Document:

Indenture

 Exhibit 4.3 
  
 [ISSUER], 
  
 Issuer, 
  
 and 
  
 [INDENTURE TRUSTEE], 
  
 Indenture Trustee 
  

  
 INDENTURE 
  

  
 Dated as of [DATE] 
  
 [ISSUER] HOME LOAN ASSET-BACKED NOTES 

 TABLE OF CONTENTS 
  

					
	 	    	 	  	Page

	ARTICLE I         DEFINITIONS	  	2
			
	 Section 1.01
	    	Definitions	  	2
	 Section 1.02
	    	Incorporation by Reference of Trust Indenture Act	  	2
	 Section 1.03
	    	Rules of Construction. Unless the context otherwise requires:	  	2
		
	ARTICLE II         ORIGINAL ISSUANCE OF NOTES	  	3
			
	 Section 2.01
	    	Form	  	3
	 Section 2.02
	    	Execution, Authentication and Delivery	  	3
		
	ARTICLE III         COVENANTS	  	4
			
	 Section 3.01
	    	Collection of Payments with Respect to the Mortgage Loans	  	4
	 Section 3.02
	    	Maintenance of Office or Agency	  	4
	 Section 3.03
	    	Money for Payments to Be Held in Trust; Paying Agent	  	4
	 Section 3.04
	    	Existence	  	6
	 Section 3.05
	    	Priority of Distributions.	  	6
	 Section 3.06
	    	Protection of Trust Estate	  	8
	 Section 3.07
	    	Opinions as to Trust Estate	  	9
	 Section 3.08
	    	Performance of Obligations; Master Servicing Agreement	  	10
	 Section 3.09
	    	Negative Covenants	  	10
	 Section 3.10
	    	Annual Statement as to Compliance	  	11
	 Section 3.11
	    	Recordation of Assignments	  	11
	 Section 3.12
	    	Representations and Warranties Concerning the Mortgage Loans	  	11
	 Section 3.13
	    	Assignee of Record of the Mortgage Loans	  	11
	 Section 3.14
	    	Master Servicer as Agent and Bailee of the Indenture Trustee	  	11
	 Section 3.15
	    	Investment Company Act	  	12
	 Section 3.16
	    	Issuer May Consolidate, etc	  	12
	 Section 3.17
	    	Successor or Transferee	  	13
	 Section 3.18
	    	No Other Business	  	14
	 Section 3.19
	    	No Borrowing	  	14
	 Section 3.20
	    	Guarantees, Loans, Advances and Other Liabilities	  	14
	 Section 3.21
	    	Capital Expenditures	  	14
	 Section 3.22
	    	Owner Trustee Not Liable for Certificates or Related Documents	  	14
	 Section 3.23
	    	Restricted Payments	  	15
	 Section 3.24
	    	Notice of Events of Default	  	15
	 Section 3.25
	    	Further Instruments and Acts	  	15
	 Section 3.26
	    	Statements to Noteholders	  	15
	 Section 3.27
	    	Determination of Note Rate	  	15
	 Section 3.28
	    	Payments under the Policy	  	16
	 Section 3.29
	    	[RESERVED]	  	16

  

 i 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	    	 	  	Page

	 Section 3.30
	    	Additional Representations of the Issuer	  	16
		
	ARTICLE IV         THE NOTES; SATISFACTION AND DISCHARGE OF INDENTURE	  	17
			
	 Section 4.01
	    	The Notes;	  	17
	 Section 4.02
	    	Registration of and Limitations on Transfer and Exchange of Notes; Appointment of Certificate Registrar	  	18
	 Section 4.03
	    	Mutilated, Destroyed, Lost or Stolen Notes	  	19
	 Section 4.04
	    	Persons Deemed Owners	  	20
	 Section 4.05
	    	Cancellation	  	20
	 Section 4.06
	    	Book-Entry Notes	  	20
	 Section 4.07
	    	Notices to Depository	  	21
	 Section 4.08
	    	Definitive Notes	  	21
	 Section 4.09
	    	Tax Treatment	  	21
	 Section 4.10
	    	Satisfaction and Discharge of Indenture	  	21
	 Section 4.11
	    	Application of Trust Money	  	23
	 Section 4.12
	    	Subrogation and Cooperation	  	23
	 Section 4.13
	    	Repayment of Monies Held by Paying Agent	  	24
	 Section 4.14
	    	Temporary Notes	  	24
		
	 ARTICLE V         DEFAULT AND REMEDIES
	  	24
			
	 Section 5.01
	    	Events of Default	  	24
	 Section 5.02
	    	Acceleration of Maturity; Rescission and Annulment	  	24
	 Section 5.03
	    	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	  	25
	 Section 5.04
	    	Remedies; Priorities	  	27
	 Section 5.05
	    	Optional Preservation of the Trust Estate	  	29
	 Section 5.06
	    	Limitation of Suits	  	29
	 Section 5.07
	    	Unconditional Rights of Noteholders to Receive Principal and Interest	  	30
	 Section 5.08
	    	Restoration of Rights and Remedies	  	30
	 Section 5.09
	    	Rights and Remedies Cumulative	  	30
	 Section 5.10
	    	Delay or Omission Not a Waiver	  	31
	 Section 5.11
	    	Control by Enhancer or Noteholders	  	31
	 Section 5.12
	    	Waiver of Past Defaults	  	31
	 Section 5.13
	    	Undertaking for Costs	  	32
	 Section 5.14
	    	Waiver of Stay or Extension Laws	  	32
	 Section 5.15
	    	Sale of Trust Estate	  	32
	 Section 5.16
	    	Action on Notes	  	34
	 Section 5.17
	    	Performance and Enforcement of Certain Obligations	  	34

  

 ii 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	Page

	ARTICLE VI         THE INDENTURE TRUSTEE	  	35
			
	 Section 6.01
	    	Duties of Indenture Trustee	  	35
	 Section 6.02
	    	Rights of Indenture Trustee	  	36
	 Section 6.03
	    	Individual Rights of Indenture Trustee	  	38
	 Section 6.04
	    	Indenture Trustee’s Disclaimer	  	38
	 Section 6.05
	    	Notice of Event of Default	  	38
	 Section 6.06
	    	Reports by Indenture Trustee to Noteholders	  	38
	 Section 6.07
	    	Compensation and Indemnity	  	38
	 Section 6.08
	    	Replacement of Indenture Trustee	  	39
	 Section 6.09
	    	Successor Indenture Trustee by Merger	  	40
	 Section 6.10
	    	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	  	40
	 Section 6.11
	    	Eligibility; Disqualification	  	41
	 Section 6.12
	    	Preferential Collection of Claims Against Issuer	  	42
	 Section 6.13
	    	Representations and Warranties	  	42
	 Section 6.14
	    	Directions to Indenture Trustee	  	42
	 Section 6.15
	    	Indenture Trustee May Own Securities	  	43
		
	ARTICLE VII         NOTEHOLDERS’ LISTS AND REPORTS	  	43
			
	 Section 7.01
	    	Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders	  	43
	 Section 7.02
	    	Preservation of Information; Communications to Noteholders	  	43
	 Section 7.03
	    	Reports by Issuer	  	43
	 Section 7.04
	    	Reports by Indenture Trustee	  	44
		
	ARTICLE VIII         ACCOUNTS, DISBURSEMENTS AND RELEASES	  	44
			
	 Section 8.01
	    	Collection of Money	  	44
	 Section 8.02
	    	Trust Accounts	  	44
	 Section 8.03
	    	Officer’s Certificate	  	45
	 Section 8.04
	    	Termination Upon Distribution to Noteholders	  	45
	 Section 8.05
	    	Release of Trust Estate	  	45
	 Section 8.06
	    	Surrender of Notes Upon Final Payment	  	46
		
	ARTICLE IX         SUPPLEMENTAL INDENTURES	  	46
			
	 Section 9.01
	    	Supplemental Indentures Without Consent of Noteholders	  	46
	 Section 9.02
	    	Supplemental Indentures With Consent of Noteholders	  	47
	 Section 9.03
	    	Execution of Supplemental Indentures	  	49
	 Section 9.04
	    	Effect of Supplemental Indenture	  	49
	 Section 9.05
	    	Conformity with Trust Indenture Act	  	49
	 Section 9.06
	    	Reference in Notes to Supplemental Indentures	  	49

  

 iii 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	    	 	  	Page

	ARTICLE X         MISCELLANEOUS	  	49
			
	 Section 10.01
	    	Compliance Certificates and Opinions, etc	  	49
	 Section 10.02
	    	Form of Documents Delivered to Indenture Trustee	  	51
	 Section 10.03
	    	Acts of Noteholders	  	52
	 Section 10.04
	    	Notices, etc., to Indenture Trustee, Issuer, Enhancer and Rating Agencies	  	52
	 Section 10.05
	    	Notices to Noteholders; Waiver	  	53
	 Section 10.06
	    	Alternate Payment and Notice Provisions	  	54
	 Section 10.07
	    	Conflict with Trust Indenture Act	  	54
	 Section 10.08
	    	Effect of Headings	  	54
	 Section 10.09
	    	Successors and Assigns	  	54
	 Section 10.10
	    	Severability	  	54
	 Section 10.11
	    	Benefits of Indenture	  	54
	 Section 10.12
	    	Legal Holidays	  	54
	 Section 10.13
	    	GOVERNING LAW	  	55
	 Section 10.14
	    	Counterparts	  	55
	 Section 10.15
	    	Recording of Indenture	  	55
	 Section 10.16
	    	Issuer Obligation	  	55
	 Section 10.17
	    	No Petition	  	55
	 Section 10.18
	    	Inspection	  	56
		
	 ARTICLE XI         REMIC PROVISIONS
	  	56
			
	 Section 11.01
	    	REMIC Administration	  	56
	 Section 11.02
	    	Master Servicer, REMIC Administrator and Indenture Trustee Indemnification	  	60
	 Section 11.03
	    	Designation of REMIC(s)	  	60

  
 EXHIBITS 
  

					
	Exhibit A	 	        -        	 	Form of Notes
	Appendix A	 	        -        	 	Definitions

  

 iv 

 This Indenture, dated as of [DATE], is between [ISSUER], a Delaware statutory trust, as issuer
(the “Issuer”), and [INDENTURE TRUSTEE], a national banking association, as indenture trustee (the “Indenture Trustee”). 
  
 WITNESSETH: 
  
 Each party hereto agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Noteholders of the Issuer’s
Series [ISSUER] Home Loan Asset-Backed Notes (the “Notes”). 
  
 GRANTING CLAUSE: 
  
 The Issuer hereby Grants to the
Indenture Trustee on the Closing Date, as trustee for the benefit of the Noteholders and the Enhancer, all of the Issuer’s right, title and interest in and to all accounts, chattel paper, general intangibles, contract rights, payment
intangibles, certificates of deposit, deposit accounts, instruments, documents, letters of credit, money, advices of credit, investment property, goods and other property consisting of, arising under or related to whether now existing or hereafter
created in any of the following: (a) the Mortgage Loans, and all monies due or to become due thereunder; (b) the Note Payment Account, and all funds on deposit or credited thereto from time to time and all proceeds thereof; (c) the
Policy and all hazard insurance policies; and (d) all present and future claims, demands, causes and choses in action in respect of any or all of the foregoing and all payments on or under, and all proceeds of every kind and nature whatsoever
in respect of, any or all of the foregoing and all payments on or under, and all proceeds of every kind and nature whatsoever in the conversion thereof, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts,
accounts receivable, notes, drafts, acceptances, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are
included in the proceeds of any of the foregoing (collectively, the “Trust Estate” or the “Collateral”). 
  
 The foregoing Grant is made in trust to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes, equally
and ratably without prejudice, priority or distinction, and to secure compliance with the provisions of this Indenture, all as provided in this Indenture. 
  
 The foregoing Grant shall inure to the benefit of the Enhancer in respect of draws made on the Policy and amounts owing from time to time pursuant to the
Insurance Agreement (regardless of whether such amounts relate to the Notes or the Certificates), and such Grant shall continue in full force and effect for the benefit of the Enhancer until all such amounts owing to it have been repaid in full.

  
 The Indenture Trustee, as trustee on behalf of the
Noteholders, acknowledges such Grant, accepts the trust under this Indenture in accordance with the provisions hereof and agrees to perform its duties as Indenture Trustee as required herein. 

 ARTICLE I 
  
 Definitions 
  
 Section 1.01 Definitions. For all purposes of this Indenture, except as otherwise expressly provided herein or unless the context otherwise
requires, capitalized terms not otherwise defined herein shall have the meanings assigned to such terms in the Definitions attached hereto as Appendix A, which is incorporated by reference herein. All other capitalized terms used herein shall have
the meanings specified herein. 
  
 Section 1.02
Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the Trust Indenture Act (the “TIA”), such provision is incorporated by reference in and made a part of this Indenture. The following
TIA terms used in this Indenture have the following meanings: 
  
 “Commission” means the Securities and Exchange Commission. 
  
 “indenture securities” means the Notes. 
  
 “indenture security holder” means a Noteholder. 
  
 “indenture to be qualified” means this Indenture. 
  
 “indenture trustee” or “institutional trustee” means the Indenture Trustee. 
  
 “obligor” on the indenture securities means the Issuer and any other obligor on the indenture securities. 
  
 All other TIA terms used in this Indenture that are defined by TIA, defined
by TIA reference to another statute or defined by Commission rule have the meaning assigned to them by such definitions. 
  
 Section 1.03 Rules of Construction. Unless the context otherwise requires: 
  
 (a) a term has the meaning assigned to it; 
  
 (b) an accounting term not otherwise defined has the meaning assigned to it in accordance with generally
accepted accounting principles as in effect from time to time; 
  
 (c) “or” includes “and/or”; 
  
 (d)
“including” means “including without limitation”; 
  
 (e) words in the singular include the plural and words in the plural include the singular; 
  
 (f) the term “proceeds” has the meaning ascribed thereto in the UCC; and 
  

 2 

 (g) any agreement, instrument or statute defined or referred to herein or in any instrument or
certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and
instruments incorporated therein; references to a Person are also to its permitted successors and assigns. 
  
 ARTICLE II 
  
 Original Issuance of Notes 
  
 Section 2.01
Form. The Notes, together with the Indenture Trustee’s certificate of authentication, shall be in substantially the form set forth in Exhibit A, with such appropriate insertions, omissions, substitutions and other variations as are
required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing the Notes, as
evidenced by their execution thereof. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of such Note. 
  
 The Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods, all as
determined by the Authorized Officers executing such Notes, as evidenced by their execution of such Notes. 
  
 The terms of the Notes set forth in Exhibit A are part of the terms of this Indenture. 
  
 Section 2.02 Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any
of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 
  
 Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer,
notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes. 
  
 The Indenture Trustee shall upon Issuer Request authenticate and deliver
Notes for original issue in an aggregate initial principal amount of $xxx,xxx. The Class A-[1] Notes, Class A-[2] Notes and Class A-[IO] Notes shall have initial principal amounts of $xxx,xxx, $xxx,xxx, and $xxx,xxx, respectively.

  
 Each Note shall be dated the date of its authentication. The
Notes shall be issuable as registered Notes, and the Notes, other than the Class A-[IO] Notes, shall be issuable in minimum denominations representing Note Balances of $xxx,xxx,xxx and in integral multiples of $xxxx in excess thereof. The
Class A-[IO] Notes shall be issued in minimum denominations of $xxx,xxx,xxx and in integral multiples of $xxx,xxx,xxx in excess thereof; provided, however, that one Class A-[IO] Note may be issued in a Notional Amount equal to the
sum of an authorized denomination of $xxx,xxx,xxx (or a multiple thereof) plus $xxx,xxx.] 
  

 3 

 No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose,
unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of its authorized signatories, and such certificate upon any Note shall
be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 
  
 ARTICLE III 
  
 Covenants 
  
 Section 3.01 Collection of Payments
with Respect to the Mortgage Loans. The Indenture Trustee shall establish and maintain with itself the Note Payment Account in which the Indenture Trustee shall, subject to the terms of this paragraph, deposit, on the same day as it is received
from the Master Servicer, each remittance received by the Indenture Trustee with respect to the Mortgage Loans. The Indenture Trustee shall make all payments of principal of and interest on the Notes, subject to Section 3.03 as provided in
Section 3.05 from monies on deposit in the Note Payment Account. 
  
 Section 3.02 Maintenance of Office or Agency. The Issuer will maintain in the City of [            ], an office or agency where, subject to satisfaction of
conditions set forth herein, Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer hereby initially appoints the
Indenture Trustee to serve as its agent for the foregoing purposes. If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and
demands may be made or served at the Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands. 
  
 Section 3.03 Money for Payments to Be Held in Trust; Paying Agent. As provided in Section 3.01, all
payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Note Payment Account pursuant to Section 3.01 shall be made on behalf of the Issuer by the Indenture Trustee or by the Paying
Agent, and no amounts so withdrawn from the Note Payment Account for payments of Notes shall be paid over to the Issuer except as provided in this Section 3.03. The Issuer hereby appoints the Indenture Trustee to act as initial Paying Agent
hereunder. The Issuer will cause each Paying Agent other than the Indenture Trustee to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as
Paying Agent, it hereby so agrees), subject to the provisions of this Section 3.03, that such Paying Agent will: 
  
 (a) hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto until such
sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 
  

 4 

 (b) give the Indenture Trustee and the Enhancer written notice of any default by the Issuer of which it
has actual knowledge in the making of any payment required to be made with respect to the Notes; 
  
 (c) at any time during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all
sums so held in trust by such Paying Agent; 
  
 (d) immediately
resign as Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of Notes, if at any time it ceases to meet the standards required to be met by a Paying Agent at the time of its appointment; 

 
 (e) comply with all requirements of the Code with respect to the
withholding from any payments made by it on any Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith; and 
  
 (f) deliver to the Indenture Trustee a copy of the statement to Noteholders
prepared with respect to each Payment Date by the Master Servicer pursuant to Section 4.01 of the Master Servicing Agreement. 
  
 The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuer Request
direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon which the sums were held by such Paying Agent; and upon such
payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money. 
  
 Subject to applicable laws with respect to escheat of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the payment of any
amount due with respect to any Note and remaining unclaimed for one year after such amount has become due and payable shall be discharged from such trust and be paid to the Issuer on Issuer Request; and the Noteholder of such Note shall thereafter,
as an unsecured general creditor, look only to the Issuer for payment thereof (but only to the extent of the amounts so paid to the Issuer), and all liability of the Indenture Trustee or such Paying Agent with respect to such trust money shall
thereupon cease; provided, however, that the Indenture Trustee or such Paying Agent, before being required to make any such repayment, shall at the expense and direction of the Issuer cause to be published once, in an Authorized Newspaper,
notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. The
Indenture Trustee may also adopt and employ, at the expense and direction of the Issuer, any other reasonable means of notification of such repayment (including, but not limited to, mailing notice of such repayment to Noteholders the Notes which
have been called but have not been surrendered for redemption or whose right to or interest in monies due and payable but not claimed is determinable from the records of the Indenture Trustee or of any Paying Agent, at the last address of record for
each such Noteholder). 
  

 5 

 Section 3.04 Existence. The Issuer will keep in full effect its existence, rights and
franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder is or becomes, organized under the laws of any other state or of the United States of America, in which case the Issuer
will keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to
protect the validity and enforceability of this Indenture, the Notes, the Mortgage Loans and each other instrument or agreement included in the Trust Estate. 
  
 Section 3.05 Priority of Distributions. 
  
 (a) In accordance with Section 3.03(a) of the Master Servicing Agreement, the priority of distributions on each Payment Date from
Principal Collections and Interest Collections in the Note Payment Account, any optional advances of delinquent principal and/or interest on the Mortgage Loans made by the Master Servicer in respect of the related Collection Period, any Policy Draw
Amount deposited into the Note Payment Account (to be applied solely with respect to the payment of amounts described in clauses (ii), (iii) and (iv) under paragraph (a) of this Section 3.05) pursuant to Section 3.28(a), is
as follows: 
  
 (i) to pay to the Enhancer, the
premium for the Policy for such Payment Date and any previously unpaid premiums, with interest thereon as provided in the Insurance Agreement; 
  
 (ii) for payment by the Paying Agent concurrently to the Noteholders of each Class of Notes, interest for the related Interest Period at
the related Note Rate on the related Note Balance or the Notional Amount in the case of the Class A-[IO] Notes, immediately prior to such Payment Date and interest due and unpaid on any Class of Notes for any prior Payment Date; 
  
 (iii) for payment by the Paying Agent to the Noteholders, as
a distribution of principal on the Notes, other than the Class A-[IO] Notes, the Principal Collection Distribution Amount for such Payment Date, to be allocated to the Notes of each Class as described in Section 3.05(b) below, until the
Note Balances thereof have been reduced to zero; 
  
 (iv) for payment by the Paying Agent to the Noteholders, as a distribution of principal on the Notes, other than the Class A-[IO] Notes, the Liquidation Loss Distribution Amount for such Payment Date, to be allocated to the Notes of
each Class as described in Section 3.05(b) below, until the Note Balances thereof have been reduced to zero; 
  
 (v) to the Enhancer, to reimburse it for prior draws made on the Policy, with interest thereon as provided in the Insurance Agreement;

  
 (vi) for payment by the Paying Agent to the
Noteholders on or after the payment date in [DATE], as a distribution of principal on the Notes, other than the Class A-[IO] Noteholders, the Overcollateralization Increase Amount for such Payment Date, to be allocated to the Notes of each
Class, other than the Class A-[IO] Notes, as described in Section 3.05(b) below, until the Note Balances thereof have been reduced to zero; 
  

 6 

 (vii) to pay to the Enhancer, any other amounts owed to the Enhancer pursuant to the
Insurance Agreement; 
  
 (viii) to pay any
Interest Shortfalls for such Payment Date on any of the Class A-[1] Notes or the Class A-[2] Notes in the amounts set forth in Section 3.05(b); 
  

(ix) to pay any previously unpaid Interest Shortfalls on the Class A-[1] Notes or the Class A-[2] Notes, with interest
thereon at the respective Note Rate in the amounts set forth in Section 3.05(b); 
  
 (x) subject to Section 3.05(b), to the Indenture Trustee, any amounts owing to the Indenture Trustee pursuant to Section 6.07 to
the extent remaining unpaid; and 
  
 (xi) any
remaining amount, including the amount of any Interest Shortfalls on the Class A-[IO] Notes for such Payment Date or any previous Payment Date and previously unpaid, to the Distribution Account, for distribution to the Certificateholders by the
Certificate Paying Agent; 
  
 provided, that in the event that on a Payment Date
an Enhancer Default shall have occurred and be continuing, then the priorities of distributions described above will be adjusted such that payments of any amounts to be paid to the Enhancer will not be paid until the full amount of interest and
principal in accordance with clauses (ii) through (iv) above that are due and required to be paid by the Enhancer on the Notes on such Payment Date have been paid and provided, further, that on the Final Payment Date, the amount to be paid
pursuant to clause (iii) above shall be equal to the Note Balance immediately prior to such Payment Date. For purposes of the foregoing, required payments of principal on the Notes on each Payment Date (up to the outstanding Note Balance) will
include all Liquidation Loss Amounts for such Payment Date and for all previous Payment Dates until paid or covered in full, to the extent that such Liquidation Loss Amounts are not otherwise covered by a Liquidation Loss Distribution Amount, a draw
on the Policy or a reduction in the Overcollateralization Amount. 
  
 On each Payment Date, the Paying Agent shall apply, from amounts on deposit in the Note Payment Account, and in accordance with the Servicing Certificate, the amounts set forth above in the order of priority set forth above. 
  
 Amounts paid to Noteholders of any Class shall be paid in respect of the
Notes of that Class in accordance with the applicable percentage as set forth in paragraph (c) below. Interest on the Class A-[1] Notes will be computed on the basis of the actual number of days in each Interest Period and a 360-day year.
Interest on the Class A-[2] Notes and the Class A-[IO] Notes will be computed on the basis of a 360-day year consisting of twelve 30-day months. Any installment of interest or principal payable on any Note that is punctually paid or duly
provided for by the Issuer on the applicable Payment Date shall be paid to the Noteholder of record thereof on the immediately preceding Record Date by wire transfer to an account specified in writing by such Noteholder reasonably satisfactory to
the Indenture Trustee, or by check or 
  

 7 

 money order mailed to such Noteholder at such Noteholder’s address appearing in the Note Register, the amount
required to be distributed to such Noteholder on such Payment Date pursuant to such Noteholder’s Notes; provided, that the Indenture Trustee shall not pay to any such Noteholder any amounts required to be withheld from a payment to such
Noteholder by the Code. 
  
 (b) Any payments of principal on the
Notes [(other than the Class A-[IO] Notes)] shall be paid sequentially to the Class A-[1] Notes and the Class A-[2] Notes, in that order, in each case until the outstanding Note Balance of that class has been reduced to zero. On any
Payment Date, distributions in respect of the payment of any Interest Shortfalls to the Class A-[1] Notes, the Class A-[2] Notes and the Class A-[IO] Notes, shall be allocated to each such Class on a pro rata basis, in accordance with
the amount of any such Interest Shortfalls on such Class of Notes. If Excess Spread on any Payment Date is not sufficient to cover Interest Shortfalls on all Classes of Notes for that Payment Date, amounts paid pursuant to clause (viii) will be
reduced by the Class A-[IO] Note’s pro rata share of amounts available, and those amounts will be paid to the Class A-[IO] Notes pursuant to clause (xi). Similarly, if Excess Spread available to be paid on any Payment Date is not
sufficient to cover Interest Shortfalls on all Classes of Notes remaining unpaid from any previous Payment Date, amounts paid pursuant to clause (ix) will be reduced by the Class A-[IO] Note’s pro rata share of amounts available, and
those amounts will be paid to the Class A-[IO] Notes pursuant to clause (xi). In addition, amounts paid pursuant to clause (x) will be reduced by amounts payable to the Class A-[IO] Notes pursuant to clause (xi). 
  
 (c) Principal of each Note shall be due and payable in full on the Final
Payment Date as provided in the applicable form of Note set forth in Exhibit A. All principal payments on the Notes of each Class shall be made in accordance with the priorities set forth in paragraphs (a) and (b) above to the Noteholders
entitled thereto in accordance with the related Percentage Interests represented thereby. Upon written notice to the Indenture Trustee by the Issuer, the Indenture Trustee shall notify the Person in the name of which a Note is registered at the
close of business on the Record Date preceding the Final Payment Date or other final Payment Date, as applicable. Such notice shall be mailed or faxed no later than five Business Days prior to the Final Payment Date or such other final Payment Date
and, unless such Note is then a Book-Entry Note, shall specify that payment of the principal amount and any interest due with respect to such Note at the Final Payment Date or such other final Payment Date will be payable only upon presentation and
surrender of such Note, and shall specify the place where such Note may be presented and surrendered for such final payment. 
  
 On each Payment Date, the Overcollateralization Amount available to cover any Liquidation Loss Amounts on such Payment Date shall be deemed to be reduced
by an amount equal to such Liquidation Loss Amounts (except to the extent that such Liquidation Loss Amounts were covered on such Payment Date by a Liquidation Loss Distribution Amount or a payment in respect of Liquidation Loss Amounts).

  
 Section 3.06 Protection of Trust Estate.

  
 (a) The Issuer shall from time to time execute and deliver
all such supplements and amendments hereto and all such financing statements, continuation statements, instruments of further assurance and other instruments, and will take such other action necessary or advisable to: 
  
 (i) maintain or preserve the lien and security interest (and
the priority thereof) of this Indenture or carry out more effectively the purposes hereof; 
  

 8 

 (ii) perfect, publish notice of or protect the validity of any Grant made or to be made
by this Indenture; 
  
 (iii) cause the Trust to
enforce any of the Mortgage Loans; or 
  
 (iv)
preserve and defend title to the Trust Estate and the rights of the Indenture Trustee and the Noteholders in such Trust Estate against the claims of all persons and parties. 
  
 (b) Except as otherwise provided in this Indenture, the Indenture Trustee shall not remove any portion of the Trust Estate
that consists of money or is evidenced by an instrument, certificate or other writing from the jurisdiction in which it was held at the date of the most recent Opinion of Counsel delivered pursuant to Section 3.07 (or from the jurisdiction in
which it was held as described in the Opinion of Counsel delivered at the Closing Date pursuant to Section 3.07, if no Opinion of Counsel has yet been delivered pursuant to Section 3.07 unless the Indenture Trustee shall have first
received an Opinion of Counsel to the effect that the lien and security interest created by this Indenture with respect to such property will continue to be maintained after giving effect to such action or actions. 
  
 The Issuer hereby designates the Indenture Trustee its agent and
attorney-in-fact to execute any financing statement, continuation statement or other instrument required to be executed pursuant to this Section 3.06. 
  
 Section 3.07 Opinions as to Trust Estate. 
  
 On the Closing Date, the Issuer shall furnish to the Indenture Trustee and the Owner Trustee an Opinion of Counsel at the expense of the Issuer stating
that, upon delivery of the Mortgage Notes relating to the Mortgage Loans to the Indenture Trustee or the Custodian in the State of
[                    ], the Indenture Trustee will have a perfected, first priority security interest in such Mortgage Loans. 
  
 On or before December 31st in each calendar year, beginning in
[            ], the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel at the expense of the Issuer either stating that, in the opinion of such counsel, no further
action is necessary to maintain a perfected, first priority security interest in the Mortgage Loans until December 31 in the following calendar year or, if any such action is required to maintain such security interest in the Mortgage Loans,
such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any financing statements and
continuation statements that will, in the opinion of such counsel, be required to maintain the security interest in the Mortgage Loans until December 31 in the following calendar year. 
  

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 Section 3.08 Performance of Obligations; Master Servicing Agreement. 
  
 (a) The Issuer shall punctually perform and observe all of its obligations
and agreements contained in this Indenture, the Basic Documents and in the instruments and agreements included in the Trust Estate. 
  
 (b) The Issuer may contract with other Persons to assist it in performing its duties under this Indenture, and any performance of such duties by a Person
identified to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer. 
  
 (c) The Issuer shall not take any action or 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 documents relating to the Mortgage Loans 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 documents relating to the Mortgage Loans or any such instrument, except such actions as the Master Servicer is expressly permitted to take in the Master Servicing Agreement. 
  
 (d) The Issuer may retain an administrator and may enter into contracts with
other Persons for the performance of the Issuer’s obligations hereunder, and performance of such obligations by such Persons shall be deemed to be performance of such obligations by the Issuer. 
  
 Section 3.09 Negative Covenants. So long as any Notes are
Outstanding, the Issuer shall not: 
  
 (a) except as expressly
permitted by this Indenture, sell, transfer, exchange or otherwise dispose of the Trust Estate, unless directed to do so by the Indenture Trustee pursuant to Section 5.04 hereof; 
  
 (b) claim any credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other than
amounts properly withheld from such payments under the Code) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any part of the Trust Estate; 
  
 (c) (i) permit the validity or effectiveness of this Indenture to be
impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture except as may be
expressly permitted hereby, (ii) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Trust Estate
or any part thereof or any interest therein or the proceeds thereof or (iii) permit the lien of this Indenture not to constitute a valid first priority security interest in the Trust Estate; or 
  
 (d) impair or cause to be impaired the Issuer’s interest in the Mortgage
Loans, the Purchase Agreement or in any other Basic Document, if any such action would materially and adversely affect the interests of the Noteholders. 
  

 10 

 Section 3.10 Annual Statement as to Compliance. The Issuer shall deliver to the Indenture
Trustee, within 120 days after the end of each fiscal year of the Issuer (commencing with the fiscal year ending on December 31, [            ]), an Officer’s Certificate
stating, as to the Authorized Officer signing such Officer’s Certificate, that: 
  
 (a) a review of the activities of the Issuer during such year and of its performance under this Indenture and the Trust Agreement has been made under such Authorized Officer’s supervision; and 
  
 (b) to the best of such Authorized Officer’s knowledge, based on such
review, the Issuer has complied with all conditions and covenants under this Indenture and the provisions of the Trust Agreement throughout such year, or, if there has been a default in its compliance with any such condition or covenant, specifying
each such default known to such Authorized Officer and the nature and status thereof. 
  
 Section 3.11 Recordation of Assignments. The Issuer shall enforce the obligation, if any, of [SELLER] (the “Seller”) under the Purchase Agreement to submit or cause to be submitted for
recordation all Assignments of Mortgages within 60 days of receipt of recording information by the Master Servicer. 
  
 Section 3.12 Representations and Warranties Concerning the Mortgage Loans. The Indenture Trustee, as pledgee of the Mortgage Loans, shall have
the benefit of the representations and warranties made by the Seller in Section 3.1(a) and Section 3.1(b) of the Purchase Agreement concerning the Mortgage Loans and the right to enforce the remedies against the Seller provided in such
Section 3.1(a) or Section 3.1(b), as applicable, to the same extent as though such representations and warranties were made directly to the Indenture Trustee. 
  
 Section 3.13 Assignee of Record of the Mortgage Loans. As pledgee of the Mortgage Loans, the Indenture Trustee
shall hold title to the Mortgage Loans by being named as payee in the endorsements or assignments of the Mortgage Notes and assignee in the Assignments of Mortgage to be delivered under Section 2.1 of the Purchase Agreement. Except as expressly
provided in the Purchase Agreement or in the Master Servicing Agreement with respect to any specific Mortgage Loan, the Indenture Trustee shall not execute any endorsement or assignment or otherwise release or transfer such title to any of the
Mortgage Loans until such time as the remaining Trust Estate may be released pursuant to Section 8.05(b). The Indenture Trustee’s holding of such title shall in all respects be subject to its fiduciary obligations to the Noteholders
hereunder. 
  
 Section 3.14 Master Servicer as Agent and
Bailee of the Indenture Trustee. Solely for purposes of perfection under Section 9-313 or 9-314 of the UCC or other similar applicable law, rule or regulation of the state in which such property is held by the Master Servicer, the Issuer
and the Indenture Trustee hereby acknowledge that the Master Servicer is acting as agent and bailee of the Indenture Trustee in holding amounts on deposit in the Custodial Account pursuant to Section 3.02 of the Master Servicing Agreement that
are allocable to the Mortgage Loans, as well as the agent and bailee of the Indenture Trustee in holding any Related Documents released to the Master Servicer pursuant to Section 3.06(c) of the Master Servicing Agreement, and any 
  

 11 

 other items constituting a part of the Trust Estate which from time to time come into the possession of the Master
Servicer. It is intended that, by the Master Servicer’s acceptance of such agency pursuant to Section 3.02 of the Master Servicing Agreement, the Indenture Trustee, as a pledgee of the Mortgage Loans, will be deemed to have possession of
such Related Documents, such monies and such other items for purposes of Section 9-313 or 9-314 of the UCC of the state in which such property is held by the Master Servicer. 
  
 Section 3.15 Investment Company Act. The Issuer shall not become an “investment company” or under the
“control” of an “investment company” as such terms are defined in the Investment Company Act of 1940, as amended (or any successor or amendatory statute), and the rules and regulations thereunder (taking into account not only the
general definition of the term “investment company” but also any available exceptions to such general definition); provided, however, that the Issuer shall be in compliance with this Section 3.15 if it shall have obtained an
order exempting it from regulation as an “investment company” so long as it is in compliance with the conditions imposed in such order. 
  
 Section 3.16 Issuer May Consolidate, etc. 
  
 (a) The Issuer shall not consolidate or merge with or into any other Person, unless: 
  
 (i) the Person (if other than the Issuer) formed by or surviving such consolidation or merger shall be a
Person organized and existing under the laws of the United States of America or any state or the District of Columbia and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form
reasonably satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest on all Notes and to the Certificate Paying Agent, on behalf of the Certificateholders and the performance or observance of every
agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein; 
  
 (ii) immediately after giving effect to such transaction, no Event of Default shall have occurred and be continuing; 
  
 (iii) the Enhancer shall have consented thereto and each
Rating Agency shall have notified the Issuer that such transaction will not cause a Rating Event, without taking into account the Policy; 
  
 (iv) the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee and the
Enhancer) to the effect that such transaction will not have any material adverse tax consequence to the Issuer, any Noteholder or any Certificateholder; 
  
 (v) any action that is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and

  
 (vi) the Issuer shall have delivered to the
Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation or merger and 
  

 12 

 such supplemental indenture comply with this Article III and that all conditions precedent herein
provided for relating to such transaction have been complied with (including any filing required by the Exchange Act). 
  
 (b) The Issuer shall not convey or transfer any of its properties or assets, including those included in the Trust Estate, to any Person, unless:

  
 (i) the Person that acquires by conveyance
or transfer the properties and assets of the Issuer the conveyance or transfer of which is hereby restricted shall (A) be a United States citizen or a Person organized and existing under the laws of the United States of America or any state,
(B) expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest on all Notes and the
performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein, (C) expressly agree by means of such supplemental indenture that all right, title and
interest so conveyed or transferred shall be subject and subordinate to the rights of Noteholders of the Notes, (D) unless otherwise provided in such supplemental indenture, expressly agree to indemnify, defend and hold harmless the Issuer
against and from any loss, liability or expense arising under or related to this Indenture and the Notes and (E) expressly agree by means of such supplemental indenture that such Person (or if a group of Persons, then one specified Person)
shall make all filings with the Commission (and any other appropriate Person) required by the Exchange Act in connection with the Notes; 
  
 (ii) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

  
 (iii) the Enhancer shall have consented
thereto, and each Rating Agency shall have notified the Issuer that such transaction will not cause a Rating Event, if determined without regard to the Policy; 
  

(iv) the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the
effect that such transaction will not have any material adverse tax consequence to the Issuer or any Noteholder; 
  
 (v) any action that is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and

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

 13 

 Section 3.17 Successor or Transferee. 
  
