document, but the Trustee, in its discretion may make such further inquiry or investigation into such facts or matters
as it may see fit, and if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled, on reasonable
prior notice to the Issuer, to examine the books, records and premises of the Issuer, personally or by agent or attorney, during
the Issuer’s normal business hours; provided that the Trustee shall and shall cause its agents to hold in confidence all
such information except to the extent disclosure may be required by law and except to the extent that the Trustee, in its sole
judgment, may determine that such disclosure is consistent with its obligations hereunder;

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		(g)	the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either
directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the
part of any agent or attorney appointed and supervised with due care by it hereunder;

		(h)	the 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;

		(i)	prior to the time that one of its Responsible Officers obtains actual knowledge of a Servicing
Default as defined in the Master Servicing Agreement or a failure by the Master Servicer thereunder which with notice and the passage
of time will become a Servicing Default, the Trustee shall not be responsible for taking action with respect thereto;

		(j)	the Trustee shall not be responsible for supervising, monitoring or reviewing the Master Servicer’s
performance of its duties under the Master Servicing Agreement except to the extent of determining (i) that the periodic reports,
certificates and opinions required to be delivered by the Master Servicer to it thereunder are delivered in timely fashion and
conform to the requirements of the Master Servicing Agreement, (ii) that the amounts received by it from the Master Servicer for
deposit in the Distribution Account during any month are as shown in the Master Servicer’s report for such month, (iii) and
that any Trustee Mortgage File or document therein that has been released by the Trustee to the Master Servicer is returned as
provided in the Master Servicing Agreement; and

		(k)	the provisions of this Section, other than clauses (e), (i) and (j), and of Sections 6.01(b) and
(c) shall apply to the Trustee as it may be Successor Master Servicer under the Master Servicing Agreement.

SECTION
6.04.NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF BONDS.

The recitals
contained herein and in the Bonds, except the certificates of authentication on the Bonds, shall be taken as the statements of
the Issuer, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations with respect
to the Trust Estate or as to the validity or sufficiency of this Indenture or of the Bonds. The Trustee shall not be accountable
for the use or application by the Issuer of the Bonds or the proceeds thereof or any money paid to the Issuer or upon Issuer Order
pursuant to the provisions hereof.

SECTION
6.05. MAY HOLD BONDS.

The Trustee,
any Agent, or any other agent of the Issuer, in its individual or any other capacity, may become the owner or pledgee of Bonds
and, subject to Sections 6.08 and 6.13, may otherwise deal with the Issuer or any Affiliate of the Issuer with the same rights
it would have if it were not the Trustee, Agent or such other agent.

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SECTION
6.06. MONEY HELD IN TRUST.

Money held
by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by this Indenture or by
law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed with
the Issuer and except to the extent of income or other gain on investments which are obligations of the Trustee, in its commercial
capacity, and income or other gain actually received by the Trustee on investments, which are obligations of others.

SECTION
6.07. COMPENSATION AND REIMBURSEMENT.

The Issuer
agrees:

		(1)	subject to any separate written agreement with the Trustee, to pay the Trustee from time to time
reasonable compensation for all services rendered by it hereunder (which compensation shall not be limited by any provision of
law in regard to the compensation of a trustee of an express trust);

		(2)	except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all
reasonable expenses, disbursements and advances incurred or made by the Trustee in connection with the performance of its duties
hereunder (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such
expense, disbursement or advance as may be attributable to its negligence or bad faith; and

		(3)	to indemnify the Trustee and its agents for, and to hold them harmless against, any loss, liability
or expense incurred without negligence or bad faith on their part, arising out of, or in connection with, the acceptance or administration
of this trust, including the costs and expenses of defending themselves against any claim in connection with the exercise or performance
of any of their powers or duties hereunder, provided that:

		(i)	with respect to any such claim, the Trustee shall have given the Issuer written notice thereof
promptly after the Trustee shall have knowledge thereof;

		(ii)	while maintaining absolute control over its own defense, the Trustee shall cooperate and consult
fully with the Issuer in preparing such defense; and

		(iii)	notwithstanding anything to the contrary in this Section 6.07(3), the Issuer shall not be liable
for settlement of any such claim by the Trustee entered into without the prior consent of the Issuer.

As security
for the performance of the obligations of the Issuer under this Section, the Trustee shall have a lien ranking junior to the lien
of the Bonds with respect to which any claim of the Trustee under this Section arose (but senior to all other liens, if any) upon
all property and funds held or collected as part of the Trust Estate by the Trustee in its capacity as such. The Trustee shall
not institute any Proceeding seeking the enforcement of such lien against the Trust Estate unless such Proceeding is in connection
with a Proceeding in accordance with Article V for enforcement of the lien of this Indenture after the occurrence of an Event of
Default (other than an Event of Default arising solely from the Issuer’s failure to pay amounts due the Trustee under this
Section 6.07) and a resulting declaration of acceleration of Maturity of the Bonds which has not been rescinded and annulled.

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SECTION
6.08. ELIGIBILITY; DISQUALIFICATION.

Irrespective
of whether this Indenture is qualified under the TIA, this Indenture shall always have a Trustee who satisfies the requirements
of TIA Sections 310(a)(1) and 310(a)(5). The Trustee shall always have a combined capital and surplus as stated in Section 6.09.
The Trustee shall be subject to TIA Section 310(b).

SECTION
6.09. TRUSTEE’S CAPITAL AND SURPLUS.

The Trustee
shall at all times have a combined capital and surplus of at least $50,000,000 or shall be a member of a bank holding company system,
the aggregate combined capital and surplus of which is at least $50,000,000; provided, however, that the Trustee’s separate
capital and surplus shall at all times be at least the amount required by TIA Section 310(a)(2) if this Indenture is qualified
under the TIA. If the Trustee publishes annual reports of condition of the type described in TIA Section 310(a)(2), its combined
capital and surplus for purposes of this Section 6.09 shall be as set forth in the latest such report.

SECTION
6.10.RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.

(a)No
resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective
until the acceptance of appointment by the successor Trustee under Section 6.11.

(b)The
Trustee may resign at any time by giving written notice thereof to the Issuer. If an instrument of acceptance by a successor Trustee
shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee
may petition any court of competent jurisdiction for the appointment of a successor Trustee.

(c)The
Trustee may be removed at any time by Act of the Holders representing more than 50% of the aggregate Class Principal Amount of
the Controlling Class, delivered to the Trustee and to the Issuer.

(d)If
at any time:

		(1)	the Trustee shall have a conflicting interest prohibited by Section 6.08 and shall fail to resign
or eliminate such conflicting interest in accordance with Section 6.08 after written request therefor by the Issuer or by any Bondholder;
provided, however, that this Section 6.10(d)(1) shall not be operative as part of this Indenture unless and until this Indenture
is qualified under the TIA, and until such qualification this Indenture shall be construed as if this Section 6.10(d)(1) were not
contained herein; or

		(2)	the Trustee shall cease to be eligible under Section 6.09 or shall become incapable of acting or
shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer
shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation;

then, in any such case, (i) the
Issuer by an Issuer Order may remove the Trustee or (ii) subject to Section 5.16, any Bondholder who has been a bona fide Holder
of a Bond for at least six months may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction
for the removal of the Trustee and the appointment of a successor Trustee, unless this Indenture is qualified under the TIA and
the Trustee’s duty to resign is stayed as provided in Section 310(b) of the TIA.

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(e)If
the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of the Trustee for
any cause, the Issuer, by an Issuer Order shall promptly appoint a successor Trustee. If within one year after such resignation,
removal or incapability or the occurrence of such vacancy a successor Trustee shall be appointed by Act of the Holders of Bonds
representing more than 50% of the aggregate Class Principal Amount of the Controlling Class delivered to the Issuer and the retiring
Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee
and supersede the successor Trustee appointed by the Issuer. If no successor Trustee shall have been so appointed by the Issuer
or Bondholders and shall have accepted appointment in the manner hereinafter provided, any Bondholder who has been a bona fide
Holder of a Bond for at least six months may, on behalf of itself and all others similarly situated, petition any court of competent
jurisdiction for the appointment of a successor Trustee.

(f)The
Issuer shall give notice of each resignation and each removal of the Trustee and each appointment of a successor Trustee to the
Holders of Bonds. Each notice shall include the name of the successor Trustee and the address of its Corporate Trust Office.

SECTION
6.11. ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

Every successor
Trustee appointed hereunder shall execute, acknowledge and deliver to the Issuer and the retiring Trustee an instrument accepting
such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring
Trustee. Notwithstanding the foregoing, on request of the Issuer or the successor Trustee, such retiring Trustee shall, upon payment
of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the
retiring Trustee, and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring
Trustee hereunder subject nevertheless to its lien, if any, provided for in Section 6.07. Upon request of any such successor Trustee,
the Issuer shall execute and deliver any and all instruments for more fully and certainly vesting in and confirming to such successor
Trustee all such rights, powers and trusts.

No successor
Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible
under this Article.

SECTION
6.12.MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS OF TRUSTEE.

Any corporation
into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of
the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be
otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part
of any of the parties hereto. In case any Bonds have been authenticated, but not delivered, by the Trustee then in office, any
successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Bonds
so authenticated with the same effect as if such successor Trustee had authenticated such Bonds.

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SECTION
6.13.PREFERENTIAL COLLECTION OF CLAIM AGAINST ISSUER.

If this Indenture
is qualified under the TIA, the Trustee shall be subject to TIA Section 311(a), excluding any creditor relationship listed in TIA
Section 311(b), and a Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated.

SECTION
6.14. CO-TRUSTEES AND SEPARATE TRUSTEES.

At any time
or times, for the purpose of meeting the legal requirements of the TIA or of any jurisdiction in which any of the Trust Estate
may at the time be located, the Issuer and the Trustee shall have power to appoint, and, upon the written request of the Trustee
or of the Holders of Bonds representing more than 50% of the aggregate Class Principal Amount of the Controlling Class with respect
to which a co-trustee or separate trustee is being appointed, the Issuer shall for such purpose join with the Trustee in the execution,
delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the
Trustee either to act as co-trustee, jointly with the Trustee, of all or any part of the Trust Estate, or to act as separate trustee
of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such
Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the
other provisions of this Section. If the Issuer does not join in such appointment within 15 days after the receipt by it of a request
to do so, or in case an Event of Default has occurred and is continuing, the Trustee alone shall have power to make such appointment.

Should any
written instrument from the Issuer be required by any co-trustee or separate trustee so appointed for more fully confirming to
such co-trustee or separate trustee such property, title, right or power, any and all such instruments shall, on request, be executed,
acknowledged and delivered by the Issuer. Each notice shall include the name and address of any such co-trustee or successor trustee.

Every co-trustee
or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms:

(1)Bonds
shall be authenticated and delivered and all rights, powers, duties and obligations hereunder in respect of the custody of securities,
cash and other personal property held by, or required to be deposited or pledged with, the Trustee hereunder, shall be exercised
solely by the Trustee.

(2)The
rights, powers, duties and obligations hereby conferred or imposed upon the Trustee in respect of any property covered by such
appointment shall be conferred or imposed upon and exercised or performed by the Trustee or by the Trustee and such co-trustee
or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the
extent that under any law of any jurisdiction in which any particular act is to be performed, the Trustee shall be incompetent
or unqualified to perform such act, in which event such rights, powers, duties and obligations shall be exercised and performed
by such co-trustee or separate trustee.

(3)The
Trustee at any time, by an instrument in writing executed by it, with the concurrence of the Issuer evidenced by an Issuer Order,
may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case of an Event
of Default has occurred and is continuing, the Trustee shall have power to accept the resignation of, or remove, any such co-trustee
or separate trustee without the concurrence of the Issuer. Upon the written request of the Trustee, the Issuer shall join with
the Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper to effectuate such
resignation or removal. A successor to any co-trustee or separate trustee which has resigned or has been removed may be appointed
in the manner provided in this Section.

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(4)No
co-trustee or separate trustee shall be required to satisfy the eligibility requirements under Sections 6.08 and 6.09. No co-trustee
or separate trustee hereunder shall be personally liable by reason of any act or omission of the Trustee, or any other such trustee
hereunder.

(5)Any
Act of Bondholders delivered to the Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee.

SECTION
6.15. AUTHENTICATING AGENTS.

Upon the
request of the Issuer, the Trustee shall appoint an Authenticating Agent with power to act on its behalf and subject to its direction
in the authentication and delivery of the Bonds designated for such authentication by the Issuer and containing provisions therein
for such authentication (or with respect to which the Issuer has made other arrangements, satisfactory to the Trustee and such
Authenticating Agent, for notation on the Bonds of the authority of an Authenticating Agent appointed after the initial authentication
and delivery of such Bonds) in connection with transfers and exchanges under Sections 2.06 and 2.07, if any, as fully to all intents
and purposes as though the Authenticating Agent had been expressly authorized by those Sections to authenticate and deliver Bonds.
For all purposes of this Indenture (other than in connection with the authentication and delivery of Bonds pursuant to Sections
2.05 and 2.12 in connection with their initial issuance and for purposes of Section 2.08), the authentication and delivery of Bonds
by the Authenticating Agent pursuant to this Section shall be deemed to be the authentication and delivery of Bonds “by the
Trustee”. Such Authenticating Agent shall at all times be a Person that both meets the requirements of Section 6.09 for the
Trustee hereunder and has its principal office in the Borough of Manhattan, City and State of New York.

Any Authenticating
Agent shall also serve as Bond Registrar or co-Bond Registrar, as provided in Section 2.07. Any Authenticating Agent appointed
by the Trustee pursuant to the terms of this Section 6.15 or pursuant to the terms of any supplemental indenture shall deliver
to the Trustee as a condition precedent to the effectiveness of such appointment an instrument accepting the trusts, duties and
responsibilities of Authenticating Agent and of Bond Registrar or co-Bond Registrar and indemnifying the Trustee for and holding
the Trustee harmless against, any loss, liability or expense (including reasonable attorneys’ fees) incurred without negligence
or bad faith on its part, arising out of or in connection with the acceptance, administration of the trust or exercise of authority
by such Authenticating Agent, Bond Registrar or co-Bond Registrar.

Any corporation
into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting
from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation succeeding
to the corporate trust business of any Authenticating Agent, shall be the successor of the Authenticating Agent hereunder, if such
successor corporation is otherwise eligible under this Section, without the execution or filing of any further act on the part
of the parties hereto or the Authenticating Agent or such successor corporation.

Any Authenticating
Agent may at any time resign by giving written notice of resignation to the Trustee and the Issuer. The Trustee may at any time
terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and the Issuer.
Upon receiving such a notice of resignation or upon such a termination, or in case at any time any Authenticating Agent shall cease
to be eligible under this Section, the Trustee shall promptly appoint a successor Authenticating Agent, shall give written notice
of such appointment to the Issuer and shall mail notice of such appointment to all Holders of Bonds.

The Trustee
agrees, subject to Section 6.01(e), to pay to any Authenticating Agent from time to time reasonable compensation for its services
and the Trustee shall be entitled to be reimbursed for such payments, subject to Section 6.07. The provisions of Sections 2.10,
6.04 and 6.05 shall be applicable to any Authenticating Agent.

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SECTION
6.16. REVIEW OF MORTGAGE DOCUMENTS.

The Trustee
agrees, for the benefit of the Holders of the Bonds, to review, within 90 days after the Closing Date, the Mortgage Documents delivered
to it in connection with the Grant of the Original Pledged Mortgages as security for the Bonds. The Trustee’s review shall
be limited to a determination that all documents referred to in the definition of the term Mortgage Documents have been delivered
with respect to each such Pledged Mortgage (other than the documents related to any Pledged Mortgage so listed which has been subject
to a Principal Prepayment in Full and the proceeds of which have been delivered to the Trustee in lieu of the applicable Mortgage
Documents), that all such documents have been executed, and that all such documents relate to the Original Pledged Mortgages, provided
that the Trustee shall not be responsible for determining whether any assignment is in recordable form or for verifying the information
with respect to said loans contained on the Pledged Mortgage Schedule. In performing such review the Trustee may rely upon the
purported genuineness and due execution of any such document and on the purported genuineness of any signature thereon. If the
Trustee discovers any defect or omission in the Mortgage Documents or that any document required to be delivered to it has not
been delivered or that any document so delivered does not relate to any of the Original Pledged Mortgages, it shall promptly notify
the Issuer and the Master Servicer of such Pledged Mortgage in accordance with the provisions of the Master Servicing Agreement.

SECTION
6.17. PAYMENT OF CERTAIN INSURANCE PREMIUMS.

Notwithstanding
anything to the contrary contained in this Indenture, the Trustee agrees, for the benefit of the Holders of the Bonds, that, should
it fail to receive notice from the Master Servicer or the applicable Insurer, within the time period required pursuant to the Master
Servicing Agreement, to the effect that any premiums due with respect to any Insurance Policies the premiums for which are required
to be paid by the Servicer or the Master Servicer from amounts on deposit in the related Escrow Account, or required to be advanced
by the Master Servicer or the related Servicer, have been paid in full at the times set forth in the Master Servicing Agreement,
the Trustee shall proceed with diligence to make inquiries of the Master Servicer, the Issuer and the applicable Insurers as to
whether such premiums have been paid at the times set forth in the Master Servicing Agreement. In the event such premiums have
not been paid and the coverage provided under the related Insurance Policy may be interrupted or adversely affected, the Trustee
agrees promptly to pay such premiums from amounts on deposit in the Distribution Account, pursuant to Section 8.02(d) and in accordance
with its obligations under the applicable provisions of the Master Servicing Agreement.

SECTION
6.18.SUBSTITUTION OF INSURANCE POLICIES, ETC.; NOTIFICATION OF RATING AGENCIES.

(a)Provided
that the conditions set forth in paragraph (b) hereof have been satisfied, the Issuer may substitute a replacement policy or instrument
for any Bond Insurance Policy.

(b)The
Issuer shall notify each Rating Agency rating the Bonds in the event that any replacement policy or instrument is obtained for
any Bond Insurance Policy and Insurer or other Person other than the Person who issued such policy or instrument; provided, however,
that the Trustee shall not be required to accept any such replacement policy or instrument unless the Trustee has received from
each Rating Agency rating the Bonds a written instrument to the effect that such acceptance by the Trustee will not result in the
lowering of the then applicable rating of any Bonds issued pursuant to this Indenture by such Rating Agency.

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ARTICLE
VII

BONDHOLDERS’
LISTS AND REPORTS

 

SECTION
7.01.ISSUER TO FURNISH TRUSTEE NAMES AND ADDRESSES OF BONDHOLDERS.

(a)The
Issuer shall furnish or cause to be furnished to the Trustee (i) semi-annually, not less than 45 days nor more than 60 days after
the Interest Payment Date occurring closest to six months after the Closing Date and each Interest Payment Date occurring at six-month
intervals thereafter, a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of
Bonds and (ii) at such other times, as the Trustee may request in writing, within 30 days after receipt by the Issuer of any such
request, a list of similar form and content as of a date not more than 10 days prior to the time such list is furnished; provided,
however, that so long as the Trustee is the Bond Registrar, no such list shall be required to be furnished.

(b)In
addition to furnishing to the Trustee the Bondholder lists, if any, required under subsection (a), the Issuer shall also furnish
all Bondholder lists, if any, required under Section 3.03 at the times required by Section 3.03.

SECTION
7.02.RESERVATION OF INFORMATION; COMMUNICATIONS TO BONDHOLDERS.

(a)The
Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders of Bonds contained
in the most recent list, if any, furnished to the Trustee as provided in Section 7.01 and the names and addresses of the Holders
of Bonds received by the Trustee in its capacity as Bond Registrar. The Trustee may destroy any list furnished to it as provided
in Section 7.01 upon receipt of a new list so furnished.

(b)If
this Indenture is qualified under the TIA, Bondholders may communicate pursuant to TIA Section 312(b) with other Bondholders with
respect to their rights under this Indenture or under the Bonds.

(c)If
this Indenture is qualified under the TIA, the Issuer, the Trustee and the Bond Registrar shall have the protection of TIA Section
312(c).

SECTION
7.03. REPORTS BY TRUSTEE.

(a)If
this Indenture is qualified under the TIA, then within 30 days after May 15 of each year (the “reporting date”), commencing
with the year after the issuance of the Bonds, (i) in the circumstance required by TIA Section 313(a), the Trustee shall mail to
all Holders a brief report dated as of such reporting date that complies with TIA Section 313(a), (ii) the Trustee shall also mail
to Holders of Bonds with respect to which it has made advances any reports with respect to such advances that are required by TIA
Section 313(b)(2) and (iii) the Trustee shall also mail to Holders of Bonds any reports required by TIA Section 313(b)(1). For
purposes of the information required to be included in any such reports pursuant to TIA Sections 313(a)(3), 313(b)(1) (if applicable)
or 313(b)(2), the principal amount of indenture securities outstanding on the date as of which such information is provided shall
be the aggregate Class Principal Amount of the then Controlling Class covered by the report. The Trustee shall comply with TIA
Section 313(c) with respect to any reports required by this Section 7.03(a).

(b)If
this Indenture is qualified under the TIA, a copy of each report required under this Section 7.03 shall, at the time of such transmission
to Holders of Bonds be filed by the Trustee with the Commission and with each securities exchange upon which the Bonds are listed.
The Issuer will notify the Trustee when the Bonds are listed on any securities exchange.

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SECTION
7.04. REPORTS BY ISSUER.

If this Indenture
is qualified under the TIA, the Issuer (a) shall file with the Trustee, within 15 days after it files them 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 by rules and regulations prescribe) which the Issuer is required to file with the Commission pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934 and (b) shall also comply with the other provisions of TIA Section 314(a).

SECTION
7.05.NOTICE TO THE RATING AGENCIES [AND TO BOND INSURER.]

The Issuer
shall use its best efforts promptly to provide notice to the Rating Agencies [and the Bond Insurer] of any of the following events
of which it has actual knowledge:

		(a)	any material change to or amendment of this Indenture;

		(b)	the occurrence of any Default or Event of Default that has not been cured;

		(c)	the resignation or termination of the Trustee;

		(d)	the substitution of Pledged Mortgages;

		(e)	the proposed issuance of Additional Bonds;

		(f)	the final payment of Bondholders; and

		[(g)	any payment or claim made under the Bond Insurance Policy.]

SECTION
7.06. RULE 17G-5 COMPLIANCE.

(a)The Rule
17g-5 Information Provider shall, upon receipt of an NRSRO certification, make available on its Rule 17g-5 Website solely to the
Depositor, each Rating Agency and to any NRSRO the following items, but only to the extent such items are delivered to it by electronic
mail to rmbs17g5informationprovider@wellsfargo.com, specifically with a subject reference of “SEMT 201_-_” and an identification
of the type of information being provided in the body of such notice, or any other delivery method established or approved by the
Rule 17g-5 Information Provider if or as may be necessary or beneficial, :

 

		(i)	any Rating Agency Information provided to the Rule 17g-5 Information Provider in accordance with
Sections 6.06, 6.07, 6.14, 9.01, 9.02, 11.03 and 11.12 of the Pooling and Servicing Agreement, as well as reports prepared in accordance
with Sections 6.21, 6.22, 6.23 and 6.24 of the Pooling and Servicing Agreement (provided that the Rule 17g-5 Information Provider
shall not be required to post to its Rule 17g-5 Website any such information previously posted to and available on the Securities
Administrator’s website);

 

		(ii)	any notice of any amendment that modifies the procedures herein relating to Exchange Act Rule 17g-5
pursuant to this Agreement; and

 

 

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		(iii)	a summary of any oral conversation with a Rating Agency regarding any Mortgage Loan, any Mortgaged
Property or any REO Property, to the extent required to be provided pursuant to Rule 17g-5.

 

The foregoing information shall be made
available by the Rule 17g-5 Information Provider on its Rule 17g-5 Website. Such information shall be posted to the Rule 17g-5
Website on the same Business Day as it is received, provided that such information is received by 12:00 p.m. (eastern time) or,
if received after 12:00 p.m., on the next Business Day. The Rule 17g-5 Information Provider shall have no obligation or duty to
verify, confirm or otherwise determine whether the information being delivered is accurate, complete, conforms to the requirements
of this Agreement, or otherwise is or is not anything other than what it purports to be. The Rule 17g-5 Information Provider shall
not be deemed to have obtained actual knowledge of any information by virtue of the receipt and posting of such information to
the Rule 17g-5 Website. Further, notwithstanding anything to the contrary herein, in the event the Depositor determines that any
information previously posted to the Rule 17g-5 Website should not have been posted thereto pursuant to the terms of this Agreement,
the Depositor shall direct the Rule 17g-5 Information Provider in writing to remove such information from the Rule 17g-5 Website,
such written notice to specify the information to be so removed. The Rule 17g-5 Information Provider (i) shall have no obligation
or duty to verify, confirm or otherwise determine the accuracy of the information contained in such written direction, (ii) shall
be entitled to rely fully upon such written direction and (iii) shall not be held liable in connection with removing any such information
from the Rule 17g-5 Website upon the receipt of such written direction.

 

The Rule 17g-5 Information
Provider shall provide a mechanism to notify any party that has submitted an NRSRO Certification each time the Rule 17g-5 Information
Provider posts an additional document to the Rule 17g-5 Website.

 

In connection with
providing access to the Rule 17g-5 Website, the Rule 17g-5 Information Provider may require registration and the acceptance of
a disclaimer. The Rule 17g-5 Information Provider shall not be liable for the dissemination of information in accordance with the
terms of this Agreement, makes no representations or warranties as to the accuracy or completeness of such information being made
available, has no obligation to review such information, and assumes no responsibility for such information. The Rule 17g-5 Information
Provider shall not be liable for its failure to make any information available to each Rating Agency or NRSROs unless such information
was delivered to the Rule 17g-5 Information Provider at the email address specified in writing to the Depositor, with a subject
heading of “SEMT 201_-_” and sufficient detail to indicate that such information is required to be posted on the Rule
17g-5 Website.

 

If any NRSRO that
has previously submitted an NRSRO Certification and whose NRSRO Certification has been accepted, notifies the Rule 17g-5 Information
Provider that it is unable to access information posted to the Rule 17g-5 Website and such access issue is determined to be the
result of a problem with the Rule 17g-5 Website, if such access issue is not resolved within one Business Day of such determination,
the Rule 17g-5 Information Provider shall so notify the Depositor.

 

(b)Each of the
Master Servicer and the Trustee hereby agrees that, except as otherwise expressly permitted herein, it shall not communicate with
(including verbally) or provide information to a Rating Agency without the prior consent of and consultation with the Depositor,
and that any permitted communication by it to a Rating Agency will be made by it only in the manner prescribed by the procedures
established by the Depositor to ensure compliance with Rule 17g-5 under the Exchange Act, including to the extent set forth herein,
providing any such communications to the Depositor for posting on the Rule 17g-5 Website pursuant to this Section 7.06 prior to
communicating with such Rating Agency.

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SECTION
7.07.RULE 15GA-1 COMPLIANCE.

(a) To the extent
a Responsible Officer of the Master Servicer receives a demand for the repurchase or substitution of a Mortgage Loan based on a
breach of a representation or warranty made by the Seller or the Originator of such Mortgage Loan (each, a “Demand”),
the Master Servicer agrees (i) if such Demand is in writing, promptly to forward such Demand to the Trustee, and (ii) if such Demand
is oral, to instruct the requesting party to submit such Demand in writing to the Trustee. To the extent a Responsible Officer
of the Trustee receives a Demand, it shall provide the Depositor with prompt written notice of such Demand.

 

(b)In connection
with the repurchase or substitution of a Mortgage Loan pursuant to a Demand, any dispute with respect to a Demand, or the withdrawal
or final rejection of a Demand (i) the Master Servicer agrees, to the extent a Responsible Officer of the Master Servicer has actual
knowledge thereof, promptly to notify the Trustee in writing, and (ii) the Trustee agrees, to the extent a Responsible Officer
of the Trustee has actual knowledge thereof, promptly to notify the Depositor in writing.

 

(c)To the extent
in its possession, the Trustee shall provide the Depositor with any applicable information required under Rule 15Ga-1 of the Exchange
Act (the “Rule 15Ga-1 Information”) in a timely manner so as to enable the Depositor to meet its reporting obligations
under Rule 15Ga-1. The Depositor shall be entitled conclusively to rely on the Rule 15Ga-1 Information provided to it by the Trustee
in connection with the compilation by the Depositor of the Rule 15Ga-1 Information required to be reported on Form 10-D. For the
avoidance of doubt, the Depositor shall have sole responsibility for compiling the Rule 15Ga-1 Information required to be reported
on Form 10-D, and the Securities Administrator shall be entitled conclusively to rely on any Rule 15Ga-1 Information provided to
it by the Depositor for inclusion on each Form 10-D.

 

ARTICLE
VIII

ACCOUNTS,
PAYMENTS OF INTEREST AND PRINCIPAL, AND RELEASES

 

SECTION
8.01. COLLECTION OF MONEYS.

Except as
otherwise expressly provided herein, the 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 Trustee pursuant to this Indenture. The Trustee shall hold all such money and property received by it as part of the Trust
Estate and shall apply it as provided in this Indenture. Except as otherwise expressly provided herein, if any default occurred
in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the 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 hereunder and any right
to proceed thereafter as provided in Article V.

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SECTION
8.02. DISTRIBUTION ACCOUNT.

(a)On
or prior to the Closing Date, the Issuer shall cause the Master Servicer to establish and maintain, in the name of the Trustee,
for the benefit of the Bondholders and the Holder of the Investor Certificate, the Pledged Accounts as provided in Section 3(h)
of the Master Servicing Agreement.

(b)Except
as otherwise provided in the Master Servicing Agreement, within one Business Day of receipt thereof by the Master Servicer, the
Master Servicer will deposit in the Bond Account all amounts required to be deposited therein pursuant to Section 3(h) of the Master
Servicing Agreement.

(c)The
Trustee shall establish and maintain, on behalf of the Bondholders, the Distribution Account. The Trustee shall, promptly upon
receipt, deposit in the Distribution Account and retain therein the following:

		(i)	the aggregate amount remitted by the Master Servicer to the Trustee pursuant to Section 3(h)(vii)
of the Master Servicing Agreement; and

		(ii)	any other amounts deposited hereunder which are required to be deposited in the Distribution Account.

In the event
that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trustee to withdraw
such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished
by delivering an Officer’s Certificate to the Trustee which describes the amounts deposited in error in the Distribution
Account. All funds deposited in the Distribution Account shall be held by the Trustee in trust for the Bondholders until disbursed
in accordance with this Indenture or withdrawn in accordance with Section 2.03(b). In no event shall the Trustee incur liability
for withdrawals from the Distribution Account at the direction of the Master Servicer.

(d) Subject
to Sections 5.02 and 5.08, on each Payment Date and Redemption Date, the Trustee shall distribute all amounts on deposit in the
Distribution Account to Bondholders in respect of the Bonds to the extent of amounts due and unpaid on the Bonds for principal
and interest in the amounts and in the order of priority set forth in Section 2.03(b).

SECTION
8.03.GENERAL PROVISIONS REGARDING PLEDGED ACCOUNTS.

(a)Each
Pledged Account shall relate solely to the Bonds, the Investor Certificate and to the Pledged Mortgages, Permitted Investments
and other property securing the Bonds. Funds and other property in each Pledged Account shall not be commingled with any other
moneys or property of the Issuer or any Affiliate thereof. Notwithstanding the foregoing, the Trustee may hold any funds or other
property received or held by it as part of a Pledged Account, other than the Distribution Account, in collective accounts maintained
by it in the normal course of its business and containing funds or property held by it for other Persons (which may include the
Issuer or an Affiliate), provided that such accounts are under the sole control of the Trustee and the Trustee maintains adequate
records indicating the ownership of all such funds or property and the portions thereof held for credit to each Pledged Account.

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(b)So
long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Pledged Accounts
shall be invested in Permitted Investments and reinvested by the Trustee upon written direction of the Master Servicer, subject
to the provisions of Section 3(h) of the Master Servicing Agreement. Any such Permitted Investment shall mature not later than
the applicable date specified in Section 3(h)(ix) of the Master Servicing Agreement. All income and gain (net of any losses) realized
from any such investment of funds on deposit in the Pledged Accounts shall be for the benefit of the Master Servicer as servicing
compensation and shall be remitted to it monthly as provided in the Master Servicing Agreement. The amount of any realized losses
in the Pledged Accounts incurred in respect of any such investments shall promptly be deposited by the Master Servicer in the applicable
Pledged Account or Pledged Accounts. The Master Servicer will not direct the Trustee to make any investment of any funds or to
sell any investment held in any of the Pledged Accounts unless the security interest Granted and perfected in such account will
continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person,
and, in connection with any direction to the Trustee to make any such investment or sale, if requested by the Trustee, the Master
Servicer shall deliver to the Trustee an Opinion of Counsel, acceptable to the Trustee, to such effect.

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

(d)If
(i) the Master Servicer shall have failed to give investment directions for any funds on deposit in the Pledged Accounts to the
Trustee by 11:00 a.m. Eastern Time (or such other time as may be agreed by the Master Servicer and Trustee) on any Business Day
or (ii) a Default or Event of Default shall have occurred and be continuing with respect to the Bonds but the Bonds shall not have
been declared due and payable pursuant to Section 5.02 or (iii) if such Bonds shall have been declared due and payable following
an Event of Default, amounts collected or receivable from the Trust Estate are being applied in accordance with Section 5.05 as
if there had not been such a declaration, then the Trustee shall, to the fullest extent practicable, invest and reinvest funds
in the Pledged Accounts in one or more Permitted Investments.

(e)The
Trustee shall, at all times while any Bonds are outstanding, maintain in its possession, or in the possession of an agent whose
actions with respect to such items are under the sole control of the Trustee, all certificates or other instruments, if any, evidencing
any investment of funds in a Pledged Account. The Trustee shall relinquish possession of such items, or direct its agent to do
so, only for purposes of collecting the final payment receivable on such investment or certificate or, in connection with the sale
of any investment held in a Pledged Account, against delivery of the amount receivable in connection with any sale.

SECTION
8.04. PURCHASES OF DEFECTIVE PLEDGED MORTGAGES.

(a)If
at any time the Issuer or the Trustee discovers or is notified by the Master Servicer (i) that there has been a breach of any of
the Master Servicer’s representations and warranties with respect to Pledged Mortgages contained in the Master Servicing
Agreement that materially and adversely affects the interests of the Bondholders in any Pledged Mortgage, (ii) that any of the
Mortgage Documents for a Pledged Mortgage has not been properly executed by the Mortgagor or contains a material defect or (iii)
that any Mortgage Documents for a Pledged Mortgage shall not have been received by the Trustee within the applicable time periods
and in the forms set forth in Section 3.11 or Section 6.16, as the case may be, and the Master Servicing Agreement, then the party
discovering such defect or omission or receiving notice thereof shall promptly notify the other party and the Master Servicer (other
than in cases where the Master Servicer has given notice thereof).

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(b)If
any defect, misrepresentation or omission described in subsection (a) of this Section 8.04 materially and adversely affects the
interests of the Bondholders, then the Issuer shall, pursuant to the applicable provisions of the Master Servicing Agreement, cause
the Master Servicer to either (i) cure any such defect, misrepresentation or omission, (ii) remove such Pledged Mortgage and substitute
in its place a Replacement Pledged Mortgage or (iii) purchase he affected Pledged Mortgage, in each case at the times and in the
manner set forth in the Master Servicing Agreement.

(c)Upon
any such purchase or substitution, the Issuer shall be entitled to request a release of the defective Pledged Mortgage from the
lien of this Indenture pursuant to Section 8.08(c) and Section 8.12.

(d)If
the Master Servicer shall either (i) purchase any Pledged Mortgage it is required to purchase pursuant to the Master Servicing
Agreement and deposit the Purchase Price therefor in the Bond Account or (ii) (a) remove such Pledged Mortgage from the Trust Estate
and substitute in its place a Replacement Pledged Mortgage and (b) deposit in the Bond Account any related Substitution Adjustment
Amount, in each case in the manner set forth in the Master Servicing Agreement, then the Master Servicer shall be deemed to have
complied with all requirements imposed upon it by this Section 8.04 with respect to such Pledged Mortgage.

(e)The
Master Servicer shall, in its sole discretion, have the right to purchase for its own account from the Trust Estate any Pledged
Mortgage which is 91 days or more delinquent at a price and in the manner specified in Section 3(n) of the Master Servicing Agreement.
Upon purchase of such Pledged Mortgage by the Master Servicer, the Master Servicer shall have the right to treat such Pledged Mortgage
(a “Defaulted Pledged Mortgage”) as having been the subject of a Principal Prepayment in Full and request the release
thereof from the lien of this Indenture pursuant to Section 8.12.

SECTION
8.05. GRANT OF REPLACEMENT PLEDGED MORTGAGE.

The Master
Servicer shall be permitted to substitute any Pledged Mortgage for any Original Pledged Mortgage initially Granted to the Trustee
on the Closing Date pursuant to this Indenture as set forth in Sections 2(a)(ii) and 2(d)(iv) of the Master Servicing Agreement.

SECTION
8.06. REPORTS BY TRUSTEE TO BONDHOLDERS.

On each Payment
Date or Optional Redemption Date the Trustee shall deliver a written report to each Holder of Bonds, setting forth the following
(a “Payment Date Statement”):

(a)On
or before [noon California time] on the Determination Date, the Master Servicer shall provide by modem to the Trustee with respect
to the Pledged Mortgages, an electronic data file (accompanied by a hardcopy report) in a format which is mutually agreed upon
by the Master Servicer and the Trustee. The Trustee shall be under no duty to recalculate, verify or recompute the information
provided to it by the Master Servicer under this Section 8.06(a). Not later than each Payment Date, the Trustee shall prepare and
cause to be forwarded by first class mail to each Bondholder, the Master Servicer and the Issuer a statement (each, a “Payment
Date Statement”) setting forth with respect to the related distribution:

		(i)	the amount thereof allocable to principal, separately identifying the aggregate amount of any Principal
Prepayments and Liquidation Proceeds included therein;

		(ii)	the amount thereof allocable to interest, and (x) any of (a) the amount by which the aggregate
Senior Interest Shortfalls on prior Payment Dates exceeds the amount paid on the Senior Bonds on prior Payment Dates pursuant to
clause (ii) of the definition of Senior Interest Payment Date, (b) the amount by which the aggregate Class [B-1] Interest Shortfalls
on prior Payment Dates exceeds the amount paid on the Class [B-1] Bonds on prior Payment Dates pursuant to clause (iii) of the
definition of Class [B-1] Interest Payment Amount and (c) the amount by which the aggregate Class [B-2] Interest Shortfalls on
prior Payment Dates exceeds the amount paid on the Class [B-2] Bonds on prior Payment Dates pursuant to clause (iii) of the definition
of Class [B-2] Interest Payment Amount included in such distribution and (y) any of the amounts in clauses (a), (b) or (c) above
remaining after giving effect to such distribution.

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		(iii)	if the distribution to the Holders of such Class of Bonds is less than the full amount that would
be distributable to such Holders pursuant to Section 2.03(b) on such Payment Date if there were sufficient funds available therefor,
the amount of the shortfall and the allocation thereof as between principal and interest and specifying, in the case of the Subordinated
Bonds, the Class [B-2] Principal Carryover Shortfall and/or Class [B-1] Principal Carryover Shortfall;

		(iv)	the Class Principal Amount of each Class of Bonds and the Invested Amount after giving effect to
the distribution of principal on such Payment Date;

		(v)	the Pool Stated Principal Balance for the following Payment Date;

		(vi)	the Senior Percentage, the Class [B-1] Percentage, the Class [B-2] Percentage and the Investor
Percentage for the following Payment Date;

		(vii)	the amount of the Master Servicing Fees and Servicing Fees paid to or retained by the Master Servicer
and the Servicers (with respect to the Servicers, in the aggregate) with respect to such Payment Date;

		(viii)	the Bond Interest Rate for each such Class of Bonds and the Certificate Interest Rate with respect
to such Payment Date;

		(ix)	the amount of Advances included in the distribution on such Payment Date and the aggregate amount
of Advances outstanding as of the close of business on such Payment Date;

		(x)	the number and aggregate principal amounts of Pledged Mortgages (A) delinquent (exclusive of Pledged
Mortgages in foreclosure) (1) 1 to 29 days (2) 30 to 59 days (3) 60 to 89 days and (4) 90 or more days and (B) in foreclosure and
delinquent (1) 1 to 29 days (2) 30 to 59 days (3) 60 to 89 days and (4) 90 or more days, as of the close of business on the last
day of the calendar month preceding such Payment Date;

		(xi)	for each of the preceding 12 calendar months, or all calendar months since the Cut-off Date, whichever
is less, the aggregate dollar amount of the Scheduled Payments (A) due on all Outstanding Pledged Mortgages on each of the Due
Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;

		(xii)	with respect to any Pledged Mortgage that became an REO Property during the preceding calendar
month, the loan number and Stated Principal Balance of such Pledged Mortgage as of the close of business on the Determination Date
preceding such Payment Date and the date of acquisition thereof;

		(xiii)	the total number and principal balance of any REO Properties (and market value, if available) as
of the close of business on the Determination Date preceding such Payment Date;

		(xiv)	the Senior Percentage, the Class [B-1] Percentage, the Class [B-2] Percentage and the Investor
Prepayment Percentage for the following Payment Date;

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		(xv)	the aggregate amount of Realized Losses incurred during the preceding calendar month and aggregate
Realized Losses through such Payment Date;

		(xvi)	the amount payable to the holder of the Investor Certificate pursuant to Section 5.01 of the Deposit
Trust Agreement; and

		[(xvii)	any amount payable under the Bond Insurance Policy.]

(b)The
Trustee’s responsibility for disbursing the above information to the Bondholders is limited to the availability, timeliness
and accuracy of the information derived from the Master Servicer. The Trustee will send a copy of each statement provided pursuant
to this Section 8.06 to each Rating Agency.

(c)Within
a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at
any time during the calendar year was a Bondholder, a statement containing the information set forth in clauses (a)(i), (a)(ii)
and (a)(vii) of this Section 8.06 aggregated for such calendar year or applicable portion thereof during which such Person was
a Bondholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable
information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.

SECTION
8.07. PREPARATION AND FILING OF REPORTS with the SEC

(a)Reports
Filed on Form 10-D.

(i)Within
15 days after each Payment Date (subject to permitted extensions under the Exchange Act), the Trustee shall prepare and file on
behalf of the Trust any Form 10-D required by the Exchange Act, in form and substance as required by the Exchange Act. The Trustee
shall file each Form 10-D with a copy of the related Payment Date Statement attached thereto. Any disclosure in addition to the
Payment Date Statement that is required to be included on Form 10-D (“Additional Form 10-D Disclosure”) shall be determined
and prepared by and at the direction of the Manager pursuant to the following paragraph and the Trustee will have no duty or liability
for any failure hereunder to determine or prepare any Additional Form 10-D Disclosure, except as set forth in the next paragraph.

(ii)As
set forth on Exhibit VIII hereto, within 5 calendar days after the related Payment Date, (i) the parties to the Sequoia Mortgage
Trust 201_-_ transaction shall be required to provide to the Trustee, to the extent known by a responsible officer thereof, in
EDGAR-compatible form, or in such other form as otherwise agreed upon by the Trustee and such party, the form and substance of
any Additional Form 10-D Disclosure, if applicable, together with any Additional Disclosure Notification (an “Additional
Disclosure Notification”), (ii) the Trustee shall forward to the Manager, the form and substance of the Additional Form 10-D
Disclosure, and (iii) the Manager will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the
Additional Form 10-D Disclosure on Form 10-D. The Seller will be responsible for any reasonable fees and expenses assessed or incurred
by the Trustee in connection with including any Additional Form 10-D Disclosure in Form 10-D pursuant to this paragraph.

(iii)After
preparing the Form 10-D, the Trustee shall forward electronically a draft copy of the Form 10-D to the Manager and the Master Servicer
for review. No later than the Business Day prior to the date specified in the next sentence, the Manager and the Master Servicer
shall notify the Trustee of any changes to or approval of such Form 10-D. No later than 2 Business Days prior to the 15th
calendar day after the related Payment Date, a senior officer of the Master Servicer in charge of the master servicing function
shall sign the Form 10-D and return an electronic or fax copy of such signed Form 10-D (with an original executed hard copy to
follow by overnight mail) to the Trustee. If a Form 10-D cannot be filed on time or if a previously filed Form 10-D needs to be
amended, the Trustee will follow the procedures set forth in subsection (d)(ii) of this Section 8.07. Promptly (but no later than
1 Business Day) after filing with the Commission, the Trustee will make available on its internet website a final executed copy
of each Form 10-D. Each party to this Agreement acknowledges that the performance by the Master Servicer and the Trustee of its
duties under this Section 8.07(a) related to the timely preparation, execution and filing of Form 10-D is contingent upon such
parties strictly observing all applicable deadlines in the performance of their duties under this Section 8.07(a). Neither the
Master Servicer nor the Trustee shall have any liability for any loss, expense, damage, claim arising out of or with respect to
any failure to properly prepare, execute and/or timely file such Form 10-D, where such failure results from the Trustee’s
inability or failure to obtain or receive, on a timely basis, any information from any other party hereto needed to prepare, arrange
for execution or file such Form 10-D, not resulting from its own negligence, bad faith or willful misconduct.

(b)Reports
Filed on Form 10-K.

(i)Within
90 days after the end of each fiscal year of the Trust or such earlier date as may be required by the Exchange Act (the “10-K
Filing Deadline”) (it being understood that the fiscal year for the Trust ends on December 31st of each year),
commencing in March 201_, the Trustee shall prepare and file on behalf of the Trust a Form 10-K, in form and substance as required
by the Exchange Act. Each such Form 10-K shall include the following items, in each case to the extent they have been delivered
to the Trustee within the applicable time frames set forth in this Agreement and the related Master Servicing Agreement, (i) an
annual compliance statement for each Servicer, each Additional Servicer, the Master Servicer, The Trustee and any Servicing Function
Participant engaged by such parties (each, a “Reporting Servicer”) as described under Section 8.08 of this Agreement
and Section 3(p) of the Master Servicing Agreement, (ii)(A) the annual reports on assessment of compliance with servicing criteria
for each Reporting Servicer, as described under Sections 8.09 of this Agreement and 3(q) of the Master Servicing Agreement, and
(B) if each Reporting Servicer’s report on assessment of compliance with servicing criteria described under Section 8.09
of this Agreement and Section 3(q) of the Master Servicing Agreement identifies any material instance of noncompliance, disclosure
identifying such instance of noncompliance, or if each Reporting Servicer’s report on assessment of compliance with servicing
criteria described under Section 8.09 of this Agreement or Section 3(q) of the Master Servicing Agreement is not included as an
exhibit to such Form 10-K, disclosure that such report is not included and an explanation why such report is not included, (iii)(A)
the registered public accounting firm attestation report for each Reporting Servicer, as described under Section 8.09 of this Agreement
or Section 3(q) of the Master Servicing Agreement, and (B) if any registered public accounting firm attestation report described
under Section 8.09 of this Agreement or Section 3(q) of the Master Servicing Agreement identifies any material instance of noncompliance,
disclosure identifying such instance of noncompliance, or if any such registered public accounting firm attestation report is not
included as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation why such report is not
included, and (iv) a Sarbanes-Oxley Certification as described in Section 8.07(e) of this Agreement. Any disclosure or information
in addition to (i) through (iv) above that is required to be included on Form 10-K (“Additional Form 10-K Disclosure”)
shall be determined and prepared by and at the direction of the Manager pursuant to the following paragraph and the Trustee will
have no duty or liability for any failure hereunder to determine or prepare any Additional Form 10-K Disclosure, except as set
forth in the next paragraph.

(ii)As
set forth on Exhibit IX hereto, no later than March 10 (with a 5 calendar day cure period) of each year that the Trust is subject
to the Exchange Act reporting requirements, commencing in 201_, (i) the parties to the Sequoia Mortgage Trust 201_-_ transaction
shall be required to provide to the Trustee, to the extent known by a responsible officer thereof, in EDGAR-compatible form, or
in such other form as otherwise agreed upon by the Trustee and such party, the form and substance of any Additional Form 10-K Disclosure,
if applicable, together with an Additional Disclosure Notification, (ii) the Trustee shall forward to the Manager, the form and
substance of the Additional Form 10-K Disclosure, and (iii) the Manager will approve, as to form and substance, or disapprove,
as the case may be, the inclusion of the Additional Form 10-K Disclosure on Form 10-K. The Seller will be responsible for any reasonable
fees and expenses assessed or incurred by the Trustee in connection with including any Additional Form 10-K Disclosure in Form
10-K pursuant to this paragraph.

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(iii)After
preparing the Form 10-K, the Trustee shall forward electronically a draft copy of the Form 10-K to the Master Servicer and the
Manager for review. No later than the Business Day prior to the date specified in the next sentence, the Manager and the Master
Servicer shall notify the Trustee of any changes to or approval of such Form 10-K. No later than 1 p.m. New York City time on the
4th Business Day prior to the 10-K Filing Deadline, the Manager shall cause the senior officer of the Depositor in charge of securitization
to sign the Form 10-K and return an electronic or fax copy of such signed Form 10-K (with an original executed hard copy to follow
by overnight mail) to the Trustee. If a Form 10-K cannot be filed on time or if a previously filed Form 10-K needs to be amended,
the Trustee will follow the procedures set forth in subsection (d) of this Section. Promptly (but no later than 1 Business Day)
after filing with the Commission, the Trustee will make available on its internet website a final executed copy of each Form 10-K.
The parties to this Agreement acknowledge that the performance by the Master Servicer and the Trustee of its duties under this
Section 8.07(b) related to the timely preparation and filing of Form 10-K is contingent upon such parties (and any Additional Servicer
or Servicing Function Participant) strictly observing all applicable deadlines in the performance of their duties under these Sections
8.07, 8.08 and 8.09 of this Agreement and 3(p) and (q) of the Master Servicing Agreement. Neither the Master Servicer nor the Trustee
shall have any liability for any loss, expense, damage or claim arising out of or with respect to any failure to properly prepare
and/or timely file such Form 10-K, where such failure results from the Trustee’s inability or failure to obtain or receive,
on a timely basis, any information from any other party hereto needed to prepare, arrange for execution or file such Form 10-K,
not resulting from its own negligence, bad faith or willful misconduct.

(c)Reports
Filed on Form 8-K.

(i)Within
four (4) Business Days after the occurrence of an event requiring disclosure on Form 8-K (each such event, a “Reportable
Event”), and if requested by the Manager, the Trustee shall prepare and file on behalf of the Trust a Form 8-K, as required
by the Exchange Act, provided that the Manager, on behalf of the Trust, shall file the initial Form 8-K in connection with
the issuance of the Bonds. Any disclosure or information related to a Reportable Event or that is otherwise required to be included
in Form 8-K (“Form 8-K Disclosure Information”) shall be determined and prepared by and at the direction of the Manager
pursuant to the following paragraph and the Trustee will have no duty or liability for any failure hereunder to determine or prepare
any Form 8-K Disclosure Information or any Form 8-K, except as set forth in the next paragraph.

(ii)As
set forth on Exhibit X hereto, for so long as the Trust is subject to the Exchange Act reporting requirements, no later than the
end of business on the 2nd Business Day after the occurrence of a Reportable Event (i) the parties to the Sequoia Mortgage Trust
201_-_ transaction shall be required to provide to the Trustee, to the extent known by a responsible officer thereof, in EDGAR-compatible
form, or in such other form as otherwise agreed upon by the Trustee and such party, the form and substance of any Form 8-K Disclosure
Information, if applicable, together with an Additional Disclosure Notification, (ii) the Trustee shall forward to the Manager,
the form and substance of the Form 8-K Disclosure Information, and (iii) the Manager will approve, as to form and substance, or
disapprove, as the case may be, the inclusion of the Form 8-K Disclosure Information. The Seller will be responsible for any reasonable
fees and expenses assessed or incurred by the Trustee in connection with including any Form 8-K Disclosure Information in Form
8-K pursuant to this paragraph.

(iii)After
preparing the Form 8-K, the Trustee shall forward electronically a draft copy of the Form 8-K to the Master Servicer and Manager
for review. No later than the Business Day prior to the date specified in the next sentence, the Manager and the Master Servicer
shall notify the Trustee of any changes to or approval of such Form 8-K. No later than Noon New York City time on the 4th
Business Day after the Reportable Event, the Manager shall cause a senior officer of the Master Servicer in charge of the master
servicing function to sign the Form 8-K and return an electronic or fax copy of such signed Form 8-K (with an original executed
hard copy to follow by overnight mail) to the Trustee. If a Form 8-K cannot be filed on time or if a previously filed Form 8-K
needs to be amended, the Trustee will follow the procedures set forth in subsection (d) of this Section. Promptly (but no later
than 1 Business Day) after filing with the Commission, the Trustee will, make available on its internet website a final executed
copy of each Form 8-K. The parties to this Agreement acknowledge that the performance by the Master Servicer and the Trustee of
its duties under this Section 8.07(c) related to the timely preparation, execution and filing of Form 8-K is contingent upon such
parties strictly observing all applicable deadlines in the performance of their duties under this Section 8.07(c)(iii). Neither
the Trustee nor the Master Servicer shall have any liability for any loss, expense, damage, claim arising out of or with respect
to any failure to properly prepare, execute and/or timely file such Form 8-K, where such failure results from the Trustee’s
inability or failure to obtain or receive, on a timely basis, any information from any other party hereto needed to prepare, arrange
for execution or file such Form 8-K, not resulting from its own negligence, bad faith or willful misconduct.

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(d)Delisting;
Amendments; Late Filings.

If the Depositor
determines that the requirements for suspension of  the Trust Fund’s Exchange Act reporting requirements set forth
in Rule 15d-22(b) of the Exchange Act and  any other applicable regulation are satisfied, it shall so notify the Securities
Administrator.  Following receipt of such notice, the Securities Administrator shall prepare and file a Form 15 Suspension
Notification with respect to the Trust Fund under the Exchange Act (a “Form 15”).  Subsequent to the filing of
a Form 15, if the Depositor determines that the Trust Fund has once again become subject to the Exchange Act reporting requirements,
then it shall promptly notify the Securities Administrator, and the Securities Administrator shall recommence preparing and filing
required Exchange Act reports.  Prior to January 30 of the following calendar year, the Securities Administrator shall, if
directed to do so by the Depositor, in accordance with industry standards, prepare and file a Form 15.

In the event
that the Trustee becomes aware that it will be unable to timely file with the Commission all or any required portion of any Form
8-K, 10-D or 10-K required to be filed by this Agreement because required disclosure information was either not delivered to it
or delivered to it after the delivery deadlines set forth in this Agreement or for any other reason, the Trustee will immediately
notify the Manager. In the case of Form 10-D and 10-K, the parties to this Agreement and the Master Servicer will cooperate to
prepare and file a Form 12b-25 and a 10-D/A and 10-K/A, as applicable, pursuant to Rule 12b-25 of the Exchange Act. In the case
of Form 8-K, the Trustee will, upon receipt of all required Form 8-K Disclosure Information and upon the approval and direction
of the Manager, include such disclosure information on the next Form 10-D. In the event that any previously filed Form 8-K, 10-D
or 10-K needs to be amended, the Trustee will notify the Manager and the Master Servicer and such parties will cooperate to prepare
any necessary 8-KA, 10-D/A or 10-K/A. Any Form 15, Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K shall be signed by the
senior officer of the Depositor in charge of securitization. The parties to this Agreement acknowledge that the performance by
the Master Servicer and the Trustee of its duties under this Section 8.07(d) related to the timely preparation, execution and filing
of Form 15, a Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K is contingent upon each such party performing its duties under
this Section. Neither the Master Servicer nor the Trustee shall have any liability for any loss, expense, damage, claim arising
out of or with respect to any failure to properly prepare, execute and/or timely file any such Form 15, Form 12b-25 or any amendments
to Forms 8-K, 10-D or 10-K, where such failure results from the Trustee’s inability or failure to obtain or receive, on a
timely basis, any information from any other party hereto needed to prepare, arrange for execution or file such Form 15, Form 12b-25
or any amendments to Forms 8-K, 10-D or 10-K, not resulting from its own negligence, bad faith or willful misconduct.

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Notwithstanding
anything to the contrary herein, the Trustee shall not file any Form 8-K, Form 10-D or Form 10K as to which it has received from
the Manager a notice to the effect that, upon review of the proposed filing, the Manager does not approve of such filing.

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(e) Sarbanes-Oxley
Certification.

Each Form
10-K shall include the Sarbanes-Oxley Certification. Each Servicer, the Trustee, the Master Servicer shall, and each Servicer,
the Trustee and the Master Servicer shall cause any Servicing Function Participant engaged by it to, provide to the Person who
signs the Sarbanes-Oxley Certification (the “Certifying Person”), by March 10 (with a 5 calendar day cure period) of
each year in which the Trust is subject to the reporting requirements of the Exchange Act and otherwise within a reasonable period
of time upon request, a certification (each, a “Back-Up Certification”), in the form attached hereto as Exhibit V (or
in such other form attached to the Master Servicing Agreement), upon which the Certifying Person, the entity for which the Certifying
Person acts as an officer, and such entity’s officers, directors and Affiliates (collectively with the Certifying Person,
“Certification Parties”) can reasonably rely. The senior officer of the Depositor in charge of securitization shall
serve as the Certifying Person on behalf of the Trust. In the event the Master Servicer, the Trustee or any Servicing Function
Participant engaged by such parties is terminated or resigns pursuant to the terms of this Agreement, The Master Servicing Agreement,
or any applicable sub-servicing agreement, as the case may be, such party or Servicing Function Participant shall provide a Back-Up
Certification to the Certifying Person pursuant to this Section 8.07(e) with respect to the period of time it was subject to this
Agreement or any applicable sub-servicing agreement, as the case may be. The Master Servicer shall enforce any obligation of the
Servicers, to the extent set forth in the related Servicing Agreement, to deliver to the Master Servicer a certification similar
to the Back-Up Certification as may be required pursuant to the related Servicing Agreement.

SECTION
8.08.TRUSTEE’S ANNUAL STATEMENT OF COMPLIANCE 

The Trustee
shall deliver (and the Trustee shall cause any Servicing Function Participant engaged by it to deliver) to the Manager on or before
March 10 (with a 5 calendar day cure period) of each year, commencing in March 201_, an Officer’s Certificate stating, as
to the signer thereof, that (A) a review of such party’s activities during the preceding calendar year or portion thereof
and of such party’s performance under this Agreement, or such other applicable agreement in the case of a Servicing Function
Participant, has been made under such officer’s supervision and (B) to the best of such officer’s knowledge, based
on such review, such party has fulfilled all its obligations under this Agreement, or such other applicable agreement in the case
of a Servicing Function Participant, in all material respects throughout such year or portion thereof, or, if there has been a
failure to fulfill any such obligation in any material respect, specifying each such failure known to such officer and the nature
and status thereof. Promptly after receipt of each such Officer’s Certificate, the Manager shall review such Officer’s
Certificate and, if applicable, consult with each such party, as applicable, as to the nature of any failures by such party, in
the fulfillment of any of such party’s obligations hereunder or, in the case of a Servicing Function Participant, under such
other applicable agreement.

Section
8.09.TRUSTEE’S ASSESSMENT OF COMPLIANCE AND ATTESTATION REPORT 

(a)By
March 10 (with a 5 calendar day cure period) of each year, commencing in March 201_, the Trustee, at its own expense, shall furnish,
and shall cause any Servicing Function Participant engaged by it to furnish, each at its own expense, to the Manager, a report
on an assessment of compliance with the Relevant Servicing Criteria that contains (A) a statement by such party of its responsibility
for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such party used the Servicing Criteria to assess
compliance with the Relevant Servicing Criteria, (C) such party’s assessment of compliance with the Relevant Servicing Criteria
as of and for the fiscal year covered by the Form 10-K required to be filed pursuant to Section 8.07(b), including, if there has
been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature
and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such party’s
assessment of compliance with the Relevant Servicing Criteria as of and for such period.

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(b)By
March 10 (with a 5 calendar day cure period) of each year, commencing in March 201_, the Trustee, at its own expense, shall cause,
and shall cause any Servicing Function Participant engaged by it to cause, each at its own expense, a registered public accounting
firm (which may also render other services to the Trustee or such other Servicing Function Participants, as the case may be) and
that is a member of the American Institute of Certified Public Accountants to furnish a report to the Manager, to the effect that
(i) it has obtained a representation regarding certain matters from the management of such party, which includes an assertion that
such party has complied with the Relevant Servicing Criteria, and (ii) on the basis of an examination conducted by such firm in
accordance with standards for attestation engagements issued or adopted by the PCAOB, it is expressing an opinion as to whether
such party’s compliance with the Relevant Servicing Criteria was fairly stated in all material respects, or it cannot express
an overall opinion regarding such party’s assessment of compliance with the Relevant Servicing Criteria. In the event that
an overall opinion cannot be expressed, such registered public accounting firm shall state in such report why it was unable to
express such an opinion. Such report must be available for general use and not contain restricted use language.

(c)Promptly
after receipt of such report on assessment of compliance and accountants’ report, (i) the Manager shall review such reports
and, if applicable, consult with the Trustee and any Servicing Function Participant engaged by the Trustee as to the nature of
any material instance of noncompliance with the Relevant Servicing Criteria by the Trustee, and (ii) the Trustee shall confirm
that the assessments, taken as a whole, address all of the Servicing Criteria and taken individually address the Relevant Servicing
Criteria for each party as set forth on Exhibit X and on any similar exhibit set forth in each Servicing Agreement in respect of
each Servicer, and that each assessment is coupled with an attestation meeting the requirements of this Section and notify the
Manager of any exceptions. The Trustee shall not be required to deliver any such assessments or accountants’ reports until
April 15 in any given year so long as it has received written confirmation from the Manager that a Form 10-K is not required to
be filed in respect of the Trust for the preceding calendar year.

SECTION
8.10. OTHER REPORTS BY TRUSTEE.

In addition
to any statements required to be delivered or prepared by the Trustee pursuant to Section 2.09, 8.02, 8.06, 8.07 to 8.09 or 10.01,
the Trustee shall deliver to the Issuer, within two Business Days after the request of the Issuer, a written report setting forth
the amount of each Pledged Account established hereunder and the identity of the investments included therein. Without limiting
the generality of the foregoing, the Trustee shall, upon the request of the Issuer, promptly transmit to the Issuer copies of all
accountings of, and information with respect to, collections furnished to it by the Master Servicer and shall promptly notify the
Issuer if on the second Business Day after any Distribution Account Deposit Date, the related Bond Distribution Amount or any portion
thereof has not been received by the Trustee.

SECTION
8.11.TRUST ESTATE; RELEASE AND DELIVERY OF MORTGAGE DOCUMENTS.

(a)The
Trustee may, and when required by the provisions of this Indenture shall, execute instruments in form supplied to it to release
property from the lien of this Indenture, or convey the Trustee’s interest in the same, in a manner and under circumstances
which are not inconsistent with the provisions of this Indenture and the TIA. No party relying upon an instrument executed by the
Trustee as provided in this Article VIII shall be bound to ascertain the Trustee’s authority, inquire into the satisfaction
of any conditions precedent or see to the application of any moneys.

(b)In
order to facilitate the servicing of the Pledged Mortgages by the Servicers, the Master Servicer is authorized under the Master
Servicing Agreement for the benefit of the Trustee, the Bondholders and the Issuer, to supervise, administer, monitor and oversee
the servicing of the Pledged Mortgages by the Servicers and the observance and performance by the Servicers of all services, duties,
responsibilities and obligations which are to be observed or performed by each Servicer pursuant to the Seller/Servicer Guide.

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(c) Upon
request by the Master Servicer accompanied by a Request for Release in the form of Exhibit D to the Master Servicing Agreement
to the effect that a Pledged Mortgage has been the subject of a Prepayment in Full or has otherwise been paid in full, together
with any other items required under Section 8.12, the Trustee shall promptly release the related Mortgage Documents and execute
such other documents as the Master Servicer may request to evidence satisfaction and discharge of such Pledged Mortgage.

(d)In
addition, if from time to time and as appropriate for the servicing or foreclosure of any Pledged Mortgage, or the other purposes
set forth in the Master Servicing Agreement, the Master Servicer requests the Trustee to release any related Mortgage Documents
or other documents contained in the Trustee Mortgage File relating to such Pledged Mortgage and delivers to the Trustee a Request
for Release in the form of Exhibit C to the Master Servicing Agreement to the Trustee and signed by a Servicing Officer, the Trustee
shall release the related Mortgage Documents to the Master Servicer if the applicable requirements of the Master Servicing Agreement
have been satisfied. If such Pledged Mortgage shall be liquidated and the Trustee receives an Issuer Request accompanied by a Request
for Release as provided in subsection (c) above, together with any other items required under Section 8.12, then the Trustee shall
release any documents with respect to such Pledged Mortgage still in its possession to or upon the order of the Issuer and shall
execute such other documents as the Master Servicer may request to evidence satisfaction and discharge of such Pledged Mortgage,
as set forth in subsection (c) above.

(e)The
Trustee shall, at such time as there are no Bonds Outstanding, release all of the Trust Estate to the Issuer (other than any cash
held for the payment of the Bonds pursuant to Section 3.03 or Section 4.02), subject, however, to Section 4.01 and the rights of
the Trustee under Section 6.07.

SECTION
8.09.AMENDMENTS TO THE MASTER SERVICING AGREEMENT.

The Trustee
may enter into or consent to any amendment or supplement to the Master Servicing Agreement or waive any Servicing Default only
in accordance with the applicable provisions of the Master Servicing Agreement. The Trustee may, in its discretion, decline to
enter into or consent to any such supplement or amendment or make any such waiver (i) unless the Trustee receives an Opinion of
Counsel that the interests of the Holders would not be materially adversely affected or (ii) if its own rights, duties or immunities
would be adversely affected.

SECTION
8.10.SERVICERS AND MASTER SERVICER AS AGENTS AND BAILEES OF TRUSTEE.

In order
to facilitate the servicing of the Pledged Mortgages by the each Servicer or by the Master Servicer, each Servicer shall deposit
in the Servicing Account proceeds of the Pledged Mortgages in accordance with the provisions of the Servicing Agreements, the Master
Servicing Agreement and this Indenture, prior to the time they are deposited into the Bond Account. In addition, on each Withdrawal
Date, the Master Servicer shall cause each Servicer to remit to the Master Servicer for deposit in the Bond Account all funds held
in the Servicing Account that are required to be remitted to the Master Servicer in accordance with the terms of the Servicing
Agreement and the Master Servicing Agreement. Solely for purposes of perfection under Section 9-305 of the Uniform Commercial Code
or similar provision of law in the state in which such property is held by the Servicers or the Master Servicer, the Trustee hereby
designates the Master Servicer and each Servicer as its agents and bailees to hold such funds with respect to the Pledged Mortgages
until they are deposited into the Distribution Account as well as its agents and bailees in holding any Mortgage Documents or other
documents contained in a Trustee Mortgage File released to it by the Trustee pursuant to Section 8.08(d), and any other items constituting
a part of the Trust Estate which from time to time come into possession of any Servicer or the Master Servicer. It is intended
that, by the Servicers’ and Master Servicer’s acceptance of such agency pursuant to the Servicing Agreements and the
Master Servicing Agreement, the Trustee, as secured party, will be deemed to have possession of such Mortgage Documents, such moneys
and such other items for purposes of Section 9-305 of the Uniform Commercial Code or similar provision of law of the states in
which such property is held by such Servicer or the Master Servicer.

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SECTION
8.11. OPINION OF COUNSEL.

The Trustee
shall be entitled to receive at least five Business Days’ notice of any action to be taken pursuant to Section 8.08(a) (other
than in connection with releases of Pledged Mortgages which were the subject of a Principal Prepayment in Full) accompanied by
copies of any instruments involved, and the Trustee shall be entitled to request an Opinion of Counsel, in form and substance reasonably
satisfactory to the 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. Counsel rendering any such opinion
may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the
Trustee in connection with any such action.

SECTION
8.12. RELEASE OF PLEDGED MORTGAGES.

(a)The
Issuer shall be entitled to request a release from the lien of this Indenture of any Pledged Mortgage at any time after such Pledged
Mortgage has been the subject of a Principal Prepayment in Full or in accordance with the requirements of Section 8.04 if:

		(i)	the Master Servicer has complied with all requirements imposed on it by Section 8.04 in connection
with such Pledged Mortgage (or is deemed to have complied with such requirements by reason of the provisions of Section 8.04(e));

		(ii)	at the time such release is requested, no Default or Event of Default has occurred and is continuing;
provided, however, that if a Pledged Mortgage has been the subject of a Principal Prepayment in Full, then the Trustee shall release
such Pledged Mortgage from the lien of this Indenture upon compliance with all other conditions of this subsection (a), notwithstanding
the existence of a Default or Event of Default;

		(iii)	the Master Servicer delivers to the Trustee an Officers’ Certificate (A) identifying the
Pledged Mortgage to be released, (B) requesting the release thereof, (C) setting forth the amount deposited in the Bond Account
with respect thereto, if any, and (D) certifying that the conditions set forth in clauses (i) and (ii) above have been satisfied;
and

		(iv)	the Issuer delivers to the Trustee a certificate of fair value if required by Section 314(d)(1)
or Section 314(d)(3) of the TIA.

(b)Upon
satisfaction of the conditions specified in subsection (a) of this Section 8.12, the Trustee shall release from the lien of this
Indenture and deliver to or upon the order of the Master Servicer the Pledged Mortgage to be released (including all related Mortgage
Documents) described in the Master Servicer’s Request for Release.

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ARTICLE
IX

SUPPLEMENTAL
INDENTURES

 

SECTION
9.01.SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF BONDHOLDERS.

Without the
consent of the Holders of any Bonds, the Issuer and the Trustee, at any time and from time to time, may enter into one or more
indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:

		(1)	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 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;

		(2)	to add to the conditions, limitations and restrictions on the authorized amount, terms and purposes
of the issuance, authentication and delivery of any Bonds, as herein set forth, additional conditions, limitations and restrictions
thereafter to be observed;

		(3)	to evidence the succession of another Person to the Issuer, and the assumption by any such successor
of the covenants of the Issuer herein and in the Bonds contained;

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

		(5)	to cure any ambiguity, to correct or supplement any provision herein which may be defective or
inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under
this Indenture, which shall not be inconsistent with the provisions of this Indenture, provided that such action shall not adversely
affect the interests of the Holders of the Bonds (any such action shall be deemed not to adversely affect the interests of the
Bondholders if the Issuer delivers to the Trustee letters from each Rating Agency to the effect that such action will not result
in a downgrading of the Bonds);

		(6)	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; or

		(7)	to set forth the terms of Additional Bonds and to pledge Additional Mortgage Collateral for such
Additional Bonds.

The 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, but the Trustee shall not be obligated to enter into any such supplemental indenture
that affects the Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise except to the
extent required by law.

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The Trustee
may in its discretion determine whether or not the rights of the Holder of Bonds would be adversely affected by any supplemental
indenture, and any such determination shall be conclusive upon the Holders of all Bonds, whether theretofore or thereafter authenticated
and delivered hereunder. In making such determination, a supplemental indenture shall be conclusively deemed by the Trustee not
to adversely affect the Bonds if (i) the Trustee receives a letter or other writing from each Rating Agency rating the Bonds to
the effect that execution of the supplemental indenture will not result in any change in the current rating assigned by that Rating
Agency to the Bonds and (ii) the supplemental indenture effects no change in principal priority schedules, interest rates, Redemption
Prices, substitution of Mortgage Collateral, Payment Dates, Record Dates, Accounting Dates, terms or optional Redemption, the application
of surplus to the payment of the Bonds or other payment terms. The Trustee shall not be liable for any such determination made
in good faith.

[The Trustee
shall provide the Bond Insurer, if any, with a copy of any supplemental indenture executed pursuant to this Section, by first class
mail mailed to the Bond Insurer within five Business Days after the execution of such supplemental indenture. Notwithstanding the
foregoing, no supplemental indenture that changes in any way any of the payment terms of the Bonds may be entered into without
the prior written consent of such Bonder Insurer.]

SECTION
9.02.SUPPLEMENTAL INDENTURES WITH CONSENT OF BONDHOLDERS.

With the
consent of the Holders of Bonds representing not less than two-thirds of the aggregate Class Principal Amount of the Controlling
Class by Act of said Holders delivered to the Issuer and the Trustee [and the Bond Insurer], the Issuer and the Trustee may 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 Bonds under this Indenture;
provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Bond affected
thereby:

		(1)	change the Stated Maturity of the final installment of the principal of, or any installment of
interest on, any Bond or reduce the principal amount thereof, the Bond Interest Rate thereon or the Redemption Price with respect
thereto, change the earliest date on which any Bond may be redeemed at the option of the Issuer, change any place of payment where,
or the coin or currency in which, any Bond or any interest thereon is payable, or impair the right to institute suit for the enforcement
of the payment of any installment of interest due on any Bond on or after the Stated Maturity thereof or for the enforcement of
the payment of the entire remaining unpaid principal amount of any Bond on or after the Stated Maturity of the final installment
of the principal thereof (or, in the case of redemption, on or after the applicable Optional Redemption Date);

		(2)	reduce the percentage of the aggregate Class Principal Amount of the Controlling Class, 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 provisions of this Indenture or Defaults hereunder and their consequences provided for in this Indenture;

		(3)	modify any of the provisions of this Section, Section 5.14 or Section 5.18(b) except to increase
any percentage specified therein or to provide that certain other provisions of this Indenture cannot be modified or waived without
the consent of the Holder of each Outstanding Bond affected thereby;

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

		(5)	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 (except for Permitted Encumbrances) or terminate the lien of this Indenture on any
property at any time subject hereto or deprive the Holder of any Bond of the security afforded by the lien of this Indenture; or

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		(6)	modify any of the provisions of this Indenture in such manner as to materially and adversely affect
rights of the Holders of the Controlling Class to the benefits of any provisions for the mandatory redemption of Bonds contained
herein.

The Trustee
may in its discretion determine whether or not the rights of the Holder of any Controlling Class would be materially and adversely
affected by any supplemental indenture and any such determination shall be conclusive upon the Holders of all Bonds authenticated
and delivered hereunder. The Trustee shall not be liable for any such determination made in good faith.

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

Promptly
after the execution by the Issuer and the Trustee of any supplemental indenture pursuant to this Section, the Trustee shall mail
to the Holders of the Bonds to which such supplemental indenture relates [and to the Bond Insurer] a notice setting forth in general
terms the substance of such supplemental indenture. Any failure of the 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 accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby
of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 6.01) 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 Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the
Trustee’s own rights, duties or immunities under this Indenture or otherwise.

SECTION
9.04. EFFECT OF SUPPLEMENTAL INDENTURES.

Upon the
execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such
supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Bonds to which such supplemental
indenture relates which have theretofore been or thereafter are authenticated and delivered hereunder shall be bound thereby.

SECTION
9.05. CONFORMITY WITH TRUST INDENTURE ACT.

Every supplemental
indenture executed pursuant to this Article shall conform to the requirements of the TIA as then in effect so long as this Indenture
shall then be qualified under the TIA.

SECTION
9.06.REFERENCE IN BONDS TO SUPPLEMENTAL INDENTURES.

Bonds authenticated
and delivered after the execution of any supplemental indenture pursuant to this Article may, and if required by the Trustee shall,
bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Issuer shall
so determine, new Bonds so modified as to conform, in the opinion of the Trustee and the Issuer, to any such supplemental indenture
may be prepared and executed by the Issuer and authenticated and delivered by the Trustee in exchange for Controlling Class.

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SECTION
9.07.AMENDMENTS TO DEPOSIT TRUST AGREEMENT OR MASTER SERVICING AGREEMENT.

The Trustee
shall, upon Issuer Request, consent to any proposed amendment to the Deposit Trust Agreement or Master Servicing Agreement, or
an amendment to or waiver of any provision of any other document relating to the Deposit Trust Agreement or Master Servicing Agreement,
such consent to be given without the necessity of obtaining the consent of the Holders of any Bonds upon receipt by the Trustee
of:

		(i)	an Opinion of Counsel to the effect that such amendment or waiver will not materially and adversely
affect the interests of the Holders of the Bonds and that all conditions precedent to such consent specified in this Section 9.07
have been satisfied; provided, however, that no such Opinion of Counsel shall be required if the Person requesting the amendment
obtains a letter from each Rating Agency stating that the amendment would not result in the downgrading or withdrawal of the respective
ratings then assigned to the Bonds; it being understood and agreed that any such letter in and of itself will not represent a determination
as to the materiality of any such amendment and will represent a determination only as to the credit issues affecting any such
rating;

		(ii)	an Officers’ Certificate, to which such proposed amendment or waiver shall be attached, stating
that such attached copy is the true copy of the proposed amendment or waiver and that all conditions precedent to such consent
specified in this Section 9.07 have been satisfied;

		(iii)	written confirmation from the Rating Agencies that the implementation of the proposed amendment
or waiver will not adversely affect their rating of the Bonds; and

		(iv)	any other document required pursuant to Section 11.01.

Notwithstanding
the foregoing, the Trustee may decline to consent to a proposed waiver or amendment that adversely affects its own rights, duties
or immunities under this Indenture or otherwise.

Nothing in
this Section 9.07 shall be construed to require that any Person obtain the consent of the Trustee to any amendment or waiver or
any provision of any document where the making of such amendment or the giving of such waiver without obtaining the consent of
the Trustee is not prohibited by this Indenture or by the terms of the document that is the subject of the proposed amendment or
waiver.

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ARTICLE
X

REDEMPTION
OF BONDS

 

SECTION
10.01. SPECIAL REDEMPTION; REDEMPTION.

(a)The
Bonds shall not be subject to special redemption.

(b)The
Bonds shall be subject to redemption by the Issuer, in whole but not in part, at the option of the Issuer, on any Payment Date
on or after the Payment Date on which the sum of (i) the Invested Amount, (ii) the Senior Class Principal Amount, (iii) the Class
[B-1] Principal Amount and (iv) the Class [B-2] Principal Amount, after giving effect to payments expected to be made on such Payment
Date, is __% or less than the aggregate of the Stated Principal Balances of the Pledged Mortgages as of the Cut-Off Date [(including
the Additional Bonds)], on the terms and conditions specified in this subsection (b) at the Redemption Price. If the Issuer elects
to so redeem the Bonds, it shall, no later than 30 days prior to the Optional Redemption Date selected for such redemption, deliver
notice of such election to the Trustee, together with the Redemption Price therefor to be deposited in the Distribution Account,
an Issuer Order directing the Trustee to effect such redemption, any certification and opinion required pursuant to Section 11.01
and a form of redemption notice. All Bonds so redeemed shall be due and payable on such Optional Redemption Date upon the giving
of the notice thereof required by Section 10.02.

SECTION
10.02. FORM OF REDEMPTION NOTICE.

Notice of
redemption shall be given by the Trustee in the name of and at the expense of the Issuer by first class mail, postage prepaid,
mailed not less than five days prior to the applicable Optional Redemption Date (but in no event prior to the date on which the
Redemption Price with respect to the Bonds to be redeemed pursuant to subsection (b) of Section 10.01 has been deposited in the
Distribution Account) to each Holder of Bonds to be redeemed, such Holders being determined as of the last day of the month preceding
the month in which such Optional Redemption Date occurs (the “Optional Redemption Record Date”).

All notices
of redemption shall state:

		(1)	the Optional Redemption Date; and

		(2)	the fact of such payment in full, the place where such Bonds are to be surrendered for payment
of the Redemption Price (which shall be the office or agency of the Issuer to be maintained as provided in Section 3.02) and that
no interest shall accrue on such Bond for any period after the last day of the month preceding the month in which the date fixed
for redemption occurs. Failure to give notice of redemption, or any defect therein, to any Holder of any Bond selected for redemption
shall not impair or affect the validity of the redemption of any other Bond.

SECTION
10.03. BONDS PAYABLE ON OPTIONAL REDEMPTION DATE.

Notice of
redemption having been given as provided in Section 10.02, the Bonds or portions thereof so to be redeemed shall, on the applicable
Optional Redemption Date, become due and payable at the Redemption Price and (unless the Issuer shall default in the payment of
the Redemption Price) no interest shall accrue on such Redemption Price for any period after the last day of the month preceding
the month in which such Optional Redemption Date occurs.

ARTICLE
XI

MISCELLANEOUS

 

SECTION
11.01. COMPLIANCE CERTIFICATES AND OPINIONS.

Upon any
application or request by the Issuer to the Trustee to take any action under any provision of this Indenture, the Issuer shall
furnish to the Trustee an Officers’ Certificate stating that all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with and 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 relating to such particular application
or request, no additional certificate or opinion need be furnished.

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Every certificate,
opinion or letter with respect to compliance with a condition or covenant provided for in this Indenture (including one furnished
pursuant to specific requirements of this Indenture relating to a particular application or request) shall include:

		(1)	a statement that each individual signing such certificate, opinion or letter has 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, opinion or letter are based;

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

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

SECTION
11.02. FORM OF DOCUMENTS DELIVERED TO 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 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 other certificate or opinion is based are erroneous. Any
such Issuer certificate or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion
of, or representations by, an Authorized Officer or Officers of the Owner Trustee or a certificate of the officers of the Depositor
or the manager of the Issuer, stating that the information with respect to such factual matters is in the possession of the Owner
Trustee, or the Depositor or the manager of the Issuer, unless such officer or 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. Any Opinion of
Counsel may be based on the written opinion of other counsel, in which event such Opinion of Counsel shall be accompanied by a
copy of such other counsel’s opinion and shall include a statement to the effect that such counsel believes that such counsel
and the Trustee may reasonably rely upon the opinion of such other counsel.

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.

Wherever
in this Indenture, in connection with any application or certificate or report to the 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 Trustee’s right to rely upon the truth and accuracy of any statement
or opinion contained in any such document as provided in Section 6.01(b)(2).

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Whenever
in this Indenture it is provided that the absence of the occurrence and continuation of a Default or Event of Default is a condition
precedent to the taking of any action by the Trustee at the request or direction of the Issuer, then, notwithstanding that the
satisfaction of such condition is a condition precedent to the Issuer’s right to make such request or direction, the Trustee
shall be protected in acting in accordance with such request or direction if it does not have knowledge of the occurrence and continuation
of such Default or Event of Default as provided in Section 6.01(d).

SECTION
11.03. ACTS OF BONDHOLDERS.

(a)Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken
by Bondholders may be embodied in any evidence by one or more instruments of substantially similar tenor signed by such Bondholders
in person or by an agent 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 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 Bondholders 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 Trustee and the Issuer, if made in the manner provided in this Section.

(b)The
fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such
execution or by the certificate of any notary public or other officer authorized by law to take acknowledgements of deeds, certifying
that the individual signing such instrument or writing acknowledged to him or her the execution thereof. Whenever such execution
is by an officer of a corporation or a member of a partnership on behalf of such corporation or partnership, such certificate or
affidavit shall also constitute sufficient proof of his or her authority.

(c) The
ownership of Bonds shall be proved by the Bond Register.

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

SECTION
11.04. NOTICES, ETC. TO TRUSTEE AND ISSUER.

Any request,
demand, authorization, direction, notice, consent, waiver or Act of Bondholders or other documents provided or permitted by this
Indenture to be made upon, given or furnished to, or filed with:

		(1)	the Trustee by any Bondholder or by the Issuer shall be sufficient for every purpose hereunder
if made, given, furnished or filed in writing to or with and received by the Trustee at its Corporate Trust Office;

		(2)	the Issuer by the Trustee or by any Bondholder shall be sufficient for every purpose hereunder
(except as provided in Sections 5.01(3) and (4)) if in writing and mailed, first-class, postage prepaid, to the Issuer addressed
to it c/o ____________________________________________, Attention: Corporate Trust Administration, or at any other address previously
furnished in writing to the Trustee by the Issuer;

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		(3)	any Rating Agency by the Trustee, the Issuer or the Master Servicer shall be sufficient for every
purpose hereunder if made, given, furnished or filed in writing to or with and received by such Rating Agency at the address specified
therefor in the definition corresponding to the name of such Rating Agency; or

		[(4)	the Bond Insurer by the Trustee, the Issuer or any Bondholder shall be sufficient for every purpose
hereunder if in writing and mailed, first-class, postage prepaid to the Bond Insurer at ________________ _____________________.]

		SECTION 11.05.	NOTICES AND REPORTS TO BONDHOLDERS;
WAIVER OF NOTICES.

Where this
Indenture provides for notice to Bondholders of any event or the mailing of any report to Bondholders, such notice or report shall
be sufficiently given (unless otherwise herein expressly provided) if mailed, first-class, postage prepaid, to each Bondholder
affected by such event or to whom such report is required to be mailed, at the address of such Bondholder as it appears on the
Bond Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice
or the mailing of such report. In any case where a notice or report to Bondholders is mailed in the manner provided above, neither
the failure to mail such notice or report, nor any defect in any notice or report so mailed, to any particular Bondholder shall
affect the sufficiency of such notice or report with respect to other Bondholders, and any notice or report which is mailed in
the manner herein provided shall be conclusively presumed to have been duly given or provided.

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. Waiver of notice by any Bondholder shall
be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon
such 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 Bondholders 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 Trustee shall be deemed to be a sufficient giving of such
notice.

Where this
Indenture provides for notice to Bondholders of any event, such notice shall also be sent to ______________________________________
__________________________, so long as [ ] is a Rating Agency.

SECTION
11.06. RULES BY TRUSTEE AND AGENTS.

The Trustee
may make reasonable rules for any meeting of Bondholders. Any Agent may make reasonable rules and set reasonable requirements for
its functions.

SECTION
11.07. CONFLICT WITH TRUST INDENTURE ACT.

If this Indenture
is qualified under the TIA and any provision hereof limits, qualifies or conflicts with another provision hereof which is required
to be included in this Indenture by any of the provisions of the TIA, such required provision shall control.

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SECTION
11.08. EFFECT OF HEADINGS AND TABLE OF CONTENTS.

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

SECTION
11.09. SUCCESSORS AND ASSIGNS.

All covenants
and agreements in this Indenture by the Issuer shall bind its successors and assigns, whether so expressed or not.

SECTION
11.10. SEPARABILITY.

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

SECTION
11.11. BENEFITS OF INDENTURE.

Nothing in
this Indenture or in the Bonds, expressed or implied, shall give to any Person, other than the parties hereto and their successors
hereunder, any separate trustee or co-trustee appointed under Section 6.14 and the Bondholders, any benefit or any legal or equitable
right, remedy or claim under this Indenture.

SECTION
11.12. LEGAL HOLIDAYS.

In any case
where the date of any Payment Date, Redemption Date or any other date on which principal of, or interest on, any Bond is proposed
to be paid shall not be a Business Day, then (notwithstanding any other provision of the Bonds 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
nominal date of any such Payment Date, Optional Redemption Date or other date for the payment of principal of, or interest on,
any Bond, as the case may be, and no interest shall accrue for the period from and after any such nominal date, provided such payment
is made in full on such next succeeding Business Day.

SECTION
11.13. GOVERNING LAW.

This Indenture
and each Bond shall be construed in accordance with and governed by the substantive laws of the State of New York applicable to
agreements made and to be performed in the State of New York and the obligations, rights and remedies of the parties hereto and
the Bondholders shall be determined in accordance with such laws.

SECTION
11.14. COUNTERPARTS.

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

SECTION
11.15. RECORDING OF INDENTURE.

This Indenture
is subject to recording in any appropriate public recording office, such recording to be effected by the Issuer and at its expense
in compliance with any Opinion of Counsel delivered pursuant to Section 2.12(c) or Section 3.06.

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SECTION
11.16. ISSUER OBLIGATION.

No recourse
may be taken, directly or indirectly, against (i) the Bank, (ii) any incorporator, subscriber to the capital stock, stockholder,
officer or director of the Bank or of any predecessor or successor of the Bank, (iii) any holder of a beneficial interest in the
Issuer (solely in its capacity as such), (iv) any incorporator, subscriber to the capital stock, stockholder, partner, beneficiary,
agent, officer, director, employee, or successor or assign of a holder of a beneficial interest in the Issuer, (v) the Depositor
or any Affiliate thereof (other than the Issuer) or (vi) any incorporator, subscriber to the capital stock, stockholder, officer,
director or employee of the Trustee or any predecessor or successor of the Trustee with respect to the Issuer’s obligation
with respect to the Bonds or the obligation of the Issuer or the Trustee under this Indenture or any certificate or other writing
delivered in connection herewith or therewith.

SECTION
11.17. INSPECTION.

The Issuer
agrees that, on reasonable prior notice, it will permit any representative of the Trustee, during the Issuer’s normal business
hours, to examine all 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 Accountants selected by the Trustee, and to discuss its affairs, finances and
accounts with its officers, employees and Independent Accountants (and by this provision the Issuer hereby authorizes its Accountants
to discuss with such representatives such affairs, finances and accounts), all at such reasonable times and as often as may be
reasonably requested. Any expense incident to the exercise by the Trustee of any rights under this Section 11.17 shall be borne
by the Issuer.

SECTION
11.18. USURY.

The amount
of interest payable or paid on any Bond under the terms of this Indenture shall be limited to an amount which shall not exceed
the maximum nonusurious rate of interest allowed by the applicable laws of the United States or the State of New York (whichever
shall permit the higher rate), which could lawfully be contracted for, charged or received (the “Highest Lawful Rate”).
In the event any payment of interest on any Bond exceeds the Highest Lawful Rate, the Issuer stipulates that such excess amount
will be deemed to have been paid as a result of an error on the part of both the Trustee, acting on behalf of the Holder of such
Bond, and the Issuer, and the Holder receiving such excess payment shall promptly, upon discovery of such error or upon notice
thereof from the Issuer or the Trustee, refund the amount of such excess or, at the option of the Trustee, apply the excess to
the payment of principal of such Bond, if any, remaining unpaid.

SECTION
11.19. NO PETITION.

The Trustee,
by entering into this Indenture, and each Bondholder, by accepting a Bond, 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 Bonds, this Indenture or any of the Operative Agreements.

ARTICLE
XII

THE
BOND INSURER

    	83

    	 

    

 

SECTION
12.01.CERTAIN MATTERS REGARDING THE BOND INSURER AND THE BOND INSURANCE POLICY.

[as set forth
in the applicable policy]

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IN WITNESS
WHEREOF, each party has caused this Indenture to be executed by its duly authorized officer or officers as of the day and year
first above written.

 

SEQUOIA MORTGAGE TRUST
201_-_,

as Issuer

 

By:

not in its individual capacity
but

solely as Owner Trustee

 

 

By:

Name:

Title:

 

 

 

as Trustee

 

 

By:

Name:

Authorized Officer

 

 

By:

Name:

Title:

 

 

    	85

    	 

    

STATE OF DELAWARE)

 ) ss.:

COUNTY OF NEW CASTLE)

 

On the ____
day of _____________ in the year one thousand nine hundred and ninety-_____ before me personally came __________________________,
to me known, who being by me duly sworn did depose and say that she/he resides in _______________, that she/he is the ______________________
of ________________, the corporation described in and which executed the above instrument and that she/he signed her/his name thereto
by authority of the Board of Directors of said corporation.

[NOTARIAL SEAL]

 

Notary Public

STATE OF _________________)

) ss.:

COUNTY OF ________________)

 

On the ____
day of __________, 201__, before me, a notary public in and for said State, personally appeared ___________________________, known
to me (or proved to me on the basis of satisfactory evidence) to be a __________________ of ____________________________________,
the ___________________ corporation that executed the within instrument, and also known to me (or proved to me on the basis of
satisfactory evidence) to be the persons who executed it on behalf of said _____________________ corporation, and acknowledged
to me that such ___________________ corporation executed the within instrument.

IN WITNESS
WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

[NOTARIAL SEAL]

Notary Public

    	86

    	 

    

EXHIBIT
I

LETTER
AGREEMENT WITH THE DEPOSITORY

    	87

    	 

    

EXHIBIT
II 

FORM
OF SENIOR BOND

The form
of Senior Bond is as follows:

PRINCIPAL
OF THIS BOND IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE CLASS PRINCIPAL AMOUNT OF THIS BOND AT ANY TIME MAY
BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. THE CLASS PRINCIPAL AMOUNT OF THIS BOND MAY BE ASCERTAINED ONLY BY OBTAINING
A CONFIRMATION THEREOF FROM THE TRUSTEE UNDER THE INDENTURE REFERRED TO BELOW.

UNLESS THIS
BOND IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY BOND SO ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR USE HEREOF,
FOR VALUE OR OTHERWISE, BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

SEQUOIA MORTGAGE TRUST 201_-_,

a Delaware Statutory Business Trust

 

Collateralized Mortgage Bonds

CLASS [A-1]

 

DUE: __________ ___, _____

ACCRUAL DATE: __________ ___, _____

ISSUE DATE: __________ ___, _____

[ ] INTEREST RATE

 

Initial Class Principal

Amount of this Bond:

 

$____________________  CUSIP
NO.___

CERTIFICATE NUMBER
1

 

Sequoia Mortgage
Trust 201 _-_ (the “Issuer”), a statutory business trust formed under the Deposit Trust Agreement dated as of _____________
___, 201__ and having _________________________, a Delaware bank and trust company, as Owner Trustee, for value received, hereby
promises to pay to CEDE & CO. or registered assigns, the principal sum of [AMOUNT IN WORDS] ($_______) in monthly installments
on the ____________ day of each month, commencing on ________ _ ___, _____ (each, a “Payment Date”), and ending on
or before __________ ___, _____, (the “Stated Maturity” of such final installment of principal), and to pay interest
(computed on the basis of a 360-day year of twelve 30-day months) on the Class Principal Amount (as defined in the Indenture hereinafter
referred to) of this Bond from time to time from _________ ___, _____ (the “Accrual Date”), or such later date to which
interest has been paid, through the last day of the month preceding the month in which the principal amount of this Bond is paid
in full, at a [variable/fixed] rate determined as described below, such interest being payable monthly on each Payment Date. If
any Payment Date shall not be a “Business Day” (as defined in the Indenture), payment of the amount due will be made
on the next succeeding Business Day.

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Installments
of principal of this Bond are due and payable as described in the Indenture.

Interest
payable on this Bond on a Payment Date will be equal to the amount of interest that has accrued on the Class Principal Amount of
this Bond during the one-month period ending on the last day of the month preceding the month in which each such Payment Date occurs
(each, an “Interest Accrual Period”).

The principal
of, and interest on, this Bond are payable in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Bond shall be applied
as set forth in the Indenture. Any installment of principal or interest which is not paid when and as due shall bear interest as
described in the Indenture.

Unless the
certificate of authentication hereon has been executed by the Trustee by manual signature, this Bond shall not be entitled to any
benefit under the Indenture, or be valid or obligatory for any purpose.

IN WITNESS
WHEREOF, Sequoia Mortgage Trust 201_-_ has caused this instrument to be duly executed by its duly authorized officer.

Dated:_______________

SEQUOIA MORTGAGE TRUST 201_-_

 

By:

not in its individual capacity

but solely as Owner Trustee

 

 

By:

Title:

 

 

CERTIFICATE OF AUTHENTICATION

This is one
of the Bonds referred to in the within-mentioned Indenture.

,

as Trustee

By:

Authorized Signatory

This Bond
is one of a duly authorized issue of Bonds of the Issuer, designated as its Collateralized Mortgage Bonds, Series 201_-_ (herein
called the “Bonds”). The Bonds are issuable in one or more classes; the Bonds of particular Classes being herein called
the Class [A-1], Class [B-1] and Class [B-2] Bonds, all issued and to be issued under the Issuer’s Indenture dated as of
____________ ___, 201__ between the Issuer and _______________________________ (the “Trustee”, which term includes
any successor Trustee under the Indenture), which authorized the Bonds, and reference is hereby made thereto for a statement of
the respective rights thereunder of the Issuer, the Trustee and the Holders of the Bonds of each particular Class thereof and the
terms upon which the Bonds of each Class are, and are to be, authenticated and delivered.

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The Class
[A-1] Bonds constitute “Senior Bonds” and the Class [B-1] Bonds and the Class [B-2] Bonds constitute “Subordinated
Bonds”.

All terms
used in this Bond which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

The Bond
Interest Rate for the Senior Bonds (the “Senior Bond Interest Rate”) and any Interest Accrual Period will equal _______________.

As provided
in the Indenture, the Bonds are issuable in Classes which may vary as is provided or permitted in the Indenture. Bonds of each
Class are equally and ratably secured by the collateral pledged as security therefor to the extent provided by the Indenture.

For each
Principal Payment Date, the aggregate amount of each installment of principal due and payable on the Senior Bonds will be equal
to the Senior Principal Payment Amount for such Payment Date. The Senior Principal Payment Amount for any Payment Date is equal
to the Senior Percentage of the sum of (a) the principal portion of the Scheduled Payment due on each Pledged Mortgage [on the
related Due Date], (b) the principal portion of the purchase price of each Pledged Mortgage that was purchased by [_________] or
another person pursuant to the Mortgage Loan Purchase Agreement [or any optional purchase by the Master Servicer of a defaulted
Pledged Mortgage] as of such Payment Date, (c) the Substitution Adjustment Amount in connection with any Deleted Pledged Mortgage
received with respect to such Payment Date, (d) any Insurance Proceeds or Liquidation Proceeds allocable to recoveries of principal
of Pledged Mortgages that are not yet Liquidated Pledged Mortgages received during the [calendar month] preceding the month of
such Payment Date, (e) with respect to each Pledged Mortgage that became a Liquidated Pledged Mortgage during the [calendar month]
preceding the month of such Payment Date, the Stated Principal Balance of such Pledged Mortgage, and (f) all partial and full principal
prepayments by borrowers received during the related Prepayment Period.

Payments
of principal or interest, if any, on the Bonds will be made on each Payment Date, commencing on ____________ ___, 201__, in the
manner and in accordance with the priorities for the Bonds provided in the Indenture.

The entire
unpaid principal amount of each Class of Bonds shall be due and payable, if not then previously paid, on the Stated Maturity of
the final installment of principal of such Class.

All payments
of principal of, and interest on, the Bonds shall be made only from the Trust Estate Granted as security for the Bonds and any
other assets of the Issuer that have not been Granted as security for any other bonds or obligations of the Issuer, and each Holder
hereof, by its acceptance of this Bond, agrees that it will have recourse solely against such Trust Estate and such other assets
of the Issuer and that neither ________________________ in its individual capacity, any holder of a beneficial interest in the
Issuer nor any of their respective shareholders, partners, beneficiaries, agents, officers, directors, employees, successors or
assigns shall be personally liable for any amounts payable, or performance due, under this Bond or the Indenture.

Payment of
the then remaining unpaid principal amount of this Bond on the Stated Maturity of its final installment of principal or on such
earlier date as the Issuer shall be required to pay the then remaining unpaid principal amount of this Bond or payment of the Redemption
Price payable on any date as of which this Bond has been called for redemption in full, shall be made upon presentation of this
Bond to the office or agency of the Issuer maintained for such purpose. Payments of interest on this Bond due and payable on each
Payment Date or on any Optional Redemption Date, to the extent this Bond is not being paid in full, together with any installment
of principal of this Bond due and payable on each Payment Date or the Optional Redemption Date, to the extent not in full payment
of this Bond, shall be made by check mailed to the Person whose name appears as the registered Holder of this Bond (or one or more
Predecessor Bonds) on the Bond Register as of the last day of the month preceding the month in which such Payment Date occurs (each
a “Record Date”).

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Checks for
amounts which include installments of principal due on this Bond shall be mailed to the Person entitled thereto at the address
of such Person as it appears on the Bond Register as of the applicable Record Date without requiring that this Bond be submitted
for notation of payment and checks returned undelivered will be held for payment to the Person entitled thereto, subject to the
terms of the Indenture, at the office or agency in the United States of America designated by the Issuer for such purpose pursuant
to the Indenture. Any reduction in the principal amount of this Bond (or any one or more Predecessor Bonds) effected by any payments
made on any Payment Date shall be binding upon all Holders of this Bond and of any Bond issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not noted hereon.

If funds
are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of
this Bond on a Payment Date or Optional Redemption Date which is prior to the Stated Maturity of the final installment of principal
hereof, then the Trustee, on behalf of the Issuer, will notify the Person who was the registered Holder hereof on the last day
of the month prior to the month in which such Payment Date or Optional Redemption Date occurs, and the amount then due and payable
shall, if sufficient funds therefor are available, be payable only upon presentation of this Bond to the office or agency of the
Issuer maintained for such purpose.

The failure
of the Issuer to pay when and as due any installment of principal of (regardless of the lapse of any grace period) any Senior Bond
shall not constitute an Event of Default under the Indenture unless the Senior Class Principal Amount exceeds the aggregate Stated
Principal Balances of the Pledged Mortgages after application of all available amounts on deposit in the Distribution Account on
a Payment Date.

If an Event
of Default as defined in the Indenture shall occur and be continuing with respect to the Bonds, the Bonds may become or be declared
due and payable in the manner and with the effect provided in the Indenture. If any such acceleration of maturity occurs prior
to the Stated Maturity of the final installment of principal of this Bond, the amount payable to the Holder of this Bond will be
equal to the Class Principal Amount of this Bond on the date this Bond becomes so due and payable, together with accrued interest.
Following the acceleration of the maturity of the Bonds, all amounts collected as proceeds of the collateral securing the Bonds
or otherwise shall be applied as described in the Indenture. Following such acceleration, interest on any overdue installments
of interest on all Bonds shall be payable at the rate set forth in the Indenture.

The Bonds
are not prepayable or redeemable at the option or direction of the Issuer except that the Bonds are subject to redemption in whole,
but not in part, at the option of the Issuer on any Payment Date on or after the Payment Date on which the sum of (i) the Invested
Amount, (ii) the Senior Class Principal Amount, (iii) the Class [B-1] Principal Amount and (iv) the Class [B-2] Principal Amount,
after giving effect to payments expected to be made on such Payment Date, is __% or less of the aggregate of the Stated Principal
Balances of the Pledged Mortgages as of the Cut- Off Date. Any such redemption at the option of the Issuer shall be at a price
equal to 100% of the unpaid principal amount of the Bonds (including, in the case of the Subordinated Bonds, any unpaid Class [B-1]
Principal Carryover Shortfall and/or Class [B-2] Principal Carryover Shortfall) so redeemed plus accrued interest through the last
day of the month preceding the month in which such optional redemption occurs.

    	91

    	 

    

 

As provided
in the Indenture and subject to certain limitations therein set forth, the transfer of this Bond may be registered on the Bond
Register of the Issuer, upon surrender of this Bond for registration of transfer at the office or agency designated by the Issuer
pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee
duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Bonds of the same
Class, of authorized denominations and in the same aggregate initial principal amount, will be issued to the designated transferee
or transferees.

Prior to
the due presentment for registration of transfer of this Bond, the Issuer, the Trustee, and any agent of the Issuer shall treat
the Person in whose name this Bond is registered (i) on any Record Date, for purposes of making payments, and (ii) on any other
date for any other purposes, as the owner hereof, whether or not this Bond be overdue, and neither the Issuer, the Trustee nor
any such agent shall be affected by notice to the contrary.

The Indenture
permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Issuer and the rights of the Holders of the Bonds under the Indenture at any time by the Issuer with the consent of the
Holders of Bonds representing two-thirds of the aggregate Class Principal Amount of the Controlling Class. The Indenture also contains
provisions permitting the Holders of Bonds representing specified percentages of the aggregate Class Principal Amount of the Controlling
Class on behalf of the Holders of all the Bonds of such Class, to waive compliance by the Issuer with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder, at the
time of the giving thereof, of this Bond (or any one or more Predecessor Bonds) shall be conclusive and binding upon such Holder
and upon all future holders of this Bond and of any Bond issued upon the registration of transfer hereof or in exchange herefor
or in lieu hereof whether or not notation of such consent or waiver is made upon this Bond. The Indenture also permits the Trustee
to amend or waive certain terms and conditions set forth in the Indenture without the consent of the Holders of the Bonds of any
Series issued thereunder.

The Senior
Bonds are “Book Entry Bonds” which will be available to investors only through the book entry facilities of The Depository
Trust Company, and bond certificates for all Classes of Bonds will be available only under certain limited circumstances as described
in the Indenture.

AS PROVIDED
IN THE INDENTURE, THIS BOND AND THE INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF
NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

No reference
herein to the Indenture and no provision of this Bond or of the Indenture shall alter or impair the obligation of the Issuer, which
is absolute and unconditional to the extent permitted by applicable law, to pay the principal of, and interest on, this Bond at
the times, place and rate, and in the coin or currency herein prescribed.

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EXHIBIT
III 

FORM
OF A CLASS [B-1] BOND

 

The form
of a Class [B-1] Bond is as follows:

PRINCIPAL
OF THIS BOND IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE CLASS PRINCIPAL AMOUNT OF THIS BOND AT ANY TIME MAY
BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. THE CLASS PRINCIPAL AMOUNT OF THIS BOND MAY BE ASCERTAINED ONLY BY OBTAINING
A CONFIRMATION THEREOF FROM THE TRUSTEE UNDER THE INDENTURE REFERRED TO BELOW.

UNLESS THIS
BOND IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY BOND ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS BOND
IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR BONDS AS DESCRIBED IN THE INDENTURE REFERRED TO HEREIN.

THE FOLLOWING
INFORMATION IS PROVIDED SOLELY FOR THE PURPOSE OF APPLYING THE U.S. FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT (“OID”)
RULES TO THIS BOND. THE ISSUE DATE OF THIS BOND IS __________ ___, 201__. THE PER ANNUM RATE OF INTEREST ON THIS BOND IS ___% ASSUMING
THAT PRINCIPAL PAYMENTS ARE MADE ON THE MORTGAGE COLLATERAL UNDERLYING THE BONDS AT _______% OF THE STANDARD PREPAYMENT ASSUMPTION
(AS DEFINED IN THE PROSPECTUS SUPPLEMENT) THIS BOND HAS BEEN ISSUED WITH $ OF OID PER $1,000 OF INITIAL PRINCIPAL AMOUNT, THE YIELD
TO MATURITY IS ___% AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL SHORT ACCRUAL PERIOD IS $_______ OF OID PER $1,000 OF INITIAL
PRINCIPAL AMOUNT, CALCULATED ASSUMING THE YIELD IS ACCRUED DAILY DURING INITIAL SHORT PERIOD. NO REPRESENTATION IS MADE AS TO THE
RATE AT WHICH PRINCIPAL PAYMENTS WILL BE MADE ON THE MORTGAGE COLLATERAL.

SEQUOIA MORTGAGE TRUST 201_-_,

a Delaware Statutory Business Trust

 

Collateralized Mortgage Bonds

CLASS [B-1]

 

DUE: _____________ ___, _____

ACCRUAL DATE: _____________ ___, _____

ISSUE DATE: _____________ ___, _____

___________ INTEREST RATE

 

		Initial Class Principal	CUSIP NO. ______

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Amount of
this Bond:

		$____________________	CERTIFICATE NUMBER 1

 

Sequoia Mortgage
Trust 201_-_ (the “Issuer”), a statutory business trust formed under the Deposit Trust Agreement dated as of _____________,
_____, and having ________________________, a Delaware bank and trust company, as Owner Trustee for value received, hereby promises
to pay to CEDE & CO. or registered assigns, the principal sum of [AMOUNT IN WORDS] ($___________) in monthly installments on
the ______________ day of each month, commencing on _________ ___, _____ (each, a “Payment Date”), and ending on or
before __________ ___, _____ (the “Stated Maturity” of such final installment of principal), and to pay interest (computed
on the basis of a 360-day year of twelve 30-day months) on the Class Principal Amount (as defined in the Indenture) of this Bond
from time to time from __________ ___, _____ (the “Accrual Date”), or such later date to which interest has been paid,
through the last day of the month preceding the month in which the principal amount of this Bond is paid in full, at a [variable/fixed]
rate determined as described below, such interest being payable monthly on each Payment Date. If any Payment Date shall not be
a “Business Day” (as defined in the Indenture), payment of the amount due will be made on the next succeeding Business
Day.

Installments
of principal of this Bond are due and payable as described in the Indenture.

Interest
payable on this Bond on a Payment Date will be equal to the amount of interest that has accrued on the Class Principal Balance
of this Bond during the one-month period ending on the last day of the month preceding the month in which each such Payment Date
occurs (each, an “Interest Accrual Period”).

The principal
of, and interest on, this Bond are payable in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Bond shall be applied
as set forth in the Indenture. Any installment of principal or interest which is not paid when and as due shall bear interest as
described in the Indenture.

Unless the
certificate of authentication hereon has been executed by the Trustee by manual signature, this Bond shall not be entitled to any
benefit under the Indenture, or be valid or obligatory for any purpose.

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IN WITNESS
WHEREOF, Sequoia Mortgage Trust 201_-_ has caused this instrument to be duly executed by its duly authorized officer.

Dated:_______________

SEQUOIA MORTGAGE TRUST 201_-_

 

By:

not in its individual capacity

but solely as Owner Trustee

 

 

By:

Title:

 

 

CERTIFICATE OF AUTHENTICATION

 

This is one
of the Bonds referred to in the within-mentioned Indenture.

,

as Trustee

By:

Authorized Signatory

This Bond
is one of a duly authorized issue of Bonds of the Issuer, designated as its Collateralized Mortgage Bonds, Series 201_-_ (herein
called the “Bonds”). The Bonds are issuable in one or more classes; the Bonds of particular Classes being herein called
the Class [A-1], Class [B-1] and Class [B-2] Bonds, all issued and to be issued under the Issuer’s Indenture dated as of
____________ ___, 201__ between the Issuer and ________________________________ (the “Trustee”, which term includes
any successor Trustee under the Indenture), which authorized the Bonds, and reference is hereby made thereto for a statement of
the respective rights thereunder of the Issuer, the Trustee and the Holders of the Bonds of each particular Class thereof and the
terms upon which the Bonds of each Class are, and are to be, authenticated and delivered.

The Class
[A-1] Bonds constitute “Senior Bonds” and the Class [B-1] Bonds and Class [B-2] Bonds constitute “Subordinated
Bonds”.

All terms
used in this Bond which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

The Bond
Interest Rate for the Class [B-1] Bonds (the “Class [B-1] Bond Interest Rate”) and any Interest Accrual Period will
equal ________________.

As provided
in the Indenture, the Bonds are issuable in Classes which may vary as provided or permitted in the Indenture. Bonds of each Class
are equally and ratably secured by the collateral pledged as security therefor to the extent provided by the Indenture.

    	95

    	 

    

For each
Payment Date, the aggregate amount of each installment of principal due and payable on the Class [B-1] Bonds will be equal to the
Class [B-1] Principal Payment Amount for such Payment Date. The Class [B-1] Principal Payment Amount for any Payment Date is equal
to the sum of (i) the Class [B-1] Percentage of the sum of (a) the principal portion of the Scheduled Payment due on each Pledged
Mortgage [on the related Due Date], (b) the principal portion of the purchase price of each Pledged Mortgage that was purchased
by [__________]or another person pursuant to the Mortgage Loan Purchase Agreement [or by the Master Servicer in connection with
any optional purchase by the Master Servicer of a defaulted Pledged Mortgage] as of such Payment Date, (c) the Substitution Adjustment
Amount in connection with any Deleted Pledged Mortgage received with respect to such Payment Date, (d) any Insurance Proceeds or
Liquidation Proceeds allocable to recoveries of principal of Pledged Mortgages that are not yet Liquidated Pledged Mortgages received
during the [calendar month] preceding the month of such Payment Date, (e) with respect to each Pledged Mortgage that became a Liquidated
Pledged Mortgage during the [calendar month] preceding the month of such Payment Date, the Stated Principal Balance of such Pledged
Mortgage and (f) all partial and full principal prepayments by borrowers received during the related Prepayment Period and (ii)
any Class [B-1] Principal Carryover Shortfall.

Payments
of principal or interest, if any, on the Bonds will be made on each Payment Date, commencing on __________ ___, 201__, in the manner
and in accordance with the priorities for the Bonds provided in the Indenture.

The entire
unpaid principal amount of each Class of Bonds shall be due and payable, if not then previously paid, on the Stated Maturity of
the final installment of principal of such Class.

All payments
of principal of, and interest on, the Bonds shall be made only from the Trust Estate Granted as security for the Bonds and any
other assets of the Issuer that have not been Granted as security for any other bonds or obligations of the Issuer, and each Holder
hereof, by its acceptance of this Bond, agrees that it will have recourse solely against such Trust Estate and such other assets
of the Issuer and that neither Wilmington Trust Company in its individual capacity, any holder of a beneficial interest in the
Issuer nor any of their respective shareholders, partners, beneficiaries, agents, officers, directors, employees, successors or
assigns shall be personally liable for any amounts payable, or performance due, under this Bond or the Indenture.

Payment of
the then remaining unpaid principal amount of this Bond on the Stated Maturity of its final installment of principal or on such
earlier date as the Issuer shall be required to pay the then remaining unpaid principal amount of this Bond or payment of the Redemption
Price payable on any date as of which this Bond has been called for redemption in full, shall be made upon presentation of this
Bond to the office or agency of the Issuer maintained for such purpose. Payments of interest on this Bond due and payable on each
Payment Date or on any Optional Redemption Date, to the extent this Bond is not being paid in full, together with any installment
of principal of this Bond due and payable on each Payment Date or the Optional Redemption Date, to the extent not in full payment
of this Bond, shall be made by check mailed to the Person whose name appears as the registered Holder of this Bond (or one or more
Predecessor Bonds) on the Bond Register as of the last day of the month preceding the month in which such Payment Date occurs (each
a “Record Date”).

Checks for
amounts which include installments of principal due on this Bond shall be mailed to the Person entitled thereto at the address
of such Person as it appears on the Bond Register as of the applicable Record Date without requiring that this Bond be submitted
for notation of payment and checks returned undelivered will be held for payment to the Person entitled thereto, subject to the
terms of the Indenture, at the office or agency in the United States of America designated by the Issuer for such purpose pursuant
to the Indenture. Any reduction in the principal amount of this Bond (or any one or more Predecessor Bonds) effected by any payments
made on any Payment Date shall be binding upon all Holders of this Bond and of any Bond issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not noted hereon.

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If funds
are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of
this Bond on a Payment Date or Optional Redemption Date which is prior to the Stated Maturity of the final installment of principal
hereof, then the Trustee, on behalf of the Issuer, will notify the Person who was the registered Holder hereof on the last day
of the month prior to the month in which such Payment Date or optional Redemption Date occurs, and the amount then due and payable
shall, if sufficient funds therefor are available, be payable only upon presentation of this Bond to the office or agency of the
Issuer maintained for such purpose.

Prior to
the payment in full of the Senior Bonds, the failure of the Issuer to pay when and as due any installment of principal of or interest
(regardless of the lapse of any grace period) on any Subordinated Bond shall not constitute an Event of Default under the Indenture.
In addition, notwithstanding any applicable provision of the Indenture, upon payment in full of the Senior Bonds, the prior occurrence
of any such shortfalls attributable to the Subordinated Bonds, which shortfalls have previously been paid in full, will not constitute
an Event of Default under the Indenture in respect of the Subordinated Bonds.

If an Event
of Default as defined in the Indenture shall occur and be continuing with respect to the Bonds, the Bonds may become or be declared
due and payable in the manner and with the effect provided in the Indenture. If any such acceleration of maturity occurs prior
to the Stated Maturity of the final installment of principal of this Bond, the amount payable to the Holder of this Bond will be
equal to the Class Principal Amount of this Bond on the date this Bond becomes so due and payable, together with accrued interest.
Following the acceleration of the maturity of the Bonds, all amounts collected as proceeds of the collateral securing the Bonds
or otherwise shall be applied as described in the Indenture. Following such acceleration, interest on any overdue installments
of interest on all Bonds shall be payable at the rate set forth in the Indenture.

The Bonds
are not prepayable or redeemable at the option or direction of the Issuer except that the Bonds are subject to redemption in whole,
but not in part, at the option of the Issuer on any Payment Date on or after the Payment Date on which the sum of (i) the Invested
Amount, (ii) the Senior Class Principal Amount, (iii) the Class [B-1] Principal Amount and (iv) the Class [B-2] Principal Amount,
after giving effect to payments expected to be made on such Payment Date, is __% or less of the aggregate of the Stated Principal
Balances of the Pledged Mortgages as of the Cut- Off Date. Any such redemption at the option of the Issuer shall be at a price
equal to 100% of the unpaid principal amount of the Bonds (including, in the case of the Subordinated Bonds, any unpaid Class [B-1]
Principal Carryover Shortfall and/or Class [B-2] Principal Carryover Shortfall) so redeemed plus accrued interest through the last
day of the month preceding the month in which such optional redemption occurs.

As provided
in the Indenture and subject to certain limitations therein set forth, the transfer of this Bond may be registered on the Bond
Register of the Issuer, upon surrender of this Bond for registration of transfer at the office or agency designated by the Issuer
pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee
duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Bonds of the same
Class, of authorized denominations and in the same aggregate initial principal amount, will be issued to the designated transferee
or transferees.

Prior to
the due presentment for registration of transfer of this Bond, the Issuer, the Trustee, and any agent of the Issuer shall treat
the Person in whose name this Bond is registered (i) on any Record Date, for purposes of making payments, and (ii) on any other
date for any other purposes, as the owner hereof, whether or not this Bond be overdue, and neither the Issuer, the Trustee nor
any such agent shall be affected by notice to the contrary.

The Indenture
permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Issuer and the rights of the Holders of the Bonds under the Indenture at any time by the Issuer with the consent of the
Holders of Bonds representing two-thirds of the aggregate Class Principal Amount of the Controlling Class. The Indenture also contains
provisions permitting the Holders of Bonds representing specified percentages of the aggregate Class Principal Amount of the Controlling
Class on behalf of the Holders of all the Bonds of such Class, to waive compliance by the Issuer with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder, at the
time of the giving thereof, of this Bond (or any one or more Predecessor Bonds) shall be conclusive and binding upon such Holder
and upon all future holders of this Bond and of any Bond issued upon the registration of transfer hereof or in exchange herefor
or in lieu hereof whether or not notation of such consent or waiver is made upon this Bond. The Indenture also permits the Trustee
to amend or waive certain terms and conditions set forth in the Indenture without the consent of the Holders of the Bonds of any
Series issued thereunder.

    	97

    	 

    

 

The Class
[B-1] Bonds are “Book Entry Bonds” which will be available to investors only through the book entry facilities of The
Depository Trust Company, and bond certificates for all Classes of Bonds will be available only under certain limited circumstances
as described in the Indenture.

AS PROVIDED
IN THE INDENTURE, THIS BOND AND THE INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS O F THE STATE OF
NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

No reference
herein to the Indenture and no provision of this Bond or of the Indenture shall alter or impair the obligation of the Issuer, which
is absolute and unconditional to the extent permitted by applicable law, to pay the principal of, and interest on, this Bond at
the times, place and rate, and in the coin or currency herein prescribed.

    	98

    	 

    

EXHIBIT
IV

FORM
OF A CLASS [B-2] BOND

 

The form
of a Class [B-2] Bond is as follows:

PRINCIPAL
OF THIS BOND IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE CLASS PRINCIPAL AMOUNT OF THIS BOND AT ANY TIME MAY
BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. THE CLASS PRINCIPAL AMOUNT OF THIS BOND MAY BE ASCERTAINED ONLY BY OBTAINING
A CONFIRMATION THEREOF FROM THE TRUSTEE UNDER THE INDENTURE REFERRED TO BELOW.

[UNLESS THIS
BOND IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY BOND ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.]

THIS BOND
IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS [B-1] BONDS AND THE SENIOR BONDS AS DESCRIBED IN THE INDENTURE REFERRED TO HEREIN.

THE FOLLOWING
INFORMATION IS PROVIDED SOLELY FOR THE PURPOSE OF APPLYING THE U.S. FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT (“OID”)
RULES TO THIS BOND. THE ISSUE DATE OF THIS BOND IS _____________, 201__. THE PER ANNUM RATE OF INTEREST ON THIS BOND IS ___% ASSUMING
THAT PRINCIPAL PAYMENTS ARE MADE ON THE MORTGAGE COLLATERAL UNDERLYING THE BONDS AT _______% OF THE STANDARD PREPAYMENT ASSUMPTION
(AS DEFINED IN THE PROSPECTUS SUPPLEMENT) THIS BOND HAS BEEN ISSUED WITH $ OF OID PER $1,000 OF INITIAL PRINCIPAL AMOUNT, THE YIELD
TO MATURITY IS ___% AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL SHORT ACCRUAL PERIOD IS $_______ OF OID PER $1,000 OF INITIAL
PRINCIPAL AMOUNT, CALCULATED ASSUMING THE YIELD IS ACCRUED DAILY DURING INITIAL SHORT PERIOD. NO REPRESENTATION IS MADE AS TO THE
RATE AT WHICH PRINCIPAL PAYMENTS WILL BE MADE ON THE MORTGAGE COLLATERAL.

SEQUOIA MORTGAGE TRUST 201_-_,

a Delaware Statutory Business Trust

 

Collateralized Mortgage Bonds

CLASS [B-2]

 

DUE: __________ ___, _____

ACCRUAL DATE: __________ ___, _____

ISSUE DATE: __________ ___, _____

INTEREST RATE

 

    	99

    	 

    

 

Initial Class Principal CUSIP
NO. ______

Amount of this Bond:

$____________________ CERTIFICATE
NUMBER 1

 

Sequoia Mortgage
Trust 201_-_ (the “Issuer”), a statutory business trust formed under the Deposit Trust Agreement dated as of _____________,
201__, and having ________________________, a Delaware bank and trust company, as Owner Trustee for value received, hereby promises
to pay to CEDE & CO. or registered assigns, the principal sum of [AMOUNT IN WORDS] ($___________) in monthly installments on
the ____________ day of each month, commencing on __________ ___, _____ (each, a “Payment Date”), and ending on or
before __________ ___, _____ (the “Stated Maturity” of such final installment of principal), and to pay interest (computed
on the basis of a 360-day year of twelve 30-day months) on the Class Principal Amount (as defined in the Indenture) of this Bond
from time to time from __________ ___, _____ (the “Accrual Date”), or such later date to which interest has been paid,
through the last day of the month preceding the month in which the principal amount of this Bond is paid in full, at a variable
rate determined as described below, such interest being payable monthly on each Payment Date. If any Payment Date shall not be
a “Business Day” (as defined in the Indenture), payment of the amount due will be made on the next succeeding Business
Day.

Installments
of principal of this Bond are due and payable as described in the Indenture.

Interest
payable on this Bond on a Payment Date will be equal to the amount of interest that has accrued on the Class Principal Balance
of this Bond during the one-month period ending on the last day of the month preceding the month in which each such Payment Date
occurs (each, an “Interest Accrual Period”).

The principal
of, and interest on, this Bond are payable in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Bond shall be applied
as set forth in the Indenture. Any installment of principal or interest which is not paid when and as due shall bear interest as
described in the Indenture.

Unless the
certificate of authentication hereon has been executed by the Trustee by manual signature, this Bond shall not be entitled to any
benefit under the Indenture, or be valid or obligatory for any purpose.

    	100

    	 

    

IN WITNESS
WHEREOF, Sequoia Mortgage Trust 201_-_ has caused this instrument to be duly executed by its duly authorized officer.

Dated:_______________

SEQUOIA MORTGAGE TRUST 201_-_

 

By:

not in its individual capacity

but solely as Owner Trustee

 

 

By:

Title:

 

 

CERTIFICATE OF AUTHENTICATION

 

This is one
of the Bonds referred to in the within-mentioned Indenture.

,

as Trustee

By:

Authorized Signatory

 

This Bond
is one of a duly authorized issue of Bonds of the Issuer, designated as its Collateralized Mortgage Bonds, Series 201__-__ (herein
called the “Bonds”). The Bonds are issuable in one or more classes; the Bonds of particular Classes being herein called
the Class [A-1], Class [B-1] and Class [B-2] Bonds, all issued and to be issued under the Issuer’s Indenture dated as of
____________ ___, _____, between the Issuer and _________________________________ (the “Trustee”, which term includes
any successor Trustee under the Indenture), which authorized the Bonds, and reference is hereby made thereto for a statement of
the respective rights thereunder of the Issuer, the Trustee and the Holders of the Bonds of each particular Class thereof and the
terms upon which the Bonds of each Class are, and are to be, authenticated and delivered.

The Class
[A-1] Bonds constitute “Senior Bonds” and the Class [B-1] and Class [B-2] Bonds constitute “Subordinated Bonds”.

All terms
used in this Bond which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

The Bond
Interest Rate for the Class [B-2] Bonds (the “Class [B-2] Bond Interest Rate”) and any Interest Accrual Period will
equal _______________.

As provided
in the Indenture, the Bonds are issuable in Classes which may vary as provided or permitted in the Indenture. Bonds of each Class
are equally and ratably secured by the collateral pledged as security therefor to the extent provided by the Indenture.

    	101

    	 

    

 

For each
Payment Date, the aggregate amount of each installment of principal due and payable on the Class [B-2] Bonds will be equal to the
Class [B-2] Principal Payment Amount for such Payment Date. The Class [B-2] Principal Payment Amount for any Payment Date is equal
to the sum of (i) the Class [B-2] Percentage of the sum of (a) the principal portion of the Scheduled Payment due on each Pledged
Mortgage [on the related Due Date], (b) the principal portion of the purchase price of each Pledged Mortgage that was purchased
by [_________] or another person pursuant to the Mortgage Loan Purchase Agreement [or by the Master Servicer in connection with
any optional purchase by the Master Servicer of a defaulted Pledged Mortgage] as of such Payment Date, (c) the Substitution Adjustment
Amount in connection with any Deleted Pledged Mortgage received with respect to such Payment Date, (d) any Insurance Proceeds or
Liquidation Proceeds allocable to recoveries of principal of Pledged Mortgages that are not yet Liquidated Pledged Mortgages received
during the [calendar month] preceding the month of such Payment Date, (e) with respect to each Pledged Mortgage that became a Liquidated
Pledged Mortgage during the [calendar month] preceding the month of such Payment Date, the Stated Principal Balance of such Pledged
Mortgage and (f) all partial and full principal prepayments by borrowers received during the related Prepayment Period and (ii)
any Class [B-2] Principal Carryover Shortfall.

Payments
of principal or interest, if any, on the Bonds will be made on each Payment Date, commencing on _____________ __, 201_, in the
manner and in accordance with the priorities for the Bonds provided in the Indenture.