 (a) Upon any consolidation or merger of the Issuer in accordance with
Section 3.16(a), the Person formed by or surviving such consolidation or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect
as if such Person had been named as the Issuer herein. 
  
 (b)
Upon a conveyance or transfer of all the assets and properties of the Issuer pursuant to Section 3.16(b), the Issuer shall be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuer
with respect to the Notes immediately upon the delivery of written notice to the Indenture Trustee of such conveyance or transfer. 
  
 Section 3.18 No Other Business. The Issuer shall not engage in any business other than financing, purchasing, owning and selling and managing
the Mortgage Loans and the issuance of the Notes and Certificates in the manner contemplated by this Indenture and the Basic Documents and all activities incidental thereto. 
  
 Section 3.19 No Borrowing. The Issuer shall not issue, incur, assume, guarantee or otherwise become liable,
directly or indirectly, for any indebtedness except for the Notes. 
  
 Section 3.20 Guarantees, Loans, Advances and Other Liabilities. Except as contemplated by this Indenture or the other Basic Documents, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or
indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with
the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person.

  
 Section 3.21 Capital Expenditures. The Issuer
shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty). 
  
 Section 3.22 Owner Trustee Not Liable for Certificates or Related Documents. The recitals contained herein shall be taken as the statements of
the Issuer, and the Owner Trustee and the Indenture Trustee assume no responsibility for the correctness of the recitals contained herein. The Owner Trustee and the Indenture Trustee make no representations as to the validity or sufficiency of this
Indenture or any other Basic Document, of the Certificates (other than the signatures of the Owner Trustee or the Indenture Trustee on the Certificates) or the Notes, or of any Related Documents. The Owner Trustee and the Indenture Trustee shall at
no time have any responsibility or liability with respect to the sufficiency of the Trust Estate or its ability to generate the payments to be distributed to Certificateholders under the Trust Agreement or the Noteholders under this Indenture,
including, the compliance by the Depositor or the Seller with any warranty or representation made under any Basic Document or in any related document or the accuracy of any such warranty or representation, or any action of the Certificate Paying
Agent, the Certificate Registrar or any other person taken in the name of the Owner Trustee or the Indenture Trustee. 
  

 14 

 Section 3.23 Restricted Payments. The Issuer shall not, directly or indirectly, (i) pay
any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any
ownership or equity interest or security in or of the Issuer, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise segregate any amounts for any such
purpose; provided, however, that the Issuer may make, or cause to be made, (x) distributions to the Owner Trustee and the Certificateholders as contemplated by, and to the extent funds are available for such purpose under, the Trust
Agreement and (y) payments to the Master Servicer pursuant to the terms of the Master Servicing Agreement. The Issuer will not, directly or indirectly, make payments to or distributions from the Custodial Account except in accordance with this
Indenture and the other Basic Documents. 
  
 Section 3.24
Notice of Events of Default. The Issuer shall give the Indenture Trustee, the Enhancer and the Rating Agencies prompt written notice of each Event of Default hereunder and under the Trust Agreement. 
  
 Section 3.25 Further Instruments and Acts. Upon request of the
Indenture Trustee, the Issuer shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture. 
  
 Section 3.26 Statements to Noteholders. On each Payment Date,
each of the Indenture Trustee and the Certificate Registrar shall make available to the Enhancer, the Depositor, the Owner Trustee, each Rating Agency, each Noteholder and each Certificateholder, the Servicing Certificate provided to the Indenture
Trustee by the Master Servicer relating to such Payment Date and delivered pursuant to Section 4.01 of the Master Servicing Agreement. 
  
 The Indenture Trustee will make the Servicing Certificate (and, at its option, any additional files containing the same information in an alternative
format) available each month to Securityholders and the Enhancer, and other parties to this Indenture via the Indenture Trustee’s internet website. The Indenture Trustee’s internet website shall initially be located at
“www.ctslink.com”. Assistance in using the website can be obtained by calling the Indenture Trustee’s customer service desk at xxx-xxx-xxxx. Parties that are unable to use the above distribution options are entitled to have a paper
copy mailed to them via first class mail by calling the customer service desk and indicating such. The Indenture Trustee shall have the right to change the way the statement to Securityholders are distributed in order to make such distribution more
convenient and/or more accessible to the above parties and the Indenture Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Indenture Trustee may require registration and acceptance of a
disclaimer in connection with providing access to its website. 
  
 Section 3.27 Determination of Note Rate. On the second LIBOR Business Day immediately preceding (i) the Closing Date in the case of the first Interest Period and (ii) the first day of each succeeding Interest Period,
the Indenture Trustee shall determine LIBOR and the applicable Note Rate for such Interest Period and shall inform the Issuer, the Master Servicer and the Depositor by means of the Indenture Trustee’s online service. 
  

 15 

 Section 3.28 Payments under the Policy. 
  
 (a) (i) If the Servicing Certificate specifies a Policy Draw Amount for
any Payment Date, the Indenture Trustee shall make a draw on the Policy in an amount specified in the Servicing Certificate for such Payment Date or, if no amount is specified, the Indenture Trustee shall make a draw on the Policy in the amount by
which the amount on deposit in the Note Payment Account is less than interest due on the Notes on such Payment Date. 
  
 (ii) The Indenture Trustee shall deposit or cause to be deposited such Policy Draw Amount into the Note Payment Account on such Payment
Date to the extent such amount relates to clause (a) of the definition of “Deficiency Amount” or clause (b) of the definition of “Insured Amount”. 
  
 (iii) To the extent such amount relates to clause (b) of the definition of “Deficiency
Amount”, the Indenture Trustee shall deposit such amount into the Note Payment Account. 
  
 (b) The Indenture Trustee shall submit, if a Policy Draw Amount is specified in any statement to Securityholders prepared pursuant to Section 4.01 of the Master Servicing Agreement, the Notice of Nonpayment and
Demand for Payment of Insured Amounts (in the form attached as Exhibit A to the Policy) to the Enhancer no later than 12:00 noon, New York City time, on the second (2nd) Business Day prior to the applicable Payment Date. 
  
 Section 3.29 [RESERVED]. 
  
 Section 3.30 Additional Representations of the Issuer.

  
 The Issuer hereby represents and warrants to the Indenture
Trustee that as of the Closing Date (which representations and warranties shall survive the execution of this Indenture): 
  
 (a) This Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Mortgage Notes in favor of the Indenture
Trustee, which security interest is prior to all other Liens (except as expressly permitted otherwise in this Indenture), and is enforceable as such as against creditors of and purchasers from the Issuer. 
  
 (b) The Mortgage Notes constitute “instruments” within the meaning
of the applicable UCC. 
  
 (c) The Issuer owns and has good and
marketable title to the Mortgage Notes free and clear of any Lien of any Person. 
  
 (d) The original executed copy of each Mortgage Note (except for any Mortgage Note with respect to which a Lost Note Affidavit has been delivered to the Custodian) has been delivered to the Custodian. 
  
 (e) The Issuer has received a written acknowledgment from the Custodian that
the Custodian is acting solely as agent of the Indenture Trustee for the benefit of the Noteholders. 
  

 16 

 (f) Other than the security interest granted to the Indenture Trustee pursuant to this Indenture, the
Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Mortgage Notes. The Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that include a
description of collateral covering the Mortgage Notes other than any financing statement relating to the security interest granted to the Indenture Trustee hereunder or any security interest that has been terminated. The Issuer is not aware of any
judgment or tax lien filings against the Issuer. 
  
 (g) None of
the Mortgage Notes has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee, except for (i) any endorsements that are part of a complete chain of
endorsements from the originator of the Mortgage Note to the Indenture Trustee, and (ii) any marks or notations pertaining to Liens that have been terminated or released. 
  
 (h) None of the provisions of this Section 3.30 shall be waived without the prior written confirmation from
Standard & Poor’s that such waiver shall not result in a reduction or withdrawal of the then-current rating of any Class of Notes. 
  
 ARTICLE IV 
  
 The Notes; Satisfaction and Discharge of Indenture 
  
 Section 4.01 The Notes;. The Notes shall be registered in the name of a nominee designated by the Depository. Beneficial Owners will hold
interests in the Notes, through the book-entry facilities of the Depository in minimum initial denominations representing Note Balances of $xxx,xxx and integral multiples of $x,xxx in excess thereof, and with respect to the Class A-[IO] Notes,
a Notional Amount equal to $xxx,xxx and in integral multiples of $xxx,xxx in excess thereof; provided, however, that one Class A-[IO] Note may be issued in a notional amount equal to the sum of an authorized denomination of $xxx,xxx (or
a multiple thereof) plus $xxx,xxx. 
  
 The Indenture Trustee may
for all purposes (including the making of payments due on the Notes) deal with the Depository as the authorized representative of the Beneficial Owners with respect to the Notes for the purposes of exercising the rights of Noteholders hereunder.
Except as provided in the next succeeding paragraph of this Section 4.01, the rights of Beneficial Owners with respect to the Notes shall be limited to those established by law and agreements between such Beneficial Owners and the Depository
and Depository Participants. Except as provided in Section 4.08, Beneficial Owners shall not be entitled to definitive certificates for the Notes as to which they are the Beneficial Owners. Requests and directions from, and votes of, the
Depository as Noteholder of the Notes shall not be deemed inconsistent if they are made with respect to different Beneficial Owners. The Indenture Trustee may establish a reasonable record date in connection with solicitations of consents from or
voting by Noteholders and give notice to the Depository of such record date. Without the consent of the Issuer and the Indenture Trustee, no Note may be transferred by the Depository except to a successor Depository that agrees to hold such Note for
the account of the Beneficial Owners. 
  

 17 

 In the event the Depository Trust Company resigns or is removed as Depository, the Indenture Trustee, at
the request of the Master Servicer and with the approval of the Issuer, may appoint a successor Depository. If no successor Depository has been appointed within 30 days of the effective date of the Depository’s resignation or removal, each
Beneficial Owner shall be entitled to certificates representing the Notes it beneficially owns in the manner prescribed in Section 4.08. 
  
 The Notes shall, on original issue, be executed on behalf of the Issuer by the Owner Trustee, not in its individual capacity but solely as Owner Trustee
and upon Issuer Order, authenticated by the Note Registrar and delivered by the Indenture Trustee to or upon the order of the Issuer. 
  
 Section 4.02 Registration of and Limitations on Transfer and Exchange of Notes; Appointment of Certificate Registrar. The Issuer shall cause
to be kept at the Indenture Trustee’s Corporate Trust Office a Note Register in which, subject to such reasonable regulations as it may prescribe, the Note Registrar shall provide for the registration of Notes and of transfers and exchanges of
Notes as herein provided. The Issuer hereby appoints the Indenture Trustee as the initial Note Registrar. 
  
 Subject to the restrictions and limitations set forth below, upon surrender for registration of transfer of any Note at the Corporate Trust Office, the
Issuer shall execute, and the Note Registrar shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes in authorized initial Note Balances evidencing the same aggregate Percentage Interests.

  
 Subject to the foregoing, at the option of the Noteholders,
Notes may be exchanged for other Notes of like tenor, in each case in authorized initial Note Balances evidencing the same aggregate Percentage Interests, upon surrender of the Notes to be exchanged at the Corporate Trust Office of the Note
Registrar. Whenever any Notes are so surrendered for exchange, the Issuer shall execute and the Note Registrar shall authenticate and deliver the Notes which the Noteholder making the exchange is entitled to receive. Each Note presented or
surrendered for registration of transfer or exchange shall (if so required by the Note Registrar) be duly endorsed by, or be accompanied by a written instrument of transfer in form reasonably satisfactory to the Note Registrar duly executed by, the
Noteholder thereof or his attorney duly authorized in writing with such signature guaranteed by a commercial bank or trust company located or having a correspondent located in The City of New York. Notes delivered upon any such transfer or exchange
will evidence the same obligations, and will be entitled to the same rights and privileges, as the Notes surrendered. 
  
 No service charge shall be imposed for any registration of transfer or exchange of Notes, but the Note Registrar shall require payment of a sum sufficient
to cover any tax or governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes. 
  
 All Notes surrendered for registration of transfer and exchange shall be cancelled by the Note Registrar and delivered to the Indenture Trustee for
subsequent destruction without liability on the part of either. 
  

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 The Issuer hereby appoints the Indenture Trustee as Certificate Registrar to keep at its Corporate Trust
Office a Certificate Register pursuant to Section 3.09 of the Trust Agreement in which, subject to such reasonable regulations as it may prescribe, the Certificate Registrar shall provide for the registration of Certificates and of transfers
and exchanges thereof pursuant to Section 3.05 of the Trust Agreement. The Indenture Trustee hereby accepts such appointment. 
  
 Each purchaser of a Note, by its acceptance of the Note, shall be deemed to have represented that the acquisition and holding of such Note by the
purchaser does not constitute or give rise to a prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, for which no statutory, regulatory or administrative exemption is available. 
  
 Section 4.03 Mutilated, Destroyed, Lost or Stolen Notes. If
(i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee such
security or indemnity as may be required by it to hold the Issuer and the Indenture Trustee harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a bona fide
purchaser, and provided that the requirements of Section 8-405 of the UCC are met, the Issuer shall execute, and upon its request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed,
lost or stolen Note, a replacement Note of the same class; provided, however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven days shall be due and payable, instead of issuing a
replacement Note, the Issuer may pay such destroyed, lost or stolen Note when so due or payable without surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the
preceding sentence, a bona fide purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note (or
such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a bona fide purchaser, and shall be entitled to
recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith. 
  
 Upon the issuance of any replacement Note under this Section 4.03, the Issuer may require the payment by the Noteholder
of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Indenture Trustee) connected therewith. 
  
 Every replacement Note issued pursuant to this Section 4.03 in
replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and
shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 
  
 The provisions of this Section 4.03 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Notes. 
  

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 Section 4.04 Persons Deemed Owners. Prior to due presentment for registration of transfer of
any Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name any Note is registered (as of the day of determination) as the owner of such Note for the purpose of receiving
payments of principal of and interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Issuer, the Indenture Trustee or any agent of the Issuer or the Indenture Trustee shall be
affected by notice to the contrary. 
  
 Section 4.05
Cancellation. All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by
the Indenture Trustee. The Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered
shall be promptly cancelled by the Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section 4.05, except as expressly permitted by this Indenture. All cancelled Notes may
be held or disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the time unless the Issuer shall direct by an Issuer Request that they be destroyed or returned to it; provided,
however, that such Issuer Request is timely and the Notes have not been previously disposed of by the Indenture Trustee. 
  
 Section 4.06 Book-Entry Notes. Each Class of Notes, upon original issuance, shall be issued in the form of typewritten Notes representing the
Book-Entry Notes, to be delivered to The Depository Trust Company, the initial Depository, by, or on behalf of, the Issuer. Such Notes shall initially be registered on the Note Register in the name of Cede & Co., the nominee of the initial
Depository, and no Beneficial Owner shall receive a Definitive Note representing such Beneficial Owner’s interest in such Note, except as provided in Section 4.08. Unless and until definitive, fully registered Notes (the “Definitive
Notes”) have been issued to Beneficial Owners pursuant to Section 4.08: 
  
 (a) the provisions of this Section 4.06 shall be in full force and effect; 
  
 (b) the Note Registrar and the Indenture Trustee shall be entitled to deal with the Depository for all purposes of this Indenture (including the payment
of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole holder of the Notes, and shall have no obligation to the Beneficial Owners; 
  
 (c) to the extent that the provisions of this Section 4.06 conflict with any other provisions of this Indenture, the
provisions of this Section 4.06 shall control; 
  
 (d) the
rights of Beneficial Owners shall be exercised only through the Depository and shall be limited to those established by law and agreements between such Owners of Notes and the Depository and/or the Depository Participants. Unless and until
Definitive Notes are issued pursuant to Section 4.08, the initial Depository will make book-entry transfers among the Depository Participants and receive and transmit payments of principal of and interest on the Notes to such Depository
Participants; and 
  

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 (e) whenever this Indenture requires or permits actions to be taken based upon instructions or directions
of Noteholders of Notes evidencing a specified percentage of the Note Balances of the Notes, the Depository shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from Beneficial Owners
and/or Depository Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes and has delivered such instructions to the Indenture Trustee. 
  
 Section 4.07 Notices to Depository. Whenever a notice or other
communication to the Noteholders of the Notes is required under this Indenture, unless and until Definitive Notes shall have been issued to Beneficial Owners pursuant to Section 4.08, the Indenture Trustee shall give all such notices and
communications specified herein to be given to Noteholders of the Notes to the Depository, and shall have no obligation to the Beneficial Owners. 
  
 Section 4.08 Definitive Notes. If (i) the Indenture Trustee determines that the Depository is no longer willing or able to properly
discharge its responsibilities with respect to the Notes and the Indenture Trustee is unable to locate a qualified successor, (ii) the Indenture Trustee elects to terminate the book-entry system through the Depository, or (iii) after the
occurrence of an Event of Default, Beneficial Owners of Notes representing beneficial interests aggregating at least a majority of the aggregate Note Balance of the Notes advise the Depository in writing that the continuation of a book-entry system
through the Depository is no longer in the best interests of the Beneficial Owners, then the Depository shall notify all Beneficial Owners and the Indenture Trustee of the occurrence of any such event and of the availability of Definitive Notes to
Beneficial Owners requesting the same. Upon surrender to the Indenture Trustee of the typewritten Notes representing the Book-Entry Notes by the Depository (or Percentage Interest of the Book-Entry Notes being transferred pursuant to clause
(iii) above), accompanied by registration instructions, the Issuer shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Depository. None of the Issuer, the Note Registrar or
the Indenture Trustee shall be liable for any delay in delivery of such instructions, and each may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes, the Indenture Trustee shall
recognize the Noteholders of the Definitive Notes as Noteholders. 
  
 Section 4.09 Tax Treatment. The Issuer has entered into this Indenture, and the Notes will be issued, with the intention that, for federal, state and local income, single business and franchise tax purposes, the Notes (exclusive
of any payment of Interest Shortfalls to the holders of the Class A-[IO] Notes), will qualify as regular interests in a REMIC as defined in the Code which will be treated as indebtedness for purposes of such taxes. The Issuer, by entering into
this Indenture, and each Noteholder, by its acceptance of its Note (and each Beneficial Owner by its acceptance of an interest in the applicable Book-Entry Note), agree to treat the Notes (exclusive of any payment of Interest Shortfalls to the
holders of the Class A-[IO] Notes), for federal, state and local income, single business and franchise tax purposes as regular interests in a REMIC as defined in the Code which will be treated as indebtedness for purposes of such taxes.

  
 Section 4.10 Satisfaction and Discharge of
Indenture. This Indenture shall cease to be of further effect with respect to the Notes except as to (i) rights of registration of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes,
(iii) rights of Noteholders 
  

 21 

 to receive payments of principal thereof and interest thereon, (iv) Sections 3.03, 3.04, 3.06, 3.09, 3.16, 3.18
and 3.19, (v) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section 6.07 and the obligations of the Indenture Trustee under Section 4.11) and
(vi) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute
proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when 
  
 (A) either 
  
 (1) all Notes theretofore authenticated and delivered (other than (i) Notes that have been destroyed, lost or stolen and that have
been replaced or paid as provided in Section 4.03 and (ii) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such
trust, as provided in Section 3.03) have been delivered to the Indenture Trustee for cancellation; or 
  
 (2) all Notes not theretofore delivered to the Indenture Trustee for cancellation 
  
 a) have become due and payable, 
  
 b) will become due and payable at the Final Payment Date
within one year, or 
  
 c) have been declared
immediately due and payable pursuant to Section 5.02, 
  
 and the Issuer, in
the case of (A)(2)a or (A)(2)b above of this Section 4.10, has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States of America (which
will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes and Certificates then outstanding not theretofore delivered to the Indenture
Trustee for cancellation when due on the Final Payment Date, as evidenced to the Indenture Trustee by an accountant’s letter or an Officer’s Certificate of the Issuer; 
  
 (3) the Issuer has paid or caused to be paid all other sums payable hereunder and under the Insurance
Agreement by the Issuer; and 
  
 (4) the Issuer
has delivered to the Indenture Trustee and the Enhancer an Officer’s Certificate and an Opinion of Counsel, each meeting the applicable requirements of Section 10.01 and each stating that all conditions precedent herein provided for

  

 22 

 relating to the satisfaction and discharge of this Indenture have been complied with and, if the Opinion
of Counsel relates to a deposit made in connection with Section 4.10(A)(2)b. above, such opinion shall further be to the effect that such deposit will not have any material adverse tax consequences to the Issuer, the Enhancer, any Noteholders
or any Certificateholders. 
  
 Section 4.11 Application of
Trust Money. All monies deposited with the Indenture Trustee pursuant to Section 4.10 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or
through any Paying Agent or Certificate Paying Agent, as the Indenture Trustee may determine, to the Securityholders of Securities, of all sums due and to become due thereon for principal and interest; but such monies need not be segregated from
other funds except to the extent required herein or required by law. 
  
 Section 4.12 Subrogation and Cooperation. 
  
 (a) The Issuer and the Indenture Trustee acknowledge that (i) to the extent the Enhancer makes payments under the Policy on account of principal of or interest on the Mortgage Loans, the Enhancer will be fully subrogated to the rights
the Noteholders to receive such principal of and interest on the Mortgage Loans, and (ii) the Enhancer shall be paid such principal and interest only from the sources and in the manner provided herein and in the Insurance Agreement for the
payment of such principal and interest. 
  
 The Indenture Trustee
shall cooperate in all respects with any reasonable request by the Enhancer for action to preserve or enforce the Enhancer’s rights or interest under this Indenture or the Insurance Agreement, consistent with this Indenture and without limiting
the rights of the Noteholders as otherwise set forth in the Indenture, including upon the occurrence and continuance of a default under the Insurance Agreement, a request (which request shall be in writing) to take any one or more of the following
actions: 
  
 (i) institute Proceedings for the
collection of all amounts then payable on the Notes or under this Indenture in respect to the Notes and all amounts payable under the Insurance Agreement and to enforce any judgment obtained and collect from the Issuer monies adjudged due;

  
 (ii) sell the Trust Estate or any portion
thereof or rights or interest therein, at one or more public or private Sales (as defined in Section 5.15 hereof) called and conducted in any manner permitted by law; 
  
 (iii) file or record all assignments that have not previously been recorded; 
  
 (iv) institute Proceedings from time to time for the
complete or partial foreclosure of this Indenture; and 
  

 23 

 (v) exercise any remedies of a secured party under the UCC and take any other
appropriate action to protect and enforce the rights and remedies of the Enhancer hereunder. 
  
 Following the payment in full of the Notes, the Enhancer shall continue to have all rights and privileges provided to it under this Section and in all other provisions of this Indenture, until all amounts owing to the
Enhancer have been paid in full. 
  
 Section 4.13
Repayment of Monies Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all monies then held by any Paying Agent (other than the Indenture Trustee) under the provisions of this
Indenture with respect to such Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and applied according to Section 3.05; and thereupon, such Paying Agent shall be released from all further liability with respect
to such monies. 
  
 Section 4.14 Temporary Notes.
Pending the preparation of any Definitive Notes, the Issuer may execute and upon its written direction, the Indenture Trustee may authenticate and make available for delivery, temporary Notes that are printed, lithographed, typewritten, photocopied
or otherwise produced, in any denomination, substantially of the tenor of the Definitive Notes in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Notes
may determine, as evidenced by their execution of such Notes. 
  
 If temporary Notes are issued, the Issuer will cause Definitive Notes to be prepared without unreasonable delay. After the preparation of the Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of
the temporary Notes at the office or agency of the Indenture Trustee, without charge to the Noteholder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute and the Indenture Trustee shall authenticate and
make available for delivery, in exchange therefor, Definitive Notes of authorized denominations and of like tenor and aggregate principal amount. Until so exchanged, such temporary Notes shall in all respects be entitled to the same benefits under
this Indenture as Definitive Notes. 
  
 ARTICLE V 
  
 Default And Remedies 
  
 Section 5.01 Events of Default. The Issuer shall deliver to the
Indenture Trustee and the Enhancer, within five days after learning of the occurrence of any event that with the giving of notice and the lapse of time would become an Event of Default under clause (c) of the definition of “Event of
Default” written notice in the form of an Officer’s Certificate of its status and what action the Issuer is taking or proposes to take with respect thereto. 
  
 Section 5.02 Acceleration of Maturity; Rescission and Annulment. If an Event of Default shall occur and be
continuing, then and in every such case the Indenture Trustee, acting at the direction of the Enhancer or the Noteholders of Notes representing not less than a majority of the aggregate Voting Rights of the Notes, with the written consent of the
Enhancer, may 
  

 24 

 declare the Notes to be immediately due and payable by a notice in writing to the Issuer (and to the Indenture Trustee if
given by Noteholders); and upon any such declaration, the unpaid principal amount of the Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. 
  
 At any time after such declaration of acceleration of maturity with respect
to an Event of Default has been made and before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter provided in this Article V, the Enhancer or the Noteholders of Notes representing a
majority of the aggregate Voting Rights of the Notes, with the written consent of the Enhancer, by written notice to the Issuer and the Indenture Trustee, may in writing waive the related Event of Default and rescind and annul such declaration and
its consequences if: 
  
 (a) the Issuer has paid or deposited
with the Indenture Trustee a sum sufficient to pay: 
  
 (i) all payments of principal of and interest on the Notes and all other amounts that would then be due hereunder or upon the Notes if the Event of Default giving rise to such acceleration had not occurred; 
  
 (ii) all sums paid or advanced by the Indenture Trustee
hereunder and the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel; and 
  
 (iii) all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration,
have been cured or waived as provided in Section 5.12. 
  
 No
such rescission shall affect any subsequent default or impair any right consequent thereto. 
  
 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee. 
  
 (a) The Issuer covenants that if default in the payment of (i) any interest on any Note when the same becomes due and payable, and such default
continues for a period of five days, or (ii) the principal of or any installment of the principal of any Note when the same becomes due and payable, the Issuer shall, upon demand of the Indenture Trustee, pay to it, for the benefit of the
Noteholders, the entire amount then due and payable on the Notes for principal and interest, with interest on the overdue principal, and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel. 
  
 (b) In case the Issuer shall fail forthwith to pay such amounts upon such demand, the Indenture Trustee, in its own name and as trustee of an express
trust, subject to the provisions of Section 10.17 hereof, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may 
  

 25 

 enforce the same against the Issuer or other obligor on the Notes and collect in the manner provided by law out of the
property of the Issuer or other obligor on the Notes, wherever situated, the monies adjudged or decreed to be payable. 
  
 (c) If an Event of Default shall occur and be continuing, the Indenture Trustee, subject to the provisions of Section 10.17 hereof, may, as more
particularly provided in Section 5.04, in its discretion proceed to protect and enforce its rights and the rights of the Noteholders by such appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce any
such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee
by this Indenture or by law. 
  
 (d) If there shall be pending,
relative to the Issuer or any other obligor on the Notes or any Person having or claiming an ownership interest in the Trust Estate, Proceedings under Title 11 of the United States Code or any other applicable federal or state bankruptcy,
insolvency or other similar law, or if a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other
obligor or Person, or if there shall be any other comparable judicial Proceedings relative to the Issuer or other any other obligor on the Notes, or relative to the creditors or property of the Issuer or such other obligor, then the Indenture
Trustee, irrespective of whether the principal of any Notes shall then be due and payable as therein expressed or by declaration or otherwise, and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of
this Section, shall be entitled and empowered, by intervention in such Proceedings or otherwise: 
  
 (i) to file and prove a claim or claims for the entire amount of principal and interest owing and unpaid in respect of the Notes and to
file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their
respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of negligence, willful misconduct or
bad faith) and of the Noteholders allowed in such Proceedings; 
  
 (ii) unless prohibited by applicable law and regulations, to vote on behalf of the Noteholders in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings;

  
 (iii) to collect and receive any monies or
other property payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and 
  
 (iv) to file such proofs of claim and other papers or
documents as may be necessary or advisable in order to have the claims of the Indenture Trustee or the Noteholders allowed in any judicial proceedings relative to the Issuer, its creditors and its property; 
  

 26 

 and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by
each of such Noteholders to make payments to the Indenture Trustee, and, in the event the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to
cover reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each
predecessor Indenture Trustee, except as a result of negligence, willful misconduct or bad faith. 
  
 (e) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of any
Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Noteholder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such proceeding
except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 
  
 (f) All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any
trial or other Proceedings relative thereto, and any such action or proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the
expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Noteholders. 
  
 (g) In any Proceedings to which the Indenture Trustee shall be a party
(including any Proceedings involving the interpretation of any provision of this Indenture), the Indenture Trustee shall be held to represent all Noteholders, and it shall not be necessary to make any Noteholder a party to any such Proceedings.

  
 Section 5.04 Remedies; Priorities. 
  
 (a) If an Event of Default shall have occurred and be continuing, then the
Indenture Trustee, subject to the provisions of Section 10.17 hereof, with the written consent of the Enhancer may, or, at the written direction of the Enhancer, shall, do one or more of the following, in each case subject to Section 5.05:

  
 (i) institute Proceedings in its own name
and as trustee of an express trust for the collection of all amounts then payable on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise, and all amounts payable under the Insurance Agreement, enforce any
judgment obtained, and collect from the Issuer and any other obligor on the Notes monies adjudged due; 
  
 (ii) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Trust Estate;

  

 27 

 (iii) exercise any remedies of a secured party under the UCC and take any other
appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; and 
  
 (iv) sell the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and
conducted in any manner permitted by law; 
  
 provided, however, that the
Indenture Trustee may not sell or otherwise liquidate the Trust Estate following an Event of Default, unless (A) the Indenture Trustee obtains the consent of the Enhancer, which consent will not be unreasonably withheld, and the Noteholders of
100% of the aggregate Note Balance of the Notes, (B) the proceeds of such sale or liquidation distributable to Noteholders are sufficient to discharge in full all amounts then due and unpaid upon the Notes for principal and interest and to
reimburse the Enhancer for any amounts drawn under the Policy and any other amounts due the Enhancer under the Insurance Agreement or (C) the Indenture Trustee determines that the Mortgage Loans will not continue to provide sufficient funds for
the payment of principal of and interest on the Notes as they would have become due if the Notes had not been declared due and payable, and the Indenture Trustee obtains the consent of the Enhancer, which consent will not be unreasonably withheld,
and the Noteholders of 66 2/3% of the aggregate Voting Rights of the Notes. In determining such sufficiency or
insufficiency with respect to clause (B) and (C) above, the Indenture Trustee may, but need not, obtain and rely, and shall be protected in relying in good faith, upon an opinion of an Independent investment banking or accounting firm of
national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. Notwithstanding the foregoing, provided that a Servicing Default shall not have occurred, any Sale (as defined in
Section 5.15 hereof) of the Trust Estate shall be made subject to the continued servicing of the Mortgage Loans by the Master Servicer as provided in the Master Servicing Agreement. Notwithstanding any sale of the Mortgage Loans pursuant to
this Section 5.04(a), the Indenture Trustee shall, for so long as any principal or accrued interest on the Notes remains unpaid, continue to act as Indenture Trustee hereunder and to draw amounts payable under the Policy in accordance with the
terms of the Policy. 
  
 (b) If the Indenture Trustee
collects any money or property pursuant to this Article V, it shall pay out such money or property in the following order: 
  
 FIRST: to the Indenture Trustee for amounts due under Section 6.07; 
  
 SECOND: to the Noteholders for amounts due and unpaid on the related Notes for interest, including accrued and unpaid
interest on the Notes for any prior Payment Date, ratably, without preference or priority of any kind, according to the amounts due and payable on such Notes for interest from amounts available in the Trust Estate for such Noteholders, but excluding
any Interest Shortfalls; 
  
 THIRD: to the Noteholders for
amounts due and unpaid on the related Notes for principal, ratably, without preference or priority of any kind, according to the amounts due and payable on such Notes for principal, from amounts available in the Trust Estate for such Noteholders,
until the respective Note Balances of such Notes have been reduced to zero; 
  

 28 

 FOURTH: to the payment of all amounts due and owing the Enhancer under the Insurance Agreement;

  
 FIFTH: to the Noteholders for amounts due and unpaid on the
related Notes for Interest Shortfalls, if any, including any unpaid Interest Shortfalls on the Notes for any prior Payment Date, ratably, without preference or priority of any kind, according to such amounts due and payable from amounts available in
the Trust Estate for such Noteholders; 
  
 SIXTH: to the
Certificate Paying Agent for amounts due under Article VIII of the Trust Agreement; and 
  
 SEVENTH: to the payment of the remainder, if any, to the Issuer or any other person legally entitled thereto. 
  
 The Indenture Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this Section 5.04. At least 15 days
before such record date, the Indenture Trustee shall mail to each Noteholder a notice that states the record date, the payment date and the amount to be paid. 
  

Section 5.05 Optional Preservation of the Trust Estate. If the Notes have been declared due and payable under Section 5.02 following
an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not (but shall at the written direction of the Enhancer), elect to take and maintain possession of the Trust
Estate. It is the desire of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes and other obligations of the Issuer including payment to the Enhancer, and the
Indenture Trustee shall take such desire into account when determining whether or not to take and maintain possession of the Trust Estate. In determining whether to take and maintain possession of the Trust Estate, the Indenture Trustee may, but
need not, obtain and rely, and shall be protected in relying in good faith, upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the
Trust Estate for such purpose. 
  
 Section 5.06 Limitation
of Suits. No Noteholder shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless and subject to the
provisions of Section 10.17 hereof: 
  
 (a) such Noteholder
shall have previously given written notice to the Indenture Trustee of a continuing Event of Default; 
  
 (b) the Noteholders of not less than 25% of the aggregate Voting Rights of the Notes shall have made written request to the Indenture Trustee to institute
such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder; 
  

 29 

 (c) such Noteholder or Noteholders shall have offered the Indenture Trustee reasonable indemnity against
the costs, expenses and liabilities to be incurred by it in complying with such request; 
  
 (d) the Indenture Trustee for 60 days after its receipt of such notice, request and offer of indemnity shall have failed to institute such Proceedings; and 
  
 (e) no direction inconsistent with such written request shall have been given
to the Indenture Trustee during such 60-day period by the Noteholders of a majority of the aggregate Voting Rights of the Notes or by the Enhancer. 
  
 It is understood and intended that no Noteholder shall have any right in any manner whatever by virtue of, or by availing of, any provision of this
Indenture to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce any right under this Indenture, except in the manner herein provided.

  
 In the event the Indenture Trustee shall receive conflicting
or inconsistent requests and indemnity from two or more groups of Noteholders, each representing less than a majority of the aggregate Voting Rights of the Notes, the Indenture Trustee shall act at the direction of the group of Noteholders with the
greater Voting Rights. In the event that the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Noteholders representing the same Voting Rights, then the Indenture Trustee in its sole
discretion may determine what action, if any, shall be taken, notwithstanding any other provisions of this Indenture. 
  
 Section 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest. Subject to the provisions of this Indenture, the
Noteholder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture and
to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Noteholder. 
  
 Section 5.08 Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right
or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every such case the Issuer, the Indenture Trustee and
the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as
though no such Proceeding had been instituted. 
  
 Section 5.09 Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee, the Enhancer or the Noteholders is intended to be exclusive of any other right or remedy, and every
right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law, in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
  

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 Section 5.10 Delay or Omission Not a Waiver. No delay or omission of the Indenture Trustee,
the Enhancer or any Noteholder to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by
this Article V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be. 
  
 Section 5.11 Control by Enhancer or Noteholders. The Enhancer (so
long as no Enhancer Default exists) or the Noteholders of a majority of the aggregate Voting Rights of Notes with the consent of the Enhancer, shall have the right to direct the time, method and place of conducting any Proceeding for any remedy
available to the Indenture Trustee with respect to the Notes or exercising any trust or power conferred on the Indenture Trustee, provided that: 
  
 (a) such direction shall not be in conflict with any rule of law or with this Indenture; 
  
 (b) subject to the express terms of Section 5.04, any direction to the Indenture Trustee to sell or liquidate the Trust
Estate shall be by the Enhancer (so long as no Enhancer Default exists) or by the Noteholders of Notes representing not less than 100% of the aggregate Voting Rights of the Notes with the consent of the Enhancer; 
  
 (c) if the conditions set forth in Section 5.05 shall have been
satisfied and the Indenture Trustee elects to retain the Trust Estate pursuant to such Section, then any direction to the Indenture Trustee by Noteholders of Notes representing less than 100% of the aggregate Voting Rights of the Notes to sell or
liquidate the Trust Estate shall be of no force and effect; and 
  
 (d) the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction. 
  
 Notwithstanding the rights of Noteholders set forth in this Section, subject to Section 6.01, the Indenture Trustee need not take any action that it determines (in
its sole discretion) might involve it in liability or might materially adversely affect the rights of any Noteholders not consenting to such action, unless the Trustee has received satisfactory indemnity from the Enhancer or a Noteholder.

  
 Section 5.12 Waiver of Past Defaults. Prior to the
declaration of the acceleration of the maturity of the Notes as provided in Section 5.02, the Enhancer (so long as no Enhancer Default exists) or the Noteholders of not less than a majority of the aggregate Voting Rights of the Notes, with the
consent of the Enhancer, may waive any past Event of Default and its consequences, except an Event of Default (a) with respect to payment of principal of or interest on any of the Notes or (b) in respect of a covenant or provision hereof
that cannot be modified or amended without the consent of the Noteholder of each Note. In the case of any such waiver, the Issuer, the Indenture Trustee and the Noteholders shall be restored to their respective former positions and rights hereunder;
but no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereto. 
  

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 Upon any such waiver, any Event of Default arising therefrom shall be deemed to have been cured and not
to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereto. 
  
 Section 5.13 Undertaking for Costs. All parties to this Indenture agree, and each Noteholder by such
Noteholder’s acceptance of the related Note shall be deemed to have agreed, that any court may in its discretion require, in any Proceeding for the enforcement of any right or remedy under this Indenture, or in any Proceeding against the
Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such Proceeding of an undertaking to pay the costs of such Proceeding, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees, against any party litigant in such Proceeding, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this
Section 5.13 shall not apply to (a) any Proceeding instituted by the Indenture Trustee, (b) any Proceeding instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the aggregate
Note Balance of the Notes or (c) any Proceeding instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture.

  
 Section 5.14 Waiver of Stay or Extension Laws. The
Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time
hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not
hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
  
 Section 5.15 Sale of Trust Estate. 
  
 (a) The power to effect any sale or other disposition (a “Sale”)
of any portion of the Trust Estate pursuant to Section 5.04 is expressly subject to the provisions of Section 5.05 and this Section 5.15. The power to effect any such Sale shall not be exhausted by any one or more Sales as to any
portion of the Trust Estate remaining unsold, but shall continue unimpaired until the entire Trust Estate shall have been sold or all amounts payable on the Notes and under this Indenture and under the Insurance Agreement shall have been paid. The
Indenture Trustee may from time to time postpone any public Sale by public announcement made at the time and place of such Sale. The Indenture Trustee hereby expressly waives its right to any amount fixed by law as compensation for any Sale.

  
 (b) The Indenture Trustee shall not in any private Sale sell
the Trust Estate, or any portion thereof, unless: 
  
 (i) the Noteholders of all Notes and the Enhancer direct the Indenture Trustee to make, such Sale, 
  

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 (ii) the proceeds of such Sale would be not less than the entire amount that would be
payable to the Noteholders under the Notes, the Certificateholders under the Certificates and the Enhancer in respect of amounts drawn under the Policy and any other amounts due the Enhancer under the Insurance Agreement, in full payment thereof in
accordance with Section 5.02, on the Payment Date next succeeding the date of such Sale, or 
  
 (iii) the Indenture Trustee determines, in its sole discretion, that the conditions for retention of the Trust Estate set forth in
Section 5.05 cannot be satisfied (in making any such determination, the Indenture Trustee may rely and shall be protected in relying in good faith upon an opinion of an Independent investment banking firm obtained and delivered as provided in
Section 5.05), and the Enhancer consents to such Sale (which consent shall not be unreasonably withheld), and the Noteholders of Notes representing at least 66 2/3% of the aggregate Voting Rights of the Notes consent to such Sale. 
  
 The purchase by the Indenture Trustee of all or any portion of the Trust Estate at a private Sale shall not be deemed a Sale or other disposition thereof for purposes of
this Section 5.15(b). 
  
 (c) Unless the Noteholders and the
Enhancer shall have otherwise consented or directed the Indenture Trustee, at any public Sale of all or any portion of the Trust Estate at which a minimum bid equal to or greater than the amount described in paragraph (ii) of subsection
(b) of this Section 5.15 has not been established by the Indenture Trustee and no Person bids an amount equal to or greater than such amount, then the Indenture Trustee shall bid an amount at least $1.00 more than the highest other bid,
which bid shall be subject to the provisions of Section 5.15(d)(ii). 
  
 (d) In connection with a Sale of all or any portion of the Trust Estate: 
  
 (i) any Noteholder may bid for and, with the consent of the Enhancer, purchase the property offered for sale, and upon compliance with
the terms of sale may hold, retain and possess and dispose of such property, without further accountability, and may, in paying the purchase money therefor, deliver any Notes or claims for interest thereon in lieu of cash up to the amount which
shall, upon distribution of the net proceeds of such sale, be payable thereon, and such Notes, in case the amounts so payable thereon shall be less than the amount due thereon, shall be returned to the Noteholders thereof after being appropriately
stamped to show such partial payment; 
  
 (ii)
the Indenture Trustee may bid for and acquire the property offered for Sale in connection with any Sale thereof and, subject to any requirements of, and to the extent permitted by, applicable law in connection therewith, may purchase all or any
portion of the Trust Estate in a private sale. In lieu of paying cash therefor, the Indenture Trustee may make settlement for the purchase price by crediting the gross Sale price against the sum of (A) the amount that would be distributable to
the Noteholders and the Certificateholders and amounts owing to the Enhancer as a result of such Sale in accordance with Section 5.04(b) on the Payment Date next succeeding the date of such Sale and (B) the expenses of the Sale and of any
Proceedings in connection therewith that 
  

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 are reimbursable to it, without being required to produce the Notes in order to complete any such Sale or
in order for the net Sale price to be credited against such Notes, and any property so acquired by the Indenture Trustee shall be held and dealt with by it in accordance with the provisions of this Indenture; 
  
 (iii) the Indenture Trustee shall execute and deliver an
appropriate instrument of conveyance transferring its interest in any portion of the Trust Estate in connection with a Sale thereof; 
  
 (iv) the Indenture Trustee is hereby irrevocably appointed the agent and attorney-in-fact of the Issuer to transfer and convey its
interest in any portion of the Trust Estate in connection with a Sale thereof, and to take all action necessary to effect such Sale; and 
  
 (v) no purchaser or transferee at such a Sale shall be bound to ascertain the Indenture Trustee’s authority, inquire into the
satisfaction of any conditions precedent or see to the application of any monies. 
  
 Section 5.16 Action on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any
other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the
Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the Issuer. Any money or property collected by the Indenture Trustee shall be applied in accordance with
Section 5.04(b). 
  
 Section 5.17 Performance and
Enforcement of Certain Obligations. 
  
 (a) Promptly
following a written request from the Enhancer or the Indenture Trustee (with the written consent of the Enhancer), the Issuer, in its capacity as owner of the Mortgage Loans, shall, with the written consent of the Enhancer, take all such lawful
action as the Indenture Trustee may request to cause the Issuer to compel or secure the performance and observance by the Seller and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the
Purchase Agreement and the Master Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Purchase Agreement and the Master Servicing Agreement to the
extent and in the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including the transmission of notices of default on the part of the Seller or the Master Servicer thereunder and the institution of legal or administrative
actions or proceedings to compel or secure performance by the Seller or the Master Servicer of each of their obligations under the Purchase Agreement and the Master Servicing Agreement. 
  
 (b) If an Event of Default shall have occurred and be continuing, the Indenture Trustee, as pledgee of the Mortgage Loans,
subject to the rights of the Enhancer under the Master Servicing Agreement, may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Noteholders of 66 2/3% of the 
  

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 aggregate Voting Rights of the Notes, shall, exercise all rights, remedies, powers, privileges and claims of the Issuer
against the Seller or the Master Servicer under or in connection with the Purchase Agreement and the Master Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the
Master Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Purchase Agreement and the Master Servicing Agreement, as the
case may be, and any right of the Issuer to take such action shall not be suspended. In connection therewith, as determined by the Indenture Trustee, the Issuer shall take all actions necessary to effect the transfer of the Mortgage Loans to the
Indenture Trustee. 
  
 ARTICLE VI 
  
 The Indenture Trustee 
  
 Section 6.01 Duties of Indenture Trustee. 
  
 (a) If an Event of Default shall have occurred and be continuing, the
Indenture Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s
own affairs. 
  
 (b) Except during the continuance of an Event of
Default: 
  
 (i) the Indenture Trustee
undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Indenture Trustee; and 
  
 (ii) in the absence of bad faith on its part, the Indenture
Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates, reports or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture;
provided, however, that the Indenture Trustee shall examine the certificates, reports and opinions to determine whether or not they conform to the requirements of this Indenture. 
  
 (c) The Indenture Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act
or its own willful misconduct, except that: 
  
 (i) this paragraph does not limit the effect of paragraph (a) of this Section 6.01; 
  
 (ii) the Indenture Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved
that the Indenture Trustee was negligent in ascertaining the pertinent facts; and 
  
 (iii) the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a
direction received by it pursuant to Section 5.11 or any direction from the Enhancer that the Enhancer is entitled to give under any of the Basic Documents. 
  

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 (d) The Indenture Trustee shall not be liable for interest on any money received by it except as the
Indenture Trustee may agree in writing with the Issuer. 
  
 (e)
Money held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms of this Indenture or the Trust Agreement. 
  
 (f) No provision of this Indenture shall require the Indenture Trustee to expend or risk its own funds or otherwise incur
financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability
is not reasonably assured to it. 
  
 (g) Every provision of this
Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this Section and to the provisions of TIA. 
  
 (h) The Indenture Trustee hereby accepts appointment as Certificate Paying
Agent under the Trust Agreement and agrees to be bound by the provisions of the Trust Agreement relating to the Certificate Paying Agent. The Indenture Trustee hereby agrees to be bound by the provisions of Article IX of the Trust Agreement.

  
 (i) The Indenture Trustee shall not be required to take notice
or be deemed to have notice or knowledge of any Event of Default (except for an Event of Default specified in clause (a) of the definition thereof) unless a Responsible Officer of the Indenture Trustee shall have received written notice or have
actual knowledge thereof. In the absence of receipt of such notice or such knowledge, the Indenture Trustee may conclusively assume that there is no default or Event of Default. 
  
 (j) The Indenture Trustee shall have no duty to see to any recording or filing of any financing statement or continuation
statement evidencing a security interest or to see to the maintenance of any such recording or filing or to any rerecording or refiling of any thereof. 
  
 Section 6.02 Rights of Indenture Trustee. 
  
 (a) The Indenture Trustee may rely and shall be protected in acting or refraining from acting in good faith upon any resolution, Officer’s
Certificate, opinion of counsel, certificate of auditors, or any other certificate, statement, instrument, report, notice, consent or other document believed by it to be genuine and to have been signed or presented by the proper person. The
Indenture Trustee need not investigate any fact or matter stated in any such document. 
  
 (b) Before the Indenture Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel. The Indenture Trustee shall not be liable for any action it takes or omits to take
in good faith in reliance on any such Officer’s Certificate or Opinion of Counsel. 
  

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 (c) The Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such agent, attorney,
custodian or nominee appointed with due care by it hereunder. 
  
 (d) The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, however, that the Indenture Trustee’s conduct does
not constitute willful misconduct, negligence or bad faith. 
  
 The Indenture Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to
any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 
  
 The Indenture Trustee shall not be personally liable for any action taken, suffered or omitted by it in good faith and believed by it to be authorized or
within the discretion or rights or powers conferred upon it by this Agreement, unless it shall be proved that the Indenture Trustee was negligent in ascertaining the pertinent facts. 
  
 (e) Prior to the occurrence of an Event of Default hereunder, and after the curing or waiver of all Events of Default that
may have occurred, the Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other
paper or document, unless requested in writing to do so by the Enhancer or Noteholders representing a majority of the aggregate Voting Rights; provided, however, that if the payment within a reasonable time to the Indenture Trustee of the
costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Indenture Trustee, not assured to the Indenture Trustee by the security afforded to it by the terms of this Indenture, the
Indenture Trustee may require indemnity satisfactory to the Indenture Trustee against such cost, expense or liability as a condition to taking any such action. 
  

(f) The Indenture Trustee shall be under no obligation to exercise any of the trusts or powers vested in it by this Agreement or to institute, conduct
or defend any litigation hereunder or in relation hereto at the request, order or direction of any of the Noteholders or the Enhancer, pursuant to the provisions of this Agreement, unless the Noteholders or the Enhancer shall have offered to the
Indenture Trustee reasonable security or indemnity against the costs, expenses and liabilities which may be incurred therein or thereby; nothing contained herein shall, however, relieve the Indenture Trustee of the obligation, upon the occurrence of
an Event of Default (which has not been cured or waived), to exercise such of the rights and powers vested in it by this Agreement, and to use the same degree of care and skill in their exercise as a prudent investor would exercise or use under the
circumstances in the conduct of such investor’s own affairs. 
  

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 Section 6.03 Individual Rights of Indenture Trustee. The Indenture Trustee in its individual
or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee. Any Note Registrar, co-registrar or co-paying agent may do
the same with like rights. However, the Indenture Trustee must comply with Sections 6.11 and 6.12. 
  
 Section 6.04 Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be (i) responsible for and makes no representation as
to the validity or adequacy of this Indenture or the Notes, (ii) accountable for the Issuer’s use of the proceeds from the Notes or (iii) responsible for any statement of the Issuer in this Indenture or in any document issued in
connection with the sale of the Notes or in the Notes, other than the Indenture Trustee’s certificate of authentication thereon. 
  
 Section 6.05 Notice of Event of Default. If an Event of Default shall occur and be continuing, and if such Event of Default is known to a
Responsible Officer of the Indenture Trustee, then the Indenture Trustee shall give notice thereof to the Enhancer. The Indenture Trustee shall mail to each Noteholder notice of such Event of Default within 90 days after it occurs. Except in the
case of an Event of Default with respect to the payment of principal of or interest on any Note, the Indenture Trustee may withhold such notice if and so long as a committee of its Responsible Officers in good faith determines that withholding such
notice is in the interests of the Noteholders. 
  
 Section 6.06 Reports by Indenture Trustee to Noteholders. The Indenture Trustee shall deliver to each Noteholder such information as may be required to enable such Noteholder to prepare its federal and state income tax returns.
In addition, upon Issuer Request, the Indenture Trustee shall promptly furnish such information reasonably requested by the Issuer that is reasonably available to the Indenture Trustee to enable the Issuer to perform its federal and state income tax
reporting obligations. 
  
 Section 6.07 Compensation and
Indemnity. The Indenture Trustee shall be compensated and indemnified by the Master Servicer in accordance with Section 6.06 of the Master Servicing Agreement. All amounts owing the Indenture Trustee hereunder in excess of such amount, as
well as any amount owed to the Indenture Trustee in accordance with Section 6.06 of the Master Servicing Agreement, to the extent the Master Servicer has failed to pay such amount, shall be paid solely as provided in Section 3.05 hereof
(subject to the priorities set forth therein). The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall reimburse the Indenture Trustee for all reasonable
out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation, expenses, disbursements and advances of the Indenture
Trustee’s agents, counsel, accountants and experts. The Issuer shall indemnify the Indenture Trustee against any and all loss, liability or expense (including attorneys’ fees) incurred by it in connection with the administration of this
trust and the performance of its duties hereunder. The Indenture Trustee shall notify the Issuer promptly of any claim for which it may seek indemnity. Failure by the 
  

 38 

 Indenture Trustee to so notify the Issuer shall not relieve the Issuer of its obligations hereunder. The Issuer shall
defend any such claim, and the Indenture Trustee may have separate counsel and the Issuer shall pay the fees and expenses of such counsel. The Issuer is not obligated to reimburse any expense or indemnify against any loss, liability or expense
incurred by the Indenture Trustee through the Indenture Trustee’s own willful misconduct, negligence or bad faith. 
  
 The Issuer’s payment obligations to the Indenture Trustee pursuant to this Section 6.07 shall survive the discharge of this Indenture. When the
Indenture Trustee incurs expenses after the occurrence of an Event of Default specified in clause (c) or (d) of the definition thereof with respect to the Issuer, such expenses are intended to constitute expenses of administration under
Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or similar law. 
  
 Section 6.08 Replacement of Indenture Trustee. No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture
Trustee shall become effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.08. The Indenture Trustee may resign at any time by so notifying the Issuer and the Enhancer. The Enhancer or the
Noteholders of a majority of the aggregate Note Balance of the Notes may remove the Indenture Trustee by so notifying the Indenture Trustee and the Enhancer (if given by such Noteholders) and may appoint a successor Indenture Trustee. Unless a
Servicer Default has occurred and is continuing, the appointment of any successor Indenture Trustee shall be subject to the prior written approval of the Master Servicer. The Issuer shall remove the Indenture Trustee if: 
  
 (a) the Indenture Trustee fails to comply with Section 6.11;

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

  
 (c) a receiver or other public officer takes charge of the
Indenture Trustee or its property; or 
  
 (d) the Indenture
Trustee otherwise becomes incapable of fulfilling its duties under the Basic Documents. 
  
 If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as the retiring Indenture
Trustee), the Issuer shall promptly appoint a successor Indenture Trustee with the consent of the Enhancer, which consent shall not be unreasonably withheld. In addition, the Indenture Trustee shall resign to avoid being directly or indirectly
controlled by the Issuer. 
  
 A successor Indenture Trustee shall
deliver a written acceptance of its appointment to the retiring Indenture Trustee and to the Issuer. Thereupon, the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee shall have all
the rights, powers and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its succession to the Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as
Indenture Trustee to the successor Indenture Trustee. 
  

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

  
 If the Indenture Trustee fails to comply with
Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 
  
 Notwithstanding the replacement of the Indenture Trustee pursuant to this Section, the Issuer’s obligations under
Section 6.07 shall continue for the benefit of the retiring Indenture Trustee. 
  
 Section 6.09 Successor Indenture Trustee by Merger. If the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to,
another corporation or banking association, then the resulting, surviving or transferee corporation without any further act shall be the successor Indenture Trustee; provided, that such corporation or banking association shall be otherwise qualified
and eligible under Section 6.11. The Indenture Trustee shall provide the Rating Agencies with written notice of any such transaction occurring after the Closing Date. 
  
 If at the time of any such succession by merger, conversion or consolidation, any of the Notes shall have been authenticated
but not delivered, then any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated. If at such time any of the Notes shall not have been authenticated,
any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Indenture Trustee; and in all such cases, such certificates shall have the full force that it
is anywhere in the Notes or in this Indenture provided that the certificate of the Indenture Trustee shall have. 
  
 Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee. 
  
 (a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of
any jurisdiction in which any part of the Trust Estate may at such time be located, the Indenture Trustee shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or
separate trustee or separate trustees, of all or any part of the Issuer, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust Estate, or any part thereof, and, subject to the other
provisions of this Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a
successor trustee under Section 6.11 hereof, and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.08 hereof. 
  
 (b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the
following provisions and conditions: 
  

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 (i) all rights, powers, duties and obligations conferred or imposed upon the Indenture
Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without
the Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in
which event such rights, powers, duties and obligations (including the holding of title to the Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely
at the direction of the Indenture Trustee; 
  
 (ii) no trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder; and 
  
 (iii) the Indenture Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee. 
  
 (c) Any notice, request or other writing given to the Indenture Trustee shall
be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this
Article VI. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as
may be provided therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such
instrument shall be filed with the Indenture Trustee. 
  
 (d) Any
separate trustee or co-trustee may at any time constitute the Indenture Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its
behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the
extent permitted by law, without the appointment of a new or successor trustee. 
  
 Section 6.11 Eligibility; Disqualification. The Indenture Trustee shall at all times satisfy the requirements of TIA § 310(a). The Indenture Trustee shall have a combined capital and surplus of
at least $50,000,000 as set forth in its most recent published annual report of condition and it or its parent shall have a long-term debt rating of A or better by Moody’s. The Indenture Trustee shall comply with TIA § 310(b),
including the optional provision permitted by the second sentence of TIA § 310(b)(9); provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other
securities of the Issuer are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met. 
  

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 Section 6.12 Preferential Collection of Claims Against Issuer. The Indenture Trustee shall
comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). An Indenture Trustee that has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated. 
  
 Section 6.13 Representations and Warranties. The Indenture
Trustee hereby represents and warrants that: 
  
 (a) The
Indenture Trustee is duly organized, validly existing and in good standing as a national banking association with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is
currently conducted. 
  
 (b) The Indenture Trustee has the power
and authority to execute and deliver this Indenture and to carry out its terms; and the execution, delivery and performance of this Indenture have been duly authorized by the Indenture Trustee by all necessary corporate action. 
  
 (c) The consummation of the transactions contemplated by this Indenture and
the fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the articles of organization or bylaws of the Indenture
Trustee or any agreement or other instrument to which the Indenture Trustee is a party or by which it is bound. 
  
 (d) To the Indenture Trustee’s best knowledge, there are no Proceedings or investigations pending or threatened before any court, regulatory body,
administrative agency or other governmental instrumentality having jurisdiction over the Indenture Trustee or its properties (A) asserting the invalidity of this Indenture, (B) seeking to prevent the consummation of any of the transactions
contemplated by this Indenture or (C) seeking any determination or ruling that might materially and adversely affect the performance by the Indenture Trustee of its obligations under, or the validity or enforceability of, this Indenture.

  
 (e) The Indenture Trustee does not have notice of any adverse
claim (as such terms are used in Section 8-302 of the UCC in effect in the State of Delaware) with respect to the Mortgage Loans. 
  
 Section 6.14 Directions to Indenture Trustee. The Indenture Trustee is hereby directed: 
  
 (a) to accept the pledge of the Mortgage Loans and hold the assets of the
Trust in trust for the Noteholders and the Enhancer; 
  
 (b) to
authenticate and deliver the Notes substantially in the form prescribed by Exhibit A in accordance with the terms of this Indenture; and 
  
 (c) to take all other actions as shall be required to be taken by the terms of this Indenture. 
  

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 Section 6.15 Indenture Trustee May Own Securities. The Indenture Trustee, in its individual
or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not Indenture Trustee. 
  
 ARTICLE VII 
  
 Noteholders’ Lists and Reports 
  
 Section 7.01 Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders. The Issuer shall furnish or cause to be furnished to the Indenture Trustee (a) not more than five days after each
Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Noteholders as of such Record Date, and (b) at such other times as the Indenture Trustee and the Enhancer 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 for so long as the
Indenture Trustee is the Note Registrar, no such list need be furnished. 
  
 Section 7.02 Preservation of Information; Communications to Noteholders. 
  
 (a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Noteholders contained in the
most recent list furnished to the Indenture Trustee as provided in Section 7.01 and the names and addresses of the Noteholders received by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy any list
furnished to it as provided in such Section 7.01 upon receipt of a new list so furnished. 
  
 (b) Noteholders may communicate pursuant to TIA § 312(b) with other Noteholders with respect to their rights under this Indenture or under the Notes. 
  
 (c) The Issuer, the Indenture Trustee and the Note Registrar shall have the
protection of TIA § 312(c). 
  
 Section 7.03
Reports by Issuer. 
  
 (a) The Issuer shall: 

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

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 (iii) supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail
to all Noteholders described in TIA § 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section 7.03(a) and by rules and regulations
prescribed from time to time by the Commission. 
  
 (b) Unless the
Issuer otherwise determines, the fiscal year of the Issuer shall end on December 31 of each year. 
  
 Section 7.04 Reports by Indenture Trustee. If required by TIA § 313(a), within 60 days after each January 1, beginning
with [DATE], the Indenture Trustee shall make available to each Noteholder as required by TIA § 313(c) and to the Enhancer a brief report dated as of such date that complies with TIA § 313(a). The Indenture Trustee also shall
comply with TIA § 313(b). 
  
 A copy of each report at
the time of its distribution to Noteholders shall be filed by the Indenture Trustee with the Commission, if required, and each stock exchange, if any, on which the Notes are listed. The Issuer shall notify the Indenture Trustee if and when the Notes
are listed on any stock exchange. 
  
 ARTICLE VIII 
  
 Accounts, Disbursements and Releases 
  
 Section 8.01 Collection of Money. Except as otherwise expressly
provided herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable
by the Indenture Trustee pursuant to this Indenture. The Indenture Trustee shall apply all such money received by it as provided in this Indenture. Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any
payment or performance under any agreement or instrument that is part of the Trust Estate, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of
appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in Article V. 
  
 Section 8.02 Trust Accounts. 
  
 (a) On or prior to the Closing Date, the Issuer shall cause the Indenture
Trustee to establish and maintain, in the name of the Indenture Trustee, for the benefit of the Noteholders and the Certificate Paying Agent, on behalf of the Certificateholders and the Enhancer, the Note Payment Account as provided in
Section 3.01. 
  
 (b) All monies deposited from time to time
in the Note Payment Account pursuant to the Master Servicing Agreement and all deposits therein pursuant to this Indenture are for the benefit of the Noteholders and the Certificate Paying Agent, on behalf of the Certificateholders, and all
investments made with such monies, including all income or other gain from such investments, are for the benefit of the Master Servicer as provided in Section 5.01 of the Master Servicing Agreement. 
  

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 On each Payment Date, the Indenture Trustee shall distribute all amounts on deposit in the Note Payment
Account to the Noteholders in respect of the Notes and, in its capacity as Certificate Paying Agent, to the Certificateholders from the Distribution Account in the order of priority set forth in Section 3.05 (except as otherwise provided in
Section 5.04(b)) and in accordance with the Servicing Certificate. 
  
 The Indenture Trustee shall invest any funds in the Note Payment Account in Permitted Investments selected in writing by the Master Servicer maturing no later than the Business Day preceding the next succeeding Payment Date (except that any
investment in the institution with which the Note Payment Account is maintained may mature on such Payment Date) and shall not be sold or disposed of prior to the maturity. In addition, such Permitted Investments shall not be purchased at a price in
excess of par. The Indenture Trustee shall have no liability whatsoever for investment losses on Permitted Investments, if such investments are made in accordance with the provisions of this Indenture and the Indenture Trustee is not the obligor
under the Permitted Investment. 
  
 Section 8.03
Officer’s Certificate. The Indenture Trustee shall receive at least seven days’ notice when requested by the Issuer to take any action pursuant to Section 8.05(a), accompanied by copies of any instruments to be executed, and
the Indenture Trustee shall also require, as a condition to such action, an Officer’s Certificate, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to
complete the same, and concluding that all conditions precedent to the taking of such action have been complied with. 
  
 Section 8.04 Termination Upon Distribution to Noteholders. This Indenture and the respective obligations and responsibilities of the Issuer
and the Indenture Trustee created hereby shall terminate upon the distribution to the Noteholders, the Certificate Paying Agent on behalf of the Certificateholders and the Indenture Trustee of all amounts required to be distributed pursuant to
Article III hereof; provided however, that in no event shall the trust created hereby continue beyond the expiration of 21 years from the death of the survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the
Court of St. James, living on the date hereof. 
  
 Section 8.05 Release of Trust Estate. 
  
 (a) Subject to the payment of its fees, expenses and indemnification, the Indenture Trustee may, and when required by the provisions of this Indenture or the Master Servicing Agreement, shall, execute instruments to release property from
the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No Person relying upon an instrument executed by the
Indenture Trustee as provided in Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent, or see to the application of any monies. 
  
 (b) The Indenture Trustee shall, at such time as (i) there are no Notes
Outstanding, (ii) all sums due the Indenture Trustee pursuant to this Indenture have been paid and (iii) all sums due the Enhancer have been paid, release any remaining portion of the Trust Estate that secured the Notes from the lien of
this Indenture. 
  

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 (c) The Indenture Trustee shall release property from the lien of this Indenture pursuant to this
Section 8.05 only upon receipt of an Issuer Request accompanied by an Officers’ Certificate and a letter from the Enhancer stating that the Enhancer has no objection to such request from the Issuer. 
  
 (d) The Indenture Trustee shall, at the request of the Issuer or the
Depositor, surrender the Policy to the Enhancer for cancellation, upon final payment of principal of and interest on the Notes. 
  
 Section 8.06 Surrender of Notes Upon Final Payment. By acceptance of any Note, the Noteholder thereof agrees to surrender such Note to the
Indenture Trustee promptly, prior to such Noteholder’s receipt of the final payment thereon. 
  
 ARTICLE IX 
  
 Supplemental Indentures 
  
 Section 9.01
Supplemental Indentures Without Consent of Noteholders. 
  
 (a) Without the consent of the Noteholders of any Notes, but with prior notice to the Rating Agencies and the prior written consent of the Enhancer (which consent shall not be unreasonably withheld), unless an Enhancer Default shall have
occurred, the Issuer and the Indenture Trustee, when authorized by an Issuer Request, at any time and from time to time, may enter into one or more indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as
in force at the date of the execution thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes: 
  
 (i) to correct or amplify the description of any property at any time subject to the lien of this Indenture, or better to assure, convey
and confirm unto the Indenture Trustee any property subject or required to be subjected to the lien of this Indenture, or to subject to the lien of this Indenture additional property; 
  
 (ii) to evidence the succession, in compliance with the applicable provisions hereof, of another Person to
the Issuer, and the assumption by any such successor of the covenants of the Issuer herein and in the Notes contained; 
  
 (iii) to add to the covenants of the Issuer, for the benefit of the Noteholders or the Enhancer, or to surrender any right or power
herein conferred upon the Issuer; 
  
 (iv) to
convey, transfer, assign, mortgage or pledge any property to or with the Indenture Trustee; 
  

 46 

 (v) to cure any ambiguity, to correct any error or to correct or supplement any
provision herein or in any supplemental indenture that may be inconsistent with any other provision herein or in any supplemental indenture; 
  
 (vi) to make any other provisions with respect to matters or questions arising under this Indenture or in any supplemental indenture;
provided, that such action shall not materially and adversely affect the interests of the Noteholders or the Enhancer (as evidenced by an Opinion of Counsel); 
  

(vii) to evidence and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the Notes and to
add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Article VI; or 
  
 (viii) to modify, eliminate or add to the provisions of
this Indenture to such extent as shall be necessary to effect the qualification of this Indenture under TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by
TIA; 
  
 provided, however, that no such supplemental indenture shall be
entered into unless the Indenture Trustee shall have received an Opinion of Counsel to the effect that the execution of such supplemental indenture will not give rise to any material adverse tax consequence to the Noteholders, including any Adverse
REMIC Event. 
  
 The Indenture Trustee is hereby authorized to
join in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein contained. 
  
 (b) The Issuer and the Indenture Trustee, when authorized by an Issuer Request, may, without the consent of any Noteholder but with prior notice to the
Rating Agencies and the Enhancer, 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 Noteholders under this Indenture; provided, however, that such action shall not, as evidenced by an Opinion of Counsel, (i) adversely affect in any material respect the interests of any Noteholder or the Enhancer or
(ii) cause the Issuer to be subject to an entity level tax. 
  
 Section 9.02 Supplemental Indentures With Consent of Noteholders. The Issuer and the Indenture Trustee, when authorized by an Issuer Request, may, with prior notice to the Rating Agencies and with the consent of the Enhancer and
the Noteholders of not less than a majority of the Voting Rights of each Class of Notes affected thereby, by Act (as defined in Section 10.03 hereof) of such Noteholders delivered to the Issuer and the Indenture Trustee, enter into an indenture
or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Noteholders under this Indenture;
provided, however, that no such supplemental indenture shall, without the consent of the Noteholder of each Note affected thereby: 
  

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 (a) change the date of payment of any installment of principal of or interest on any Note, or reduce the
principal amount thereof or the Note Rate thereon, change the provisions of this Indenture relating to the application of collections on, or the proceeds of the sale of, the Trust Estate to payment of principal of or interest on the Notes, or change
any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable, or impair the right to institute suit for the enforcement of the provisions of this Indenture requiring the application of funds available
therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the respective due dates thereof; 
  
 (b) reduce the percentage of the Voting Rights of any Class of the Notes, the consent of the Noteholders of which is required for any such supplemental
indenture, or the consent of the Noteholders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture; 
  
 (c) modify or alter the provisions of the proviso to the definition of the
term “Outstanding” or modify or alter the exception in the definition of the term “Noteholder”; 
  
 (d) reduce the percentage of the aggregate Voting Rights of the Notes required to direct the Indenture Trustee to direct the Issuer to sell or liquidate
the Trust Estate pursuant to Section 5.04; 
  
 (e) modify any
provision of this Section 9.02 except to increase any percentage specified herein or to provide that certain additional provisions of this Indenture or the other Basic Documents cannot be modified or waived without the consent of the Noteholder
of each Note affected thereby; 
  
 (f) modify any of the
provisions of this Indenture in such manner as to affect the calculation of the amount of any payment of interest or principal due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation);
or 
  
 (g) permit the creation of any lien ranking prior to or on
a parity with the lien of this Indenture with respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein, terminate the lien of this Indenture on any property at any time subject hereto or deprive the Noteholder
of any Note of the security provided by the lien of this Indenture; and provided further, that such action shall not, as evidenced by an Opinion of Counsel, cause the Issuer to be subject to an entity level tax. 
  
 The Indenture Trustee may in its discretion determine whether or not any
Notes would be affected by any supplemental indenture and any such determination shall be conclusive upon the Noteholders of all Notes, whether theretofore or thereafter authenticated and delivered hereunder. The Indenture Trustee shall not be
liable for any such determination made in good faith. 
  
 It shall
not be necessary for any Act (as defined in Section 10.03 hereof) of Noteholders under this Section 9.02 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the
substance thereof. 
  

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 Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture
pursuant to this Section 9.02, the Indenture Trustee shall mail to the Noteholders of the Notes to which such amendment or supplemental indenture relates a notice setting forth in general terms the substance of such supplemental indenture. Any
failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 
  
 Section 9.03 Execution of Supplemental Indentures. In executing, or permitting the additional trusts created by,
any supplemental indenture permitted by this Article IX or the modification thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive and, subject to Sections 6.01 and 6.02 hereof, shall be fully
protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental
indenture that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 
  
 Section 9.04 Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this
Indenture shall be and shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this
Indenture of the Indenture Trustee, the Issuer and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
  
 Section 9.05 Conformity with Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture executed pursuant to this
Article IX shall conform to the requirements of TIA as in effect at the time of such amendment or supplement so long as this Indenture shall then be qualified under TIA. 
  
 Section 9.06 Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the
execution of any supplemental indenture pursuant to this Article IX may, and if required by the Indenture Trustee, shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture. If
the Issuer or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and
delivered by the Indenture Trustee in exchange for Outstanding Notes. 
  

 49 

 ARTICLE X 
  
 Miscellaneous 
  
 Section 10.01 Compliance Certificates and Opinions, etc. 
  
 (a) Upon any application or request by the Issuer to the Indenture Trustee to take any action under any provision of this
Indenture, the Issuer shall furnish to the Indenture Trustee and to the Enhancer (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied
with and (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that, in the case of any such application or request as to which the furnishing of such
documents is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished. 
  
 Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 
  
 (i) a statement that each signatory of such certificate or
opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto; 
  
 (ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in
such certificate or opinion are based; 
  
 (iii)
a statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been
complied with; 
  
 (iv) a statement as to
whether, in the opinion of each such signatory, such condition or covenant has been complied with; and 
  
 (v) if the signer of such certificate or opinion is required to be Independent, the statement required by the definition of the term
“Independent”. 
  
 (b) (i) Prior to the deposit of
any Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in
Section 10.01(a) or elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such deposit) to
the Issuer of the Collateral or other property or securities to be so deposited. 
  
 (ii) Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion
of any signer thereof as to the matters described in clause (i) above, the Issuer shall also deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the fair value to the Issuer of the securities to be so
deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the Issuer, as set forth in the certificates delivered pursuant to clause (i) above and this
clause (ii), is xx% or more of the aggregate Note Balance of the Notes, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value thereof to the Issuer as set forth in the related Officer’s
Certificate is less than $ xxx,xxx or less than one percent of the aggregate Note Balance of the Notes. 
  

 50 

 (iii) Whenever any property or securities are to be released from the lien of this
Indenture, the Issuer shall furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such release) of the property or securities
proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this Indenture in contravention of the provisions hereof. 
  
 (iv) Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate
certifying or stating the opinion of any signer thereof as to the matters described in clause (iii) above, the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the fair value of the
property or securities and of all other property, other than property as contemplated by clause (v) below or securities released from the lien of this Indenture since the commencement of the then-current calendar year, as set forth in the
certificates required by clause (iii) above and this clause (iv), equals xx% or more of the aggregate Note Balance of the Notes, but such certificate need not be furnished in the case of any release of property or securities if the fair value
thereof as set forth in the related Officer’s Certificate is less than $ xxx,xxx or less than one percent of the aggregate Note Balance of the Notes. 
  
 (v) Notwithstanding any provision of this Indenture, the Issuer may, without compliance with the requirements of the other provisions of
this Section 10.01, (A) collect upon, sell or otherwise dispose of the Mortgage Loans as and to the extent permitted or required by the Basic Documents or (B) make cash payments out of the Note Payment Account as and to the extent
permitted or required by the Basic Documents, so long as the Issuer shall deliver to the Indenture Trustee every six months, commencing [DATE], an Officer’s Certificate of the Issuer stating that all the dispositions of Collateral described in
clauses (A) or (B) above that occurred during the preceding six calendar months (or such longer period, in the case of the first such Officer’s Certificate) were in the ordinary course of the Issuer’s business and that the
proceeds thereof were applied in accordance with the Basic Documents. 
  
 Section 10.02 Form of Documents Delivered to Indenture Trustee. 
  
 In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one
such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or
give an opinion as to such matters in one or several documents. 
  
 Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is 
  

 51 

 based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it
relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Seller or the Issuer, stating that the information with respect to such factual matters is in the possession of the Seller or the
Issuer, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 
  
 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates,
statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
  
 Whenever in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuer shall
deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the
effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have such application granted or to the sufficiency of such
certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI hereof.

  
 Section 10.03 Acts of Noteholders. 
  
 (a) Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing;
and except as herein otherwise expressly provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or
instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing
appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section 10.03. 
  
 (b) The fact and date of the execution by any person of any such instrument
or writing may be proved in any manner that the Indenture Trustee deems sufficient. 
  
 (c) The ownership of Notes shall be proved by the Note Register. 
  
 (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Noteholder of any Note shall bind the Noteholder of
every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such
action is made upon such Note. 
  