The entire
unpaid principal amount of each Class of Bonds shall be due and payable, if not then previously paid, on the Stated Maturity of
the final installment of principal of such Class.

All payments
of principal of, and interest on, the Bonds shall be made only from the Trust Estate Granted as security for the Bonds and any
other assets of the Issuer that have not been Granted as security for any other bonds or obligations of the Issuer, and each Holder
hereof, by its acceptance of this Bond, agrees that it will have recourse solely against such Trust Estate and such other assets
of the Issuer and that neither Wilmington Trust Company in its individual capacity, any holder of a beneficial interest in the
Issuer nor any of their respective shareholders, partners, beneficiaries, agents, officers, directors, employees, successors or
assigns shall be personally liable for any amounts payable, or performance due, under this Bond or the Indenture.

Payment of
the then remaining unpaid principal amount of this Bond on the Stated Maturity of its final installment of principal or on such
earlier date as the Issuer shall be required to pay the then remaining unpaid principal amount of this Bond or payment of the Redemption
Price payable on any date as of which this Bond has been called for redemption in full, shall be made upon presentation of this
Bond to the office or agency of the Issuer maintained for such purpose. Payments of interest on this Bond due and payable on each
Payment Date or on any Optional Redemption Date, to the extent this Bond is not being paid in full, together with any installment
of principal of this Bond due and payable on each Payment Date or the Optional Redemption Date, to the extent not in full payment
of this Bond, shall be made by check mailed to the Person whose name appears as the registered Holder of this Bond (or one or more
Predecessor Bonds) on the Bond Register as of the last day of the month preceding the month in which such Payment Date occurs (each
a “Record Date”).

Checks for
amounts which include installments of principal due on this Bond shall be mailed to the Person entitled thereto at the address
of such Person as it appears on the Bond Register as of the applicable Record Date without requiring that this Bond be submitted
for notation of payment and checks returned undelivered will be held for payment to the Person entitled thereto, subject to the
terms of the Indenture, at the office or agency in the United States of America designated by the Issuer for such purpose pursuant
to the Indenture. Any reduction in the principal amount of this Bond (or any one or more Predecessor Bonds) effected by any payments
made on any Payment Date shall be binding upon all Holders of this Bond and of any Bond issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not noted hereon.

    	102

    	 

    

 

If funds
are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of
this Bond on a Payment Date or Optional Redemption Date which is prior to the Stated Maturity of the final installment of principal
hereof, then the Trustee, on behalf of the Issuer, will notify the Person who was the registered Holder hereof on the last day
of the month prior to the month in which such Payment Date or optional Redemption Date occurs, and the amount then due and payable
shall, if sufficient funds therefor are available, be payable only upon presentation of this Bond to the office or agency of the
Issuer maintained for such purpose.

Prior to
the payment in full of the Senior Bonds, the failure of the Issuer to pay when and as due any installment of principal of or interest
(regardless of the lapse of any grace period) on any Subordinated Bond shall not constitute an Event of Default under the Indenture.
In addition, notwithstanding any applicable provision of the Indenture, upon payment in full of the Senior Bonds, the prior occurrence
of any such shortfalls attributable to the Subordinated Bonds, which shortfalls have previously been paid in full, will not constitute
an Event of Default under the Indenture in respect of the Subordinated Bonds.

If an Event
of Default as defined in the Indenture shall occur and be continuing with respect to the Bonds, the Bonds may become or be declared
due and payable in the manner and with the effect provided in the Indenture. If any such acceleration of maturity occurs prior
to the Stated Maturity of the final installment of principal of this Bond, the amount payable to the Holder of this Bond will be
equal to the Class Principal Amount of this Bond on the date this Bond becomes so due and payable, together with accrued interest.
Following the acceleration of the maturity of the Bonds, all amounts collected as proceeds of the collateral securing the Bonds
or otherwise shall be applied as described in the Indenture. Following such acceleration, interest on any overdue installments
of interest on all Bonds shall be payable at the rate set forth in the Indenture.

The Bonds
are not prepayable or redeemable at the option or direction of the Issuer except that the Bonds are subject to redemption in whole,
but not in part, at the option of the Issuer on any Payment Date on or after the Payment Date on which the sum of (i) the Invested
Amount, (ii) the Senior Class Principal Amount and (iii) the Subordinated Class Principal Amount, after giving effect to payments
expected to be made on such Payment Date, is __% or less of the aggregate of the Stated Principal Balances of the Pledged Mortgages
as of the Cut-Off Date. Any such redemption at the option of the Issuer shall be at a price equal to 100% of the unpaid principal
amount of the Bonds (including, in the case of the Subordinated Bonds, any unpaid Class [B-1] Principal Carryover Shortfall and/or
Class [B-2] Principal Carryover Shortfall) so redeemed plus accrued interest through the last day of the month preceding the month
in which such optional redemption occurs.

As provided
in the Indenture and subject to certain limitations therein set forth, the transfer of this Bond may be registered on the Bond
Register of the Issuer, upon surrender of this Bond for registration of transfer at the office or agency designated by the Issuer
pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee
duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Bonds of the same
Class, of authorized denominations and in the same aggregate initial principal amount, will be issued to the designated transferee
or transferees.

Prior to
the due presentment for registration of transfer of this Bond, the Issuer, the Trustee, and any agent of the Issuer shall treat
the Person in whose name this Bond is registered (i) on any Record Date, for purposes of making payments, and (ii) on any other
date for any other purposes, as the owner hereof, whether or not this Bond be overdue, and neither the Issuer, the Trustee nor
any such agent shall be affected by notice to the contrary.

The Indenture
permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Issuer and the rights of the Holders of the Bonds under the Indenture at any time by the Issuer with the consent of the
Holders of Bonds representing two-thirds of the aggregate Class Principal Amount of the Controlling Class. The Indenture also contains
provisions permitting the Holders of Bonds representing specified percentages of the aggregate Class Principal Amount of the Controlling
Class on behalf of the Holders of all the Bonds such Class, to waive compliance by the Issuer with certain provisions of the Indenture
and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder, at the time of
the giving thereof, of this Bond (or any one or more Predecessor Bonds) shall be conclusive and binding upon such Holder and upon
all future holders of this Bond and of any Bond issued upon the registration of transfer hereof or in exchange herefor or in lieu
hereof whether or not notation of such consent or waiver is made upon this Bond. The Indenture also permits the Trustee to amend
or waive certain terms and conditions set forth in the Indenture without the consent of the Holders of the Bonds of any Series
issued thereunder.

    	103

    	 

    

 

[The Subordinated
Bonds are “Book Entry Bonds” which will be available to investors only through the book entry facilities of The Depository
Trust Company, and bond certificates for all Classes of Bonds will be available only under certain limited circumstances as described
in the Indenture.]

AS PROVIDED
IN THE INDENTURE, THIS BOND AND THE INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF
NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

No reference
herein to the Indenture and no provision of this Bond or of the Indenture shall alter or impair the obligation of the Issuer, which
is absolute and unconditional to the extent permitted by applicable law, to pay the principal of, and interest on, this Bond at
the times, place and rate, and in the coin or currency herein prescribed.

    	104

    	 

    

 

    	105

    	 

    

EXHIBIT
V

FORM
OF BOND INSURANCE POLICY

 

 

EXHIBIT
VI

FORM
OF CERTIFICATION TO BE PROVIDED TO MANAGER BY THE TRUSTEE 

 

Sequoia Mortgage
Trust 201_-_ (the “Trust”)

Mortgage Pass-Through
Certificates

I, ____________________,
a ______________ of [__________________________], as Trustee of the Trust, hereby certify to [_______________________] (the “Depositor”)
and its officers, directions and affiliates, and with the knowledge and intent that they will rely upon this certification, that:

1.I
have reviewed the monthly distribution reports that will be covered by the Depositor’s
Form 10-K for the Trust’s fiscal year ending on [ ]

2.Based
on my knowledge, the information in these distribution reports prepared by the Trustee, taken as a whole, does not contain any
untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading as of the last day of the period covered by that annual report.

3.Based
on my knowledge, the distribution information required to be provided by the Trustee under the Indenture, dated as of [___________],
201_, among the Trust, and [______________], as Trustee is included in these reports.

    	106

    	 

    

 

[SIGNATURE
PAGE IMMEDIATELY FOLLOWS]

 

[_________________________],

 as Trustee

 

 

 

Dated: _________________By:

Name:

Title:

    	107

    	 

    

EXHIBIT
VII

SERVICING
CRITERIA

 

The assessments
of compliance to be delivered by the Master Servicer pursuant to the Master Servicing Agreement and by the Trustee pursuant to
this Agreement shall address, at a minimum, the criteria identified as below as “Applicable Servicing Criteria” with
respect to such party:

Where there are multiple checks for criteria the attesting
party will identify in their management assertion that they are attesting only to the portion of the distribution chain they are
responsible for in the related transaction agreements.

	Regulation AB Reference	
        Servicing Criteria

        General Servicing Considerations
	Servicers	Master Servicer	Trustee
	1122(d)(1)(i)	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	X	X	X
	1122(d)(1)(ii)	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	X	X	 
	1122(d)(1)(iii)	Any requirements in the transaction agreements to maintain a back-up servicer for the Pool Assets are maintained.	 	 	 
	1122(d)(1)(iv)	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	X	X	 

    	108

    	 

    

 

	 	Cash Collection and Administration	 	 	 
	1122(d)(2)(i)	Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.	X	X	X
	1122(d)(2)(ii)	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	X	X	X
	1122(d)(2)(iii)	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	X	X	 
	1122(d)(2)(iv)	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	X	X	X
	1122(d)(2)(v)	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	X	X	X
	1122(d)(2)(vi)	Unissued checks are safeguarded so as to prevent unauthorized access.	X	 	 

    	109

    	 

    

 

	1122(d)(2)(vii)	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	X	X	X
	 	Investor Remittances and Reporting	 	 	 
	1122(d)(3)(i)	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of Pool Assets serviced by the Servicer.	X	X	X

    	110

    	 

    

 

	1122(d)(3)(ii)	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	X	X	X
	1122(d)(3)(iii)	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.	X	X	X
	1122(d)(3)(iv)	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	X	X	X
	 	Pool Asset Administration	 	 	 
	1122(d)(4)(i)	Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents.	X	 	 
	1122(d)(4)(ii)	Pool assets  and related documents are safeguarded as required by the transaction agreements	X	 	 
	1122(d)(4)(iii)	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	X	 	 
	1122(d)(4)(iv)	Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents.	X	 	 
	1122(d)(4)(v)	The Servicer’s records regarding the pool assets agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.	X	 	 

    	111

    	 

    

 

	1122(d)(4)(vi)	Changes with respect to the terms or status of an obligor’s pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	X	 	 
	1122(d)(4)(vii)	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.	X	 	 
	1122(d)(4)(viii)	Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	X	 	 
	1122(d)(4)(ix)	Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.	X	 	 

    	112

    	 

    

 

	1122(d)(4)(x)	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the transaction agreements.	X	 	 
	1122(d)(4)(xi)	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	X	 	 
	1122(d)(4)(xii)	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	X	 	 
	1122(d)(4)(xiii)	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.	X	 	 
	1122(d)(4)(xiv)	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	X	X	 
	1122(d)(4)(xv)	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	 	 	 

 

    	113

    	 

    

 

[NAME OF COMPANY] 

By:

Name: ________________________________

Title: ________________________________

Date:_________________________

 

    	114

    	 

    

EXHIBIT
VIII

ADDITIONAL
FORM 10-D DISCLOSURE

 

	Item on Form 10-D	Party Responsible
	
        Item 1: Distribution and Pool Performance
        Information

         

        Any information required by 1121 which
        is NOT included on the Monthly Statement
	[_________________]
	
        Item 2: Legal Proceedings

         

        per Item 1117 of
        Reg AB
	[_________________]
	Item 3:  Sale of Securities and Use of Proceeds	[_________________]
	Item 4:  Defaults Upon Senior Securities	[_________________]
	Item 5:  Submission of Matters to a Vote of Security Holders	[_________________]
	Item 6:  Significant Obligors of Pool Assets	[_________________]
	Item 7:  Significant Enhancement Provider Information	[_________________]
	Item 8:  Other Information	[_________________]
	Item 9:  Exhibits	[_________________]
	 	[_________________]

    	115

    	 

    

EXHIBIT
IX

ADDITIONAL
FORM 10-K DISCLOSURE

	Item on Form 10-K	Party Responsible
	
        Item 1B: Unresolved Staff Comments

         

         
	[_________________]
	Item 9B:  Other Information	[_________________]
	Item 15:  Exhibits, Financial Statement Schedules	[_________________]
	
        Additional Item:

         

        Disclosure per Item 1117 of Reg AB
	[_________________]
	
        Additional Item:

        Disclosure per Item 1119 of Reg AB
	[_________________]
	
        Additional Item:

        Disclosure per Item 1112(b) of Reg AB
	[_________________]
	
        Additional Item:

        Disclosure per Items 1114(b) and 1115(b)
        of Reg AB
	[_________________]

    	116

    	 

    

EXHIBIT
X

FORM
8-K DISCLOSURE INFORMATION

 

	Item on Form 8-K	Party Responsible
	Item 1.01- Entry into a Material Definitive Agreement	[_________________]
	Item 1.02- Termination of a Material Definitive Agreement	[_________________]
	Item 1.03- Bankruptcy or Receivership	[_________________]
	Item 2.04- Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement	[_________________]
	Item 3.03- Material Modification to Rights of Security Holders	[_________________]
	Item 5.03- Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year	[_________________]
	Item 6.01- ABS Informational and Computational Material	[_________________]
	Item 6.02- Change of Servicer or Trust Administrator	[_________________]
	Item 6.03- Change in Credit Enhancement or External Support	[_________________]
	Item 6.04- Failure to Make a Required Distribution	[_________________]
	Item 6.05- Securities Act Updating Disclosure	[_________________]
	Item 7.01- Reg FD Disclosure	[_________________]
	Item 8.01	[_________________]
	Item 9.01	[_________________]

 

    	117Exhibit 4.4

SEQUOIA RESIDENTIAL FUNDING, INC.

Depositor

[                                        ]

Master Servicer and Securities Administrator

and

[                                        ]

Trustee

___________________________

POOLING AND SERVICING AGREEMENT

Dated as of __________ __, 20__

___________________________

 

 

 

 

 

 

 

SEQUOIA MORTGAGE TRUST 20__-_

 

    	 

    	 	

    

Table
of Contents

	 	 	Page
	ARTICLE I DEFINITIONS	7
	Section 1.01.	Definitions	7
	Section 1.02.	Calculations Respecting Mortgage Loans	39
	ARTICLE II DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES	40
	Section 2.01.	Creation and Declaration of Trust Fund; Conveyance of Mortgage Loans	40
	Section 2.02.	Acceptance of Trust Fund by Trustee; Review of Documentation for Trust Fund	43
	Section 2.03.	Representations and Warranties of the Depositor	44
	Section 2.04.	Discovery of Breach; Repurchase or Substitution of Mortgage Loans	46
	Section 2.05.	[Reserved]	48
	Section 2.06.	Grant Clause	48
	ARTICLE III THE CERTIFICATES	50
	Section 3.01.	The Certificates	50
	Section 3.02.	Registration	50
	Section 3.03.	Transfer and Exchange of Certificates	51
	Section 3.04.	Cancellation of Certificates	55
	Section 3.05.	Replacement of Certificates	55
	Section 3.06.	Persons Deemed Owners	56
	Section 3.07.	Temporary Certificates	56
	Section 3.08.	Appointment of Paying Agent	56
	Section 3.09.	Book-Entry Certificates	57
	ARTICLE IV ADMINISTRATION OF THE TRUST FUND	58
	Section 4.01.	Collection Accounts; Distribution Account	58
	Section 4.02	Reports to Trustee and Certificateholders	59
	Section 4.03	Rule 17g-5 Compliance	62
	Section 4.04.	Rule 15Ga-1 Compliance	64
	ARTICLE V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES	64
	Section 5.01.	Distributions Generally	64
	Section 5.02.	Distributions from the Distribution Account	65
	Section 5.03.	Allocation of Losses	69
	Section 5.04.	Advances by Master Servicer	70
	Section 5.05.	Compensating Interest Payments	70
	Section 5.06.	Reserve Fund	70

    	i

    	 

    
 

	ARTICLE VI CONCERNING THE TRUSTEE AND THE SECURITIES ADMINISTRATOR; EVENTS OF DEFAULT	71
	Section 6.01.	Duties of Trustee and the Securities Administrator	71
	Section 6.02.	Certain Matters Affecting the Trustee and the Securities Administrator	74
	Section 6.03.	Trustee and Securities Administrator Not Liable for Certificates	76
	Section 6.04.	Trustee and the Securities Administrator May Own Certificates	76
	Section 6.05.	Eligibility Requirements for Trustee and Securities Administrator	76
	Section 6.06.	Resignation and Removal of Trustee and the Securities Administrator	77
	Section 6.07.	Successor Trustee and Successor Securities Administrator	78
	Section 6.08.	Merger or Consolidation of Trustee or the Securities Administrator	79
	Section 6.09.	Appointment of Co-Trustee, Separate Trustee or Custodian	79
	Section 6.10.	Authenticating Agents	81
	Section 6.11.	Indemnification of the Trustee and the Securities Administrator	82
	Section 6.12.	Fees and Expenses of Securities Administrator and the Trustee	82
	Section 6.13.	Collection of Monies	83
	Section 6.14.	Events of Default; Trustee To Act; Appointment of Successor	83
	Section 6.15.	Additional Remedies of Trustee Upon Event of Default	87
	Section 6.16.	Waiver of Defaults	87
	Section 6.17.	Notification to Holders	87
	Section 6.18.	Directions by Certificateholders and Duties of Trustee During Event of Default	87
	Section 6.19.	[Reserved]	88
	Section 6.20.	Preparation of Tax Returns and Other Reports	88
	Section 6.21.	Reporting to the Commission	89
	Section 6.22.	Annual Statements of Compliance	95
	Section 6.23.	Annual Assessments of Compliance	96
	Section 6.24.	Accountant’s Attestation	97
	ARTICLE VII PURCHASE OF MORTGAGE LOANS AND TERMINATION OF THE TRUST FUND	98
	Section 7.01.	Purchase of Mortgage Loans; Termination of Trust Fund Upon Purchase or Liquidation of All Mortgage Loans	98
	Section 7.02.	Procedure Upon Redemption and Termination of Trust Fund.	99
	Section 7.03.	Additional Trust Fund Termination Requirements	100
	ARTICLE VIII RIGHTS OF CERTIFICATEHOLDERS	101
	Section 8.01.	Limitation on Rights of Holders	101
	Section 8.02.	Access to List of Holders	102
	Section 8.03.	Acts of Holders of Certificates	102

    	ii

    	 

    
 

	ARTICLE IX ADMINISTRATION AND SERVICING OF MORTGAGE LOANS BY THE MASTER SERVICER	103
	Section 9.01.	Duties of the Master Servicer; Enforcement of Servicer's and Master Servicer's Obligations	103
	Section 9.02	Assumption of Master Servicing by Trustee	106
	Section 9.03.	Representations and Warranties of the Master Servicer	106
	Section 9.04.	Compensation to the Master Servicer	108
	Section 9.05.	Merger or Consolidation	108
	Section 9.06.	Resignation of Master Servicer	109
	Section 9.07.	Assignment or Delegation of Duties by the Master Servicer	109
	Section 9.08.	Limitation on Liability of the Master Servicer and Others	109
	Section 9.09.	Indemnification; Third-Party Claims	110
	Section 9.10.	Master Servicer Fidelity Bond and Master Servicer Errors and Omissions Insurance Policy	110
	ARTICLE X REMIC ADMINISTRATION	111
	Section 10.01.	REMIC Administration	111
	Section 10.02.	Prohibited Transactions and Activities	113
	Section 10.03.	Indemnification with Respect to Prohibited Transactions or Loss of REMIC Status	114
	Section 10.04.	REO Property	114
	ARTICLE XI MISCELLANEOUS PROVISIONS	115
	Section 11.01.	Binding Nature of Agreement; Assignment	115
	Section 11.02.	Entire Agreement	115
	Section 11.03.	Amendment	115
	Section 11.04.	Voting Rights	116
	Section 11.05.	Provision of Information	117
	Section 11.06.	Governing Law	117
	Section 11.07.	Notices	117
	Section 11.08.	Severability of Provisions	118
	Section 11.09.	Indulgences; No Waivers	118
	Section 11.10.	Headings Not To Affect Interpretation	118
	Section 11.11.	Benefits of Agreement	118
	Section 11.12.	Special Notices to the Rating Agencies	118
	Section 11.13.	Conflicts	120
	Section 11.14.	Counterparts	120
	Section 11.15	No Petitions	120
	Section 11.16	Intention of the Parties and Interpretation; Indemnification	120
	 	 	 

    	iii

    	 

    
 

ATTACHMENTS

 

	Exhibit A	Forms of Certificates
	Exhibit B	Form of Residual Certificate Transfer Affidavit (Transferee)
	Exhibit C	Form of Residual Certificate Transfer Affidavit (Transferor)
	Exhibit D	Form of Custodial Agreement
	Exhibit E-1	Form of Rule 144A Transfer Certificate
	Exhibit E-2	Form of Purchaser’s Letter for Qualified Institutional Buyer
	Exhibit F	Form of Purchaser’s Letter for Qualified Accredited Investor
	Exhibit G	Form of ERISA Transfer Affidavit
	Exhibit H-1	List of Purchase Agreements
	Exhibit H-2	List of Servicing Agreements
	Exhibit I	Additional Disclosure Notification
	Exhibit J	Back-Up Certificate to Form 10-K Certificate
	Exhibit K	Servicing Criteria to Be Addressed in Assessment of Compliance
	Exhibit L	Additional Form 10-D Disclosure
	Exhibit M	Additional Form 10-K Disclosure
	Exhibit N	Additional Form 8-K Disclosure
	Exhibit O	Form of Certification for NRSROs and Depositor
	 	 
	Schedule A	Mortgage Loan Schedule

    	iv

    	 

    
 

 

This POOLING AND SERVICING AGREEMENT,
dated as of ____________ __, 20__ (the “Agreement”), by and among SEQUOIA RESIDENTIAL FUNDING, INC., a Delaware corporation,
as depositor (the “Depositor”), [                            ],
a national banking association, as trustee (the “Trustee”), and [                     ],
in its dual capacities as master servicer (the “Master Servicer”) and securities administrator (the “Securities
Administrator”) and acknowledged by RWT HOLDINGS, INC., a Delaware corporation, as seller (the “Seller”), for
purposes of Sections 2.04, 7.01(b) and 9.01(d).

PRELIMINARY STATEMENT

The Depositor has acquired the Mortgage
Loans from the Seller and at the Closing Date is the owner of the Mortgage Loans and related property being conveyed by the Depositor
to the Trustee hereunder for inclusion in the Trust Fund. On the Closing Date, the Depositor will acquire the Certificates from
the Trustee as consideration for the Depositor’s transfer to the Trust Fund of the Mortgage Loans, and the other property
constituting the Trust Fund. The Depositor has duly authorized the execution and delivery of this Agreement to provide for the
conveyance to the Trustee of the Mortgage Loans and the related property constituting the Trust Fund. All covenants and agreements
made by the Seller in the Mortgage Loan Purchase and Sale Agreement and in this Agreement and by the Depositor, the Master Servicer,
the Securities Administrator and the Trustee herein, with respect to the Mortgage Loans and the other property constituting the
Trust Fund, are for the benefit of the Holders from time to time of the Certificates. The Depositor, the Trustee, the Master Servicer
and the Securities Administrator are entering into this Agreement, and the Trustee is accepting the Trust Fund created hereby,
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged.

As provided herein, the Securities
Administrator shall elect that the Trust Fund (exclusive of the Additional Collateral and the assets deposited in the Reserve Fund
(the “Excluded Trust Property”) be treated for federal income tax purposes as comprising three real estate mortgage
investment conduits (each, a “REMIC” or, in the alternative, the “Lower-Tier REMIC,” the “Middle-Tier
REMIC,” and the “Upper-Tier REMIC,” respectively). Each Certificate, other than the Class 1-AR Certificate and
the Class LT-R Certificate, is hereby designated as a regular interest in the Upper-Tier REMIC, as described herein. In addition,
each of the LIBOR Certificates represents the right to receive payments in respect of Net WAC Shortfalls from the Reserve Fund
as provided in Sections 5.02 and 5.06. The owners of the Interest-Only Certificates beneficially own the Reserve Fund. The Class
1-AR Certificate represents the sole class of residual interest in each of the Upper-Tier and Middle-Tier REMICs.

The Class LT-R Certificate evidences
ownership of the sole class of residual interest in the Lower-Tier REMIC (the “LT-R Interest”). The Lower-Tier REMIC
shall hold as its assets all property of the Trust Fund, other than the Excluded Trust Property and other than the interests in
any REMIC formed hereby. Each Lower-Tier Interest other than the LT-R Interest is hereby designated as a regular interest in the
Lower-Tier REMIC and the LT-R Interest is hereby designated as the sole Class of residual interest in the Lower-Tier REMIC. The
Middle-Tier REMIC shall hold as its assets the Lower-Tier Interests other than the LT-R Interest. Each Middle-Tier Interest
other than the MT-R Interest is hereby designated as a regular interest in the Middle-Tier REMIC and the MT-R Interest is hereby
designated as the sole Class of residual interest in the Middle-Tier REMIC. The Upper-Tier REMIC shall
hold as its assets the Middle-Tier Interests other than the MT-R Interest.

    	 

    	 

    
 

The Lower-Tier REMIC Interests

The following table sets forth (or describes)
the Class designation, interest rate, and initial Class Principal Amount for each Class of Lower-Tier Interests:

	
        Lower-Tier

        REMIC Interest

        Designation
	
        

        

        Interest Rate
	
        Initial
        Class

Principal Amount
	
        Corresponding
        Pool or Corresponding Class of Certificates

	LT-Pool 1	(1)	(7)	1
	LT-Pool 1 PSA	(1)	(8)	1
	LT-Pool 2	(2)	(7)	2
	LT-Pool 2 PSA	(2)	(8)	2
	LT-Pool 3	(3)	(7)	3
	LT-Pool 3 PSA	(3)	(8)	3
	LT-Pool 4	(4)	(7)	4
	LT-Pool 4 PSA	(4)	(8)	4
	LT-Pool 5	(5)	(7)	5
	LT-Pool 5 PSA	(5)	(8)	5
	LT-R	(6)	(6)	Class LT-R

__________________

		(1)	The interest rate with respect to any Distribution Date (and the related Accrual Period) for each of these Lower-Tier Interests
will be a per annum rate equal to the Pool 1 Net WAC.

		(2)	The interest rate with respect to any Distribution Date (and the related Accrual Period) for each of these Lower-Tier Interests
will be a per annum rate equal to the Pool 2 Net WAC.

		(3)	The interest rate with respect to any Distribution Date (and the related Accrual Period) for each of these Lower-Tier Interests
will be a per annum rate equal to the Pool 3 Net WAC.

		(4)	The interest rate with respect to any Distribution Date (and the related Accrual Period) for each of these Lower-Tier Interests
will be a per annum rate equal to the Pool 4 Net WAC.

		(5)	The interest rate with respect to any Distribution Date (and the related Accrual Period) for each of these Lower-Tier Interests
will be a per annum rate equal to the Pool 5 Net WAC.

		(6)	The LT-R Interest is the sole class of residual interest in the Lower-Tier REMIC. It does not have a principal balance and
does not bear interest.

		(7)	The Class Principal Amount with respect to any Distribution Date (and the related Accrual Period) for each of these Lower-Tier
Interests will be an amount equal to the excess of (i) the Aggregate Stated Principal Balance of the Corresponding Pool over (ii)
the Class Principal Amount of the Lower Tier Interest having “PSA” in its designation that corresponds to the same
Mortgage Pool.

		(8)	The Class Principal Amount with respect to any Distribution Date (and the related Accrual Period) for each of these Lower-Tier
Interests will be an amount equal to one percent of the Pool Subordinate Amount of the Corresponding Pool.

On each Distribution Date, the Available
Distribution Amount distributable as interest shall be distributed as interest with respect to the Lower-Tier Interests based on
the interest rates described above. On each Distribution Date, Interest Shortfalls shall be allocated among the related Lower-Tier
Interests based on the relative amounts of interest otherwise accrued for the related Accrual Period on each such Lower-Tier Interest.

    	2

    	 

    
 

On each Distribution Date, the remaining Available
Distribution Amount shall be distributed as principal on the Lower-Tier Interests as follows:

 

		(1)	first, from the remaining Available Distribution Amount for Pool 1, to the LT-Pool 1 PSA
Interest until its Class Principal Amount equals one percent of the Pool Subordinate Amount for Pool 1 after such Distribution
Date;

		(2)	second, from the remaining Available Distribution Amount for Pool 2, to the LT-Pool 2 PSA
Interest until its Class Principal Amount equals one percent of the Pool Subordinate Amount for Pool 2 after such Distribution
Date;

		(3)	third, from the remaining Available Distribution Amount for Pool 3, to
the LT-Pool 3 PSA Interest until its Class Principal Amount equals one percent of the Pool Subordinate Amount for Pool 3 after
such Distribution Date;

		(4)	fourth, from the remaining Available Distribution Amount for Pool 4, to
the LT-Pool 4 PSA Interest until its Class Principal Amount equals one percent of the Pool Subordinate Amount for Pool 4 after
such Distribution Date;

		(5)	fifth, from the remaining Available Distribution Amount for Pool 5, to
the LT-Pool 5 PSA Interest until its Class Principal Amount equals one percent of the Pool Subordinate Amount for Pool 5 after
such Distribution Date;

		(6)	sixth, to the LT-Pool 1 PSA, LT-Pool 2 PSA, LT-Pool 3 PSA, LT-Pool 4 PSA or LT-Pool 5 PSA
Interest, from the remaining Available Distribution Amount, the minimum amount necessary to cause the ratio of the Class Principal
Amount of each such Lower-Tier REMIC Interest to the sum of the Class Principal Amounts of the other four such Lower-Tier REMIC
Interests to equal the ratio of the Pool Subordinate Amount related to such interest to the sum of the Pool Subordinate Amounts
related to the other four Lower-Tier REMIC Interests immediately after such Distribution Date;

		(7)	seventh, from the remaining Available Distribution Amount for Pool 1, to the LT-Pool 1 Interest,
until its Class Principal Amount is reduced to zero;

		(8)	eighth, from the remaining Available Distribution Amount for Pool 2, to the LT-Pool 2 Interest,
until its Class Principal Amount is reduced to zero; 

		(9)	ninth, from the remaining Available Distribution Amount for Pool 3, to the LT-Pool 3 Interest,
until its Class Principal Amount is reduced to zero;

		(10)	tenth, from the remaining Available Distribution Amount for Pool 4, to the LT-Pool 4 Interest,
until its Class Principal Amount is reduced to zero;

		(11)	eleventh, from the remaining Available Distribution Amount for Pool 5, to the LT-Pool 5 Interest,
until its Class Principal Amount is reduced to zero; and

    	3

    	 

    
 

		(12)	finally, to the Class LT-R Interest, any remaining amounts (including any and all
remaining amounts representing net gain, if any, from the sale of any REO Properties at a price in excess of the foreclosed balance
of the related Mortgage Loan or other Liquidation Proceeds realized).

The Middle-Tier REMIC Interests

The following table sets forth (or describes)
the Class designation, interest rate, and initial Class Principal Amount for each Class of Middle-Tier Interests:

	
        Middle-Tier

        REMIC Interest

        Designation
	
        

        Interest Rate
	
        Initial
Class

Principal Amount
	
        Corresponding
        Class of Certificate(s)

	MT-1A1	(1)	(3)	1-A1, 1-AR, 1-XA
	MT-1A2	(1)	(3)	1-A2, 1-XA
	MT-2A1	(2)	(3)	2-A1
	MT-2A2	(2)	(3)	2-A2
	MT-3A1	(2)	(3)	3-A1
	MT-3A2	(2)	(3)	3-A2
	MT-4A1	(2)	(3)	4-A1
	MT-4A2	(2)	(3)	4-A2
	MT-5A1	(2)	(3)	5-A1
	MT-5A2	(2)	(3)	5-A2
	MT-B1	(2)	(3)	1-B1
	MT-B2	(2)	(3)	1-B2
	MT-B3	(2)	(3)	1-B3
	MT-B4	(2)	(3)	1-B4
	MT-B5	(2)	(3)	1-B5
	MT-B6	(2)	(3)	1-B6
	MT-R	(4)	(4)	N/A

__________________

		(1)	The interest rate with respect to any Distribution Date (and the related Accrual Period) for this Lower-Tier Interest will
be a per annum rate equal to the Pool 1 Net WAC.

		(2)	The interest rate with respect to any Distribution Date (and the related Accrual Period) for this Middle-Tier Interest will
be a per annum rate equal to the rate on its Corresponding Class of Certificates.

		(3)	This interest shall have an initial class principal amount equal to the aggregate Initial Class Principal Amount of its Corresponding
Class(es) of Certificates (other than any interest-only certificates).

		(4)	The MT-R Interest is the sole class of residual interest in the Middle-Tier REMIC. It does not have a principal balance and
does not bear interest.

On each Distribution Date, the Available
Distribution Amount distributable as interest shall be distributed as interest with respect to the Middle-Tier Interests based
on the interest rates described above. On each Distribution Date, Interest Shortfalls shall be allocated among the related Middle-Tier
Interests based on the relative amounts of interest otherwise accrued for the related Accrual Period on each such Middle-Tier Interest.

    	4

    	 

    
On each Distribution Date, the remaining Available
Distribution Amount distributable to with respect principal shall be distributed to the Middle-Tier Interests as follows:

 

		(i)	first, to the Middle-Tier Interests with the letter “A” in their designation, pro rata, until their Class
Principal Amounts equal the sum of the Class Principal Amounts of their Corresponding Class(es) of Certificates (other than any
interest-only certificates);

		(ii)	second, to the MT-1B1 Interest until its Class Principal Amount equals the Class Principal Amount of the Class B1 Certificate;

		(iii)	third, to the MT-1B2 Interest until its Class Principal Amount equals the Class Principal Amount of the Class B2 Certificate;

		(iv)	fourth, to the MT-1B3 Interest until its Class Principal Amount equals the Class Principal Amount of the Class B3 Certificate;

		(v)	fifth, to the MT-1B4 Interest until its Class Principal Amount equals the Class Principal Amount of the Class B4 Certificate;

		(vi)	sixth, to the MT-1B5 Interest until its Class Principal Amount equals the Class Principal Amount of the Class B5 Certificate;

		(vii)	seventh, to the MT-1B6 Interest until its Class Principal Amount equals the Class Principal Amount of the Class B6 Certificate;
and

		(viii)	finally, to the MTR Interest, any remaining amounts.

 

The Certificates and the Upper-Tier
REMIC

The following table sets forth
(or describes) the Class designation, Certificate Interest Rate, initial Class Principal Amount (or initial Class Notional Amount)
and minimum denomination for each Class of Certificates comprising interests in the Trust Fund created hereunder.

    	5

    	 

    
 

	

        

        Class Designation
	
        Certificate

        Interest Rate
	
        Initial
Class 

Class Principal 

Amount
	
        

        

        Minimum

        Denominations or Percentage Interest

	Class 1-A1	(1)	$ 	$
	Class 1-A2	(2)	$ 	$
	Class 1-AR	(3)	$             	100%
	Class 1-XA	(4)	(5)	100%
	Class 2-A1	(6)	$   	$
	Class 2-A2	(6)	$      	$
	Class 3-A1	(7)	$ 	$
	Class 3-A2	(7)	$   	$
	Class 4-A1	(8)	$ 	$
	Class 4-A2	(8)	$   	$
	Class 5-A1	(9)	$ 	$
	Class 5-A2	(9)	$   	$
	Class B-1	(10)	$   	$
	Class B-2	(10)	$   	$
	Class B-3	(10)	$   	$
	Class B-4	(10)	$   	$
	Class B-5	(10)	$      	$
	Class B-6	(10)	$      	$
	Class LT-R	(11)	(11)	100%

		(1)	The Certificate Interest Rate with respect to any Distribution Date (and the related Accrual Period) for the Class 1-A1 Certificates
is the per annum rate equal to the least of (i) One-Month LIBOR plus 0.[__] %, (ii) the Pool 1 Net WAC and (iii) [     ]%;
provided, however, that if the Holder of the Class LT-R Certificate does not exercise the option to redeem the Certificates
on or prior to the Group 1 Step-Up Date, then the per annum rate calculated pursuant to clause (i) above with respect to the Class
1-A1 Certificates will be One-Month LIBOR plus [   ]% on the Distribution Date immediately following the Group 1
Step-Up Date and for all Distribution Dates thereafter.

		(2)	The Certificate Interest Rate with respect to any Distribution Date (and the related Accrual Period) for the Class 1-A2 Certificates
is the per annum rate equal to the least of (i) One-Month LIBOR plus [   ]%, (ii) the Pool 1 Net WAC and (iii) [   ]%;
provided, however, that if the Holder of the Class LT-R Certificate does not exercise the option to redeem the Certificates
on or prior to the Group 1 Step-Up Date, then the per annum rate calculated pursuant to clause (i) above with respect to the Class
1-A2 Certificates will be One-Month LIBOR plus [   ]% on the Distribution Date immediately following the Group 1
Step-Up Date and for all Distribution Dates thereafter.

		(3)	The Certificate Interest Rate with respect to any Distribution Date (and the related Accrual Period)
for the Class 1-AR Certificates will equal the Pool 1 Net WAC.

		(4)	The Certificate Interest Rate with respect to any Distribution Date (and the related Accrual Period) for the Class 1-XA Certificates
will be a per annum rate equal to the excess, if any, of the Pool 1 Net WAC over the weighted average of the Certificate Interest
Rates of the Class 1-A1 and Class 1-A2 Certificates (adjusted on the basis of a 360-day year consisting of twelve 30-day months),
weighted on the basis of their respective Class Principal Amounts.

		(5)	The Class 1-XA Certificate is an interest only Certificate and
for any Distribution Date the Class Notional Amount of the Class 1-XA Certificates is equal to the aggregate of the Class Principal
Amounts of the Class 1-A1 and Class 1-A2 Certificates immediately before such Distribution Date.
The initial Class Notional Amount of the Class 1-XA Certificates is $[   ].

    	6

    	 

    
 

		(6)	The Certificate Interest Rate with respect to any Distribution Date (and the related Accrual Period)
for the Class 2-A1 and Class 2-A2 Certificates will equal the Pool 2 Net WAC.

		(7)	The Certificate Interest Rate with respect to any Distribution Date (and the related Accrual Period)
for the Class 3-A1 and Class 3-A2 Certificates will equal the Pool 3 Net WAC.

		(8)	The Certificate Interest Rate with respect to any Distribution Date (and the related Accrual Period)
for the Class 4-A1 and Class 4-A2 Certificates will equal the Pool 4 Net WAC.

		(9)	The Certificate Interest Rate with respect to any Distribution Date (and the related Accrual Period)
for the Class 5-A1 and Class 5-A2 Certificates will equal the Pool 5 Net WAC.

		(10)	The Certificate Interest Rates with respect to any Distribution Date (and the related Accrual Period)
for the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates will equal the Subordinate Net WAC.

		(11)	The Class LT-R Certificate does not have a Certificate Interest Rate or a Class Principal Amount.

As of the Cut-off Date, the Mortgage
Loans had an Aggregate Stated Principal Balance of $[        ].

In consideration of the mutual agreements
herein contained, the Depositor, the Master Servicer, the Securities Administrator and the Trustee hereby agree as follows.

ARTICLE I

DEFINITIONS

Section 1.01 Definitions.
 The following words and phrases, unless the context otherwise requires, shall have the following meanings:

10-K Filing Deadline: As defined
in Section 6.21(b)(i) hereof.

Accepted Servicing Practices:
With respect to any Mortgage Loan, those mortgage servicing practices of prudent mortgage lending institutions which service mortgage
loans of the same type as such Mortgage Loan in the jurisdiction where the related Mortgaged Property is located.

Accountant:
A Person engaged in the practice of accounting who (except when this Agreement provides that
an Accountant must be Independent) may be employed by or affiliated with the Depositor or an Affiliate of the Depositor.

Accountant’s Attestation:
As defined in Section 6.24.

Accrual Period: With respect to
any Distribution Date and any Class of LIBOR Certificates, the period commencing on the immediately preceding Distribution Date
(or, in the case of the first Distribution Date, on the Closing Date) and ending on the day immediately preceding the current Distribution
Date. The Accrual Period applicable to the remaining Classes of Certificates and to each Lower-Tier Interest is the calendar month
preceding the month in which the Distribution Date occurs. Interest shall accrue on all Classes of Certificates and on all Lower-Tier
Interests (other than the LIBOR Certificates, the LT-Pool 1 and LT-Pool 1 PSA Interests, and the MT-1A1 and MT-1A2 Interests) on
the basis of a 360-day year consisting of twelve 30-day months, and interest shall accrue on the LIBOR Certificates, the LT-Pool
1 and LT-Pool 1 PSA Interests, and the MT-1A1 and MT-1A2 Interests) on the basis of a 360-day year and the actual number of days
elapsed in the related Accrual Period.

    	7

    	 

    
Acknowledgements: The Assignment,
Assumption and Recognition Agreements, each dated ___________ __, 20__, assigning rights under the Purchase Agreements and the
Servicing Agreements from the Seller to the Depositor and from the Depositor to the Trustee, for the benefit of the Certificateholders.

Additional
Collateral: With respect to any Additional Collateral Mortgage Loan, the marketable securities and other acceptable
collateral pledged as collateral pursuant to the related pledge agreements.

Additional Collateral Mortgage Loan:
Each Mortgage Loan identified as such in the Mortgage Loan Schedule.

Additional Form 10-D Disclosure:
As defined in Section 6.21(a)(i).

Additional Form 10-K Disclosure:
As defined in Section 6.21(b)(i).

Additional Servicer:
Each affiliate of a Servicer that Services any of the Mortgage Loans and each Person who is not an affiliate of the Depositor,
who Services 10% or more of the Mortgage Loans (measured by aggregate Stated Principal Balance of the Mortgage Loans, annually
at the commencement of the calendar year prior to the year in which an Item 1123 Certificate is required to be delivered). For
clarification purposes, the Master Servicer and the Securities Administrator are Additional Servicers.

Adjustment Date: As to any Mortgage
Loan, the date on which the related Mortgage Rate adjusts in accordance with the terms of the related Mortgage Note.

Advance:
With respect to a Mortgage Loan, the payments required to be made by the Master Servicer or the applicable Servicer with
respect to any Distribution Date pursuant to this Agreement or the Servicing Agreements, as applicable, the amount of any such
payment being equal to the aggregate of the payments of principal and interest (net of the Master Servicing Fee and/or the applicable
Servicing Fee and net of any net income in the case of any REO Property) on the Mortgage Loans that were due on the related Due
Date and not received as of the close of business on the related Determination Date, less the aggregate amount of any such delinquent
payments that the Master Servicer or the Servicers have determined would constitute Nonrecoverable Advances if advanced.

Adverse REMIC Event: Either (i)
loss of status as a REMIC, within the meaning of Section 860D of the Code, for any group of assets identified as a REMIC in the
Preliminary Statement to this Agreement, or (ii) imposition of any tax, including the tax imposed under Section 860F(a)(1) on prohibited
transactions, and the tax imposed under Section 860G(d) on certain contributions to a REMIC, on any REMIC created hereunder to
the extent such tax would be payable from assets held as part of the Trust Fund.

Affiliate:
With respect to any specified Person, any other Person controlling or controlled by or under common control with such specified
Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power
to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities,
by contract or otherwise; and the terms “controlling” and “controlled”
have meanings correlative to the foregoing.

    	8

    	 

    
 

Aggregate Expense Rate: With respect
to any Mortgage Loan, the sum of the Master Servicing Fee Rate, the applicable Servicing Fee Rate and the premium rate of any lender-paid
Primary Mortgage Insurance Policy, expressed as an annual rate.

Aggregate Senior Percentage: As
to any Distribution Date, the percentage equivalent of a fraction, the numerator of which is the aggregate of the Class Principal
Amounts of the Class 1-A1, Class 1-A2, Class 1-AR, Class 2-A1, Class 2-A2, Class 3-A1, Class 3-A2, Class 4-A1, Class 4-A2, Class
5-A1 and Class 5-A2 Certificates and the denominator of which is the Aggregate Stated Principal Balance for such date, but in no
event greater than 100%.

Aggregate Stated Principal Balance:
As to any Distribution Date, the aggregate of the Stated Principal Balances for all Mortgage Loans (and when such term is used
with respect to a particular Mortgage Pool, the aggregate of the Stated Principal Balances of the Mortgage Loans in such Mortgage
Pool) which were outstanding on the Due Date in the month preceding the month of such Distribution Date.

Aggregate Subordinate Percentage:
As to any Distribution Date, the excess of 100% over the Aggregate Senior Percentage for such Distribution Date, but in no event
less than zero.

Aggregate
Voting Interests: The aggregate of the Voting Interests of all the Certificates under this
Agreement.

Agreement:
This Pooling and Servicing Agreement and all amendments and supplements hereto.

Applicable Credit Support Percentage:
As to any Class of Subordinate Certificates and any Distribution Date, the sum of the Class Subordination Percentage of such Class
and the aggregate of the Class Subordination Percentages of all other Classes (if any) of Subordinate Certificates that rank lower
in priority than such Class.

Apportioned Principal Balance:
As to any Distribution Date and each Class of Subordinate Certificates, the Class Principal Amount thereof immediately prior to
that Distribution Date, multiplied by a fraction, the numerator of which is the applicable Pool Subordinate Amount (i.e.,
the Pool 1 Subordinate Amount, the Pool 2 Subordinate Amount, the Pool 3 Subordinate Amount, the Pool 4 Subordinate Amount or the
Pool 5 Subordinate Amount, as the case may require), and the denominator of which is the sum of the Pool Subordinate Amounts, in
each case, on such date.

Appraised Value: With respect
to any Mortgage Loan, the Appraised Value of the related Mortgaged Property shall be: (i) with respect to a Mortgage Loan other
than a Refinancing Mortgage Loan, the lesser of (a) the value of the Mortgaged Property based upon the appraisal made at the time
of the origination of such Mortgage Loan and (b) the sales price of the Mortgaged Property at the time of the origination of such
Mortgage Loan; and (ii) with respect to a Refinancing Mortgage Loan, the value of the Mortgaged Property based upon the appraisal
made at the time of the origination of such Refinancing Mortgage Loan.

    	9

    	 

    
 

Assessment of Compliance: As defined
in Section 6.23(a).

Assignment
of Mortgage: An assignment of the Mortgage, notice of transfer or equivalent instrument, in recordable form, sufficient under
the laws of the jurisdiction wherein the related Mortgaged Property is located to reflect the sale of the Mortgage to the Trustee,
which assignment, notice of transfer or equivalent instrument may be in the form of one or more blanket assignments covering the
Mortgage Loans secured by Mortgaged Properties located in the same jurisdiction, if permitted by law; provided, however,
that the Trustee shall not be responsible for determining whether any such assignment is in recordable form.

Authenticating
Agent: Any authenticating agent appointed by the Trustee pursuant to Section 6.10 until any
successor authenticating agent for the Certificates is named, and thereafter “Authenticating Agent” shall mean any
such successor. The initial Authenticating Agent shall be the Securities Administrator under this Agreement.

Authorized
Officer: Any Person who may execute an Officer’s Certificate on behalf of the Depositor.

Available
Distribution Amount: With respect to any Distribution Date and each Mortgage Pool, the total amount of all cash, including
that portion of the Redemption Price (if applicable) received by the Master Servicer or the Securities
Administrator in respect of the Mortgage Loans in such Mortgage Pool from each Servicer or otherwise through the Distribution Account
Deposit Date for deposit into the Distribution Account in respect of such Distribution Date, including (1) all scheduled installments
of interest (net of the related Servicing Fees and Master Servicing Fees) and principal collected on the related Mortgage Loans
and due during the Due Period related to such Distribution Date, together with any Advances in respect thereof, (2) all Insurance
Proceeds, Liquidation Proceeds, Subsequent Recoveries and the proceeds of any Additional Collateral from the related Mortgage Loans,
in each case for such Distribution Date, (3) all partial or full Principal Prepayments, together with any accrued interest thereon,
identified as having been received from the related Mortgage Loans during the related Prepayment Period, (4) any amounts paid by
the Master Servicer and/or received from the Servicers in respect of Prepayment Interest Shortfalls with respect to the related
Mortgage Loans; and (5) the aggregate Purchase Price of all Defective Mortgage Loans in such Mortgage Pool purchased from the Trust
Fund during the related Prepayment Period, minus:

(A)an amount equal to the product
of (a) the applicable Pool Percentage and (b) the sum of (i) all related fees, charges and other amounts (other than the Master
Servicing Fees) payable or reimbursable to the Master Servicer, the Securities Administrator and the Trustee under this Agreement
(subject to an aggregate maximum amount of $[         ] annually (per year from the
Closing Date to the first anniversary of the Closing Date and each subsequent anniversary year thereafter) to be paid to such parties
collectively, whether from collections from Pool 1, Pool 2, Pool 3, Pool 4 or Pool 5, in the order claims for payment of such amounts
are received by the Securities Administrator, provided, however, that if a claim is presented for an amount that, when combined
with the amount of prior claims paid during that year, would exceed $[       ], then only a
portion of such claim will be paid that will make the total amount paid during that year equal to $[             ]
and the excess remaining unpaid, together with any additional claims received during that year, will be deferred until the following
anniversary year and if the total amount of such deferred claims exceeds $[          ]
then payment in such following anniversary year (and each subsequent anniversary year as may be needed until such deferred claims
are paid in full) shall be apportioned between the Master Servicer and the Securities Administrator, on the one hand, and the Trustee
on the other hand, in proportion to the aggregate amount of deferred claims submitted by such group as of the last day of the prior
year, and (ii) all charges and other amounts payable to the Servicers under the Servicing Agreements;

    	10

    	 

    
 

(B)in the case of (2), (3), (4)
and (5) above, with respect to the related Mortgage Loans, any related unreimbursed expenses incurred by the related Servicers
in connection with a liquidation or foreclosure and any unreimbursed Advances or Servicer Advances due to the Master Servicer or
the related Servicers;

(C)with respect to the related
Mortgage Loans, any related unreimbursed Nonrecoverable Advances due to the Master Servicer or the Servicers; and

(D)in the case of (1) through (4)
above, with respect to the related Mortgage Loans, any related amounts collected which are determined to be attributable to a subsequent
Due Period or Prepayment Period.

Back-Up Certification: As defined
in Section 6.21(e).

Bankruptcy: As to any Person,
the making of an assignment for the benefit of creditors, the filing of a voluntary petition in bankruptcy, adjudication as a bankrupt
or insolvent, the entry of an order for relief in a bankruptcy or insolvency proceeding, the seeking of reorganization, arrangement,
composition, readjustment, liquidation, dissolution or similar relief, or seeking, consenting to or acquiescing in the appointment
of a trustee, receiver or liquidator, dissolution, or termination, as the case may be, of such Person pursuant to the provisions
of either the Bankruptcy Code or any other similar state laws.

Bankruptcy Code: The United States
Bankruptcy Code of 1986, as amended.

BBA: The British Banker’s
Association.

Benefit
Plan Opinion: An Opinion of Counsel satisfactory to the Certificate Registrar to the effect that any proposed transfer will
not (i) cause the assets of the Trust Fund to be regarded as plan assets for purposes of the
Plan Asset Regulations or (ii) give rise to any fiduciary duty on the part of the Depositor or the Trustee.

Book-Entry
Certificates: Beneficial interests in Certificates designated as “Book-Entry Certificates”
in this Agreement, ownership and transfers of which shall be evidenced or made through book entries by a Clearing Agency as described
in Section 3.09; provided, that after the occurrence of a Book-Entry Termination whereupon book-entry registration
and transfer are no longer permitted and Definitive Certificates are to be issued to Certificate Owners, such Book-Entry Certificates
shall no longer be “Book-Entry Certificates.” As of the Closing Date, the following Classes of Certificates constitute
Book-Entry Certificates: Class 1-A1, Class 1-A2, Class 1-XA, Class 2-A1, Class 2-A2, Class 3-A1, Class 3-A2, Class 4-A1, Class
4-A2, Class 5-A1, Class 5-A2, Class B-1, Class B-2 and Class B-3.

    	11

    	 

    
 

Book-Entry Termination: As defined
in Section 3.09(c).

Business
Day: Any day other than (i) a Saturday or a Sunday or (ii) a day on which banking institutions in New York, New York or, if
other than New York, the city in which the Corporate Trust Office of the Trustee is located, or the States of Maryland or Minnesota,
are authorized or obligated by law or executive order to be closed.

Certificate:
Any one of the certificates signed by the Trustee and authenticated by the Securities Administrator as Authenticating Agent in
substantially the forms attached hereto as Exhibit A.

Certificate Group: Each of the
Group 1 Certificates, the Group 2 Certificates, the Group 3 Certificates, the Group 4 Certificates and the Group 5 Certificates.

Certificate Interest Rate: With
respect to each Class of Certificates and any Distribution Date, the applicable per annum rate described in the Preliminary Statement
to this Agreement.

Certificate Owner: With respect
to a Book-Entry Certificate, the Person who is the owner of such Book-Entry Certificate, as reflected on the books of the Clearing
Agency, or on the books of a Person maintaining an account with such Clearing Agency (directly or as an indirect participant, in
accordance with the rules of such Clearing Agency).

Certificate
Principal Amount: With respect to any Certificate (other than an Interest-Only Certificate), at the time of determination,
the maximum specified dollar amount of principal to which the Holder thereof is then entitled hereunder, such amount being equal
to the initial principal amount set forth on the face of such Certificate, less (i) the amount of all principal distributions
previously made with respect to such Certificate; (ii) all Realized Losses allocated to such Certificate; provided, however,
that on any Distribution Date on which a Subsequent Recovery is distributed, the Certificate Principal Amount of any Certificate
then outstanding to which a Realized Loss amount has been applied will be increased sequentially, in order of seniority, by an
amount equal to the lesser of (A) the Realized Loss amount previously allocated to that Certificate and (B) any Subsequent Recovery
allocable to such Certificate after application (for this purpose) to more senior Classes of Certificates pursuant to this Agreement
and (iii) in the case of a Subordinate Certificate, any Subordinate Certificate Writedown Amount allocated to such Certificates.
For purposes of Article V hereof, unless specifically provided to the contrary, Certificate Principal Amounts shall be determined
as of the close of business of the immediately preceding Distribution Date, after giving effect to all distributions made on such
date. Interest-Only Certificates, if applicable, are issued without Certificate Principal Amounts.

    	12

    	 

    
 

Certificate
Register and Certificate Registrar: The register maintained and the registrar appointed pursuant
to Section 3.02. The Securities Administrator will act as the initial Certificate Registrar.

Certificateholder:
The meaning provided in the definition of “Holder.”

Certification Parties: As defined
in Section 6.21(e).

Certifying Person: As defined
in Section 6.21(e).

Civil Relief Act: The Servicemembers
Civil Relief Act, as amended, or any similar state or local law.

Class: Collectively, Certificates
bearing the same class designation. In the case of the Lower-Tier REMIC, the term “Class” refers to all Lower-Tier
Interests having the same alphanumeric designation.

Class 1-AR Certificate: The Class
1-AR Certificate executed by the Trustee, and authenticated and delivered by the Authenticating Agent, substantially in the form
annexed hereto as Exhibit A, and evidencing the ownership of the sole residual interest in each of the Middle-Tier and Upper-Tier
REMICs.

Class LT-R Certificate: The Class
LT-R Certificate executed by the Trustee and authenticated and delivered by the Authenticating Agent, substantially in the form
annexed as Exhibit A and evidencing ownership of the LT-R Interest.

Class Notional Amount: With respect
to any Class of Interest-Only Certificates, the applicable class notional amount calculated as provided in the Preliminary Statement
to this Agreement.

Class Principal Amount: With respect
to each Class of Certificates (other than an Interest-Only Certificate), the aggregate of the Certificate Principal Amounts of
all Certificates of such Class at the date of determination. With respect to any Lower-Tier Interest, the initial Class Principal
Amount as shown or described in the table set forth in the Preliminary Statement to this Agreement for the issuing REMIC, as reduced
by principal distributed with respect to such Lower-Tier Interest and Realized Losses allocated to such Lower-Tier Interest at
the date of determination.

Class Subordination Percentage:
With respect to each Class of Subordinate Certificates, for each Distribution Date, the percentage obtained by dividing the Class
Principal Amount of such Class immediately prior to such Distribution Date by the aggregate of the Class Principal Amounts of all
Classes of Certificates immediately prior to such Distribution Date.

Clearing Agency: An organization
registered as a “clearing agency” pursuant to Section 17A of the Exchange Act. As of the Closing Date, the Clearing
Agency shall be The Depository Trust Company.

    	13

    	 

    
 

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

Closing Date: __________ __, 20__.

Code: The Internal Revenue Code
of 1986, as amended, and as it may be further amended from time to time, any successor statutes thereto, and applicable U.S. Department
of Treasury regulations issued pursuant thereto in temporary or final form.

Collection Accounts: Each collection
account (other than an Escrow Account) established and maintained by a Servicer pursuant to a Servicing Agreement.

Commission: U.S. Securities and
Exchange Commission.

Compensating Interest Payment:
As to any Distribution Date, the lesser of (1) the Master Servicing Fee for such date and (2) any Prepayment Interest Shortfall
for such date.

Component: Not applicable.

Component Interest Rate: Not applicable.

Component Notional Amount: Not
applicable.

Cooperative Corporation: The entity
that holds title (fee or an acceptable leasehold estate) to the real property and improvements constituting the Cooperative Property
and which governs the Cooperative Property, which Cooperative Corporation must qualify as a Cooperative Housing Corporation under
Section 216 of the Code.

Cooperative Loan: Any Mortgage
Loan secured by Cooperative Shares and a Proprietary Lease.

Cooperative Property: The real
property and improvements owned by the Cooperative Corporation, that includes the allocation of individual dwelling units to the
holders of the shares of the Cooperative Corporation.

Cooperative Shares: Shares issued
by a Cooperative Corporation.

Corporate Trust Office: With respect
to the Trustee, the principal corporate trust office of the Trustee located at [ , Attention: Trustee Sequoia Mortgage Trust 20__-_],
or at such other address as the Trustee may designate from time to time by notice to the Certificateholders, the Depositor, the
Master Servicer and the Securities Administrator or the principal corporate trust office of any successor Trustee. With respect
to the Certificate Registrar and presentment of Certificates for registration of transfer, exchange or final payment, [ , Attention:
Sequoia Mortgage Trust 20__-_].

Corresponding Class of Certificates:
With respect to each Lower-Tier Interest or Middle-Tier Interest, the Class or Classes of Certificates appearing opposite such
Lower-Tier Interest or Middle-Tier Interest, respectively, as described in the Preliminary Statement to this Agreement.

    	14

    	 

    
 

Credit Support Depletion Date:
The first Distribution Date, if any, on which the aggregate of the Class Principal Amounts of the Subordinate Certificates has
been reduced to zero.

Current Interest: With respect
to each Class of Certificates and any Distribution Date, the aggregate amount of interest accrued at the applicable Certificate
Interest Rate during the related Accrual Period on the Class Principal Amount or Class Notional Amount, as applicable, of such
Class immediately prior to such Distribution Date.

Custodian: A Person who is at
anytime appointed by the Trustee and the Depositor as a custodian of all or a portion of the Mortgage Documents and the related
Trustee Mortgage Files and listed on the Mortgage Loan Schedule as the Custodian of such Mortgage Documents and related Trustee
Mortgage Files. The initial Custodian is [                        ].

Custodial Agreement: The Custodial
Agreement, dated as of ____________ __, 20__, among the Depositor, the Seller, the Trustee and [ , as Custodian]. A copy of the
Custodial Agreement is attached hereto as Exhibit D.

Cut-off Date: ____________ __,
20__.

Debt Service Reduction: With respect
to any Mortgage Loan, a reduction by a court of competent jurisdiction in a proceeding under the Bankruptcy Code in the Scheduled
Payment for such Mortgage Loan which became final and non-appealable, except such a reduction resulting from a Deficient Valuation
or any reduction that results in a permanent forgiveness of principal.

Defective Mortgage Loan: The meaning
specified in Section 2.04.

Deficient Valuation: With respect
to any Mortgage Loan, a valuation of the related Mortgaged Property by a court of competent jurisdiction 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 Payment that results in a permanent forgiveness of principal, which valuation or reduction results from an order
of such court which is final and non-appealable in a proceeding under the Bankruptcy Code.

Definitive Certificate: A Certificate
of any Class issued in definitive, fully registered, certificated form.

Deleted Mortgage Loan: As defined
in the applicable Purchase Agreement.

Delinquent: Any Mortgage Loan
with respect to which the Scheduled Payment due on a Due Date is not received, based on the MBA method of calculating delinquency.

Depositor: Sequoia Residential
Funding, Inc., a Delaware corporation having its principal place of business in California, or its successors in interest.

Determination Date: With respect
to each Distribution Date, the 18th day of the month in which such Distribution Date occurs, or, if such 18th day is not a Business
Day, the next succeeding Business Day; provided, however, that with respect to a Servicer, the Determination Date is the
date set forth in the related Servicing Agreement.

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Disqualified Organization: A “disqualified
organization” as defined in Section 860E(e)(5) of the Code.

Distribution Account: The
separate Eligible Account created and maintained by the Securities Administrator, on behalf of the Trustee, pursuant to Section
4.01. Funds in the Distribution Account (exclusive of any earnings on investments made with funds deposited in the Distribution
Account) shall be held in trust for the Trustee and the Certificateholders for the uses and purposes set forth in this Agreement.

Distribution Account Deposit
Date: The 18th day of each calendar month after the initial issuance of the Certificates or, if such 18th day is not a Business
Day, the immediately preceding Business Day, commencing in ___________ 20__.

Distribution Date: The 20th day
of each month or, if such 20th day is not a Business Day, the next succeeding Business Day, commencing in ___________ 20__.

Distribution Date Statement: As
defined in Section 4.02.

Document Transfer Event: The day
on which (i) [                    ]
or any successor thereto is no longer a Servicer of any of the Mortgage Loans, (ii) the senior, unsecured long-term debt rating
of [                ] is less than “BBB-”
by Fitch or (iii) any Rating Agency requires such Servicer to deliver the Retained Mortgage Files to the Custodian.

Due Date: With respect to any
Mortgage Loan, the date on which a Scheduled Payment is due under the related Mortgage Note as indicated in the applicable Servicing
Agreement.

Due Period: As to any Distribution
Date, the period beginning on the second day of the month preceding the month of such Distribution Date, and ending on the first
day of the month of such Distribution Date.

Effective Loan-to-Value Ratio:
A fraction, expressed as a percentage, the numerator of which is the original Stated Principal Balance of the Mortgage Loan, less
the amount of Additional Collateral required to secure such Mortgage Loan at the time of origination, if any, and the denominator
of which is the Appraised Value of the related Mortgage Property at such date.