 Section 10.04 Notices,
etc., to Indenture Trustee, Issuer, Enhancer and Rating Agencies. Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or 
  

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 other documents provided or permitted by this Indenture shall be in writing and if such request, demand, authorization,
direction, notice, consent, waiver or Act of Noteholders is to be made upon, given or furnished to or filed with: 
  
 (a) the Indenture Trustee by any Noteholder or by the Issuer shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing
to or with the Indenture Trustee at its Corporate Trust Office with a copy to [INDENTURE TRUSTEE ADDRESS]. The Indenture Trustee shall promptly transmit any notice received by it from the Noteholders to the Issuer, 
  
 (b) the Issuer by the Indenture Trustee or by any Noteholder shall be
sufficient for every purpose hereunder if in writing and mailed first-class, postage prepaid to the Issuer addressed to: [ISSUER], in care of the Owner Trustee, or at any other address previously furnished in writing to the Indenture Trustee by the
Issuer. The Issuer shall promptly transmit any notice received by it from the Noteholders to the Indenture Trustee, or 
  
 (c) the Enhancer by the Issuer, the Indenture Trustee or by any Noteholders shall be sufficient for every purpose hereunder to in writing and mailed,
first-class postage pre-paid, or personally delivered or telecopied to:[ENHANCER NAME & ADDRESS]. The Enhancer shall promptly transmit any notice received by it from the Issuer, the Indenture Trustee or the Noteholders to the Issuer or
Indenture Trustee, as the case may be. 
  
 Notices required to be
given to the Rating Agencies by the Issuer, the Indenture Trustee or the Owner Trustee shall be in writing, personally delivered or mailed by certified mail, return receipt requested, to (i) in the case of Moody’s, at the following
address: Moody’s Investors Service, Inc., ABS Monitoring Department, 99 Church Street, New York, New York 10007 and (ii) in the case of Standard & Poor’s, at the following address: Standard & Poor’s, 26
Broadway, 15th Floor, New York, New York 10004, Attention: Asset Backed Surveillance; or, as to each of the foregoing Persons, at such other address as shall be designated by written notice to the other foregoing Persons. 
  
 Section 10.05 Notices to Noteholders; Waiver. Where this
Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at such
Person’s address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure
to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be
presumed to have been duly given regardless of whether such notice is in fact actually received. 
  
 Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before
or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee, but such filing shall not be a condition precedent to the validity of any action taken in
reliance upon such a waiver. 
  

 53 

 In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or
similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the
Indenture Trustee shall be deemed to be a sufficient giving of such notice. 
  
 Where this Indenture provides for notice to the Rating Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute an Event
of Default. 
  
 Section 10.06 Alternate Payment and Notice
Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuer may enter into any agreement with any Noteholder providing for a method of payment, or notice by the Indenture Trustee to such
Noteholder, that is different from the methods provided for in this Indenture for such payments or notices. The Issuer shall furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee shall cause payments to be made and
notices to be given in accordance with such agreements. 
  
 Section 10.07 Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of TIA, such
required provision shall control. 
  
 The provisions of TIA
§§ 310 through 317 that impose duties on any Person (including the provisions automatically deemed included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically
contained herein. 
  
 Section 10.08 Effect of
Headings. The Article and Section headings herein are for convenience only and shall not affect the construction hereof. 
  
 Section 10.09 Successors and Assigns. All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its successors and
assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees and agents. 
  
 Section 10.10 Severability. In case any provision in this Indenture or in the Notes shall be held invalid, illegal or unenforceable, the
validity, legality, and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby. 
  
 Section 10.11 Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the
parties hereto and their successors hereunder, and the Noteholders, the Enhancer, and any other party secured hereunder, and any other Person with an ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right,
remedy or claim under this Indenture. The Enhancer shall be a third party beneficiary of this Agreement. 
  
 Section 10.12 Legal Holidays. In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any
other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and no interest shall accrue for
the period from and after any such nominal date. 
  

 54 

  
 Section 10.13
GOVERNING LAW. THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICTS OF LAW PROVISIONS (EXCEPT SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATION LAW), AND THE OBLIGATIONS,
RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 Section 10.14 Counterparts. This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute
but one and the same instrument. 
  
 Section 10.15
Recording of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Issuer and at its expense accompanied by an Opinion of Counsel (which counsel shall be
reasonably acceptable to the Indenture Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture
Trustee under this Indenture. 
  
 Section 10.16 Issuer
Obligation. No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in
connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer,
director, employee or agent of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture
Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their respective individual capacities),
and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such
entity. For all purposes of this Indenture, in the performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of the
Trust Agreement. 
  
 Section 10.17 No Petition. The
Indenture Trustee, by entering into this Indenture, and each Noteholder, by its acceptance of a Note, hereby covenant and agree that they will not at any time institute against the Depositor or the Issuer, or join in any institution against the
Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to
the Notes, this Indenture or any of the other Basic Documents. 
  

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 Section 10.18 Inspection. The Issuer agrees that, on reasonable prior notice, it shall permit
any representative of the Indenture Trustee, during the Issuer’s normal business hours, to examine all the books of account, records, reports and other papers of the Issuer, to make copies and extracts therefrom, to cause such books to be
audited by Independent certified public accountants, and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers, employees, and Independent certified public accountants, all at such reasonable times and as often
as may be reasonably requested. The Indenture Trustee shall and shall cause its representatives to hold in confidence all such information except to the extent disclosure may be required by law (and all reasonable applications for confidential
treatment are unavailing) and except to the extent that the Indenture Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder. 
  
 ARTICLE XI 
  
 REMIC Provisions 
  
 Section 11.01 REMIC Administration. 
  
 (a) The REMIC Administrator shall make an election to treat the Trust Estate as three REMICs under the Code and, if necessary, under applicable state law,
in accordance with Section 2.06 of the Trust Agreement. Such election will be made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last
day of the calendar year in which the Securities are issued. For the purposes of the REMIC elections in respect of the Trust Estate, Securities and interests to be designated as the “regular interests” and the sole class of “residual
interests” in each REMIC will be set forth in Section 11.03 hereof. The REMIC Administrator and the Indenture Trustee shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in each
REMIC elected in respect of the Trust Fund other than the “regular interests” and “residual interests” so designated. The REMIC Administrator shall prepare and file or distribute such forms as may be required under the Code and
related Treasury Regulations with respect to any payments of Interest Shortfalls to the holders of the Class A-[IO] Notes consistent with their treatment as payments pursuant to an interest rate cap agreement for federal tax purposes. The REMIC
Administrator may assume that such interest rate cap contract has a value of zero. 
  
 (b) The Closing Date is hereby designated as the “startup day” of each of REMIC I, REMIC II and REMIC III as designated in Section 11.03 below, the Trust Estate within the meaning of
Section 860G(a)(9) of the Code. 
  
 (c) The Seller shall hold
a Class R Certificate representing at least a 0.01% Percentage Interest in each Class of the Class R Certificates and shall be designated as “the tax matters person” with respect to each REMIC in the manner provided under Treasury
regulations section 1.860F-4(d) and Treasury regulations section 301.6231(a)(7)-1. The REMIC Administrator, on behalf of the Tax Matters Partner, shall (i) act on behalf of each REMIC in relation to any tax matter or controversy involving the
Trust Estate and (ii) represent the Trust Estate in any administrative or judicial proceeding relating to an examination or audit by any governmental taxing authority with respect thereto. The legal expenses, including without 
  

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 limitation attorneys’ or accountants’ fees, and costs of any such proceeding and any liability resulting
therefrom shall be expenses of the Trust Estate and the REMIC Administrator shall be entitled to reimbursement therefor out of amounts attributable to the Mortgage Loans on deposit in the Custodial Account unless such legal expenses and costs are
incurred by reason of the REMIC Administrator’s willful misfeasance, bad faith or gross negligence. 
  
 (d) The REMIC Administrator shall prepare or cause to be prepared all of the Tax Returns that it determines are required with respect to each REMIC
created hereunder and, if approval therefore is received from the applicable District Director of the Internal Revenue Service, shall sign and file such returns in a timely manner and, otherwise, shall, shall deliver such Tax Returns in a timely
manner to the Owner Trustee, if the Owner Trustee is required to sign such returns in accordance with Section 5.03 of the Trust Agreement, and shall sign (if the Owner Trustee is not so required) and file such Tax Returns in a timely manner.
The expenses of preparing such returns shall be borne by the REMIC Administrator without any right of reimbursement therefor. The REMIC Administrator agrees to indemnify and hold harmless the Owner Trustee with respect to any tax or liability
arising from the Owner Trustee’s signing of Tax Returns that contain errors or omissions. The Indenture Trustee and the Master Servicer shall promptly provide the REMIC Administrator with such information as the REMIC Administrator may from
time to time request for the purpose of enabling the REMIC Administrator to prepare Tax Returns. 
  
 (e) The REMIC Administrator shall provide (i) to any Transferor of a Class R Certificate such information as is necessary for the application of any
tax relating to the transfer of a Class R Certificate to any Person who is not a Permitted Transferee, (ii) to the Indenture Trustee, and the Indenture Trustee shall forward to the Noteholders and the Certificateholders, such information or
reports as are required by the Code or the REMIC Provisions including reports relating to interest, original issue discount and market discount or premium (using the Prepayment Assumption) and (iii) to the Internal Revenue Service the name,
title, address and telephone number of the person who will serve as the representative of each REMIC. 
  
 (f) The Master Servicer and the REMIC Administrator shall take such actions and shall cause each REMIC created hereunder to take such actions as are
reasonably within the Master Servicer’s or the REMIC Administrator’s control and the scope of its duties more specifically set forth herein as shall be necessary or desirable to maintain the status of each REMIC as a REMIC under the REMIC
Provisions (and the Indenture Trustee shall assist the Master Servicer and the REMIC Administrator, to the extent reasonably requested by the Master Servicer and the REMIC Administrator to do so). The Master Servicer and the REMIC Administrator
shall not knowingly or intentionally take any action, cause the Trust Estate to take any action or fail to take (or fail to cause to be taken) any action reasonably within their respective control that, under the REMIC Provisions, if taken or not
taken, as the case may be, could (i) endanger the status of any portion of any of the REMICs as a REMIC or (ii) result in the imposition of a tax upon any of the REMICs (including but not limited to the tax on prohibited transactions as
defined in Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the Code) (either such event, in the absence of an Opinion of Counsel or the indemnification referred to in this sentence, an
“Adverse REMIC Event”) unless the Master Servicer or the REMIC Administrator, as applicable, has received an Opinion of Counsel (at the expense of the party seeking to take such action or, if such party fails 
  

 57 

 to pay such expense, and the Master Servicer or the REMIC Administrator, as applicable, determines that taking such
action is in the best interest of the Trust Estate and the Noteholders and the Certificateholders, at the expense of the Trust Estate, but in no event at the expense of the Master Servicer, the REMIC Administrator, the Owner Trustee or the Indenture
Trustee) to the effect that the contemplated action will not, with respect to each REMIC created hereunder, endanger such status or, unless the Master Servicer, the REMIC Administrator or both, as applicable, determine in its or their sole
discretion to indemnify the Trust Estate against the imposition of such a tax, result in the imposition of such a tax. Wherever in this Agreement a contemplated action may not be taken because the timing of such action might result in the imposition
of a tax on the Trust Estate, or may only be taken pursuant to an Opinion of Counsel that such action would not impose a tax on the Trust Estate, such action may nonetheless be taken provided that the indemnity given in the preceding sentence with
respect to any taxes that might be imposed on the Trust Estate has been given and that all other preconditions to the taking of such action have been satisfied. The Indenture Trustee shall not take or fail to take any action (whether or not
authorized hereunder) as to which the Master Servicer or the REMIC Administrator, as applicable, has advised it in writing that it has received an Opinion of Counsel to the effect that an Adverse REMIC Event could occur with respect to such action.
In addition, prior to taking any action with respect to any of the REMICs created hereunder or any related assets thereof, or causing any of the REMICs to take any action, which is not expressly permitted under the terms of this Agreement, the
Indenture Trustee will consult with the Master Servicer or the REMIC Administrator, as applicable, or its designee, in writing, with respect to whether such action could cause an Adverse REMIC Event to occur with respect to any of the REMICs, and
the Indenture Trustee shall not take any such action or cause either REMIC to take any such action as to which the Master Servicer or the REMIC Administrator, as applicable, has advised it in writing that an Adverse REMIC Event could occur. The
Master Servicer or the REMIC Administrator, as applicable, may consult with counsel to make such written advice, and the cost of same shall be borne by the party seeking to take the action not expressly permitted by this Agreement, but in no event
at the expense of the Master Servicer or the REMIC Administrator. At all times as may be required by the Code, the Master Servicer will to the extent within its control and the scope of its duties more specifically set forth herein, maintain
substantially all of the assets of each REMIC created hereunder as “qualified mortgages” as defined in Section 860G(a)(3) of the Code and “permitted investments” as defined in Section 860G(a)(5) of the Code. 

 
 (g) In the event that any tax is imposed on “prohibited
transactions” of any of the REMICs created hereunder as defined in Section 860F(a)(2) of the Code, on “net income from foreclosure property” of any of the REMICs as defined in Section 860G(c) of the Code, on any
contributions to any of the REMICs after the Startup Day therefor pursuant to Section 860G(d) of the Code, or any other tax is imposed by the Code or any applicable provisions of state or local tax laws, such tax shall be charged (i) to
the Master Servicer, if such tax arises out of or results from a breach by the Master Servicer of any of its obligations under this Agreement or the Master Servicer has in its sole discretion determined to indemnify the Trust Estate against such
tax, (ii) to the Indenture Trustee, if such tax arises out of or results from a breach by the Trustee of any of its obligations under this Article XI, or (iii) otherwise against amounts on deposit in the Custodial Account and on the
Payment Date(s) following such reimbursement the aggregate of such taxes shall be allocated in reduction of the accrued interest due on each Class entitled thereto on a pro rata basis. 
  

 58 

 (h) The Indenture Trustee and the Master Servicer shall, for federal income tax purposes, maintain books
and records with respect to each REMIC created hereunder on a calendar year and on an accrual basis or as otherwise may be required by the REMIC Provisions. 
  
 (i) Following the Startup Day, neither the Master Servicer nor the Indenture Trustee shall accept any contributions of assets to any of the REMICs created
hereunder unless (subject to Section 11.01(f)) the Master Servicer and the Indenture Trustee shall have received an Opinion of Counsel (at the expense of the party seeking to make such contribution) to the effect that the inclusion of such
assets in such REMIC will not cause any of the REMICs to fail to qualify as a REMIC at any time that any Notes or Certificates are outstanding or subject any of the REMICs to any tax under the REMIC Provisions or other applicable provisions of
federal, state and local law or ordinances. 
  
 (j) Neither the
Master Servicer nor the Trustee shall (subject to Section 11.01(f)) enter into any arrangement by which any of the REMICs created hereunder will receive a fee or other compensation for services nor permit any of the REMICs to receive any income
from assets other than “qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted investments” as defined in Section 860G(a)(5) of the Code. 
  
 (k) Solely for the purposes of Section 1.860G-1(a)(4)(iii) of the
Treasury Regulations, the “latest possible maturity date” by which the Certificate Principal Balance of each Class of Notes and Certificates representing a regular interest in the applicable REMIC is the Final Payment Date. 
  
 (l) Within 30 days after the Closing Date, the REMIC Administrator shall
prepare and file with the Internal Revenue Service Form 8811, “Information Return for Real Estate Mortgage Investment Conduits (REMIC) and Issuers of Collateralized Debt Obligations” for each REMIC created hereunder. 
  
 (m) Neither the Indenture Trustee nor the Master Servicer shall sell, dispose
of or substitute for any of the Mortgage Loans (except in connection with (i) the default, imminent default or foreclosure of a Mortgage Loan, including but not limited to, the acquisition or sale of a Mortgaged Property acquired by deed in
lieu of foreclosure, (ii) the bankruptcy of any of the REMICs created hereunder, (iii) the termination of the applicable REMIC pursuant to Section 3.05 of the Trust Agreement or (iv) a purchase of Mortgage Loans pursuant to the
Purchase Agreement) nor acquire any assets for any of the REMICs, nor sell or dispose of any investments in the Custodial Account or the Payment Account for gain nor accept any contributions to any of the REMICs after the Closing Date unless it has
received an Opinion of Counsel that such sale, disposition, substitution or acquisition will not (a) affect adversely the status of any of the REMICs as a REMIC or (b) unless the Master Servicer has determined in its sole discretion to
indemnify the Trust Estate against such tax, cause either REMIC to be subject to a tax on “prohibited transactions” or “contributions” pursuant to the REMIC Provisions. 
  
 (n) The Trustee will apply for an employer identification number from the
Internal Revenue Service on a Form SS-4 or any other acceptable method for all tax entities. 
  

 59 

 Section 11.02 Master Servicer, REMIC Administrator and Indenture Trustee Indemnification.

  
 The Indenture Trustee agrees to indemnify the Trust Estate,
the Depositor, the REMIC Administrator and the Master Servicer for any taxes and costs including, without limitation, any reasonable attorneys fees imposed on or incurred by the Trust Estate, the Depositor, the Seller, or the Master Servicer, as a
result of a breach of the Indenture Trustee’s covenants set forth in Article VIII or this Article XI. 
  
 The REMIC Administrator agrees to indemnify the Trust Estate, the Depositor, the Master Servicer, the Owner Trustee and the Indenture Trustee for any
taxes and costs (including, without limitation, any reasonable attorneys’ fees) imposed on or incurred by the Trust Estate, the Depositor, the Seller, the Master Servicer, the Owner Trustee or the Indenture Trustee, as a result of a breach of
the REMIC Administrator’s covenants set forth in this Article XI with respect to compliance with the REMIC Provisions, including without limitation, any penalties arising from the Owner Trustee’s execution of Tax Returns prepared by the
REMIC Administrator that contain errors or omissions; provided, however, that such liability will not be imposed to the extent such breach is a result of an error or omission in information provided to the REMIC Administrator by the Master
Servicer in which case Section 11.02(c) will apply. 
  
 The
Master Servicer agrees to indemnify the Trust Estate, the Depositor, the REMIC Administrator, the Owner Trustee and the Indenture Trustee for any taxes and costs (including, without limitation, any reasonable attorneys’ fees) imposed on or
incurred by the Trust Estate, the Depositor, the REMIC Administrator, the Owner Trustee or the Indenture Trustee, as a result of a breach of the Master Servicer’s covenants set forth in this Article XI or in Article III with respect to
compliance with the REMIC Provisions, including without limitation, any penalties arising from the Trustee’s execution of Tax Returns prepared by the Master Servicer that contain errors or omissions. 
  
 Section 11.03 Designation of REMIC(s). 
  
 The REMIC Administrator will make an election to treat the entire segregated
pool of assets described in the definition of Trust Estate, and subject to this Agreement (including the Mortgage Loans) as a REMIC (“REMIC I”) and will make an election to treat the pool of assets comprised of the REMIC I Regular
Interests as a REMIC (“REMIC II”) for federal income tax purposes. 
  
 The REMIC I Regular Interests will be “regular interests” in REMIC I and the Class R-I Certificates will be the sole class of “residual interests” in REMIC I for purposes of the REMIC Provisions
under the federal income tax law. 
  
 The REMIC II Regular
Interests will be “regular interests” in REMIC II and the Class R-II Certificates will be the sole class of “residual interests” in REMIC II for purposes of the REMIC Provisions under the federal income tax law. The REMIC III
Regular Interests will be “regular interests” in REMIC III and the Class R-III Certificates will be the sole class of “residual interests” therein for purposes of the REMIC Provisions (as defined herein) under federal income tax
law. 
  

 60 

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

			
	[ISSUER]         , as Issuer
		
	By:	 	[OWNER TRUSTEE], not in
	 	 	its individual capacity but solely as Owner
	 	 	Trustee
		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	[INDENTURE TRUSTEE], as Indenture Trustee
		
	By:	 	  

	Name:	 	 
	Title:	 	 

  
 [INDENTURE TRUSTEE] 

hereby accepts the appointment as Paying 
 Agent pursuant to
Section 3.03 hereof 
 and as Note Registrar pursuant to 
 Section 4.02 hereof. 
  

			
	By:	 	  

	Name:	 	 
	Title:	 	 

  
 Signatures and Seals 
  

 61 

					
	STATE OF                     	  	)	  	 
	 	  	)	  	    ss.:
	COUNTY OF                     	  	)	  	 

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

  
  

	
	  

 Notary
Public

  
 Acknowledgements 

  

					
	STATE OF                     	  	)	  	 
	 	  	)	  	    ss.:
	COUNTY OF                     	  	)	  	 

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

	
	  

 Notary
Public

  
 NOTARIAL SEAL 

 APPENDIX A 
  
 DEFINITIONS 
  
 Accrued Certificate Interest: With respect to each Payment Date and the REMIC I or REMIC II Regular Interests, the Uncertificated Accrued Interest
for such Regular Interest. With respect to the Class SB Certificates, interest accrued during the related Interest Period in accordance with Section 5.01(g)(iii) of the Trust Agreement. 
  
 Adverse REMIC Event: As defined in Section 11.01(f) of the
Indenture. 
  
 Affiliate: With respect to any Person, any
other Person controlling, controlled by or under common control with such Person. For purposes of this definition, “control” means the power to direct the management and policies of a Person, directly or indirectly, whether through
ownership of voting securities, by contract or otherwise and “controlling” and “controlled” shall have meanings correlative to the foregoing. 
  
 Appraised Value: With respect to any Mortgaged Property, either (x) the value as generally set forth in an
appraisal of such Mortgaged Property used to establish compliance with the underwriting criteria then in effect in connection with the application for the Mortgage Loan secured by such Mortgaged Property, or (y) if the sales price of such
Mortgaged Property was considered in accordance with the underwriting criteria applicable to the related Mortgage Loan, the lesser of (i) the appraised value referred to in (x) above and (ii) the sales price of such Mortgaged
Property. 
  
 Assignment of Mortgage: With respect to any
Mortgage, an assignment, notice of transfer or equivalent instrument, in recordable form, sufficient under the laws of the jurisdiction in which the related Mortgaged Property is located to reflect the conveyance of such Mortgage, which assignment,
notice of transfer or equivalent instrument may be in the form of one or more blanket assignments covering Mortgages secured by Mortgaged Properties located in the same jurisdiction. 
  
 Authorized Newspaper: A newspaper of general circulation in the Borough of Manhattan, The City of New York, printed
in the English language and customarily published on each Business Day, whether or not published on Saturdays, Sundays or holidays. 
  
 Authorized Officer: With respect to the Issuer, any officer of the Owner Trustee who is authorized to act for the Owner Trustee in matters relating
to the Issuer and who is identified on the list of Authorized Officers delivered by the Owner Trustee to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter). 
  
 Bankruptcy Code: The Bankruptcy Code of 1978, as amended. 

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

 Beneficial Owner: With respect to any Note, the Person who is the beneficial owner of such Note as
reflected on the books of the Depository or on the books of a Person maintaining an account with such Depository (directly as a Depository Participant or indirectly through a Depository Participant, in accordance with the rules of such Depository).

  
 Billing Cycle: With respect to any Mortgage Loan and
Due Date, the calendar month preceding such Due Date. 
  
 Book-Entry Notes: Beneficial interests in the Notes, ownership and transfers of which shall be made through book entries by the Depository as described in Section 4.06 of the Indenture. 
  
 Business Day: Any day other than (i) a Saturday or a Sunday or
(ii) a day on which banking institutions in the States of New York, [            ], Delaware or the State in which the Corporate Trust Office is located are required or
authorized by law to be closed. 
  
 Certificate Balance:
With respect to any Payment Date and any Class SB Certificate, an amount equal to the then applicable Certificate Percentage Interest of such Certificate multiplied by the Overcollateralization Amount. 
  
 Certificate Distribution Amount: For any Payment Date, the amount, if
any, distributable on the Certificates for such Payment Date pursuant to Section 3.05(a)(xi) of the Indenture. 
  
 Certificate of Trust: The Certificate of Trust filed for the Trust pursuant to Section 3810(a) of the Statutory Trust Statute. 
  
 Certificate Paying Agent: The Indenture Trustee, as further described
in Section 3.10 of the Trust Agreement. 
  
 Certificate
Percentage Interest: With respect to any Payment Date and any Certificate, the Percentage Interest for such Certificate. 
  
 Certificate Register: The register maintained by the Certificate Registrar in which the Certificate Registrar shall provide for the registration of
Certificates and of transfers and exchanges of Certificates. 
  
 Certificate Registrar: Initially, the Indenture Trustee, in its capacity as Certificate Registrar. 
  
 Certificateholder: The Person in whose name a Certificate is registered in the Certificate Register except that, any Certificate registered in the
name of the Issuer, the Owner Trustee or the Indenture Trustee or any Affiliate of the Owner Trustee or the Indenture Trustee shall be deemed not to be outstanding and the registered holder will not be considered a Certificateholder for purposes of
giving any request, demand, authorization, direction, notice, consent or waiver under the Indenture or the Trust Agreement; provided that, in determining whether the Indenture Trustee or the Owner Trustee shall be protected in relying upon any such
request, demand, authorization, direction, notice, consent or waiver, only Certificates that the Indenture Trustee or the Owner Trustee knows to be so owned shall be so disregarded. Owners of Certificates that 

 have been pledged in good faith may be regarded as Certificateholders if the pledgee establishes to the satisfaction of
the Indenture Trustee or the Owner Trustee, as the case may be, the pledgee’s right so to act with respect to such Certificates and that the pledgee is not the Issuer, any other obligor upon the Certificates or any Affiliate of the Owner
Trustee or the Indenture Trustee. 
  
 Certificates: The
certificates in substantially the form set forth in Exhibit A or Exhibit I to the Trust Agreement. 
  
 Class: With respect to any Note, all Notes that bear the same class designation, (i.e., the Class A-[1] Notes as a group, the Class A-[2]
Notes as a group or the Class A-[IO] Notes as a group). With respect to any Certificate, all Certificates that bear the same class designation, (i.e., the Class SB Certificates as a group, the Class R-I Certificates as a group, the Class R-II
Certificates as a group or the Class R-III Certificates as a group). With respect to any REMIC Regular Interest, all Regular Interests that bear the same class designation. 
  
 Class A-[1] Notes: The Class A-[1] [ISSUER] Home Loan Asset-Backed Notes, in substantially the form set
forth in Exhibit A to the Indenture. 
  
 Class A-[2]
Notes: The Class A-[2] [ISSUER] Home Loan Asset-Backed Notes, in substantially the form set forth in Exhibit A to the Indenture. 
  
 Class A-[IO] Notes: The Class A-[IO] [ISSUER] Home Loan Asset-Backed Notes, in substantially the form set forth in Exhibit A to the
Indenture. 
  
 Class Principal Balance: For each Class of
REMIC I Regular Interests, the Initial Balance thereof (as set forth in the definition of REMIC I Regular Interests) as reduced on each successive Payment Date first by Liquidation Loss Amounts allocated to the principal thereof by
Section 5.01(e) of the Trust Agreement and second by principal deemed distributed in respect thereof on such Payment Date pursuant to Section 5.01(e) of the Trust Agreement. For each Class of REMIC II Regular Interests, the Initial Balance
thereof (as set forth in the definition of REMIC II Regular Interests) as reduced on each successive Payment Date first by Liquidation Loss Amounts allocated to the principal thereof by Section 5.01(f) of the Trust Agreement and second by
principal deemed distributed in respect thereof pursuant to Section 5.01(f) of the Trust Agreement. For each Class of REMIC III Regular Interests, the Class Principal Balance of the related Class of Notes. For each Class of Notes, the Initial
Balance thereof as reduced on each successive Payment Date by principal distributed in respect thereof on such Payment Date pursuant to Section 3.03 of the Servicing Agreement and Section 3.05 of the Indenture. 
  
 Class R Certificates: The Class R-I Certificates, the Class R-II
Certificates and the Class R-III Certificates, each as substantially in the form of Exhibit I to the Trust Agreement and entitled to distributions as provided in the Trust Agreement. 
  
 Class SB Certificates: The Class SB Certificates substantially in the form of Exhibit A to the Trust Agreement and
entitled to distributions as provided in the Trust Agreement. 
  
 Class SB Distribution Amount: On any Payment Date, the sum of (i) Accrued Certificate Interest for such Payment Date (ii) the amounts payable to the Certificates pursuant to Section 

 3.05(a)(xi) of the Indenture and (iii) the Overcollateralization Release Amount, if any, for the Determination Date
related to such Payment Date, reduced, but not below zero, by the Liquidation Loss Distribution Amount and Overcollateralization Increase Amount for such Payment Date, all of the foregoing done without double counting either in addition or
subtraction. 
  
 Closing Date: [DATE]. 
  
 Code: The Internal Revenue Code of 1986, as amended, and the rules and
regulations promulgated thereunder. 
  
 Collateral: The
meaning specified in the Granting Clause of the Indenture. 
  
 Collection Period: With respect to any Mortgage Loan and Payment Date, the calendar month preceding any such Payment Date. 
  
 Collections: With respect to any Collection Period, all Interest Collections and Principal Collections during such Collection Period. 

 
 Combined Loan-to-Value Ratio or CLTV: With respect to each
Mortgage Loan, the ratio, expressed as a percentage, of the sum of (i) the initial principal balance of such Mortgage Loan and (ii) any outstanding principal balance, at origination of such Mortgage Loan, of all other mortgage loans, if
any, secured by senior or subordinate liens on the related Mortgaged Property, to the Appraised Value, or, when not available, the Stated Value. 
  
 Commission: The Securities and Exchange Commission. 
  
 Corporate Trust Office: With respect to the Indenture Trustee, Certificate Registrar, Certificate Paying Agent and Paying Agent, the principal
corporate trust office of the Indenture Trustee and Note Registrar at which at any particular time its corporate trust business shall be administered, which office at the date of the execution of this instrument is located at (i) for Note and
Certificate transfer purposes: [INDENTURE TRUSTEE NAME & PRINCIPAL ADDRESS] (ii) for all other purposes [ADDRESS] With respect to the Owner Trustee, the principal corporate trust office of the Owner Trustee at which at any particular
time its corporate trust business shall be administered, which office at the date of the execution of this Trust Agreement is located at [ADDRESS], Attention:
[                    ]. 
  
 Custodial Account: The account or accounts created and maintained by the Master Servicer pursuant to Section 3.02(b) of the Servicing
Agreement, in which the Master Servicer shall deposit or cause to be deposited certain amounts in respect of the Mortgage Loans. 
  
 Custodial Agreement: Any Custodial Agreement among the Custodian, the Indenture Trustee, the Issuer and the Master Servicer relating to the custody
of the Mortgage Loans and the Related Documents. 
  
 Custodian: [CUSTODIAN], an                      corporation established under the laws of the State of
            , and its successors and assigns, or any successor custodian for the Mortgage Files appointed by the Indenture Trustee and reasonably acceptable to the Enhancer and the
Master Servicer. 

 Cut-Off Date: [DATE]. 
  
 Cut-Off Date Principal Balance: With respect to any Mortgage Loan the unpaid principal balance thereof as of the
close of business on the last day of the Billing Cycle immediately prior to the Cut-Off Date. 
  
 Default: Any occurrence which is or with notice or the lapse of time or both would become an Event of Default. 
  
 Deficiency Amount: With respect to any Payment Date, (a) the amount by which the aggregate amount of accrued interest on the Notes (excluding
any Relief Act Shortfalls for such Payment Date) at the respective Note Rates on such Payment Date exceeds the amount on deposit in the Note Payment Account available for interest distributions on such Payment Date and (b)(i) with respect to any
Payment Date that is not the Final Payment Date, any Liquidation Loss Amount for such Payment Date, to the extent not distributed as part of the Liquidation Loss Distribution Amount on such Payment Date or reflected in a reduction in the
Overcollateralization Amount or (ii) on the Final Payment Date, the aggregate outstanding balance of the Notes, other than the [CERTAIN RELEVANT] Class Notes, to the extent otherwise not paid on such date. 
  
 Definitive Notes: Any definitive, fully registered Note, as described
in Section 4.06 of the Indenture. 
  
 Deleted Loan: A
Mortgage Loan replaced or to be replaced with an Eligible Substitute Loan. 
  
 Depositor: SG MORTGAGE SECURITIES, LLC, a Delaware limited liability company, or its successor in interest. 
  
 Depository: The Depository Trust Company, or a successor appointed by the Indenture Trustee with the approval of the Issuer. Any successor to the
Depository shall be an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act and the regulations of the Commission thereunder. 
  
 Depository Participant: A Person for whom, from time to time, the Depository effects book-entry transfers and pledges
of securities deposited with the Depository. 
  
 Determination
Date: With respect to any Payment Date, the 18th day of the month in which such Payment Date occurs or if such day is not a Business Day, the next succeeding Business Day. 
  
 Disqualified Organization: Any organization defined as a “disqualified organization” under
Section 860E(e)(5) of the Code, and if not otherwise included, any of the following: (i) the United States, any State or political subdivision thereof, any possession of the United States, or any agency or instrumentality of any of the
foregoing (other than an instrumentality which is a 

 corporation if all of its activities are subject to tax and, except for Freddie Mac, a majority of its board of directors
is not selected by such governmental unit), (ii) a foreign government, any international organization, or any agency or instrumentality of any of the foregoing, (iii) any organization (other than certain farmers’ cooperatives
described in Section 521 of the Code) which is exempt from the tax imposed by Chapter 1 of the Code (including the tax imposed by Section 511 of the Code on unrelated business taxable income), (iv) rural electric and telephone
cooperatives described in Section 1381(a)(2)(C) of the Code, (v) any “electing large partnership,” as defined in Section 775(a) of the Code and (vi) any other Person so designated by the Trustee based upon an Opinion of
Counsel that the holding of an Ownership Interest in a Class R Certificate by such Person may cause the Trust Estate or any Person having an Ownership Interest in any Class of Certificates (other than such Person) to incur a liability for any
federal tax imposed under the Code that would not otherwise be imposed but for the Transfer of an Ownership Interest in a Class R Certificate to such Person. The terms “United States”, “State” and “international
organization” shall have the meanings set forth in Section 7701 of the Code or successor provisions. 
  
 Distribution Account: The account or accounts created and maintained by the Certificate Paying Agent pursuant to Section 3.10(c) of the Trust
Agreement. The Certificate Paying Agent will make all distributions on the Certificates from money on deposit in the Distribution Account. 
  
 Due Date: With respect to the Mortgage Loans, the date on which the Monthly Payment thereon is due in accordance with the terms of the related
Mortgage Note. 
  
 Eligible Account: An account that is any
of the following: (i) maintained with a depository institution the short-term debt obligations of which have been rated by each Rating Agency in its highest rating category available, or (ii) an account or accounts in a depository
institution in which such accounts are fully insured to the limits established by the FDIC, provided that any deposits not so insured shall, to the extent acceptable to each Rating Agency, as evidenced in writing, be maintained such that (as
evidenced by an Opinion of Counsel delivered to the Indenture Trustee and each Rating Agency) the Indenture Trustee have a claim with respect to the funds in such account or a perfected first security interest against any collateral (which shall be
limited to Permitted Investments) securing such funds that is superior to claims of any other depositors or creditors of the depository institution with which such account is maintained, or (iii) an account or accounts maintained with a
depository institution or trust company, as long as its short-term debt obligations are rated P-1 by Moody’s and A-1+ by Standard & Poor’s (or the equivalent) or better by each Rating Agency, and its long term debt obligations are
rated A2 by Moody’s and AA- by Standard & Poor’s (or the equivalent) or better by each Rating Agency, or (iv) a segregated trust account or accounts maintained in the corporate trust division of a depository institution or
trust company, acting in its fiduciary capacity, or (v) an account or accounts of a depository institution acceptable to each Rating Agency (as evidenced in writing by each Rating Agency that use of any such account will not cause a Rating
Event (if determined without regard to the Policy)). 
  
 Eligible Substitute Loan: A Mortgage Loan substituted by the Seller for a Deleted Loan, which must, on the date of such substitution, as confirmed in an Officer’s Certificate delivered to the Indenture Trustee, (i) have an
outstanding principal balance, after deduction of the principal 

 portion of the monthly payment due in the month of substitution (or in the case of a substitution of more than one
Mortgage Loan for a Deleted Loan, an aggregate outstanding principal balance, after such deduction), not in excess of the outstanding principal balance of the Deleted Loan (the amount of any shortfall to be deposited by Seller in the Custodial
Account in the month of substitution); (ii) comply with each representation and warranty made by Seller set forth in Section 3.1(b) of the Purchase Agreement, other than clauses (viii), (xiii), (xxiv), (xxv)(B), (xxvi) and (xxvii), in
the case of an Eligible Substitute Loan substituted by Seller, (iii) have a Loan Rate and Net Loan Rate no lower than and not more than 1% per annum higher than the Loan Rate and Net Loan Rate, respectively, of the Deleted Loan as of the
date of substitution; (iv) have a CLTV at the time of substitution no higher than that of the Deleted Loan at the time of substitution; (v) have a remaining term to stated maturity not greater than (and not more than one year less than)
that of the Deleted Loan; and (vi) not be 30 days or more delinquent. 
  
 Enhancer: [ENHANCER], any successor thereto or any replacement Enhancer substituted pursuant to the Indenture. 
  
 Enhancer Default: Any failure by the Enhancer to make a payment required under the Policy in accordance with its terms. 
  
 Enhancer Optional Deposit: Amounts deposited by or on behalf of the
Enhancer in the Note Payment Account, other than Insured Amounts, to be applied to the Notes. 
  
 ERISA: The Employee Retirement Income Security Act of 1974, as amended. 
  
 Event of Default: With respect to the Indenture, any one of the following events (whatever the reason for such Event of Default and whether it
shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
  
 (a) a default in the payment of the principal of, any installment of the
principal of or interest on any Note when the same becomes due and payable, and such default shall continue for a period of five (5) days; 
  
 (b) there occurs a default in the observance or performance in any material respect of any covenant or agreement of the Issuer made in the Indenture, or
any representation or warranty of the Issuer made in the Indenture or in any certificate delivered pursuant hereto or in connection herewith proving to have been incorrect in any material respect as of the time when the same shall have been made
that has a material adverse effect on the Noteholders or the Enhancer, and such default shall continue or not be cured, or the circumstance or condition in respect of which such representation or warranty was incorrect shall not have been eliminated
or otherwise cured, for a period of 30 days after there shall have been given, by registered or certified mail, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Enhancer or the Noteholders of at least 25% of
the aggregate Note Balance of the Notes, a written notice specifying such default or incorrect representation or warranty and requiring it to be remedied and stating that such notice is a notice of default hereunder; 
  
 (c) there occurs the filing of a decree or order for relief by a court having
jurisdiction in the premises in respect of the Issuer or any substantial part of the Trust Estate in an 

 involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in
effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of the Trust Estate, or ordering the winding-up or liquidation of the Issuer’s affairs, and
such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or 
  
 (d) there occurs the commencement by the Issuer of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now
or hereafter in effect, or the consent by the Issuer to the entry of an order for relief in an involuntary case under any such law, or the consent by the Issuer to the appointment or taking possession by a receiver, liquidator, assignee, custodian,
trustee, sequestrator or similar official of the Issuer or for any substantial part of the assets of the Trust Estate, or the making by the Issuer of any general assignment for the benefit of creditors, or the failure by the Issuer generally to pay
its debts as such debts become due, or the taking of any action by the Issuer in furtherance of any of the foregoing. 
  
 Excess Spread: With respect to any Payment Date and without taking into account any Draw on the Policy for such Payment Date, the excess, if any,
of (i) Interest Collections for the related Collection Period over (ii) the sum of (x) the premium for the Policy for such Payment Date, (y) the amounts paid on such Payment Date to the Noteholders of the Notes pursuant to
Section 3.05(a)(ii) of the Indenture and (z) the Liquidation Loss Amount paid on such Payment Date. 
  
 Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
  
 Expenses: The meaning specified in Section 7.02 of the Trust
Agreement. 
  
 Fannie Mae: Fannie Mae, 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. 
  
 Final Payment Date: The Payment Date in [DATE]. 
  
 Fiscal Year: The fiscal year of the Trust, which shall end on December 31 of each year. 
  
 Foreclosure Profit: With respect to a Liquidated Mortgage Loan, the
amount, if any, by which (i) the aggregate of Liquidation Proceeds net of Liquidation Expenses exceeds (ii) the Principal Balance of such Liquidated Mortgage Loan (plus accrued and unpaid interest thereon at the applicable Loan Rate from
the date interest was last paid through the date of receipt of the final Liquidation Proceeds) immediately prior to the final recovery of the related Liquidation Proceeds. 
  
 Form 10-K Certification: As defined in Section 4.01(d) of the Master Servicing Agreement. 

 Freddie Mac: Freddie Mac, 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. 
  
 GAAP: Generally accepted accounting principles. 
  
 Grant: Pledge, bargain, sell, warrant, alienate, remise, release, convey, assign, transfer, create, and grant a lien upon and a security interest
in and right of set-off against, deposit, set over and confirm pursuant to the Indenture. A Grant of the Collateral or of any other agreement or instrument shall include all rights, powers and options (but none of the obligations) of the granting
party thereunder, including the immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of such collateral or other agreement or instrument and all other moneys payable
thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring proceedings in the name of the granting party or otherwise, and generally to do and receive anything
that the granting party is or may be entitled to do or receive thereunder or with respect thereto.. 
  
 Indemnified Party: The meaning specified in Section 7.02 of the Trust Agreement. 
  
 Indenture: The indenture dated as of [DATE] between the Issuer and the Indenture Trustee. 
  
 Indenture Trustee: [INDENTURE TRUSTEE], a national banking
association, and its successors and assigns or any successor indenture trustee appointed pursuant to the terms of the Indenture. 
  
 Independent: When used with respect to any specified Person, such Person (i) is in fact independent of the Issuer, any other obligor on the
Notes, the Seller, the Depositor and any Affiliate of any of the foregoing Persons, (ii) does not have any direct financial interest or any material indirect financial interest in the Issuer, any such other obligor, the Seller, the Depositor or
any Affiliate of any of the foregoing Persons and (iii) is not connected with the Issuer, any such other obligor, the Seller, the Depositor or any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter,
trustee, partner, director or person performing similar functions. 
  
 Independent Certificate: A certificate or opinion to be delivered to the Indenture Trustee under the circumstances described in, and otherwise complying with, the applicable requirements of Section 10.01 of the Indenture, made
by an Independent appraiser or other expert appointed by an Issuer Order and approved by the Indenture Trustee in the exercise of reasonable care, and such opinion or certificate shall state that the signer has read the definition of
“Independent” in this Indenture and that the signer is Independent within the meaning thereof. 
  
 Initial Aggregate Note Balance: $xxx,xxx,xxx. 
  
 Initial Class A-[1] Note Balance: $xxx,xxx,xxx. 
  
 Initial Class A-[2] Note Balance: $xxx,xxx,xxx. 
  

 72 

 Insolvency Event: With respect to a specified Person, (a) the filing of a decree or order for
relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing
a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person’s affairs, and such decree or order
shall remain unstayed and in effect for a period of 60 consecutive days; or (b) the commencement by such Person of a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by
such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due or the
admission by such Person in writing (as to which the Indenture Trustee shall have notice) of its inability to pay its debts generally, or the adoption by the Board of Directors or managing member of such Person of a resolution which authorizes
action by such Person in furtherance of any of the foregoing. 
  
 Insurance Agreement: The Insurance Agreement dated as of [DATE], among the Master Servicer, the Seller, the Depositor, the Issuer, the Indenture Trustee, the Owner Trustee and the Enhancer, including any amendments and supplements
thereto. 
  
 Insurance Proceeds: Proceeds paid by any
insurer (other than the Enhancer) pursuant to any insurance policy covering a Mortgage Loan which are required to be remitted to the Master Servicer, or amounts required to be paid by the Master Servicer pursuant to the next to last sentence of
Section 3.04 of the Servicing Agreement, net of any component thereof (i) covering any expenses incurred by or on behalf of the Master Servicer in connection with obtaining such proceeds, (ii) that is applied to the restoration or
repair of the related Mortgaged Property, (iii) released to the related Mortgagor in accordance with the Master Servicer’s normal servicing procedures or (iv) required to be paid to any holder of a mortgage senior to such Mortgage
Loan. 
  
 Insured Amount: As defined in the Policy.

  
 Interest Collections: With respect to any Payment Date,
the sum of (i) the portion of all scheduled Monthly Payments on the Mortgage Loans received or advanced and applied to interest during the related Collection Period, minus the Servicing Fee for the related Collection Period, (ii) the
portion of all Insurance Proceeds and Net Liquidation Proceeds allocable to interest pursuant to the terms of the Mortgage Notes, reduced by the Servicing Fee for the related Collection Period and (iii) the interest portion of the Repurchase
Price for any Deleted Loans paid by the Seller during the related Collection Period and the cash purchase price paid in connection with any optional purchase of the Mortgage Loans by the Master Servicer. The terms of the related Mortgage Note shall
determine the portion of each payment in respect of each Mortgage Loan that constitutes principal or interest. 
  
 Interest Period: With respect to the Class A-[1] Notes and any Payment Date other than the first Payment Date, the period beginning on the
preceding Payment Date and ending on the day preceding such Payment Date, and in the case of the first Payment Date, the period 

 beginning on [DATE] and ending on the day preceding the first Payment Date. With respect to the Class A-[2] Notes,
the Class A-[IO] Notes and any Regular Interest (other than the Class A-[1] Notes) and any Payment Date, the calendar month preceding the month in which such Payment Date occurs. 
  
 Interest Shortfall: On any Payment Date for which the related Note
Rate for any Class of Notes has been determined pursuant to the definition “Net WAC Rate”, the excess of (a) the amount of interest that would have accrued on such Class of Notes during the related Interest Period had such amount not
been determined pursuant to the definition “Net WAC Rate” over (b) the interest actually accrued on such Class of Notes during such Interest Period. 
  
 Issuer or Trust: The [ISSUER], a Delaware statutory trust, or its successor in interest. 
  
 Issuer Order or Issuer Request: A written order or request signed in
the name of the Issuer by any one of its Authorized Officers and delivered to the Indenture Trustee. 
  
 LIBOR: As to any Interest Period, (a) for any Interest Period other than the first Interest Period, the rate for United States dollar deposits
for one month that appears on the Telerate Screen Page 3750 as of 11:00 a.m., London, England time, on the second LIBOR Business Day prior to the first day of that Interest Period or (b) with respect to the first Interest Period, the rate for
United States dollar deposits for one month that appears on the Telerate Screen Page 3750 as of 11:00 a.m., London, England time, two LIBOR Business Days prior to the Closing Date. If such rate does not appear on such page (or other page as may
replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be reasonably selected by the Indenture Trustee after consultation with the Master Servicer), the rate
will be the Reference Bank Rate. If no Reference Bank Rate is available, LIBOR will be LIBOR applicable to the preceding Payment Date. 
  
 LIBOR Business Day: Any day other than (i) a Saturday or a Sunday or (ii) a day on which banking institutions in the city of London,
England are required or authorized by law to be closed. 
  
 Lien: Any mortgage, deed of trust, pledge, conveyance, hypothecation, assignment, participation, deposit arrangement, encumbrance, lien (statutory or other), preference, priority right or interest or other security agreement or
preferential arrangement of any kind or nature whatsoever, including, without limitation, any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing and the
filing of any financing statement under the UCC (other than any such financing statement filed for informational purposes only) or comparable law of any jurisdiction to evidence any of the foregoing; provided, however, that any assignment pursuant
to Section 6.02 of the Servicing Agreement shall not be deemed to constitute a Lien. 
  
 Liquidated Mortgage Loan: With respect to any Payment Date, any Mortgage Loan in respect of which the Master Servicer has determined, in accordance with the servicing procedures specified in the Servicing
Agreement, as of the end of the related Collection Period that substantially all Liquidation Proceeds which it reasonably expects to recover, if any, with respect to the disposition of the related REO Property have been recovered. 

 Liquidation Expenses: All out-of-pocket expenses (exclusive of overhead) incurred by or on behalf
of the Master Servicer in connection with the liquidation of any Mortgage Loan and not recovered under any insurance policy, including legal fees and expenses, any unreimbursed amount expended (including, without limitation, amounts advanced to
correct defaults on any mortgage loan which is senior to such Mortgage Loan, and amounts advanced to keep current or pay off a mortgage loan that is senior to such Mortgage Loan and any amounts advanced with respect to interest on such Mortgage
Loan) respecting such Mortgage Loan and any related and unreimbursed expenditures for real estate property taxes or for property restoration, preservation or insurance against casualty loss or damage. 
  
 Liquidation Loss Amount: With respect to any Payment Date and any
Mortgage Loan that became a Liquidated Mortgage Loan during the related Collection Period, the unrecovered portion of the Principal Balance of such Mortgage Loan and any unpaid accrued interest thereon at the end of such Collection Period, after
giving effect to the Net Liquidation Proceeds applied in reduction of such Principal Balance. 
  
 Liquidation Loss Distribution Amount: With respect to any Payment Date, the aggregate of (A) 100% of the Liquidation Loss Amounts on such Payment Date, plus (B) any such Liquidation Loss Amounts
remaining undistributed from any preceding Payment Date, provided that any such Liquidation Loss Distribution Amount remaining undistributed from any preceding Payment Date shall not be distributed to the extent that it was paid by means of a draw
on the Policy or was reflected in the reduction of the Overcollateralization Amount. 
  
 Liquidation Proceeds: Proceeds (including Insurance Proceeds but not including amounts drawn under the Policy) if any received in connection with the liquidation of any Mortgage Loan or related REO Property,
whether through trustee’s sale, foreclosure sale or otherwise. 
  
 Loan Rate: With respect to any Mortgage Loan and any day, the per annum rate of interest applicable under the related Mortgage Note. 
  
 Lost Note Affidavit: With respect to any Mortgage Loan as to which the original Mortgage Note has been permanently lost or destroyed and has not
been replaced, an affidavit from the related Seller certifying that the original Mortgage Note has been lost, misplaced or destroyed (together with a copy of the related Mortgage Note, if available). 
  
 Master Servicer: [WELLS FARGO], a
                     corporation, and its successors and assigns. 
  
 Master Servicing Agreement: The master servicing agreement dated as of [DATE] among the Master Servicer, the Issuer
and the Indenture Trustee. 
  
 MERS: Mortgage Electronic
Registration Systems, Inc., a corporation organized and existing under the laws of the State of Delaware, or any successor thereto. 
  
 MERS® System: The system of recording transfers of Mortgages electronically maintained by MERS. 

 MIN: The Mortgage Identification Number for Mortgage Loans registered with MERS on the MERS®
System. 
  
 MOM Loan: With respect to any Mortgage Loan,
MERS acting as the mortgagee of such Mortgage Loan, solely as nominee for the originator of such Mortgage Loan and its successors and assigns, at the origination thereof. 
  
 Monthly Payment: With respect to any Mortgage Loan (including any REO Property) and any Due Date, the payment of
principal and interest due thereon in accordance with the terms of such Mortgage Loan. 
  
 Moody’s: Moody’s Investors Service, Inc., or its successor in interest. 
  
 Mortgage: The mortgage, deed of trust or other instrument creating a first or second lien on an estate in fee simple interest in real property
securing a Mortgage Loan. 
  
 Mortgage File: With respect
to each Mortgage Loan: 
  
 (i) the original Mortgage Note
endorsed or assigned without recourse in blank (which endorsement shall contain either an original signature or a facsimile signature of an authorized officer of the Seller) or, with respect to any Mortgage Loan as to which the original Mortgage
Note has been permanently lost or destroyed and has not been replaced, a Lost Note Affidavit; 
  
 (ii) the original Mortgage, noting the presence of the MIN of the Mortgage Loan, if the Mortgage is registered on the MERS® System, and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan
is a MOM Loan, with evidence of recording thereon, or, if the original Mortgage has not yet been returned from the public recording office, a copy of the original Mortgage certified by the Seller that such Mortgage has been sent for recording, or a
county certified copy of such Mortgage in the event the recording office keeps the original or if the original is lost; 
  
 (iii) unless the Mortgage Loan is registered on the MERS® System, original assignments (which may be included in one or more blanket assignments if
permitted by applicable law) of the Mortgage in recordable form from the Seller to “[INDENTURE TRUSTEE], as Indenture Trustee under that certain Indenture dated as of [DATE], for the [ISSUER] Home Loan Asset-Backed Notes” c/o the Master
Servicer at an address specified by the Master Servicer; 
  
 (iv)
originals of any intervening assignments of the Mortgage from the originator to the Seller, if the assignment to the Indenture Trustee described in clause (iii) above is from the Seller, (or to MERS, if the Mortgage Loan is registered on the
MERS® System, and which notes the presence of a MIN), with evidence of recording thereon, or, if the original of any such intervening assignment has not yet been returned from the public recording office, a copy of such original intervening
assignment certified by the Seller that such original intervening assignment has been sent for recording; and 
  
 (v) a true and correct copy of each assumption, modification, consolidation or substitution agreement, if any, relating to such Mortgage Loan; and

 (vi) any documents required to be added to such documents pursuant to the Purchase Agreement, the Trust
Agreement or the Servicing Agreement. 
  
 It is understood that
the Mortgage File (other than item (i) above) may be retained in microfilm, microfiche, optical storage or magnetic media in lieu of hard copy; provided, that with respect to any Mortgage Loan not registered on the MERS® System, the
original assignment of Mortgage described in clause (iii) above shall be retained in the Mortgage File. 
  
 Mortgage Loan Schedule: The schedule of Mortgage Loans as of the Cut-Off Date set forth in Exhibit A of the Servicing Agreement, which schedule
sets forth as to each Mortgage Loan the (i) Cut-Off Date Principal Balance, (ii) loan number, (iii) lien position of the related Mortgage, (iv) original term to maturity of the related Mortgage Note, (v) date of the related
Mortgage Note, (vi) maturity date of the related Mortgage Note, (vii) Appraised Value of the related Mortgaged Property, (viii) unpaid principal balance of a mortgage loan secured by a lien senior to the Mortgage Loan, (ix) CLTV,
(x) debt-to-income ratio of the related Mortgagor, and (xi) number of residential units on the related Mortgaged Property. 
  
 Mortgage Loans: The Mortgage Loans that have been sold by the Depositor to the Issuer pursuant to the Trust Agreement, which are listed as the
Mortgage Loan Schedule, together with all monies due or to become due thereunder or the Related Documents, and that remain subject to the terms thereof. 
  
 Mortgage Note: With respect to a Mortgage Loan, the promissory note pursuant to which the related Mortgagor agrees to pay the indebtedness
evidenced thereby and secured by the related Mortgage as modified or amended. 
  
 Mortgaged Property: The underlying property, including real property and improvements thereon, securing a Mortgage Loan. 
  

Mortgagor: The obligor or obligors under a Mortgage Note. 
  
 Net Liquidation Proceeds: With respect to any Liquidated Mortgage Loan, Liquidation Proceeds net of Liquidation
Expenses (but not including the portion, if any, of such amount that exceeds the Principal Balance of, plus accrued and unpaid interest on, such Mortgage Loan at the end of the Collection Period immediately preceding the Collection Period in which
such Mortgage Loan became a Liquidated Mortgage Loan). 
  
 Net
Loan Rate: With respect to any Mortgage Loan and Payment Date, the Loan Rate of the Mortgage Loan applicable to the Monthly Payment due during the related Collection Period, net of the sum of the Servicing Fee Rate and the Premium Percentage for
such Mortgage Loan on such Payment Date. 
  
 Net WAC Rate:
(I) With respect to the Notes, other than the Class A-[IO] Notes: (A) for the [DATE] Payment Date through the [DATE] Payment Date, a per annum rate equal to (a) the Weighted Average Net Loan Rate of the Mortgage Loans, as of the
first day of the month preceding the month in which such Payment Date occurs, minus (b) the product of (i) the Note Rate for the Class A-[IO] Notes for such Payment Date and (ii) a fraction, the numerator of which is the Notional
Amount of the Class A-[IO] Notes immediately prior to such Payment 

 Date and the denominator of which is the aggregate Principal Balance of the Mortgage Loans as of the first day of the
month preceding the month in which such Payment Date occurs, and (B) for each Payment Date thereafter, a per annum rate equal to the Weighted Average Net Loan Rate of the Mortgage Loans as of the first day of the month preceding the month in
which such Payment Date occurs, but in any such event not less than 0.00% and (II) with respect to the Class A-[IO] Notes, a per annum rate equal to the Weighted Average Net Loan Rate of the Mortgage Loans, as of the first day of the month
preceding the month in which such Payment Date occurs. In the case of Class A-[1] Notes, the Net WAC Rate will be adjusted to an effective rate reflecting the accrual of interest on an actual/360 basis. 
  
 Non-United States Person: Any Person other than a United States
Person. 
  
 Note Balance: With respect to any Payment Date
and any Class of Notes, other than the Class A-[IO] Notes, the Initial Note Balance thereof reduced by all payments of principal thereon prior to such Payment Date. 
  
 Note Owner or Owner: The Beneficial Owner of a Note. 
  
 Note Payment Account: The account established by the Indenture Trustee pursuant to Section 8.02 of the Indenture
and Section 5.01 of the Servicing Agreement. Amounts deposited in the Note Payment Account will be distributed by the Indenture Trustee in accordance with Section 3.05 of the Indenture. 
  
 Note Rate: As to the Notes, the following rates: 
  
 Class A-[1] Notes: a floating rate equal to the least of (i) LIBOR
plus [            ]% per annum, (ii) [            ]% per annum and (iii) the Net WAC Rate; 
  
 Class A-[2] Notes: a fixed rate equal to the lesser of
(i) [            ]% per annum and (ii) the Net WAC Rate; and 
  
 Class A-[IO] Notes: (A) for any payment Date up to and including the 30th Payment Date, the lesser of (i) [            ]% annum and (ii) the Net WAC Rate,
and (B) in the case of any Payment Date thereafter, 0%. 
  
 Note Register: The register maintained by the Note Registrar in which the Note Registrar shall provide for the registration of Notes and of transfers and exchanges of Notes. 
  
 Note Registrar: The Indenture Trustee, in its capacity as Note
Registrar. 
  
 Noteholder: The Person in whose name a Note
is registered in the Note Register, except that, any Note registered in the name of the Depositor, the Issuer or the Indenture Trustee or any Affiliate of any of them shall be deemed not to be outstanding and the registered holder will not be
considered a Noteholder for purposes of giving any request, demand, authorization, direction, notice, consent or waiver under the Indenture or the Trust Agreement; provided, that in determining whether the Indenture Trustee shall be protected in
relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes that the Indenture Trustee or the Owner Trustee knows to be so owned shall be so disregarded. Owners of Notes that have 

 been pledged in good faith may be regarded as Noteholders if the pledgee thereof establishes to the satisfaction of the
Indenture Trustee or the Owner Trustee such pledgee’s right so to act with respect to such Notes and that such pledgee is not the Issuer, any other obligor on the Notes or any Affiliate of any of the foregoing Persons. 
  
 Notes: Any one of the Class A-[1], Class A-[2] and
Class A-[IO] Notes issued and outstanding at any time pursuant to the Indenture. 
  
 Notional Amount: For the payment dates from
                                 with respect to the Class A-[IO] Notes and
any Payment Date, the lesser of $xxx,xxx,xxx and the aggregate Principal Balance of the Mortgage Loans, prior to giving effect to actual payments of principal received during the related Collection Period. With respect to the Class SB Certificates
and any Payment Date, the aggregate of the Class Principal Balances for all Classes of REMIC II Regular Interests before giving effect to payments to be made and the allocation of Liquidation Loss Amounts to occur on such Payment Date. 

 
 Officer’s Certificate: With respect to the Master Servicer, a
certificate signed by the President, Managing Director, a Director, a Vice President or an Assistant Vice President, of the Master Servicer and delivered to the Indenture Trustee. With respect to the Issuer, a certificate signed by any Authorized
Officer of the Issuer, under the circumstances described in, and otherwise complying with, the applicable requirements of Section 10.01 of the Indenture, and delivered to the Indenture Trustee. Unless otherwise specified, any reference in the
Indenture to an Officer’s Certificate shall be to an Officer’s Certificate of any Authorized Officer of the Issuer. 
  
 Opinion of Counsel: A written opinion of counsel of a law firm reasonably acceptable to each recipient thereof. Any Opinion of Counsel for the
Master Servicer may be provided by in-house counsel for the Master Servicer if reasonably acceptable to each recipient thereof. 
  
 Outstanding: With respect to the Notes, as of the date of determination, all Notes theretofore executed, authenticated and delivered under this
Indenture except: 
  
 (i) Notes theretofore cancelled by the Note
Registrar or delivered to the Indenture Trustee for cancellation; and 
  
 (ii) Notes in exchange for or in lieu of which other Notes have been executed, authenticated and delivered pursuant to the Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Notes are held by a holder in
due course; 
  
 provided, however, that for purposes of effectuating the
Enhancer’s right of subrogation as set forth in Section 4.12 of the Indenture only, all Notes that have been paid with funds provided under the Policy shall be deemed to be Outstanding until the Enhancer has been reimbursed with respect
thereto. 
  
 Overcollateralization Amount: With respect to
any Payment Date the amount (but not less than zero), if any, by which (a) the Pool Balance after applying payments received in the related Collection Period exceeds (b) the aggregate Note Balance of the Notes on such Payment 

 Date (after application of the Principal Collection Distribution Amount and Liquidation Loss Distribution Amount for such
date). The Overcollateralization Amount is subject to reduction on any Payment Date as described in Section 3.05(c) of the Indenture. 
  
 Overcollateralization Increase Amount: With respect to any Payment Date, an amount equal to the lesser of (i) the amount remaining in the Note
Payment Account following distributions pursuant to Section 3.05(a)(vii) of the Indenture and (ii) the amount necessary to increase the Overcollateralization Amount to the Required Overcollateralization Amount. 
  
 Overcollateralization Release Amount: With respect to any date of
determination, the lesser of (i) the excess, if any, of the Overcollateralization Amount over the Required Overcollateralization Amount, and (ii) the Principal Collections for such Payment Date. 
  
 Owner Trust: [ISSUER], created by the Certificate of Trust pursuant to
the Trust Agreement. 
  
 Owner Trustee: [OWNER TRUSTEE],
not in its individual capacity but solely as owner trustee, and its successors and assigns or any successor Owner Trustee appointed pursuant to the terms of the Trust Agreement. 
  
 Ownership Interest: As to any Certificate, any ownership or security interest in such Certificate, including any
interest in such Certificate as the Certificateholder thereof and any other interest therein, whether direct or indirect, legal or beneficial, as owner or as pledgee. 
  
 Paying Agent: Any paying agent or co-paying agent appointed pursuant to Section 3.03 of the Indenture, which
initially shall be the Indenture Trustee. 
  
 Payment Date:
The [    ]th day of each month, or if such day is not a Business Day, then the next
Business Day. 
  
 Percentage Interest: With respect to any
Note and Payment Date, the percentage obtained by dividing the Note Balance of such Note by the aggregate Note Balance of all Notes prior to such Payment Date. With respect to any Certificate and any Payment Date, the Percentage Interest stated on
the face of such Certificate. 
  
 Permitted Investments:
One or more of the following: 
  
 (i) obligations of or
guaranteed as to principal and interest by the United States or any agency or instrumentality thereof when such obligations are backed by the full faith and credit of the United States; 
  
 (ii) repurchase agreements on obligations specified in clause (i) above maturing not more than one month from the date
of acquisition thereof; provided, that the unsecured short-term debt obligations of the party agreeing to repurchase such obligations are at the time rated by each Rating Agency in its highest short-term rating category available; 
  
 (iii) federal funds, certificates of deposit, demand deposits, time deposits
and bankers’ acceptances (which shall each have an original maturity of not more than 90 days and, in the case 

 of bankers’ acceptances, shall in no event have an original maturity of more than 365 days or a remaining maturity
of more than 30 days) denominated in United States dollars of any U.S. depository institution or trust company incorporated under the laws of the United States or any state thereof or of any domestic branch of a foreign depository institution or
trust company; provided, that the short-term debt obligations of such depository institution or trust company (or, if the only Rating Agency is Standard & Poor’s, in the case of the principal depository institution in a depository
institution holding company, debt obligations of the depository institution holding company) at the date of acquisition thereof have been rated by each Rating Agency in its highest short-term rating category available; and provided further, that if
the only Rating Agency is Standard & Poor’s and if the depository or trust company is a principal subsidiary of a bank holding company and the debt obligations of such subsidiary are not separately rated, the applicable rating shall be
that of the bank holding company; and provided further, that if the only Rating Agency is Standard & Poor’s and the original maturity of such short-term debt obligations of a domestic branch of a foreign depository institution or trust
company shall exceed 30 days, the short-term rating of such institution shall be A-1+; 
  
 (iv) commercial paper (having original maturities of not more than 365 days) of any corporation incorporated under the laws of the United States or any state thereof which on the date of acquisition has been rated by
each Rating Agency in its highest short-term rating category available; provided, that such commercial paper shall have a remaining maturity of not more than 30 days; 
  
 (v) a money market fund or a qualified investment fund (including without limitation, any such fund for which the Indenture
Trustee or an Affiliate of the Indenture Trustee acts as an advisor or a manager) rated by each Rating Agency in one of its two highest long-term rating categories available; and 
  
 (vi) other obligations or securities that are acceptable to each Rating Agency as a Permitted Investment hereunder and will
not cause a Rating Event, and which are acceptable to the Enhancer, as evidenced in writing; 
  
 provided, however, that no instrument shall be a Permitted Investment if it represents, either (1) the right to receive only interest payments with respect to the underlying debt instrument or (2) the
right to receive both principal and interest payments derived from obligations underlying such instrument and the principal and interest payments with respect to such instrument provide a yield to maturity greater than xx% of the yield to maturity
at par of such underlying obligations. References herein to the highest long-term rating category available shall mean AAA in the case of Standard & Poor’s and Aaa in the case of Moody’s, and references herein to the highest
short-term rating category available shall mean A-1+ in the case of Standard & Poor’s and P-1 in the case of Moody’s. 
  
 Permitted Transferee: Any Transferee of a Class R Certificate, other than a Disqualified Organization or Non-United States Person. 
  
 Person: Any legal 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: Any “employee benefit plan” as defined in Section 3(3) of ERISA, which is
subject to the provisions of Title I of ERISA, a “plan” described in Section 4975(e)(1) of the Code, any entity whose underlying assets include plan assets of any of the foregoing or any other plan that is subject to a law that is
similar to Title I of ERISA or Section 4975 of the Code. 
  
 Plan Assets: The meaning specified in 29 C.F.R. Section 2510.3-101 of the Department of Labor Regulations and as described in Section 3.05 of the Trust Agreement. 
  
 Policy: The [Note Guaranty Insurance Policy] No. #xxxxxxxx dated as of
the Closing Date, issued by the Enhancer. 
  
 Policy Draw
Amount: With respect to any Payment Date, the Insured Amount. 
  
 Pool Balance: With respect to any date, the aggregate Principal Balance of all Mortgage Loans as of such date. 
  
 Predecessor Note: With respect to any Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such Note; and,
for the purpose of this definition, any Note authenticated and delivered under Section 4.03 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as such mutilated, lost, destroyed or
stolen Note. 
  
 Premium Percentage: For any Payment Date,
the percentage set forth in the Insurance Agreement at which the premium on the Policy is calculated, multiplied by a fraction, the numerator of which is the aggregate Note Balance of the Notes, and the denominator of which is the aggregate
Principal Balance of the Mortgage Loans, prior to giving effect to distributions to be made on such Payment Date. 
  
 Principal Balance: With respect to any Mortgage Loan, other than a Liquidated Mortgage Loan, and as of any day, the related Cut-Off Date Principal
Balance, minus all collections credited as principal in respect of any such Mortgage Loan in accordance with the related Mortgage Note and applied in reduction of the Principal Balance thereof. For purposes of this definition, a Liquidated
Mortgage Loan shall be deemed to have a Principal Balance equal to the Principal Balance of the related Mortgage Loan immediately prior to the final recovery of substantially all related Liquidation Proceeds and a Principal Balance of zero
thereafter. 
  
 Principal Collection Distribution Amount:
For any Payment Date, the total Principal Collections for such Payment Date less any Overcollateralization Release Amount for such Payment Date; provided that the Principal Collection Distribution Amount for any Payment Date shall not be less
than $0. 
  
 Principal Collections: With respect to any
Payment Date, an amount equal to the sum of (i) the amount of all scheduled Monthly Payments on the Mortgage Loans received and applied to principal during the related Collection Period, as reported by the Master Servicer or the related
Subservicer; (ii) the principal portion of all proceeds of the repurchase of any Mortgage Loans (or, in the case of a substitution, any Substitution Adjustment Amounts) during the related Collection Period; and (iii) the principal portion
of all other unscheduled collections received on the Mortgage Loans during the related Collection Period (or deemed to be received during the 

 related Collection Period), including, without limitation, full and partial Principal Prepayments made by the respective
Mortgagors, Insurance Proceeds and Net Liquidation Proceeds), to the extent not previously distributed. 
  
 Principal Prepayment: Any payment of principal made by the Mortgagor on a Mortgage Loan which is received in advance of its scheduled Due Date and
which is not accompanied by an amount of interest representing scheduled interest due on any date or dates in any month or months subsequent to the month of prepayment. 
  
 Proceeding: Any suit in equity, action at law or other judicial or administrative proceeding. 
  
 Program Guide: [Insert Description.]. 
  
 Prospectus Supplement: The prospectus supplement dated [DATE],
relating to the Notes. 
  
 Purchase Agreement: The mortgage
loan purchase agreement dated as of [DATE], among the Seller, the Purchaser, the Issuer and the Indenture Trustee. 
  
 Purchase Price: The amounts specified in Section 2.3(a) of the Purchase Agreement. 
  
 Purchaser: [SG Mortgage Securities, LLC], as purchaser under the
Purchase Agreement. 
  
 Rating Agency: Each of Moody’s
and Standard & Poor’s, or, if any such organization or a successor thereto is no longer in existence, such nationally recognized statistical rating organization, or other comparable Person, designated by the Depositor, notice of which
designation shall be given to the Indenture Trustee. References herein to the highest short term rating category of a Rating Agency shall mean A-1+ in the case of Standard & Poor’s and P-1 in the case of Moody’s; and in the case
of any other Rating Agency, shall mean such equivalent ratings. References herein to the highest long-term rating category of a Rating Agency shall mean “AAA” in the case of Standard & Poor’s and “Aaa” in the case
of Moody’s; and in the case of any other Rating Agency, shall mean such equivalent rating. 
  
 Rating Event: The qualification, reduction or withdrawal by a Rating Agency of its then-current rating of the Notes. 
  
 Record Date: With respect to the Class A-[1] Notes and any
Payment Date, unless the Class A-[1] Notes are no longer held in book-entry form, the Business Day next preceding such Payment Date and with respect to the Class A-[2] Notes and the Class A-[IO] Notes, and the Class A-[1] Notes
if such Class A-[1] Notes are no longer held in book-entry form, the last Business Day of the month preceding the month of such Payment Date. 
  
 Recovery Fee: A customary fee calculated based on additional recovery amounts charged for the collection of such additional recovery amounts on any
Mortgage Loan after the date that such Mortgage Loan became a Liquidated Mortgage Loan. 
  
 Reference Bank Rate: With respect to any Interest Period, the arithmetic mean (rounded upwards, if necessary, to the nearest one sixteenth of one percent) of the offered rates for United 

 States dollar deposits for one month which are offered by the Reference Banks as of 11:00 a.m., London,
England time, on the second LIBOR Business Day prior to the first day of such Interest Period to prime banks in the London interbank market in amounts approximately equal to the outstanding Note Balance of the Class A-[1] Notes; provided, that
at least two Reference Banks provide such rate. If fewer than two such rates are provided, the Reference Bank Rate will be the arithmetic mean of the rates quoted by one or more major banks in New York City, selected by the Indenture Trustee after
consultation with the Master Servicer and the Enhancer, as of 11:00 a.m., New York time, on such date for loans in U.S. Dollars to leading European banks for a period of one month in amounts approximately equal to the aggregate Note Balance of the
Class A-[1] Notes. 
  
 Reference Banks: Shall mean
each of [REFERENCE BANKS], and such additional as replacement reference banks as shall be selected by the Indenture Trustee after consultation with the Master Servicer from time to time. 
  
 Regular Interest: Any of the REMIC I Regular Interests, REMIC II Regular Interests or REMIC III Regular Interests.

  
 Regulation AB: Subpart 229.1100 – Asset Backed
Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1123, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed
Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (January 7, 2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time. 
  
 Related Class: A Class of REMIC III Regular Interests and a class of
Notes are related if, and only if, they bear the same Letter/number combination designating their Class, e.g. the REMIC III Regular Interest A-[3] is related to the Class A-[3] Notes. 
  
 Related Documents: With respect to each Mortgage Loan, the documents
contained in the related Mortgage File. 
  
 Relief Act
Shortfalls: With respect to any Payment Date, for any Mortgage Loan as to which there has been a reduction in the amount of interest collectible thereon for the related Collection Period as a result of the application of the Soldiers’ and
Sailors’ Civil Relief Act of 1940, as amended, the shortfall, if any, equal to (i) one month’s interest on the Principal Balance of such Mortgage Loan at the applicable Loan Rate, over (ii) the interest collectible on such
Mortgage Loan during such Collection Period. 
  
 REMIC: A
“real estate mortgage investment conduit” within the meaning of Section 860D of the Code. 
  
 REMIC Administrator: [REMIC ADMINISTRATOR]. If [REMIC ADMINISTRATOR] is found by a court of competent jurisdiction to no longer be able to fulfill
its obligations as REMIC Administrator under this Agreement the Master Servicer or the Indenture Trustee acting as successor Master Servicer shall appoint a successor REMIC Administrator, subject to assumption of the REMIC Administrator obligations
under this Agreement. 

 REMIC I: The segregated pool of assets in the Trust Estate with respect to which a REMIC election
is to be made. 
  
 REMIC I Certificates: The Class R-I
Certificates. 
  
 REMIC I Regular Interests: The Class LT-I
REMIC I Regular Interest and Class LT-II REMIC Interest having the properties set forth in the following table and elsewhere herein: 
  

					
	 Designation
 Date

	 	 Initial
 Balance

	 	 Latest
 Possible
 Maturity (1)

	LT I	 	$xxx,xxx,xxx	 	[DATE]
	LT II	 	$xxx,xxx,xxx	 	[DATE]

	(1)	Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Payment Date immediately following the latest possible maturity date for any Mortgage
Loan has been designated as the “latest possible maturity date” for each REMIC I Regular Interest. 

  
 REMIC I Remittance Rate: With respect to the Class LTA and LTB REMIC I Regular Interests, the Weighted Average Net Loan Rate. REMIC II: The
segregated pool of assets subject hereto, constituting a portion of the primary trust created hereby and to be administered hereunder, with respect to which a separate REMIC election is to be made, consisting of the REMIC I Regular Interests.