Eligible Account: Any of (i) an
account or accounts maintained with a federal or state chartered depository institution or trust company the short-term unsecured
debt obligations of which (or, in the case of a depository institution or trust company that is the principal subsidiary of a holding
company, the debt obligations of such holding company) have the highest short-term ratings of each Rating Agency at the time any
amounts are held on deposit therein, or (ii) a trust account or accounts maintained with the trust department of a federal or state
chartered depository institution or trust company, acting in its fiduciary capacity or (iii) any other account acceptable to each
Rating Agency. Eligible Accounts may bear interest, and may include, if otherwise qualified under this definition, accounts maintained
with the Trustee, the Paying Agent, the Securities Administrator or the Master Servicer. If the depository institution or trust
company that maintains the account or accounts receives a downgrade in its rating such that it is no longer acceptable to the Rating
Agencies, the funds on deposit therewith in connection with this transaction shall be transferred to an Eligible Account within
30 days of such downgrade.

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ERISA: The Employee Retirement
Income Security Act of 1974, as amended.

ERISA-Qualifying Underwriting:
A best efforts or firm commitment underwriting or private placement that meets the requirements of an Underwriter’s Exemption.

ERISA-Restricted Certificate:
The Class 1-AR, Class LT-R, Class B-4, Class B-5 or Class B-6 Certificates, any Retained Certificates until such Retained Certificates
have been subject to an ERISA-Qualifying Underwriting and any Certificate that does not satisfy the applicable rating requirement
under the Underwriter’s Exemption.

ERISA-Restricted Purchase Option Certificate:
Any Certificate other than an ERISA-Restricted Certificate.

Escrow Account: As defined in
Section 1 of each Servicing Agreement.

Event of Default: Any one of the
conditions or circumstances enumerated in Section 6.14.

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

Excluded Trust Property: As defined
in the Preliminary Statement.

Fannie Mae: The Federal National
Mortgage Association, a federally chartered and privately owned corporation organized and existing under the Federal National Mortgage
Association Charter Act, or any successor thereto.

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

FHLMC: The Federal Home Loan Mortgage
Corporation, a corporate instrumentality of the United States created and existing under Title III of the Emergency Home Finance
Act of 1970, as amended, or any successor thereto.

Fitch: Fitch, Inc., or any successor
in interest.

Form 8-K Disclosure Information:
As defined in Section 6.21(c)(i).

Global Securities: The global
certificates representing the Book-Entry Certificates.

Group 1: All of the Group 1 Certificates.

Group 1 Certificate: Any Class
1-A1, Class 1-A2, Class 1-XA or Class 1-AR Certificate.

Group 1 Step-Up Date: The Distribution
Date on which the then Aggregate Stated Principal Balance of the Mortgage Loans is equal to or less than 5% of the Aggregate Stated
Principal Balance of the Mortgage Loans as of the Cut-off Date.

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Group 2: All of the Group 2 Certificates.

Group 2 Certificate: Any Class
2-A1 or Class 2-A2 Certificate.

Group 3: All of the Group 3 Certificates.

Group 3 Certificate: Any Class
3-A1 or Class 3-A2 Certificate.

Group 4: All of the Group 4 Certificates.

Group 4 Certificate: Any Class
4-A1 or Class 4-A2 Certificate.

Group 5: All of the Group 5 Certificates.

Group 5 Certificate: Any Class
5-A1 or Class 5-A2 Certificate.

Holder or Certificateholder: The
registered owner of any Certificate as recorded on the books of the Certificate Registrar except that, solely for the purposes
of taking any action or giving any consent pursuant to this Agreement, any Certificate registered in the name of the Depositor,
the Trustee, the Master Servicer, the Securities Administrator and any Servicer, or any Affiliate thereof shall be deemed not to
be outstanding in determining whether the requisite percentage necessary to effect any such consent has been obtained, except that,
in determining whether the Trustee shall be protected in relying upon any such consent, only Certificates which a Responsible Officer
of the Trustee knows to be so owned shall be disregarded. The Trustee, the Certificate Registrar and the Securities Administrator
may request and conclusively rely on certifications by the Depositor, the Master Servicer, the Securities Administrator or any
Servicer in determining whether any Certificates are registered to an Affiliate of the Depositor, the Master Servicer, the Securities
Administrator or any Servicer.

HUD: The United States Department
of Housing and Urban Development, or any successor thereto.

Independent: When used with respect
to any Accountants, a Person who is “independent” within the meaning of Rule 2-01(b) of the Securities and Exchange
Commission’s Regulation S-X. When used with respect to any other Person, a Person who (a) is in fact independent of another
specified Person and any Affiliate of such other Person, (b) does not have any material direct financial interest in such other
Person or any Affiliate of such other Person, and (c) is not connected with such other Person or any Affiliate of such other Person
as an officer, employee, promoter, underwriter, trustee, partner, director or Person performing similar functions.

Index: As to each Mortgage Loan,
the index from time to time in effect for adjustment of the Mortgage Rate as set forth as such on the related Mortgage Note.

Initial One-Month LIBOR Rate:
[    ]%.

Initial Trust Receipt. With respect
to any Mortgage Loan, as defined in the Custodial Agreement.

    	18

    	 

    
 

Insurance Policy: With respect
to any Mortgage Loan, any insurance policy, including all names and endorsements thereto in effect, including any replacement policy
or policies for any Insurance Policies.

Insurance Proceeds: Proceeds paid
by any Insurance Policy (excluding proceeds required to be applied to the restoration and repair of the related Mortgaged Property
or released to the Mortgagor), in each case other than any amount included in such Insurance Proceeds in respect of Insured Expenses
and (i) the proceeds from any Limited Purpose Surety Bond.

Insured Expenses: Expenses
covered by an Insurance Policy or any other insurance policy with respect to the Mortgage Loans.

Interest Distribution Amount:
For each Class of Certificates on any Distribution Date, the Current Interest for such Class as reduced by such Class’s share
of Net Prepayment Interest Shortfalls and Relief Act Shortfalls. Any such shortfalls and reductions shall be allocated among (i)
the Senior Certificates of a Certificate Group, proportionately based on the amount of Net Prepayment Interest Shortfalls and Relief
Act Shortfalls experienced by the related Mortgage Pool and related Current Interest otherwise distributable thereon on such Distribution
Date and (ii) the Subordinate Certificates, the amount of Net Prepayment Interest Shortfalls and Relief Act Shortfalls experienced
by all the Mortgage Loans and interest accrued on their Apportioned Principal Balances before taking into account any reductions
in such amounts from shortfalls for that Distribution Date.

Interest-Only Certificates:
The Class 1-XA Certificates.

Interest Shortfall: As
to any Class of Certificates and any Distribution Date, (i) the amount by which the Interest Distribution Amount for such Class
on such Distribution Date and all prior Distribution Dates exceeds (ii) amounts distributed in respect thereof to such Class on
prior Distribution Dates.

Interest Transfer Amount:
With respect to any Distribution Date and for any Undercollateralized Group, an amount equal to one month’s interest on the
applicable Principal Transfer Amount at the Pool 1 Net WAC (if Pool 1 is an Undercollateralized Group), the Pool 2 Net WAC (if
Pool 2 is an Undercollateralized Group), the Pool 3 Net WAC (if Pool 3 is an Undercollateralized Group), the Pool 4 Net WAC (if
Pool 4 is an Undercollateralized Group) or the Pool 5 Net WAC (if Pool 5 is an Undercollateralized Group), plus any interest accrued
on such Undercollateralized Group remaining unpaid from prior Distribution Dates.

Intervening Assignments: The original
intervening assignments of the Mortgage, notices of transfer or equivalent instrument.

Item 1123 Certificate: As defined
in Section 6.22.

Latest Possible Maturity Date:
The Distribution Date occurring in _________ 20__.

LIBOR Business Day: Any day on
which banks in London, England and The City of New York are open and conducting transactions in foreign currency and exchange.

    	19

    	 

    
 

LIBOR Certificate: Any Class 1-A1
or Class 1-A2 Certificate.

LIBOR Determination Date: With
respect to each Class of LIBOR Certificates and any Distribution Date, the second LIBOR Business Day immediately preceding the
commencement of the Accrual Period related to such Distribution Date.

[Limited Purpose Surety Bond:
Any Limited Purpose Surety Bond listed in Exhibit __[reserved].]

Liquidated Mortgage Loan: With
respect to any Distribution Date, a defaulted Mortgage Loan (including any REO Property) which was liquidated in the calendar month
preceding the month of such Distribution Date and as to which the related Servicer has certified (in accordance with its Servicing
Agreement) that it has received all amounts it expects to receive in connection with the liquidation of such Mortgage Loan including
the final disposition of an REO Property.

Liquidation Proceeds: Amounts,
including Insurance Proceeds, received in connection with the partial or complete liquidation of defaulted Mortgage Loans, whether
through trustee’s sale, foreclosure sale or otherwise or amounts received in connection with any condemnation or partial
release of a Mortgaged Property and any other proceeds received in connection with an REO Property.

Loan-To-Value Ratio: With
respect to any Mortgage Loan and as to any date of determination, the fraction (expressed as a percentage) the numerator of which
is the principal balance of the related Mortgage Loan at such date of determination and the denominator of which is the Appraised
Value of the related Mortgaged Property.

Lower-Tier Interest: Any one of
the interests in the Lower-Tier REMIC as described in the Preliminary Statement to this Agreement.

Lower-Tier REMIC: As described
in the Preliminary Statement to this Agreement.

LT-R Interest: The residual interest
in the Lower-Tier REMIC, as described in the Preliminary Statement to this Agreement.

Margin: As to each Mortgage Loan,
the percentage amount set forth on the related Mortgage Note added to the Index in calculating the Mortgage Rate thereon.

Master Servicer: [                      ],
N.A., a national banking association organized under the laws of the United States in its capacity as Master Servicer and any Person
succeeding as Master Servicer hereunder or any successor in interest, or if any successor master servicer shall be appointed as
herein provided, then such successor master servicer.

Master Servicing Fee: With respect
to any Distribution Date, an amount equal to the product of one-twelfth of the Master Servicing Fee Rate and the Stated Principal
Balance of each Mortgage Loan as of the first day of the related Due Period.

Master Servicing Fee Rate: [      ]%
per annum.

    	20

    	 

    
 

Maximum Rate: As to any Mortgage
Loan, the maximum rate set forth on the related Mortgage Note at which interest can accrue on such Mortgage Loan.

MERS: Mortgage Electronic Registration
Systems, Inc., or its successors or assigns.

MERS Designated Mortgage Loan:
Each Mortgage Loan that has been originated in the name of, or assigned to, MERS and registered under the MERS System.

MERS System: The system of recording
transfers of mortgages electronically maintained by MERS.

Middle-Tier Interest: Any one
of the interests in the Middle-Tier REMIC as described in the Preliminary Statement to this Agreement.

Middle-Tier REMIC: As described
in the Preliminary Statement to this Agreement.

Moody’s: Moody’s Investors
Service, Inc., or any successor in interest.

Mortgage: A mortgage, deed of
trust or other instrument encumbering a fee simple interest in real property securing a Mortgage Note, together with improvements
thereto.

Mortgage Documents: With respect
to each Mortgage Loan, the mortgage documents required to be delivered to the Custodian pursuant to the Custodial Agreement.

Mortgage Loan: A Mortgage and
the related notes or other evidences of indebtedness secured by each such Mortgage conveyed, transferred, sold, assigned to or
deposited with the Trustee pursuant to Section 2.01 (including any Replacement Loan and REO Property), including without limitation,
each Mortgage Loan listed on the Mortgage Loan Schedule, as amended from time to time.

Mortgage Loan Purchase and Sale Agreement:
The mortgage loan purchase and sale agreement, dated as of ____________ __, 20__, between the Seller and the Depositor.

Mortgage Loan Schedule: The schedule
attached hereto as Schedule A, which shall identify each Mortgage Loan, as such schedule may be amended by the Depositor or the
Servicer from time to time to reflect the addition of Replacement Mortgage Loans to, or the deletion of Deleted Mortgage Loans
from, the Trust Fund. Such schedule shall, among other things (i) designate the Servicer servicing such Mortgage Loan and the applicable
Servicing Fee Rate (and the rate of any subservicing fee, if applicable); (ii) identify the designated Mortgage Pool in which
such Mortgage Loan is included; (iii) separately identify the Mortgage Loans with Mortgage Rates that adjust based on the one-month
LIBOR index, six-month LIBOR index, one-year LIBOR index and one-year CMT index; (iv) separately
identify Additional Collateral Mortgage Loans; and (v) designate the rate of any lender-paid Primary Mortgage Insurance Policy.

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

Mortgage Pool: Each of Pool 1,
Pool 2, Pool 3, Pool 4 and Pool 5.

    	21

    	 

    
 

Mortgaged Property: The underlying
property, including any Additional Collateral, securing a Mortgage Loan which, with respect to a Cooperative Loan, is the related
Cooperative Shares and Property Lease.

Mortgage Rate: As to any Mortgage
Loan and any Distribution Date, the annual rate of interest borne by the related Mortgage Note as of the related Due Date.

Mortgagor: The obligor on a Mortgage
Note.

MT-R Interest: The residual interest
in the Middle-Tier REMIC, as described in the Preliminary Statement to this Agreement.

Net Liquidation Proceeds: With
respect to any Liquidated Mortgage Loan or any other disposition of related Mortgaged Property, the related Liquidation Proceeds
net of Advances, Servicer Advances, related Servicing Fees and/or Master Servicing Fees and any other accrued and unpaid servicing
fees received and retained in connection with the liquidation of such Mortgage Loan or Mortgaged Property.

Net Mortgage Rate: With respect
to any Mortgage Loan and any Distribution Date, the related Mortgage Rate as of the Due Date in the month preceding the month of
such Distribution Date reduced by the Aggregate Expense Rate for such Mortgage Loan.

Net Prepayment Interest Shortfall:
With respect to any Mortgage Loan and any Distribution Date, the amount by which any Prepayment Interest Shortfall for the related
Due Period exceeds the amount of Compensating Interest Payment paid by the Master Servicer and related amounts paid by the applicable
Servicer in respect of such shortfall for such Due Period.

Net WAC Shortfall: For any Class
of LIBOR Certificates and any Distribution Date, the sum of:

		(i)	the excess, if any, of the amount that would have been the Current Interest for such Class if the Certificate Interest Rate
for such Class were calculated without regard to clause (ii) in the definition thereof, over the actual Current Interest for such
Class for such Distribution Date;

		(ii)	any excess described in clause (i) above remaining unpaid from prior Distribution Dates; and

		(iii)	interest for the applicable Accrual Period on the amount described in clause (ii) above based on the applicable Certificate
Interest Rate (determined without regard to clause (ii) in the definition thereof).

Non-Book-Entry Certificate: Any
Certificate other than a Book-Entry Certificate.

Non-permitted
Foreign Holder: As defined in Section 3.03(g).

Nonrecoverable Advance:
Any portion of an Advance or Servicer Advance previously made or proposed to be made by the Master Servicer and/or a Servicer (as
certified in an Officer’s Certificate of the Servicer), which in the good faith judgment of such party, shall not be ultimately
recoverable by such party from the related Mortgagor, related Liquidation Proceeds or otherwise.

    	22

    	 

    
 

Non-Upper-Tier REMIC: As defined
in Section 10.01(d).

Non-U.S. Person: Any person other
than a “United States person” within the meaning of Section 7701(a)(30) of the Code.

Notional Amount: With respect
to an Interest-Only Certificate and any Distribution Date, such Certificate’s Percentage Interest of the Class Notional Amount
of such Class of Certificates for such Distribution Date.

NRSRO: Any nationally statistical
rating organization for purposes of Rule 17g-5 under the Exchange Act.

NRSRO Certification: A certification
in the form of Exhibit O hereto.

Officer’s Certificate: A
certificate signed by two Authorized Officers of the Depositor or the Chairman of the Board, any Vice Chairman, the President,
any Vice President or any Assistant Vice President of the Master Servicer or the Securities Administrator, and in each case delivered
to the Trustee or the Securities Administrator, as provided in this Agreement.

Officer’s Certificate
of the Servicer: A certificate (i) signed by the Chairman of the Board, the Vice Chairman of the Board, the President, a Managing
Director, a Vice President (however denominated), an Assistant Vice President, the Treasurer, the Secretary, or one of the Assistant
Treasurers or Assistant Secretaries of a Servicer, or (ii) if provided for herein, signed by a Servicing Officer, as the case may
be, and delivered to the Trustee, the Securities Administrator or the Master Servicer, as required hereby.

One-Month LIBOR: With respect
to the first Accrual Period, the Initial One-Month LIBOR Rate. With respect to each subsequent Accrual Period, a per annum rate
determined on the LIBOR Determination Date for the LIBOR Certificates in the following manner by the Securities Administrator on
the basis of the “Interest Settlement Rate” set by the BBA for one-month United States dollar deposits (1) as such
rates appear on the Reuters screen “LIBOR01” as of 11:00 a.m. (London time) on such LIBOR Determination Date or (2)
if such rate does not appear on the Reuters screen “LIBOR01” as of 11:00 a.m. (London time), the Securities Administrator
will obtain such rate from the Bloomberg L.P. page “US0001M.”

(a)If neither such offered
rate is published for such LIBOR Determination Date, One-Month LIBOR for such date will be the most recently published Interest
Settlement Rate. In the event that the BBA no longer sets an Interest Settlement Rate, the Securities Administrator will designate
an alternative index that has performed, or that the Securities Administrator expects to perform, in a manner substantially similar
to the BBA’s Interest Settlement Rate. The Securities Administrator will select a particular index as the alternative index
only if it receives an Opinion of Counsel, which opinion shall be an expense reimbursed from the Distribution Account, that the
selection of such index will not cause any of the REMICs to lose their classification as REMICs for federal income tax purposes.

    	23

    	 

    
 

(b)The establishment of One-Month
LIBOR by the Securities Administrator and the Securities Administrator’s subsequent calculation of the Certificate Interest
Rate applicable to the LIBOR Certificates for the relevant Accrual Period, in the absence of manifest error, will be final and
binding.

Opinion of Counsel: A written
opinion of counsel, reasonably acceptable in form and substance to the Trustee, the Securities Administrator or the Master Servicer,
as required hereby, and who may be in-house or outside counsel to the Depositor, the Master Servicer, the Securities Administrator
or the Trustee but which must be Independent outside counsel with respect to any such opinion of counsel concerning the transfer
of any Residual Certificate or concerning certain matters with respect to the Employee Retirement Income Security Act of 1974,
as amended (“ERISA”), or the taxation, or the federal income tax status, of each REMIC.

Original Applicable Credit Support
Percentage: With respect to each Class of Subordinate Certificates, the related Applicable Credit Support Percentage as of
the Closing Date, which shall be equal to the corresponding approximate percentage set forth in the table below opposite its Class
designation:

	Class B-1	[   ]%
	Class B-2	[   ]%
	Class B-3	[   ]%
	Class B-4	[   ]%
	Class B-5	[   ]%
	Class B-6	[   ]%

Original Subordinate Class Principal
Amount: The aggregate of the initial Class Principal Amounts of the Classes of Subordinate Certificates.

Overcollateralized Group: On any
Distribution Date, the Certificate Group which is not an Undercollateralized Group.

Paying Agent: Any paying agent
appointed pursuant to Section 3.08. The initial Paying Agent shall be the Securities Administrator under this Agreement.

Percentage Interest: With respect
to any Certificate, its percentage interest in the undivided beneficial ownership interest in the Trust Fund evidenced by all Certificates
of the same Class as such Certificate. With respect to any Certificate, other than an Interest-Only Certificate, if applicable,
or the Class 1-AR and Class LT-R Certificates, the Percentage Interest evidenced thereby shall equal the initial Certificate Principal
Amount thereof divided by the initial Class Principal Amount of all Certificates of the same Class. With respect to each of the
Class 1-AR and the Class LT-R Certificates, the Percentage Interest evidenced thereby shall be as specified on the face thereof,
or otherwise, be equal to 100%. With respect to an Interest-Only Certificate, the Percentage Interest evidenced thereby shall equal
its initial Notional Amount as set forth on the face thereof divided by the initial Class Notional Amount of such Class.

    	24

    	 

    
 

Permitted Investments:
At any time, any one or more of the following obligations and securities:

(i)obligations of the United
States or any agency thereof, provided that such obligations are backed by the full faith and credit of the United States;

(ii)general obligations of
or obligations guaranteed by any state of the United States or the District of Columbia receiving the highest long-term debt rating
of each Rating Agency, or such lower rating as shall not result in the downgrading or withdrawal of the ratings then assigned to
the Certificates by the Rating Agencies, as evidenced by a signed writing delivered by each Rating Agency;

(iii)commercial or finance
company paper which is then receiving the highest commercial or finance company paper rating of each Rating Agency rating such
paper, or such lower rating as shall not result in the downgrading or withdrawal of the ratings then assigned to the Certificates
by the Rating Agencies, as evidenced by a signed writing delivered by each Rating Agency;

(iv)certificates of deposit,
demand or time deposits, or bankers’ acceptances issued by any depository institution or trust company incorporated under
the laws of the United States or of any state thereof and subject to supervision and examination by federal and/or state banking
authorities, provided that the commercial paper and/or long-term unsecured debt obligations of such depository institution or trust
company (or in the case of the principal depository institution in a holding company system, the commercial paper or long-term
unsecured debt obligations of such holding company, but only if Moody’s is not the applicable Rating Agency) are then rated
one of the two highest long-term and the highest short-term ratings of each Rating Agency for such securities, or such lower ratings
as shall not result in the downgrading or withdrawal of the ratings then assigned to the Certificates by the Rating Agencies, as
evidenced by a signed writing delivered by each Rating Agency;

(v)demand or time deposits
or certificates of deposit issued by any bank or trust company or savings institution to the extent that such deposits are fully
insured by the FDIC;

(vi)guaranteed reinvestment
agreements issued by any bank, insurance company or other corporation acceptable to the Rating Agencies at the time of the issuance
of such agreements, as evidenced by a signed writing delivered by each Rating Agency;

(vii)repurchase obligations
with respect to any security described in clauses (i) and (ii) above, in either case entered into with a depository institution
or trust company (acting as principal) described in clause (iv) above;

(viii)securities (other than
stripped bonds, stripped coupons or instruments sold at a purchase price in excess of 115% of the face amount thereof) bearing
interest or sold at a discount issued by any corporation incorporated under the laws of the United States or any state thereof
which, at the time of such investment, have one of the two highest long-term ratings of each Rating Agency (except if the Rating
Agency is Moody’s, such rating shall be the highest commercial paper rating of Moody’s for any such series), or such
lower rating as shall not result in the downgrading or withdrawal of the ratings then assigned to the Certificates by the Rating
Agencies, as evidenced by a signed writing delivered by each Rating Agency;

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(ix)interests in any money
market fund which at the date of acquisition of the interests in such fund and throughout the time such interests are held in such
fund has the highest applicable rating by each Rating Agency rating such fund or such lower rating as shall not result in a change
in the rating then assigned to the Certificates by each Rating Agency as evidenced by a signed writing delivered by each Rating
Agency, including funds for which the Trustee, the Master Servicer, the Securities Administrator or any of its Affiliates is investment
manager or adviser;

(x)short-term investment funds
sponsored by any trust company or national banking association incorporated under the laws of the United States or any state thereof
which on the date of acquisition has been rated by each applicable Rating Agency in their respective highest applicable rating
category or such lower rating as shall not result in a change in the rating then specified stated maturity and bearing interest
or sold at a discount acceptable to each Rating Agency as shall not result in the downgrading or withdrawal of the ratings then
assigned to the Certificates by the Rating Agencies as evidenced by a signed writing delivered by each Rating Agency; and

(xi)such other investments
having a specified stated maturity and bearing interest or sold at a discount acceptable to the Rating Agencies as shall not result
in the downgrading or withdrawal of the ratings then assigned to the Certificates by the Rating Agencies as evidenced by a signed
writing delivered by each Rating Agency;

provided, that no such instrument shall be a Permitted Investment
if (i) such instrument evidences the right to receive interest only payments with respect to the obligations underlying such instrument,
(ii) such instrument would require the Depositor to register as an investment company under the Investment Company Act of 1940,
as amended or (iii) the rating of such instrument contains a “t” or “r” notation therein; provided further,
that for all Eligible Investments rated at least “A1/A+” (short/long) by S&P that have terms greater than 60 days,
in the event of a downgrade of such Eligible Investment below “A1” (or “A+” if no short term rating) such
Eligible Investment shall be removed and transferred to another Eligible Investment within 60 days of such downgrade.

 

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

Plan: An employee benefit plan
or other retirement arrangement which is subject to Section 406 of ERISA and/or Section 4975 of the Code or any entity whose underlying
assets include such plan’s or arrangement’s assets by reason of their investment in the entity.

Plan Asset Regulations: The Department
of Labor regulations set forth in 29 C.F.R. 2510.3-101.

    	26

    	 

    
 

Pool 1: The aggregate of Mortgage
Loans identified on the Mortgage Loan Schedule as being included in Pool 1.

Pool 1 Mortgage Loan: Any Mortgage
Loan in Pool 1.

Pool 1 Net WAC: With respect to
any Distribution Date, the weighted average of the Net Mortgage Rates of the Pool 1 Mortgage Loans as of the first day of the calendar
month immediately preceding the calendar month of such Distribution Date, weighted on the basis of their Stated Principal Balances.

Pool 1 Subordinate Amount: For
any Distribution Date, the excess of the Aggregate Stated Principal Balance of the Pool 1 Mortgage Loans over the aggregate
of the Class Principal Amounts of the Class 1-A1, Class 1-A2 and Class 1-AR Certificates immediately before such Distribution Date.

Pool 2: The aggregate of Mortgage
Loans identified on the Mortgage Loan Schedule as being included in Pool 2.

Pool 2 Mortgage Loan: Any Mortgage
Loan in Pool 2.

Pool 2 Net WAC: With respect to
any Distribution Date, the weighted average of the Net Mortgage Rates of the Pool 2 Mortgage Loans as of the first day of the calendar
month immediately preceding the calendar month of such Distribution Date, weighted on the basis of their Stated Principal Balances.

Pool 2 Subordinate Amount: For
any Distribution Date, the excess of the Aggregate Stated Principal Balance of the Pool 2 Mortgage Loans over the aggregate
of the Class Principal Amounts of the Class 2-A1 and Class 2-A2 Certificates immediately before such Distribution Date.

Pool 3: The aggregate of Mortgage
Loans identified on the Mortgage Loan Schedule as being included in Pool 3.

Pool 3 Mortgage Loan: Any Mortgage
Loan in Pool 3.

Pool 3 Net WAC: With respect to
any Distribution Date, the weighted average of the Net Mortgage Rates of the Pool 3 Mortgage Loans as of the first day of the calendar
month immediately preceding the calendar month of such Distribution Date, weighted on the basis of their Stated Principal Balances.

Pool 3 Subordinate Amount: For
any Distribution Date, the excess of the Aggregate Stated Principal Balance of the Pool 3 Mortgage Loans over the aggregate
of the Class Principal Amounts of the Class 3-A1 and Class 3-A2 Certificates immediately before such Distribution Date.

Pool 4: The aggregate of Mortgage
Loans identified on the Mortgage Loan Schedule as being included in Pool 4.

Pool 4 Mortgage Loan: Any Mortgage
Loan in Pool 4.

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Pool 4 Net WAC: With respect to
any Distribution Date, the weighted average of the Net Mortgage Rates of the Pool 4 Mortgage Loans as of the first day of the calendar
month immediately preceding the calendar month of such Distribution Date, weighted on the basis of their Stated Principal Balances.

Pool 4 Subordinate Amount: For
any Distribution Date, the excess of the Aggregate Stated Principal Balance of the Pool 4 Mortgage Loans over the aggregate
of the Class Principal Amounts of the Class 4-A1 and Class 4-A2 Certificates immediately before such Distribution Date.

Pool 5: The aggregate of Mortgage
Loans identified on the Mortgage Loan Schedule as being included in Pool 5.

Pool 5 Mortgage Loan: Any Mortgage
Loan in Pool 5.

Pool 5 Net WAC: With respect to
any Distribution Date, the weighted average of the Net Mortgage Rates of the Pool 5 Mortgage Loans as of the first day of the calendar
month immediately preceding the calendar month of such Distribution Date, weighted on the basis of their Stated Principal Balances.

Pool 5 Subordinate Amount: For
any Distribution Date, the excess of the Aggregate Stated Principal Balance of the Pool 5 Mortgage Loans over the aggregate
of the Class Principal Amounts of the Class 5-A1 and Class 5-A2 Certificates immediately before such Distribution Date.

Pool Percentage: With respect
to each Mortgage Pool and any Distribution Date, a fraction, expressed as a percentage, the numerator of which is the Aggregate
Stated Principal Balance of such Mortgage Pool, and the denominator of which is the sum of the Aggregate Stated Principal Balances
of all of the Mortgage Pools as of such Due Date.

Pool Subordinate Amount: Any of
the Pool 1 Subordinate Amount, the Pool 2 Subordinate Amount, the Pool 3 Subordinate Amount, the Pool 4 Subordinate Amount or the
Pool 5 Subordinate Amount.

Prepayment Interest Shortfall:
With respect to any full or partial Principal Prepayment of a Mortgage Loan, the excess, if any, of (i) one full month’s
interest at the applicable Mortgage Rate on the Stated Principal Balance of such Mortgage Loan immediately prior to such Principal
Prepayment over (ii) the amount of interest actually received with respect to such Mortgage Loan in connection with such Principal
Prepayment.

Prepayment Period: With respect
to each Distribution Date, the calendar month immediately preceding the month in which the Distribution Date occurs.

Primary Mortgage Insurance Policy:
Each policy of primary mortgage guaranty insurance or any replacement policy therefor with respect to any Mortgage Loan.

Principal Distribution Amount:
With respect to any Mortgage Pool and any Distribution Date, the sum of (a) each Scheduled Payment of principal collected or advanced
on the related Mortgage Loans (before taking into account any Deficient Valuations or Debt Service Reductions) and due during the
related Due Period, (b) that portion of the Purchase Price representing principal of any Mortgage Loans in such Mortgage Pool purchased
in accordance with Section 2.04 hereof and received during the related Prepayment Period, (c) the principal portion of any related
Substitution Amount received during the related Prepayment Period, (d) any Subsequent Recoveries and the principal portion of all
Insurance Proceeds received during the related Prepayment Period with respect to Mortgage Loans in such Mortgage Pool that are
not yet Liquidated Mortgage Loans, (e) the principal portion of all Net Liquidation Proceeds received during the related Prepayment
Period with respect to Liquidated Mortgage Loans in such Mortgage Pool, (f) the principal portion of the proceeds of any Additional
Collateral with respect to the Mortgage Loans in such Mortgage Pool, (g) the principal portion of all partial and full principal
prepayments of Mortgage Loans in such Mortgage Pool applied by the Servicers during the related Prepayment Period and (h) on the
Distribution Date on which the Trust Fund is to be terminated pursuant to Article X hereof, that portion of the Redemption Price
in respect of principal for such Mortgage Pool.

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Principal Prepayment: Any Mortgagor
payment of principal or other recovery of principal on a Mortgage Loan that is recognized as having been received or recovered
in advance of its scheduled Due Date and applied to reduce the principal balance of the Mortgage Loan in accordance with the terms
of the Mortgage Note or the Servicing Agreement.

Principal Prepayment In Full:
Any Principal Prepayment of the entire principal balance of the Mortgage Loans.

Principal Transfer Amount: For
any Distribution Date and for any Undercollateralized Group, the excess, if any, of the aggregate of the Class Principal Amounts
of the Senior Certificates related to such Undercollateralized Group immediately prior to such Distribution Date, over the Aggregate
Stated Principal Balance of the Mortgage Pool related to such Undercollateralized Group immediately prior to such Distribution
Date.

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

Proprietary Lease: With respect
to any Cooperative Property, a lease or occupancy agreement between a Cooperative Corporation and a holder of related Cooperative
Shares.

Prospectus: The prospectus supplement
dated _________ __, 20__ and the accompanying prospectus dated _________ __, 20__, relating to the Class [   ],
Class [   ] and Class [   ] Certificates, together with any supplement thereto.

Purchase Agreement: Each
mortgage purchase agreement listed in Exhibit H-1 hereto, as each such agreement has been modified by the related Acknowledgement.

Purchase Price: With respect to
any Mortgage Loan required or permitted to be purchased by the Seller or Depositor pursuant to this Agreement, by the Servicers
pursuant to the Servicing Agreements, or by the Seller pursuant to the Purchase Agreements, an amount equal to the sum of (i) 100%
of the unpaid principal balance of the Mortgage Loan on the date of such purchase, (ii) accrued interest thereon at the applicable
Net Mortgage Rate from the date through which interest was last paid by the Mortgagor to the Due Date in the month in which the
Purchase Price is to be distributed to Certificateholders, or such other amount as may be specified in the related Servicing Agreement
or Purchase Agreement and (iii) the amount of any costs and damages incurred by the Trust Fund as a
result of any violation of any applicable federal, state, or local predatory or abusive lending law arising from or in connection
with the origination of such Mortgage Loan.

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Rapid Prepayment Conditions: As
to any Distribution Date, if (1) the Aggregate Subordinate Percentage on such date is less than 200% of the Aggregate Subordinate
Percentage on the Closing Date; or (2) the outstanding Stated Principal Balance of the Mortgage Loans in any Mortgage Pool that
are 60 days or more Delinquent (including such Mortgage Loans in REO, foreclosure and bankruptcy status) (averaged over the preceding
six month period), as a percentage of the Pool Subordinate Amount of such Mortgage Pool, is greater than or equal to 50%.

Rating Agency: Each of Moody’s
and S&P.

Rating Agency Information:
The notices, information, reports, certifications and oral and written statements required to be provided to each Rating Agency
pursuant to this Agreement or Rule 17g-5 under the Exchange Act.

Realized Loss: With respect
to each Liquidated Mortgage Loan, an amount (not less than zero or more than the Stated Principal Balance of the Mortgage Loan)
as of the date of such liquidation, equal to (i) the Stated Principal Balance of the Liquidated Mortgage Loan as of the date of
such liquidation, plus (ii) interest at the Net Mortgage Rate from the Due Date as to which interest was last paid or advanced
(and not reimbursed) to Certificateholders up to the Due Date in the month in which Liquidation Proceeds are required to be distributed
on the Stated Principal Balance of such Liquidated Mortgage Loan from time to time, minus (iii) the Liquidation Proceeds and the
proceeds of any Additional Collateral, if any, received during the month in which such liquidation occurred, to the extent applied
as recoveries of interest at the Net Mortgage Rate and to principal of the Liquidated Mortgage Loan. With respect to each Mortgage
Loan which has become the subject of a Deficient Valuation, if the principal amount due under the related Mortgage Note has been
reduced, 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.

Record Date: As to any
Distribution Date (i) with respect to the LIBOR Certificates, the last Business Day preceding such Distribution Date unless such
Certificates shall no longer be Book-Entry Certificates, in which case the Record Date shall be the last Business Day of the month
preceding the month of such Distribution Date and (ii) in the case of all other Certificates (including LIBOR Certificates that
are subsequently reissued as Definitive Certificates), the last Business Day of the month preceding the month of each Distribution
Date (or the Closing Date, in the case of the first Distribution Date).

Redemption Price: With
respect to each Class of Certificates, an amount equal to 100% of the related Class Principal Amount of such Certificates, together
with interest on such amount at the applicable Certificate Interest Rate through the related Accrual Period (excluding the amount
of any unpaid Net WAC Shortfalls with respect to the LIBOR Certificates), and including, the payment of all amounts (including,
without limitation, all previously unreimbursed Advances and Servicer Advances and accrued and unpaid Servicing Fees) payable or
reimbursable to the Trustee, the Securities Administrator, the Master Servicer and the Servicers pursuant to this Agreement and
the Servicing Agreements, or to the Custodian under the Custodial Agreement (to the extent such amounts are not paid to the Custodian
by the Seller), as applicable.

    	30

    	 

    
 

Refinancing Mortgage Loan:
Any Mortgage Loan originated in connection with the refinancing of an existing mortgage loan.

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

Relevant Servicing Criteria:
The Servicing Criteria applicable to each party, as set forth on Exhibit K attached hereto. Multiple parties can have responsibility
for the same Relevant Servicing Criteria. With respect to a Servicing Function Participant engaged by the Master Servicer, the
Securities Administrator or any Servicer, the term “Relevant Servicing Criteria” may refer to a portion of the Relevant
Servicing Criteria applicable to such parties.

Related Certificate Group:
The Certificate Group related to a particular Mortgage Pool as indicated by the same numerical designation (i.e., Group 1 Certificates
are related to Pool 1, the Group 2 Certificates are related to Pool 2, the Group 3 Certificates are related to Pool 3, the Group
4 Certificates are related to Pool 4 and the Group 5 Certificates are related to Pool 5).

Relief Act Shortfalls:
With respect to any Distribution Date and any Mortgage Loan as to which there has been a reduction in the amount of interest collectible
thereon for the most recently ended calendar month as a result of the application of the Civil Relief Act, the amount, if any,
by which (i) interest collectible on such Mortgage Loan for the most recently ended calendar month is less than (ii) interest accrued
thereon for such month pursuant to the Mortgage Note.

REMIC: Each pool of assets in
the Trust Fund designated as a REMIC as described in the Preliminary Statement to this Agreement.

REMIC Provisions: The provisions
of the federal income tax law relating to real estate mortgage investment conduits, which appear at sections 860A through 860G
of the Code, and related provisions, and regulations, including proposed regulations and rulings, and administrative pronouncements
promulgated thereunder, as the foregoing may be in effect from time to time.

REO Property: A Mortgaged Property
acquired by the Trust Fund through foreclosure or deed-in-lieu of foreclosure in connection with a defaulted Mortgage Loan or otherwise
treated as having been acquired pursuant to the REMIC Provisions.

    	31

    	 

    
 

Replacement 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 a Request for Release, substantially in the form attached to the Custodial Agreement, (i) have a Stated Principal Balance, after
deduction of the principal portion of the Scheduled Payment due in the month of substitution, not in excess of, and not more than
10% less than, the Stated Principal Balance of the Deleted Mortgage Loan; (ii) have a Maximum Rate not less than (and not more
than two percentage points greater than) the Maximum Rate of the Deleted Mortgage Loan; (iii) have a gross margin not less than
that of the Deleted Mortgage Loan and, if Mortgage Loans equal to 1% or more of the balance of the related Mortgage Pool as of
the Cut-off Date have become Deleted Mortgage Loans, not more than two percentage points more than that of the Deleted Mortgage
Loan; (iv) have an Effective Loan-to-Value Ratio or Loan-to-Value Ratio, as applicable, no higher than that of the Deleted Mortgage
Loan; (v) have Adjustment Dates that are no more or less frequent than the Deleted Mortgage Loan; (vi) have a remaining term to
maturity no greater than (and not more than one year less than that of) the Deleted Mortgage Loan; (vii) not permit conversion
of the related Mortgage Rate to a permanent fixed Mortgage Rate; (viii) not be a Cooperative Loan unless the Deleted Mortgage Loan
was a Cooperative Loan; (ix) have the same or better Fair, Isaac & Company (FICO) credit score; (x) have an initial interest
adjustment date no earlier than five months before (and no later than five months after) the initial adjustment date of the Deleted
Mortgage Loan, (xi) comply with each representation and warranty set forth in Article III of each Purchase Agreement; and (xii)
shall be accompanied by an Opinion of Counsel that such Replacement Mortgage Loan would not adversely affect the REMIC status of
the Trust Fund or would not otherwise be prohibited by this Agreement.

Reportable Event: As defined in
Section 6.21(c)(i).

Reporting Servicer: As defined
in Section 6.21(b)(i).

Required Reserve Fund Deposit:
For any Distribution Date, an amount equal to the lesser of (i) the Current Interest for the Class 1-XA Certificates for such Distribution
Date and (ii) the amount needed to increase the amount on deposit in the Reserve Fund to the sum of (a) Net WAC Shortfalls for
such Distribution Date with respect to the Class 1-A1 and Class 1-A2 Certificates and (b) $10,000. 

Reserve Fund: A fund created as
part of the Trust Fund pursuant to Section 5.06 of this Agreement (but which is not an asset of any REMIC).

Residual Certificate: Each of
the Class 1-AR and Class LT-R Certificates.

Responsible Officer: With respect
to the Trustee, any officer in the corporate trust department or similar group of the Trustee with direct responsibility for the
administration of this Agreement and also, with respect to a particular corporate trust matter, any other officer to whom such
matter is referred because of his or her knowledge of and familiarity with the particular subject.

Restricted Certificate: Any Class
B-4, Class B-5, Class B-6 or Class LT-R Certificate.

Restricted Global Security: As
defined in Section 3.01(c).

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Restricted Holder: As defined
in Section 3.03(d).

Retained Certificates: Not applicable.

Retained Mortgage File: Any file
of mortgage loan documents maintained by [                     ],
in its capacity as Servicer, pursuant to the related Servicing Agreement, prior to any Document Transfer Event.

Rule 15Ga-1 Information: As defined
in Section 4.04(a).

Rule 17g-5 Information Provider:
The Securities Administrator.

Rule 17g-5 Website: The website
maintained by the Securities Administrator pursuant to Section 4.03.

S&P: Standard & Poor’s
Ratings Services, a division of The McGraw-Hill Companies, Inc., or any successor in interest.

SAIF: The Savings Association
Insurance Fund, or any successor thereto.

Sarbanes Oxley Act: The Sarbanes-Oxley
Act of 2002 and the rules and regulations of the Commission promulgated thereunder (including any interpretations thereof by the
Commission’s staff).

Sarbanes-Oxley Certification:
As defined in Section 6.21(e).

Schedule of Exceptions: With respect
to any Mortgage Loan, as defined in the Custodial Agreement.

Scheduled Payment: The scheduled
monthly payment on a Mortgage Loan due on any Due Date allocable to principal and/or interest on such Mortgage Loan which, unless
otherwise specified in the Servicing Agreements, shall give effect to any related Debt Service Reduction and any Deficient Valuation
that affects the amount of the monthly payment due on such Mortgage Loan.

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

Securities Administrator: [                    ],
not in its individual capacity but solely as Securities Administrator, or any successor in interest, or if any successor Securities
Administrator shall be appointed as herein provided, then such successor Securities Administrator. [                   ]
shall act as Securities Administrator for so long as it is Master Servicer under this Agreement.

Seller: RWT Holdings, Inc.,
a Delaware corporation.

Senior Certificate: Any
one of the Class A-[  ], Class A-[  ] or Class A-[  ] Certificates, as applicable.

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Senior Percentage: With
respect to each Distribution Date and each Mortgage Pool, the percentage equivalent of a fraction, the numerator of which is the
aggregate Class Principal Amounts of the Class or Classes of Senior Certificates of the Related Certificate Group immediately prior
to such Distribution Date, and the denominator of which is the Aggregate Stated Principal Balance of the related Mortgage Pool
for such Distribution Date.

Senior Prepayment Percentage:
With respect to any Distribution Date occurring before the Distribution Date in __________ 20__ and any Mortgage Pool, [    ]%.
Except as provided herein, the Senior Prepayment Percentage for each Mortgage Pool and any Distribution Date occurring in or after
__________ 20__ shall be as follows: (i) from __________ 20__ through __________ 20__, the related Senior Percentage plus
[   ]% of the related Subordinate Percentage for that Distribution Date; (ii) from __________ 20__ through
__________ 20__, the related Senior Percentage plus [   ]% of the related Subordinate Percentage for that Distribution
Date; (iii) from __________ 20__ through __________ 20__, the related Senior Percentage plus [    ]% of
the related Subordinate Percentage for that Distribution Date; (iv) from __________ 20__ through __________ 20__, the related
Senior Percentage plus [   ]% of the related Subordinate Percentage for that Distribution Date; and (v) from
and after __________ 20__, the related Senior Percentage for that Distribution Date; provided, however, that there shall
be no reduction in the Senior Prepayment Percentage for the related Certificate Group unless both Step-Down Conditions are satisfied;
and provided, further, that if on any such Distribution Date on or after the Distribution Date in __________ 20__, the related
Senior Percentage for any Mortgage Pool exceeds the initial related Senior Percentage, the Senior Prepayment Percentage for all
Mortgage Pools for that Distribution Date shall again equal 100%.

Notwithstanding the above, if
on any Distribution Date the Two Times Test is satisfied on any Distribution Date (i) before the Distribution Date in __________
20__, the Senior Prepayment Percentage for each Mortgage Pool shall equal the related Senior Percentage for such Distribution Date
plus [   ]% of an amount equal to the 100% minus the related Senior Percentage for such Distribution Date and (ii)
on or after the Distribution Date in __________ 20__, the Senior Prepayment Percentage for each Mortgage Pool shall equal the related
Senior Percentage for such Distribution Date. In addition, if on any Distribution Date the allocation to the Senior Certificates
then entitled to distributions of principal of full and partial principal prepayments and other amounts in the percentage required
above would reduce the aggregate of the Class Principal Amounts of those Certificates to below zero, the related Senior Prepayment
Percentage for such Distribution Date shall be limited to the percentage necessary to reduce that Class Principal Amount to zero.

Senior Principal Distribution
Amount: With respect to each Mortgage Pool and any Distribution Date, the sum of:

(1)the related Senior Percentage
of all amounts described in clause (a) of the definition of “Principal Distribution Amount” for that Distribution Date;

(2)with respect to each related
Mortgage Loan which became a Liquidated Mortgage Loan during the related Prepayment Period, the lesser of:

(x)the related Senior Prepayment
Percentage of the Stated Principal Balance of that Mortgage Loan; and

    	34

    	 

    
 

(y)Net Liquidation Proceeds allocable
to principal received with respect to that Mortgage Loan;

(3)the related Senior Prepayment
Percentage of the amounts described in clauses (b), (c), (d) and (g) of the definition of “Principal Distribution Amount”
for that Mortgage Pool; and

(4)any amounts described in
clauses (1) through (3) that remain unpaid with respect to the related Senior Certificates from prior Distribution Dates.

Senior Termination Date: With
respect to each Mortgage Pool, the date on which the aggregate of the Class Principal Amounts of the Senior Certificates related
to such Mortgage Pool is reduced to zero.

Servicers: Each Servicer under
a Servicing Agreement.

Servicer Advance: A “Servicing
Advance” as defined in the applicable Servicing Agreement.

Servicer Remittance Date: The
18th day of each calendar month after the initial issuance of the Certificates or, if such 18th day is not a Business Day, the
immediately preceding Business Day, commencing in __________ 20__.

Service(s)(ing): In accordance
with Regulation AB, the act of servicing and administering the Mortgage Loans or any other assets of the Trust Fund by an entity
that meets the definition of “servicer” set forth in Item 1101 of Regulation AB and is subject to the disclosure requirements
set forth in Item 1108 of Regulation AB. Any uncapitalized occurrence of this term shall have the meaning commonly understood by
participants in the residential mortgage-backed securitization market.

Servicing Agreement: Each agreement
listed in Exhibit H-2, as such agreement has been modified by the related Acknowledgement and as it may be amended or supplemented
from time to time as permitted hereunder.

Servicing Criteria: The criteria
set forth in paragraph (d) of Item 1122 of Regulation AB, as such may be amended from time to time.

Servicing Fee: As to any Distribution
Date and each Mortgage Loan, an amount equal to the product of (a) one-twelfth of the Servicing Fee Rate and (b) the Stated Principal
Balance of such Mortgage Loan as of the first day of the related Due Period.

Servicing Fee Rate: With respect
to each Mortgage Loan and any Distribution Date, the rate specified in the related Servicing Agreement.

Servicing Function Participant:
Any Subservicer or Subcontractor, other than each Servicer, the Master Servicer and the Securities Administrator, that is participating
in the servicing function within the meaning of Regulation AB, unless such Person’s activities relate only to 5% or less
of the Mortgage Loans.

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Servicing Officer: Any
officer of the Servicers involved in, or responsible for, the administration and servicing of the Mortgage Loans whose name and
facsimile signature appear on a list of servicing officers furnished to the Master Servicer by the Servicers on the Closing Date
pursuant to the Servicing Agreements, as such list may from time to time be amended.

Startup Day: The day designated
as such pursuant to Section 10.01(b) hereof.

Stated Principal Balance: As to
any Mortgage Loan and Due Date, the unpaid principal balance of such Mortgage Loan as of such Due Date as specified in the amortization
schedule at the time relating thereto (before any adjustment to such amortization schedule by reason of any moratorium or similar
waiver or grace period) after giving effect to any previous partial Principal Prepayments and Liquidation Proceeds allocable to
principal (other than with respect to any Liquidated Mortgage Loan) and to the payment of principal due on such Due Date and irrespective
of any delinquency in payment by the related Mortgagor.

Step-Down Conditions: As
of the first Distribution Date as to which any decrease in any Senior Prepayment Percentage applies, (i) the aggregate outstanding
Stated Principal Balance of all Mortgage Loans 60 days or more Delinquent (including Mortgage Loans in REO, foreclosure or bankruptcy
status) (averaged over the preceding six month period), as a percentage of the aggregate of the Class Principal Amounts of the
Classes of Subordinate Certificates on such Distribution Date, does not equal or exceed 50% and (ii) cumulative Realized Losses
with respect to the Mortgage Loans do not exceed (a) with respect to each Distribution Date from __________ 20__ through __________
20__, [   ]% of the Original Subordinate Class Principal Amount, (b) with respect to each Distribution Date from
__________ 20__ through __________ 20__, [   ]% of the Original Subordinate Class Principal Amount, (c) with respect
to each Distribution Date from __________ 20__ through __________ 20__, [   ]% of the Original Subordinate Class
Principal Amount, (d) with respect to each Distribution Date from __________ 20__ through __________ 20__, [   ]%
of the Original Subordinate Class Principal Amount and (e) with respect to each Distribution Date from and after __________
20__, [   ]% of the Original Subordinate Class Principal Amount.

Sub Account: Not applicable.

Subcontractor: Any vendor,
subcontractor or other Person that is not responsible for the overall servicing of Mortgage Loans but performs one or more discrete
functions identified in Item 1122(d) of Regulation AB with respect to Mortgage Loans under the direction or authority of any Servicer
(or a Subservicer of any Servicer), the Master Servicer or the Securities Administrator.

Subordinate Certificate:
Any of the Class B-[   ], Class B-[   ], or Class B-[   ] Certificates.

Subordinate Certificate Writedown
Amount: The amount described in Section 5.03(c).

Subordinate Class Percentage:
As to any Distribution Date and any Class of Subordinate Certificates, a fraction, expressed as a percentage, the numerator of
which is the Class Principal Amount of such Class on such date, and the denominator of which is the aggregate of the Class Principal
Amounts of all Classes of Subordinate Certificates on such date.

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Subordinate Net WAC: For
any Distribution Date, the weighted average of the Pool 1 Net WAC, the Pool 2 Net WAC, the Pool 3 Net WAC, the Pool 4 Net WAC and
the Pool 5 Net WAC, in each case weighted on the basis of the relative Pool Subordinate Amounts for Pool 1, Pool 2, Pool 3, Pool
4 and Pool 5, respectively, immediately prior to such Distribution Date.

Subordinate Percentage:
With respect to each Mortgage Pool and any Distribution Date, the difference between 100% and the related Senior Percentage for
such Mortgage Pool for such Distribution Date.

Subordinate Prepayment Percentage:
With respect to any Distribution Date and for each Mortgage Pool, the difference between 100% and the related Senior Prepayment
Percentage for such Mortgage Pool for that Distribution Date.

Subordinate Principal Distribution
Amount: With respect to any Distribution Date and each Mortgage Pool, an amount equal to the sum of:

(1)the related Subordinate Percentage
of all amounts described in clause (a) of the definition of “Principal Distribution Amount” for that Distribution Date;

(2)with respect to each Mortgage
Loan that became a Liquidated Mortgage Loan during the related Prepayment Period the amount of the Net Liquidation Proceeds allocated
to principal received with respect thereto remaining after application thereof pursuant to clause (2) of the definition of “Senior
Principal Distribution Amount” for that Distribution Date, up to the related Subordinate Percentage of the Stated Principal
Balance of such Mortgage Loan;

(3)the related Subordinate Prepayment
Percentage of all amounts described in clauses (b), (c), (d) and (g) of the definition of “Principal Distribution Amount”
for that Mortgage Pool and that Distribution Date; and

(4)any amounts described in clauses
(1) through (3) for any previous Distribution Date that remain unpaid,

minus the sum of:

(a) any Principal Transfer Amount
paid from the Available Distribution Amount of such Mortgage Pool to the Undercollateralized Group; and

(b) the amount of principal distributions
made to the Senior Certificates pursuant to Section 5.02(l).

Subsequent Recovery: Any amount
recovered by a Servicer with respect to a Liquidated Mortgage Loan (after reimbursement of any unreimbursed Advances or expenses
of the Servicer) with respect to which a Realized Loss was incurred after the liquidation or disposition of such Mortgage Loan.

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Subservicer: Any Person that (i)
services Mortgage Loans on behalf of any Servicer, and (ii) is responsible for the performance (whether directly or through sub-servicers
or Subcontractors) of Servicing functions required to be performed under this Agreement, any related Servicing Agreement or any
sub-servicing agreement that are identified in Item 1122(d) of Regulation AB.

Substitution Amount: As defined
in the second paragraph of Section 2.04(b).

Tax Matters Person: The “tax
matters person” as specified in the REMIC Provisions which shall initially be the Holder of the Class LT-R Certificate, as
described under Section 10.01(l).

Trust Fund: The corpus of the
trust created pursuant to this Agreement, consisting of the Mortgage Loans and all interest and principal received thereon after
the Cut-off Date (other than Scheduled Payments due on or prior to the Cut-off Date), the Depositor’s rights assigned to
the Trustee under the Purchase Agreements and the Servicing Agreements and the Mortgage Loan Purchase and Sale Agreement, the Insurance
Policies relating to the Mortgage Loans, all cash, instruments or property held or required to be held in the Collection Accounts,
the Distribution Account, property that secured a Mortgage Loan, the pledge, control and guaranty agreements and any Limited Purpose
Surety Bond relating to the Additional Collateral Mortgage Loans and the Reserve Fund.

Trustee: [               ],
a national banking association organized and existing under the laws of the United States of America and any Person succeeding
the Trustee hereunder, or if any successor trustee or any co-trustee shall be appointed as herein provided, then such successor
trustee and such co-trustee, as the case may be.

Trustee Mortgage Files: With respect
to each Mortgage Loan, the Mortgage Documents to be retained in the custody and possession of the Trustee or the Custodian on behalf
of the Trustee and any Retained Mortgage File that is delivered to the Custodian or the Trustee pursuant to Section 2.01(a) of
this Agreement.

Two Times Test: As to any
Distribution Date, (i) the Aggregate Subordinate Percentage is at least two times the Aggregate Subordinate Percentage as of the
Closing Date; (ii) the aggregate outstanding Stated Principal Balances of all Mortgage Loans 60 days or more Delinquent (including
Mortgage Loans in REO, foreclosure or bankruptcy status) (averaged over the preceding six month period), as a percentage of the
aggregate of the Class Principal Amounts of the Classes of Subordinate Certificates on such Distribution Date, does not equal or
exceed [   ]%; and (iii) on or prior to the Distribution Date in __________ 20__, cumulative Realized Losses with
respect to the Mortgage Loans do not exceed [   ]% of the aggregate Original Subordinate Class Principal Amount,
and thereafter, cumulative Realized Losses with respect to the Mortgage Loans do not exceed [   ]% of the Original
Subordinate Class Principal Amount.

UCC: The Uniform Commercial Code
as enacted in the relevant jurisdiction.

Undercollateralized Group: With
respect to any Distribution Date, any Certificate Group with respect to which the aggregate Class Principal Amount of such Certificate
Group is greater than the aggregate Stated Principal Balance of the Mortgage Loans in the related Mortgage Pool immediately prior
to such Distribution Date.

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Underwriter(s): Banc of America
Securities LLC.

Underwriter’s Exemption:
Prohibited Transaction Exemption (“PTE”) 93-31 (58 Fed. Reg. 28620 (1993)), as most recently amended and restated by
PTE 2007-5 (72 Fed. Reg. 13130 (March 20, 2007)) or any substantially similar administrative exemption granted by the U.S. Department
of Labor to the Underwriter(s).

Underwriting Agreement: The Underwriting
Agreement, dated __________ __, 20__, among the Seller, the Depositor and the Underwriter(s).

Uniform Commercial Code: The Uniform
Commercial Code as in effect in any applicable jurisdiction from time to time.

Upper-Tier REMIC: As described
in the Preliminary Statement to this Agreement.

Voting Interests: The portion
of the voting rights of all the Certificates that is allocated to any Certificate for purposes of the voting provisions of this
Agreement. At all times during the term of this Agreement, [98].00% of all Voting Interests shall be allocated to the Class 1-A1,
Class 1-A2, Class 2-A1, Class 2-A2, Class 3-A1, Class 3-A2, Class 4-A1, Class 4-A2, Class 5-A1, Class 5-A2, Class B-1, Class B-2,
Class B-3, Class B-4, Class B-5 and Class B-6 Certificates. Voting Interests shall be allocated among such Certificates based on
the product of (i) [98].00% and (ii) the fraction, expressed as a percentage, the numerator of which is the aggregate of the Class
Principal Amounts of all Classes then outstanding and the denominator of which is the sum of the then-outstanding Aggregate Stated
Principal Balances of all Mortgage Pools. At all times during the term of this Agreement, [2].00% of all Voting Interests shall
be allocated to each of the Class 1-AR and Class 1-XA Certificates. Voting Interests shall be allocated among such Certificates
based on the product of (i) 1% and (ii) the fraction, expressed as a percentage, the numerator of which is the aggregate of the
Class Principal Amounts Class then outstanding and the denominator of which is the sum of the then-outstanding Aggregate Stated
Principal Balances of all Mortgage Pools. The Class LT-R Certificate shall not have any voting rights.

Section 1.02 Calculations
Respecting Mortgage Loans. 

Calculations required to be made
pursuant to this Agreement with respect to any Mortgage Loan in the Trust Fund shall be made based upon current information as
to the terms of the Mortgage Loans and reports of payments received from the Mortgagor on such Mortgage Loans and payments to be
made to the Securities Administrator as supplied to the Securities Administrator by the Master Servicer. The Securities Administrator
shall not be required to recompute, verify or recalculate the information supplied to it by the Master Servicer or any Servicer.

 

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ARTICLE II

DECLARATION OF TRUST;

ISSUANCE OF CERTIFICATES

Section 2.01 Creation and
Declaration of Trust Fund; Conveyance of Mortgage Loans.

(a)Concurrently with the execution
and delivery of this Agreement, the Depositor does hereby transfer, assign, set over, deposit with and otherwise convey to the
Trustee, without recourse, subject to Sections 2.02 and 2.04, in trust, all the right, title and interest of the Depositor in and
to the Trust Fund. Such conveyance includes, without limitation, (i) the Mortgage Loans, including the right to all payments
of principal and interest received on or with respect to the Mortgage Loans after the Cut-off Date (other than Scheduled Payments
due on or before such date), and all such payments due after such date but received on or prior to such date and intended by the
related Mortgagors to be applied after such date; (ii) all of the Depositor’s right, title and interest in and to all amounts
from time to time credited to and the proceeds of the Distribution Account, any Collection Accounts or any Escrow Account established
with respect to the Mortgage Loans; (iii) with respect to the Mortgage Loans, to the extent set forth in the related Acknowledgements,
the Depositor’s rights under the Purchase Agreements and the Servicing Agreements and all of the Depositor’s rights
under Mortgage Loan Purchase and Sale Agreement; (iv) all of the Depositor’s right, title or interest in REO Property and
the proceeds thereof; (v) all of the Depositor’s rights under any Insurance Policies related to the Mortgage Loans;
and (vi) the Depositor’s security interest in any collateral pledged to secure the Mortgage Loans, including the Mortgaged
Properties and any Additional Collateral relating to the Additional Collateral Mortgage Loans, including, but not limited to, the
pledge, control and guaranty agreements and any related Limited Purpose Surety Bond to have and to hold, in trust; and the Trustee
declares that, subject to the review provided for in Section 2.02, it has received and shall hold the Trust Fund, as trustee, in
trust, for the benefit and use of the Holders of the Certificates and for the purposes and subject to the terms and conditions
set forth in this Agreement, and, concurrently with such receipt, has caused to be executed, authenticated and delivered to or
upon the order of the Depositor, in exchange for the Trust Fund, Certificates in the authorized denominations evidencing the entire
ownership of the Trust Fund.

The foregoing sale, transfer, assignment,
set-over, deposit and conveyance does not and is not intended to result in the creation or assumption by the Trustee of any obligation
of the Depositor, the Seller or any other Person in connection with the Mortgage Loans or any other agreement or instrument relating
thereto except as specifically set forth therein.

Notwithstanding anything to the contrary
contained herein, the parties hereto acknowledge that the functions of the Trustee with respect to the custody, acceptance, inspection
and release of Mortgage Files, including but not limited to certain insurance policies and documents contemplated by this Agreement,
and preparation and delivery of the certifications shall be performed by the Custodian pursuant to the terms and conditions of
the Custodial Agreement.

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In connection with such transfer
and assignment of the Mortgage Loans, the Depositor does hereby deliver to, and deposit with, or cause to be delivered to and deposited
with, the Custodian acting on the Trustee’s behalf, the following documents or instruments with respect to each related Mortgage
Loan (each, a “Trustee Mortgage File”) so transferred and assigned:

(i) with respect to
each Mortgage Loan, the original Mortgage Note endorsed without recourse in proper form to the order of the Trustee, or in blank
(in each case, with all necessary intervening endorsements, as applicable); provided that any such endorsement may be stamped or
generated electronically, if acceptable under all applicable laws and regulations and the endorsing entity had adopted appropriate
authorizing resolutions prior to such stamped or electronic endorsement.