  
 REMIC II Regular Interests: The Class LT1 REMIC II
Regular Interest, the Class LT2 REMIC II Regular Interest, the Class LT3 REMIC II Regular Interest, the Class LT4 REMIC II Regular Interest and the Class LTA-[IO] REMIC II Regular Interest having the properties set forth in the following table and
elsewhere herein: 
  

							
	 REMIC II
 Regular Certificates

	 	 Initial
 Balance

	 	 Pass-
 Through
 Rate

	 	 Latest Possible
 Maturity (7)

	MTA-[1]	 	$ xxx,xxx,xxx	 	(1)	 	[DATE]
	MTA-[2]	 	$ xxx,xxx,xxx	 	(1)	 	[DATE]
	MT-M	 	$ xxx,xxx,xxx	 	(1)	 	[DATE]
	MT-IO	 	$0	 	(2)	 	[DATE]

	(1)	The Pass-Through Rate on these REMIC II Regular Interests shall at any Payment Date equal the weighted average of (i) the REMIC I Remittance Rate for REMIC I Regular Interest
LT-I applicable for payments to be made on that Payment Date and (ii) the REMIC I Remittance Rate for REMIC I Regular Interest LT-II 

 applicable for payments to be made on that Payment Date reduced, but not below 0.00%, for Payment Dates
on or before the Payment Date in [DATE], by 7.50%, weighted by the principal balances of the REMIC I Regular Interests LT-I and LT-II respectively before giving effect to distributions to be made on such Payment Date. 

	(2)	The pass-through rate on this REMIC II Regular Interest shall at any Payment Date equal the lesser of 7.50% per annum or the Weighted Average Net Loan Rate on a Notional Amount
equal to the principal balance of the Class LT-II REMIC I Regular Interest. 

	(3)	Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Payment Date immediately following the maturity date for the Mortgage Loan with the Latest
maturity date has been designated as the “latest possible maturity date” for each REMIC II Regular Interest other than the MT-IO REMIC II Regular Interest. 

  
 REMIC II Remittance Rate: With respect to each of the REMIC II Regular Interests, the respective rate set forth in
the definition of REMIC II Regular Interests. 
  
 REMIC
III: The segregated pool of assets consisting of the REMIC II Regular Interests conveyed in trust to the Indenture Trustee for the benefit of the holders of each Class of the Notes and Certificates (other than the Class R-I Certificates and
Class R-II Certificates), with respect to which a separate REMIC election is to be made. 
  
 REMIC III Regular Interests: The REMIC III Regular Interest A-[1], the REMIC III Regular Interest A-[2], REMIC III Regular Interest SB and the REMIC III Regular Interest A-[IO] having the properties set forth
in the following table and elsewhere herein: 
  

					
	 Designation
 Date

	 	 Initial
 Balance

	 	 Latest
 Possible
 Maturity(1)

	A-[1]	 	$xxx,xxx,xxx	 	[DATE]
	A-[2]	 	$xxx,xxx,xxx	 	[DATE]
	A-[IO]	 	$0	 	[DATE]
	SB	 	$0	 	[DATE]

	(1)	Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury Regulations, the Payment Date immediately following the maturity date for the Mortgage Loan with the latest
maturity date has been designated as the “latest possible maturity date” for each REMIC III Regular Interest other than the REMIC III Regular Interest A-[IO]. 

 REMIC III Remittance Rate: With respect to the A-[1] and A-[2] REMIC III Regular Interests, the
Note Rate for the Related Class of Notes. With respect to REMIC III Regular Interest A-[IO], the Class A-[IO] Note Rate applied to the Class A-[IO] Notional Amount, which is equal to all of the interest on the Class LTA-[IO] REMIC II
Regular Interest. 
  
 REMIC Provisions: Provisions of the
federal income tax law relating to real estate mortgage investment conduits, which appear at Sections 860A through 860G of Subchapter M of Chapter 1 of the Code, and related provisions, and temporary and final regulations (or, to the extent not
inconsistent with such temporary or final regulations, proposed regulations) and published rulings, notices and announcements promulgated thereunder, as the foregoing may be in effect from time to time. 
  
 Remittance Rate: The REMIC I Remittance Rate, REMIC II Remittance Rate
or REMIC III Remittance Rate, as applicable. 
  
 REO
Property: A Mortgaged Property that is acquired by the Trust in foreclosure or by deed in lieu of foreclosure. 
  
 Representative: [SG Americas Securities, LLC], as representative of the Underwriters. 
  
 Repurchase Event: With respect to any Mortgage Loan, either (i) a discovery that, as of the Closing Date with
respect to any Mortgage Loan, the related Mortgage was not a valid lien on the related Mortgaged Property subject only to (A) the lien of any prior mortgage indicated on the Mortgage Loan Schedule, (B) the lien of real property taxes and
assessments not yet due and payable, (C) covenants, conditions, and restrictions, rights of way, easements and other matters of public record as of the date of recording of such Mortgage and such other permissible title exceptions as are
customarily accepted for similar loans and (D) other matters to which like properties are commonly subject that do not materially adversely affect the value, use, enjoyment or marketability of the related Mortgaged Property or (ii) with
respect to any Mortgage Loan as to which either Seller delivers an affidavit certifying that the original Mortgage Note has been lost or destroyed, a subsequent default on such Mortgage Loan if the enforcement thereof or of the related Mortgage is
materially and adversely affected by the absence of such original Mortgage Note. 
  
 Repurchase Price: With respect to any Mortgage Loan required to be repurchased on any date pursuant to the Purchase Agreement or purchased by the Master Servicer pursuant to the Servicing Agreement, an amount
equal to the sum of (i) 100% of the Principal Balance thereof (without reduction for any amounts charged off) and (ii) unpaid accrued interest at the Loan Rate (or with respect to the last day of the month in the month of repurchase, the
Loan Rate will be the Loan Rate in effect as of the second to last day in such month) on the outstanding Principal Balance thereof from the Due Date to which interest was last paid by the related Mortgagor to the first day of the month following the
month of purchase. 
  
 Required Insurance Policy: With
respect to any Mortgage Loan, any insurance policy which is required to be maintained from time to time under the Servicing Agreement or the related Subservicing Agreement in respect of such Mortgage Loan. 

 Required Overcollateralization Amount: As to any Payment Date on and after the Payment Date in
[DATE] and prior to the Stepdown Date, the Required Overcollateralization Amount will be an amount equal to xx.xx% of the initial Pool Balance. As to any Payment Date on or after the Stepdown Date, the Required Overcollateralization Amount will be
equal to the greater of (I) the sum of an amount equal to (i) xx.xx% of the aggregate Principal Balance of the Mortgage Loans that are less than 30 days contractually delinquent as of the last day of the related Collection Period,
(ii) xx.xx% of the aggregate Principal Balance of the Mortgage Loans that are 30 to 59 days contractually delinquent as of the last day of the related Collection Period, (iii) xx.xx% of the aggregate Principal Balance of the Mortgage Loans
that are 60 to 89 days contractually delinquent as of the last day of the related Collection Period, (iv) xx.xx% of the aggregate Principal Balance of the Mortgage Loans that are greater than or equal to 90 days contractually delinquent as of
the last day of the related Collection Period, (v) xx.xx% of the aggregate Principal Balance of the Mortgage Loans that are in bankruptcy as of such Payment Date, and (vi) xx.xx% of the aggregate Principal Balance of the Mortgage Loans
that are in foreclosure or that relate to REO Properties; and (II) xx.xx% of the initial Pool Balance. Notwithstanding the above, the Required Overcollateralization Amount shall not exceed xx.xx% of the initial Pool Balance. In addition, the
Required Overcollateralization Amount may be reduced with the prior written consent of the Enhancer and the Rating Agencies. 
  
 Responsible Officer: With respect to the Indenture Trustee, any officer of the Indenture Trustee with direct responsibility for the administration
of the Trust Agreement and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 
  
 Rolling Six-Month Annualized Liquidation Loss Amount: With respect to
any Determination Date, the product (expressed as a percentage) of (i) the aggregate Liquidation Loss Amounts as of the end of each of the six Collection Periods (reduced by the aggregate Subsequent Net Recovery Amounts for such Collection
Periods) immediately preceding such Determination Date divided by the Initial Pool Balance and (ii) two (2). 
  
 Secretary of State: The Secretary of State of the State of Delaware. 
  
 Securities Act: The Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

  
 Securities Balance: The Note Balance or Certificate
Balance, as the context may require. 
  
 Securitization
Transaction: Any transaction involving a sale or other transfer of mortgage loans directly or indirectly to an issuing in connection with an issuance of publicly offered or privately placed, rated or unrated mortgage-backed securities.

  
 Security: Any Certificate or a Note, as the context may
require. 
  
 Securityholder: Any Noteholder or
Certificateholder. 
  
 Seller: [SELLER], a
[                    ], and its successors and assigns. 

 Servicing Certificate: A certificate completed and executed by a Servicing Officer on behalf of
the Master Servicer in accordance with Section 4.01 of the Master Servicing Agreement. 
  
 Servicing Default: Any one of the following events: 
  
 (i) any failure by the Master Servicer to deposit in the Custodial Account, the Note Payment Account or the Distribution Account any deposit required to be made under the terms of the Servicing Agreement that
continues unremedied for a period of five Business Days after the date upon which written notice of such failure shall have been given to the Master Servicer by the Issuer or the Indenture Trustee, or to the Master Servicer, the Issuer and the
Indenture Trustee by the Enhancer; 
  
 (ii) any failure on the
part of the Master Servicer duly to observe or perform in any material respect any other covenants or agreements of the Master Servicer set forth in the Securities or in the Servicing Agreement, which failure, in each case, materially and adversely
affects the interests of the Securityholders or the Enhancer, and which failure continues unremedied for a period of 45 days after the date on which written notice of such failure, requiring the same to be remedied, and stating that such notice is a
“Notice of Default” under the Servicing Agreement, shall have been given to the Master Servicer by the Issuer or the Indenture Trustee, or to the Master Servicer, the Issuer and the Indenture Trustee by the Enhancer; 
  
 (iii) the entry against the Master Servicer of a decree or order by a court
or agency or supervisory authority having jurisdiction under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or if a receiver, assignee or trustee in bankruptcy or
reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Master Servicer or its property, and the continuance of any such decree or order unstayed and in effect for a period of 60
consecutive days; 
  
 (iv) the Master Servicer shall voluntarily
submit to Proceedings under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or other similar law relating to the Master Servicer or of or relating to all or substantially all of its property; or 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; 
  
 (v) the Master
Servicer’s Tangible Net Worth at any time is less than $xxx,xxx,xxx and [WELLS FARGO] fails to own, directly or indirectly, at least 51% of the common stock of the Master Servicer; 
  
 (vi) the occurrence of a draw on the Policy and the failure by the Master Servicer to reimburse the Enhancer any amount owed
to the Enhancer pursuant to the Insurance Agreement on account of the draw, which failure continues unremedied for a period of 90 days after written notice to the Master Servicer; and 
  
 (vii) the Rolling Six-Month Annualized Liquidation Loss Amount exceeds 1.5%. 

 Servicing Fee: With respect to any Mortgage Loan and any Collection Period, the product of
(i) the Servicing Fee Rate divided by 12 and (ii) the Pool Balance as of the first day of such Collection Period. 
  
 Servicing Fee Rate: x.xx% per annum. 
  
 Servicing Officer: Any officer of the Master Servicer involved in, or responsible for, the administration and servicing of the Mortgage Loans whose
name and specimen signature appear on a list of servicing officers furnished to the Indenture Trustee (with a copy to the Enhancer) by the Master Servicer, as such list may be amended from time to time. 
  
 Standard & Poor’s: Standard & Poor’s
Ratings Services, a division of The McGraw-Hill Companies, Inc. or its successor in interest. 
  
 Stated Value: With respect to any Mortgage Loan, the stated value of the related Mortgaged Property determined in accordance with the Program Guide and given by the related Mortgagor in his or her application.

  
 Statutory Trust Statute: Chapter 38 of Title 12 of the
Delaware Code, 12 Del. Code §§3801 et seq., as the same may be amended from time to time. 
  
 Step-down Date: The later of (i) the Payment Date in [DATE] and (ii) the Payment Date on which the Pool Balance (after applying payments
received in the related Collection Period) as of such Payment Date is less than 50% of the initial Pool Balance. 
  
 Subservicer: Each Person that enters into a Subservicing Agreement as a subservicer of Mortgage Loans. 
  
 Subservicing Agreement: The written contract between the Master
Servicer and any Subservicer relating to servicing and administration of certain Mortgage Loans as provided in Section 3.01 of the Servicing Agreement. 
  
 Substitution Adjustment Amount: With respect to any Eligible Substitute Loan and any Deleted Loan, the amount, if any, as determined by the Master
Servicer, by which the aggregate principal balance of all such Eligible Substitute Loans as of the date of substitution is less than the aggregate Principal Balance of all such Deleted Loans (after application of the principal portion of the Monthly
Payments due in the month of substitution that are to be distributed to the Securityholders in the month of substitution). 
  
 Tangible Net Worth: Net Worth, less the sum of the following (without duplication): (a) any other assets of Seller and its consolidated
subsidiaries that would be treated as intangibles under GAAP including, without limitation, any write-up of assets (other than adjustments to market value to the extent required under GAAP with respect to excess servicing, residual interests in
offerings of asset-backed securities and asset-backed securities that are interest-only securities), good-will, research and development costs, trade-marks, trade names, copyrights, patents and unamortized debt discount and expenses and
(b) loans or other extensions of credit to officers of Seller or its consolidated subsidiaries other than mortgage loans made to such Persons in the ordinary course of business. 

 Tax Matters Partner: Seller, as initial Certificateholder of the Class R Certificates. 

 
 Tax Returns: The federal income tax return on Internal Revenue
Service Form 1066, U.S. Real Estate Mortgage Investment Conduit Income Tax Return, including Schedule Q thereto, Quarterly Notice to Residual Interest Holders of REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed on
behalf of each REMIC due to their classification as a REMIC under the REMIC Provisions, together with any and all other information, reports or returns that may be required to be furnished to the Certificateholders or filed with the Internal Revenue
Service or any other governmental taxing authority under any applicable provisions of federal, state or local tax laws. 
  
 Telerate Screen Page 3750: The display page so designated on the Bridge Telerate Capital Markets Report (or such other page as may replace page
3750 on such service for the purpose of displaying London interbank offered rates of major banks, or, if such service is no longer offered, such other service for displaying London interbank offered rates or comparable rates as may be selected by
the Indenture Trustee after consultation with the Master Servicer). 
  
 Transaction Party: As specified in Section 9.02(a) of the Master Servicing Agreement. 
  
 Transfer: Any direct or indirect transfer, sale, pledge, hypothecation or other form of assignment of any Ownership Interest in a Certificate.

  
 Transferee: Any Person who is acquiring by Transfer any
Ownership Interest in a Certificate. 
  
 Transferor: Any
Person who is disposing by Transfer of any Ownership Interest in a Certificate. 
  
 Treasury Regulations: Regulations, including proposed or temporary Regulations, promulgated under the Code. References herein to specific provisions of proposed or temporary regulations shall include analogous
provisions of final Treasury Regulations or other successor Treasury Regulations. 
  
 Trust Agreement: The trust agreement dated as of [DATE] between the Owner Trustee and the Depositor. 
  
 Trust Estate: The meaning specified in the Granting Clause of the Indenture. 
  
 Trust Indenture Act or TIA: The Trust Indenture Act of 1939, as amended from time to time, as in effect on any
relevant date. 
  
 Trustee Information: As specified in
Section 9.05(a)(i)(A) of the Master Servicing Agreement. 
  
 Turbo Amount: As defined in Section 5.01 of the Trust Agreement. 
  
 UCC: The Uniform Commercial Code, as amended from time to time, as in effect in any specified jurisdiction. 

 Uncertificated Accrued Interest: With respect to any Regular Interest for any Payment Date, one
month’s interest at the related Remittance Rate for such Payment Date, accrued on the Uncertificated Principal Balance or Uncertificated Notional Amount, as applicable, immediately prior to such Payment Date. Uncertificated Accrued Interest for
REMIC I and REMIC II Regular Interests shall accrue on the basis of a 360-day year consisting of twelve 30-day months. 
  
 Uncertificated Notional Amount: With respect to REMIC II Regular Interest MT IO and REMIC III Regular Interest IO and any date of determination,
the Uncertificated Principal Balance of REMIC I Regular Interest LT II for such Payment Date. 
  
 Uncertificated Principal Balance: With respect to any Payment Date and any Regular Interest (other than the Class MT-IO REMIC II Regular Interest and REMIC III Regular Interest A-[IO]), the Class Principal
Balance thereof. The Uncertificated Principal Balance of each REMIC Regular Interest shall never be less than zero. The Class MT-IO REMIC II Regular Interest and REMIC III Regular Interest A-[IO] will not have an Uncertificated Principal Balances.

  
 Underwriters: [SG Americas Securities, LLC].

  
 Underwriting Agreement: The underwriting agreement
dated [DATE], between the Depositor, Seller and the Representative. 
  
 United States Person: A citizen or resident of the United States, a corporation, partnership or other entity created or organized in, or under the laws of, the United States, any state thereof, or the District of Columbia (except in
the case of a partnership, to the extent provided in Treasury regulations), or an estate that is described in Section 7701(a)(30)(D) of the Code, or a trust that is described in Section 7701(a)(30)(E) of the Code. 
  
 Voting Rights: The portion of the voting rights of the Holders of the
Notes allocated to each Class of Notes. 99.00% of all of the Voting Rights exercisable by the Noteholders shall be allocated among the Classes of Class A Notes (other than the Class A-[IO] Notes) in accordance with their respective
outstanding Note Balances and 1.0% of all of the Voting Rights shall be allocated among the Holders of the Class A-[IO] Notes. Voting Rights shall be allocated among the Holders of a Class of Notes on a pro rata basis in accordance with their
respective Percentage Interests. 
  
 Weighted Average Net Loan
Rate: For any Payment Date, the weighted average of the Net Loan Rates of the Mortgage Loans, weighted by the respective Principal Balances of the Mortgage Loans as of the beginning of the related Collection Period.Master Servicing Agreement

 Exhibit 10.2 
  
  

  
  
  
 [WELLS FARGO] 
 as Master Servicer, 
  
 [ISSUER] 
 as Issuer 
  
 and 
  
 [INDENTURE TRUSTEE], 
 as Indenture Trustee 
  
  
  
  
  
  

  
 MASTER SERVICING AGREEMENT 
  
 Dated as of [DATE]

  

  
  
  
  
  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
		
	ARTICLE I             DEFINITIONS	  	1
			
	 Section 1.01
	  	 Definitions
	  	1
			
	 Section 1.02
	  	 Other Definitional Provisions
	  	1
			
	 Section 1.03
	  	 Interest Calculations
	  	2
		
	 ARTICLE II           REPRESENTATIONS AND WARRANTIES
	  	2
			
	 Section 2.01
	  	 Representations and Warranties Regarding the Master Servicer
	  	2
			
	 Section 2.02
	  	 Representations and Warranties of the Issuer
	  	4
			
	 Section 2.03
	  	 Enforcement of Representations and Warranties
	  	4
		
	 ARTICLE III         ADMINISTRATION AND SERVICING OF MORTGAGE LOANS
	  	5
			
	 Section 3.01
	  	 The Master Servicer
	  	5
			
	 Section 3.02
	  	 Collection of Certain Mortgage Loan Payments
	  	8
			
	 Section 3.03
	  	 Withdrawals from the Custodial Account
	  	11
			
	 Section 3.04
	  	 Maintenance of Hazard Insurance; Property Protection Expenses
	  	12
			
	 Section 3.05
	  	 Modification Agreements; Release of Lien
	  	14
			
	 Section 3.06
	  	 Trust Estate; Related Documents
	  	14
			
	 Section 3.07
	  	 Realization Upon Defaulted Mortgage Loans; Loss Mitigation
	  	15
			
	 Section 3.08
	  	 Issuer and Indenture Trustee to Cooperate
	  	17
			
	 Section 3.09
	  	 Servicing Compensation; Payment of Certain Expenses by Master Servicer
	  	18
			
	 Section 3.10
	  	 Annual Statement as to Compliance
	  	18
			
	 Section 3.11
	  	 Annual Independent Public Accountants’ Servicing Report
	  	19
			
	 Section 3.12
	  	 Access to Certain Documentation and Information Regarding the Mortgage Loans
	  	19
			
	 Section 3.13
	  	 Maintenance of Certain Servicing Insurance Policies
	  	19
			
	 Section 3.14
	  	 Information Required by the Internal Revenue Service and Reports of Foreclosures and Abandonments of Mortgaged Property
	  	20
			
	 Section 3.15
	  	 Optional Repurchase or Transfer of Mortgage Loans
	  	20
			
	 Section 3.16
	  	 Enforcement of Due-on-Sale Clauses; Assumption and Modification Agreements; Certain Assignments
	  	20
		
	 ARTICLE IV           SERVICING CERTIFICATE
	  	22
			
	 Section 4.01
	  	 Statements to Securityholders
	  	22
			
	 Section 4.02
	  	 Tax Returns and 1934 Act Reports
	  	27

  

 - i - 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
		
	 ARTICLE V            NOTE PAYMENT ACCOUNT
	  	27
			
	 Section 5.01
	  	 Note Payment Account
	  	27
		
	ARTICLE VI          THE MASTER SERVICER	  	28
			
	 Section 6.01
	  	 Liability of the Master Servicer
	  	28
			
	 Section 6.02
	  	 Merger or Consolidation of, or Assumption of the Obligations of, the Master Servicer
	  	28
			
	 Section 6.03
	  	 Limitation on Liability of the Master Servicer and Others
	  	28
			
	 Section 6.04
	  	 Master Servicer Not to Resign
	  	29
			
	 Section 6.05
	  	 Delegation of Duties
	  	29
			
	 Section 6.06
	  	 Payment of Indenture Trustee’s and Owner Trustee’s Fees and Expenses; Indemnification
	  	30
		
	 ARTICLE VII         DEFAULT
	  	31
			
	 Section 7.01
	  	 Servicing Default
	  	31
			
	 Section 7.02
	  	 Indenture Trustee to Act; Appointment of Successor
	  	32
			
	 Section 7.03
	  	 Notification to Securityholders
	  	35
		
	 ARTICLE VIII        MISCELLANEOUS PROVISIONS
	  	35
			
	 Section 8.01
	  	 Amendment
	  	35
			
	 Section 8.02
	  	 GOVERNING LAW
	  	35
			
	 Section 8.03
	  	 Notices
	  	35
			
	 Section 8.04
	  	 Severability of Provisions
	  	36
			
	 Section 8.05
	  	 Third-Party Beneficiaries
	  	36
			
	 Section 8.06
	  	 Counterparts
	  	36
			
	 Section 8.07
	  	 Effect of Headings and Table of Contents
	  	36
			
	 Section 8.08
	  	 Termination Upon Purchase by the Master Servicer or Liquidation of All Mortgage Loans; Partial Redemption
	  	36
			
	 Section 8.09
	  	 Certain Matters Affecting the Indenture Trustee
	  	37
			
	 Section 8.10
	  	 Owner Trustee Not Liable for Related Documents
	  	37
			
	 Section 8.11
	  	 No Petition
	  	38
		
	 ARTICLE IX           COMPLIANCE WITH REGULATION AB
	  	38
			
	 Section 9.01
	  	 Intent of the Parties; Reasonableness
	  	38
			
	 Section 9.02
	  	 Additional Representations and Warranties of the Indenture Trustee
	  	38
			
	 Section 9.03
	  	 Information to Be Provided by the Indenture Trustee
	  	39

  

 - ii - 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
			
	 Section 9.04
	  	 Report on Assessment of Compliance and Attestation
	  	39
			
	 Section 9.05
	  	 Indemnification; Remedies
	  	40
		
	 EXHIBIT A – MORTGAGE LOAN SCHEDULE
	  	A-1
		
	 EXHIBIT B – LIMITED POWER OF ATTORNEY
	  	B-1
		
	 EXHIBIT C – FORM OF REQUEST FOR RELEASE
	  	C-1
		
	 EXHIBIT D-1 – FORM OF FORM 10-K CERTIFICATION
	  	D-1-1
		
	 EXHIBIT D-2 – FORM OF BACK-UP CERTIFICATION
	  	 
	 	  	TO FORM 10-K CERTIFICATION	  	D-2-1
		
	 EXHIBIT E – SERVICING CRITERIA
	  	E-1

  

 - iii - 

 This Master Servicing Agreement, dated as of [DATE] (the “Agreement”), is among
[WELLS FARGO], as master servicer (the “Master Servicer”), [ISSUER], as issuer (the “Issuer”), and [INDENTURE TRUSTEE], as indenture trustee (the “Indenture Trustee”). 
  
 WITNESSETH: 
  
 WHEREAS, pursuant to the terms of the Purchase Agreement (as
defined herein), [SELLER], as seller (the “Seller”) will sell to SG Mortgage Securities, LLC, as purchaser (in such capacity, the “Purchaser”), the Mortgage Loans on the Closing Date, together with the Related Documents on the
Closing Date; 
  
 WHEREAS, SG Mortgage Securities,
LLC, as depositor (in such capacity, the “Depositor”), will sell the Mortgage Loans and assign all of its rights under the Purchase Agreement to the Issuer, together with the Related Documents on the Closing Date; 
  
 WHEREAS, pursuant to the terms of the Trust Agreement, the
Issuer will issue the Certificates; 
  
 WHEREAS,
pursuant to the terms of the Indenture, the Issuer will issue the Notes; and 
  
 WHEREAS, pursuant to the terms of this Agreement, [WELLS FARGO], as master servicer (the “Master Servicer”), will service the Mortgage Loans directly or through one or more Subservicers. 
  
 NOW, THEREFORE, in consideration of the mutual covenants
herein contained, the parties hereto agree as follows: 
  
 ARTICLE
I 
  
 Definitions 
  
 Section 1.01     Definitions.
For all purposes of this Agreement, except as otherwise expressly provided herein or unless the context otherwise requires, capitalized terms not otherwise defined herein shall have the meanings assigned to such terms in the Definitions contained in
Appendix A to the Indenture dated as of [DATE] (the “Indenture”), between the Issuer and the Indenture Trustee, which is incorporated by reference herein. All other capitalized terms used herein shall have the meanings specified herein.

  
 Section 1.02
    Other Definitional Provisions. 
  

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

  

	 	 (b)
	 As used in this Agreement and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this Agreement
or in any such certificate or other document, and accounting terms partly defined in this Agreement or in any such certificate or other document, to 

  

 1 

	 	 
the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles. To the extent that the definitions
of accounting terms in this Agreement or in any such certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Agreement or in any such
certificate or other document shall control. 

  

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

  

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

  

	 	 (e)
	 Any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means such agreement,
instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are also to its
permitted successors and assigns. 

  
 Section 1.03     Interest Calculations. All calculations of interest hereunder that are made in respect of the Principal Balance of a Mortgage Loan shall be made on a daily basis using a 365-day year. All
calculations of interest on the Class A-[1] Notes shall be made on the basis of the actual number of days in an Interest Period and a year assumed to consist of 360 days. All calculations of interest on the Class A-[2] Notes and the
Class A-[IO] Notes shall be made on the basis of a 30-day month and a year assumed to consist of 360 days. The calculation of the Servicing Fee shall be made on the basis of a 360-day year consisting of twelve 30-day months. All dollar amounts
calculated hereunder shall be rounded to the nearest penny with one-half of one penny being rounded up. 
  
 ARTICLE II 
  
 Representations and Warranties 
  
 Section 2.01     Representations and Warranties Regarding the Master Servicer. The Master Servicer represents and warrants to the Issuer and for the benefit of the Indenture Trustee, as pledgee of the
Mortgage Loans, as of the Closing Date: 
  

	 	 (a)
	 the Master Servicer is a corporation duly organized, validly existing and in good standing under the laws of the State of
[                    ] and has the corporate power to own its assets and to transact the business in which it is currently engaged. The

  

 2 

	 	 
Master Servicer is duly qualified to do business as a foreign corporation and is in good standing in each jurisdiction in which the character of the business
transacted by it or properties owned or leased by it requires such qualification and in which the failure to so qualify would have a material adverse effect (not in the ordinary course of business) on the business, properties, assets, or condition
(financial or other) of the Master Servicer; 

  

	 	 (b)
	 the Master Servicer has the power and authority to make, execute, deliver and perform this Agreement and all of the transactions contemplated under this
Agreement, and has taken all necessary corporate action to authorize the execution, delivery and performance of this Agreement. When executed and delivered, this Master Servicing Agreement will constitute the legal, valid and binding obligation of
the Master Servicer enforceable in accordance with its terms, except as enforcement of such terms may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and by the availability of
equitable remedies; 

  

	 	 (c)
	 the Master Servicer is not required to obtain the consent of any other Person or any consent, license, approval or authorization from, or registration or
declaration with, any governmental authority, bureau or agency in connection with the execution, delivery, performance, validity or enforceability of this Agreement, except for such consent, license, approval or authorization, or registration or
declaration, as shall have been obtained or filed, as the case may be; 

  

	 	 (d)
	 the execution and delivery of this Agreement and the performance of the transactions contemplated hereby by the Master Servicer will not violate any material
provision of any existing law or regulation or any order or decree of any court applicable to the Master Servicer or any provision of the Articles of Incorporation or Bylaws of the Master Servicer, or constitute a material breach of any material
mortgage, indenture, contract or other agreement to which the Master Servicer is a party or by which the Master Servicer may be bound; 

  

	 	 (e)
	 no litigation or administrative proceeding of or before any court, tribunal or governmental body is currently pending, or to the knowledge of the Master Servicer
threatened, against the Master Servicer or any of its properties or with respect to this Agreement or the Securities which in the opinion of the Master Servicer has a reasonable likelihood of resulting in a material adverse effect on the
transactions contemplated by this Agreement; 

  

	 	 (f)
	 [the Master Servicer is a member of MERS in good standing, and will comply in all material respects with the rules and procedures of MERS in connection with the
servicing of the Mortgage Loans that are registered with MERS; and] 

  

	 	 (g)
	 the servicing of the Mortgage Loans has at all times been conducted in material compliance with all applicable federal, state and local laws, rules and
regulations, and there has been no material violation of any such laws, rules or regulations arising out of the servicing of the Mortgage Loans. 

  

 3 

 The foregoing representations and warranties shall survive any termination of the Master
Servicer hereunder. 
  
 Section 2.02     Representations and Warranties of the Issuer. The Issuer hereby represents and warrants to the Master Servicer and for the benefit of the Indenture Trustee, as pledgee of the Mortgage Loans,
as of the Closing Date: 
  

	 	 (a)
	 the Issuer is a statutory trust duly formed and in good standing under the laws of the State of Delaware and has full power, authority and legal right to execute
and deliver this Agreement and to perform its obligations under this Agreement, and has taken all necessary action to authorize the execution, delivery and performance by it of this Agreement; and 

  

	 	 (b)
	 the execution and delivery by the Issuer of this Agreement and the performance by the Issuer of its obligations under this Agreement will not violate any
provision of any law or regulation governing the Issuer or any order, writ, judgment or decree of any court, arbitrator or governmental authority or agency applicable to the Issuer or any of its assets. Such execution, delivery, authentication and
performance will not require the authorization, consent or approval of, the giving of notice to, the filing or registration with, or the taking of any other action with respect to, any governmental authority or agency regulating the activities of
statutory trusts. Such execution, delivery, authentication and performance will not conflict with, or result in a breach or violation of, any mortgage, deed of trust, lease or other agreement or instrument to which the Issuer is bound.

  
 Section 2.03     Enforcement of Representations and Warranties. The Master Servicer, on behalf of and subject to the direction of the Indenture Trustee, as pledgee of the Mortgage Loans, or the Issuer, shall
enforce the representations and warranties of the Seller pursuant to the Purchase Agreement. Upon the discovery by the Seller, the Depositor, the Master Servicer, the Indenture Trustee, the Enhancer, the Issuer, or the Custodian of a breach of any
of the representations and warranties made by the Seller in the Purchase Agreement, in respect of any Mortgage Loan which materially and adversely affects the interests of the Securityholders or the Enhancer, the party discovering such breach shall
give prompt written notice to the other parties (the Custodian being so obligated under the Custodial Agreement). The Master Servicer shall promptly notify the Seller of such breach and request that, pursuant to the terms of the Purchase Agreement,
the respective party either (i) cure such breach in all material respects within 90 days from the date such party was notified of such breach, or in the case of a breach which has the effect of making the Mortgage Loan fail to be a
“qualified mortgage” within the meaning of Section 860G of the Internal Revenue Code, within 90 days after the discovery thereof by the Seller, the Depositor, the Master Servicer, the Indenture Trustee, the Enhancer, the Issuer or the
Purchaser or (ii) purchase such Mortgage Loan from the Issuer at the price and in the manner set forth in Section 3.1(d) of the Purchase Agreement; provided, that the Seller shall, subject to the conditions set forth in the Purchase
Agreement, have the option to substitute an Eligible Substitute Loan or Loans for such Mortgage Loan, provided that such substitution occurs within two years following the Closing Date. In the event that the Seller elects to substitute one or more
Eligible Substitute Loans pursuant to Section 3.1(d) of the Purchase Agreement, the Seller shall 

  

 4 

 
deliver to the Custodian or the Master Servicer, in accordance with the Purchase Agreement, with respect to such Eligible Substitute Loans, the original
Mortgage Note, the Mortgage, and such other documents and agreements as are required by the Purchase Agreement. Payments due with respect to Eligible Substitute Loans in the month of substitution shall not be transferred to the Issuer and will be
retained by the Master Servicer and remitted by the Master Servicer to such party on the next succeeding Payment Date except to the extent that a payment less than the applicable Monthly Payment has been received by the Issuer for such month in
respect of the Mortgage Loan to be removed. The Master Servicer shall amend or cause to be amended the Mortgage Loan Schedule to reflect the removal of such Mortgage Loan and the substitution of the Eligible Substitute Loans and the Master Servicer
shall promptly deliver the amended Mortgage Loan Schedule to the Owner Trustee and Indenture Trustee. 
  
 It is understood and agreed that the obligation of the Seller to cure such breach or purchase or substitute for such Mortgage Loan as to
which such a breach has occurred and is continuing shall constitute the sole remedy respecting such breach available to the Issuer and the Indenture Trustee, as pledgee of the Mortgage Loans, against the Seller. In connection with the purchase of or
substitution for any such Mortgage Loan by the Seller, the Issuer shall assign to such party all of its right, title and interest in respect of the Purchase Agreement applicable to such Mortgage Loan. Upon receipt of the Repurchase Price, or upon
completion of such substitution, the Master Servicer shall notify the Custodian, and the Custodian shall deliver the Mortgage Notes to the Master Servicer, together with all relevant endorsements and assignments prepared by the Master Servicer that
the Indenture Trustee shall execute. 
  
 ARTICLE III 
  
 Administration and Servicing of Mortgage Loans 
  
 Section 3.01     The Master
Servicer. 
  

	 	 (a)
	 The Master Servicer shall service and administer the Mortgage Loans in a manner generally consistent with the terms of the Program Guide and in a manner
consistent with the terms of this Agreement and that shall be normal and usual in its general mortgage servicing activities and consistent with the manner in which it services all other Mortgage Loans in its servicing portfolio with characteristics
similar to those of the Mortgage Loans. The Master Servicer shall have full power and authority, acting alone or through a Subservicer, to do any and all things in connection with such servicing and administration which it may deem necessary or
desirable, it being understood, however, that the Master Servicer shall at all times remain responsible to the Issuer and the Indenture Trustee, as pledgee of the Mortgage Loans, for the performance of its duties and obligations hereunder in
accordance with the terms hereof and the Program Guide. Without limiting the generality of the foregoing, the Master Servicer shall continue, and is hereby authorized and empowered by the Issuer and the Indenture Trustee, as pledgee of the Mortgage
Loans, to execute and deliver, on behalf of itself, the Issuer, the Indenture Trustee or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments with
respect to the Mortgage Loans and the Mortgaged 

  

 5 

	 	 
Properties. The Issuer, the Indenture Trustee and the Custodian, as applicable, shall furnish the Master Servicer with any powers of attorney and other
documents necessary or appropriate to enable the Master Servicer to carry out its servicing and administrative duties hereunder. In addition, the Master Servicer may, at its own discretion and on behalf of the Indenture Trustee, obtain credit
information in the form of a “credit score” from a credit repository. On the Closing Date, the Indenture Trustee shall deliver to the Master Servicer a limited power of attorney substantially in the form of Exhibit B hereto. [The Master
Servicer is further authorized and empowered by the Issuer and the Indenture Trustee, on behalf of the Noteholders and the Indenture Trustee, in its own name or in the name of the Subservicer, when the Master Servicer or the Subservicer, as the case
may be, believes it appropriate in its best judgment to register any Mortgage Loan on the MERS® System, or cause the removal from the registration of any Mortgage Loan on the MERS® System, to execute and deliver, on behalf of the Indenture Trustee and the Noteholders or any of them, any and all instruments of assignment and other
comparable instruments with respect to such assignment or re-recording of a Mortgage in the name of MERS, solely as nominee for the Indenture Trustee and its successors and assigns.] Any expenses incurred in connection with the actions described in
the preceding sentence shall be borne by the Master Servicer, with no right of reimbursement. 

  
 Notwithstanding the foregoing, subject to Section 3.02(a), the Master Servicer shall not permit any modification with respect to any
Mortgage Loan that would both constitute a sale or exchange of such Mortgage Loan within the meaning of Section 1001 of the Code and any proposed, temporary or final regulations promulgated thereunder and cause either REMIC I, REMIC II, or
REMIC III to fail to qualify as a REMIC under the Code or, except as provided in Section 11.01(f) of the Indenture, cause the imposition of a tax upon either of the REMICs (including but not limited to the tax on prohibited transactions as
defined in Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the Code). 
  
 If the Mortgage did not have a Lien senior to the related Mortgage Loan on the related Mortgaged Property as of the related Cut-Off Date,
then the Master Servicer, in such capacity, may not consent to the placing of a Lien senior to that of the Mortgage on the related Mortgaged Property. If the Mortgage had a Lien senior to the related Mortgage Loan on the related Mortgaged Property
as of the related Cut-Off Date, then the Master Servicer, in such capacity, may not consent to the refinancing of such prior senior Lien. 
  