(ii) with respect to
each Mortgage Loan (other than a Cooperative Loan), the original mortgage, deed of trust or other instrument creating a first lien
on the underlying property securing the Mortgage Loan and bearing evidence that such instrument has been recorded in the appropriate
jurisdiction where the Mortgaged Property is located (or, in lieu of the original of the Mortgage, a true copy of the Mortgage
certified by the originator, or a duplicate or conformed copy of the Mortgage, together with a certificate of either the closing
attorney or an officer of the title insurer that issued the related title insurance policy, certifying that such copy represents
a true and correct copy of the original and that such original has been or is currently submitted to be recorded in the appropriate
governmental recording office of the jurisdiction where the Mortgaged Property is located);

(iii) with respect to
each Mortgage Loan (other than a Cooperative Loan), the Assignment of Mortgage in form and substance acceptable for recording in
the relevant jurisdiction, such assignment being either (A) in blank, without recourse, or (B) or endorsed to “[                        ],
as Trustee of the Sequoia Mortgage Trust 20__-_, Mortgage Pass-Through Certificates, without recourse;” provided, that if
the Mortgage Loan is a MERS Designated Mortgage Loan, no Assignment of Mortgage shall be required;

(iv) with respect to
each Mortgage Loan (other than a Cooperative Loan), the originals or certified copies of all Intervening Assignments of the Mortgage,
if any, with evidence of recording thereon, showing a complete chain of title to the last endorsee, including any warehousing assignment;

(v) with respect to
each Mortgage Loan (other than a Cooperative Loan), any assumption, modification, written assurance, substitution, consolidation,
extension or guaranty agreement, if applicable;

(vi) with respect to
each Mortgage Loan (other than a Cooperative Loan), the original policy of title insurance (or a true copy thereof) with respect
to any such Mortgage Loan, or, if such policy has not yet been delivered by the insurer, the title commitment or title binder to
issue same;

(vii) if the Mortgage
Note or Mortgage or any other material document or instrument relating to the Mortgage Loan has been signed by a person on behalf
of the Mortgagor, the original power of attorney or other instrument that authorized and empowered such person to sign bearing
evidence that such instrument has been recorded, if so required, in the appropriate jurisdiction where the Mortgaged Property is
located (or, in lieu thereof, a duplicate or conformed copy of such instrument, together with a certificate of receipt from the
recording office, certifying that such copy represents a true and complete copy of the original and that such original has been
or is currently submitted to be recorded in the appropriate governmental recording office of the jurisdiction where the Mortgaged
Property is located); and

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(viii) with respect
to each Mortgage Loan which constitutes a Cooperative Mortgage Loan:

(a)the original loan and security
agreement;

(b)the original Cooperative Shares;

(c)a stock power executed in
blank by the person in whose name the Cooperative Shares are issued;

(d)the Proprietary Lease or occupancy
agreement accompanied by an assignment in blank of such proprietary lease;

(e)the recognition agreement
executed by the Cooperative Corporation, which requires the Cooperative Corporation to recognize the rights of the lender and its
successors in interest and assigns, under the cooperative;

(f)UCC1 financing statements
with recording information thereon from the appropriate governmental recording offices if necessary to perfect the security interest
of the Cooperative Mortgage Loan under the Uniform Commercial Code in the jurisdiction in which the cooperative project is located,
accompanied by UCC3 financing statements executed in blank for recordation of the change in the secured party thereunder;

(g)the original policy of title
insurance or with respect to any such Cooperative Mortgage Loan, if such policy has not yet been delivered by the insurer, the
title commitment or title binder to issue same; and

(h)Any guarantees, if applicable.

Notwithstanding the foregoing, with respect
to Mortgage Loans serviced by [                    ],
such Servicer shall hold the Retained Mortgage Files in trust for the benefit of the Trustee pursuant to the related Servicing
Agreement. The possession of each Retained Mortgage File held by such Servicer is in a custodial capacity only. Within 60 days
of the occurrence of a Document Transfer Event, such Servicer shall, pursuant to the related Servicing Agreement, deliver or cause
to be delivered to and deposited with the Trustee or to the corporate trust services division of the Custodian the Retained Mortgage
Files consisting of the following additional items, as applicable: (i) the original mortgage with evidence of recording indicated
thereon (or, if such original recorded mortgage has not yet been returned by the recording office, a copy thereof certified to
be a true and complete copy of such mortgage sent for recording) and (ii) the policies of title insurance issued with respect to
each applicable Mortgage Loan.

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(b)The Depositor shall cause
Assignments of Mortgage with respect to each Mortgage Loan other than a Cooperative Mortgage Loan to be completed in the form specified
in Section 2.01(a)(iii) above within 30 days of the Closing Date for purpose of their recording; provided, however, that
such Assignments of Mortgage need not be recorded if, on or prior to the Closing Date, the Depositor delivers, at its own expense,
an Opinion of Counsel (which must be Independent counsel) acceptable to the Trustee, the Securities Administrator and the Rating
Agencies, to the effect that recording in such states is not required to protect the Trustee’s interest in the related Mortgage
Loans. Subject to the preceding sentence, as soon as practicable after the Closing Date (but in no event more than 270 days thereafter
except to the extent delays are caused by the applicable recording office), the Depositor at its own expense and with the cooperation
of the applicable Servicer, shall cause to be properly recorded by each Servicer in each public recording office where the related
Mortgages are recorded each Assignment of Mortgage endorsed in the form described in Section 2.01(a)(iii) above with respect to
each such Mortgage Loan.

(c)In instances where a title
insurance policy is required to be delivered to the Trustee or the Custodian on behalf of the Trustee under Sections 2.01(a)(vi)
or 2.01(a)(viii)(g) above and is not so delivered, the Depositor will provide a copy of such title insurance policy to the Trustee,
or to the Custodian on behalf of the Trustee, as promptly as practicable after the execution and delivery hereof, but in any case
within 180 days of the Closing Date.

(d)For Mortgage Loans (if
any) that have been prepaid in full after the Cut-off Date and prior to the Closing Date, the Depositor, in lieu of delivering
the above documents, herewith delivers to the Trustee, or to the Custodian on behalf of the Trustee, an Officer’s Certificate
which shall include a statement to the effect that all amounts received in connection with such prepayment that are required to
be deposited in the Distribution Account pursuant to Section 4.01 have been so deposited. All original documents that are not delivered
to the Trustee or the Custodian on behalf of the Trustee shall be held by the Master Servicer or the applicable Servicer in trust
for the benefit of the Trustee and the Certificateholders.

Section 2.02 Acceptance
of Trust Fund by Trustee; Review of Documentation for Trust Fund. 

(a)The Trustee, by execution
and delivery hereof, acknowledges receipt by it or by the Custodian on its behalf of the Trustee Mortgage Files pertaining to the
Mortgage Loans listed on the Mortgage Loan Schedule, subject to review thereof by the Custodian on behalf of the Trustee in accordance
with Section 4(a) of the Custodial Agreement (a form of which is attached hereto as Exhibit D). The Custodian on behalf of the
Trustee, will execute and deliver to the Trustee and the Depositor an Initial Trust Receipt and Schedule of Exceptions, on the
Closing Date in the forms required by the Custodial Agreement.

(b)Within 270 days after the
Closing Date, the Custodian on behalf of the Trustee, will, for the benefit of Holders of the Certificates, review each related
Trustee Mortgage File to ascertain that all required documents set forth in Section 2.01 have been received and appear on their
face to conform with the requirements set forth in Section 4A and 4B of the Custodial Agreement.

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(c)Nothing in this Agreement
shall be construed to constitute an assumption by the Trust Fund, the Trustee, the Custodian or the Certificateholders of any unsatisfied
duty, claim or other liability on any Mortgage Loan or to any Mortgagor.

(d)Each of the parties hereto
acknowledges that the Custodian shall perform the applicable review of the related Mortgage Loans and respective certifications
as provided in the Custodial Agreement.

(e)Upon execution of this
Agreement, the Depositor hereby delivers to the Trustee and the Trustee acknowledges receipt of the Acknowledgements, together
with the related Purchase Agreements, Servicing Agreements and the Mortgage Loan Purchase and Sale Agreement.

Section 2.03 Representations
and Warranties of the Depositor. 

(a)The Depositor hereby represents
and warrants to the Trustee, for the benefit of the Certificateholders, and to the Master Servicer and the Securities Administrator
as of the Closing Date or such other date as is specified, that:

(i) the Depositor is
a corporation duly organized, validly existing and in good standing under the laws governing its creation and existence and has
full corporate power and authority to own its property, to carry on its business as presently conducted, to enter into and perform
its obligations under this Agreement, and to create the trust pursuant hereto;

(ii) the execution and
delivery by the Depositor of this Agreement have been duly authorized by all necessary corporate action on the part of the Depositor;
neither the execution and delivery of this Agreement, nor the consummation of the transactions herein contemplated, nor compliance
with the provisions hereof, will conflict with or result in a breach of, or constitute a default under, any of the provisions of
any law, governmental rule, regulation, judgment, decree or order binding on the Depositor or its properties or the certificate
of incorporation or bylaws of the Depositor;

(iii) the execution,
delivery and performance by the Depositor of this Agreement and the consummation of the transactions contemplated hereby do not
require the consent or approval of, the giving of notice to, the registration with, or the taking of any other action in respect
of, any state, federal or other governmental authority or agency, except such as has been obtained, given, effected or taken prior
to the date hereof;

(iv) this Agreement
has been duly executed and delivered by the Depositor and, assuming due authorization, execution and delivery by the Trustee, the
Master Servicer and the Securities Administrator, constitutes a valid and binding obligation of the Depositor enforceable against
it in accordance with its terms except as such enforceability may be subject to (A) applicable bankruptcy and insolvency laws and
other similar laws affecting the enforcement of the rights of creditors generally and (B) general principles of equity regardless
of whether such enforcement is considered in a proceeding in equity or at law;

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(v) there are no actions,
suits or proceedings pending or, to the knowledge of the Depositor, threatened or likely to be asserted against or affecting the
Depositor, before or by any court, administrative agency, arbitrator or governmental body (A) with respect to any of the transactions
contemplated by this Agreement or (B) with respect to any other matter which in the judgment of the Depositor will be determined
adversely to the Depositor and will if determined adversely to the Depositor materially and adversely affect it or its business,
assets, operations or condition, financial or otherwise, or adversely affect its ability to perform its obligations under this
Agreement;

(vi) immediately prior
to the transfer and assignment of the Mortgage Loans to the Trustee, the Depositor was the sole owner of record and holder of each
Mortgage Loan, and the Depositor had good and marketable title thereto, and had full right to transfer and sell each Mortgage Loan
to the Trustee free and clear, subject only to (1) liens of current real property taxes and assessments not yet due and payable
and, if the related Mortgaged Property is a condominium unit, any lien for common charges permitted by statute, (2) covenants,
conditions and restrictions, rights of way, easements and other matters of public record as of the date of recording of such Mortgage
acceptable to mortgage lending institutions in the area in which the related Mortgaged Property is located and specifically referred
to in the lender’s title insurance policy or attorney’s opinion of title and abstract of title delivered to the originator
of such Mortgage Loan, and (3) such other matters to which like properties are commonly subject which do not, individually or in
the aggregate, materially interfere with the benefits of the security intended to be provided by the Mortgage, of any encumbrance,
equity, participation interest, lien, pledge, charge, claim or security interest, and had full right and authority, subject to
no interest or participation of, or agreement with, any other party, to sell and assign each Mortgage Loan pursuant to this Agreement;

(vii) This Agreement
creates a valid and continuing security interest (as defined in the applicable Uniform Commercial Code (the “UCC”),
in the Mortgage Loans in favor of the Trustee, which security interest is prior to all other liens, and is enforceable as such
against creditors of and purchasers from the Depositor;

(viii) The Mortgage
Loans constitute “instruments” within the meaning of the applicable UCC;

(ix) Other than the
security interest granted to the Trustee pursuant to this Agreement, the Depositor has not pledged, assigned, sold, granted a security
interest in, or otherwise conveyed any of the Mortgage Loans. The Depositor has not authorized the filing of and is not aware of
any financing statement against the Depositor that includes a description of the collateral covering the Mortgage Loans other than
a financing statement relating to the security interest granted to the Trustee hereunder or that has been terminated. The Depositor
is not aware of any judgment or tax lien filings against the Depositor;

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(x) None of the Mortgage
Loans have any marks or notations indicating that such Mortgage Loans have been pledged, assigned or otherwise conveyed to any
Person other than the Trustee; and

(xi) The Depositor has
received all consents and approvals required by the terms of the Mortgage Loans to convey the Mortgage Loans hereunder to the Trustee.

The foregoing representations
made in this Section 2.03 shall survive the termination of this Agreement and shall not be waived by any party hereto.

Section 2.04 Discovery of
Breach; Repurchase or Substitution of Mortgage Loans.

(a)Pursuant to Sections 2(b)
and 2(d) of the Mortgage Loan Purchase and Sale Agreement, the Seller has made or assigned certain representations and warranties
as to the characteristics of the Mortgage Loans as of the Closing Date, including representations and warranties that no Mortgage
Loan is a “high-cost home loan” as defined under any local, state, or federal laws, and each of the Depositor and the
Trustee intend that the Mortgage Loans (including any Replacement Mortgage Loans) included in the Trust Fund satisfy such representations
and warranties. The Depositor, for the benefit of the Trustee and the Certificateholders hereby assigns any such rights against
the Seller to the Trustee and the Seller acknowledges that it has agreed to comply with the provisions of this Section 2.04 in
respect of a breach of any of such representations and warranties.

It is understood and agreed that such
representations and warranties set forth in Section 2(b) and 2(d) of the Mortgage Loan Purchase and Sale Agreement shall survive
delivery of the Trustee Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout
the term of this Agreement. Upon (i) discovery or receipt by the Depositor of written notice of any materially defective document
in a related Trustee Mortgage File or, following the date of delivery to the Trustee of the Custodian’s Final Trust Receipt
as required under the Custodial Agreement, that a document is missing from a related Trustee Mortgage File, or (ii) discovery
by the Depositor or the Seller of the breach by the Seller [or designated originator] of any representation or warranty under the
Mortgage Loan Purchase and Sale Agreement made by the Depositor or the Seller [or the designated originator] in respect of any
Mortgage Loan, which materially adversely affects the value of that Mortgage Loan or the interest therein of the Certificateholders
(a “Defective Mortgage Loan”) (each of such parties hereby agreeing to give written notice thereof to the Trustee and
the other of such parties), the Trustee, or its designee, shall promptly notify the Depositor in writing of such defective or missing
document or breach and request that the Depositor deliver such missing document or cure or cause the cure of such defect or breach
within 90 days from the date that the Depositor discovered or was notified of such missing document, defect or breach, and if the
Depositor does not deliver such missing document or cure or cause the cure of such defect or breach in all material respects during
such period, the Trustee shall enforce the Seller’s obligation under the Mortgage Loan Purchase and Sale Agreement and cause
the Seller [or designated originator] to repurchase that Mortgage Loan from the Trust Fund at the Purchase Price on or prior to
the Determination Date following the expiration of such 90-day period (subject to Section 2.04(b) below); provided, however,
that, in connection with any such breach that could not reasonably have been cured within such 90-day period, if the Seller shall
have commenced to cure such breach within such 90-day period, the Seller shall be permitted to proceed thereafter diligently and
expeditiously to cure or cause the cure the same within an additional 90-day period. The Purchase Price for the repurchased Mortgage
Loan shall be deposited in the related Distribution Account, and the Trustee, or its designee, upon receipt of written certification
from the Securities Administrator of such deposit, shall release to the Seller, the related Trustee Mortgage File and shall execute
and deliver such instruments of transfer or assignment, in each case without recourse, representation or warranties, as either
party shall furnish to it and as shall be necessary to vest in such party any Mortgage Loan released pursuant hereto and the Trustee,
or its designee, shall have no further responsibility with regard to such Trustee Mortgage File (it being understood that the Trustee
shall have no responsibility for determining the sufficiency of such assignment for its intended purpose). In lieu of repurchasing
any such Mortgage Loan as provided above, either party may cause such Mortgage Loan to be removed from the Trust Fund (in which
case it shall become a Deleted Mortgage Loan) and substitute one or more Replacement Mortgage Loans in the manner and subject to
the limitations set forth in Section 2.04(b) below. It is understood and agreed that the obligation of the Seller to cure, to cause
the cure or to repurchase [or cause the repurchase by the designated originator] (or to substitute for) any Mortgage Loan as to
which a document is missing, a material defect in a constituent document exists or as to which such a breach has occurred and is
continuing shall constitute the sole remedy against the such party respecting such omission, defect or breach available to the
Trustee on behalf of the Certificateholders.

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(b)Any substitution of Replacement
Mortgage Loans for Deleted Mortgage Loans made pursuant to Section 2.04(a) above must be effected prior to the last Business Day
that is within two years after the Closing Date. As to any Deleted Mortgage Loan for which the Seller substitutes a Replacement
Mortgage Loan or Loans, such substitution shall be effected by delivering to the Custodian, on behalf of the Trustee, for such
Replacement Mortgage Loan or Loans, the related Mortgage Note, the related Mortgage, the related Assignment of Mortgage to the
Trustee, and such other documents and agreements, with all necessary endorsements thereon, together with an Officers’ Certificate
stating that each such Replacement Mortgage Loan satisfies the definition thereof and specifying the Substitution Amount (as described
below), if any, in connection with such substitution. The Custodian shall acknowledge receipt for such Replacement Mortgage Loan
and, within 45 days thereafter, shall review such Mortgage Documents as specified in the Custodial Agreement and deliver to the
Trustee and the Depositor, with respect to such Replacement Mortgage Loans, a certification substantially in the form of a revised
Trust Receipt, with any exceptions noted thereon. Within one year of the date of substitution, the Custodian shall deliver to the
Trustee and the Depositor a certification substantially in the form of a revised Final Trust Receipt, with respect to such Replacement
Mortgage Loans, with any exceptions noted thereon. Monthly Payments due with respect to Replacement Mortgage Loans in the month
of substitution shall not be included as part of the Trust Fund and shall be retained by the Seller. For the month of substitution,
distributions to the Certificateholders shall reflect the collections and recoveries in respect of such Deleted Mortgage in the
Due Period preceding the month of substitution and the Seller shall thereafter be entitled to retain all amounts subsequently received
in respect of such Deleted Mortgage Loan. Upon such substitution, such Replacement Mortgage Loan shall constitute part of the Trust
Fund and shall be subject in all respects to the terms of this Agreement and the Mortgage Loan Purchase and Sale Agreement, including
all representations and warranties thereof included in the Mortgage Loan Purchase and Sale Agreement, in each case as of the date
of substitution.

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For any month in which the Seller substitutes
one or more Replacement Mortgage Loans for one or more Deleted Mortgage Loans, the related Servicer shall determine the excess
(each, a “Substitution Amount”), if any, by which the aggregate Purchase Price of all such Deleted Mortgage Loans exceeds
the aggregate Stated Principal Balance of the Replacement Mortgage Loans replacing such Deleted Mortgage Loans, together with one
month’s interest on such excess amount at the applicable Net Mortgage Rate. On the date of such substitution, the Seller,
as applicable, shall deliver or cause to be delivered to the Servicer for deposit in the Collection Account an amount equal to
the related Substitution Amount, if any, and the Custodian, on behalf of the Trustee, upon receipt of the related Replacement Mortgage
Loan or Loans and certification by the Servicer of such deposit, shall release to the Seller the related Trustee Mortgage File
or Files and shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as the Seller
shall deliver to it and as shall be necessary to vest therein any Deleted Mortgage Loan released pursuant hereto.

In addition, the Seller shall obtain
at its own expense and deliver to the Trustee and the Securities Administrator an Opinion of Counsel to the effect that such substitution
(either specifically or as a class of transactions) shall not cause an Adverse REMIC Event. If such Opinion of Counsel can not
be delivered, then such substitution may only be effected at such time as the required Opinion of Counsel can be given.

(c)Upon discovery by the Seller,
the Depositor or the Trustee that any Mortgage Loan does not constitute a “qualified mortgage” within the meaning of
Section 860G(a)(3) of the Code, the party discovering such fact shall within two Business Days give written notice thereof to the
other parties. In connection therewith, the applicable party shall repurchase or, subject to the limitations set forth in Section
2.04(b), substitute one or more Replacement Mortgage Loans for the affected Mortgage Loan within 90 days of the earlier of discovery
or receipt of such notice with respect to such affected Mortgage Loan. Any such repurchase or substitution shall be made in the
same manner as set forth in Section 2.04(a) above. The Trustee shall re-convey to the Seller the Mortgage Loan to be released pursuant
hereto in the same manner, and on the same terms and conditions, as it would a Mortgage Loan repurchased for breach of a representation
or warranty.

(d)The Seller indemnifies
and holds the Trust Fund, the Master Servicer, the Securities Administrator, the Trustee, the Depositor and each Certificateholder
harmless against any and all taxes, claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments,
and any other costs, fees and expenses that the Trust Fund, the Trustee, the Master Servicer, the Securities Administrator, the
Depositor and any Certificateholder may sustain in connection with any actions of such party relating to a repurchase of a Mortgage
Loan other than in compliance with the terms of this Section 2.04 and the Mortgage Loan Purchase and Sale Agreement, to the extent
that any such action causes an Adverse REMIC Event.

Section 2.05 [Reserved.]

Section 2.06 Grant Clause.

(a)It is intended that the
conveyance of the Depositor’s right, title and interest in and to property constituting the Trust Fund pursuant to this Agreement
shall constitute, and shall be construed as, a sale of such property and not a grant of a security interest to secure a loan. However,
if such conveyance is deemed to be in respect of a loan, it is intended that: (1) the rights and obligations of the parties shall
be established pursuant to the terms of this Agreement; (2) the Depositor hereby grants to the Trustee for the benefit of the Holders
of the Certificates a first priority security interest in all of the Depositor’s right, title and interest in, to and under,
whether now owned or hereafter acquired, the Trust Fund and all proceeds of any and all property constituting the Trust Fund to
secure payment of the Certificates; and (3) this Agreement shall constitute a security agreement under applicable law. If such
conveyance is deemed to be in respect of a loan and the trust created by this Agreement terminates prior to the satisfaction of
the claims of any Person holding any Certificate, the security interest created hereby shall continue in full force and effect
and the Trustee shall be deemed to be the collateral agent for the benefit of such Person, and all proceeds shall be distributed
as herein provided.

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(b)The Depositor shall, to
the extent consistent with this Agreement, take such reasonable actions as may be necessary to ensure that, if this Agreement were
deemed to create a security interest in the Mortgage Loans and the other property described above, such security interest would
be deemed to be a perfected security interest of first priority under applicable law and will be maintained as such throughout
the term of this Agreement. The Depositor will, at its own expense, make all initial filings on or about the Closing Date and shall
forward a copy of such filing or filings to the Trustee. Without limiting the generality of the foregoing, the Depositor shall
prepare and forward for filing, or shall cause to be forwarded for filing, at the expense of the Depositor, all filings necessary
to maintain the effectiveness of any original filings necessary under the relevant UCC to perfect the Trustee’s security
interest in or lien on the Mortgage Loans, including without limitation (x) continuation statements, and (y) such other statements
as may be occasioned by (1) any change of name of the Seller, the Depositor or the Trustee, (2) any change of location of the place
of business or the chief executive office of the Seller or the Depositor, (3) any transfer of any interest of the Seller or the
Depositor in any Mortgage Loan or (4) any change under the relevant UCC or other applicable laws. Neither of the Seller nor the
Depositor shall organize under the law of any jurisdiction other than the State under which each is organized as of the Closing
Date (whether changing its jurisdiction of organization or organizing under an additional jurisdiction) without giving 30 days
prior written notice of such action to its immediate and intermediate transferee, including the Trustee. Before effecting such
change, the Seller or the Depositor proposing to change its jurisdiction of organization shall prepare and file in the appropriate
filing office any financing statements or other statements necessary to continue the perfection of the interests of its immediate
and mediate transferees, including the Trustee, in the Mortgage Loans. In connection with the transactions contemplated by this
Agreement, each of the Seller and the Depositor authorizes its immediate or mediate transferee to file in any filing office any
initial financing statements, any amendments to financing statements, any continuation statements, or any other statements or filings
described in this paragraph (b).

On or before March 1 of each calendar
year, beginning in 20__, the Depositor shall furnish to the Trustee and the Securities Administrator an Opinion of Counsel either
stating that, in the opinion of such counsel, such action has been taken with respect to any filings necessary to maintain the
effectiveness of any original filings necessary under the relevant UCC to perfect the Trustee’s security interest in or lien
on the Mortgage Loans, 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 execution and filing of any financing statements and continuation statements
that will, in the opinion of such counsel, be required to maintain such lien and security interest until March 1 in the following
calendar year.

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ARTICLE III

THE CERTIFICATES

Section 3.01 The Certificates.

(a)The Certificates shall
be issuable in registered form only and shall be securities governed by Article 8 of the New York Uniform Commercial Code. The
Certificates will be evidenced by one or more certificates, beneficial ownership of which will be held in the minimum denominations
in Certificate Principal Amount or Notional Amount specified in the Preliminary Statement to this Agreement and in integral multiples
of $1 in excess thereof, or in the Percentage Interests specified in the Preliminary Statement to this Agreement, as applicable.

(b)The Certificates shall
be executed by manual or facsimile signature on behalf of the Trustee by an authorized officer of the Securities Administrator.
Each Certificate shall, on original issue, be authenticated by the Authenticating Agent upon the order of the Depositor upon receipt
by the Trustee or its Custodian of the Trustee Mortgage Files described in Section 2.01. No Certificate shall be entitled to any
benefit under this Agreement, or be valid for any purpose, unless there appears on such Certificate a certificate of authentication
substantially in the form provided for herein, executed by an authorized officer of the Authenticating Agent, by manual signature,
and such certification upon any Certificate shall be conclusive evidence, and the only evidence, that such Certificate has been
duly authenticated and delivered hereunder. All Certificates shall be dated the date of their authentication. At any time and from
time to time after the execution and delivery of this Agreement, the Depositor may deliver Certificates executed by the Trustee
to the Authenticating Agent for authentication and the Authenticating Agent shall authenticate and deliver such Certificates as
in this Agreement provided and not otherwise.

(c)The Class B-4, Class B-5,
Class B-6 and Class LT-R Certificates offered and sold in reliance on the exemption from registration under Rule 144A under the
Securities Act shall be issued initially in definitive, fully registered form without interest coupons with the applicable legends
set forth in Exhibit A added to the forms of such Certificates (each, a “Restricted Global Security”).

Section 3.02 Registration.

The Securities Administrator is
hereby appointed, and the Securities Administrator hereby accepts its appointment as, initial Certificate Registrar in respect
of the Certificates and shall maintain books for the registration and for the transfer of Certificates (the “Certificate
Register”). The Trustee may appoint a bank or trust company to act as successor Certificate Registrar. A registration book
shall be maintained for the Certificates collectively. The Certificate Registrar may resign or be discharged or removed and a new
successor may be appointed in accordance with the procedures and requirements set forth in Sections 6.06 and 6.07 hereof with respect
to the resignation, discharge or removal of the Securities Administrator and the appointment of a successor Securities Administrator.
The Certificate Registrar may appoint, by a written instrument delivered to the Holders and the Master Servicer, any bank or trust
company to act as co-registrar under such conditions as the Certificate Registrar may prescribe; provided, however, that
the Certificate Registrar shall not be relieved of any of its duties or responsibilities hereunder by reason of such appointment.

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Section 3.03 Transfer and
Exchange of Certificates. 

(a)A Certificate (other than
Book-Entry Certificates which shall be subject to Section 3.09 hereof) may be transferred by the Holder thereof only upon presentation
and surrender of such Certificate at the office of the Certificate Registrar duly endorsed or accompanied by an assignment duly
executed by such Holder or his duly authorized attorney in such form as shall be satisfactory to the Certificate Registrar. Upon
the transfer of any Certificate in accordance with the preceding sentence, the Trustee shall execute, and the Authenticating Agent
shall authenticate and deliver to the transferee, one or more new Certificates of the same Class and evidencing, in the aggregate,
the same aggregate Certificate Principal Amount (or Notional Amount) as the Certificate being transferred. No service charge shall
be made to a Certificateholder for any registration of transfer of Certificates, but 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 registration of transfer
of Certificates.

(b)A Certificate may be exchanged
by the Holder thereof for any number of new Certificates of the same Class, in authorized denominations, representing in the aggregate
the same Certificate Principal Amount (or Notional Amount) as the Certificate surrendered, upon surrender of the Certificate to
be exchanged at the office of the Certificate Registrar duly endorsed or accompanied by a written instrument of transfer duly executed
by such Holder or his duly authorized attorney in such form as is satisfactory to the Certificate Registrar. Certificates delivered
upon any such exchange will evidence the same obligations, and will be entitled to the same rights and privileges, as the Certificates
surrendered. No service charge shall be made to a Certificateholder for any exchange of Certificates, but 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 exchange
of Certificates. Whenever any Certificates are so surrendered for exchange, the Trustee shall execute, and the Authenticating Agent
shall authenticate, date and deliver the Certificates which the Certificateholder making the exchange is entitled to receive.

(c)By acceptance of a Restricted
Certificate, whether upon original issuance or subsequent transfer, each Holder of such a Certificate acknowledges the restrictions
on the transfer of such Certificate set forth thereon and agrees that it will transfer such a Certificate only as provided herein.

The following restrictions shall apply
with respect to the transfer and registration of transfer of a Restricted Certificate to a transferee that takes delivery in the
form of a Definitive Certificate:

(i) The Certificate
Registrar shall register the transfer of a Restricted Certificate if the requested transfer is (x) to the Depositor or an affiliate
(as defined in Rule 405 under the Securities Act) of the Depositor or (y) being made to a “qualified institutional buyer”
(a “QIB”) as defined in Rule 144A under the Securities Act by a transferor that has provided the Certificate Registrar
with a certificate in the form of Exhibit E-2 hereto; and

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(ii) The Certificate
Registrar shall register the transfer of a Restricted Certificate if the requested transfer is being made to an “accredited
investor” under Rule 501(a)(1), (2), (3) or (7) under the Securities Act, or to any Person all of the equity owners
in which are such accredited investors, by a transferor who furnishes to the Certificate Registrar a letter of the transferee substantially
in the form of Exhibit F hereto.

(d)The Certificate Registrar
shall not register the transfer of any Class LT-R Certificate to RWT Holdings, Inc., Sequoia Residential Funding, Inc., Redwood
Mortgage Funding, Inc., Redwood Trust, Inc. (each a “Restricted Holder”) or any successor in interest thereto.

(e)(i) No transfer
of an ERISA-Restricted Certificate in the form of a Definitive Certificate shall be made to any Person or shall be effective unless
the Certificate Registrar, on behalf of the Trustee, has received (A) a certificate substantially in the form of Exhibit G hereto
(or Exhibit B, in the case of a Residual Certificate) from such transferee or (B) an Opinion of Counsel satisfactory to the Certificate
Registrar to the effect that the purchase and holding of such a Certificate will not constitute or result in prohibited transactions
under Title I of ERISA or Section 4975 of the Code and will not subject the Certificate Registrar, the Trustee, the Master Servicer,
the Depositor or the Securities Administrator to any obligation in addition to those undertaken in this Agreement; provided,
however, that the Certificate Registrar will not require such certificate or opinion in the event that, as a result of a change
of law or otherwise, counsel satisfactory to the Certificate Registrar has rendered an opinion to the effect that the purchase
and holding of an ERISA-Restricted Certificate by a Plan or a Person that is purchasing or holding such a Certificate with the
assets of a Plan will not constitute or result in a prohibited transaction under Title I of ERISA or Section 4975 of the Code.
Each Transferee of an ERISA-Restricted Certificate that is a Book-Entry Certificate shall be deemed to have made the representations
set forth in Exhibit G. The preparation and delivery of the certificate and opinions referred to above shall not be an expense
of the Trust Fund, the Certificate Registrar, the Trustee, the Master Servicer, the Depositor or the Securities Administrator.

Notwithstanding the foregoing,
no opinion or certificate shall be required for the initial issuance of the ERISA-Restricted Certificates. The Certificate Registrar
shall have no obligation to monitor transfers of Book-Entry Certificates that are ERISA-Restricted Certificates and shall have
no liability for transfers of such Certificates in violation of the transfer restrictions. The Certificate Registrar shall be under
no liability to any Person for any registration of transfer of any ERISA-Restricted Certificate that is in fact not permitted by
this Section 3.03(e) and none of the Securities Administrator, the Trustee or the Paying Agent shall have any liability for making
any payments due on such Certificate to the Holder thereof or taking any other action with respect to such Holder under the provisions
of this Agreement so long as the transfer was registered by the Certificate Registrar in accordance with the foregoing requirements.
The Securities Administrator, on behalf of the Trustee, shall be entitled, but not obligated, to recover from any Holder of any
ERISA-Restricted Certificate that was in fact a Plan or a Person acting on behalf of a Plan any payments made on such ERISA-Restricted
Certificate at and after either such time. Any such payments so recovered by the Securities Administrator, on behalf of the Trustee,
shall be paid and delivered by the Securities Administrator, on behalf of the Trustee, to the last preceding Holder of such Certificate
that is not such a Plan or Person acting on behalf of a Plan.

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(ii) No transfer of an ERISA-Restricted
Purchase Option Certificate shall be made unless the Certificate Registrar shall have received a representation letter from the
transferee of such ERISA-Restricted Purchase Option Certificate, substantially in the form set forth in Exhibit G hereto, to the
effect that either (i) such transferee is neither a Plan nor a Person acting on behalf of any such Plan or using the assets of
any such Plan to effect such transfer or (ii) the acquisition and holding of the ERISA-Restricted Purchase Option Certificate are
eligible for exemptive relief under the statutory exemption for nonfiduciary service providers under Section 408(b)(17) of ERISA
and Section 4975(d)(20) of the Code, Prohibited Transaction Class Exemption ("PTCE") 84-14, PTCE 90-1, PTCE 91-38, PTCE
95-60 or PTCE 96-23 or some other applicable exemption. Notwithstanding anything else to the contrary herein, any purported transfer
of an ERISA-Restricted Purchase Option Certificate to or on behalf of a Plan without the delivery to the Certificate Registrar
of a representation letter as described above shall be void and of no effect. If the ERISA-Restricted Purchase Option Certificate
is a Book-Entry Certificate, the transferee will be deemed to have made a representation as provided in clause (i) or (ii) of this
paragraph, as applicable.

If any ERISA-Restricted Purchase
Option Certificate, or any interest therein, is acquired or held in violation of the provisions of the preceding paragraph, the
next preceding permitted beneficial owner will be treated as the beneficial owner of that ERISA-Restricted Purchase Option Certificate,
retroactive to the date of transfer to the purported beneficial owner. Any purported beneficial owner whose acquisition or holding
of an ERISA-Restricted Purchase Option Certificate, or interest therein, was effected in violation of the provisions of the preceding
paragraph shall indemnify to the extent permitted by law and hold harmless the Depositor and the Certificate Registrar from and
against any and all liabilities, claims, costs or expenses incurred by such parties as a result of such acquisition or holding.

To the extent permitted under
applicable law (including, but not limited to, ERISA), the Certificate Registrar shall be under no liability to any Person for
any registration of transfer of any ERISA-Restricted Purchase Option Certificate that is in fact not permitted by this Section
3.03(e)(ii) or for making any payments due on such ERISA-Restricted Purchase Option Certificate to the Holder thereof or taking
any other action with respect to such Holder under the provisions of this Agreement so long as the transfer was registered by the
Certificate Registrar in accordance with the foregoing requirements.

(f)As a condition of the registration
of transfer or exchange of any Certificate, the Certificate Registrar may require the certified taxpayer identification number
of the owner of the Certificate and the payment of a sum sufficient to cover any tax or other governmental charge imposed in connection
therewith; provided, however, that the Certificate Registrar shall have no obligation to require such payment or to determine
whether or not any such tax or charge may be applicable. No service charge shall be made to the Certificateholder for any registration,
transfer or exchange of a Certificate.

(g)Notwithstanding anything
to the contrary contained herein, no Residual Certificate may be owned, pledged or transferred, directly or indirectly, by or to
(i) a Disqualified Organization or (ii) an individual, corporation or partnership or other person unless such person is (A) not
a Non-U.S. Person or (B) is a Non-U.S. Person that holds a Residual Certificate in connection with the
conduct of a trade or business within the United States and has furnished the transferor and the Certificate Registrar with an
effective Internal Revenue Service Form W-8ECI or successor form at the time and in the manner
required by the Code (any such person who is not covered by clause (A) or (B) above is referred to herein as a “Non-permitted
Foreign Holder”).

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Prior to and as a condition of the registration
of any transfer, sale or other disposition of a Residual Certificate, the proposed transferee shall deliver to the Certificate
Registrar, on behalf of the Trustee, an affidavit in substantially the form attached hereto as Exhibit B representing and warranting,
among other things, that such transferee is neither a Disqualified Organization, an agent or nominee acting on behalf of a Disqualified
Organization, nor a Non-permitted Foreign Holder (any such transferee, a “Permitted Transferee”), and the proposed
transferor shall deliver to the Certificate Registrar an affidavit in substantially the form attached hereto as Exhibit C. In addition,
the Certificate Registrar may (but shall have no obligation to) require, prior to and as a condition of any such transfer, the
delivery by the proposed transferee of an Opinion of Counsel, addressed to the Certificate Registrar, that such proposed transferee
or, if the proposed transferee is an agent or nominee, the proposed beneficial owner, is not a Disqualified Organization, agent
or nominee thereof, or a Non-permitted Foreign Holder. Notwithstanding the registration in the Certificate Register of any transfer,
sale, or other disposition of a Residual Certificate to a Disqualified Organization, an agent or nominee thereof, or Non-permitted
Foreign Holder, such registration shall be deemed to be of no legal force or effect whatsoever and such Disqualified Organization,
agent or nominee thereof, or Non-permitted Foreign Holder shall not be deemed to be a Certificateholder for any purpose hereunder,
including, but not limited to, the receipt of distributions on such Residual Certificate. The Depositor, the Certificate Registrar
and the Trustee shall be under no liability to any Person for any registration or transfer of a Residual Certificate to a Disqualified
Organization, agent or nominee thereof or Non-permitted Foreign Holder or for the Paying Agent making any payments due on such
Residual Certificate to the Holder thereof or for taking any other action with respect to such Holder under the provisions of this
Agreement, so long as the transfer was effected in accordance with this Section 3.03(g), unless the Certificate Registrar shall
have actual knowledge at the time of such transfer or the time of such payment or other action that the transferee is a Disqualified
Organization, or an agent or nominee thereof, or Non-permitted Foreign Holder. The Certificate Registrar shall be entitled to recover
from any Holder of a Residual Certificate that was a Disqualified Organization, agent or nominee thereof, or Non-permitted Foreign
Holder at the time it became a Holder or any subsequent time it became a Disqualified Organization, agent or nominee thereof, or
Non-permitted Foreign Holder, all payments made on such Residual Certificate at and after either such times (and all costs and
expenses, including but not limited to attorneys’ fees, incurred in connection therewith). Any payment (not including any
such costs and expenses) so recovered by the Certificate Registrar shall be paid and delivered to the last preceding Holder of
such Residual Certificate.

If any purported transferee shall become
a registered Holder of a Residual Certificate in violation of the provisions of this Section 3.03(g), then upon receipt of written
notice to the Certificate Registrar that the registration of transfer of such Residual Certificate was not in fact permitted by
this Section 3.03(g), the last preceding Permitted Transferee shall be restored to all rights as Holder thereof retroactive to
the date of such registration of transfer of such Residual Certificate. The Depositor, the Certificate Registrar, the Securities
Administrator and the Trustee shall be under no liability to any Person for any registration of transfer of a Residual Certificate
that is in fact not permitted by this Section 3.03(g), or for the Paying Agent making any payment due on such Certificate to the
registered Holder thereof or for taking any other action with respect to such Holder under the provisions of this Agreement so
long as the transfer was registered upon receipt of the affidavit described in the preceding paragraph of this Section 3.03(g).

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(h)Each Holder or Certificate
Owner of a Restricted Certificate, ERISA-Restricted Certificate
or Residual Certificate, or an interest therein, by such Holder’s or Owner’s acceptance thereof, shall be deemed for
all purposes to have consented to the provisions of this section.

Section 3.04 Cancellation
of Certificates. 

Any Certificate surrendered for registration
of transfer or exchange shall be cancelled and retained in accordance with normal retention policies with respect to cancelled
certificates maintained by the Trustee or the Certificate Registrar.

Section 3.05 Replacement of
Certificates. 

If (i) any Certificate is mutilated and
is surrendered to the Certificate Registrar or (ii) the Certificate Registrar receives evidence to its satisfaction of the destruction,
loss or theft of any Certificate, and there is delivered to the Certificate Registrar such security or indemnity as may be required
by them to save each of them harmless, then, in the absence of notice to the Depositor, the Trustee or the Certificate Registrar
that such destroyed, lost or stolen Certificate has been acquired by a protected purchaser, the Trustee shall execute and the 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 Certificate Principal Amount. Upon the issuance of any new Certificate under this Section 3.05,
the Trustee, the Depositor, the Certificate Registrar or the Securities Administrator may require the payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees
and expenses of the Trustee, the Depositor, the Certificate Registrar or the Securities Administrator) connected therewith. Any
replacement Certificate issued pursuant to this Section 3.05 shall constitute complete and indefeasible evidence of ownership in
the applicable Trust Fund, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at
any time.

If after the delivery of such new Certificate,
a protected purchaser of the original Certificate in lieu of which such new Certificate was issued presents for payment such original
Certificate, the Depositor, the Securities Administrator, the Certificate Registrar and the Trustee or any agent shall be entitled
to recover such new Certificate from the Person to whom it was delivered or any Person taking therefrom, except a protected purchaser,
and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expenses
incurred by the Depositor, the Certificate Registrar, the Securities Administrator, the Trustee or any agent in connection therewith.

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Section 3.06 Persons Deemed
Owners. 

Subject to the provisions of Section
3.09 with respect to Book-Entry Certificates, the Depositor, the Securities Administrator, the Master Servicer, the Trustee, the
Certificate Registrar, the Paying Agent and any agent of any of them shall treat the Person in whose name any Certificate is registered
upon the books of the Certificate Registrar as the owner of such Certificate for the purpose of receiving distributions pursuant
to Sections 5.01 and 5.02 and for all other purposes whatsoever, and none of the Depositor, the Master Servicer, the Securities
Administrator, the Trustee, the Certificate Registrar, the Paying Agent or any agent of any of them shall be affected by notice
to the contrary.

Section 3.07 Temporary Certificates.

(a)Pending the preparation
of definitive Certificates, upon the order of the Depositor, the Trustee shall execute and the Authenticating Agent shall authenticate
and deliver temporary Certificates that are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the definitive Certificates in lieu of which they are issued and with such variations
as the authorized officers executing such Certificates may determine, as evidenced by their execution of such Certificates.

(b)If temporary Certificates
are issued, the Depositor will cause definitive Certificates to be prepared without unreasonable delay. After the preparation of
definitive Certificates, the temporary Certificates shall be exchangeable for definitive Certificates upon surrender of the temporary
Certificates at the office or agency of the Certificate Registrar without charge to the Holder. Upon surrender for cancellation
of any one or more temporary Certificates, the Trustee shall execute and the Authenticating Agent shall authenticate and deliver
in exchange therefor a like aggregate Certificate Principal Amount of definitive Certificates of the same Class in the authorized
denominations. Until so exchanged, the temporary Certificates shall in all respects be entitled to the same benefits under this
Agreement as definitive Certificates of the same Class.

Section 3.08 Appointment of
Paying Agent. 

The Trustee may appoint a Paying Agent
(which may be the Trustee) for the purpose of making distributions to the Certificateholders hereunder. The Trustee hereby appoints
the Securities Administrator as the initial Paying Agent. The Trustee shall cause any Paying Agent, other than the Securities Administrator,
to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee and the Securities
Administrator that such Paying Agent will hold all sums held by it for the payment to the Certificateholders in an Eligible Account
(which shall be the Distribution Account) in trust for the benefit of the Certificateholders entitled thereto until such sums shall
be paid to the Certificateholders. All funds remitted by the Securities Administrator to any such Paying Agent for the purpose
of making distributions shall be paid to the Certificateholders on each Distribution Date and any amounts not so paid shall be
returned on such Distribution Date to the Securities Administrator. If the Paying Agent is not the Securities Administrator, the
Securities Administrator shall cause to be remitted to the Paying Agent on or before the Business Day prior to each Distribution
Date, by wire transfer in immediately available funds, the funds to be distributed on such Distribution Date. Any Paying Agent
shall be either a bank or trust company or otherwise authorized under law to exercise corporate trust powers.

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Section 3.09 Book-Entry Certificates.

(a)Each Class of Book-Entry
Certificates, upon original issuance, shall be issued in the form of one or more typewritten Certificates representing the Book-Entry
Certificates. The Book-Entry Certificates shall initially be registered on the Certificate Register in the name of the nominee
of the Clearing Agency, and no Certificate Owner will receive a definitive certificate representing such Certificate Owner’s
interest in the Book-Entry Certificates, except as provided in Section 3.09(c). Unless Definitive Certificates have been issued
to Certificate Owners of Book-Entry Certificates pursuant to Section 3.09(c):

(i) the provisions of
this Section 3.09 shall be in full force and effect;

(ii) the Certificate
Registrar, the Securities Administrator, the Paying Agent and the Trustee shall deal with the Clearing Agency for all purposes
(including the making of distributions on the Book-Entry Certificates) as the authorized representatives of the Certificate Owners
and the Clearing Agency and shall be responsible for crediting the amount of such distributions to the accounts of such Persons
entitled thereto, in accordance with the Clearing Agency’s normal procedures;

(iii) to the extent
that the provisions of this Section 3.09 conflict with any other provisions of this Agreement, the provisions of this Section 3.09
shall control; and

(iv) the rights of Certificate
Owners shall be exercised only through the Clearing Agency and the Clearing Agency Participants and shall be limited to those established
by law and agreements between such Certificate Owners and the Clearing Agency and/or the Clearing Agency Participants. Unless and
until Definitive Certificates are issued pursuant to Section 3.09(c), the initial Clearing Agency will make book-entry transfers
among the Clearing Agency Participants and receive and transmit distributions of principal of and interest on the Book-Entry Certificates
to such Clearing Agency Participants.

(b)Whenever notice or other
communication to the Certificateholders is required under this Agreement, unless and until Definitive Certificates shall have been
issued to Certificate Owners pursuant to Section 3.09(c), the Securities Administrator shall give all such notices and communications
specified herein to be given to Holders of the Book-Entry Certificates to the Clearing Agency.

(c)If (i) (A) the Clearing
Agency or the Depositor advises the Paying Agent in writing that the Clearing Agency is no longer willing or able to discharge
properly its responsibilities with respect to the Book-Entry Certificates, and (B) the Depositor is unable to locate a qualified
successor satisfactory to the Depositor and the Paying Agent or (ii) after the occurrence of an Event of Default, Certificate Owners
representing beneficial interests aggregating not less than 50% of the Class Principal Amount of a Class of Book-Entry Certificates
advise the Paying Agent and the Clearing Agency through the Clearing Agency Participants in writing that the continuation of a
book-entry system through the Clearing Agency is no longer in the best interests of the Certificate Owners of a Class of Book-Entry
Certificates (each such event, a “Book-Entry Termination”), the Certificate Registrar shall notify the Clearing Agency
to effect notification to all Certificate Owners, through the Clearing Agency, of the occurrence of any such event and of the availability
of Definitive Certificates to Certificate Owners requesting the same. Upon surrender to the Certificate Registrar of the Book-Entry
Certificates by the Clearing Agency, accompanied by registration instructions from the Clearing Agency for registration, the Certificate
Registrar shall issue the Definitive Certificates. None of the Depositor, the Certificate Registrar, the Securities Administrator
or the Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected
in relying on, such instructions. Upon the issuance of Definitive Certificates all references herein to obligations imposed upon
or to be performed by the Clearing Agency shall be deemed to be imposed upon and performed by the Certificate Registrar, to the
extent applicable, with respect to such Definitive Certificates and the Certificate Registrar shall recognize the holders of the
Definitive Certificates as Certificateholders hereunder. Notwithstanding the foregoing, the Certificate Registrar, upon the instruction
of the Depositor, shall have the right to issue Definitive Certificates on the Closing Date in connection with credit enhancement
programs.

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ARTICLE IV

ADMINISTRATION OF THE TRUST FUND

Section 4.01 Collection Accounts;
Distribution Account. 

(a)On or prior to the Closing
Date, the Master Servicer shall have caused the Servicers to establish and maintain one or more Collection Accounts, as provided
in the related Servicing Agreements, into which all Scheduled Payments and unscheduled payments with respect to the Mortgage Loans,
net of any deductions or reimbursements permitted under the related Servicing Agreement, shall be deposited. On each Distribution
Account Deposit Date, the Servicers shall remit to the Securities Administrator for deposit into the Distribution Account, all
amounts so required to be deposited into such account in accordance with the terms of the related Servicing Agreement.

(b)The Securities Administrator,
as Paying Agent for the Trustee, shall establish and maintain an Eligible Account entitled “Distribution Account of [                        ],
as Trustee for the benefit of Sequoia Mortgage Trust 20__-_ Holders of Mortgage Pass-Through Certificates.” The Securities
Administrator shall, promptly upon receipt from the Servicers on each Distribution Account Deposit Date, deposit into the Distribution
Account and retain on deposit until the related Distribution Date the following amounts:

(i) the aggregate of
collections with respect to the Mortgage Loans remitted by the Servicers from the related Collection Accounts in accordance with
the Servicing Agreements;

(ii) any amounts required
to be deposited by the Master Servicer with respect to the Mortgage Loans for the related Due Period pursuant to this Agreement,
including the amount of any Advances or Compensation Interest Payments with respect to the Mortgage Loans not paid by the Servicers;
and

(iii) any other amounts
so required to be deposited in the Distribution Account in the related Due Period pursuant to this Agreement.

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(c)In the event the Master
Servicer or a Servicer has remitted in error to the Distribution Account any amount not required to be remitted in accordance with
the definition of Available Distribution Amount, it may at any time direct the Securities Administrator to withdraw such amount
from the Distribution Account for repayment to the Master Servicer or Servicer, as applicable, by delivery of an Officer’s
Certificate to the Securities Administrator which describes the amount deposited in error.

(d)On each Distribution Date
and final Distribution Date of the Certificates in accordance with Section 7.01, the Securities Administrator, as Paying Agent,
shall distribute the Available Distribution Amount to the Certificateholders and any other parties entitled thereto in the amounts
and priorities set forth in Section 5.02. The Securities Administrator may from time to time withdraw from the Distribution Account
and pay the Master Servicer, the Trustee, the Securities Administrator or any Servicer any amounts permitted to be paid or reimbursed
to such Person from funds in the Distribution Account pursuant to the clauses (A) through (D) of the definition of Available Distribution
Amount.

(e)Funds in the Distribution
Account may be invested in Permitted Investments selected by and at the written direction of the Securities Administrator, which
shall mature not later than one Business Day prior to the Distribution Date (except that if such Permitted Investment is an obligation
of the Securities Administrator, then such Permitted Investment shall mature not later than such applicable Distribution Date)
and any such Permitted Investment shall not be sold or disposed of prior to its maturity. All such Permitted Investments shall
be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any Permitted Investment
shall be for the benefit of the Securities Administrator, as additional compensation for its duties hereunder, and shall
be subject to its withdrawal or order from time to time, and shall not be part of the Trust Fund. The amount of any losses incurred
in respect of any such investments shall be deposited in such Distribution Account by the Securities Administrator out of its own
funds, without any right of reimbursement therefor, immediately as realized.

Section 4.02 Reports to Trustee
and Certificateholders. 

On each Distribution Date, the Securities
Administrator shall have prepared and shall make available to the Trustee and each Certificateholder a written report setting forth
the following information (on the basis of Mortgage Loan level information obtained from the Master Servicer and the Servicers)
(the “Distribution Date Statement”):

(a)the amount of the distributions,
separately identified, with respect to each Class of Certificates;

(b)the amount of the distributions
set forth in the clause (a) allocable to principal, separately identifying the aggregate amount of any Principal Prepayments or
other unscheduled recoveries of principal included in that amount;

(c)the amount of the distributions
set forth in the clause (a) allocable to interest and how it was calculated;

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(d)the amount of any unpaid
Interest Shortfall, Net Prepayment Interest Shortfalls, Relief Act Shortfalls, Net WAC Shortfall or unpaid Net WAC Shortfall (if
applicable) and the related accrued interest thereon, with respect to each Class of Certificates;

(e)the Class Principal Amount
of each Class of Certificates after giving effect to the distribution of principal on that Distribution Date;

(f)the Aggregate Stated Principal
Balance of each Mortgage Pool (separately and in the aggregate), the Mortgage Rates (in incremental ranges), the Pool 1 Net WAC,
the Pool 2 Net WAC, the Pool 3 Net WAC, the Pool 4 Net WAC, the Pool 5 Net WAC and the Subordinate Net WAC, the weighted average
life and the weighted average remaining term of the Mortgage Loans, at the beginning and at the end of the related Prepayment Period;

(g)the Stated Principal Balance
of the Mortgage Loans with Mortgage Rates that adjust based on the one-month LIBOR index, six-month LIBOR index, one-year LIBOR
index and one-year CMT index at the end of the related Prepayment Period;

(h)the Senior Percentage and
the Subordinate Percentage for each Mortgage Pool for the following Distribution Date;

(i)the Senior Prepayment Percentage
and the Subordinate Prepayment Percentage for each Mortgage Pool for the following Distribution Date;

(j)in the aggregate and with
respect to each Mortgage Pool, the amount of the Master Servicing Fee and the Servicing Fee paid to or retained by the Master Servicer
and by each Servicer, respectively, and the amount of any fees paid to the Securities Administrator and the Custodian;

(k)in the aggregate and with
respect to each Mortgage Pool, the amount of Monthly Advances for the related Due Period;

(l)the number and Stated Principal
Balance of the Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 30 to 59 days, (2) 60 to
89 days and (3) 90 or more days, (B) in foreclosure and Delinquent (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days
and (C) in bankruptcy as of the close of business on the last day of the calendar month preceding that Distribution Date;

(m)the amount of cash flow
received for such Distribution Date, and the sources thereof;

(n)in the aggregate and with
respect to each Mortgage Pool, for any Mortgage Loan as to which the related Mortgaged Property was an REO Property during the
preceding calendar month, the principal balance of such Mortgage Loan as of the close of business on the last day of the related
Due Period;

(o)in the aggregate and with
respect to each Mortgage Pool, the aggregate number and principal balance of any REO Properties as of the close of business on
the last day of the preceding Due Period;

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(p)in the aggregate and with
respect to each Mortgage Pool, the amount of Realized Losses incurred during the preceding calendar month;

(q)in the aggregate and with
respect to each Mortgage Pool, the cumulative amount of Realized Losses incurred since the Closing Date;

(r)the Realized Losses, if
any, allocated to each Class of Certificates on that Distribution Date;

(s)the Certificate Interest
Rate for each Class of Certificates for that Distribution Date;

(t)the amount of any Principal
Transfer Amounts or Interest Transfer Amounts paid to an Undercollateralized Group;

(u)the applicable Record Date,
Accrual Period and calculation date for each Class of Certificates and such Distribution Date; and

(v)the amount on deposit in
the Distribution Account as of such Distribution Date (after giving effect to distributions on such date) and as of the prior Distribution
Date.

On each Distribution Date, the Securities
Administrator shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of
Offered Certificates as of such Distribution Date, using a format and media mutually acceptable to the Securities Administrator
and Bloomberg.

In addition to the information listed
above, such Distribution Date Statement shall also include such other information as is required by Form 10-D, including, but not
limited to, the information required by Item 1121 (§229.1121) of Regulation AB.

The Securities Administrator shall make
such reports available each month via the Master Servicer’s website at http://www.ctslink.com. Assistance in using the website
may be obtained by calling the Master Servicer’s customer service desk at 1-866-846-4526. Certificateholders and other parties
that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by contacting the Securities
Administrator and indicating such. In preparing or furnishing the foregoing information to the Trustee, the Securities Administrator
shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related
REO Properties that has been provided to the Securities Administrator by the Master Servicer and the Servicers, and the Securities
Administrator shall not be obligated to verify, recompute, reconcile or recalculate any such information or data.

Upon request, within a reasonable period
of time after the end of each calendar year, the Securities Administrator shall cause to be furnished to each Person who at any
time during the calendar year was a Certificateholder, a statement containing the information listed above aggregated for such
calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Securities
Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided
by the Securities Administrator pursuant to any requirements of the Code as from time to time in effect.

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Upon the reasonable advance written request
of any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee or the
Certificate Registrar, shall be promptly forwarded to the Securities Administrator, the Securities Administrator shall provide,
or cause to be provided (or, to the extent that such information or documentation is not required to be provided by a Servicer
under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer,
and provide) to such Certificateholders such reports and access to information and documentation regarding the Mortgage Loans as
such Certificateholders may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision
or its successor or other regulatory authorities with respect to an investment in the Certificates; provided, however, that
the Securities Administrator shall be entitled to be reimbursed by such Certificateholders for the Securities Administrator’s
actual expenses incurred in providing such reports and access.

Section 4.03 Rule 17g-5 Compliance.

(a)The Rule 17g-5 Information Provider shall,
upon receipt of an NRSRO certification in the form of Exhibit O, make available on its Rule 17g-5 Website solely to the Depositor,
each Rating Agency and to any NRSRO the following items, but only to the extent such items are delivered to it by electronic mail
to rmbs17g5informationprovider@wellsfargo.com, specifically with a subject reference of “SEMT 201_-_” and an identification
of the type of information being provided in the body of such notice, or any other delivery method established or approved by the
Rule 17g-5 Information Provider if or as may be necessary or beneficial, :

 

		(i)	any Rating Agency Information provided to the Rule 17g-5 Information Provider in accordance with Sections 6.06, 6.07, 6.14,
9.01, 9.02, 11.03 and 11.12 of this Agreement, as well as reports prepared in accordance with Sections 6.21, 6.22, 6.23 and 6.24
(provided that the Rule 17g-5 Information Provider shall not be required to post to its Rule 17g-5 Website any such information
previously posted to and available on the Securities Administrator’s website);

 

		(ii)	any notice of any amendment that modifies the procedures herein relating to Exchange Act Rule 17g-5 pursuant to this Agreement;
and

 

		(iii)	a summary of any oral conversation with a Rating Agency regarding any Mortgage Loan, any Mortgaged Property or any REO Property,
to the extent required to be provided pursuant to Rule 17g-5.

 

The foregoing information shall be made available by the Rule 17g-5
Information Provider on its Rule 17g-5 Website. Such information shall be posted to the Rule 17g-5 Website on the same Business
Day as it is received, provided that such information is received by 12:00 p.m. (eastern time) or, if received after 12:00 p.m.,
on the next Business Day. The Rule 17g-5 Information Provider shall have no obligation or duty to verify, confirm or otherwise
determine whether the information being delivered is accurate, complete, conforms to the requirements of this Agreement, or otherwise
is or is not anything other than what it purports to be. The Rule 17g-5 Information Provider shall not be deemed to have obtained
actual knowledge of any information by virtue of the receipt and posting of such information to the Rule 17g-5 Website. Further,
notwithstanding anything to the contrary herein, in the event the Depositor determines that any information previously posted to
the Rule 17g-5 Website should not have been posted thereto pursuant to the terms of this Agreement, the Depositor shall direct
the Rule 17g-5 Information Provider in writing to remove such information from the Rule 17g-5 Website, such written notice to specify
the information to be so removed. The Rule 17g-5 Information Provider (i) shall have no obligation or duty to verify, confirm or
otherwise determine the accuracy of the information contained in such written direction, (ii) shall be entitled to rely fully upon
such written direction and (iii) shall not be held liable in connection with removing any such information from the Rule 17g-5
Website upon the receipt of such written direction.

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The Rule 17g-5 Information
Provider shall provide a mechanism to notify any party that has submitted an NRSRO Certification each time the Rule 17g-5 Information
Provider posts an additional document to the Rule 17g-5 Website.

 

In connection with providing access to the Rule
17g-5 Website, the Rule 17g-5 Information Provider may require registration and the acceptance of a disclaimer. The Rule 17g-5
Information Provider shall not be liable for the dissemination of information in accordance with the terms of this Agreement, makes
no representations or warranties as to the accuracy or completeness of such information being made available, has no obligation
to review such information, and assumes no responsibility for such information. The Rule 17g-5 Information Provider shall not be
liable for its failure to make any information available to each Rating Agency or NRSROs unless such information was delivered
to the Rule 17g-5 Information Provider at the email address specified in writing to the Depositor, with a subject heading of “SEMT
201_-_” and sufficient detail to indicate that such information is required to be posted on the Rule 17g-5 Website.

 

If any NRSRO that has previously submitted an
NRSRO Certification and whose NRSRO Certification has been accepted, notifies the Rule 17g-5 Information Provider that it is unable
to access information posted to the Rule 17g-5 Website and such access issue is determined to be the result of a problem with the
Rule 17g-5 Website, if such access issue is not resolved within one Business Day of such determination, the Rule 17g-5 Information
Provider shall so notify the Depositor.

 

(b)Each of the Master Servicer and the Trustee
hereby agrees that, except as otherwise expressly permitted herein, it shall not communicate with (including verbally) or provide
information to a Rating Agency without the prior consent of and consultation with the Depositor, and that any permitted communication
by it to a Rating Agency will be made by it only in the manner prescribed by the procedures established by the Depositor to ensure
compliance with Rule 17g-5 under the Exchange Act, including to the extent set forth herein, providing any such communications
to the Depositor for posting on the Rule 17g-5 Website pursuant to this Section 4.03 prior to communicating with such Rating Agency.

 

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Section 4.04 Rule 15Ga-1 Compliance.

(a) To the extent a Responsible Officer of the
Master Servicer receives a demand for the repurchase or substitution of a Mortgage Loan based on a breach of a representation or
warranty made by the Seller or the Originator of such Mortgage Loan (each, a “Demand”), the Master Servicer
agrees (i) if such Demand is in writing, promptly to forward such Demand to the Trustee, and (ii) if such Demand is oral, to instruct
the requesting party to submit such Demand in writing to the Trustee. To the extent a Responsible Officer of the Trustee receives
a Demand, it shall provide the Depositor with prompt written notice of such Demand.

 

(b)In connection with the repurchase or
substitution of a Mortgage Loan pursuant to a Demand, any dispute with respect to a Demand, or the withdrawal or final rejection
of a Demand (i) the Master Servicer agrees, to the extent a Responsible Officer of the Master Servicer has actual knowledge thereof,
promptly to notify the Trustee in writing, and (ii) the Trustee agrees, to the extent a Responsible Officer of the Trustee has
actual knowledge thereof, promptly to notify the Depositor in writing.

 

(c)To the extent in its possession,
the Trustee shall provide the Depositor with any applicable information required under Rule 15Ga-1 of the Exchange Act (the “Rule
15Ga-1 Information”) in a timely manner so as to enable the Depositor to meet its reporting obligations under Rule 15Ga-1.
The Depositor shall be entitled conclusively to rely on the Rule 15Ga-1 Information provided to it by the Trustee in connection
with the compilation by the Depositor of the Rule 15Ga-1 Information required to be reported on Form 10-D. For the avoidance of
doubt, the Depositor shall have sole responsibility for compiling the Rule 15Ga-1 Information required to be reported on Form 10-D,
and the Securities Administrator shall be entitled conclusively to rely on any Rule 15Ga-1 Information provided to it by the Depositor
for inclusion on each Form 10-D.

ARTICLE V

DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

Section 5.01 Distributions
Generally. 

(a)Subject to Section 7.01
respecting the final distribution on the Certificates, on each Distribution Date the Paying Agent on behalf of the Trustee shall
make distributions in accordance with this Article V. Such distributions shall be made by check mailed to each Certificateholder’s
address as it appears on the Certificate Register of the Certificate Registrar or, upon written request made to the Securities
Administrator at least five Business Days prior to the related Record Date by any Certificateholder owning an aggregate initial
Certificate Principal Amount of at least $1,000,000, or in the case of any Class of Interest-Only Certificates or Residual Certificate,
a Percentage Interest of not less than 100%, by wire transfer in immediately available funds to an account specified in the request
and at the expense of such Certificateholder; provided, however, that the final distribution in respect of any Certificate
shall be made only upon presentation and surrender of such Certificate at the Certificate Registrar’s Corporate Trust Office;
provided, further, that the foregoing provisions shall not apply to any Class of Certificates as long as such Certificate
remains a Book-Entry Certificate in which case all payments made shall be made through the Clearing Agency and its Clearing Agency
Participants. Wire transfers will be made at the expense of the Holder requesting such wire transfer by deducting a wire transfer
fee from the related distribution. Notwithstanding such final payment of principal of any of the Certificates, each Residual Certificate
will remain outstanding until the termination of each REMIC and the payment in full of all other amounts due with respect to the
Residual Certificates and at such time such final payment in retirement of any Residual Certificate will be made only upon presentation
and surrender of such Certificate at the Certificate Registrar’s Corporate Trust Office. If any payment required to be made
on the Certificates is to be made on a day that is not a Business Day, then such payment will be made on the next succeeding Business
Day.

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(b)All distributions or allocations
made with respect to the Certificateholders within each Class on each Distribution Date shall be allocated among the outstanding
Certificates in such Class equally in proportion to their respective initial Class Principal Amounts or initial Class Notional
Amounts (or Percentage Interests).

Section 5.02 Distributions
from the Distribution Account.

(a)Subject to Sections 5.02(b),
(c), (l) and (m), on each Distribution Date, the Available Distribution Amount for the related Mortgage Pool (in the case of the
Senior Certificates) and the Mortgage Pools in the aggregate (in the case of the Subordinate Certificates) shall be withdrawn by
the Securities Administrator from the Distribution Account and allocated among the Classes of Senior Certificates and Subordinate
Certificates in the following order of priority:

(i) Concurrently, from
the related Available Distribution Amount, to the payment of the Interest Distribution Amount and any accrued but unpaid Interest
Shortfalls on each Class of Senior Certificates of the Related Certificate Group; provided, however, that on each Distribution
Date, the amount of interest that would otherwise be distributable to the Class 1-XA Certificates, will be deposited in the Reserve
Fund to the extent of the Required Reserve Fund Deposit for such Distribution Date;

(ii) Concurrently, to
the Senior Certificates of the Related Certificate Group, from the Available Distribution Amount remaining in the related Mortgage
Pool after application of amounts pursuant to clause (i) above, as follows:

(A)first, to the
Class 1-AR Certificates, the Senior Principal Distribution Amount for Pool 1, until their Class Principal Amount has been reduced
to zero, and second, pro rata, to the Class 1-A1 and Class 1-A2 Certificates, the Senior Principal Distribution Amount
for Pool 1, until their respective Class Principal Amounts have been reduced to zero;

(B)pro rata, to
the Class 2-A1 and Class 2-A2 Certificates, the Senior Principal Distribution Amount for Pool 2, until their respective Class Principal
Amounts have been reduced to zero;

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(C)pro rata, to
the Class 3-A1 and Class 3-A2 Certificates, the Senior Principal Distribution Amount for Pool 3, until their respective Class Principal
Amounts have been reduced to zero;

(D)pro rata, to
the Class 4-A1 and Class 4-A2 Certificates, the Senior Principal Distribution Amount for Pool 4, until their respective Class Principal
Amounts have been reduced to zero;

(E)pro rata, to
the Class 5-A1 and Class 5-A2 Certificates, the Senior Principal Distribution Amount for Pool 5, until their respective Class Principal
Amounts have been reduced to zero;

 

(iii) to the Subordinate
Certificates, sequentially in the following order of priority:

(A)to the Class B-1 Certificates,
the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class on such date;

(B)to the Class B-1 Certificates,
such Class’ Subordinate Class Percentage of the aggregate Subordinate Principal Distribution Amount for each Mortgage Pool,
until its Class Principal Amount has been reduced to zero;

(C)to the Class B-2 Certificates,
the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class on such date;

(D)to the Class B-2 Certificates,
such Class’ Subordinate Class Percentage of the aggregate Subordinate Principal Distribution Amount for each Mortgage Pool,
until its Class Principal Amount has been reduced to zero;

(E)to the Class B-3 Certificates,
the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class on such date;

(F)to the Class B-3 Certificates,
such Class’ Subordinate Class Percentage of the aggregate Subordinate Principal Distribution Amount for each Mortgage Pool,
until its Class Principal Amount has been reduced to zero;

(G)to the Class B-4 Certificates,
the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class on such date;

(H)to the Class B-4 Certificates,
such Class’ Subordinate Class Percentage of the aggregate Subordinate Principal Distribution Amount for each Mortgage Pool,
until its Class Principal Amount has been reduced to zero;

(I)to the Class B-5 Certificates,
the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class on such date;

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(J)to the Class B-5 Certificates,
such Class’ Subordinate Class Percentage of the aggregate Subordinate Principal Distribution Amount for each Mortgage Pool,
until its Class Principal Amount has been reduced to zero;

(K)to the Class B-6 Certificates,
the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class on such date;

(L)to the Class B-6 Certificates,
such Class’ Subordinate Class Percentage of the aggregate Subordinate Principal Distribution Amount for each Mortgage Pool,
until its Class Principal Amount has been reduced to zero; and

 

(iv) To the Class 1-AR
and LT-R Certificates, any remaining amount of the Available Distribution Amount from the Mortgage Pools in the aggregate allocated
as provided in Section 5.02(d);

On each Distribution Date, the Securities Administrator
shall distribute from the Reserve Fund, pro rata (on the basis of the amount of Net WAC Shortfalls experienced by each such
Class of LIBOR Certificates and the aggregate amount of Net WAC Shortfalls experienced by all of the Class 1-A1 and Class 1-A2
Certificates (as a group)), to the Class 1-A1 and Class 1-A2 Certificates, any related Net WAC Shortfalls or related unpaid Net
WAC Shortfalls for such date.

(b)On each Distribution Date
on and after the Credit Support Depletion Date, the Available Distribution Amount for the Mortgage Pools shall be combined and
distributed to the remaining Senior Certificates, first, to pay the Interest Distribution Amount and any accrued but unpaid
Interest Shortfalls; second, to pay principal on a pro rata basis; and third, to the Class 1-AR and Class
LT-R Certificates, any remaining Available Distribution Amount from such Mortgage Pool or Mortgage Pools.

(c)Notwithstanding the priority
and allocation set forth in Section 5.02(a), if with respect to any Class of Subordinate Certificates on any Distribution Date
the aggregate of the related Class Subordination Percentages of such Class and of all other Classes of Subordinate Certificates
which have a higher numerical Class designation than such Class is less than the Original Applicable Credit Support Percentage
for such Class, no distribution of Principal Prepayments shall be made to any such Classes and the amount of such Principal Prepayment
otherwise distributable to such Classes shall be distributed to any Classes of Subordinate Certificates having lower numerical
Class designations than such Class, pro rata, based on the Class Principal Amounts of the respective Classes immediately
prior to such Distribution Date and shall be distributed in the sequential order provided in Section 5.02(a) above.

(d)Amounts distributed to
the Residual Certificates pursuant to Section 5.02(a)(iv) on any Distribution Date shall be allocated among the REMIC residual
interests represented thereby such that each such interest is allocated the excess of funds available to the related REMIC over
required distributions to the regular interests in such REMIC on such Distribution Date; provided, however, that the Class
LT-R Certificate shall be entitled to any amounts representing net gain resulting from the sale of any REO Properties or other
Liquidation Proceeds due to the Residual Certificates with respect to the Mortgage Loans.

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(e)For purposes of distributions
provided in Section 5.02(a), each Mortgage Pool shall “relate” to the Senior Class or Classes of the applicable Related
Certificate Group.

(f)[Reserved].

(g)On any Distribution Date
for which a Net WAC Shortfall exists with respect to the Class 1-A1 or Class 1-A2 Certificates, the Securities Administrator shall
withdraw from the Reserve Fund, the amount for distribution to such Class equal to the lesser of (1) the amount of such Net
WAC Shortfall and (2) the amounts credited to the Reserve Fund with respect to the Class 1-XA Certificates as provided in Section
5.02(a).

(h)[Reserved].

(i)[Reserved].

(j)For purposes of distributions
of interest in Section 5.02(a) such distributions to a Class of Certificates on any Distribution Date shall be made first, in respect
of Current Interest; and second, in respect of Interest Shortfalls.

(k)[Reserved].

(l)Notwithstanding the priority
of distributions set forth in Section 5.02(a), if on any Distribution Date prior to the Credit Support Depletion (1) either one
of the Rapid Prepayment Conditions is satisfied on such date and (2) the aggregate of the Class Principal Amounts of the Senior
Certificates relating to one of the Mortgage Pools has been reduced to zero, then that portion of the Available Distribution Amount
for each Mortgage Pool described in Section 5.02(a)(ii) that represents principal collections on the Mortgage Loans shall be applied
as an additional distribution to the remaining Classes of Senior Certificates in the other Certificate Group, in reduction of,
and in proportion to, the Class Principal Amounts thereof; provided, however, that any such amounts distributable to the
Class 1-AR, Class 1-A1 and Class 1-A2 Certificates shall be distributed first, to the Class 1-AR Certificates and, second,
pro rata, to the Class 1-A1 and Class 1-A2 Certificates.

(m)If, on any Distribution
Date, any Certificate Group would constitute an Undercollateralized Group and the other Certificate Group or Certificate Groups
would constitute an Overcollateralized Group, then notwithstanding Section 5.02(a)(ii), the Available Distribution Amount for an
Overcollateralized Group, to the extent remaining following distributions of interest and principal to the related Senior Certificates
of that Certificate Group shall be distributed, up to the sum of the Interest Transfer Amount and the Principal Transfer Amount
for the Undercollateralized Group or Undercollateralized Groups, to the Senior Certificates related to the Undercollateralized
Group or Undercollateralized Groups, in payment of accrued but unpaid interest, if any, and then to such Senior Certificates as
principal, in the same order and priority as such Certificates would receive other distributions of principal.

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Section 5.03 Allocation of
Losses.  

(a)On or prior to each Distribution
Date, the Master Servicer shall aggregate the information provided by each Servicer with respect to the total amount of Realized
Losses experienced on the Mortgage Loans for the related Distribution Date.

(b)On each Distribution Date,
the principal portion of Realized Losses shall be allocated as follows:

first, to the Classes
of Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class B-6 Certificates
and ending with the Class B-1 Certificates) until the Class Principal Amount of each such Class is reduced to zero; and

second, to each Class
of Senior Certificates relating to the Mortgage Pool which sustained such loss (allocated among the related Senior Certificates
on a pro rata basis), in each case, until the Class Principal Amount of such Class of Senior Certificates is reduced to zero; provided,
however, that the amount of Realized Losses calculated above that would otherwise reduce the Class Principal Amount of the
Class 1-A1 Certificates will be allocated to the Class 1-A2 Certificates, in reduction of the Class Principal Amount thereof, until
the Class Principal Amount of the Class 1-A2 Certificates has been reduced to zero, before reducing the Class Principal Amount
of the Class 1-A1 Certificates; provided, further, that the amount of Realized Losses calculated above that would otherwise
reduce the Class Principal Amount of the Class 2-A1 Certificates will first reduce the Class Principal Amount of the Class 2-A2
Certificates until the Class Principal Amount of the Class 2-A2 Certificates has been reduced to zero, before reducing the Class
Principal Amount of the Class 2-A1 Certificates; provided, further, that the amount of Realized Losses calculated above
that would otherwise reduce the Class Principal Amount of the Class 3-A1 Certificates will first reduce the Class Principal Amount
of the Class 3-A2 Certificates until the Class Principal Amount of the Class 3-A2 Certificates has been reduced to zero, before
reducing the Class Principal Amount of the Class 3-A1 Certificates; provided, further, that the amount of Realized Losses
calculated above that would otherwise reduce the Class Principal Amount of the Class 4-A1 Certificates will first reduce the Class
Principal Amount of the Class 4-A2 Certificates until the Class Principal Amount of the Class 4-A2 Certificates has been reduced
to zero, before reducing the Class Principal Amount of the Class 4-A1 Certificates and provided, further, that the amount
of Realized Losses calculated above that would otherwise reduce the Class Principal Amount of the Class 5-A1 Certificates will
first reduce the Class Principal Amount of the Class 5-A2 Certificates until the Class Principal Amount of the Class 5-A2 Certificates
has been reduced to zero, before reducing the Class Principal Amount of the Class 5-A1 Certificates.

(c)On each Distribution Date,
the Class Principal Amount of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation
shall be reduced on each Distribution Date by the amount (a “Subordinate Certificate Writedown Amount”), if any, by
which the aggregate of the Class Principal Amounts of all outstanding Classes of Certificates (after giving effect to the distribution
of principal on such Distribution Date) exceeds the Aggregate Stated Principal Balance for the following Distribution Date.

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(d)Any allocation of a loss
pursuant to this section to a Class of Certificates shall be achieved by reducing the Class Principal Amount thereof by the amount
of such loss.

(e)Subsequent
Recoveries in respect of the Mortgage Loans shall be distributed to the Certificates still outstanding, in accordance with
Section 5.02, and the Class Principal Amount of each Class of Certificates then outstanding that has been reduced due to application
of a Realized Loss will be increased, in order of seniority, by the amount of such Subsequent Recovery.

Section 5.04 Advances by Master
Servicer. 

If any Servicer fails to remit any Advance
required to be made under the applicable Servicing Agreement after the expiration of any applicable grace period, such event shall
constitute a default under the Servicing Agreement, and upon termination of the defaulting Servicer as set forth in Section 9.01,
the Master Servicer (in its capacity as successor Servicer) shall make, or the Master Servicer (if it is not the successor Servicer)
shall cause the successor Servicer, to make, such Advance in accordance with Section 9.01. The Master Servicer and each Servicer
shall be entitled to be reimbursed for all Advances made by it. Notwithstanding anything to the contrary herein, in the event the
Master Servicer determines in its reasonable judgment that an Advance is non-recoverable, the Master Servicer shall be under no
obligation to make such Advance. If the Master Servicer determines that an Advance is non-recoverable, it shall, on or prior to
the related Distribution Date, deliver an Officer’s Certificate to the Trustee to such effect.

Section 5.05 Compensating
Interest Payments. 

The amount of the aggregate Master
Servicing Fees payable to the Master Servicer in respect of any Distribution Date shall be reduced (but not below zero) by the
amount of any Compensating Interest Payment for such Distribution Date, but only to the extent that Prepayment Interest Shortfalls
relating to such Distribution Date are required to be paid but not actually paid by the Servicers. Such amount shall not be treated
as an Advance and shall not be reimbursable to the Master Servicer.

Section 5.06 Reserve Fund

(a)On the Closing Date, the
Securities Administrator shall establish and maintain in the Trustee’s name, in trust for the benefit of the holders of the
LIBOR Certificates and the Interest-Only Certificates, a Reserve Fund, into which the Depositor shall, on such date, deposit $10,000.00.
The Reserve Fund shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not
be commingled with, any other moneys, including, without limitation, other moneys of the Trustee held pursuant to this Agreement.
The Reserve Fund shall not be an asset of any REMIC established hereby.

(b)On each Distribution Date,
Current Interest that would otherwise be distributable with respect to the Class 1-XA Certificates will be deposited to the Reserve
Fund, to the extent of the Required Reserve Fund Deposit.

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(c)On any Distribution Date
for which a Net WAC Shortfall exists with respect to the Class 1-A1 or Class 1-A2 Certificates, the Securities Administrator shall
withdraw from the Reserve Fund, the amount of such Net WAC Shortfall for distribution on such Distribution Date pursuant to Section
5.02(g).

(d)[Reserved].

(e)[Reserved].

(f)Funds on deposit in the
Reserve Fund shall be invested in the [                   ]or
any successor fund. Any earnings on amounts in the Reserve Fund shall be for the benefit of the Interest-Only Certificateholders.
The Interest-Only Certificates shall evidence ownership of the Reserve Fund for federal income tax purposes and the Holders thereof
shall direct the Securities Administrator, in writing, as to investment of amounts on deposit therein. The Interest-Only Certificateholders
shall be liable for any losses incurred on such investments. In the absence of written instructions from the Interest-Only Certificateholder(s)
as to investment of funds on deposit in the Reserve Fund, such funds shall be invested in money market funds as described in paragraph
(ix) of the definition of Permitted Investments in Article I. For federal income tax purposes, amounts transferred by the Upper-Tier
REMIC to the Reserve Fund shall be treated as amounts distributed by the Upper-Tier REMIC to the Holders of the Class 1-XA Certificates.

(g)If, immediately after any
Distribution Date, the amount credited to the Reserve Fund exceeds the initial credit thereto, the Securities Administrator will
debit such excess from the Reserve Fund and distribute such excess from the Reserve Fund to the Interest-Only Certificateholders
for which such amounts were credited pursuant to Section 5.02(g).

(h)Upon termination of the
Trust Fund any amounts on deposit in the Reserve Fund shall be distributed to the Interest-Only Certificateholders.

ARTICLE VI

CONCERNING THE TRUSTEE AND THE SECURITIES ADMINISTRATOR; EVENTS OF DEFAULT

Section 6.01 Duties of Trustee
and the Securities Administrator. 

(a)The Trustee, except during
the continuance of an Event of Default and the Securities Administrator undertakes to perform such duties and only such duties
as are specifically set forth in this Agreement. Any permissive right of the Trustee or the Securities Administrator provided for
in this Agreement shall not be construed as a duty of the Trustee or the Securities Administrator. If an Event of Default has occurred
and has not otherwise been cured or waived, the Trustee or the Securities Administrator shall exercise such of the rights and powers
vested in it by this Agreement and use the same degree of care and skill in their exercise as a prudent Person would exercise or
use under the circumstances in the conduct of such Person’s own affairs, unless the Trustee is acting as Master Servicer,
in which case it shall use the same degree of care and skill as the Master Servicer hereunder.

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(b)Each of the Trustee and
the Securities Administrator, upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or
other instruments furnished to the Trustee or the Securities Administrator which are specifically required to be furnished pursuant
to any provision of this Agreement, shall examine them to determine whether they are in the form required by this Agreement; provided,
however, that neither the Trustee nor the Securities Administrator shall be responsible for the accuracy or content of any
such resolution, certificate, statement, opinion, report, document, order or other instrument furnished by the Master Servicer
or any Servicer to the Trustee or the Securities Administrator pursuant to this Agreement, and shall not be required to recalculate
or verify any numerical information furnished to the Trustee or the Securities Administrator pursuant to this Agreement. Subject
to the immediately preceding sentence, if any such resolution, certificate, statement, opinion, report, document, order or other
instrument is found not to conform to the form required by this Agreement in a material manner the Trustee or the Securities Administrator,
as applicable, shall take such action as it deems appropriate to cause the instrument to be corrected, and if the instrument is
not corrected to the Trustee’s or the Securities Administrator’s satisfaction, the Trustee or the Securities Administrator
will provide notice thereof to the Certificateholders and will, at the expense of the Trust Fund, which expense shall be reasonable
given the scope and nature of the required action, take such further action as directed by the Certificateholders.

(c)Neither the Trustee nor
the Securities Administrator shall have any liability arising out of or in connection with this Agreement, except for its negligence
or willful misconduct. Notwithstanding anything in this Agreement to the contrary, neither the Trustee nor the Securities Administrator
shall be liable for special, indirect or consequential losses or damages of any kind whatsoever (including, but not limited to,
lost profits). No provision of this Agreement shall be construed to relieve the Trustee or the Securities Administrator from liability
for its own negligent action, its own negligent failure to act or its own willful misconduct; provided, however, that:

(i) Neither the Trustee
nor the Securities Administrator shall be personally liable with respect to any action taken, suffered or omitted to be taken by
it in good faith in accordance with the direction of Holders of Certificates as provided in Section 6.18 hereof;

(ii) For all purposes
under this Agreement, the Trustee shall not be deemed to have notice of any Event of Default (other than resulting from a failure
by the Master Servicer to furnish information to the Trustee when required to do so) unless a Responsible Officer of the Trustee
has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at
the Corporate Trust Office of the Trustee, and such notice references the Holders of the Certificates and this Agreement;

(iii) For all purposes
under this Agreement, the Securities Administrator shall not be deemed to have notice of any Event of Default (other than resulting
from a failure by the Master Servicer to furnish information to the Securities Administrator when required to do so) unless a Responsible
Officer of the Securities Administrator has actual knowledge thereof or unless written notice of any event which is in fact such
a default is received by the Securities Administrator at the address provided in Section 11.07, and such notice references the
Holders of the Certificates and this Agreement;

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(iv) No provision of
this Agreement shall require the Trustee (regardless of the capacity in which it is acting) or the Securities Administrator to
expend or risk its own funds or otherwise incur any 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 for believing that repayment of such funds or
adequate indemnity against such risk or liability is not reasonably assured to it; and none of the provisions contained in this
Agreement shall in any event require the Trustee or the Securities Administrator to perform, or be responsible for the manner of
performance of, any of the obligations of the Master Servicer under this Agreement;

(v) Neither the Trustee
nor the Securities Administrator shall be responsible for any act or omission of the Master Servicer, the Depositor, the Seller
or the Custodian.

(d)The Trustee shall have
no duty hereunder with respect to any complaint, claim, demand, notice or other document it may receive or which may be alleged
to have been delivered to or served upon it by the parties as a consequence of the assignment of any Mortgage Loan hereunder; provided,
however, that the Trustee shall promptly remit to the applicable Servicer upon receipt any such complaint, claim, demand, notice
or other document (i) which is delivered to the Corporate Trust Office of the Trustee, (ii) of which a Responsible Officer has
actual knowledge, and (iii) which contains information sufficient to permit the Trustee to make a determination that the real property
to which such document relates is a Mortgaged Property.

(e)Neither the Trustee nor
the Securities Administrator shall be personally liable with respect to any action taken, suffered or omitted to be taken by it
in good faith in accordance with the direction of the Certificateholders of any Class holding Certificates which evidence, as to
such Class, Percentage Interests aggregating not less than 25% as to the time, method and place of conducting any proceeding for
any remedy available to the Trustee or the Securities Administrator or exercising any trust or power conferred upon the Trustee
or the Securities Administrator, as applicable, under this Agreement.

(f)Neither the Trustee nor
the Securities Administrator shall be required to perform services under this Agreement, or to expend or risk its own funds or
otherwise incur financial liability for the performance of any of its duties hereunder or the exercise of any of its rights or
powers if there is reasonable ground for believing that the timely payment of its fees and expenses or the repayment of such funds
or adequate indemnity against such risk or liability is not reasonably assured to it, and none of the provisions contained in this
Agreement shall in any event require the Trustee or the Securities Administrator, as applicable, to perform, or be responsible
for the manner of performance of, any of the obligations of the Master Servicer or any Servicer under this Agreement or any Servicing
Agreement except during such time, if any, as the Trustee shall be the successor to, and be vested with the rights, duties, powers
and privileges of, the Master Servicer in accordance with the terms of this Agreement.

(g)The Trustee shall not be
held liable by reason of any insufficiency in the Distribution Account or, if applicable, the Reserve Fund resulting from any investment
loss on any Permitted Investment included therein (except to the extent that the Trustee is the obligor and has defaulted thereon).

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(h)Except as otherwise provided
herein, neither the Trustee nor the Securities Administrator shall have any duty (A) to see to any recording, filing, or depositing
of this Agreement or any agreement referred to herein or any financing statement or continuation statement evidencing a security
interest, or to see to the maintenance of any such recording or filing or depositing or to any rerecording, refiling or redepositing
of any thereof, (B) to see to any insurance, (C) to see to the payment or discharge of any tax, assessment, or other governmental
charge or any lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Trust Fund other
than from funds available in the Distribution Account, or (D) to confirm or verify the contents of any reports or certificates
of the Master Servicer or any Servicer delivered to the Trustee or the Securities Administrator pursuant to this Agreement believed
by the Trustee or the Securities Administrator, as applicable, to be genuine and to have been signed or presented by the proper
party or parties.

(i)Neither the Securities
Administrator nor the Trustee shall be liable in its individual capacity for an error of judgment made in good faith by a Responsible
Officer or other officers of the Trustee or the Securities Administrator, as applicable, unless it shall be proved that the Trustee
or the Securities Administrator, as applicable, was negligent in ascertaining the pertinent facts.

(j)Notwithstanding anything
in this Agreement to the contrary, neither the Securities Administrator nor the Trustee shall be liable for special, indirect or
consequential losses or damages of any kind whatsoever (including, but not limited to, lost profits), even if the Trustee or the
Securities Administrator, as applicable, has been advised of the likelihood of such loss or damage and regardless of the form of
action.

(k)Neither the Securities
Administrator nor the Trustee shall be responsible for the acts or omissions of the other, it being understood that this Agreement
shall not be construed to render them agents of one another.

Section 6.02 Certain Matters
Affecting the Trustee and the Securities Administrator. 

Except as otherwise provided in Section
6.01:

(i) Each of the Trustee
and the Securities Administrator may request, and may rely and shall be protected in acting or refraining from acting upon any
resolution, Officer’s Certificate, certificate of auditors or any other certificate, statement, instrument, opinion, report,
notice, request, consent, order, approval, bond or other paper or document believed by it to be genuine and to have been signed
or presented by the proper party or parties;

(ii) Each of the Trustee
and the Securities Administrator may consult with counsel and any advice of its counsel or Opinion of Counsel shall be full and
complete authorization and protection in respect of any action taken or suffered or omitted by it hereunder in good faith and in
accordance with such advice or Opinion of Counsel;

(iii) Neither the Trustee
nor the Securities Administrator shall be personally liable for any action taken, suffered or omitted by it in good faith and reasonably
believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Agreement;

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(iv) Unless an Event
of Default shall have occurred and be continuing, neither the Trustee nor the Securities Administrator shall be bound to make any
investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, bond or other paper or document (provided the same appears regular on its face), unless requested
in writing to do so by the Holders of at least a majority in Class Principal Amount (or Percentage Interest) of each Class of Certificates;
provided, however, that, if the payment within a reasonable time to the Trustee or the Securities Administrator, as applicable,
of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the
Trustee or the Securities Administrator, as applicable, not reasonably assured to the Trustee or the Securities Administrator by
the security afforded to it by the terms of this Agreement, the Trustee or the Securities Administrator, as applicable, may require
reasonable indemnity against such expense or liability or payment of such estimated expenses from the Certificateholders as a condition
to proceeding. The reasonable expense thereof shall be paid by the party requesting such investigation and if not reimbursed by
the requesting party shall be reimbursed by the Trust Fund to the Trustee or the Securities Administrator, as applicable;

(v) Each of the Trustee
and the Securities Administrator may execute any of the trusts or powers hereunder or perform any duties hereunder either directly
or by or through agents, custodians or attorneys, which agents, custodians or attorneys shall have any and all of the rights, powers,
duties and obligations of the Trustee and the Securities Administrator conferred on them by such appointment, provided that each
of the Trustee and the Securities Administrator shall continue to be responsible for its duties and obligations hereunder to the
extent provided herein, and provided further that neither the Trustee nor the Securities Administrator shall be responsible for
any misconduct or negligence on the part of any such agent or attorney appointed with due care by the Trustee or the Securities
Administrator, as applicable;

(vi) Neither the Trustee
nor the Securities Administrator shall be under any obligation to exercise any of the trusts or powers vested in it by this Agreement
or to institute, conduct or defend any litigation hereunder or in relation hereto, in each case at the request, order or direction
of any of the Certificateholders pursuant to the provisions of this Agreement, unless such Certificateholders shall have offered
to the Trustee or the Securities Administrator, as applicable, reasonable security or indemnity against the costs, expenses and
liabilities which may be incurred therein or thereby;

(vii) The right of the
Trustee and the Securities Administrator to perform any discretionary act enumerated in this Agreement shall not be construed as
a duty, and neither the Trustee nor the Securities Administrator shall be answerable for other than its negligence or willful misconduct
in the performance of such act;

(viii) Neither the Trustee
nor the Securities Administrator shall be required to give any bond or surety in respect of the execution of the Trust Fund created
hereby or the powers granted hereunder; and

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(ix) Neither the Trustee
nor the Securities Administrator shall have any duty to conduct any affirmative investigation (including, but not limited to, reviewing
any reports delivered to the Trustee in connection with the review of the Trustee Mortgage Files) as to the occurrence of any condition
requiring the repurchase of any Mortgage Loan by the Seller pursuant to this Agreement or the Mortgage Loan Purchase Agreement,
as applicable, or the eligibility of any Mortgage Loan for purposes of this Agreement.

In the event either of the Trustee or the Securities
Administrator deem the nature of any action required on its part to be unclear, the Trustee or the Securities Administrator, as
applicable, may require prior to such action that it be provided by the Depositor with reasonable further instructions.

 

Section 6.03 Trustee and Securities
Administrator Not Liable for Certificates. 

The Trustee and the Securities Administrator
make no representations as to the validity or sufficiency of this Agreement or of the Certificates (other than the certificate
of authentication on the Certificates) or of any Mortgage Loan, or related document save that the Trustee and the Securities Administrator
represent that, assuming due execution and delivery by the other parties hereto, this Agreement has been duly authorized, executed
and delivered by it and constitutes its valid and binding obligation, enforceable against it in accordance with its terms except
that such enforceability may be subject to (A) applicable bankruptcy and insolvency laws and other similar laws affecting the enforcement
of the rights of creditors generally, and (B) general principles of equity regardless of whether such enforcement is considered
in a proceeding in equity or at law. The Trustee and the Securities Administrator shall not be accountable for the use or application
by the Depositor of funds paid to the Depositor in consideration of the assignment of the Mortgage Loans to the Trust Fund by the
Depositor or for the use or application of any funds deposited into the Distribution Account or any other fund or account maintained
with respect to the Certificates. The Trustee and the Securities Administrator shall not be responsible for the legality or validity
of this Agreement or the validity, priority, perfection or sufficiency of the security for the Certificates issued or intended
to be issued hereunder. Except as otherwise provided herein, the Trustee and the Securities Administrator 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 record this Agreement.

Section 6.04 Trustee and the
Securities Administrator May Own Certificates. 

The Trustee and the Securities Administrator
and any Affiliate or agent of either of them in its individual or any other capacity may become the owner or pledgee of Certificates
and may transact banking and trust business with the other parties hereto and their Affiliates with the same rights it would have
if it were not Trustee, Securities Administrator or such agent.

Section 6.05 Eligibility Requirements
for Trustee and Securities Administrator. 

The Trustee hereunder shall at all times
(i) be an institution insured by the FDIC, (ii) be a corporation or national banking association, organized and doing business
under the laws of any State or the United States of America, authorized under such laws to exercise corporate trust powers, having
a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by federal or state authority
and (iii) not be an Affiliate of the Master Servicer or any Servicer. If such corporation or national banking association publishes
reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority,
then, for the purposes of this Section, the combined capital and surplus of such corporation or national banking association shall
be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any
time the Trustee shall cease to be eligible in accordance with provisions of this Section, the Trustee shall resign immediately
in the manner and with the effect specified in Section 6.06.

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The Securities Administrator hereunder
shall at all times (i) be an institution authorized to exercise corporate trust powers under the laws of its jurisdiction of organization,
(ii) be rated at least “A/F1” by Fitch, or if not rated by Fitch, the equivalent rating by S&P or Moody’s
and (iii) not be an originator of Mortgage Loans, the Master Servicer, a Servicer, the Depositor, or an Affiliate of the Depositor
unless the Securities Administrator is in an institutional trust department of the Securities Administrator.

Section 6.06 Resignation and
Removal of Trustee and the Securities Administrator. 

(a)Each of the Trustee and
the Securities Administrator may at any time resign and be discharged from the trust hereby created by giving 60 days’ written
notice thereof to the Trustee or the Securities Administrator, as applicable, the Depositor and the Master Servicer. Upon receiving
such notice of resignation, the Depositor will promptly appoint a successor trustee or a successor securities administrator, as
applicable, by written instrument, one copy of which instrument shall be delivered to the resigning Trustee or resigning Securities
Administrator, as applicable, one copy to the successor trustee or successor securities administrator, as applicable, and one copy
to the Master Servicer. If no successor trustee or successor securities administrator shall have been so appointed and shall have
accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or resigning Securities
Administrator, as applicable, may petition any court of competent jurisdiction for the appointment of a successor trustee or successor
securities administrator, as applicable. In the case of any such resignation by the Securities Administrator, if no successor securities
administrator shall have been appointed and shall have accepted appointment within 60 days after the Securities Administrator ceases
to be the Securities Administrator pursuant to this Section 6.06, then the Trustee shall perform the duties of the Securities Administrator
pursuant to this Agreement and shall be entitled to the fees of the Securities Administrator for so long as the Trustee performs
such duties; provided, however, that the Trustee may engage a qualified entity to perform the duties of the Securities Administrator
under Sections 6.21, 6.22, 6.23, 6.24 and 11.16 of this Agreement. The successor trustee shall notify each Rating Agency through
the Rule 17g-5 Information Provider, the Servicers[, the Servicing Administrator] and the Master Servicer of any change of Trustee
and the successor securities administrator shall notify each Rating Agency through the Rule 17g-5 Information Provider, the Servicers
and the Master Servicer of any change of Securities Administrator.

(b)If at any time any of the
following events shall occur: (i) the Trustee or the Securities Administrator ceases to be eligible in accordance with the provisions
of Section 6.05 and fails to resign after written request therefor by the Depositor, (ii) the Securities Administrator fails to
perform its obligations pursuant to Section 5.02 to make distributions to Certificateholders, which failure continues unremedied
for a period of one Business Day after the date upon which written notice of such failure shall have been given to the Securities
Administrator by the Trustee or the Depositor, (iii) the Securities Administrator fails to provide an Item 1123 Certificate, Assessment
of Compliance or an Accountant’s Attestation required under Sections 6.22, 6.23 and 6.24, respectively, by March 15 of each
year in which Exchange Act reports are required, (iv) the Trustee or the Securities Administrator becomes incapable of acting,
or is adjudged a bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator of its property is appointed,
or any public officer takes charge or control of the Trustee or the Securities Administrator or of either of their property or
affairs for the purpose of rehabilitation, conservation or liquidation, (v) a tax is imposed or threatened with respect to the
Trust Fund by any state in which the Trustee or the Trust Fund held by the Trustee is located, or (vi) the continued use of the
Trustee or Securities Administrator would result in a downgrading of the rating by any Rating Agency of any Class of Certificates
with a rating; then, in each such case, the Depositor shall remove the Trustee or the Securities Administrator, as applicable,
and the Depositor shall appoint a successor trustee or successor securities administrator, as applicable, acceptable to the Depositor
or the Trustee by written instrument, one copy of which instrument shall be delivered to the Trustee or Securities Administrator
so removed, one copy each to the successor trustee or successor securities administrator, as applicable, and one copy to the Master
Servicer.

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(c)The Holders of more than
50% of the Class Principal Amount (or Percentage Interest) of each Class of Certificates may at any time upon 30 days’ written
notice to the Trustee or the Securities Administrator, as applicable, and to the Depositor remove the Trustee or the Securities
Administrator, as applicable, by such written instrument, signed by such Holders or their attorney-in-fact duly authorized, one
copy of which instrument shall be delivered to the Depositor, one copy to the Trustee or Securities Administrator, as applicable
and one copy to the Master Servicer; the Depositor shall thereupon appoint a successor trustee or successor securities administrator,
as applicable, in accordance with this Section.

(d)Any resignation or removal
of the Trustee or the Securities Administrator, as applicable, and appointment of a successor trustee or successor securities administrator
pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee
or the successor securities administrator, as applicable, as provided in Section 6.07.

Section 6.07 Successor Trustee
and Successor Securities Administrator. 

(a)Any successor trustee or
successor securities administrator appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor
and to its predecessor trustee or predecessor securities administrator, as applicable, (i) an instrument accepting such appointment
hereunder and (ii) the certification required pursuant to the first sentence of Section 6.21(e), and thereupon the resignation
or removal of the predecessor trustee or predecessor securities administrator, as applicable, shall become effective and such successor
trustee or successor securities administrator, as applicable, without any further act, deed or conveyance, shall become fully vested
with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee
or securities administrator, as applicable, herein. The predecessor trustee or predecessor securities administrator, as applicable,
shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted
thereunder) or successor securities administrator, as applicable, all Trustee Mortgage Files and documents and statements related
to each Trustee Mortgage File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee
the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed
necessary to effect such transfer and such of the records or copies thereof maintained by the predecessor trustee in the administration
hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under
this Agreement. In addition, the Depositor and the predecessor trustee or predecessor securities administrator, as applicable,
shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly
vest and confirm in the successor trustee or successor securities administrator, as applicable, all such rights, powers, duties
and obligations.

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(b)No successor trustee shall
accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible
under the provisions of Section 6.05.

(c)Upon acceptance of appointment
by a successor trustee or successor securities administrator, as applicable, as provided in this Section 6.07, the predecessor
trustee or predecessor securities administrator, as applicable, shall mail notice of the succession of such trustee or securities
administrator, as applicable, hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register
and to each Rating Agency through the Rule 17g-5 Information Provider. The expenses of such mailing shall be borne by the Master
Servicer.

Section 6.08 Merger or Consolidation
of Trustee or the Securities Administrator. 

Any Person into which the Trustee or
Securities Administrator may be merged or with which it may be consolidated, or any Person resulting from any merger, conversion
or consolidation to which the Trustee or Securities Administrator shall be a party, or any Persons succeeding to the business of
the Trustee or Securities Administrator, shall be the successor to the Trustee or Securities Administrator hereunder, without the
execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding,
provided that, in the case of the Trustee, such Person shall be eligible under the provisions of Section 6.05.

Section 6.09 Appointment of
Co-Trustee, Separate Trustee or Custodian. 

(a)Notwithstanding any other
provisions hereof, at any time, the Trustee, the Depositor or the Certificateholders evidencing more than 50% of the Class Principal
Amount (or Percentage Interest) of every Class of Certificates shall have the power from time to time to appoint one or
more Persons, approved by the Trustee, to act either as co-trustees jointly with the Trustee, or as separate trustees, or as custodians,
for the purpose of holding title to, foreclosing or otherwise taking action with respect to any Mortgage Loan outside the state
where the Trustee has its principal place of business where such separate trustee or co-trustee is necessary or advisable (or the
Trustee has been advised by the Master Servicer that such separate trustee or co-trustee is necessary or advisable) under the laws
of any state in which a property securing a Mortgage Loan is located or for the purpose of otherwise conforming to any legal requirement,
restriction or condition in any state in which a property securing a Mortgage Loan is located or in any state in which any portion
of the Trust Fund is located. The separate Trustees, co-trustees, or custodians so appointed shall be trustees or custodians for
the benefit of all the Certificateholders and shall have such powers, rights and remedies as shall be specified in the instrument
of appointment; provided, however, that no such appointment shall, or shall be deemed to, constitute the appointee an agent
of the Trustee. The obligation of the Master Servicer to make Advances pursuant to Section 5.04 hereof shall not be affected or
assigned by the appointment of a co-trustee.

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

(i) all powers, duties,
obligations and rights conferred upon the Trustee in respect of the receipt, custody and payment of moneys shall be exercised solely
by the Trustee;

(ii) all other rights,
powers, duties and obligations conferred or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed
by the Trustee and such separate trustee, co-trustee, or custodian jointly, except to the extent that under any law of any jurisdiction
in which any particular act or acts are to be performed the Trustee shall be incompetent or unqualified to perform such act or
acts, in which event such rights, powers, duties and obligations, including the holding of title to the Trust Fund or any portion
thereof in any such jurisdiction, shall be exercised and performed by such separate trustee, co-trustee, or custodian;

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

(iv) the Trustee may
at any time, by an instrument in writing executed by it, with the concurrence of the Depositor, accept the resignation of or remove
any separate trustee, co-trustee or custodian, so appointed by it or them, if such resignation or removal does not violate the
other terms of this Agreement.

(c)Any notice, request or
other writing given to the 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, co-trustee or custodian 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 Trustee
or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision
of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Trustee. Every such instrument
shall be filed with the Trustee and a copy given to the Master Servicer.

(d)Any separate trustee, co-trustee
or custodian may, at any time, constitute the Trustee its agent or attorney-in-fact with full power and authority, to the extent
not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate
trustee, co-trustee or custodian 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 Trustee, to the extent permitted by law, without the appointment of a
new or successor trustee.

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(e)No separate trustee, co-trustee
or custodian hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.05 hereunder and
no notice to the Certificateholders of the appointment shall be required under Section 6.07 hereof.

(f)The Trustee agrees to instruct
the co-trustees, if any, to the extent necessary to fulfill the Trustee’s obligations hereunder.

(g)The Trust shall pay the
reasonable compensation of the co-trustees (which compensation shall not reduce any compensation payable to the Trustee under such
Section).

Section 6.10 Authenticating
Agents. 

(a)The Trustee may appoint
one or more Authenticating Agents which shall be authorized to act on behalf of the Trustee in authenticating Certificates. The
Trustee hereby appoints the Securities Administrator as initial Authenticating Agent, and the Securities Administrator accepts
such appointment. Wherever reference is made in this Agreement to the authentication of Certificates by the Trustee or the Trustee’s
certificate of authentication, such reference shall be deemed to include authentication on behalf of the Trustee by an Authenticating
Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent
must be a national banking association or a corporation organized and doing business under the laws of the United States of America
or of any state, having a combined capital and surplus of at least $15,000,000, authorized under such laws to do a trust business
and subject to supervision or examination by federal or state authorities.

(b)Any Person into which any
Authenticating Agent may be merged or converted or with which it may be consolidated, or any Person resulting from any merger,
conversion or consolidation to which any Authenticating Agent shall be a party, or any Person succeeding to the corporate agency
business of any Authenticating Agent, shall continue to be the Authenticating Agent without the execution or filing of any paper
or any further act on the part of the Trustee or the Authenticating Agent.

(c)Any Authenticating Agent
may at any time resign by giving at least 30 days’ advance written notice of resignation to the Trustee and the Depositor.
The Trustee may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating
Agent and the Depositor. Upon receiving a notice of resignation or upon such a termination, or in case at any time any Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section 6.10, the Trustee may appoint a successor authenticating
agent, shall give written notice of such appointment to the Depositor and shall mail notice of such appointment to all Holders
of Certificates. Any successor authenticating agent upon acceptance of its appointment hereunder shall become vested with all the
rights, powers, duties and responsibilities of its predecessor hereunder, with like effect as if originally named as Authenticating
Agent. No successor authenticating agent shall be appointed unless eligible under the provisions of this Section 6.10. No Authenticating
Agent shall have responsibility or liability for any action taken by it as such at the direction of the Trustee or in accordance
with the provisions of this Agreement.

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Section 6.11 Indemnification
of the Trustee and the Securities Administrator. 

The Trustee and the Securities Administrator
and their respective directors, officers, employees and agents shall be entitled to indemnification from the Depositor and the
Trust Fund (provided that the Trust Fund’s indemnification under this Section 6.11 is limited by Section 4.01(d))
for any loss, liability or expense (including, without limitation, reasonable attorneys’ fees and disbursements (and, in
the case of the Trustee, in connection with the Custodial Agreement, including the reasonable compensation and the expenses and
disbursements of its agents or counsel), incurred without negligence or willful misconduct on their part, arising out of, or in
connection with, the acceptance or administration of the trusts created hereunder or in connection with the performance of their
duties hereunder including the costs and expenses of defending themselves against any claim in connection with the exercise or
performance of any of their powers or duties hereunder, provided that:

(i) with respect to
any such claim, the Trustee or the Securities Administrator, as applicable, shall have given the Depositor written notice thereof
promptly after the Trustee, the Securities Administrator, as applicable, shall have knowledge thereof;

(ii) while maintaining
control over its own defense, the Trustee or the Securities Administrator, as applicable, shall cooperate and consult fully with
the Depositor in preparing such defense; and

(iii) notwithstanding
anything to the contrary in this Section 6.11, the Trust Fund shall not be liable for settlement of any such claim by the Trustee
or the Securities Administrator, as applicable, entered into without the prior consent of the Depositor, which consent shall not
be unreasonably withheld.

The provisions of this Section 6.11 shall
survive any termination of this Agreement and the resignation or removal of the Trustee or the Securities Administrator, as applicable,
and shall be construed to include, but not be limited to any loss, liability or expense under any environmental law.

Section 6.12 Fees and
Expenses of Securities Administrator and the Trustee. 

(a)Compensation for the services
of the Securities Administrator hereunder shall be paid from the Master Servicing Fee. The Securities Administrator shall be entitled
to all disbursements and advancements incurred or made by the Securities Administrator in accordance with this Agreement (including
fees and expenses of its counsel and all persons not regularly in its employment), except any such expenses arising from its negligence,
bad faith or willful misconduct. [                  ]
shall act as Securities Administrator for so long as it is Master Servicer under this Agreement.

(b)As compensation for its
services hereunder, the Trustee shall be entitled to receive a Trustee fee equal to $[        ]
per annum, which shall be paid by the Master Servicer pursuant to a separate agreement between the Trustee and the Master Servicer.
Any expenses incurred by the Trustee shall be reimbursed in accordance with Section 6.11.

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Section 6.13 Collection of
Monies. 

Except as otherwise expressly provided
in this Agreement, the Trustee and the Securities Administrator may demand payment or delivery of, and shall receive and collect,
all money and other property payable to or receivable by the it pursuant to this Agreement. The Trustee or the Securities Administrator,
as applicable, shall hold all such money and property received by it as part of the Trust Fund and shall distribute it as provided
in this Agreement.

Section 6.14 Events of Default;
Trustee To Act; Appointment of Successor. 

(a)The occurrence of any one
or more of the following events shall constitute an “Event of Default”:

(i) Any failure by the
Master Servicer to furnish the Securities Administrator the Mortgage Loan data sufficient to prepare the reports described in Section
4.02 which continues unremedied for a period of one Business Day after the date upon which written notice of such failure shall
have been given to such Master Servicer by the Trustee or the Securities Administrator or to such Master Servicer, the Securities
Administrator and the Trustee by the Holders of not less than 25% of the Class Principal Amount (or Class Notional Amount) of each
Class of Certificates affected thereby; or

(ii) Any failure by
the Master Servicer to deliver to the Depositor and the Seller the information or reports required pursuant to Section 9.01(e)
through (g) hereto;

(iii) Any failure on
the part of the Master Servicer duly to observe or perform in any material respect any other of the covenants or agreements (other
than those referred to in (viii) and (ix) below) on the part of the Master Servicer contained in this Agreement which continues
unremedied for a period of 30 days after the date on which written notice of such failure, requiring the same to be remedied, shall
have been given to the Master Servicer by the Trustee or the Securities Administrator, or to the Master Servicer, the Securities
Administrator and the Trustee by the Holders of more than 50% of the Aggregate Voting Interests of the Certificates (or in the
case of a breach of its obligation to provide an Item 1123 Certificate, an Assessment of Compliance or an Accountant’s Attestation
pursuant to Sections 6.22, 6.23 and 6.24, immediately without a cure period); or

(iv) A decree or order
of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator
in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or
liquidation of its affairs, shall have been entered against the Master Servicer, and such decree or order shall have remained in
force undischarged or unstayed for a period of 60 days or any Rating Agency reduces or withdraws or threatens to reduce or withdraw
the rating of the Certificates because of the financial condition or loan servicing capability of such Master Servicer; or

(v) The Master Servicer
shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling
of assets and liabilities, voluntary liquidation or similar proceedings of or relating to the Master Servicer or of or relating
to all or substantially all of its property; or

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(vi) The Master Servicer
shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable
insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its
obligations; or

(vii) The Master Servicer
shall be dissolved, or shall dispose of all or substantially all of its assets, or consolidate with or merge into another entity
or shall permit another entity to consolidate or merge into it, such that the resulting entity does not meet the criteria for a
successor servicer as specified in Section 9.05 hereof; or

(viii) If a representation
or warranty set forth in Section 9.03 hereof shall prove to be incorrect as of the time made in any respect that materially and
adversely affects the interests of the Certificateholders, and the circumstance or condition in respect of which such representation
or warranty was incorrect shall not have been eliminated or cured within 30 days after the date on which written notice of such
incorrect representation or warranty shall have been given to the Master Servicer by the Trustee or the Securities Administrator,
or to the Master Servicer, the Securities Administrator and the Trustee by the Holders of more than 50% of the Aggregate Voting
Interests of the Certificates; or

(ix) A sale or pledge
of any of the rights of the Master Servicer hereunder or an assignment of this Agreement by the Master Servicer or a delegation
of the rights or duties of the Master Servicer hereunder shall have occurred in any manner not otherwise permitted hereunder and
without the prior written consent of the Trustee and Certificateholders holding more than 50% of the Aggregate Voting Interests
of the Certificates; or

(x) After receipt of
notice from the Trustee, any failure of the Master Servicer to make any Advances when such Advances are due, which failure continues
unremedied for a period of one Business Day.

If an Event of Default described in clauses
(i) through (ix) of this Section shall occur, then, in each and every case, subject to applicable law, so long as any such Event
of Default shall not have been remedied within any period of time prescribed by this Section, the Trustee, by notice in writing
to the Master Servicer may, and, if so directed by Certificateholders evidencing more than 50% of the Class Principal Amount
(or Class Notional Amount) of each Class of Certificates, or upon the occurrence of an Event of Default described in clause (x)
of this Section, shall, terminate all of the rights and obligations of the Master Servicer hereunder and in and to the Mortgage
Loans and the proceeds thereof. On or after the receipt by the Master Servicer of such written notice, all authority and power
of the Master Servicer, and only in its capacity as Master Servicer under this Agreement, whether with respect to the Mortgage
Loans or otherwise, shall pass to and be vested in the Trustee; and the Trustee is hereby authorized and empowered to execute and
deliver, on behalf of the defaulting Master Servicer as attorney-in-fact or otherwise, any and all documents and other instruments,
and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination,
whether to complete the transfer and endorsement or assignment of the Mortgage Loans and related documents or otherwise. The defaulting
Master Servicer agrees to cooperate with the Trustee and the Securities Administrator in effecting the termination of the defaulting
Master Servicer’s responsibilities and rights hereunder as Master Servicer including, without limitation, notifying Servicers
of the assignment of the master servicing function and providing the Trustee or its designee all documents and records in electronic
or other form reasonably requested by it to enable the Trustee or its designee to assume the defaulting Master Servicer’s
functions hereunder and the transfer to the Trustee for administration by it of all amounts which shall at the time be or should
have been deposited by the defaulting Master Servicer in the Distribution Account and any other account or fund maintained with
respect to the Certificates or thereafter received with respect to the Mortgage Loans. The Master Servicer being terminated shall
bear all costs of a master servicing transfer, including but not limited to those of the Trustee or Securities Administrator reasonably
allocable to specific employees and overhead, legal fees and expenses, accounting and financial consulting fees and expenses, and
costs of amending this Agreement, if necessary. If the terminated Master Servicer fails to pay the costs incurred by the Trustee
in connection with a master servicing transfer, then the Trustee shall to be entitled to reimbursement in accordance with the provisions
of this Agreement.

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Notwithstanding the termination of its activities
as Master Servicer, each terminated Master Servicer shall continue to be entitled to reimbursement under this Agreement to the
extent such reimbursement relates to the period prior to such Master Servicer’s termination. The successor master servicer
shall not be required to purchase or reimburse the terminated Master Servicer's Advance receivables. For the avoidance of doubt,
to the extent that the terminated Master Servicer and a successor master servicer have each made Advances in respect of the same
Mortgage Loan, recovered amounts shall be used to reimburse the terminated Master Servicer and a successor master servicer in the
order in which such Advances were made.

     

When a Responsible Officer of the Trustee
has actual knowledge of the occurrence of an Event of Default, the Trustee shall promptly notify the Securities Administrator and
each Rating Agency through the Rule 17g-5 Information Provider of the nature and extent of such Event of Default. The Trustee or
the Securities Administrator shall promptly give written notice to the Master Servicer upon the Master Servicer’s failure
to fund Advances as required under this Agreement.

(b)On and after the time the
Master Servicer receives a notice of termination from the Trustee pursuant to Section 6.14(a) or the Trustee receives the resignation
of the Master Servicer evidenced by an Opinion of Counsel pursuant to Section 9.06, the Trustee, unless another master servicer
shall have been appointed, shall be the successor in all respects to the Master Servicer in its capacity as such under this Agreement
and the transactions set forth or provided for herein and shall have all the rights and powers and be subject to all the responsibilities,
duties and liabilities relating thereto and arising thereafter placed on the Master Servicer hereunder, including (but subject
to applicable law) the obligation to make Advances in accordance with Section 5.04; provided, however, that any failure
to perform such duties or responsibilities caused by the Master Servicer’s failure to provide information required by this
Agreement shall not be considered a default by the Trustee hereunder. In addition, the Trustee shall have no responsibility for
any act or omission of the Master Servicer prior to the issuance of any notice of termination. The Trustee shall have no liability
relating to the representations and warranties of the Master Servicer set forth in Section 9.03. In the Trustee's capacity as such
successor, the Trustee shall have the same limitations on liability herein granted to the Master Servicer. As compensation therefor,
the Trustee shall be entitled to receive all compensation payable to the Master Servicer under this Agreement, including the Master
Servicing Fee.

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(c)Notwithstanding the above,
the Trustee may, if it shall be unwilling to continue to so act, or shall, if it is unable to so act, petition a court of competent
jurisdiction to appoint, or appoint on its own behalf any established housing and home finance institution servicer, master servicer,
servicing or mortgage servicing institution having a net worth of not less than $15,000,000 and meeting such other standards for
a successor master servicer as are set forth in this Agreement, as the successor to such Master Servicer in the assumption of all
of the responsibilities, duties or liabilities of a master servicer, like the Master Servicer. Any entity designated by the Trustee
as a successor master servicer may be an Affiliate of the Trustee; provided, however, that, unless such Affiliate meets
the net worth requirements and other standards set forth herein for a successor master servicer, the Trustee, in its individual
capacity shall agree, at the time of such designation, to be and remain liable to the Trust Fund for such Affiliate’s actions
and omissions in performing its duties hereunder. In connection with such appointment and assumption, the Trustee may make such
arrangements for the compensation of such successor out of payments on Mortgage Loans as it and such successor shall agree; provided,
however, that no such compensation shall be in excess of that permitted to the Master Servicer hereunder. Notwithstanding anything
herein to the contrary, in no event shall the Trustee be liable for any Master Servicing Fee or for any differential in the amount
of the Master Servicing Fee paid hereunder and the amount necessary to induce any successor master servicer to act as successor
master servicer under this Agreement and the transactions set forth or provided for herein. The Trustee and such successor shall
take such actions, consistent with this Agreement, as shall be necessary to effectuate any such succession and may make other arrangements
with respect to the servicing to be conducted hereunder which are not inconsistent herewith. The Master Servicer shall cooperate
with the Trustee and any successor master servicer in effecting the termination of the Master Servicer’s responsibilities
and rights hereunder including, without limitation, notifying Mortgagors of the assignment of the master servicing functions and
providing the Trustee and successor master servicer, as applicable, all documents and records in electronic or other form reasonably
requested by it to enable it to assume the Master Servicer’s functions hereunder and the transfer to the Trustee or such
successor master servicer, as applicable, all amounts which shall at the time be or should have been deposited by the Master Servicer
in the Distribution Account and any other account or fund maintained with respect to the Certificates or thereafter be received
with respect to the Mortgage Loans. Neither the Trustee nor any other successor master servicer shall be deemed to be in default
hereunder by reason of any failure to make, or any delay in making, any distribution hereunder or any portion thereof caused by
(i) the failure of the Master Servicer to deliver, or any delay in delivering, cash, documents or records to it, (ii) the failure
of the Master Servicer to cooperate as required by this Agreement, (iii) the failure of the Master Servicer to deliver the Mortgage
Loan data to the Trustee as required by this Agreement or (iv) restrictions imposed by any regulatory authority having jurisdiction
over the Master Servicer. No successor master servicer shall be deemed to be in default hereunder by reason of any failure to make,
or any delay in making, any distribution hereunder or any portion thereof caused by (i) the failure of the Trustee to deliver,
or any delay in delivering cash, documents or records to it related to such distribution, or (ii) the failure of Trustee to cooperate
as required by this Agreement.

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Any successor master servicer
shall execute and deliver to the Depositor, the Seller and the predecessor Master Servicer the certification required pursuant
to the first sentence of Section 6.21(e).

Section 6.15 Additional Remedies
of Trustee Upon Event of Default. 

During the continuance of any Event of
Default, so long as such Event of Default shall not have been remedied, the Trustee, in addition to the rights specified in Section
6.14, shall have the right, in its own name and as trustee of the Trust Fund, to take all actions now or hereafter existing at
law, in equity or by statute to enforce its rights and remedies and to protect the interests, and enforce the rights and remedies,
of the Certificateholders (including the institution and prosecution of all judicial, administrative and other proceedings and
the filings of proofs of claim and debt in connection therewith). Except as otherwise expressly provided in this Agreement, no
remedy provided for by this Agreement shall be exclusive of any other remedy, and each and every remedy shall be cumulative and
in addition to any other remedy, and no delay or omission to exercise any right or remedy shall impair any such right or remedy
or shall be deemed to be a waiver of any Event of Default.

Section 6.16 Waiver of Defaults.

More than 50% of the Aggregate Voting
Interests of the Certificateholders may waive any default or Event of Default by the Master Servicer in the performance of its
obligations hereunder, except that a default in the making of any required deposit to the Distribution Account that would result
in a failure of the Paying Agent to make any required payment of principal of or interest on the Certificates may only be waived
with the consent of 100% of the affected Certificateholders. Upon any such waiver of a past default, such default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No
such waiver shall extend to any subsequent or other default or impair any right consequent thereon except to the extent expressly
so waived.

Section 6.17 Notification
to Holders. 

Upon termination of the Master Servicer
or appointment of a successor to the Master Servicer, in each case as provided herein, the Trustee shall promptly mail notice thereof
by first class mail to the Securities Administrator, and the Certificateholders at their respective addresses appearing on the
Certificate Register. The Trustee shall also, within 45 days after the occurrence of any Event of Default known to the Trustee,
give written notice thereof to the Securities Administrator and the Certificateholders, unless such Event of Default shall have
been cured or waived prior to the issuance of such notice and within such 45-day period.

Section 6.18 Directions
by Certificateholders and Duties of Trustee During Event of Default. 

Subject to the provisions of Section
8.01 hereof, during the continuance of any Event of Default, Holders of Certificates evidencing not less than 25% of the Class
Principal Amount (or Percentage Interest) of each Class of Certificates affected thereby may direct the time, method and place
of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee,
under this Agreement; provided, however, that the Trustee shall be under no obligation to pursue any such remedy, or to
exercise any of the trusts or powers vested in it by this Agreement (including, without limitation, (i) the conducting or defending
of any administrative action or litigation hereunder or in relation hereto and (ii) the terminating of the Master Servicer or any
successor master servicer from its rights and duties as master servicer hereunder) at the request, order or direction of any of
the Certificateholders, unless such Certificateholders shall have offered to the Trustee reasonable security or indemnity against
the cost, expenses and liabilities which may be incurred therein or thereby; and, provided further, that, subject to the
provisions of Section 8.01, the Trustee shall have the right to decline to follow any such direction if the Trustee, in accordance
with an Opinion of Counsel, determines that the action or proceeding so directed may not lawfully be taken or if the Trustee in
good faith determines that the action or proceeding so directed would involve it in personal liability for which it is not indemnified
to its satisfaction or be unjustly prejudicial to the non-assenting Certificateholders.

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Section 6.19 [Reserved].

Section 6.20 Preparation of
Tax Returns and Other Reports.

(a)The Securities Administrator
shall prepare or cause to be prepared on behalf of the Trust Fund, based upon information calculated in accordance with this Agreement
pursuant to instructions given by the Depositor, and the Securities Administrator shall file federal tax returns, all in accordance
with Article X hereof. If the Securities Administrator is notified in writing that a state tax return or other return is required,
then, at the sole expense of the Trust Fund, the Securities Administrator shall prepare and file such state income tax returns
and such other returns as may be required by applicable law relating to the Trust Fund, and, if required by state law, and shall
file any other documents to the extent required by applicable state tax law (to the extent such documents are in the Securities
Administrator’s possession). The Securities Administrator shall forward copies to the Depositor of all such returns and Form
1099 supplemental tax information and such other information within the control of the Securities Administrator as the Depositor
may reasonably request in writing, and shall distribute to each Certificateholder such forms and furnish such information within
the control of the Securities Administrator as are required by the Code and the REMIC Provisions to be furnished to them, and will
prepare and distribute to Certificateholders Form 1099 (supplemental tax information) (or otherwise furnish information within
the control of the Securities Administrator and the Trustee) to the extent required by applicable law. The Master Servicer will
indemnify the Securities Administrator and the Trustee for any liability of or assessment against the Securities Administrator
and the Trustee, as applicable, resulting from any error in any of such tax or information returns directly resulting from errors
in the information provided by such Master Servicer.

(b)The Securities Administrator
shall prepare and file with the Internal Revenue Service (“IRS”), on behalf of the Trust Fund and each REMIC created
hereunder, an application for an employer identification number on IRS Form SS-4 or by any other acceptable method. The Securities
Administrator shall also file a Form 8811 as required. The Securities Administrator, upon receipt from the IRS of the Notice of
Taxpayer Identification Number Assigned, shall upon request promptly forward a copy of such notice to the Trustee and the Depositor.
The Securities Administrator shall furnish any other information that is required by the Code and regulations thereunder to be
made available to the Certificateholders. The Master Servicer shall cause each Servicer to provide the Securities Administrator
with such information as is necessary for the Securities Administrator to prepare such reports.

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Section 6.21 Reporting
to the Commission.

Each
of Form 10-D and Form 10-K requires the registrant to indicate (by checking "yes" or "no") that it "(1)
has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such
shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for
the past 90 days." The Depositor hereby represents to the Securities Administrator that the Depositor has filed all such
required reports during the preceding 12 months and that it has been subject to such filing requirement for the past 90 days.
The Depositor shall notify the Securities Administrator in writing, no later than the fifth calendar day after the related Distribution
Date with respect to the filing of a report on Form 10-D and no later than March 15th with respect to the filing of
a report on Form 10-K, if the answer to the questions should be "no." The Securities Administrator shall be entitled
to rely on such representations in preparing, executing and/or filing any such report.

(a)Reports Filed on Form 10-D.

(i)Within 15 days after each Distribution
Date (subject to permitted extensions under the Exchange Act), the Securities Administrator shall prepare and file on behalf of
the Trust Fund any Form 10-D required by the Exchange Act, in form and substance as required by the Exchange Act. The Securities
Administrator shall file each Form 10-D with a copy of the related Distribution Date Statement attached thereto. Any disclosure
in addition to the Distribution Date Statement that is required to be included on Form 10-D (“Additional Form 10-D Disclosure”)
shall be reported by the parties set forth on Exhibit O hereto to the Depositor and the Securities Administrator and reviewed and
approved or disapproved by the Depositor pursuant to the following paragraph and the Securities Administrator will have no duty
or liability for any failure hereunder to determine or prepare any Additional Form 10-D Disclosure, except as set forth in the
next paragraph.

 

(ii)As set forth on Exhibit O
hereto, within 5 calendar days after the related Distribution Date, (i) the parties set forth thereon shall be required to provide
to the Securities Administrator and the Depositor, to the extent known by a Responsible Officer, with respect to the Trustee, and
to the extent known by a responsible officer thereof, with respect to the other parties, in EDGAR-compatible form, or in such other
form as otherwise agreed upon by the Securities Administrator and such party, the form and substance of any Additional Form 10-D
Disclosure, if applicable together with an additional disclosure notification in the form of Exhibit L hereto (an “Additional
Disclosure Notification”) and (ii) the Depositor will approve, as to form and substance, or disapprove, as the case may be,
the inclusion of the Additional Form 10-D Disclosure on Form 10-D. The Depositor will be responsible for any reasonable fees and
expenses assessed or incurred by the Securities Administrator in connection with including any Additional Form 10-D Disclosure
on Form 10-D pursuant to this paragraph.