 The relationship of the Master Servicer (and of any successor to the Master Servicer as master servicer under this Agreement) to the
Issuer under this Agreement is intended by the parties to be that of an independent contractor and not that of a joint venturer, partner or agent. 
  

	 	 (b)
	 The Master Servicer may enter into Subservicing Agreements with Subservicers for the servicing and administration of certain of the Mortgage Loans. The Master
Servicer shall provide notice to the Indenture Trustee upon entering into a Subservicing Agreement. References in this Agreement to actions taken or to be taken by the Master Servicer in servicing the Mortgage Loans include actions taken or to be
taken by a Subservicer on behalf of the Master Servicer and any 

  

 6 

	 	 
amount actually received by such Subservicer in respect of a Mortgage Loan shall be deemed to have been received by the Master Servicer whether or not
actually received by the Master Servicer. Each Subservicing Agreement will be upon such terms and conditions as are not inconsistent with this Agreement and as the Master Servicer and the Subservicer have agreed. With the approval of the Master
Servicer, a Subservicer may delegate its servicing obligations to third-party servicers, but such Subservicers will remain obligated under the related Subservicing Agreements. The Master Servicer and the Subservicer may enter into amendments to the
related Subservicing Agreements; provided, however, that any such amendments shall not cause the Mortgage Loans to be serviced in a manner that would be materially inconsistent with the standards set forth in this Agreement. The Master Servicer
shall be entitled to terminate any Subservicing Agreement in accordance with the terms and conditions thereof and without any limitation by virtue of this Agreement; provided, however, that in the event of termination of any Subservicing Agreement
by the Master Servicer or the Subservicer, the Master Servicer shall either act as servicer of the related Mortgage Loan or enter into a Subservicing Agreement with a successor Subservicer which will be bound by the terms of the related Subservicing
Agreement. The Master Servicer shall be entitled to enter into any agreement with a Subservicer for indemnification of the Master Servicer and nothing contained in this Agreement shall be deemed to limit or modify such indemnification.

  
 In the event that the
rights, duties and obligations of the Master Servicer are terminated hereunder, any successor to the Master Servicer in its sole discretion may, to the extent permitted by applicable law, terminate the existing Subservicing Agreement with any
Subservicer in accordance with the terms of the applicable Subservicing Agreement or assume the terminated Master Servicer’s rights and obligations under such subservicing arrangements which termination or assumption will not violate the terms
of such arrangements. 
  
 As part of its servicing
activities hereunder, the Master Servicer, for the benefit of the Indenture Trustee, the Enhancer and the Securityholders, shall use reasonable efforts to enforce the obligations of each Subservicer under the related Subservicing Agreement, to the
extent that the non-performance of any such obligation would have a material adverse effect on a Mortgage Loan. Such enforcement, including, without limitation, the legal prosecution of claims, termination of Subservicing Agreements and the pursuit
of other appropriate remedies, shall be in such form and carried out to such an extent and at such time as the Master Servicer, in its good faith business judgment, would require were it the owner of the related Mortgage Loans. The Master Servicer
shall pay the costs of such enforcement at its own expense, and shall be reimbursed therefor only (i) from a general recovery resulting from such enforcement to the extent, if any, that such recovery exceeds all amounts due in respect of the
related Mortgage Loan or (ii) from a specific recovery of costs, expenses or attorneys fees against the party against whom such enforcement is directed. 
  

	 	 (c)
	 All other documents contained in the Mortgage File and any original documents relating to the Mortgage Loans not contained in the Mortgage File or delivered to

  

 7 

	 	 
the Custodian, if any, or the Indenture Trustee are and shall be held by the Master Servicer in trust as agent for the Indenture Trustee on behalf of the
Noteholders. 

  
 Section 3.02     Collection of Certain Mortgage Loan Payments. 
  

	 	 (a)
	 The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans, and shall, to the
extent such procedures shall be consistent with this Agreement and generally consistent with the Program Guide, follow such collection procedures as shall be normal and usual in its general mortgage servicing activities and consistent with the
procedures the Master Servicer employs in servicing all other Mortgage Loans in the servicing portfolio with characteristics similar to those of the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing,
the Master Servicer may in its discretion (i) waive any late payment charge, penalty interest or other fees which may be collected in the ordinary course of servicing a Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the
payment of principal and interest due and unpaid; provided, that such arrangement is consistent with the Master Servicer’s policies with respect to home equity mortgage loans; and provided further, that notwithstanding such arrangement, such
Mortgage Loans will be included in the information regarding delinquent Mortgage Loans set forth in the Servicing Certificate. The Master Servicer may also extend the Due Date for payment due on a Mortgage Loan in accordance with the Program Guide;
provided, however, that the Master Servicer shall first determine that any such waiver or extension will not impair the coverage of any related insurance policy or materially adversely affect the Lien of the related Mortgage or the interests of the
Securityholders or the Enhancer and the Master Servicer shall not grant any such waiver or extension that would have any such effect. Consistent with the terms of this Agreement, the Master Servicer may also: 

  

	 	 (i)
	 waive, modify or vary any term of any Mortgage Loan; 

  

	 	 (ii)
	 consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any Mortgagor; 

  

	 	 (iii)
	 arrange with a Mortgagor a schedule for the payment of principal and interest due and unpaid; 

  

	 	 (iv)
	 forgive any portion of the amounts contractually owed under the Mortgage Loan; 

  

	 	 (v)
	 capitalize past due amounts owed under the Mortgage Loan by adding any amounts in arrearage to the existing principal balance of the Mortgage Loan (a
“Capitalization Workout”) which will result in an increased Monthly Payment amount, provided that: (A) the amount added to the existing principal balance of the Mortgage Loan (the “Capitalized Amount”) shall be no greater
than five times the Mortgagor’s current 

  

 8 

	 	 
Monthly Payment amount; and (B) the Master Servicer shall not enter into a Capitalization Workout unless the CLTV of the Mortgage Loan prior to the
Capitalization Workout equals or exceeds 80% and the Mortgagor has qualified for the Capitalization Workout under the Master Servicer’s servicing guidelines; or 

  

	 	 (vi)
	 reset the maturity date for the Mortgage Loan, but in no event shall such reset date extend beyond the end of the Collection Period preceding the Final Payment
Date; 

  
 or any combination of the foregoing,
if in the Master Servicer’s determination such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Securityholders or the Enhancer; provided, however, that the Master Servicer may not modify or
permit any Subservicer to modify any Mortgage Loan (including without limitation any modification that would change the Loan Rate, forgive the payment of any principal or interest (unless in connection with the liquidation of the related Mortgage
Loan) or extend the final maturity date of such Mortgage Loan) unless such Mortgage Loan is in default or, in the judgment of the Master Servicer, such default is reasonably foreseeable. The general terms of any waiver, modification, forgiveness,
postponement or indulgence with respect to any of the Mortgage Loans will be included in the Servicing Certificate, and such Mortgage Loans will not be considered “delinquent” for the purposes of the Basic Documents so long as the
Mortgagor complies with the terms of such waiver, modification, forgiveness, postponement or indulgence. 
  

	 	 (b)
	 The Master Servicer shall establish a Custodial Account, which shall be an Eligible Account, titled “[ISSUER] Home Loan Asset-Backed Notes Series
        ”, in which the Master Servicer shall deposit or cause to be deposited any amounts representing payments and collections in respect of the Mortgage Loans received by it subsequent to or on
the Cut-Off Date (other than in respect of the payments referred to in the following paragraph), within two Business Days following receipt thereof (or otherwise on or prior to the Closing Date), including the following payments and collections
received or made by it (without duplication): 

  

	 	 (i)
	 all payments of principal of or interest on the Mortgage Loans received or advanced by the Master Servicer, net of any portion of the interest thereof retained
by any Subservicer as subservicing fees; 

  

	 	 (ii)
	 the aggregate Repurchase Price of the Mortgage Loans purchased by the Master Servicer pursuant to Section 3.15 hereof; 

  

	 	 (iii)
	 Net Liquidation Proceeds, net of any related Foreclosure Profit and all Subsequent Net Recovery Amounts; 

  

	 	 (iv)
	 all proceeds of any Mortgage Loans repurchased by the Seller pursuant to the Purchase Agreement, and all Substitution Adjustment Amounts required to be deposited
in connection with the substitution of an Eligible Substitute Loan pursuant to the Purchase Agreement; 

  

 9 

	 	 (v)
	 Insurance Proceeds, other than Net Liquidation Proceeds, resulting from any insurance policy maintained on a Mortgaged Property; and

  

	 	 (vi)
	 amounts required to be paid by the Master Servicer pursuant to Section 8.08 hereof; 

  
 provided, however, that with respect to each Collection Period, the Master
Servicer shall be permitted to retain from payments in respect of interest on the Mortgage Loans, the Servicing Fee for such Collection Period. Notwithstanding the foregoing, the Master Servicer may, in accordance with its normal servicing
procedures, hold payments by a Mortgagor representing partial payments of a Monthly Payment that are not applied to principal or interest on the Mortgage Loans in a separate account, which shall be an Eligible Account, until such amounts are applied
by the Master Servicer to principal or interest on the Mortgage Loans. At such time, the Master Servicer shall deposit such amounts into the Custodial Account and apply such amounts as payments of principal or interest on the Mortgage Loans, as
applicable. The foregoing requirements respecting deposits to the Custodial Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Master Servicer need not deposit in the Custodial Account amounts
representing Foreclosure Profits, fees (including annual fees) or late charge penalties, payable by Mortgagors (such amounts to be retained as additional servicing compensation in accordance with Section 3.09 hereof), or amounts received by the
Master Servicer for the accounts of Mortgagors for application towards the payment of taxes, insurance premiums, assessments and similar items. In the event any amount not required to be deposited in the Custodial Account is so deposited, the Master
Servicer may at any time withdraw such amount from the Custodial Account, any provision herein to the contrary notwithstanding. The Master Servicer shall retain all Foreclosure Profits as additional servicing compensation. 
  
 The Master Servicer, in its sole discretion, may deposit into
the Custodial Account amounts representing installments of principal of or interest on Mortgage Loans that were delinquent as of the end of any Collection Period, provided that the Master Servicer reasonably believes that such amounts will be
recoverable from Collections on the related Mortgage Loan. If the Master Servicer makes any such advances of delinquent principal and/or interest, the Master Servicer shall be entitled to reimburse itself by withdrawing from the Custodial Account,
as provided herein, any amounts so advanced. The Master Servicer may cause the institution maintaining the Custodial Account to invest any funds in the Custodial Account in Permitted Investments (including obligations of the Master Servicer or any
of its Affiliates, if such obligations otherwise qualify as Permitted Investments), which investments shall mature not later than the Business Day preceding the next succeeding Payment Date, and which investments shall not be sold or disposed of
prior to maturity. In addition, no such Permitted Investment shall be purchased at a price in excess of par. Except as provided above, all income and gain realized from any such investment shall inure to the benefit of the Master Servicer and shall
be subject to its withdrawal or order from time to time. The amount of any losses incurred in respect of the principal amount of any such investments shall be deposited in the Custodial Account by the Master Servicer out of its own funds immediately
as realized. 
  

	 	 (c)
	 The Master Servicer shall require each Subservicer to hold all funds constituting collections on the Mortgage Loans, pending remittance thereof to the Master

  

 10 

	 	 
Servicer, in one or more accounts meeting the requirements of an Eligible Account, and shall require all such funds to be invested in Permitted Investments,
unless all such collections are remitted on a daily basis to the Master Servicer for deposit into the Custodial Account. 

  
 Section 3.03     Withdrawals from the Custodial Account. The Master Servicer shall, from time to time as
provided herein, make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 hereof that are attributable to the Mortgage Loans for the following purposes: 
  

	 	 (a)
	 on each Determination Date, the Master Servicer shall determine the aggregate amounts to be withdrawn from the Custodial Account and applied pursuant to
Section 3.05(a) of the Indenture and, prior to the close of business on the Business Day prior to the related Payment Date (provided, however, that the Indenture Trustee shall not be required to invest any amounts deposited into the Note
Payment Account after 1:00 p.m.), shall withdraw such amounts from the Custodial Account and deposit such amounts into the Note Payment Account to be distributed by the Paying Agent in accordance with and in the order or priority set forth in
Section 3.05(a) of the Indenture for such Payment Date, in accordance with the Servicing Certificate; 

  

	 	 (b)
	 to pay to itself from any monthly payments received from the Mortgagors, the amount of such payment that represents interest accrued on the related Mortgage Loan
for any period prior to the Cut-Off Date; 

  

	 	 (c)
	 to the extent deposited to the Custodial Account, to reimburse itself or the related Subservicer for previously unreimbursed expenses incurred in maintaining
individual insurance policies pursuant to Section 3.04, or Liquidation Expenses, paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this Agreement (to the extent not payable pursuant to Section 3.09),
such withdrawal right being limited to amounts received on particular Mortgage Loans (other than any Repurchase Price in respect thereof) that represent late recoveries of the payments for which such advances were made, or from related Net
Liquidation Proceeds or the proceeds of the purchase of such Mortgage Loan; 

  

	 	 (d)
	 to pay to itself out of each payment received on account of interest on a Mortgage Loan as contemplated by Section 3.09, an amount equal to the related
Servicing Fee and the Recovery Fee (to the extent not retained pursuant to Section 3.02 or Section 3.07), and to pay to any Subservicer any subservicing fees not previously withheld by such Subservicer; 

  

	 	 (e)
	 to the extent deposited in the Custodial Account, to pay to itself as additional servicing compensation any (i) interest or investment income earned on
funds deposited in the Custodial Account that it is entitled to withdraw pursuant to Sections 3.02(b) and 5.01, and (ii) Foreclosure Profits (to the extent permitted by law); 

  

 11 

	 	 (f)
	 to pay to itself or the related Seller, with respect to any Mortgage Loan or property acquired in respect thereof that has been purchased or otherwise
transferred to such Seller, the Master Servicer or other entity, all amounts received thereon and not required to be distributed to Securityholders as of the date on which the related Purchase Price or Repurchase Price is determined;

  

	 	 (g)
	 to withdraw any other amount deposited in the Custodial Account that was not required to be deposited therein pursuant to Section 3.02;

  

	 	 (h)
	 to pay to the REMIC Administrator amounts reimbursable from the Custodial Account pursuant to Section 11.01(c) of the Indenture;

  

	 	 (i)
	 to pay to itself, with respect to any Mortgage Loan for which it has made an advance of delinquent principal and/or interest, any previously unreimbursed
advances of such amounts theretofore made to the extent of receipts of late recoveries of such payments from the related Mortgagors, out of related Net Liquidation Proceeds or the proceeds of the purchase of such Mortgage Loans;

  

	 	 (j)
	 to reimburse itself for the amount of any investment earnings advanced prior to maturity pursuant to Section 3.17(c) or Section 5.01, to the extent not
reimbursed from earnings received on the related investment at maturity; 

  

	 	 (k)
	 at its option, for so long as it is the sole Certificateholder, to pay to itself from amounts otherwise required to be remitted to the Distribution Account in
accordance with Section 3.05(a)(xiii) of the Indenture, all amounts payable to it as a Certificateholder on the related Payment Date; and 

  

	 	 (l)
	 to reimburse itself for advances of delinquent principal and/or interest on a Mortgage Loan or other advances that are made pursuant to this Agreement that are
not reimbursed pursuant to clauses (c) and (i) of this Section 3.03. 

  
 Since, in connection with withdrawals pursuant to clauses (c), (d), (f) and (i), the Master Servicer’s entitlement thereto is
limited to collections or other recoveries on the related Mortgage Loan, the Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial
Account pursuant to such clauses. Notwithstanding any other provision of this Agreement, the Master Servicer shall be entitled to reimburse itself for any previously unreimbursed expenses incurred pursuant to Section 3.07 or otherwise
reimbursable pursuant to the terms of this Agreement that the Master Servicer determines to be otherwise nonrecoverable (except with respect to any Mortgage Loan as to which the Repurchase Price has been paid), by withdrawal from the Custodial
Account of amounts on deposit therein attributable to the Mortgage Loans on any Business Day prior to the Payment Date succeeding the date of such determination. 
  
 Section 3.04     Maintenance of Hazard Insurance; Property Protection
Expenses. To the extent permitted under the related Mortgage Note and Mortgage, and to the extent the Master Servicer receives notice that a hazard insurance policy has been cancelled, the Master Servicer shall cause to be maintained for each
Mortgage Loan hazard insurance naming the Master Servicer or related Subservicer as loss payee thereunder providing extended coverage in an 

  

 12 

 
amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements securing such Mortgage Loan from time to time or
(ii) the combined principal balance owing on such Mortgage Loan and any mortgage loan senior to such Mortgage Loan from time to time; provided, however, that such coverage may not be less than the minimum amount required to fully compensate for
any loss or damage on a replacement cost basis. The Master Servicer shall use commercially reasonable efforts to monitor that hazard insurance is maintained as described in the previous sentence in the same manner as it would for mortgage loans in
its own portfolio. The Master Servicer shall also cause to be maintained on property acquired upon foreclosure, or deed in lieu of foreclosure, of any Mortgage Loan, fire insurance with extended coverage in an amount which is at least equal to the
amount necessary to avoid the application of any co-insurance clause contained in the related hazard insurance policy. Amounts collected by the Master Servicer under any such policies (other than amounts to be applied to the restoration or repair of
the related Mortgaged Property or property thus acquired or amounts released to the Mortgagor in accordance with the Master Servicer’s normal servicing procedures) shall be deposited in the Custodial Account to the extent called for by
Section 3.02 hereof. In cases in which any Mortgaged Property is located at any time during the life of a Mortgage Loan in a federally designated flood area, to the extent permitted under the related Mortgage Note and Mortgage, and to the
extent the Master Servicer receives notice that the related flood insurance has been cancelled, the hazard insurance to be maintained for the related Mortgage Loan shall include flood insurance (to the extent available). All such flood insurance
shall be in amounts equal to the lesser of (i) the amount required to compensate for any loss or damage to the related Mortgaged Property on a replacement cost basis and (ii) the maximum amount of such insurance available for such
Mortgaged Property under the national flood insurance program (assuming that the area in which such Mortgaged Property is located is participating in such program). The Master Servicer shall use commercially reasonable efforts to monitor such flood
insurance as described in the previous sentence in the same manner as it would for mortgage loans in its own portfolio. The Master Servicer shall be under no obligation to require that any Mortgagor maintain earthquake or other additional insurance
and shall be under no obligation itself to maintain any such additional insurance on property acquired in respect of a Mortgage Loan, other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require
such additional insurance. If the Master Servicer shall obtain and maintain a blanket policy consistent with its general mortgage servicing activities insuring against hazard losses on all of the Mortgage Loans, it shall conclusively be deemed to
have satisfied its obligations as set forth in the first sentence of this Section 3.04, it being understood and agreed that such policy may contain a deductible clause, in which case the Master Servicer shall, in the event that there shall not
have been maintained on the related Mortgaged Property a policy complying with the first sentence of this Section 3.04 and there shall have been a loss which would have been covered by such policy, deposit in the Custodial Account the amount
not otherwise payable under the blanket policy because of such deductible clause. Any such deposit by the Master Servicer shall be made on the last Business Day of the Collection Period in the month in which payments under any such policy would have
been deposited in the Custodial Account. In connection with its activities as master servicer of the Mortgage Loans, the Master Servicer agrees to present, on behalf of itself, the Issuer and the Indenture Trustee, claims under any such blanket
policy. 
  

 13 

 Section 3.05     Modification Agreements; Release of
Lien. 
  
 The Master Servicer or the related
Subservicer, as the case may be, shall be entitled to (a) execute assumption agreements, substitution agreements, and instruments of satisfaction or cancellation or of partial or full release or discharge, or any other document contemplated by
this Agreement and other comparable instruments with respect to the Mortgage Loans and with respect to the related Mortgaged Properties (and the Issuer and the Indenture Trustee each shall promptly execute any such documents on request of the Master
Servicer) and (b) approve the granting of an easement thereon in favor of another Person, any alteration or demolition of such Mortgaged Properties or other similar matters, if it has determined, exercising its good faith business judgment in
the same manner as it would if it were the owner of the related Mortgage Loans, that the security for, and the timely and full collectability of, such Mortgage Loans would not be adversely affected thereby. A partial release pursuant to this
Section 3.05 shall be permitted only if the CLTV for the related Mortgage Loan after such partial release does not exceed the CLTV for such Mortgage Loan as of the Cut-Off Date, and provided further that the Master Servicer and the Enhancer
have received an Opinion of Counsel to the effect that such partial release will not result in an Adverse REMIC Event. Any fee collected by the Master Servicer or the related Subservicer for processing such request will be retained by the Master
Servicer or such Subservicer as additional servicing compensation. 
  
 Section 3.06     Trust Estate; Related Documents. 
  

	 	 (a)
	 When required by the provisions of this Agreement, the Issuer or the Indenture Trustee shall execute instruments to release property from the terms of the Trust
Agreement, Indenture or Custodial Agreement, as applicable, or convey the Issuer’s or the Indenture Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Agreement. No
party relying upon an instrument executed by the Issuer or the Indenture Trustee as provided in this Section 3.06 shall be bound to ascertain the Issuer’s or the Indenture Trustee’s authority, inquire into the satisfaction of any
conditions precedent or see to the application of any moneys. 

  

	 	 (b)
	 If from time to time any written assurance, assumption agreement or substitution agreement or other similar agreement shall be executed pursuant to
Section 3.05 hereof, the Master Servicer shall check that each of such documents purports to be an original executed copy (or a copy of the original executed document if the original executed copy has been submitted for recording and has not
yet been returned) and, if so, shall file such documents, and upon receipt of the original executed copy from the applicable recording office or receipt of a copy thereof certified by the applicable recording office shall file such originals or
certified copies, with the Related Documents held by the Master Servicer. 

  

	 	 (c)
	 Upon receipt of a Request for Release from the Master Servicer, substantially in the form of Exhibit C hereto, to the effect that a Mortgage Loan has been the
subject of a final payment or a prepayment in full and such Mortgage Loan has been terminated or that substantially all Net Liquidation Proceeds that have been determined by the Master Servicer in its reasonable judgment to be finally 

  

 14 

	 	 
recoverable have been recovered, and upon deposit to the Custodial Account of such final monthly payment, prepayment in full together with accrued and unpaid
interest to the date of such payment with respect to such Mortgage Loan or, if applicable, Net Liquidation Proceeds, the Custodian shall promptly release the Related Documents held by the Custodian to the Master Servicer. The Indenture Trustee shall
execute such Related Documents, along with such documents as the Master Servicer or the related Mortgagor may request to evidence satisfaction and discharge of such Mortgage Loan, upon request of the Master Servicer. If from time to time and as
appropriate for the servicing or foreclosure of any Mortgage Loan, the Master Servicer requests the Custodian to release Related Documents held by the Custodian and delivers to the Custodian a trust receipt reasonably satisfactory to the Custodian
and signed by a Responsible Officer of the Master Servicer, the Custodian shall release such Related Documents to the Master Servicer. If such Mortgage Loans shall be liquidated and the Custodian receives a certificate from the Master Servicer as
provided above, then, upon request of the Master Servicer, the Custodian shall release the trust receipt to the Master Servicer. 

  
 Section 3.07     Realization Upon Defaulted Mortgage Loans; Loss Mitigation. With respect to any Mortgage
Loan that comes into and continues in default, the Master Servicer shall decide whether to (i) foreclose upon the related Mortgaged Property, (ii) write off the unpaid Principal Balance thereof as bad debt, (iii) take a deed in lieu
of foreclosure, (iv) accept a short sale (a payoff of the Mortgage Loan for an amount less than the total amount contractually owed in order to facilitate a sale of the Mortgaged Property by the Mortgagor), (v) permit a short refinancing
(a payoff of the Mortgage Loan for an amount less than the total amount contractually owed in order to facilitate refinancing transactions by the Mortgagor not involving a sale of the Mortgaged Property), (vi) arrange for a repayment plan,
(vii) agree to a modification in accordance with this Agreement or (viii) take an unsecured note in each case subject to the rights of any related first Lien holder; provided, that in connection with the foregoing, if the Master Servicer
has actual knowledge that any Mortgaged Property is affected by hazardous or toxic wastes or substances and that the acquisition of such Mortgaged Property would not be commercially reasonable, then the Master Servicer shall not cause the Issuer or
the Indenture Trustee to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. In connection with such decision, the Master Servicer shall follow such practices (including, in the case of any default on a related senior
mortgage loan, the advancing of funds to correct such default if deemed to be appropriate by the Master Servicer) and procedures as it shall deem necessary or advisable and as shall be normal and usual in its general mortgage servicing activities
and as shall be required or permitted by the Program Guide; provided, that the Master Servicer shall not be liable in any respect hereunder if the Master Servicer is acting in connection with any such foreclosure or attempted foreclosure which is
not completed or other conversion in a manner that is consistent with the provisions of this Agreement. The foregoing is subject to the proviso that the Master Servicer shall not be required to expend its own funds in connection with any foreclosure
or attempted foreclosure which is not completed or towards the correction of any default on a related senior mortgage loan or restoration of any property unless it shall determine that such expenditure will increase the related Net Liquidation
Proceeds. In the event of a determination by the Master Servicer that any such expenditure previously made pursuant to this 

  

 15 

 
Section 3.07 will not be reimbursable from Net Liquidation Proceeds, the Master Servicer shall be entitled to reimbursement of its funds so expended
pursuant to Section 3.03 above. 
  
 Notwithstanding any provision of this Agreement, a Mortgage Loan may be deemed to be finally liquidated if substantially all amounts expected by the Master Servicer to be received in connection therewith have been received; provided,
however, that the Master Servicer may continue to pursue recovery of such Mortgage Loan and any subsequent collections, minus any Recovery Fee, with respect to any such Mortgage Loan shall be deposited into the Custodial Account. For purposes of
determining the amount of any Net Liquidation Proceeds, Insurance Proceeds or other unscheduled collections, the Master Servicer may take into account minimal amounts of additional receipts expected to be received or any estimated additional
liquidation expenses expected to be incurred in connection with such Mortgage Loan. 
  
 In the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be issued to the Indenture Trustee, which
shall hold the same on behalf of the Issuer in accordance with Section 3.13 of the Indenture. Notwithstanding any such acquisition of title and cancellation of the related Mortgage Loan, such Mortgaged Property shall (except as otherwise
expressly provided herein) be considered to be an outstanding Mortgage Loan held as an asset of the Issuer until such time as such property shall be sold. Consistent with the foregoing for purposes of all calculations hereunder, so long as the
related Mortgage Loan shall be considered to be an outstanding Mortgage Loan, it shall be assumed that, notwithstanding that the indebtedness evidenced by the related Mortgage Note shall have been discharged, such Mortgage Note in effect at the time
of any such acquisition of title before any adjustment thereto by reason of any bankruptcy or similar proceeding or any moratorium or similar waiver or grace period will remain in effect. 
  
 Any proceeds from foreclosure proceedings or the purchase or repurchase of any Mortgage Loan pursuant to the
terms of this Agreement, as well as any recovery resulting from a collection of Net Liquidation Proceeds or Insurance Proceeds, shall be applied in the following order of priority: first, to reimburse the Master Servicer or the related Subservicer
in accordance with this Section 3.07; second, to pay the Master Servicer or the related Subservicer all Servicing Fees payable therefrom; third, to pay accrued and unpaid interest on such Mortgage Loan, at the Net Loan Rate to the Payment Date
on which such amounts are to be deposited in the Note Payment Account or Distribution Account; and fourth, as a recovery of principal on such Mortgage Loan. Any remaining amount shall constitute Foreclosure Profits. 
  
 In the event that the Trust acquires any Mortgaged Property
as aforesaid or otherwise in connection with a default or imminent default on a Mortgage Loan, the Master Servicer on behalf the Trust shall dispose of such Mortgaged Property as soon as practicable, giving due consideration to the interests of the
Noteholders and the Certificateholders, but in all cases within three full years after the taxable year of its acquisition by the Trust for purposes of Section 860G(a)(8) of the Code (or such shorter period as may be necessary under applicable
state (including any state in which such property is located) law to maintain the status of each of REMIC I, REMIC II or REMIC III as a REMIC under applicable state law and avoid taxes resulting from such property failing to be foreclosure property
under applicable state law) or, at the expense of the Trust, request, more than 60 days before the day on which such grace period would otherwise expire, an extension of such grace period unless the Master Servicer obtains for 

  

 16 

 
the Indenture Trustee an Opinion of Counsel, addressed to the Indenture Trustee and the Master Servicer, to the effect that the holding by the Trust of such
Mortgaged Property subsequent to such period will not result in the imposition of taxes on “prohibited transactions” as defined in Section 860F of the Code or cause the Trust to fail to qualify as a REMIC (for federal (or any
applicable State or local) income tax purposes) at any time that any Certificates are outstanding, in which case the Trust may continue to hold such Mortgaged Property (subject to any conditions contained in such Opinion of Counsel). The Master
Servicer shall be entitled to be reimbursed from the Custodial Account for any costs incurred in obtaining such Opinion of Counsel, as provided in Section 3.03. Notwithstanding any other provision of this Agreement, no Mortgaged Property
acquired by the Trust shall be rented (or allowed to continue to be rented) or otherwise used by or on behalf of the Trust in such a manner or pursuant to any terms that would (i) cause such Mortgaged Property to fail to qualify as
“foreclosure property” within the meaning of Section 860G(a)(8) of the Code or (ii) subject REMIC I, REMIC II or REMIC III to the imposition of any federal income taxes on the income earned from such Mortgaged Property, including
any taxes imposed by reason of Section 860G(c) of the Code, unless the Master Servicer has agreed to indemnify and hold harmless the Trust with respect to the imposition of any such taxes. 
  
 Section 3.08     Issuer and
Indenture Trustee to Cooperate. On or before each Payment Date, the Master Servicer will notify the Indenture Trustee or the Custodian, with a copy to the Issuer, of the termination of or the payment in full and the termination of any Mortgage
Loan during the preceding Collection Period. Upon receipt of payment in full, the Master Servicer is authorized to execute, pursuant to the authorization contained in Section 3.01, an instrument of satisfaction regarding the related Mortgage,
which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the Person entitled thereto and to cause the removal from the registration on the MERS® System of such Mortgage. It is understood and agreed that any expenses incurred in
connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Custodial Account. From time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Custodian shall, upon
request of the Master Servicer and delivery to the Custodian, with a copy to the Issuer, of a Request for Release, in the form attached hereto as Exhibit C, signed by a Servicing Officer, release or cause to be released the related Mortgage Note to
the Master Servicer. The Issuer or Indenture Trustee shall promptly execute such documents, in the forms provided by the Master Servicer, as shall be necessary for the prosecution of any such proceedings or the taking of other servicing actions.
Such trust receipt shall obligate the Master Servicer to return such Mortgage Note to the Custodian (as specified in such receipt) when the need therefor by the Master Servicer no longer exists, unless the Mortgage Loan shall be liquidated, in which
case, upon receipt of a certificate of a Servicing Officer similar to that specified above, such trust receipt shall be released to the Master Servicer. 
  
 In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default following recordation of the related
Assignment of Mortgage in accordance with the provisions of the Purchase Agreement, the Indenture Trustee or the Issuer shall, if so requested in writing by the Master Servicer, promptly execute an appropriate assignment in the form provided by the
Master Servicer to assign such Mortgage Loan for the purpose of collection to the Master Servicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only), and, upon such assignment, such assignee
for collection will 

  

 17 

 
thereupon bring all required actions in its own name and otherwise enforce the terms of such Mortgage Loan and deposit or credit the Net Liquidation
Proceeds, exclusive of Foreclosure Profits, received with respect thereto into the Custodial Account. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured, then the
assignee for collection shall promptly reassign such Mortgage Loan to the Indenture Trustee and return all Related Documents to the place where the related Mortgage File was being maintained. 
  
 In connection with the Issuer’s obligation to cooperate
as provided in this Section 3.08 and all other provisions of this Agreement requiring the Issuer to authorize or permit any actions to be taken with respect to the Mortgage Loans, the Indenture Trustee, as pledgee of the Mortgage Loans and as
assignee of record of the Mortgage Loans on behalf of the Issuer pursuant to Section 3.13 of the Indenture, expressly agrees, on behalf of the Issuer, to take all such actions on behalf of the Issuer and to promptly execute and return all
instruments reasonably required by the Master Servicer in connection therewith; provided, that if the Master Servicer requests a signature of the Indenture Trustee, on behalf of the Issuer, then the Master Servicer shall deliver to the Indenture
Trustee an Officer’s Certificate stating that such signature is necessary or appropriate to enable the Master Servicer to carry out its servicing and administrative duties under this Agreement. 
  
 Section 3.09     Servicing
Compensation; Payment of Certain Expenses by Master Servicer. The Master Servicer shall be entitled to receive the Servicing Fee in accordance with Section 3.03 hereof as compensation for its services in connection with servicing the
Mortgage Loans. Moreover, late payment charges and other receipts not required to be deposited in the Custodial Account as specified in Section 3.02 hereof shall be retained by the Master Servicer as additional servicing compensation. The
Master Servicer shall be required to pay all expenses incurred by it in connection with its activities hereunder (including payment of all other fees and expenses not expressly stated hereunder to be for the account of the Securityholders),
including the fees and expenses of the Owner Trustee, Indenture Trustee and the Custodian, and shall not be entitled to reimbursement therefor. 
  
 Section 3.10     Annual Statement as to Compliance. 
  

	 	 (a)
	 The Master Servicer will deliver to the Depositor and the Indenture Trustee on or before the earlier of (a) March 31 of each year or (b) with
respect to any calendar year during which the Depositor’s annual report on Form 10-K is required to be filed in accordance with the Exchange Act and the rules and regulations of the Commission, the date on which the annual report on Form 10-K
is required to be filed in accordance with the Exchange Act and the rules and regulations of the Commission, a servicer compliance certificate, signed by an authorized officer of the Master Servicer, as described in Item 1123 of Regulation AB,
to the effect that: 

  

	 	 (i)
	 A review of the Master Servicer’s activities during the reporting period and of its performance under this Agreement has been made under such officer’s
supervision. 

  

 18 

	 	 (ii)
	 To the best of such officer’s knowledge, based on such review, the Master Servicer has fulfilled all of its obligations under this Agreement in all material
respects throughout the reporting period 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. 

  
 The Master Servicer shall use commercially reasonable efforts
to obtain from all other parties participating in the servicing function any additional certifications required under Item 1123 of Regulation AB to the extent required to be included in a Report on Form 10-K; provided, however, that a failure
to obtain such certifications shall not be a breach of the Master Servicer’s duties hereunder if any such party fails to deliver such a certification. 
  

	 	 (b)
	 The Master Servicer shall deliver to the Issuer and the Indenture Trustee, with a copy to the Enhancer, promptly after having obtained knowledge thereof, but in
no event later than five Business Days thereafter, written notice by means of an Officer’s Certificate of any event which with the giving of notice or the lapse of time or both, would become a Servicing Default. 

  
 Section 3.11     Annual
Independent Public Accountants’ Servicing Report. On or before the earlier of (a) March 31 of each year or (b) with respect to any calendar year during which the Depositor’s annual report on Form 10-K is required to be
filed in accordance with the Exchange Act and the rules and regulations of the Commission, the date on which the annual report is required to be filed in accordance with the Exchange Act and the rules and regulations of the Commission, the Master
Servicer at its expense shall cause a firm of independent public accountants, which shall be members of the American Institute of Certified Public Accountants, to furnish a report to the Depositor and the Indenture Trustee the attestation required
under Item 1122(b) of Regulation AB. In rendering such statement, such firm may rely, as to matters relating to the direct servicing of mortgage loans by Subservicers, upon comparable statements for examinations conducted by independent public
accountants substantially in accordance with standards established by the American Institute of Certified Public Accountants (rendered within one year of such statement) with respect to such Subservicers. 
  
 Section 3.12     Access to
Certain Documentation and Information Regarding the Mortgage Loans. Whenever required by statute or regulation, the Master Servicer shall provide to the Enhancer, any Securityholder upon reasonable request (or a regulator for a Securityholder)
or the Indenture Trustee, reasonable access to the documentation regarding the Mortgage Loans. Such access shall be afforded without charge, but only upon reasonable request and during normal business hours at the offices of the Master Servicer.
Nothing in this Section 3.12 shall derogate from the obligation of the Master Servicer to observe any applicable law prohibiting disclosure of information regarding Mortgagors, and the failure of the Master Servicer to provide access as
provided in this Section 3.12 as a result of such obligation shall not constitute a breach of this Section 3.12. 
  
 Section 3.13     Maintenance of Certain Servicing Insurance Policies. The Master Servicer shall, during
the term of its service as master servicer, maintain in force and effect (i) a policy or policies of insurance covering errors and omissions in the performance of its obligations as Master Servicer hereunder and (ii) a fidelity bond in
respect of its officers, employees or agents. 

  

 19 

 
Each such policy or policies and fidelity bond shall be at least equal to the coverage that would be required by Fannie Mae or Freddie Mac, whichever is
greater, for Persons performing servicing for mortgage loans purchased by such entity. 
  
 Section 3.14     Information Required by the Internal Revenue Service and Reports of Foreclosures and Abandonments of Mortgaged Property. The Master Servicer shall
prepare and deliver all federal and state information reports with respect to the Mortgage Loans when and as required by all applicable state and federal income tax laws. In particular, with respect to the requirement under Section 6050J of the
Code to the effect that the Master Servicer or Subservicer shall make reports of foreclosures and abandonments of any mortgaged property for each year beginning in [            ],
the Master Servicer or Subservicer shall file reports relating to each instance occurring during the previous calendar year in which the Master Servicer (a) on behalf of the Issuer, acquired an interest in any Mortgaged Property through
foreclosure or other comparable conversion in full or partial satisfaction of a Mortgage Loan, or (b) knew or had reason to know that any Mortgaged Property had been abandoned. The reports from the Master Servicer or Subservicer shall be in
form and substance sufficient to meet the reporting requirements imposed by Section 6050J and Section 6050H (reports relating to mortgage interest received) of the Code. 
  