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(iii)After preparing the Form
10-D, the Securities Administrator shall forward electronically a copy of the Form 10-D to the Depositor for review. The Securities
Administrator will provide a copy of the Form 10-D to the Depositor by the 11th calendar day after the related Distribution
Date. On the 12th calendar day after the related Distribution Date, the Depositor will provide any changes or approval
to the Securities Administrator (which may be furnished electronically). In the absence of receipt of any written changes or approval,
the Securities Administrator shall be entitled to assume that such Form 10-D is in final form and the Securities Administrator
may proceed with the execution and filing of the Form 10-D. No later than the 13th calendar day after the related Distribution
Date, a duly authorized representative of the Master Servicer in charge of the master servicing function shall sign the Form 10-D
and return an electronic or fax copy of such signed Form 10-D (with an original executed hard copy to follow by overnight mail)
to the Securities Administrator. If a Form 10-D cannot be filed on time or if a previously filed Form 10-D needs to be amended,
the Securities Administrator will follow the procedures set forth in subsection (d)(ii) of this Section 6.21. Promptly (but no
later than 1 Business Day) after filing with the Commission, the Securities Administrator will make available on its internet website
a final executed copy of each Form 10-D prepared and filed by the Securities Administrator. Each party to this Agreement acknowledges
that the performance by the Securities Administrator of its duties under this Section 6.21(a) related to the timely preparation,
execution and filing of Form 10-D is contingent upon such parties strictly observing all applicable deadlines in the performance
of their duties under this Section 6.21(a). The Securities Administrator shall not have any liability for any loss, expense, damage
or claim arising out of or with respect to any failure to properly prepare, execute and/or timely file such Form 10-D, where such
failure results from the Securities Administrator’s inability or failure to obtain or receive, on a timely basis, any information
from any other party hereto needed to prepare, arrange for execution or file such Form 10-D, not resulting from its own negligence,
bad faith or willful misconduct.

 

(b)Reports
Filed on Form 10-K.

(i)On or prior to the 90th day
after the end of each fiscal year of the Trust Fund or such earlier date as may be required by the Exchange Act (the “10-K
Filing Deadline”) (it being understood that the fiscal year for the Trust Fund ends on December 31st of each
year), commencing in March 20__, the Securities Administrator shall prepare and file on behalf of the Trust Fund any Form 10-K
required by the Exchange Act, in form and substance as required by the Exchange Act. Each such Form 10-K shall include the following
items, in each case to the extent they have been delivered to the Securities Administrator within the applicable time frames set
forth in this Agreement, the Custodial Agreement and the related Servicing Agreement, (i) the Item 1123 Certificate for each Servicer,
each Additional Servicer, the Master Servicer and Securities Administrator as described under Section 6.22, (ii)(A) the Assessment
of Compliance with servicing criteria for each Servicer, each Servicing Function Participant, the Master Servicer, Securities Administrator
and any Servicing Function Participant engaged by such parties (each, a “Reporting Servicer”), as described
under Section 6.23, and (B) if any Reporting Servicer’s Assessment of Compliance identifies any material instance of noncompliance,
disclosure identifying such instance of noncompliance, or if any Reporting Servicer’s Assessment of Compliance is not included
as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation why such report is not included,
(iii)(A) the Accountant’s Attestation for each Reporting Servicer, as described under Section 6.24, and (B) if any Accountant’s
Attestation identifies any material instance of noncompliance, disclosure identifying such instance of noncompliance, or if any
such Accountant’s Attestation is not included as an exhibit to such Form 10-K, disclosure that such report is not included
and an explanation why such report is not included, and (iv) a Sarbanes-Oxley Certification as described in Section 6.21(e) (provided,
however, that the Securities Administrator, at its discretion may omit from the Form 10-K any annual compliance statement,
Assessment of Compliance or Accountant’s Attestation that is not required to be filed with such Form 10-K pursuant to Regulation
AB). Any disclosure or information in addition to (i) through (iv) above that is required to be included on Form 10-K (“Additional
Form 10-K Disclosure”) shall be reported by the parties set forth on Exhibit M hereto to the Depositor and the Securities
Administrator and reviewed and approved or disapproved by the Depositor pursuant to the following paragraph and the Securities
Administrator will have no duty or liability for any failure hereunder to determine or prepare any Additional Form 10-K Disclosure,
except as set forth in the next paragraph..

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(ii)As set forth on Exhibit M
hereto, no later than March 15 following each fiscal year that the Trust Fund is subject to the Exchange Act reporting requirements,
commencing in March 20__, (i) the parties set forth on Exhibit [__] shall be required to provide to the Securities Administrator
and the Depositor, to the extent known by a Responsible Officer, with respect to the Trustee, and to the extent known by a responsible
officer thereof, with respect to the other parties, a notice in the form of Exhibit [__] hereto, along with, in EDGAR-compatible
form, or in such other form as otherwise agreed upon by the Securities Administrator and such party, the form and substance of
any Additional Form 10-K Disclosure, if applicable, together with an Additional Disclosure Notification and (ii) the Depositor
will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Additional Form 10-K Disclosure
on Form 10-K. The Depositor will be responsible for any reasonable fees and expenses assessed or incurred by the Securities Administrator
in connection with including any Additional Form 10-K Disclosure on Form 10-K pursuant to this paragraph.

 

(iii)After preparing the Form
10-K, the Securities Administrator shall forward electronically a copy of the Form 10-K to the Depositor for review. Within three
(3) business days of receipt, but in no event later than March 25, the Depositor shall notify the Securities Administrator in writing
(which may be furnished electronically) of any changes to or approval of such Form 10-K. In the absence of any written changes
or approval, the Securities Administrator shall be entitled to assume that such Form 10-K is in final form. No later than the close
of business on the 4th Business Day prior to the 10-K Filing Deadline, the Depositor shall sign the Form 10-K and return an electronic
or fax copy of such signed Form 10-K (with an original executed hard copy to follow by overnight mail) to the Securities Administrator.
If a Form 10-K cannot be filed on time or if a previously filed Form 10-K needs to be amended, the Securities Administrator will
follow the procedures set forth in Section 6.21(d). Promptly (but no later than 1 Business Day) after filing with the Commission,
the Securities Administrator will make available on its internet website a final executed copy of each Form 10-K prepared and filed
by the Securities Administrator. The parties to this Agreement acknowledge that the performance by the Securities Administrator
of its duties under this Section 6.21(b) related to the timely preparation and filing of Form 10-K is contingent upon such parties
(and the Custodian, Servicers and any Additional Servicer or Servicing Function Participant) strictly observing all applicable
deadlines in the performance of their duties under Sections 6.21, 6.22, 6.23, 6.24 and 11.16. The Securities Administrator shall
not have any liability for any loss, expense, damage or claim arising out of or with respect to any failure to properly prepare
and/or timely file such Form 10-K, where such failure results from the Securities Administrator’s inability or failure to
obtain or receive, on a timely basis, any information from any other party hereto needed to prepare, arrange for execution or file
such Form 10-K, not resulting from its own negligence, bad faith or willful misconduct.

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(c)Reports
Filed on Form 8-K.

(i)Within four (4) Business Days
after the occurrence of an event requiring disclosure on Form 8-K (each such event, a “Reportable Event”), and
if requested by the Depositor, the Securities Administrator shall prepare and file on behalf of the Trust Fund any Form 8-K, as
required by the Exchange Act, provided that the Depositor shall file the initial Form 8-K in connection with the issuance
of the Certificates. Any disclosure or information related to a Reportable Event or that is otherwise required to be included on
Form 8-K (“Form 8-K Disclosure Information”) shall be reported by the parties set forth on Exhibit N hereto
to the Depositor and the Securities Administrator and reviewed and approved or disapproved by the Depositor pursuant to the following
paragraph and the Securities Administrator will have no duty or liability for any failure hereunder to determine or prepare any
Form 8-K Disclosure Information or any Form 8-K, except as set forth in the next paragraph.

 

(ii)As set forth on Exhibit [__]
hereto, for so long as the Trust Fund is subject to the Exchange Act reporting requirements, no later than the end of business
(New York City time) on the 2nd Business Day after the occurrence of a Reportable Event (i) the parties to this transaction shall
be required to provide to the Securities Administrator and the Depositor, to the extent known by a Responsible Officer, with respect
to the Trustee, and to the extent known by a responsible officer thereof, with respect to the other parties, a notice in the form
of Exhibit [__] attached hereto, along with, in EDGAR-compatible form, or in such other form as otherwise agreed upon by the Securities
Administrator and such party, the form and substance of any Form 8-K Disclosure Information, if applicable, together with an Additional
Disclosure Notification and (ii) the Depositor will approve, as to form and substance, or disapprove, as the case may be, the inclusion
of the Form 8-K Disclosure Information. The Depositor will be responsible for any reasonable fees and expenses assessed or incurred
by the Securities Administrator in connection with including any Form 8-K Disclosure Information on Form 8-K pursuant to this paragraph.

 

(iii)After preparing the Form
8-K, the Securities Administrator shall forward electronically a copy of the Form 8-K to the Depositor for review. Promptly, but
no later than the close of business on the 3rd Business Day after the Reportable Event, the Depositor shall notify the Securities
Administrator in writing (which may be furnished electronically) of any changes to or approval of such Form 8-K. In the absence
of receipt of any written changes or approval, the Securities Administrator shall be entitled to assume that such Form 8-K is in
final form and the Securities Administrator may proceed with the execution and filing of the Form 8-K. No later than noon New York
City time on the 4th Business Day after the Reportable Event, the Depositor shall sign the Form 8-K and return an electronic or
fax copy of such signed Form 8-K (with an original executed hard copy to follow by overnight mail) to the Securities Administrator.
If a Form 8-K cannot be filed on time or if a previously filed Form 8-K needs to be amended, the Securities Administrator will
follow the procedures set forth in Section 6.21(d). Promptly (but no later than 1 Business Day) after filing with the Commission,
the Securities Administrator will make available on its internet website a final executed copy of each Form 8-K prepared and filed
by the Securities Administrator. The parties to this Agreement acknowledge that the performance by the Securities Administrator
of its duties under this Section 6.21(c) related to the timely preparation and filing of Form 8-K is contingent upon such parties
strictly observing all applicable deadlines in the performance of their duties under this Section 6.21(c)(ii). The Securities Administrator
shall not have any liability for any loss, expense, damage or claim arising out of or with respect to any failure to properly prepare
and/or timely file such Form 8-K, where such failure results from the Securities Administrator’s inability or failure to
obtain or receive, on a timely basis, any information from any other party hereto needed to prepare, arrange for execution or file
such Form 8-K, not resulting from its own negligence, bad faith or willful misconduct.

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(d)Delisting;
Amendments; Late Filings.

(i) If the Depositor
determines that the requirements for suspension of  the Trust Fund’s Exchange Act reporting requirements set forth
in Rule 15d-22(b) of the Exchange Act and  any other applicable regulation are satisfied, it shall so notify the Securities
Administrator.  Following receipt of such notice, the Securities Administrator shall prepare and file a Form 15 Suspension
Notification with respect to the Trust Fund under the Exchange Act (a “Form 15”).  Subsequent to the filing of
a Form 15, if the Depositor determines that the Trust Fund has once again become subject to the Exchange Act reporting requirements,
then it shall promptly notify the Securities Administrator, and the Securities Administrator shall recommence preparing and filing
required Exchange Act reports.  Prior to January 30 of the following calendar year, the Securities Administrator shall, if
directed to do so by the Depositor, in accordance with industry standards, prepare and file a Form 15.

In connection with any direct offering
of Certificates by the Depositor, in an offering registered with the Commission, subsequent to the filing of a Form 15 pursuant
to the preceding paragraph: (1) the Depositor shall notify the Securities Administrator in writing not less than 10 days prior
to the date on which such offering will be made; (2) the Depositor shall cause to be prepared and filed the initial current report
on Form 8-K required to be filed in connection with such offering; (3) the Securities Administrator, as directed by the Depositor,
shall file a report on Form 10-D for the Distribution Date following the month in which such offering occurs and, thereafter, any
reports on forms 8-K, 10-K and 10-D in respect of the Trust Fund as and to the extent required under the Exchange Act, as set forth
in this Section (other than the report referred to in clause (2) above); (4) the Depositor shall be responsible for notifying the
other parties to the transaction of such offering and that the obligations of such parties to provide information in connection
with the Depositor’s  Exchange Act reporting requirements have been reinstated; and (5) the Depositor shall be
responsible for all reasonable fees and expenses incurred by the Securities Administrator in connection with such offering, including
its review and approval of any offering document and any amendment to any transaction document made in connection with such offering.

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(i)In the event that the Securities
Administrator is unable to timely file with the Commission all or any required portion of any Form 8-K, 10-D or 10-K required to
be filed by this Agreement because required disclosure information was either not delivered to it or delivered to it after the
delivery deadlines set forth in this Agreement or for any other reason, the Securities Administrator will promptly, but no later
than within one Business Day, notify electronically the Depositor. In the case of Form 10-D and 10-K, the parties to this Agreement
will cooperate to prepare and file a Form 12b-25 and a 10-D/A or 10-K/A, as applicable, pursuant to Rule 12b-25 of the Exchange
Act. In the case of Form 8-K, the Securities Administrator will, upon receipt of all required Form 8-K Disclosure Information and
upon the approval and direction of the Depositor, include such disclosure information on the next Form 10-D. In the event that
any previously filed Form 8-K, 10-D or 10-K needs to be amended to include additional disclosure in connection with any additional
Form 10-D disclosure (other than for the purpose of restating any Distribution Date Statement), additional Form 10-K or Form 8-K
disclosure information, the Securities Administrator will electronically notify the Depositor and the affected parties and the
Securities Administrator shall prepare and file, and such parties will cooperate in the preparation and filing of any necessary
Form 8-K/A, 10-D/A or 10-K/A. Any Form 15, Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K shall be signed by the Depositor.
The parties to this Agreement acknowledge that the performance by the Securities Administrator of its duties under this Section
6.21(d) related to the timely preparation and filing of Form 15, a Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K is contingent
upon each such party performing its duties under this Section. Neither the Securities Administrator nor the Master Servicer shall
have any liability for any loss, expense, damage or claim arising out of or with respect to any failure to properly prepare and/or
timely file any such Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or 10-K, where such failure results from the Securities
Administrator’s inability or failure to obtain or receive, on a timely basis, any information from any other party hereto
needed to prepare, arrange for execution or file such Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or 10-K, not resulting
from its own negligence, bad faith or willful misconduct.

 

Notwithstanding
anything to the contrary herein, the Securities Administrator shall not file any Form 8-K, Form 10-D or Form 10K as to which it
has received from the Depositor a notice to the effect that, upon review of the proposed filing, the Depositor does not approve
of such filing.

 

(e)Sarbanes-Oxley
Certification.

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Each Form 10-K shall include a certification
(the “Sarbanes-Oxley Certification”), required to be included therewith pursuant to the Sarbanes-Oxley Act.
Each Servicer, the Master Servicer and the Securities Administrator shall provide, and each Servicer, the Master Servicer and the
Securities Administrator shall cause any Servicing Function Participant engaged by it to provide, to the Person who signs the Sarbanes-Oxley
Certification (the “Certifying Person”), by March 15 following each year in which the Trust Fund is subject
to the reporting requirements of the Exchange Act and otherwise within a reasonable period of time upon request, a certification
(each, a “Back-Up Certification”), in the form attached hereto as Exhibit J (or in such other form attached
to the applicable Servicing Agreement), upon which the Certifying Person, the entity for which the Certifying Person acts as an
officer, and such entity’s officers, directors and Affiliates (collectively with the Certifying Person, “Certification
Parties”) can reasonably rely. The Depositor shall serve as the Certifying Person on behalf of the Trust Fund. In the
event any such party or any Servicing Function Participant engaged by such party is terminated or resigns pursuant to the terms
of this Agreement, or any applicable sub-servicing agreement, as the case may be, such party shall provide a Back-Up Certification
to the Certifying Person pursuant to this Section 6.21(e) with respect to the period of time it was subject to this Agreement or
any applicable sub-servicing agreement, as the case may be.

The Master Servicer shall enforce any
obligation of the Servicers, to the extent set forth in the related Servicing Agreement, to deliver to the Master Servicer a certification
similar to the Back-Up Certification as may be required pursuant to the related Servicing Agreement.

Section 6.22 Annual Statements
of Compliance.

(a)The Master Servicer, the
Securities Administrator and each Servicer shall deliver or otherwise make available (and the Master Servicer, the Securities Administrator
and each Servicer shall cause any Additional Servicer engaged by it to deliver or otherwise make available) to the Depositor and
the Securities Administrator on or before March 15 of each year, commencing in March 20__, an Officer’s Certificate (an “Item
1123 Certificate”) stating, as to the signer thereof, that (A) a review of such party’s activities during the preceding
calendar year or portion thereof and of such party’s performance under this Agreement, or such other applicable agreement
in the case of an Additional Servicer, has been made under such officer’s supervision and (B) to the best of such officer’s
knowledge, based on such review, such party has fulfilled all its obligations under this Agreement, or such other applicable agreement
in the case of an Additional Servicer, in all material respects throughout such year or portion thereof, or, if there has been
a failure to fulfill any such obligation in any material respect, specifying each such failure known to such officer and the nature
and status thereof. Promptly after receipt of each such Item 1123 Certificate, the Depositor shall review such Item 1123 Certificate
and, if applicable, consult with each such party, as applicable, as to the nature of any failures by such party, in the fulfillment
of any of such party’s obligations hereunder or, in the case of an Additional Servicer, under such other applicable agreement.

(b)The Master Servicer shall
include all Item 1123 Certificates received by it from each Servicer with its Item 1123 Certificate to be submitted to the Securities
Administrator pursuant to this Section.

(c)In the event the Master
Servicer, the Securities Administrator or any Additional Servicer engaged by any such party is terminated or resigns pursuant to
the terms of this Agreement, or any applicable agreement in the case of an Additional Servicer, as the case may be, such party
shall provide an Item 1123 Certificate pursuant to this Section 6.22 or to such applicable agreement, as the case may be, notwithstanding
any such termination, assignment or resignation.

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(d)The Master Servicer shall
enforce any obligation of any Servicer, to the extent set forth in the related Servicing Agreement, to deliver to the Master Servicer
an Item 1123 Certificate as may be required pursuant to the related Servicing Agreement. The Master Servicer shall include such
Item 1123 Certificate with its own Item 1123 Certificate to be submitted to the Securities Administrator and the Depositor pursuant
to this Section.

Section 6.23 Annual Assessments
of Compliance.

(a)By March 15 of each year,
commencing in March 20__, the Master Servicer and the Securities Administrator and each Servicer, each at its own expense, shall
furnish or otherwise make available, and each such party shall cause any Servicing Function Participant engaged by it to furnish
or otherwise make available, each at its own expense, to the Securities Administrator and the Depositor, a report on an assessment
of compliance with the Relevant Servicing Criteria (an “Assessment of Compliance”) that contains (A) a statement
by such party of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such party
used the Relevant Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such party’s Assessment
of Compliance with the Relevant Servicing Criteria as of and for the fiscal year covered by the Form 10-K required to be filed
pursuant to Section 6.21(b), including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria,
a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm
has issued an Accountant’s Attestation on such party’s Assessment of Compliance with the Relevant Servicing Criteria
as of and for such period.

(b)No later than the end of
each fiscal year for the Trust Fund for which a 10-K is required to be filed, each Servicer and the Master Servicer shall each
forward to the Securities Administrator the name of each Servicing Function Participant engaged by it and what Relevant Servicing
Criteria will be addressed in the Assessment of Compliance prepared by such Servicing Function Participant (provided, however,
that the Master Servicer need not provide such information to the Securities Administrator so long as the Master Servicer and the
Securities Administrator are the same person). When the Master Servicer and each Servicer (or any Servicing Function Participant
engaged by them) submit their Assessments of Compliance to the Securities Administrator, such parties will also at such time include
the Assessments of Compliance (and Accountant’s Attestation), pursuant to Sections 6.23 and 6.24, of each Servicing Function
Participant engaged by it.

(c)Promptly after receipt
of each Assessment of Compliance, (i) the Depositor shall review each such report and, if applicable, consult with the Master Servicer,
the Securities Administrator, a Servicer, the Custodian and any Servicing Function Participant engaged by such parties as to the
nature of any material instance of noncompliance with the Relevant Servicing Criteria by each such party, and (ii) the Securities
Administrator shall confirm that the Assessments of Compliance, taken individually, address the Relevant Servicing Criteria for
each party as set forth on Exhibit K and on any similar exhibit set forth in each Servicing Agreement in respect of each Servicer
and notify the Depositor of any exceptions. None of such parties will be required to deliver any such assessments until March 30
in any given year so long as it has received written confirmation from the Depositor that a Form 10-K is not required to be filed
in respect of the Trust Fund for the preceding calendar year.

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(d)The Master Servicer shall
include all Assessments of Compliance received by it from the Servicers with its own Assessment of Compliance to be submitted to
the Securities Administrator pursuant to this Section.

(e)In the event the Master
Servicer, the Securities Administrator or any Servicing Function Participant engaged by any such party is terminated, assigns its
rights and obligations under or resigns pursuant to, the terms of this Agreement, or any other applicable agreement, as the case
may be, such party shall provide an Assessment of Compliance pursuant to this Section 6.23, or to such other applicable agreement,
notwithstanding any termination, assignment or resignation.

(f)The Master Servicer shall
enforce any obligation of the Servicers and the Custodian, to the extent set forth in the related Servicing Agreement or the Custodial
Agreement, as applicable, to deliver to the Master Servicer an Assessment of Compliance within the time frame set forth in, and
in such form and substance as may be required pursuant to, the related Servicing Agreement or the Custodial Agreement, as applicable.
The Master Servicer shall include such Assessment of Compliance with its own Assessment of Compliance to be submitted to the Securities
Administrator pursuant to this Section.

Section 6.24 Accountant’s
Attestation.

(a)By March 15 of each year,
commencing in 20__, the Master Servicer, the Securities Administrator and each Servicer, each at its own expense, shall cause,
and each such party shall cause any Servicing Function Participant engaged by it to cause, each at its own expense, a registered
public accounting firm (which may also render other services to the Master Servicer, the Securities Administrator or a Servicer
or such other Servicing Function Participants, as the case may be) and that is a member of the American Institute of Certified
Public Accountants to furnish a report (the “Accountant’s Attestation”) to the Securities Administrator
and the Depositor, to the effect that (i) it has obtained a representation regarding certain matters from the management of such
party, which includes an assertion that such party has complied with the Relevant Servicing Criteria, and (ii) on the basis of
an examination conducted by such firm in accordance with standards for attestation engagements issued or adopted by the PCAOB,
it is expressing an opinion as to whether such party’s compliance with the Relevant Servicing Criteria was fairly stated
in all material respects, or it cannot express an overall opinion regarding such party’s Assessment of Compliance with the
Relevant Servicing Criteria. In the event that an overall opinion cannot be expressed, such registered public accounting firm shall
state in such report why it was unable to express such an opinion. Such report must be available for general use and not contain
restricted use language.

(b)Promptly after receipt
of such Accountant’s Attestations from the Master Servicer, each Servicer, each Custodian, the Securities Administrator or
any Servicing Function Participant engaged by such parties, (i) the Depositor shall review the report and, if applicable, consult
with such parties as to the nature of any defaults by such parties, in the fulfillment of any of each such party’s obligations
hereunder or under any other applicable agreement, and (ii) the Securities Administrator shall confirm that each Assessment of
Compliance is coupled with an Accountant’s Attestation meeting the requirements of this Section and notify the Depositor
of any exceptions. None of such parties shall be required to deliver any such assessments until March 30 in any given year so long
as it has received written confirmation from the Depositor that a Form 10-K is not required to be filed in respect of the Trust
Fund for the preceding calendar year.

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(c)The Master Servicer shall
include each Accountant’s Attestation furnished to it by the Servicers with its own Accountant’s Attestation to be
submitted to the Securities Administrator pursuant to this Section.

(d)In the event the Master
Servicer, the Securities Administrator, the Custodian, any Servicer or Servicing Function Participant engaged by any such party,
is terminated, assigns its rights and duties under, or resigns pursuant to the terms of, this Agreement, or the Custodial Agreement,
Servicing Agreement or sub-servicing agreement, as the case may be, such party shall at its own expense cause a registered public
accounting firm to provide an Accountant’s Attestation pursuant to this Section 6.24, or other applicable agreement, notwithstanding
any such termination, assignment or resignation.

(e)The Master Servicer shall
enforce any obligation of the Servicers and the Custodian, to the extent set forth in the related Servicing Agreement and the Custodial
Agreement, as applicable, to deliver to the Master Servicer an attestation as may be required pursuant to, the related Servicing
Agreement or the Custodial Agreement, as applicable. The Master Servicer shall include each such attestation with its own Accountant’s
Attestation to be submitted to the Securities Administrator pursuant to this Section.

ARTICLE VII

PURCHASE OF MORTGAGE LOANS AND

TERMINATION OF THE TRUST FUND

Section 7.01 Purchase
of Mortgage Loans; Termination of Trust Fund Upon Purchase or Liquidation of All Mortgage Loans. 

(a)The respective obligations
and responsibilities of the Trustee, the Securities Administrator and the Master Servicer created hereby (other than the obligation
of the Securities Administrator to make payments to the Certificateholders as set forth in Section 7.02), shall terminate on the
earliest of (i) the final payment or other liquidation of the last Mortgage Loan remaining in the Trust Fund and the disposition
of all REO Property, (ii) the sale of the property held by the Trust Fund in accordance with Section 7.01(b) (if the Holder of
the Class LT-R Certificate chooses to sell the assets of the Trust Fund in connection with the redemption of the Certificates)
and (iii) the Distribution Date immediately following the Latest Possible Maturity Date; provided, however, that in no event
shall the Trust Fund created hereby continue beyond the expiration of 21 years from the death of the last survivor of the descendants
of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St. James’s, living on the date hereof. Any
termination of the Trust Fund shall be carried out in such a manner so that the termination of each REMIC included therein shall
qualify as a “qualified liquidation” under the REMIC Provisions.

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(b) The Holder of the Class
LT-R Certificate shall have the option to instruct the Trustee to redeem the Certificates, in whole but not in part, on any Distribution
Date on or after the date on which the Aggregate Stated Principal Balance is equal to or less than [20]% of the Aggregate Stated
Principal Balance as of the Cut-off Date. If the Holder of the Class LT-R Certificate elects to cause a redemption of the Certificates,
it shall, no later than 30 days prior to the Distribution Date selected for redemption (the “Redemption Date”), deliver
written notice to the Trustee and the Securities Administrator and either (a) deposit in the Distribution Account the Redemption
Price therefor or (b) state in such notice that the Redemption Price shall be deposited in the Distribution Account not later than
10:00 a.m., New York City time on the applicable Redemption Date. In connection with such redemption, if the Holder of the Class
LT-R Certificate elects to liquidate the assets of the Trust Fund, such Holder shall cause the Trustee to cause each REMIC to adopt
a plan of complete liquidation by complying with the provisions of Section 7.03. If any Restricted Holder purchases (or provides
financing for) the Certificates, the purchase price to be paid by such Restricted Holder for the assets of the Trust Fund shall
not be less than the fair market value of those assets, as determined by an appraiser or appraisers selected by the Depositor and
agreed upon by the Trustee.

(c)[Reserved].

(d)The Depositor, the Master
Servicer, each Servicer, the Securities Administrator and the Custodian shall be reimbursed from the Redemption Price, for any
Advances, Servicer Advances, accrued and unpaid Servicing Fees and Master Servicing Fees or other amounts with respect to the related
Mortgage Loans that are reimbursable to such parties under this Agreement, the related Servicing Agreement or the Custodial Agreement.

Section 7.02 Procedure Upon
Redemption and Termination of Trust Fund. 

(a)If on any Determination
Date the Master Servicer determines that there are no outstanding Mortgage Loans, and no other funds or assets in the Trust Fund
other than the funds in the Distribution Account, the Master Servicer shall direct the Securities Administrator promptly to send
a final distribution notice to each Certificateholder. Such notice shall specify (A) the Distribution Date upon which final distribution
on the Certificates of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 will be made upon
presentation and surrender of the Certificates at the Certificate Registrar’s Corporate Trust Office, and (B) that the Record
Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender
of the Certificates at the office or agency of the Certificate Registrar therein specified. The Securities Administrator shall
give such notice to the Trustee, the Master Servicer and the Certificate Registrar at the time such notice is given to Holders
of the Certificates. Upon any such termination, the duties of the Certificate Registrar with respect to the Certificates shall
terminate.

Upon termination of the Trust
Fund, the Securities Administrator shall terminate, or request the Master Servicer to terminate, the Distribution Account and any
other account or fund maintained with respect to the Certificates, subject to the Securities Administrator’s obligation hereunder
to hold all amounts payable to Certificateholders in trust without interest pending such payment.

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(b)In the event that all of
the Holders do not surrender their Certificates for cancellation within three months after the time specified in the termination
notice, the Securities Administrator shall give a second written notice to the remaining Certificateholders to surrender their
Certificates for cancellation and receive the final distribution with respect thereto. If within one year after the second notice
any Certificates shall not have been surrendered for cancellation, the Securities Administrator may take appropriate steps to contact
the remaining Certificateholders concerning surrender of such Certificates, and the cost thereof shall be paid out of the amounts
distributable to such Holders. If within two years after the second notice any Certificates shall not have been surrendered for
cancellation, the Securities Administrator shall, subject to applicable state law relating to escheatment, hold all amounts distributable
to such Holders for the benefit of such Holders. No interest shall accrue on any amount held by the Securities Administrator and
not distributed to a Certificateholder due to such Certificateholder’s failure to surrender its Certificate(s) for payment
of the final distribution thereon in accordance with this Section.

(c)Any reasonable expenses
incurred by the Securities Administrator or the Trustee in connection with any redemption or termination or liquidation of the
Trust Fund shall be reimbursed from proceeds received from the liquidation of the Trust Fund.

Section 7.03 Additional Trust
Fund Termination Requirements. 

(a)Any termination of the
Trust Fund shall be effected in accordance with the following additional requirements, unless the Securities Administrator and
the Trustee receive an Opinion of Counsel (at the expense of the Depositor), addressed to the Securities Administrator and the
Trustee to the effect that the failure of the Trust Fund to comply with the requirements of this Section 7.03 will not result in
an Adverse REMIC Event:

(i) Within 89 days prior
to the time of the making of the final payment on the Certificates, upon notification by the Holder of the Class LT-R Certificate
that it intends to exercise its option to cause the termination of the Trust Fund, the Trustee shall adopt a plan of complete liquidation
of the Trust Fund on behalf of each REMIC, meeting the requirements of a qualified liquidation under the REMIC Provisions;

(ii) Any sale of the
assets of the Trust Fund pursuant to Section 7.01 shall be a sale for cash and shall occur at or after the time of adoption of
such a plan of complete liquidation and prior to the time of making of the final payment on or credit to the Certificates, and
upon the closing of such a sale, the Trustee shall deliver or cause the Custodian to deliver the assets to the purchaser thereof
as instructed by the Holder of the Class LT-R Certificate;

(iii) On the date specified
for final payment of the Certificates, the Securities Administrator shall make final distributions of principal and interest on
the Certificates in accordance with Section 5.02 and, after payment of, or provision for any outstanding expenses, distribute or
credit, or cause to be distributed or credited, to the Holders of the Residual Certificates all cash on hand after such final payment
(other than cash retained to meet claims), and the Trust Fund (and each REMIC) shall terminate at that time; and

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(iv) In no event may
the final payment on or credit to the Certificates or the final distribution or credit to the Holders of the Residual Certificates
be made after the 89th day from the date on which the plan of complete liquidation is adopted.

(b)By its acceptance of a
Residual Certificate, each Holder thereof hereby agrees to accept the plan of complete liquidation adopted by the Trustee under
this Section and to take such other action in connection therewith as may be reasonably requested by the Securities Administrator
or any Servicer.

ARTICLE VIII

RIGHTS OF CERTIFICATEHOLDERS

Section 8.01 Limitation on
Rights of Holders. 

(a)The death or incapacity
of any Certificateholder shall not operate to terminate this Agreement or this Trust Fund, nor entitle such Certificateholder’s
legal representatives or heirs to claim an accounting or take any action or proceeding in any court for a partition or winding
up of this Trust Fund, nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. Except
as otherwise expressly provided herein, no Certificateholder, solely by virtue of its status as a Certificateholder, shall have
any right to vote or in any manner otherwise control the Master Servicer or the operation and management of the Trust Fund, or
the obligations of the parties hereto, nor shall anything herein set forth, or contained in the terms of the Certificates, be construed
so as to constitute the Certificateholders from time to time as partners or members of an association, nor shall any Certificateholder
be under any liability to any third person by reason of any action taken by the parties to this Agreement pursuant to any provision
hereof.

(b)No Certificateholder, solely
by virtue of its status as Certificateholder, shall have any right by virtue or by availing of any provision of this Agreement
to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder
previously shall have given to the Trustee a written notice of an Event of Default and of the continuance thereof, as hereinbefore
provided, and unless also the Holders of Certificates evidencing not less than 25% of the Class Principal Amount or Class Notional
Amount (or Percentage Interest) of Certificates of each Class affected thereby shall have made written request upon the Trustee
to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such reasonable
indemnity as it may require against the cost, expenses and liabilities to be incurred therein or thereby, and the Trustee, for
sixty days after its receipt of such notice, request and offer of indemnity, shall have neglected or refused to institute any such
action, suit or proceeding and no direction inconsistent with such written request has been given such Trustee during such sixty-day
period by such Certificateholders; it being understood and intended, and being expressly covenanted by each Certificateholder with
every other Certificateholder, the Securities Administrator and the Trustee, that no one or more Holders of Certificates shall
have any right in any manner whatever by virtue or by availing of any provision of this Agreement to affect, disturb or prejudice
the rights of the Holders of any other of such Certificates, or to obtain or seek to obtain priority over or preference to any
other such Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the benefit of all
Certificateholders. For the protection and enforcement of the provisions of this Section, each and every Certificateholder and
the Trustee shall be entitled to such relief as can be given either at law or in equity.

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Section 8.02 Access to List
of Holders. 

(a)If the Trustee is not acting
as Certificate Registrar, the Certificate Registrar will furnish or cause to be furnished to the Trustee, within fifteen days after
receipt by the Certificate Registrar of a request by the Trustee in writing, a list, in such form as the Trustee may reasonably
require, of the names and addresses of the Certificateholders of each Class as of the most recent Record Date.

(b)If three or more Holders
or Certificate Owners (hereinafter referred to as “Applicants”) apply in writing to the Certificate Registrar, and
such application states that the Applicants desire to communicate with other Holders with respect to their rights under this Agreement
or under the Certificates and is accompanied by a copy of the communication which such Applicants propose to transmit, then the
Certificate Registrar shall, within five Business Days after the receipt of such application, afford such Applicants reasonable
access during the normal business hours of the Certificate Registrar to the most recent list of Certificateholders held by the
Certificate Registrar or shall, as an alternative, send, at the Applicants’ expense, the written communication proffered
by the Applicants to all Certificateholders at their addresses as they appear in the Certificate Register.

(c)Every Holder or Certificate
Owner, if the Holder is a Clearing Agency, by receiving and holding a Certificate, agrees with the Depositor, the Master Servicer,
the Securities Administrator, the Certificate Registrar and the Trustee that neither the Depositor, the Master Servicer, the Securities
Administrator, the Certificate Registrar nor the Trustee shall be held accountable by reason of the disclosure of any such information
as to the names and addresses of the Certificateholders hereunder, regardless of the source from which such information was derived.

Section 8.03 Acts of Holders
of Certificates. 

(a)Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Agreement to be given or taken by Holders or Certificate Owners,
if the Holder is a Clearing Agency, may be embodied in and evidenced by one or more instruments of substantially similar tenor
signed by such Holders in person or by agent 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 Trustee and the Securities Administrator
and, where expressly required herein, to the Master Servicer. Such instrument or instruments (as the action embodies therein and
evidenced thereby) are herein sometimes referred to as an “Act” of the Holders signing such instrument or instruments.
Proof of execution of any such instrument or of a writing appointing any such agents shall be sufficient for any purpose of this
Agreement and conclusive in favor of the Trustee, the Securities Administrator and the Master Servicer, if made in the manner provided
in this Section. Each of the Trustee, the Securities Administrator and the Master Servicer shall promptly notify the others of
receipt of any such instrument by it, and shall promptly forward a copy of such instrument to the others.

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(b)The fact and date of the
execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by the
certificate of any notary public or other officer authorized by law to take acknowledgments or deeds, certifying that the individual
signing such instrument or writing acknowledged to him the execution thereof. Whenever such execution is by an officer of a corporation
or a member of a partnership on behalf of such corporation or partnership, such certificate or affidavit shall also constitute
sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the
individual executing the same, may also be proved in any other manner which the Trustee or the Securities Administrator deems sufficient.

(c)The ownership of Certificates
(whether or not such Certificates shall be overdue and notwithstanding any notation of ownership or other writing thereon made
by anyone other than the Trustee) shall be proved by the Certificate Register, and neither the Trustee, the Securities Administrator,
the Master Servicer, nor the Depositor shall be affected by any notice to the contrary.

(d)Any request, demand, authorization,
direction, notice, consent, waiver or other action by the Holder of any Certificate shall bind every future Holder of the same
Certificate and the Holder of every Certificate issued upon the registration of transfer thereof or in exchange therefor or in
lieu thereof, in respect of anything done, omitted or suffered to be done by the Trustee, the Securities Administrator or the Master
Servicer in reliance thereon, whether or not notation of such action is made upon such Certificate.

ARTICLE IX

ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

BY THE MASTER SERVICER

Section 9.01 Duties of
the Master Servicer; Enforcement of Servicer's and Master Servicer's Obligations. 

(a)The Master Servicer, on
behalf of the Trustee, the Depositor and the Certificateholders shall, from and after the Closing Date, monitor the performance
of the Servicers under the Servicing Agreements, and shall use its reasonable good faith efforts to cause the Servicers duly and
punctually to perform all of their duties and obligations thereunder. Upon the occurrence of a default of which an Authorized Officer
of the Master Servicer has actual knowledge under a Servicing Agreement, the Master Servicer shall promptly notify the Trustee
thereof, and shall specify in such notice the action, if any, the Master Servicer is taking in respect of such default. So long
as any such default shall be continuing, the Master Servicer, or if such Servicer is [                 ],
the Trustee, may, and shall if it determines such action to be in the best interests of Certificateholders, (i) terminate all of
the rights and powers of such Servicer pursuant to the applicable provisions of the Servicing Agreement; (ii) exercise any rights
it may have to enforce the Servicing Agreement against such Servicer; and/or (iii) waive any such default under the Servicing Agreement
or take any other action with respect to such default as is permitted thereunder. In addition, under the Servicing Agreements,
the Master Servicer shall be obligated to perform (as agent on behalf of the Depositor) with respect to the Mortgage Loans, certain
of the Depositor’s default administration obligations hereunder and under the Servicing Agreements. Notwithstanding any provision
of this Agreement or any Servicing Agreement to the contrary, the Master Servicer shall have no duty or obligation to supervise,
monitor or oversee the activities of, or to enforce the obligations of, any Servicer under its Servicing Agreement with respect
to any Additional Collateral or any Limited Purpose Surety Bond relating thereto, including, without limitation, the collection
of any amounts owing to the Trust Fund in respect thereof (unless and until the Master Servicer shall have assumed the obligations
of such Servicer as successor servicer under the related Servicing Agreement pursuant to this Section 9.01, in which case, as successor
servicer, it shall be bound to serve and administer the Additional Collateral and any related Limited Purpose Surety Bond in accordance
with the provisions of such Servicing Agreement).

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(b)Upon any termination by
the Master Servicer of a Servicer’s rights and powers pursuant to its Servicing Agreement, the rights and powers of the Servicer
with respect to the Mortgage Loans shall vest in the Master Servicer and the Master Servicer shall be the successor in all respects
to such Servicer in its capacity as Servicer with respect to such Mortgage Loans under the related Servicing Agreement, unless
or until the Master Servicer shall have appointed, with the consent of the Trustee and the Rating Agencies, such consent not to
be unreasonably withheld, and in accordance with the applicable provisions of the Servicing Agreement, a new Fannie Mae- or FHLMC-approved
Person that is a member in good standing of MERS to serve as successor to the Servicer; provided, however, that no Trustee
consent or Rating Agency approval shall be required if the successor servicer is a Person that was a Servicer on the Closing Date;
provided, further, that it is understood and agreed by the parties hereto that there will be a period of transition (not
to exceed 90 days) before the actual servicing functions can be fully transferred to a successor servicer (including the Master
Servicer). With such consent, the Master Servicer may elect to continue to serve as successor servicer under the Servicing Agreement.
Upon appointment of a successor servicer, as authorized under this Section 9.01(b), unless the successor servicer shall have assumed
the obligation of the terminated Servicer under such Servicing Agreement, the Master Servicer, the Trustee and such successor servicer
shall enter into a servicing agreement in a form substantially similar to the affected Servicing Agreement. In connection with
any such appointment, the Master Servicer may make such arrangements for the compensation of such successor as it and such successor
shall agree, but in no event shall such compensation of any successor servicer (including the Master Servicer) be in excess of
that payable to the Servicer under the affected Servicing Agreement.

The Master Servicer, or if such Servicer
is [               ], the Trustee, shall pay the costs
of such enforcement (including the termination of any Servicer, the appointment of a successor servicer or the transfer and assumption
of the servicing by the Master Servicer) at its own expense and shall be reimbursed therefor initially (i) by the terminated Servicer,
(ii) from a general recovery resulting from such enforcement only to the extent, if any, that such recovery exceeds all amounts
due in respect of the related Mortgage Loans, (iii) from a specific recovery of costs, expenses or attorney’s fees against
the party against whom such enforcement is directed, or (iv) to the extent that such amounts described in (i)-(iii) above are insufficient
to reimburse the Master Servicer for such costs of enforcement, from the Trust Fund, as provided in Section 9.04.

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If the Master Servicer assumes the servicing
with respect to any of the Mortgage Loans, it will not assume liability for the representations and warranties of any Servicer
it replaces or for the errors or omissions of such Servicer.

(c)Upon any termination of
a Servicer’s rights and powers pursuant to its Servicing Agreement, the Master Servicer shall promptly notify the Trustee
and each Rating Agencies through the Rule 17g-5 Information Provider, specifying in such notice that the Master Servicer or any
successor servicer, as the case may be, has succeeded the Servicer under the Servicing Agreement, which notice shall also specify
the name and address of any such successor servicer.

(d)Unless otherwise specified
herein, the provisions of Section 9.01(b) (relating to the Fannie Mae- and Freddie Mac- approval and MERS membership of any successor
servicer, the form of any servicing agreement to be entered into by such successor servicer and the amount of compensation payable
thereunder) and the provisions of Section 9.01(c) (relating to notices to the Trustee, the Securities Administrator and the Rating
Agencies) shall apply to any proposed transfer or assignment by the Seller of its rights under any Servicing
Agreement or of the servicing thereunder or delegation of its rights or duties thereunder or any portion thereof to any other Person
other than the initial Servicer under such Servicing Agreement; provided that the Seller shall not be required to provide prior
notice to anyone other than the Master Servicer of any transfer of servicing that occurs within four months following the Closing
Date to an entity that is a Servicer on the Closing Date. In addition, neither the Depositor nor the Trustee shall consent to the
assignment by any Servicer of such Servicer’s rights and obligations under the Servicing Agreement to a successor servicer
other than a Person that was a Servicer on the Closing Date without the prior written consent of the Master Servicer, which consent
shall not be unreasonably withheld.

In connection with any transfer
of servicing (whether to another initial Servicer, or otherwise), the Seller shall, at its cost and expense, take such steps, or
cause the terminated Servicer to take such steps, as may be necessary or appropriate to effectuate and evidence the transfer of
the servicing of the Mortgage Loans to such successor servicer, including, but not limited to, the following: (A) to the extent
required by the terms of the Mortgage Loans and by applicable federal and state laws and regulations, the Seller shall cause the
prior Servicer to timely mail to each obligor under a Mortgage Loan any required notices or disclosures describing the transfer
of servicing of the Mortgage Loans to the successor servicer; (B) prior to the effective date of such transfer of servicing, the
Seller shall cause the prior Servicer to transmit to any related insurer notification of such transfer of servicing; (C) on or
prior to the effective date of such transfer of servicing, the Seller shall cause the prior Servicer to deliver to the successor
servicer all Mortgage Documents and any related records or materials; (D) on or prior to the effective date of such transfer of
servicing, the Seller shall cause the prior Servicer to transfer to the successor servicer all funds held by the prior Servicer
in respect of the Mortgage Loans; (E) on or prior to the effective date of such transfer of servicing, the Seller shall cause the
prior Servicer to, after the effective date of the transfer of servicing to the successor servicer, continue to forward to such
successor servicer, within one Business Day of receipt, the amount of any payments or other recoveries received by the prior Servicer,
and to notify the successor servicer of the source and proper application of each such payment or recovery; and (F) the Seller
shall cause the prior Servicer to, after the effective date of transfer of servicing to the successor servicer, continue to cooperate
with the successor servicer to facilitate such transfer in such manner and to such extent as the successor servicer may reasonably
request. Notwithstanding the foregoing, the prior Servicer shall be obligated to perform the items listed above to the extent provided
in the Servicing Agreement.

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Section 9.02 Assumption
of Master Servicing by Trustee. 

(a)In the event the Master
Servicer shall for any reason no longer be the Master Servicer (including by reason of any Event of Default under this Agreement),
the Trustee shall thereupon, in accordance with the terms of Section 6.14 hereof, assume all of the rights and obligations of such
Master Servicer hereunder and under each Servicing Agreement entered into with respect to the Mortgage Loans or shall appoint as
successor master servicer a Fannie-Mae or FHLMC-approved servicer that is acceptable to the Depositor and the Rating Agencies.
The Trustee, its designee or any successor master servicer appointed by the Trustee shall be deemed to have assumed all of the
Master Servicer’s interest herein and therein to the same extent as if such Servicing Agreement had been assigned to the
assuming party, except that the Master Servicer shall not thereby be relieved of any liability or obligations of the Master Servicer
under such Servicing Agreement accruing prior to its replacement as Master Servicer, and shall be liable to the Trustee, and hereby
agrees to indemnify and hold harmless the Trustee from and against all costs, damages, expenses and liabilities (including reasonable
attorneys’ fees) incurred by the Trustee as a result of such liability or obligations of the Master Servicer and in connection
with the Trustee’s assumption (but not its performance, except to the extent that costs or liability of the Trustee are created
or increased as a result of negligent or wrongful acts or omissions of the Master Servicer prior to its replacement as Master Servicer)
of the Master Servicer’s obligations, duties or responsibilities thereunder.

(b)The Master Servicer that
has been terminated shall, upon request of the Trustee but at the expense of such Master Servicer, deliver to the assuming party
all documents and records relating to each Servicing Agreement and the related Mortgage Loans and an accounting of amounts collected
and held by it and otherwise use its best efforts to effect the orderly and efficient transfer of each Servicing Agreement to the
assuming party.

Section 9.03 Representations
and Warranties of the Master Servicer. 

(a)The Master Servicer hereby
represents and warrants to the Depositor, the Securities Administrator and the Trustee, for the benefit of the Certificateholders,
as of the Closing Date that:

(i) it is validly existing
and in good standing under the laws of the United States of America as a national banking association, and as Master Servicer has
full power and authority to transact any and all business contemplated by this Agreement and to execute, deliver and comply with
its obligations under the terms of this Agreement, the execution, delivery and performance of which have been duly authorized by
all necessary corporate action on the part of the Master Servicer;

(ii) the execution and
delivery of this Agreement by the Master Servicer and its performance and compliance with the terms of this Agreement will not
(A) violate the Master Servicer’s charter or bylaws, (B) violate any law or regulation or any administrative decree or order
to which it is subject or (C) constitute a default (or an event which, with notice or lapse of time, or both, would constitute
a default) under, or result in the breach of, any material contract, agreement or other instrument to which the Master Servicer
is a party or by which it is bound or to which any of its assets are subject, which violation, default or breach would materially
and adversely affect the Master Servicer’s ability to perform its obligations under this Agreement;

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(iii) this Agreement
constitutes, assuming due authorization, execution and delivery hereof by the other respective parties hereto, a legal, valid and
binding obligation of the Master Servicer, enforceable against it in accordance with the terms hereof, except as such enforcement
may be limited by bankruptcy, insolvency, reorganization, moratorium and other laws affecting the enforcement of creditors’
rights in general, and by general equity principles (regardless of whether such enforcement is considered in a proceeding in equity
or at law);

(iv) the Master Servicer
is not in default with respect to any order or decree of any court or any order or regulation of any federal, state, municipal
or governmental agency to the extent that any such default would materially and adversely affect its performance hereunder;

(v) the Master Servicer
is not a party to or bound by any agreement or instrument or subject to any charter provision, bylaw or any other corporate restriction
or any judgment, order, writ, injunction, decree, law or regulation that may materially and adversely affect its ability as Master
Servicer to perform its obligations under this Agreement or that requires the consent of any third person to the execution of this
Agreement or the performance by the Master Servicer of its obligations under this Agreement;

(vi) no litigation is
pending or, to the best of the Master Servicer’s knowledge, threatened against the Master Servicer which would prohibit its
entering into this Agreement or performing its obligations under this Agreement;

(vii) the Master Servicer,
or an affiliate thereof the primary business of which is the servicing of conventional residential mortgage loans, is a Fannie
Mae- or FHLMC-approved seller/servicer;

(viii) no consent, approval,
authorization or order of any court or governmental agency or body is required for the execution, delivery and performance by the
Master Servicer of or compliance by the Master Servicer with this Agreement or the consummation of the transactions contemplated
by this Agreement, except for such consents, approvals, authorizations and orders (if any) as have been obtained; and

(ix) the consummation
of the transactions contemplated by this Agreement are in the ordinary course of business of the Master Servicer;

(b)It is understood and agreed
that the representations and warranties set forth in this Section shall survive the execution and delivery of this Agreement. In
addition to any indemnity required pursuant to Section 11.16 hereof, the Master Servicer shall indemnify the Depositor, the Securities
Administrator and the Trustee and hold them harmless against any loss, damages, penalties, fines, forfeitures, legal fees and related
costs, judgments, and other costs and expenses resulting from any claim, demand, defense or assertion based on or grounded upon,
or resulting from, a material breach of the Master Servicer’s representations and warranties contained in Section 9.03(a)
or any failure by the Master Servicer to deliver any information, report, certification, accountants’ letter or other material
when and as required under this Agreement. It is understood and agreed that the enforcement of the obligation of the Master Servicer
set forth in this Section to indemnify the Depositor, the Securities Administrator and the Trustee as provided in this Section
constitutes the sole remedy (other than as set forth in Section 6.14) of the Depositor, the Securities Administrator and the Trustee,
respecting a breach of the foregoing representations and warranties. Such indemnification shall survive any termination of the
Master Servicer as Master Servicer hereunder, and any termination of this Agreement.

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Any cause of action against the Master
Servicer relating to or arising out of the breach of any representations and warranties made in this Section shall accrue upon
discovery of such breach by either the Depositor, the Master Servicer or the Trustee or notice thereof by any one of such parties
to the other parties.

Section 9.04 Compensation
to the Master Servicer. 

The Master Servicer shall be entitled
to be paid by the Trust Fund, and either retain or withdraw from the Distribution Account, (i) its Master Servicing Fee with respect
to each Distribution Date, (ii) amounts necessary to reimburse itself for any previously unreimbursed Advances, Servicer Advances
and Nonrecoverable Advances in accordance with the definition of “Available Distribution Amount” and (iii) amounts
representing assumption fees, late payment charges or other ancillary income not included in the definition of “Available
Distribution Amount” and which are not required to be remitted by the Servicers to the Securities Administrator or deposited
by the Securities Administrator into the Distribution Account. The Master Servicer shall be required to pay all expenses incurred
by it in connection with its activities hereunder and shall not be entitled to reimbursement therefor except as provided in this
Agreement.

In addition, Depositor agrees, except
as otherwise expressly provided herein, to reimburse the Master Servicer, upon its request, for all reasonable expenses, disbursements
and advances incurred or made by the Master Servicer in connection with the performance of its duties hereunder (including the
reasonable compensation and the expenses and disbursements of its agents and counsel), to the extent not otherwise reimbursed pursuant
to this Agreement, except any such expense, disbursement or advance as may be attributable to its willful misfeasance, bad faith
or negligence.

Section 9.05 Merger or Consolidation.

Any Person into which the Master Servicer
may be merged or consolidated, or any Person resulting from any merger, conversion, other change in form or consolidation to which
the Master Servicer shall be a party, or any Person succeeding to the business of the Master Servicer, shall be the successor to
the Master Servicer hereunder, without the execution or filing of any paper or any further act on the part of any of the parties
hereto, anything herein to the contrary notwithstanding; provided, however, that the successor or resulting Person to the
Master Servicer or its Affiliate whose primary business is the servicing of conventional residential mortgage loans shall be a
Person that shall be qualified and approved to service mortgage loans for Fannie Mae or FHLMC and shall have a net worth of not
less than $15,000,000.

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Section 9.06 Resignation of
Master Servicer. 

Except as otherwise provided in Sections
9.05 and 9.07 hereof, the Master Servicer shall not resign from the obligations and duties hereby imposed on it unless the Master
Servicer’s duties hereunder are no longer permissible under applicable law or are in material conflict by reason of applicable
law with any other activities carried on by it and cannot be cured. Any such determination permitting the resignation of the Master
Servicer shall be evidenced by an Opinion of Counsel that shall be Independent to such effect delivered to the Trustee. No such
resignation shall become effective until the Trustee shall have assumed, or a successor master servicer shall have been appointed
by the Trustee and until such successor shall have assumed, the Master Servicer’s responsibilities and obligations under
this Agreement. Notice of such resignation shall be given promptly by the Master Servicer and the Depositor to the Trustee.

If, at any time, the Master Servicer
resigns under this Section 9.06, or transfers or assigns its rights and obligations under Section 9.07, or is removed as Master
Servicer pursuant to Section 6.14, then at such time as [               ]
also shall resign (and shall be entitled to resign) as Securities Administrator, Paying Agent, Authenticating Agent and Certificate
Registrar under this Agreement. In such event, the obligations of each such party shall be assumed by the Trustee or such successor
master servicer appointed by the Trustee (subject to the provisions of Section 9.02(a)).

Section 9.07 Assignment or
Delegation of Duties by the Master Servicer. 

Except as expressly provided herein,
the Master Servicer shall not assign or transfer any of its rights, benefits or privileges hereunder to any other Person, or delegate
to or subcontract with, or authorize or appoint any other Person to perform any of the duties, covenants or obligations to be performed
by the Master Servicer hereunder; provided, however, that the Master Servicer shall have the right with the prior written
consent of the Trustee and the Depositor (which consent shall not be unreasonably withheld), and upon delivery to the Trustee and
the Depositor of a letter from each Rating Agency to the effect that such action shall not result in a downgrading of the Certificates,
to delegate or assign to or subcontract with or authorize or appoint any qualified Person to perform and carry out any duties,
covenants or obligations to be performed and carried out by the Master Servicer hereunder. Notice of such permitted assignment
shall be given promptly by the Master Servicer to the Depositor and the Trustee. If, pursuant to any provision hereof, the duties
of the Master Servicer are transferred to a successor master servicer, the entire amount of the Master Servicing Fees and other
compensation payable to the Master Servicer pursuant hereto shall thereafter be payable to such successor master servicer. Such
successor master servicer shall also pay the fees of the Trustee and the Securities Administrator, as provided herein.

Section 9.08 Limitation on
Liability of the Master Servicer and Others. 

Neither the Master Servicer nor any of
the directors, officers, employees or agents of the Master Servicer shall be under any liability to the Trustee or the Certificateholders
for any action taken or for refraining from the taking of any action in good faith pursuant to this Agreement, or for errors in
judgment; provided, however, that this provision shall not protect the Master Servicer or any such person against any liability
that would otherwise be imposed by reason of willful misfeasance, bad faith or negligence in its performance of its duties or by
reason of reckless disregard for its obligations and duties under this Agreement. The Master Servicer and any director, officer,
employee or agent of the Master Servicer may rely in good faith on any document of any kind prima facie properly executed and submitted
by any Person respecting any matters arising hereunder. The Master Servicer shall be under no obligation to appear in, prosecute
or defend any legal action that is not incidental to its duties to master service the Mortgage Loans in accordance with this Agreement
and that in its opinion may involve it in any expenses or liability; provided, however, that the Master Servicer may in
its sole discretion undertake any such action that it may deem necessary or desirable in respect to this Agreement and the rights
and duties of the parties hereto and the interests of the Certificateholders hereunder. In such event, the legal expenses and costs
of such action and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust Fund and the Master
Servicer shall be entitled to be reimbursed therefor out of the Distribution Account.

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The Master Servicer shall not be liable
for any acts or omissions of any Servicer except to the extent that damages or expenses are incurred as a result of such act or
omissions and such damages and expenses would not have been incurred but for the negligence, willful misfeasance, bad faith or
recklessness of the Master Servicer in supervising, monitoring and overseeing the obligations of the Servicers in this Agreement.

Section 9.09 Indemnification;
Third-Party Claims. 

In addition to any indemnity required
pursuant to Section 11.16 hereof, the Master Servicer agrees to indemnify the Depositor, the Securities Administrator and the Trustee,
and hold them harmless against any and all claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments,
and any other costs, liability, fees and expenses that the Depositor, the Securities Administrator or the Trustee may sustain as
a result of the Master Servicer’s willful misfeasance, bad faith or negligence in the performance of its duties hereunder
or by reason of its reckless disregard for its obligations and duties under this Agreement. The Depositor, the Securities Administrator
and the Trustee shall immediately notify the Master Servicer if a claim is made by a third party with respect to this Agreement
or the Mortgage Loans that such party believes entitles it to indemnification under this Section 9.09, and immediately upon discharge
and satisfaction of any such judgment or decree which may be entered against it or them in respect of such claim, the Master Servicer
shall indemnify such party for such claim, losses, penalties, fines, forfeitures, legal fees and related costs, judgments, and
any other costs, liability, fees and expenses in connection therewith. This indemnification shall survive the termination of this
Agreement and the resignation or removal of the Master Servicer.

Section 9.10 Master Servicer
Fidelity Bond and Master Servicer Errors and Omissions Insurance Policy. 

The Master Servicer, at its expense,
shall maintain in effect a blanket fidelity bond and an errors and omissions insurance policy, affording coverage with respect
to all directors, officers, employees and other Persons acting on such Master Servicer’s behalf, and covering errors and
omissions in the performance of the Master Servicer’s obligations hereunder. The errors and omissions insurance policy and
the fidelity bond shall be in such form and amount generally acceptable for entities serving as master servicers or trustees.

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ARTICLE X

REMIC ADMINISTRATION

Section 10.01 REMIC Administration.

(a)REMIC elections as set
forth in the Preliminary Statement to this Agreement shall be made on Forms 1066 or other appropriate federal tax or information
return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. The regular interests
and residual interest in each REMIC shall be as designated in the Preliminary Statement to this Agreement.

(b)The Closing Date is hereby
designated as the “Startup Day” of each REMIC within the meaning of section 86OG(a)(9) of the Code. The “latest
possible maturity date” for purposes of Treasury Regulation 1.86OG-1(a)(4) will be the Latest Possible Maturity Date.

(c)The Securities Administrator
shall represent the Trust Fund in any administrative or judicial proceeding relating to an examination or audit by any governmental
taxing authority with respect thereto. The Securities Administrator shall pay any and all tax related expenses (not including taxes)
of each REMIC, including but not limited to any professional fees or expenses related to audits or any administrative or judicial
proceedings with respect to such REMIC that involve the Internal Revenue Service or state tax authorities, but only to the extent
that (i) such expenses are ordinary or routine expenses, including expenses of a routine audit but not expenses of litigation (except
as described in (ii)); or (ii) such expenses or liabilities (including taxes and penalties) are attributable to the negligence
or willful misconduct of the Securities Administrator in fulfilling its duties hereunder (including its duties as tax return preparer).
The Securities Administrator shall be entitled to reimbursement of expenses to the extent provided in clause (i) above from the
Distribution Account, provided, however, the Securities Administrator shall not be entitled to reimbursement for expenses
incurred in connection with the preparation of tax returns and other reports as required by Section 6.20 and this Section.

(d)The Securities Administrator
shall prepare, and the Trustee shall sign and file, as instructed by the Securities Administrator, all of each REMIC’s federal
and appropriate state tax and information returns as such REMIC’s direct representative. The expenses of preparing and filing
such returns shall be borne by the Securities Administrator. In preparing such returns, the Securities
Administrator shall, with respect to each REMIC created hereunder other than the Upper-Tier REMIC (each such REMIC, a “Non-Upper-Tier
REMIC”): (i) treat the accrual period for interests in such Non-Upper-Tier REMIC as the calendar month; (ii) account for
distributions made from such Non-Upper-Tier REMIC as made on the first day of each succeeding calendar month; (iii) account for
income under the all-OID method at the Pool 1 Net WAC, Pool 2 Net WAC, Pool 3 Net WAC, Pool 4 Net WAC or Pool 5 Net WAC, as applicable;
(iv) use the aggregation method provided in Treasury Regulation section 1.1275-2(c); and (v) account for income and expenses related
to such Non-Upper-Tier REMIC in the manner resulting in the lowest amount of excess inclusion income possible accruing to the Holder
of the residual interest in such Non-Upper-Tier REMIC.

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(e)The Securities Administrator
or its designee shall perform on behalf of each REMIC all reporting and other tax compliance duties that are the responsibility
of such REMIC under the Code, the REMIC Provisions, or other compliance guidance issued by the Internal Revenue Service or any
state or local taxing authority. Among its other duties, if required by the Code, the REMIC Provisions, or other such guidance,
the Securities Administrator shall provide, upon receipt of additional reasonable compensation, (i) to the Treasury or other governmental
authority such information as is necessary for the application of any tax relating to the transfer of a Residual Certificate to
any disqualified person or organization pursuant to Treasury Regulation 1.860E-2(a)(5) and any person designated in Section 860E(e)(3)
of the Code and (ii) to the Trustee such information as is necessary for the Trustee to provide to the Certificateholders such
information or reports as are required by the Code or REMIC Provisions.

(f)The Trustee, the Securities
Administrator, the Master Servicer and the Holders of Certificates shall take any action or cause any REMIC to take any action
necessary to create or maintain the status of any REMIC as a REMIC under the REMIC Provisions and shall assist each other as necessary
to create or maintain such status. Neither the Trustee, the Securities Administrator, the Master Servicer nor the Holder of any
Residual Certificate shall knowingly take any action, cause any REMIC to take any action or fail to take (or fail to cause to be
taken) any action that, under the REMIC Provisions, if taken or not taken, as the case may be, could result in an Adverse REMIC
Event unless the Trustee, the Securities Administrator and the Master Servicer have received an Opinion of Counsel (at the expense
of the party seeking to take such action or failing to take such action) to the effect that the contemplated action (or inaction,
as the case may be) will not endanger such status or result in the imposition of such a tax. In addition, prior to taking any action
with respect to any REMIC or the assets therein, or causing any REMIC to take any action, which is not expressly permitted under
the terms of this Agreement, any Holder of a Residual Certificate will consult with the Trustee, the Securities Administrator,
the Master Servicer or their respective designees, in writing, with respect to whether such action could cause an Adverse REMIC
Event to occur with respect to any REMIC, and no such Person shall take any such action or cause any REMIC to take any such action
as to which the Trustee, the Securities Administrator or the Master Servicer has advised it in writing that an Adverse REMIC Event
could occur; provided, however, that if no Adverse REMIC Event would occur but such action could result in the imposition
of additional taxes on the Residual Certificateholders, no such Person shall take any such action, or cause any REMIC to take any
such action without the written consent of the Residual Certificateholders. The Trustee may consult with counsel (and conclusively
rely upon the advice of such counsel) to make such written advice, and the cost of the same shall be borne by the party seeking
to take the action not expressly permitted by this Agreement, but in no event shall such cost be an expense of the Trustee.

(g)Each Holder of a Residual
Certificate shall pay when due any and all taxes imposed on the related REMIC by federal or state governmental authorities. To
the extent that such taxes are not paid by a Residual Certificateholder or the Paying Agent shall pay any remaining REMIC taxes
out of current or future amounts otherwise distributable to the Holder of the Residual Certificate in any such REMIC or, if no
such amounts are available, out of other amounts held in the Distribution Account, and shall reduce amounts otherwise payable to
holders of regular interests in any such REMIC, as the case may be.

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(h)The Securities Administrator
shall, for federal income tax purposes, maintain books and records with respect to each REMIC on a calendar year and on an accrual
basis.

(i)No additional contributions
of assets shall be made to any REMIC, except as expressly provided in this Agreement.

(j)Neither the Securities
Administrator nor the Master Servicer shall enter into any arrangement by which any REMIC will receive a fee or other compensation
for services.

(k)The Trustee and the Securities
Administrator shall treat the Reserve Fund as an “outside reserve fund” within the meaning of Treasury Regulation Section
1.860G-2(h) that is owned by the holders of the Interest-Only Certificates and that is not an asset of any REMIC. The Trustee and
the Securities Administrator shall treat the rights of the Holders of the LIBOR Certificates to receive distributions from the
Reserve Fund to cover Net WAC Shortfalls as payments under an interest rate cap contract written by the Holders of the Class 1-XA
Certificates in favor of the Holders of the LIBOR Certificates. Thus, each Class of LIBOR Certificates shall be treated as representing
not only ownership of regular interests in a REMIC, but also ownership of an interest in an interest rate cap contract. For purposes
of determining the issue prices of the Certificates, the interest rate cap contracts shall be assumed to have a zero value unless
and until required otherwise by an applicable taxing authority.

(l)The Holder of the Class
LT-R Certificate shall act as “tax matters person” with respect to the Lower-Tier REMIC and shall act as agent for
the Holder of the Class 1-AR Certificate as “tax matters person” with respect to the Upper-Tier REMIC and the Middle-Tier
REMIC and the Securities Administrator shall act as agent for the Holder of the Class LT-R Certificate in such roles, unless and
until another party is so designated by the Holder of the Class LT-R Certificate.

Section 10.02 Prohibited Transactions
and Activities. 

Neither the Depositor, the Master Servicer
nor the Trustee shall sell, dispose of, or substitute for any of the Mortgage Loans, except in a disposition pursuant to (i) the
foreclosure of a Mortgage Loan, (ii) the bankruptcy of the Trust Fund, (iii) the termination of each REMIC pursuant to Article
VII of this Agreement, (iv) a substitution pursuant to Article II of this Agreement or (v) a repurchase of Mortgage Loans pursuant
to Article II of this Agreement, nor acquire any assets for any REMIC, nor sell or dispose of any investments in the Distribution
Account for gain, nor accept any contributions to any REMIC after the Closing Date, unless it has received an Opinion of Counsel
(at the expense of the party causing such sale, disposition, or substitution) that such disposition, acquisition, substitution,
or acceptance will not result in an Adverse REMIC Event, (b) affect the distribution of interest or principal on the Certificates
or (c) result in the encumbrance of the assets transferred or assigned to the Trust Fund (except pursuant to the provisions of
this Agreement).

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Section 10.03 Indemnification
with Respect to Prohibited Transactions or Loss of REMIC Status. 

Upon the occurrence of an Adverse REMIC
Event due to the negligent performance by the Securities Administrator of its duties and obligations set forth herein, the Securities
Administrator shall indemnify the Certificateholders of the related Residual Certificate against any and all losses, claims, damages,
liabilities or expenses (“Losses”) resulting from such negligence; provided, however, that the Securities Administrator
shall not be liable for any such Losses attributable to the action or inaction of the Depositor, the Trustee or the Holder of the
Residual Certificate, nor for any such Losses resulting from misinformation provided by any of the foregoing parties on which the
Securities Administrator has relied. Notwithstanding the foregoing, however, in no event shall the Securities Administrator have
any liability (1) for any action or omission that is taken in accordance with and in compliance with the express terms of, or which
is expressly permitted by the terms of, this Agreement or under any Servicing Agreement or under any Acknowledgement, (2) for any
Losses other than arising out of malfeasance, willful misconduct or negligent performance by the Securities Administrator of its
duties and obligations set forth herein, and (3) for any special or consequential damages to Certificateholders of the related
Residual Certificate (in addition to payment of principal and interest on the Certificates).

Section 10.04 REO Property.

(a)Notwithstanding any other
provision of this Agreement, the Master Servicer, acting on behalf of the Trustee hereunder, shall not, except to the extent provided
in the applicable Servicing Agreement, knowingly permit any Servicer to, rent, lease, or otherwise earn income on behalf of any
REMIC with respect to any REO Property which might cause an Adverse REMIC Event unless the applicable Servicer has provided to
the Trustee and the Securities Administrator an Opinion of Counsel concluding that, under the REMIC Provisions, such action would
not adversely affect the status of any REMIC as a REMIC and any income generated for any REMIC by the REO Property would not result
in an Adverse REMIC Event.

(b)The Depositor shall cause
the applicable Servicer (to the extent provided in its Servicing Agreement) to make reasonable efforts to sell any REO Property
for its fair market value. In any event, however, the Depositor shall, or shall cause the applicable Servicer (to the extent provided
in its Servicing Agreement) to, dispose of any REO Property within three years of its acquisition by the Trust Fund unless the
Depositor or the applicable Servicer (on behalf of the Trust Fund) has received a grant of extension from the Internal Revenue
Service to the effect that, under the REMIC Provisions and any relevant proposed legislation and under applicable state law, the
REMIC may hold REO Property for a longer period without causing an Adverse REMIC Event. If such an extension has been received,
then the Depositor, acting on behalf of the Trustee hereunder, shall, or shall cause the applicable Servicer to, continue to attempt
to sell the REO Property for its fair market value for such period longer than three years as such extension permits (the “Extended
Period”). If such an extension has not been received and the Depositor or the applicable Servicer, acting on behalf of the
Trust Fund hereunder, is unable to sell the REO Property within 33 months after its acquisition by the Trust Fund or if such an
extension, has been received and the Depositor or the applicable Servicer is unable to sell the REO Property within the period
ending three months before the close of the Extended Period, the Depositor shall cause the applicable Servicer, before the end
of the three year period or the Extended Period, as applicable, to (i) purchase such REO Property at a price equal to the REO Property’s
fair market value or (ii) auction the REO Property to the highest bidder (which may be the applicable Servicer) in an auction reasonably
designed to produce a fair price prior to the expiration of the three-year period or the Extended Period, as the case may be.

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ARTICLE XI

MISCELLANEOUS PROVISIONS

Section 11.01 Binding Nature
of Agreement; Assignment. 

This Agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

Section 11.02 Entire Agreement.

This Agreement contains the entire agreement
and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous
agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect
to the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade
inconsistent with any of the terms hereof.

Section 11.03 Amendment.

(a)This Agreement may be amended
from time to time by the Depositor, the Master Servicer, the Securities Administrator, and the Trustee, without notice to or the
consent of any of the Holders, (i) to cure any ambiguity or mistake, (ii) to cause the provisions herein to conform to or be consistent
with or in furtherance of the statements made with respect to the Certificates, the Trust Fund or this Agreement in the Prospectus,
or to correct or supplement any provision herein which may be inconsistent with any other provisions herein or with the provisions
of any Servicing Agreement, (iii) to make any other provisions with respect to matters or questions arising under this Agreement
or (iv) to add, delete, or amend any provisions to the extent necessary or desirable to comply with any requirements imposed by
the Code and the REMIC Provisions. No such amendment effected pursuant to the preceding sentence shall, as evidenced by an Opinion
of Counsel, result in an Adverse REMIC Event, nor shall such amendment effected pursuant to clause (iii) of such sentence adversely
affect in any material respect the interests of any Holder. Prior to entering into any amendment without the consent of Holders
pursuant to this paragraph, the Trustee shall be provided with an Opinion of Counsel (at the expense of the party requesting such
amendment) to the effect that such amendment is permitted under this Section. Any such amendment shall be deemed not to adversely
affect in any material respect any Holder, if the Trustee and the Securities Administrator receive written confirmation from each
Rating Agency that such amendment will not cause such Rating Agency to reduce the then current rating assigned to the Certificates.

(b)This Agreement may also
be amended from time to time by the Depositor, the Master Servicer, the Securities Administrator and the Trustee, with the consent
of the Holders of not less than 66-2/3% of the Class Principal Amount (or Percentage Interest) of each Class of Certificates affected
thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement
or of modifying in any manner the rights of the Holders; provided, however, that no such amendment shall be made unless
the Trustee and the Securities Administrator receive an Opinion of Counsel, at the expense of the party requesting the change,
that such change will not cause an Adverse REMIC Event; and provided further, that no such amendment may (i) reduce in any
manner the amount of, or delay the timing of, payments received on Mortgage Loans which are required to be distributed on any Certificate,
without the consent of the Holder of such Certificate or (ii) reduce the aforesaid percentages of Class Principal Amount or Class
Notional Amount (or Percentage Interest) of Certificates of each Class, the Holders of which are required to consent to any such
amendment without the consent of the Holders of 100% of the Class Principal Amount or Class Notional Amount (or Percentage Interest)
of each Class of Certificates affected thereby. For purposes of this paragraph, references to “Holder” or “Holders”
shall be deemed to include, in the case of any Class of Book-Entry Certificates, the related Certificate Owners.

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(c)Promptly after the execution
of any such amendment, the Trustee shall furnish written notification of the substance of such amendment to each Holder, the Depositor
and each Rating Agency through the Rule 17g-5 Information Provider. The Securities Administrator and the Certificate Registrar
shall cooperate with the Trustee in connection with the Trustee’s obligations under this Section 11.03.

(d)It shall not be necessary
for the consent of Holders under this Section 11.03 to approve the particular form of any proposed amendment, but it shall be sufficient
if such consent shall approve the substance thereof. The manner of obtaining such consents and of evidencing the authorization
of the execution thereof by Holders shall be subject to such reasonable regulations as the Trustee may prescribe.

(e)Notwithstanding anything
to the contrary in any Servicing Agreement, the Trustee shall not consent to any amendment of any Servicing Agreement except pursuant
to the standards provided in this Section with respect to amendment of this Agreement. In addition, none of the Trustee, the Master
Servicer, the Securities Administrator or the Depositor shall consent to any amendment to any Servicing Agreement unless prior
written notice of the substance of such amendment has been delivered to each Rating Agency through the Rule 17g-5 Information Provider.

(f)Prior to the execution
of any amendment to this Agreement, each of the Trustee and the Securities Administrator shall be entitled to receive and conclusively
rely on an Opinion of Counsel (at the expense of the Person seeking such amendment) stating that the execution of such amendment
is authorized and permitted by this Agreement. The Trustee and the Securities Administrator may, but shall not be obligated to,
enter into any such amendment which affects the Trustee’s or the Securities Administrator’s own rights, duties or immunities
under this Agreement.

Section 11.04 Voting Rights.

Except to the extent that the consent
of all affected Certificateholders is required pursuant to this Agreement, with respect to any provision of this Agreement requiring
the consent of Certificateholders representing specified percentages of aggregate outstanding Certificate Principal Amount or Class
Notional Amount (or Percentage Interest), Certificates owned by the Depositor, the Master Servicer, the Securities Administrator,
the Trustee, any Servicer or any Affiliates thereof are not to be counted so long as such Certificates are owned by the Depositor,
the Master Servicer, the Securities Administrator, the Trustee, any Servicer or any Affiliate thereof.

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Section 11.05 Provision of
Information. 

(a)For so long as any of the
Certificates of any Series or Class are “restricted securities” within the meaning of Rule 144(a)(3) under the Securities
Act, each of the Depositor, the Master Servicer, the Securities Administrator and the Trustee agree to cooperate with each other
to provide to any Certificateholders and to any prospective purchaser of Certificates designated by such holder, upon the request
of such holder or prospective purchaser, any information required to be provided to such holder or prospective purchaser to satisfy
the condition set forth in Rule 144A(d)(4) under the Securities Act. Any reasonable, out-of-pocket expenses incurred by the Trustee,
the Master Servicer or the Securities Administrator in providing such information shall be reimbursed by the Depositor.

(b)The Securities Administrator
shall provide to any person to whom a Prospectus was delivered, upon the request of such person specifying the document or documents
requested, (i) a copy (excluding exhibits) of any report on Form 8-K, Form 10-D or Form 10-K (or other prescribed form) filed with
the Securities and Exchange Commission pursuant to Section 6.21 and (ii) a copy of any other document incorporated by reference
in the Prospectus. Any reasonable out-of-pocket expenses incurred by the Securities Administrator in providing copies of such documents
shall be reimbursed by the Depositor.

(c)On each Distribution Date,
the Securities Administrator shall deliver or cause to be delivered by first class mail or make available on its website to the
Depositor, Attention: Contract Finance, a copy of the report delivered to Certificateholders pursuant to Section 4.02.

Section 11.06 Governing Law.

THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PROVISIONS (OTHER THAN SECTION 5-1401 OF
THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
WITH SUCH LAWS.

Section 11.07 Notices.

All requests, demands, notices, authorizations,
directions, consents, waivers and communications hereunder shall be in writing and shall be deemed to have been duly given when
received by (a) for posting by the Rule 17g-5 Information Provider: __________@___.com, (b) in the case of the Depositor, Sequoia
Residential Funding, Inc., One Belvedere Place, Suite 330, Mill Valley, CA 94941, telecopy number (415) 381-1773, Attention: Sequoia
Mortgage Trust 20__-_, or in the case of notification required to be delivered by the Securities Administrator to the Depositor
pursuant to Section 6.21, to Sequoia Residential Funding, Inc. via facsimile or via email at such facsimile number or email address
furnished separately by the Depositor to the Securities Administrator from time to time, (c) in the case of the Seller, RWT
Holdings, Inc., One Belvedere Place, Suite 330, Mill Valley, CA 94941 telecopy number (415) 381-1773, Attention: Sequoia Mortgage
Trust 20__-_, (d) in the case of the Master Servicer or the Securities Administrator, [ (or, for overnight deliveries, ),
telecopy number ( ) , Attention: Client Manager – Sequoia Mortgage Trust 20__-_], and (e) with respect to the Trustee or
the Certificate Registrar, its respective Corporate Trust Office, or as to each party such other address as may hereafter be furnished
by such party to the other parties in writing. All demands, notices and communications to a party hereunder shall be in writing
and shall be deemed to have been duly given when delivered to such party at the relevant address, facsimile number or electronic
mail address set forth above or at such other address, facsimile number or electronic mail address as such party may designate
from time to time by written notice in accordance with this Section 11.07.

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Section 11.08 Severability
of Provisions. 

If any one or more of the covenants,
agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements,
provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and
shall in no way affect the validity or enforceability of the other provisions of this Agreement or of the Certificates or the rights
of the Holders thereof.

Section 11.09 Indulgences;
No Waivers. 

Neither the failure nor any delay on
the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor
shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same
or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to
any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver
shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

Section 11.10 Headings Not
To Affect Interpretation. 

The headings contained in this Agreement
are for convenience of reference only, and they shall not be used in the interpretation hereof.

Section 11.11 Benefits of
Agreement. 

Nothing in this Agreement or in the Certificates,
express or implied, shall give to any Person, other than the parties to this Agreement and their successors hereunder and the Holders
of the Certificates, any benefit or any legal or equitable right, power, remedy or claim under this Agreement, except to the extent
specified in Section 11.15.

Section 11.12 Special Notices
to the Rating Agencies. 

(a)The Depositor shall give
prompt notice to each Rating Agency through the Rule 17g-5 Information Provider of the occurrence of any of the following events
of which it has notice:

    	118

    	 

    
 

(i) any amendment to
this Agreement pursuant to Section 11.03;

(ii) any assignment
by the Master Servicer of its rights hereunder or delegation of its duties hereunder;

(iii) the occurrence
of any Event of Default described in Section 6.14;

(iv) any notice of termination
given to the Master Servicer pursuant to Section 6.14 and any resignation of the Master Servicer hereunder;

(v) the appointment
of any successor to any Master Servicer pursuant to Section 6.14;

(vi) the making of a
final payment pursuant to Section 7.02; and

(vii) any termination
of the rights and obligations of any Servicer under the applicable Servicing Agreement.

(b)All notices to the Rating
Agencies provided for this Section shall be in writing and sent first to the Rule 17g-5 Information Provider and then by first
class mail, telecopy or overnight courier, as follows:

If to Moody’s, to:

 

Moody’s Investors Service

99 Church Street

New York, New York 10007

Attn: Residential Mortgages

If to S&P, to:

 

Standard & Poor’s Ratings Services,

a division of The McGraw-Hill Companies, Inc.

55 Water Street

New York, New York 10041

Attn: Residential Mortgages

 

(c)The Securities Administrator
shall provide or make available to each Rating Agency through the Information Provider reports prepared pursuant to Section 4.02
and the reports filed on Form 10-K pursuant to Section 6.12(b)(i)(1) through (4). In addition, the Securities Administrator shall,
at the expense of the Trust Fund, make available to each Rating Agency through the Rule 17g-5 Information Provider such information
as such Rating Agency may reasonably request regarding the Certificates or the Trust Fund, to the extent that such information
is reasonably available to the Securities Administrator; provided, the Securities Administrator shall not be required to post to
the Rule 17g-5 Website any information previously posted to and available on the Securities Administrator’s website.

    	119

    	 

    
 

(d)The Depositor hereby represents
to S&P that, to the Depositor’s knowledge, the information provided to such Rating Agency, including the loan level detail,
is true and correct according to such Rating Agency’s requirements.

Section 11.13 Conflicts.

To the extent that the terms of this
Agreement conflict with the terms of any Servicing Agreement, the related Servicing Agreement shall govern.

Section 11.14 Counterparts.

This Agreement may be executed in one
or more counterparts, each of which shall be deemed to be an original, and all of which together shall constitute one and the same
instrument.

Section 11.15No Petitions.

The Trustee and the Master Servicer,
by entering into this Agreement, hereby covenant and agree that they shall not at any time institute against the Depositor, or
join in any institution against the Depositor 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 this Agreement or any of the documents entered into by the Depositor in connection with the transactions contemplated by this
Agreement.

Section 11.16 Intention of the
Parties and Interpretation; Indemnification.

Each of the parties acknowledges and
agrees that the purpose of Sections 6.21, 6.22, 6.23 and 6.24 of this Agreement is to facilitate compliance by the Securities Administrator
and the Depositor with the provisions of Regulation AB promulgated by the Commission under the Exchange Act (17 C.F.R. §§ 229.1100
- 229.1123), as such may be amended from time to time and subject to such clarification and interpretive advice as may be issued
by the staff of the Commission from time to time. Therefore, each of the parties agrees that (a) the obligations of the parties
hereunder shall be interpreted in such a manner as to accomplish that purpose, (b) the parties’ obligations hereunder will
be supplemented and modified as necessary to be consistent with any such amendments, interpretive advice or guidance, convention
or consensus among active participants in the asset-backed securities markets, advice of counsel, or otherwise in respect of the
requirements of Regulation AB, (c) the parties shall comply with the reasonable requests made by the Securities Administrator or
the Depositor for delivery of such additional or different information as the Securities Administrator or the Depositor may determine
in good faith is necessary to comply with the provisions of Regulation AB, which information is available to such party without
unreasonable effort or expense and within such timeframe as may be reasonably requested, and (d) no amendment of this Agreement
shall be required to effect any such changes in the parties’ obligations as are necessary to accommodate evolving interpretations
of the provisions of Regulation AB.

    	120

    	 

    
 

Each of the Depositor, the Master Servicer,
each Servicer, the Securities Administrator and any Servicing Function Participant engaged by such party shall indemnify and hold
harmless the Securities Administrator, the Master Servicer, the Depositor and the Seller and each of their directors, officers,
employees, agents, and affiliates from and against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable
legal fees and related costs, judgments and other costs and expenses arising out of or based upon (a) any breach by such party
of any of its obligations hereunder, including particularly its obligations to provide any Item 1123 Certificate, Assessment of
Compliance or Accountant’s Attestation required under Sections 6.22, 6.23 and 6.24, respectively, or any information, data
or materials required to be included in any Exchange Act report, (b) any misstatement or omission in any information, data or materials
provided by such party, (or in the case of the Securities Administrator or the Master Servicer, any material misstatement or material
omission in (i) any Item 1123 Certificate, Assessment of Compliance, Accountant’s Attestation delivered by it or by any Servicing
Function Participation engaged by it pursuant to this Agreement or (any Additional Form 10-D Disclosure, Additional Form 10-K Disclosure
or Form 8-K Disclosure concerning the Master Servicer or the Securities Administrator), or (c) the negligence, bad faith or willful
misconduct of such party in connection with its performance hereunder. If the indemnification provided for herein is unavailable
or insufficient to hold harmless the Master Servicer, the Securities Administrator, the Depositor or the Seller, as the case may
be, then each such party agrees that it shall contribute to the amount paid or payable by the Securities Administrator, the Master
Servicer, the Depositor and the Seller, as applicable, as a result of any claims, losses, damages or liabilities incurred by such
party, in such proportion as is appropriate to reflect the relative fault of the indemnified party on the one hand and the indemnifying
party on the other. This indemnification shall survive the termination of this Agreement or the termination of any party to this
Agreement.

    	121

    	 

    
 

IN WITNESS WHEREOF, the parties hereto
have caused their names to be signed hereto by their respective officers hereunto duly authorized as of the day and year first
above written.

SEQUOIA RESIDENTIAL FUNDING, INC.,

as Depositor

 

 

By: _________________________________

 Name:

 Title: 

 

 

[                       ],

as Trustee

 

 

By: _________________________________

Name:

Title:

 

 

[                            ],

as Master Servicer

 

 

By: _________________________________

Name:

Title:

 

 

[                            ],

as Securities Administrator

 

 

By: _________________________________

Name:

Title:

    	 

    	 

    
 

Solely for purposes of Section 2.04, 7.01(b) and 9.01(d)

accepted and agreed to by:

 

 

RWT HOLDINGS, INC.

 

By: ____________________________ 

[Name]

Authorized Signatory

    	 

    	 

    
 

EXHIBIT A

FORMS OF CERTIFICATES

 

 

 

    	A-1

    	 

    
 

EXHIBIT B

FORM OF RESIDUAL CERTIFICATE TRANSFER
AFFIDAVIT (TRANSFEREE)

STATE OF                )

                                )     ss.:

COUNTY OF             )

[NAME OF OFFICER], _________________
being first duly sworn, deposes and says:

		1.	That he [she] is [title of officer] ________________________ of [name of Purchaser] _________________________________________
(the “Purchaser”), a _______________________ [description of type of entity] duly organized and existing under the
laws of the [State of __________] [United States], on behalf of which he [she] makes this affidavit.

		2.	That the Purchaser’s Taxpayer Identification Number is [           ].

		3.	That the Purchaser is not a “disqualified organization” within the meaning of Section
860E(e)(5) of the Internal Revenue Code of 1986, as amended (the “Code”) and will not be a “disqualified organization”
as of [date of transfer], and that the Purchaser is not acquiring a Residual Certificate (as defined in the Agreement) for the
account of, or as agent (including a broker, nominee, or other middleman) for, any person or entity from which it has not received
an affidavit substantially in the form of this affidavit. For these purposes, a “disqualified organization” means the
United States, any state or political subdivision thereof, any foreign government, any international organization, any agency or
instrumentality of any of the foregoing (other than an instrumentality if all of its activities are subject to tax and a majority
of its board of directors is not selected by such governmental entity), any cooperative organization furnishing electric energy
or providing telephone service to persons in rural areas as described in Code Section 1381(a)(2)(C), any “electing large
partnership” within the meaning of Section 775 of the Code, or any organization (other than a farmers’ cooperative
described in Code Section 521) that is exempt from federal income tax unless such organization is subject to the tax on unrelated
business income imposed by Code Section 511.

		4.	That the Purchaser either (x) is not, and on __________________ [date of transfer] will not be, an employee benefit plan or
other retirement arrangement subject to Section 406 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
or Section 4975 of the Code (“Code”), (collectively, a “Plan”) or a person acting on behalf of any such
Plan or investing the assets of any such Plan to acquire a Residual Certificate; (y) if the Residual Certificate has been subject
to an ERISA-Qualifying Underwriting, is an insurance company that is purchasing the Certificate with funds contained in an “insurance
company general account” as defined in Section V(e) of Prohibited Transaction Class Exemption (“PTCE”) 95-60
and the purchase and holding of the Certificate are covered under Sections I and III of PTCE 95-60; or (z) herewith delivers to
the Certificate Registrar an opinion of counsel (a “Benefit Plan Opinion”) satisfactory to the Certificate Registrar,
and upon which the Certificate Registrar, the Trustee, the Master Servicer, the Depositor and Securities Administrator shall be
entitled to rely, to the effect that the purchase or holding of such Residual Certificate by the Investor will not result in any
non-exempt prohibited transactions under Title I of ERISA or Section 4975 of the Code and will not subject the Certificate Registrar,
the Trustee, the Depositor, the Master Servicer or the Securities Administrator to any obligation in addition to those undertaken
by such entities in the Agreement, which opinion of counsel shall not be an expense of the Trust Fund or any of the above parties.

    	B-1

    	 

    
 

		5.	That the Purchaser hereby acknowledges that under the terms of the Pooling and Servicing
Agreement, dated as of ____________ __, 20__ (the “Agreement”), by and among Sequoia Residential Funding, Inc., as
Depositor, [                  ], as Master
Servicer and as Securities Administrator, and [                  ],
as Trustee with respect to Sequoia Mortgage Trust 20__-_ Mortgage Pass-Through Certificates, no transfer
of the Residual Certificates shall be permitted to be made to any person unless the Certificate Registrar has received a certificate
from such transferee containing the representations in paragraphs 3 and 4 hereof.

		6.	That the Purchaser does not hold REMIC residual securities as nominee to facilitate the clearance
and settlement of such securities through electronic book-entry changes in accounts of participating organizations (such entity,
a “Book-Entry Nominee”).

		7.	That the Purchaser does not have the intention to impede the assessment or collection of any federal,
state or local taxes legally required to be paid with respect to such Residual Certificate.

		8.	That the Purchaser will not transfer a Residual Certificate to any person or entity (i) as to which
the Purchaser has actual knowledge that the requirements set forth in paragraph 3, paragraph 6 or paragraph 10 hereof are not satisfied
or that the Purchaser has reason to believe does not satisfy the requirements set forth in paragraph 7 hereof, and (ii) without
obtaining from the prospective Purchaser an affidavit substantially in this form and providing to the Certificate Registrar a written
statement substantially in the form of Exhibit C to the Agreement.

		9.	That the Purchaser understands that, as the holder of a Residual Certificate, the Purchaser may
incur tax liabilities in excess of any cash flows generated by the interest and that the Purchaser has and expects to have sufficient
net worth and/or liquidity to pay in full any tax liabilities attributable to ownership of a Residual Certificate and intends to
pay taxes associated with holding such Residual Certificate as they become due. 

    	B-2

    	 

    
 

		10.	That the Purchaser (i) is not a Non-U.S. Person or (ii) is a Non-U.S. Person that holds a Residual
Certificate in connection with the conduct of a trade or business within the United States and has furnished the transferor and
the Certificate Registrar with an effective Internal Revenue Service Form W-8ECI (Certificate of Foreign Person’s
Claim for Exemption From Withholding on Income Effectively Connected With the Conduct of a Trade or Business in the United States)
or successor form at the time and in the manner required by the Code or (iii) is a Non-U.S. Person that has delivered to the transferor
and the Certificate Registrar an opinion of a nationally recognized tax counsel to the effect that the transfer of such Residual
Certificate to it is in accordance with the requirements of the Code and the regulations promulgated thereunder and that such transfer
of a Residual Certificate will not be disregarded for federal income tax purposes. “Non-U.S. Person” means an individual,
corporation, partnership or other person other than (i) a citizen or resident of the United States; (ii) a corporation, partnership
or other entity created or organized in or under the laws of the United States or any state thereof, including for this purpose,
the District of Columbia; (iii) an estate that is subject to U.S. federal income tax regardless of the source of its income; (iv)
a trust if a court within the United States is able to exercise primary supervision over the administration of the trust and one
or more United States trustees have authority to control all substantial decisions of the trust; and, (v) to the extent
provided in Treasury regulations, certain trusts in existence on August 20, 1996 that are treated as United States persons prior
to such date and elect to continue to be treated as United States persons.

		11.	The Purchaser will not cause income from the Residual Certificate to be attributable to a foreign permanent establishment or
fixed base of the Purchaser or another U.S. taxpayer.

		12.	That the Purchaser agrees to such amendments of the Agreement as may be required to further effectuate
the restrictions on transfer of any Residual Certificate to such a “disqualified organization,” an agent thereof, a
Book-Entry Nominee, or a person that does not satisfy the requirements of paragraph 7 and paragraph 10 hereof.

		13.	That the Purchaser consents to the designation of the Securities Administrator to act as agent for
the “tax matters person” of each REMIC created by the Trust Fund pursuant to the Agreement.

    	B-3

    	 

    
 

IN WITNESS WHEREOF, the Purchaser has
caused this instrument to be executed on its behalf, pursuant to authority of its Board of Directors, by its [title of officer]
this _____ day of __________ 20__.

_________________________________

[name of Purchaser]

By:______________________________

Name:

Title:

Personally appeared before me the above-named
[name of officer] ________________, known or proved to me to be the same person who executed the foregoing instrument and to be
the [title of officer] _________________ of the Purchaser, and acknowledged to me that he [she] executed the same as his [her]
free act and deed and the free act and deed of the Purchaser.

Subscribed and sworn before me this _____
day of __________ 20__.

NOTARY PUBLIC

______________________________

COUNTY OF_____________________

STATE OF______________________

My commission expires the _____ day of __________ 20__.

    	B-4

    	 

    
 

 

EXHIBIT C

RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT
(TRANSFEROR)

____________________________

Date

		Re:	Sequoia Mortgage Trust 20__-_

Mortgage Pass-Through Certificates

_______________________ (the “Transferor”)
has reviewed the attached affidavit of _____________________________ (the “Transferee”), and has no actual knowledge
that such affidavit is not true and has no reason to believe that the information contained in paragraph 7 thereof is not true,
and has no reason to believe that the Transferee has the intention to impede the assessment or collection of any federal, state
or local taxes legally required to be paid with respect to a Residual Certificate. In addition, the Transferor has conducted a
reasonable investigation at the time of the transfer and found that the Transferee had historically paid its debts as they came
due and found no significant evidence to indicate that the Transferee will not continue to pay its debts as they become due.

Very truly yours,

_______________________________

Name:

Title:

    	C-1

    	 

    
 

EXHIBIT D

FORM OF CUSTODIAL AGREEMENT

 

 

    	D-1

    	 

    
 

EXHIBIT E-1

FORM OF RULE 144A TRANSFER CERTIFICATE

		Re:	Sequoia Mortgage Trust 20__-_

Mortgage Pass-Through Certificates

 

Reference is hereby made to the Pooling
and Servicing Agreement, dated as of ____________ __, 20__ (the “Pooling and Servicing Agreement”), by and among Sequoia
Residential Funding, Inc., as Depositor, [                    ],
as Master Servicer and as Securities Administrator, and [                       ],
as Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.

This letter relates to $__________ initial
Certificate Principal Amount of Class _____ Certificates which are held in the form of Definitive Certificates registered
in the name of ______________ (the “Transferor”). The Transferor has requested a transfer of such Definitive Certificates
for Definitive Certificates of such Class registered in the name of [insert name of transferee].

In connection with such request, and
in respect of such Certificates, the Transferor hereby certifies that such Certificates are being transferred in accordance with
(i) the transfer restrictions set forth in the Pooling and Servicing Agreement and the Certificates and (ii) Rule 144A under the
Securities Act to a purchaser that the Transferor reasonably believes is a “qualified institutional buyer” within the
meaning of Rule 144A purchasing for its own account or for the account of a “qualified institutional buyer,” which
purchaser is aware that the sale to it is being made in reliance upon Rule 144A, in a transaction meeting the requirements of Rule
144A and in accordance with any applicable securities laws of any state of the United States or any other applicable jurisdiction.

This certificate and the statements contained
herein are made for your benefit and the benefit of the Underwriter(s) and the Depositor.

_____________________________________

[Name of Transferor]

By:__________________________________

Name:

Title:

Dated: ___________, ____

    	H-1

    	 

    
 

EXHIBIT E-2

FORM OF PURCHASER’S LETTER FOR

INSTITUTIONAL ACCREDITED INVESTOR

                               

Date

Dear Sirs:

In connection with our proposed purchase
of $______________ principal amount of Sequoia Mortgage Trust 20__-_ Mortgage Pass-Through Certificates (the “Privately Offered
Certificates”) of Sequoia Residential Funding, Inc. (the “Depositor”), we confirm that:

		(1)	We understand that the Privately Offered Certificates have not been, and will not be, registered
under the Securities Act of 1933, as amended (the “Securities Act”), and may not be sold except as permitted in the
following sentence. We agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter stated, that
if we should sell any Privately Offered Certificates within two years of the later of the date of original issuance of the Privately
Offered Certificates or the last day on which such Privately Offered Certificates are owned by the Depositor or any affiliate of
the Depositor we will do so only (A) to the Depositor, (B) to “qualified institutional buyers” (within the meaning
of Rule 144A under the Securities Act) in accordance with Rule 144A under the Securities Act (“QIBs”), (C) pursuant
to the exemption from registration provided by Rule 144 under the Securities Act, or (D) to an institutional “accredited
investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act that is not a QIB
(an “Institutional Accredited Investor”) which, prior to such transfer, delivers to the Certificate Registrar under
the Pooling and Servicing Agreement, dated as of ____________ __, 20__ (the “Agreement”), by and among Sequoia
Residential Funding, Inc., as Depositor, [                         ],
as Master Servicer and as Securities Administrator, and [                  ],
as Trustee, a signed letter in the form of this letter; and we further agree, in the capacities stated
above, to provide to any person purchasing any of the Privately Offered Certificates from us a notice advising such purchaser that
resales of the Privately Offered Certificates are restricted as stated herein.

		(2)	We understand that, in connection with any proposed resale of any Privately Offered Certificates
to an Institutional Accredited Investor, we will be required to furnish to the Certificate Registrar a certification from such
transferee in the form hereof to confirm that the proposed sale is being made pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act. We further understand that the Privately Offered Certificates
purchased by us will bear a legend to the foregoing effect.

    	I-1

    	 

    
 

		(3)	We are acquiring the Privately Offered Certificates for investment purposes and not with a view
to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Privately Offered
Certificates, and we and any account for which we are acting are each able to bear the economic risk of such investment.

		(4)	We are an Institutional Accredited Investor and we are acquiring the Privately Offered Certificates
purchased by us for our own account or for one or more accounts (each of which is an Institutional Accredited Investor) as to each
of which we exercise sole investment discretion.

		(5)	We have received such information as we deem necessary in order to make our investment decision.

		(6)	If we are acquiring ERISA-Restricted Certificates, we understand that in accordance with ERISA, the Code and the Exemption,
no Plan and no person acting on behalf of such a Plan may acquire such Certificate except in accordance with Section 3.03(e) of
the Agreement.

Terms used in this letter which are not otherwise
defined herein have the respective meanings assigned thereto in the Agreement.

    	I-2

    	 

    
 

You are entitled to rely upon this letter
and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceeding
or official inquiry with respect to the matters covered hereby.

Very truly yours,

__________________________________

[Purchaser]

By: ________________________________

Name:

Title:

 

    	I-3

    	 

    

EXHIBIT G

FORM OF ERISA TRANSFER AFFIDAVIT

STATE OF NEW YORK         )

                                                    )        ss.:

COUNTY OF NEW YORK     )

The undersigned, being first duly sworn,
deposes and says as follows:

1.The undersigned is the ______________________
of ______________ (the “Investor”), a [corporation duly organized] and existing under the laws of __________, on behalf
of which he makes this affidavit.

2.The
Investor either (x) is not, and on ___________ [date of transfer] will not be, an employee benefit plan or other retirement arrangement
subject to Section 406 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”), (collectively, a “Plan”) or a person acting
on behalf of any such Plan or investing the assets of any such Plan; (y) if the Certificate has been the subject of an ERISA-Qualifying
Underwriting, is an insurance company that is purchasing the Certificate with funds contained in an “insurance company general
account” as defined in Section V(e) of Prohibited Transaction Class Exemption (“PTCE”) 95-60 and the purchase
and holding of the Certificate are covered under Sections I and III of PTCE 95-60; or (z) herewith delivers to the Certificate
Registrar an opinion of counsel (a “Benefit Plan Opinion”) satisfactory to the Certificate Registrar, and upon which
the Certificate Registrar, the Trustee, the Master Servicer, the Depositor and the Securities Administrator shall be entitled to
rely, to the effect that the purchase or holding of such Certificate by the Investor will not constitute or result in any non-exempt
prohibited transactions under Title I of ERISA or Section 4975 of the Code and will not subject the Certificate Registrar, the
Trustee, the Master Servicer, the Depositor or the Securities Administrator to any obligation in addition to those undertaken by
such entities in the Pooling and Servicing Agreement, dated as of ____________ __, 20__ (the “Agreement”),
by and among Sequoia Residential Funding, Inc., as Depositor, [                       ],
as Master Servicer and as Securities Administrator, and [                     ],
as Trustee, by which opinion of counsel shall not be an expense of the Trust Fund or the above
parties.

3.In the case of an ERISA-Restricted
Purchase Option Certificate, either (i) the Investor is neither a Plan nor a person acting on behalf of any such Plan or using
the assets of any such Plan to effect such transfer or (ii) the acquisition and holding of the ERISA-Restricted Purchase Option
Certificate are eligible for exemptive relief under the statutory exemption for nonfiduciary service providers under Section 408(b)(17)
of ERISA and Section 4975(d)(20) of the Code, PTCE 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 or PTCE 96-23 or some other applicable
exemption.

    	J-1

    	 

    
 

4.The Investor hereby acknowledges
that under the terms of the Agreement, no transfer of the ERISA-Restricted Certificates shall be permitted to be made to any person
unless the Certificate Registrar has received a certificate from such transferee in the form hereof.

IN WITNESS WHEREOF, the Investor has caused this instrument to be executed on its behalf, pursuant to proper authority, by its
duly authorized officer, duly attested, this ____ day of _______________ 20___.

    	J-2

    	 

    
 

_________________________________

[Investor]

By:______________________________

Name:

Title:

ATTEST:

 

_____________________________

 

STATE OF                    )

                                        )       ss.:

COUNTY OF                 )

Personally appeared before me the
above-named ________________, known or proved to me to be the same person who executed the foregoing instrument and to be the ____________________
of the Investor, and acknowledged that he executed the same as his free act and deed and the free act and deed of the Investor.

Subscribed and sworn before me
this _____ day of _________ 20___.

______________________________

NOTARY PUBLIC

My commission expires the

_____ day of __________ 20___.

    	J-3

    	 

    
EXHIBIT
H-1

LIST OF PURCHASE
AGREEMENTS

		1.	

 

    	E-1

    	 

    
 

EXHIBIT
H-2

LIST OF SERVICING
AGREEMENTS

		2.	

 

 

    	E-1

    	 

    
 

[[EXHIBIT G

LIST OF LIMITED PURPOSE SURETY BONDS]]

 

 

    	K-1

    	 

    
 

EXHIBIT I

ADDITIONAL DISCLOSURE
NOTIFICATION

 

Additional Disclosure Notification

 

[                            ]

Fax: (     )

Email:

		Attn:	Corporate Trust Services- Sequoia Mortgage Trust 20__-_,
Mortgage Pass-Through Certificates, Series 20__-_—SEC REPORT PROCESSING

 

RE: **Additional Form [10-D][10-K][8-K] Disclosure** Required

 

 

Ladies and Gentlemen:

In accordance with Section 6.21[(a)][(b)][(c)]
of the Pooling and Servicing Agreement, Pooling and Servicing Agreement, dated as of ____________ __, 20__ (the “Agreement”),
by and among Sequoia Residential Funding, Inc., as Depositor, [                   ],
as Master Servicer and as Securities Administrator, and [            ],
as Trustee with respect to Sequoia Mortgage Trust 20__-_ Mortgage Pass-Through Certificate, the undersigned, as [          ],
hereby notifies you that certain events have come to our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

Description of Additional Form [10-D][10-K][8-K]
Disclosure:

 

List of any Attachments hereto to
be included in the Additional Form [10-D][10-K][8-K] Disclosure:

 

 

 

Any inquiries related to this notification
should be directed to [                       ],
phone number: [         ]; email address: [                   ].

[NAME OF PARTY],

as [role]

By:    _________________________

Name:

Title:

    	L-1

    	 

    
 

 

EXHIBIT J

 

[[BACK-UP CERTIFICATE TO FORM 10-K CERTIFICATE]]

Sequoia Mortgage Trust 20__-_ (the “Trust”)

Mortgage Pass-Through Certificates

Re:The Pooling
and Servicing Agreement, dated as of ____________ __, 20__ (the “Agreement”), by and among Sequoia Residential Funding,
Inc., as Depositor, [                  ],
as Master Servicer and as Securities Administrator, and [                           ],
as Trustee with respect to Sequoia Mortgage Trust 20__-_ Mortgage Pass-Through Certificate. I, ________________________________,
the _______________________ of [NAME OF COMPANY] (the “Company”), certify to the Depositor and its officers, directors
and affiliates, with the knowledge and intent that they will rely upon this certification, that:

 

I, __________________________, the _________________________ of
[NAME OF COMPANY] (the “Company”) certify to the Depositor and its officers, directors and affiliates, and with the
knowledge and intent that they will rely upon this certification, that:

 

(1)I have reviewed the annual report on Form 10-K for the fiscal
year [____] (the “Annual Report”), and all reports on Form 10-D required to be filed in respect of period covered by
the Annual Report (collectively with the Annual Report, the “Reports”), of the Trust Fund;

 

(2)To my knowledge, (a) the Reports, taken as a whole, do not
contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light
of the circumstances under which such statements were made, not misleading with respect to the period covered by the Annual Report,
and (b) the Company’s assessment of compliance and related attestation report referred to below, taken as a whole, do not
contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light
of the circumstances under which such statements were made, not misleading with respect to the period covered by such assessment
of compliance and attestation report;

 

(3)To my knowledge, the distribution information required to
be provided by the Company under the Pooling and Servicing Agreement has been provided to the Securities Administrator for inclusion
in the Reports is included in the Reports;

 

(4)I am responsible for reviewing the activities performed by
the Company under the Pooling and Servicing Agreement, and based on my knowledge and the compliance review conducted in preparing
the assessment of compliance of the Company required by the Pooling and Servicing Agreement, and except as disclosed in the Reports,
the Company has fulfilled its obligations under the Pooling and Servicing Agreement in all material respects; and

 

(5)The report on assessment of compliance with servicing criteria
applicable to the Company for asset-backed securities of the Company and each Subcontractor utilized by the Company and the related
attestation report on assessment of compliance with servicing criteria applicable to it required to be included in the Annual Report
in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to the
Annual Report. Any material instances of non-compliance are described in such report and have been disclosed in the Annual Report.

    	M-1

    	 

    
 

 

In giving the certifications above, the Company
has reasonably relied on information provided to it by the following unaffiliated parties: [names of servicer(s), subservicer(s),
custodian(s)]

 

By: ________________________________

Name:

Title

Date:

    	M-2

    	 

    
EXHIBIT K

SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT
OF COMPLIANCE

 

The Assessment of Compliance to be delivered
by the parties listed in the table below shall address, at a minimum, the criteria identified below as “Applicable Servicing
Criteria” for each such party: 

 

 

 

	Regulation AB Reference	
Servicing Criteria	
Master Servicer	Securities Admini-

strator	

Servicers	

Custodian

 

	 	General Servicing Considerations	 	 	 

 

	1122(d)(1)(i)	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	X	X	X	 
	1122(d)(1)(ii)	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	X	 	X	 
	1122(d)(1)(iii)	Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.	N/A	N/A	N/A	 
	1122(d)(1)(iv)	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	X	 	X	 
	 	Cash Collection and Administration	 	 	 	 
	1122(d)(2)(i)	Payments on pool assets are deposited into the appropriate bank collection accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.	X	X	X	 
	1122(d)(2)(ii)	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	X	X	X	 
	1122(d)(2)(iii)	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	X	 	X	 
	1122(d)(2)(iv)	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	X	X	X	 
	1122(d)(2)(v)	Each collection account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	X	X	X	 
	1122(d)(2)(vi)	Unissued checks are safeguarded so as to prevent unauthorized access.	 	 	X	 
	1122(d)(2)(vii)	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including collection accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	X	X	X	 

 

    	N-1

    	 

    

	 	Investor Remittances and Reporting	 	 	 	 
	1122(d)(3)(i)	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the Servicer.	X	X	X	 
	1122(d)(3)(ii)	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	X	X	X	 
	1122(d)(3)(iii)	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.	X	X	X	 
	1122(d)(3)(iv)	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	X	X	X	 
	 	Pool Asset Administration	 	 	 	 
	1122(d)(4)(i)	Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents.	 	 	X	X
	1122(d)(4)(ii)	Pool assets  and related documents are safeguarded as required by the transaction agreements	 	 	X	X
	1122(d)(4)(iii)	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	 	 	X	 
	1122(d)(4)(iv)	Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents.	 	 	X	 
	1122(d)(4)(v)	The Servicer’s records regarding the pool assets agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.	 	 	X	 
	1122(d)(4)(vi)	Changes with respect to the terms or status of an obligor's pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	 	 	X	 
	1122(d)(4)(vii)	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.	 	 	X	 
	1122(d)(4)(viii)	Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	 	 	X	 

 

    	N-2

    	 

    

	1122(d)(4)(ix)	Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.	 	 	X	 
	1122(d)(4)(x)	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the transaction agreements.	 	 	X	 
	1122(d)(4)(xi)	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	 	 	X	 
	1122(d)(4)(xii)	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	 	 	X	 
	1122(d)(4)(xiii)	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.	 	 	X	 
	1122(d)(4)(xiv)	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	X	 	X	 
	1122(d)(4)(xv)	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	N/A	N/A	N/A	N/A

 

 

[NAME OF PARTY]

Date:_________________________

 

By:

Name: ________________________________

Title: ________________________________

    	N-3

    	 

    
 

EXHIBIT L

ADDITIONAL FORM
10-D DISCLOSURE

 

 

	
        ADDITIONAL FORM 10-D DISCLOSURE

         

	Item on Form 10-D	Party Responsible
	
        Item 1: Distribution and Pool Performance
        Information

         

         
	 
	Information included in the [Distribution Date Statement]	
        Master Servicer

        Securities Administrator

         

	
        Any information required by 1121 which is NOT included on the [Distribution
        Date Statement]

         
	Depositor
	
        Item 2: Legal Proceedings

         

        Any legal proceeding pending against the following
        entities or their respective property, that is material to Certificateholders, including any proceedings known to be contemplated
        by governmental authorities:
	 
	▪ Issuing Entity (Trust Fund)	Trustee, Master Servicer, Securities Administrator and Depositor
	▪ Sponsor (Seller)	Seller (if a party to the Pooling and Servicing Agreement) or Depositor
	▪ Depositor	Depositor
	▪ Trustee	Trustee
	▪ Securities Administrator	Securities Administrator
	▪ Master Servicer	Master Servicer
	▪ Custodian	Custodian
	▪ 1110(b) Originator	Depositor
	▪ Any 1108(a)(2) Servicer (other than the Master Servicer or Securities Administrator)	Servicer (as to itself)
	▪ Any other party contemplated by 1100(d)(1)	Depositor
	
        Item 3: Sale of Securities and Use of Proceeds

        Information from Item 2(a) of Part II of
        Form 10-Q:

         

        With respect to any sale of securities by the
        sponsor, depositor or issuing entity, that are backed by the same asset pool or are otherwise issued by the issuing entity, whether
        or not registered, provide the sales and use of proceeds information in Item 701 of Regulation S-K. Pricing information can be
        omitted if securities were not registered.
	Depositor

 

    	O-1

    	 

    

 

	ADDITIONAL FORM 10-D DISCLOSURE

         

	Item on Form 10-D	Party Responsible

	
        Item 4: Defaults Upon Senior Securities

         

        Information from Item 3 of Part II of Form
        10-Q:

         

        Report the occurrence of any Event of Default
        (after expiration of any grace period and provision of any required notice)
	
        Securities Administrator

        Trustee

	
        Item 5: Submission of Matters to a Vote of
        Security Holders

         

        Information from Item 4 of Part II of Form
        10-Q
	
        Securities Administrator

        Trustee

	
        Item 6: Significant Obligors of Pool Assets

         

        Item 1112(b) – Significant
        Obligor Financial Information*
	Depositor
	*This information need only be reported on the Form 10-D for the distribution period in which updated information is required pursuant to the Item.	 
	
        Item 7: Significant Enhancement Provider
        Information

         

        Item 1114(b)(2) – Credit Enhancement Provider Financial
        Information*
	 
	▪ Determining applicable disclosure threshold	Depositor
	▪ Requesting required financial information (including any required accountants’ consent to the use thereof) or effecting incorporation by reference	
        Depositor

         

	Item 1115(b) – Derivative Counterparty Financial Information*	 
	▪ Determining current maximum probable exposure	Depositor
	▪ Determining current significance percentage	Depositor
	▪ Requesting required financial information (including any required accountants’ consent to the use thereof) or effecting incorporation by reference	
        Depositor

         

 

 

    	O-2

    	 

    

 

	ADDITIONAL FORM 10-D DISCLOSURE

         

	Item on Form 10-D	Party Responsible

	*This information need only be reported on the Form 10-D for the distribution period in which updated information is required pursuant to the Items.	 
	
        Item 8: Other Information

         

        Disclose any information required to be
        reported on Form 8-K during the period covered by the Form 10-D but not reported
	Any party responsible for the applicable Form 8-K Disclosure item
	Item 9:  Exhibits	 
	Distribution Date Statement to Certificateholders	Securities Administrator
	Exhibits required by Item 601 of Regulation S-K, such as material agreements	Depositor

    	O-3

    	 

    
 

EXHIBIT M

ADDITIONAL FORM
10-K DISCLOSURE

 

	ADDITIONAL FORM 10-K DISCLOSURE
	Item on Form 10-K	Party Responsible
	
        Item 1B: Unresolved Staff Comments

         

         
	Depositor
	
        Item 9B: Other Information

        Disclose any information required to be reported
        on Form 8-K during the fourth quarter covered by the Form 10-K but not reported
	Any party responsible for disclosure items on Form 8-K
	Item 15:  Exhibits, Financial Statement Schedules	
        Securities Administrator

        Depositor

	Reg AB Item 1112(b):  Significant Obligors of Pool Assets	 
	Significant Obligor Financial Information*	Depositor
	*This information need only be reported on the Form 10-D for the distribution period in which updated information is required pursuant to the Item.	 
	Reg AB Item 1114(b)(2):  Credit Enhancement Provider Financial Information	 
	▪ Determining applicable disclosure threshold	Depositor
	▪ Requesting required financial information (including any required accountants’ consent to the use thereof) or effecting incorporation by reference	
        Depositor

         

	*This information need only be reported on the Form 10-D for the distribution period in which updated information is required pursuant to the Items.	 
	Reg AB Item 1115(b):  Derivative Counterparty Financial Information	 
	▪ Determining current maximum probable exposure	Depositor
	▪ Determining current significance percentage	Depositor
	▪ Requesting required financial information (including any required accountants’ consent to the use thereof) or effecting incorporation by reference	Depositor
	*This information need only be reported on the Form 10-D for the distribution period in which updated information is required pursuant to the Items.	 

 

 

    	P-1

    	 

    

 

 

	ADDITIONAL FORM 10-K DISCLOSURE
	Item on Form 10-K	Party Responsible

	
        Reg AB Item 1117: Legal Proceedings

         

        Any legal proceeding pending against the following
        entities or their respective property, that is material to Certificateholders, including any proceedings known to be contemplated
        by governmental authorities:
	 
	▪ Issuing Entity (Trust Fund)	Trustee, Master Servicer, Securities Administrator and Depositor
	▪ Sponsor (Seller)	Seller (if a party to the Pooling and Servicing Agreement) or Depositor
	▪ Depositor	Depositor
	▪ Trustee	Trustee
	▪ Securities Administrator	Securities Administrator
	▪ Master Servicer	Master Servicer
	▪ Custodian	Custodian
	▪ 1110(b) Originator	Depositor
	▪ Any 1108(a)(2) Servicer (other than the Master Servicer or Securities Administrator)	Servicer (as to itself)
	▪ Any other party contemplated by 1100(d)(1)	Depositor
	Reg AB Item 1119:  Affiliations and Relationships	 
	
        Whether (a) the Sponsor (Seller), Depositor
        or Issuing Entity is an affiliate of the following parties, and (b) to the extent known and material, any of the following parties
        are affiliated with one another:

         
	
        Depositor as to (a)

        Sponsor/Seller as to (b)

	▪ Master Servicer	Master Servicer
	▪ Securities Administrator	Securities Administrator
	▪ Trustee	
        Depositor as to (a)

        Trustee as to (b)

	▪ Any other 1108(a)(3) servicer	Servicer (as to itself)
	▪ Any 1110 Originator	Depositor/Sponsor
	▪ Any 1112(b) Significant Obligor	Depositor/Sponsor
	▪ Any 1114 Credit Enhancement Provider	Depositor/Sponsor
	▪ Any 1115 Derivative Counterparty Provider	Depositor/Sponsor
	▪ Any other 1101(d)(1) material party	Depositor/Sponsor
	
        Whether there are any “outside the ordinary
        course business arrangements” other than would be obtained in an arm’s length transaction between (a) the Sponsor (Seller),
        Depositor or Issuing Entity on the one hand, and (b) any of the following parties (or their affiliates) on the other hand, that
        exist currently or within the past two years and that are material to a Certificateholder’s understanding of the Certificates:

         
	
        Depositor as to (a)

        Sponsor/Seller as to (b)

 

    	P-2

    	 

    
 

  

	ADDITIONAL FORM 10-K DISCLOSURE
	Item on Form 10-K	Party Responsible

	▪ Master Servicer	Master Servicer
	▪ Securities Administrator	Securities Administrator
	▪ Trustee	Depositor/Sponsor
	▪ Any other 1108(a)(3) servicer	Servicer (as to itself)
	▪ Any 1110 Originator	Depositor/Sponsor
	▪ Any 1112(b) Significant Obligor	Depositor/Sponsor
	▪ Any 1114 Credit Enhancement Provider	Depositor/Sponsor
	▪ Any 1115 Derivative Counterparty Provider	Depositor/Sponsor
	▪ Any other 1101(d)(1) material party	Depositor/Sponsor
	
        Whether there are any specific relationships
        involving the transaction or the pool assets between (a) the Sponsor (Seller), Depositor or Issuing Entity on the one hand, and
        (b) any of the following parties (or their affiliates) on the other hand, that exist currently or within the past two years and
        that are material:

         
	Depositor as to (a)
 Sponsor/Seller as to (b)
	▪ Master Servicer	Master Servicer
	▪ Securities Administrator	Securities Administrator
	▪ Trustee	Depositor/Sponsor
	▪ Any other 1108(a)(3) servicer	Servicer (as to itself)
	▪ Any 1110 Originator	Depositor/Sponsor
	▪ Any 1112(b) Significant Obligor	Depositor/Sponsor
	▪ Any 1114 Credit Enhancement Provider	Depositor/Sponsor
	▪ Any 1115 Derivative Counterparty Provider	Depositor/Sponsor
	▪ Any other 1101(d)(1) material party	Depositor/Sponsor

 

    	P-3

    	 

    

EXHIBIT N

ADDITIONAL FORM
8-K DISCLOSURE

 

 

	FORM 8-K DISCLOSURE INFORMATION
	Item on Form 8-K	Party Responsible
	
        Item 1.01- Entry into a Material Definitive
        Agreement

         

        Disclosure is required regarding entry into or amendment of any
        definitive agreement that is material to the securitization, even if depositor is not a party.

         

        Examples: servicing agreement, custodial agreement.

         

        Note: disclosure not required as to definitive
        agreements that are fully disclosed in the prospectus
	All parties (as to themselves)
	
        Item 1.02- Termination of a Material Definitive
        Agreement

         

        Disclosure is required regarding termination of any definitive agreement
        that is material to the securitization (other than expiration in accordance with its terms), even if depositor is not a party.

         

        Examples: servicing agreement, custodial agreement.
	All parties (as to themselves)
	
        Item 1.03- Bankruptcy or Receivership

         

        Disclosure is required regarding the bankruptcy
        or receivership, with respect to any of the following:

         
	Depositor
	▪ Sponsor (Seller)	Depositor/Sponsor (Seller)
	▪ Depositor	Depositor
	▪ Master Servicer	Master Servicer
	▪ Affiliated Servicer	Servicer (as to itself)
	▪ Other Servicer servicing 20% or more of the pool assets at the time of the report	Servicer (as to itself)
	▪ Other material servicers	Servicer (as to itself)
	▪ Trustee	Trustee
	▪ Securities Administrator	Securities Administrator
	▪ Significant Obligor	Depositor

 

 

    	Q-1

    	 

    

 

 

	FORM 8-K DISCLOSURE INFORMATION
	Item on Form 8-K	Party Responsible

	▪ Credit Enhancer (10% or more)	Depositor
	▪ Derivative Counterparty	Depositor
	▪ Custodian	Custodian
	
        Item 2.04- Triggering Events that Accelerate
        or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement

         

        Includes an early amortization, performance
        trigger or other event, including event of default, that would materially alter the payment priority/distribution of cash flows/amortization
        schedule.

         

        Disclosure will be made of events other than
        waterfall triggers which are disclosed in the Distribution Date Statements to the certificateholders.
	
        Depositor

        Master Servicer

        Securities Administrator

	
        Item 3.03- Material Modification to Rights
        of Security Holders

         

        Disclosure is required of any material modification
        to documents defining the rights of Certificateholders, including the Pooling and Servicing Agreement.
	
        Securities Administrator

        Depositor

	
        Item 5.03- Amendments of Articles of Incorporation
        or Bylaws; Change of Fiscal Year

        Disclosure is required of any amendment “to
        the governing documents of the issuing entity”.
	Depositor
	
        Item 6.01- ABS Informational and Computational
        Material

         
	Depositor
	
        Item 6.02- Change of Servicer or Securities
        Administrator

         

        Requires disclosure of any removal, replacement,
        substitution or addition of any master servicer, affiliated servicer, other servicer servicing 10% or more of pool assets at time
        of report, other material servicers or trustee.
	
        Master Servicer/Securities Administrator/Depositor/

        Servicer (as to itself)/Trustee

	Reg AB disclosure about any new servicer or master servicer is also required.	Servicer (as to itself)/Master Servicer/Depositor
	Reg AB disclosure about any new Trustee is also required.	Depositor/Securities Administrator
	
        Item 6.03- Change in Credit Enhancement or
        External Support

        Covers termination of any enhancement in manner
        other than by its terms, the addition of an enhancement, or a material change in the enhancement provided. Applies to external
        credit enhancements as well as derivatives.
	Depositor/Securities Administrator

 

    	Q-2

    	 

    
 

 

 

	FORM 8-K DISCLOSURE INFORMATION
	Item on Form 8-K	Party Responsible

	Reg AB disclosure about any new enhancement provider is also required.	Depositor
	Item 6.04- Failure to Make a Required Distribution	Trustee/Securities Administrator
	
        Item 6.05- Securities Act Updating Disclosure

         

        If any material pool characteristic differs
        by 5% or more at the time of issuance of the securities from the description in the final prospectus, provide updated Reg AB disclosure
        about the actual asset pool.
	Depositor
	If there are any new servicers or originators required to be disclosed under Regulation AB as a result of the foregoing, provide the information called for in Items 1108 and 1110 respectively.	Depositor
	Item 7.01- Reg FD Disclosure	All parties (as to themselves)
	
        Item 8.01- Other Events

         

        Any event, with respect to which information
        is not otherwise called for in Form 8-K, that the registrant deems of importance to certificateholders.
	Depositor
	Item 9.01- Financial Statements and Exhibits	Responsible party for reporting/disclosing the financial statement or exhibit

    	Q-3

    	 

    
 

[                        ],

as [Securities Administrator] [Master Servicer]

By:_____________________________________

Name:

			Title:

 

    	 

    	 

    

EXHIBIT O

 

FORM OF CERTIFICATION FOR NRSROs AND DEPOSITOR

[Date]

 

[Master Servicer

Address]

 

Attention: RMBS – SEMT 201__-__

 

		Attention:	Sequoia Mortgage Trust 201__-__,

Mortgage Pass-Through Certificates, Series 201__-__

 

In accordance with the requirements for obtaining
certain information pursuant to the Pooling and Servicing Agreement, dated as of [__________ __, 201__] (the “Pooling and
Servicing Agreement”), by and among Sequoia Residential Funding, Inc., as Depositor, Wells Fargo Bank, N.A., as Master Servicer
and Securities Administrator, and U.S. Bank National Association, as Trustee with respect to the above-referenced certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

With respect to any Nationally Recognized Statistical
Rating Organization (“NRSRO”):

 

		1.	The undersigned, an NRSRO, has provided the Depositor with the appropriate certifications under Exchange Act Rule 17g-5(e).

		2.	The undersigned has access to the Depositor's 17g-5 website, and any confidentiality agreement applicable to the undersigned
with respect to information obtained from the Depositor's 17g-5 website shall also be applicable to information obtained from the
Rule 17g-5 Website.

		3.	The undersigned shall be deemed to have recertified to the provisions herein each time it accesses any information on the Rule
17g-5 Website maintained by the Securities Administrator.

 

With respect to the Depositor:

 

		1.	The undersigned is the Depositor under the Pooling and Servicing Agreement.

 

Capitalized terms used but not defined herein shall have the respective
meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION HEREOF, the undersigned has made the
representations above and shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the
date certified.

    	 

    	 

    
 

SCHEDULE A

MORTGAGE
LOAN SCHEDULE

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