 Section 3.15     Optional Repurchase or Transfer of Mortgage Loans.

  
 Notwithstanding any provision in
Section 3.07 above to the contrary, the Master Servicer, at its option and in its sole discretion, may repurchase any Mortgage Loan delinquent in payment for a period of ninety (90) days or longer for a price equal to the Repurchase Price,
provided that any such repurchase shall occur only during the 60-day period commencing on the first day of the next calendar month. 
  
 Section 3.16     Enforcement of Due-on-Sale Clauses; Assumption and Modification Agreements; Certain
Assignments. 
  

	 	 (a)
	 When any Mortgaged Property is conveyed by the Mortgagor, the Master Servicer or Subservicer, to the extent it has knowledge of such conveyance, shall enforce
any due-on-sale clause contained in any Mortgage Note or Mortgage, to the extent permitted under applicable law and governmental regulations, but only to the extent that such enforcement will not adversely affect or jeopardize coverage under any
Required Insurance Policy. Notwithstanding the foregoing: 

  

	 	 (i)
	 the Master Servicer shall not be deemed to be in default under this Section 3.16(a) by reason of any transfer or assumption which the Master Servicer is
restricted by law from preventing; and 

  

	 	 (ii)
	 if the Master Servicer determines that it is reasonably likely that any Mortgagor will bring, or if any Mortgagor does bring, legal action to declare invalid or
otherwise avoid enforcement of a due-on-sale clause contained in any Mortgage Note or Mortgage, the Master Servicer shall not be required to enforce the due-on-sale clause or to contest such action. 

  

 20 

	 	 (b)
	 Subject to the Master Servicer’s duty to enforce any due-on-sale clause to the extent set forth in Section 3.16(a), in any case in which a Mortgaged
Property is to be conveyed to a Person by a Mortgagor, and such Person is to enter into an assumption or modification agreement or supplement to the Mortgage Note or Mortgage which requires the signature of the Indenture Trustee, or if an instrument
of release signed by the Indenture Trustee is required releasing the Mortgagor from liability on the Mortgage Loan, the Master Servicer is authorized, subject to the requirements of the sentence next following, to execute and deliver, on behalf of
the Indenture Trustee, the assumption agreement with the Person to whom the Mortgaged Property is to be conveyed and such modification agreement or supplement to the Mortgage Note or Mortgage or other instruments as are reasonable or necessary to
carry out the terms of the Mortgage Note or Mortgage or otherwise to comply with any applicable laws regarding assumptions or the transfer of the Mortgaged Property to such Person; provided, however, none of such terms and requirements shall
either (i) both (A) constitute a “significant modification” effecting an exchange or reissuance of such Mortgage Loan under the REMIC Provisions and (B) cause REMIC I, REMIC II or REMIC III to fail to qualify as REMICs under
the Code, or (subject to Section 11.01(f) of the Indenture), result in the imposition of any tax on “prohibited transactions” or (ii) constitute “contributions” after the start-up date under the REMIC Provisions. The
Master Servicer shall execute and deliver such documents only if it reasonably determines that (i) its execution and delivery thereof will not conflict with or violate any terms of this Agreement or cause the unpaid balance and interest on the
Mortgage Loan to be uncollectible in whole or in part, (ii) any required consents of insurers under any Required Insurance Policies have been obtained and (iii) subsequent to the closing of the transaction involving the assumption or
transfer (A) such transaction will not adversely affect the coverage under any Required Insurance Policies, (B) the Mortgage Loan will fully amortize over the remaining term thereof, (C) no material term of the Mortgage Loan
(including the interest rate on the Mortgage Loan) will be altered nor will the term of the Mortgage Loan be changed and (D) if the seller/transferor of the Mortgaged Property is to be released from liability on the Mortgage Loan, such release
will not (based on the Master Servicer’s or Subservicer’s good faith determination) adversely affect the collectability of the Mortgage Loan. Upon receipt of appropriate instructions from the Master Servicer in accordance with the
foregoing, the Indenture Trustee shall execute any necessary instruments for such assumption or substitution of liability as directed in writing by the Master Servicer. Upon the closing of the transactions contemplated by such documents, the Master
Servicer shall cause the originals or true and correct copies of the assumption agreement, the release (if any), or the modification or supplement to the Mortgage Note or Mortgage to be delivered to the Indenture Trustee or the Custodian and
deposited with the Mortgage File for such Mortgage Loan. Any fee collected by the Master Servicer or such related Subservicer for entering into an assumption or substitution of liability agreement will be retained by the Master Servicer or such
Subservicer as additional servicing compensation. 

  

 21 

 ARTICLE IV 
  
 Servicing Certificate 
  
 Section 4.01     Statements to Securityholders. 
  

	 	 (a)
	 With respect to each Payment Date, on the Business Day following the related Determination Date, the Master Servicer shall forward the Servicing Certificate and
a computer file containing mutually agreed upon loan level information to the Indenture Trustee, and the Indenture Trustee, pursuant to Section 3.26 of the Indenture, shall make such Servicing Certificate available to each Certificateholder,
each Noteholder, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, with a copy to the Enhancer. The Servicing Certificate shall set forth the following information as to the Notes and Certificates, to the extent
applicable: 

  

	 	 (i)
	 the applicable Record Date, Determination Date and Payment Date; 

  

	 	 (ii)
	 the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts; 

  

	 	 (iii)
	 the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer; 

  

	 	 (iv)
	 the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses; 

  

	 	 (v)
	 (a) the amount of such distribution to the Securityholders of such Class applied to reduce the Securities Balance thereof, and (b) the aggregate amount
included therein representing Principal Prepayments; 

  

	 	 (vi)
	 the amount of such distribution to Holders of such Class of Securities allocable to interest; 

  

	 	 (vii)
	 if the distribution to the Holders of such Class of Securities is less than the full amount that would be distributable to such Holders if there were sufficient
funds available therefor, the amount of the shortfall; 

  

	 	 (viii)
	 the aggregate Securities Balance of each Class of Securities and [the Senior Percentage] [each of the related Class CB and Class NB Percentages and Subordinate
Class Percentage], before and after giving effect to the amounts distributed on such Payment Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;

  

	 	 (ix)
	 the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Payment Date;

  

 22 

	 	 (x)
	 the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Payment Date; 

  

	 	 (xi)
	 if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable
Payment Date and a description of any change in the calculation of those amounts; 

  

	 	 (xii)
	 the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Payment Date;

  

	 	 (xiii)
	 the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Payment Date and the number of Mortgage Loans at
the beginning and end of the preceding Collection Period; 

  

	 	 (xiv)
	 on the basis of the most recent reports furnished to it by Sub-Servicers, the number and aggregate principal balances of Mortgage Loans that are Delinquent
(A) 30-59 days, (B) 60-89 days and (C) 90 or more days and the number and aggregate principal balance of Mortgage Loans that are in foreclosure; 

  

	 	 (xv)
	 the aggregate amount of Realized Losses for such Payment Date; 

  

	 	 (xvi)
	 any material modifications, extensions or waivers to the terms of the Mortgage Loans during the due period or that have cumulatively become material over time;

  

	 	 (xvii)
	 any material breaches of Mortgage loan representations or warranties or covenants in the Agreement. 

  

	 	 (xviii)
	 [the Guaranteed Payment for such Payment Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]

  

	 	 (xix)
	 [the amount of any Certificate Insurance Payment made on such Payment Date, the amount of any reimbursement payment made to Insurer on such Payment Date pursuant
to Section [    ] of the Indenture and the amount of Cumulative Insurance Payments after giving effect to any such Insurance Payment or any such reimbursement payment to the Insurer;] 

  

	 	 (xx)
	 the related [Subordinate Principal Payment Amount and Prepayment Payment Percentage], if applicable; 

  

	 	 (xxi)
	 the number, aggregate principal balance and book value of any REO Properties; 

  

 23 

	 	 (xxii)
	 the aggregate accrued interest remaining unpaid, if any, for each Class of Securities, after giving effect to the distribution made on such Payment Date;

  

	 	 (xxiii)
	 the weighted average pool strip rate for such Payment Date and the Pass-Through Rate with respect to the [Interest Only] Certificates and each Subclass, if any,
thereof; 

  

	 	 (xxiv)
	 (a) [the number and principal amount of release agreements pursuant to Section [            ]
entered into during the calendar year and since the Closing Date, stated separately, for the Mortgage Loans and, the aggregate outstanding principal amount of such release agreements expressed as a percentage of the Pool Balance with information
provided separately with respect to all Unsecured Loans and (b) the number and principal amount of Capitalization Workouts pursuant to Section [            ] entered into since the
Closing Date;] 

  

	 	 (xxv)
	 [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment
Date;] 

  

	 	 (xxvi)
	 the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional Amount; 

  

	 	 (xxvii)
	 [the occurrence of the Credit Support Depletion Date [and the Accretion Termination Date;] 

  

	 	 (xxviii)
	 [the related Senior Accelerated Distribution Percentage applicable to such distribution;] 

  

	 	 (xxix)
	 [the related Senior Percentage for such Payment Date;] 

  

	 	 (xxx)
	 the aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of a representation or warranty assigned to the Indenture
Trustee; 

  

	 	 (xxxi)
	 [the amount, if any, to be paid by a Derivative Counterparty under a Derivative Contract;] 

  

	 	 (xxxii)
	 whether or not a [Servicing Trigger] has occurred; and 

  

	 	 (xxxiii)
	 [the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect to such amounts.]

  
 In the case of information
furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Note, as applicable, with a $xx,xxx denomination and per Certificate with a denomination equal to a xxx% Percentage
Interest. In 

  

 24 

 
the case of information furnished pursuant to clause (iii) above for the Class A-IO Notes, the amount shall be expressed as an aggregate dollar
amount with a $xxx,xxx,xxx denomination. 
  
 If a
Servicing Default shall occur, on the Business Day following the related Determination Date, the Master Servicer shall forward to the Indenture Trustee, a statement to such effect, including the nature of such Servicing Default. The Indenture
Trustee, pursuant to Section 3.26 of the Indenture, shall deliver or cause to be delivered by mail to each Certificateholder, each Noteholder, the Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency,
notice of such Servicing Default, including the nature of such Servicing Default. Such statement may be included in, or separate from, the regular statement sent to Securityholders. 
  
 The Indenture Trustee will make the Servicing Certificate (and, at its option, any additional files
containing the same information in an alternative format) available each month to Securityholders, and other parties to this Agreement via the Indenture Trustee’s internet website. The Indenture Trustee’s internet website shall initially
be located at “www.ctslink.com”. Assistance in using the website can be obtained by calling the Indenture Trustee’s customer service desk at xxx-xxx-xxxx. Parties that are unable to use the above distribution options are entitled to
have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Indenture Trustee shall have the right to change the way the statements to Securityholders are distributed in order to make such
distribution more convenient and/or more accessible to the above parties and the Indenture Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Indenture Trustee may require registration and the
acceptance of a disclaimer in connection with access to its website. 
  

	 	 (b)
	 The Master Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make distributions
pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the Indenture
Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Note Payment Account and/or Distribution Account on the Business Day preceding the related Payment Date pursuant to
Section 3.03 hereof. The determination by the Master Servicer of such amounts shall, in the absence of obvious error, be deemed to be presumptively correct for all purposes hereunder, and the Owner Trustee and the Indenture Trustee shall be
protected in relying upon the same without any independent check or verification. In addition, upon the Issuer’s written request, the Master Servicer shall promptly furnish such information reasonably requested by the Issuer that is reasonably
available to the Master Servicer to enable the Issuer to perform its federal and state income tax reporting obligations. 

  

	 	 (c)
	 The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare and cause to be filed with the Commission any periodic reports
required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports 

  

 25 

	 	 
on Form 10-K, Form 10-D and Form 8-K. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely provide to
the Master Servicer (I) a list of Securityholders as shown on the Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving
the Indenture Trustee, as trustee hereunder, or the Trust Estate that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote
of the Securityholders, other than those matters that have been submitted to a vote of the Securityholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture Trustee to make any distribution to
the Securityholders as required pursuant to this Agreement. Neither the Master Servicer nor the Indenture Trustee shall have any liability with respect to the Master Servicer’s failure to properly prepare or file such periodic reports resulting
from or relating to the Master Servicer’s inability or failure to obtain any information not resulting from the Master Servicer’s own negligence or willful misconduct 

  

	 	 (d)
	 Any Form 10-K filed with the Commission in connection with this Section 4.01 shall include: 

  

	 	 (i)
	 A certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit D-1 hereto or such
other form as may be required or permitted by the Commission (the “Form 10-K Certification”), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. 

 

	 	 (ii)
	 A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission
regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the securities, as well as similar reports on assessment of compliance
received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the
servicing function any required certifications. 

  

	 	 (iii)
	 With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the
assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.11. 

  

	 	 (iv)
	 The servicer compliance certificate required to be delivered pursuant Section 3.10. 

  

 26 

	 	 (e)
	 In connection with the Form 10-K Certification, the Indenture Trustee shall provide the Master Servicer with a back-up certification substantially in the form
attached hereto as Exhibit D-2. 

  

	 	 (f)
	 This Section 4.01 may be amended in accordance with this Agreement without the consent of the Securityholders. 

  
 Section 4.02     Tax Returns and
1934 Act Reports 
  

	 	 (a)
	 The Master Servicer will act as the Tax Matters Partner pursuant to the Trust Agreement and the Indenture and will perform the obligations of the Master Servicer
set forth in Section 8.02 of the Trust Agreement and the obligations of the Tax Matters Partner set forth in Article XI of the Indenture. 

  

	 	 (b)
	 The Master Servicer shall prepare all reports on behalf of the Trust Estate, including, but not limited to, all Forms 8-K, Forms 10-K and, when applicable, a
Form 15 that are required under the Securities Exchange Act of 1934, as amended. The Master Servicer shall continue to file all Forms 8-K and Forms 10-K with respect to the Trust Estate until directed by the Depositor in writing to discontinue such
filings. 

  
 ARTICLE V 
  
 Note Payment Account 
  
 Section 5.01     Note Payment
Account. The Indenture Trustee shall establish and maintain an Eligible Account entitled “[INDENTURE TRUSTEE], as Indenture Trustee, for the benefit of the Securityholders, the Certificate Paying Agent and the Enhancer, pursuant to the
Indenture, dated as of [DATE], between [ISSUER] and [INDENTURE TRUSTEE]” (the “Note Payment Account”). On each Payment Date, amounts on deposit in the Note Payment Account shall be distributed by the Indenture Trustee in accordance
with Section 3.05 of the Indenture. The Indenture Trustee shall invest or cause the institution maintaining the Note Payment Account to invest the funds therein in Permitted Investments selected in writing by the Master Servicer and designated
in the name of the Indenture Trustee, which investments shall mature not later than the Business Day next preceding the Payment Date next following the date of such investment (except that any investment in the institution with which the Note
Payment Account is maintained may mature on such Payment Date) and shall not be sold or disposed of prior to maturity. In addition, no such Permitted Investment shall be purchased at a price in excess of par. All income and gain realized from any
such investment shall be for the benefit of the Master Servicer and shall be subject to its withdrawal or order from time to time. The amount of any losses incurred in respect of any such investments shall be deposited in the Note Payment Account by
the Master Servicer out of its own funds immediately as realized. 
  

 27 

 ARTICLE VI 
  
 The Master Servicer 
  
 Section 6.01     Liability of the Master Servicer. The Master Servicer shall be liable in accordance
herewith only to the extent of the obligations specifically imposed upon and undertaken by the Master Servicer herein. 
  
 Section 6.02     Merger or Consolidation of, or Assumption of the Obligations of, the Master Servicer. Any
corporation into which the Master Servicer 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 Master Servicer shall be a party, or any corporation
succeeding to the business of the Master Servicer, shall be the successor of 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. 
  
 The Master Servicer may
assign its rights and delegate its duties and obligations under this Agreement; provided, that the Person accepting such assignment or delegation shall be a Person qualified to service mortgage loans, is reasonably satisfactory to the Enhancer
(provided, that such consent to assignment may not be unreasonably withheld), is willing to service the Mortgage Loans and executes and delivers to the Issuer (with a copy to the Enhancer) an agreement, in form and substance reasonably satisfactory
to the Enhancer, that contains an assumption by such Person of the due and punctual performance and observance of each covenant and condition to be performed or observed by the Master Servicer under this Agreement; and provided further, that no
Rating Event will occur as a result of such assignment and delegation (as evidenced by a letter to such effect from each Rating Agency), if determined without regard to the Policy; and provided further, that the Owner Trustee shall receive an
Opinion of Counsel to the effect that such assignment or delegation will not cause the Issuer to be treated as an association (or a publicly-traded partnership) taxable as a corporation for federal income tax purposes. 
  
 Section 6.03     Limitation on
Liability of the Master Servicer and Others. Neither the Master Servicer nor any of the directors or officers or employees or agents of the Master Servicer shall be under any liability to the Issuer, the Owner Trustee, the Indenture Trustee or
the Securityholders for any action taken or for refraining from the taking of any action in good faith pursuant to this Agreement; 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 its willful misfeasance, bad faith or gross negligence in the performance of its duties hereunder or by reason of its reckless disregard of its obligations and duties hereunder. The Master Servicer and
any director or officer or 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 and
any director, officer, employee or agent of the Master Servicer shall be indemnified by the Issuer and held harmless against any loss, liability or expense incurred in connection with any legal action relating to this Agreement or the Securities,
including any amount paid to the Owner Trustee or the Indenture Trustee pursuant to Section 6.06(b) hereof, other than any loss, liability or expense related to any specific Mortgage Loan or Mortgage Loans (except as any such loss, liability or
expense shall be 

  

 28 

 
otherwise reimbursable pursuant to this Agreement) and any loss, liability or expense incurred by reason of its willful misfeasance, bad faith or gross
negligence in the performance of its duties hereunder or by reason of its reckless disregard of its obligations and duties hereunder. The Master Servicer shall not be under any obligation to appear in, prosecute or defend any legal action that is
not incidental to its duties to service the Mortgage Loans in accordance with this Agreement, and that in its opinion may involve it in any expense 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 of this Agreement, the rights and duties of the parties hereto and the interests of the Securityholders. In such event, the reasonable legal expenses and costs of such action and any
liability resulting therefrom shall be expenses, costs and liabilities of the Issuer, and the Master Servicer shall be entitled to be reimbursed therefor. The Master Servicer’s right to indemnity or reimbursement pursuant to this
Section 6.03 shall survive any resignation or termination of the Master Servicer pursuant to Section 6.04 or 7.01 hereof with respect to any losses, expenses, costs or liabilities arising prior to such resignation or termination (or
arising from events that occurred prior to such resignation or termination). 
  
 Section 6.04     Master Servicer Not to Resign. Subject to the provisions of Section 6.02 above, the Master Servicer shall not resign from the obligations and duties hereby imposed
on it except (a) upon determination that the performance of its obligations or 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 or
its subsidiaries or Affiliates, the other activities of the Master Servicer so causing such a conflict being of a type and nature carried on by the Master Servicer or its subsidiaries or Affiliates at the date of this Agreement or (b) upon
satisfaction of the following conditions: (i) the Master Servicer shall have proposed a successor servicer to the Issuer and the Indenture Trustee in writing and such proposed successor servicer is reasonably acceptable to the Issuer, the
Indenture Trustee and the Enhancer; (ii) each Rating Agency shall have delivered a letter to the Issuer, the Enhancer and the Indenture Trustee prior to the appointment of the successor servicer stating that the proposed appointment of such
successor servicer as Master Servicer hereunder will not cause a Rating Event, if determined without regard to the Policy; and (iii) such proposed successor servicer is reasonably acceptable to the Enhancer, as evidenced by a letter to the
Issuer and the Indenture Trustee; provided, however, that no such resignation by the Master Servicer shall become effective until such successor servicer or, in the case of (a) above, the Indenture Trustee, as pledgee of the Mortgage Loans,
shall have assumed the Master Servicer’s responsibilities and obligations hereunder or the Indenture Trustee, as pledgee of the Mortgage Loans, shall have designated a successor servicer in accordance with Section 7.02 hereof. Any such
resignation shall not relieve the Master Servicer of responsibility for any of the obligations specified in Sections 7.01 and 7.02 hereof as obligations that survive the resignation or termination of the Master Servicer. Any such determination
permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Indenture Trustee and the Enhancer. 
  
 Section 6.05     Delegation of Duties. In the ordinary course of business,
the Master Servicer at any time may delegate any of its duties hereunder to any Person, including any of its Affiliates, that agrees to conduct such duties in accordance with standards comparable to those with which the Master Servicer complies
pursuant to Section 3.01 hereof. Such delegation shall not relieve the Master Servicer of its liabilities and responsibilities with respect to such duties and shall not constitute a resignation within the meaning of Section 6.04 above.

  

 29 

 Section 6.06     Payment of Indenture Trustee’s and
Owner Trustee’s Fees and Expenses; Indemnification. 
  

	 	 (a)
	 After the Closing Date, the Master Servicer covenants and agrees to pay to the Owner Trustee, the Indenture Trustee and any co-trustee of the Indenture Trustee
or the Owner Trustee from time to time, and the Owner Trustee, the Indenture Trustee and any such co-trustee shall be entitled to, reasonable compensation (which shall not be limited by any provision of law in regard to the compensation of a trustee
of an express trust and, in the case of the Indenture Trustee, for so long as [WELLS FARGO] is the Master Servicer shall be as set forth in the letter agreement between the Indenture Trustee and the Master Servicer dated as of [DATE]) for all
services rendered by each of them in the execution of the trusts created under the Trust Agreement and the Indenture and in the exercise and performance of any of the powers and duties under the Trust Agreement or the Indenture, as the case may be,
of the Owner Trustee, the Indenture Trustee and any co-trustee, and the Master Servicer will pay or reimburse the Indenture Trustee and any co-trustee upon request for all reasonable expenses, disbursements and advances incurred or made by the
Indenture Trustee or any co-trustee in accordance with any of the provisions of this Agreement, the Indenture or the Trust Agreement except any such expense, disbursement or advance as may arise from its negligence, willful misfeasance or bad faith.
In addition, the Indenture Trustee shall be entitled to be reimbursed from the Master Servicer for all reasonable costs associated with the transfer of servicing from the predecessor servicer pursuant to Section 7.02 hereunder, including,
without limitation, any reasonable costs or expenses associated with the complete transfer of all servicing data and the completion, correction or manipulation of such servicing data as may be required by the Indenture Trustee to correct any errors
or insufficiencies in the servicing data or otherwise to enable the Indenture Trustee to service the Mortgage Loans properly and effectively. 

  

	 	 (b)
	 The Master Servicer agrees to indemnify the Indenture Trustee and the Owner Trustee for, and to hold the Indenture Trustee and the Owner Trustee, as the case may
be, harmless against, any loss, liability or expense incurred without negligence, bad faith or willful misconduct on the part of the Indenture Trustee or the Owner Trustee, as the case may be, arising out of, or in connection with, the acceptance
and administration of the Issuer and the assets thereof, including the costs and expenses (including reasonable legal fees and expenses) of defending the Indenture Trustee or the Owner Trustee, as the case may be, against any claim in connection
with the exercise or performance of any of its powers or duties under any Basic Document; provided that: 

  

	 	 (i)
	 with respect to any such claim, the Indenture Trustee or Owner Trustee, as the case may be, shall have given the Master Servicer written notice thereof promptly
after the Indenture Trustee or Owner Trustee, as the case may be, shall have actual knowledge thereof; 

  

 30 

	 	 (ii)
	 while maintaining control over its own defense, the Issuer, the Indenture Trustee or Owner Trustee, as the case may be, shall cooperate and consult fully with
the Master Servicer in preparing such defense; and 

  

	 	 (iii)
	 notwithstanding anything in this Agreement to the contrary, the Master Servicer shall not be liable for settlement of any claim by the Indenture Trustee or the
Owner Trustee, as the case may be, entered into without the prior consent of the Master Servicer. 

  
 No termination of this Agreement or resignation or removal of the Indenture Trustee shall affect the obligations created by this Section 6.06 of the Master Servicer to indemnify the
Indenture Trustee and the Owner Trustee under the conditions and to the extent set forth herein. 
  
 Notwithstanding the foregoing, the indemnification provided by the Master Servicer in this Section 6.06(b) shall not pertain to any loss, liability or expense of the Indenture Trustee or the
Owner Trustee, including the costs and expenses of defending itself against any claim, incurred in connection with any actions taken by the Indenture Trustee or the Owner Trustee at the direction of the Noteholders or Certificateholders, as the case
may be, pursuant to the terms of this Agreement. 
  
 ARTICLE VII

  
 Default 
  
 Section 7.01     Servicing
Default. 
  

	 	 (a)
	 If a Servicing Default shall occur and be continuing, then, and in every such case, so long as a Servicing Default shall not have been remedied by the Master
Servicer, either the Issuer, the Indenture Trustee, upon actual knowledge of the occurrence of a Servicing Default and with the consent of the Enhancer, or the Enhancer, by notice then given in writing to the Master Servicer, the Issuer and the
Indenture Trustee, may terminate all of the rights and obligations of the Master Servicer as servicer under this Agreement other than its right to receive servicing compensation and expenses for servicing the Mortgage Loans hereunder during any
period prior to the date of such termination, and the Issuer, the Enhancer or the Indenture Trustee (with the consent of the Enhancer), may exercise any and all other remedies available at law or equity. Any such notice to the Master Servicer shall
also be given to each Rating Agency, the Enhancer and the Issuer. On or after the receipt by the Master Servicer of such written notice, all authority and power of the Master Servicer under this Agreement, whether with respect to the Securities or
the Mortgage Loans or otherwise, shall pass to and be vested in the Indenture Trustee, subject to Section 7.02 hereof, as pledgee of the Mortgage Loans, pursuant to and under this Section 7.01; and, without limitation, the Indenture
Trustee is hereby authorized and empowered to execute and deliver, on behalf of the 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 

  

 31 

	 	 
termination, whether to complete the transfer and endorsement of each Mortgage Loan and related documents, or otherwise. The Master Servicer agrees to
cooperate with the Issuer, the Enhancer and Indenture Trustee, as the case may be, in effecting the termination of the responsibilities and rights of the Master Servicer hereunder, including, without limitation, the transfer to the Indenture Trustee
for the administration by it of all cash amounts relating to the Mortgage Loans that shall at the time be held by the Master Servicer and to be deposited by it in the Custodial Account, or that have been deposited by the Master Servicer in the
Custodial Account or thereafter received by the Master Servicer with respect to the Mortgage Loans, the recordation of Assignments of Mortgages to the Indenture Trustee if MERS is not the mortgagee of a Mortgage Loan, and the delivery of Mortgage
Files in its possession to the Indenture Trustee. All reasonable costs and expenses (including, but not limited to, attorneys’ fees) incurred in connection with amending this Agreement to reflect such succession as Master Servicer pursuant to
this Section 7.01 shall be paid by the predecessor Master Servicer (or if the predecessor Master Servicer is the Indenture Trustee, the initial Master Servicer) upon presentation of reasonable documentation of such costs and expenses.

  

	 	 (b)
	 Notwithstanding any termination of the activities of the Master Servicer hereunder, the Master Servicer shall be entitled to receive, out of any late collection
of a payment on a Mortgage Loan which was due prior to the notice terminating the Master Servicer’s rights and obligations hereunder and received after such notice, that portion to which the Master Servicer would have been entitled pursuant to
Sections 3.03 and 3.09 hereof as well as its Servicing Fee in respect thereof, and any other amounts payable to the Master Servicer hereunder the entitlement to which arose prior to the termination of its activities hereunder.

  
 Notwithstanding the
foregoing, a delay in or failure of performance under clause (i) or (ii) of the definition of Servicing Default, after the applicable grace periods specified therein, shall not constitute a Servicing Default if such delay or failure could
not be prevented by the exercise of reasonable diligence by the Master Servicer and such delay or failure was caused by an act of God or the public enemy, acts of declared or undeclared war, public disorder, rebellion or sabotage, epidemics,
landslides, lightning, fire, hurricanes, earthquakes, floods or similar causes. The preceding sentence shall not relieve the Master Servicer from using reasonable efforts to perform its respective obligations in a timely manner in accordance with
the terms of this Agreement. The Master Servicer shall provide the Indenture Trustee, the Enhancer and the Securityholders with notice of any such failure or delay by it, together with a description of its efforts to so perform its obligations. The
Master Servicer shall immediately notify the Indenture Trustee, the Enhancer and the Issuer in writing of any Servicing Default. 
  
 Section 7.02     Indenture Trustee to Act; Appointment of Successor. 
  

	 	 (a)
	 On and after the time the Master Servicer receives a notice of termination pursuant to Section 7.01 above or sends a notice pursuant to Section 6.04
hereof, the Indenture Trustee as pledgee of the Mortgage Loans shall itself become, or shall appoint an affiliate of the Indenture Trustee to become the successor in all 

  

 32 

	 	 
respects to the Master Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein and shall immediately
assume all of the obligations of the Master Servicer to make advances on Mortgage Loans under Section 3.02(b) hereof and will be subject to all other responsibilities, duties and liabilities relating thereto placed on the Master Servicer by the
terms and provisions hereof as soon as practicable, but in no event later than 90 days after the Indenture Trustee becomes successor servicer. During such 90 day period, the Indenture Trustee, with the consent of the Enhancer, may require the Master
Servicer being terminated to continue to perform such servicing responsibilities (other than making advances on the Mortgage Loans under Section 3.02(b) hereof) as the Indenture Trustee deems appropriate. In such event, the Master Servicer
being terminated shall provide such services as directed by the Indenture Trustee until the earliest of the date the Indenture Trustee notifies such Master Servicer to discontinue providing such services, the date on which a successor servicer or
the Indenture Trustee has assumed all responsibilities, duties and liabilities of the Master Servicer hereunder or the expiration of the 90 day period. The Master Servicer shall be entitled to the Servicing Fee hereunder for any period during which
the Master Servicer is obligated to provide such services as if no termination of the Master Servicer had occurred. Nothing in this Agreement or in the Trust Agreement shall be construed to permit or require the Indenture Trustee to (i) succeed
to the responsibilities, duties and liabilities of the initial Master Servicer in its capacity as Seller under the Purchase Agreement, (ii) be responsible or accountable for any act or omission of the Master Servicer prior to the issuance of a
notice of termination hereunder, (iii) require or obligate the Indenture Trustee, in its capacity as successor Master Servicer, to purchase, repurchase or substitute any Mortgage Loan, (iv) fund any losses on any Permitted Investment
directed by any other Master Servicer, or (v) be responsible for the representations and warranties of the Master Servicer. As compensation therefor, the Indenture Trustee shall be entitled to such compensation as the Master Servicer would have
been entitled to hereunder if no such notice of termination had been given. Notwithstanding the foregoing, if the Indenture Trustee is (x) unwilling to act as successor Master Servicer itself or to appoint an affiliate to become successor
Master Servicer, or (y) legally unable so to act, the Indenture Trustee as pledgee of the Mortgage Loans may (in the situation described in clause (x)) or shall (in the situation described in clause (y)) appoint or petition a court of competent
jurisdiction to appoint any established housing and home finance institution, or other mortgage loan servicer having a net worth of not less than $10,000,000 as the successor to the Master Servicer hereunder in the assumption of all or any part of
the responsibilities, duties or liabilities of the Master Servicer hereunder; provided, that any such successor Master Servicer shall be acceptable to the Enhancer, as evidenced by the Enhancer’s prior written consent, which consent shall not
be unreasonably withheld; and provided further, that the appointment of any such successor Master Servicer will not result in a Rating Event, if determined without regard to the Policy. Pending appointment of a successor to the Master Servicer
hereunder, unless the Indenture Trustee is prohibited by law from so acting, the 

  

 33 

	 	 
Indenture Trustee itself shall act or appoint an affiliate to act in such capacity as provided above. In connection with such appointment and assumption, the
successor shall be entitled to receive compensation out of payments on Mortgage Loans in an amount equal to the compensation that the Master Servicer would otherwise have received pursuant to Section 3.09 hereof (or such other compensation as
the Indenture Trustee and such successor shall agree). The appointment of a successor Master Servicer shall not affect any liability of the predecessor Master Servicer that may have arisen under this Agreement prior to its termination as Master
Servicer (including the obligation to purchase Mortgage Loans pursuant to Section 3.01 hereof, to pay any deductible under an insurance policy pursuant to Section 3.04 hereof or to indemnify the Indenture Trustee pursuant to
Section 6.06 hereof), nor shall any successor Master Servicer be liable for any acts or omissions of the predecessor Master Servicer or for any breach by such Master Servicer of any of its representations or warranties contained herein or in
any related document or agreement. The Indenture Trustee and such successor shall take such action, consistent with this Agreement and the requirements (including any notice requirements) of applicable law, as shall be necessary to effectuate any
such succession. Notwithstanding the foregoing, the Indenture Trustee, in its capacity as successor Master Servicer, shall not be responsible for the lack of information and/or documents that it cannot obtain through reasonable efforts or for
failing to take any action that the Indenture Trustee is legally prohibited from taking by applicable law. 

  

	 	 (b)
	 Any successor, including the Indenture Trustee, to the Master Servicer as servicer shall during its term as Master Servicer (i) continue to service and
administer the Mortgage Loans for the benefit of the Securityholders, (ii) maintain in force a policy or policies of insurance covering errors and omissions in the performance of its obligations as Master Servicer hereunder and a fidelity bond
in respect of its officers, employees and agents to the same extent as the Master Servicer is so required pursuant to Section 3.13 hereof and (iii) be bound by the terms of the Insurance Agreement. 

  

	 	 (c)
	 Any successor Master Servicer, including the Indenture Trustee, shall not be deemed in default or to have breached its duties hereunder if the predecessor Master
Servicer shall fail to deliver any required deposit to the Custodial Account or otherwise cooperate with any required servicing transfer or succession hereunder. 

  

	 	 (d)
	 [In connection with the termination or resignation of the Master Servicer hereunder, either (i) the successor Master Servicer, including the Indenture
Trustee if the Indenture Trustee is acting as successor Master Servicer, shall represent and warrant that it is a member of MERS in good standing and shall agree to comply in all material respects with the rules and procedures of MERS in connection
with the servicing of the Mortgage Loans that are registered with MERS, in which case the predecessor Master Servicer shall cooperate with the successor Master Servicer in causing MERS to revise its records to reflect the transfer of servicing to
the successor Master Servicer as necessary under MERS’ 

  

 34 

	 	 
rules and regulations, or (ii) the predecessor Master Servicer shall cooperate with the successor Master Servicer in causing MERS to execute and deliver
an assignment of Mortgage in recordable form to transfer the Mortgage from MERS to the Indenture Trustee and to execute and deliver such other notices, documents and other instruments as may be necessary or desirable to effect a transfer of such
Mortgage Loan or servicing of such Mortgage Loan on the MERS System to the successor Master Servicer. The predecessor Master Servicer shall file or cause to be filed any such assignment in the appropriate recording office. The predecessor Master
Servicer shall bear any and all fees of MERS, costs of preparing any assignments of Mortgage, and fees and costs of filing any assignments of Mortgage that may be required under this subsection (d). The successor Master Servicer shall cause such
assignment to be delivered to the Indenture Trustee or the Custodian promptly upon receipt of the original with evidence of recording thereon or a copy certified by the public recording office in which such assignment was recorded.]

  
 Section 7.03     Notification to Securityholders. Upon any termination of or appointment of a successor to the Master Servicer pursuant to this Article VII or Section 6.04 hereof, the Indenture Trustee
shall give prompt written notice thereof to the Securityholders, the Enhancer, the Issuer and each Rating Agency. 
  
 ARTICLE VIII 
  
 Miscellaneous Provisions 
  
 Section 8.01     Amendment. This Agreement may be amended from time to time by the parties hereto; provided, that any such amendment shall be accompanied by a letter from each Rating Agency to the effect that
such amendment will not result in a Rating Event, if determined without regard to the Policy, and a tax opinion to the effect that neither such amendment nor any action permitted by such amendment and not otherwise permitted by this Agreement will
cause either REMIC I, REMIC II or REMIC III to fail to qualify as a REMIC or give rise to the imposition of a tax on “prohibited transactions” of a REMIC, or prohibited contributions to a REMIC, on either REMIC I, REMIC II or REMIC III;
and provided further, that the Enhancer and the Indenture Trustee shall consent thereto. 
  
 Section 8.02     GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF
THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 Section 8.03     Notices. All demands, notices and communications hereunder shall be in writing and shall be deemed to have been duly given if personally delivered at or mailed by
certified mail, return receipt requested, to (a) in the case of the Master Servicer, [WELLS FARGO] [NAME AND ADDRESS], (b) in the case of the Enhancer, [ENHANCER NAME & ADDRESS], (c) in the case of Moody’s, Home Mortgage
Loan Monitoring Group, 4th Floor, 99 Church Street, New York, New York 10001, (d) in the case of Standard & Poor’s, 55 Water Street, New York, New York 10004, Attention: Residential Mortgage Surveillance Group, (e) in 

  

 35 

 
the case of the Owner Trustee, [OWNER TRUSTEE NAME & ADDRESS], (f) in the case of the Issuer, [ISSUER] c/o the Owner Trustee at the address set
forth in clause (e) above, and (g) in the case of the Indenture Trustee, at the Corporate Trust Office; or, with respect to each of the foregoing Persons, at such other address as shall be designated by such Person in a written notice to
the other foregoing Persons. Any notice required or permitted to be mailed to a Securityholder shall be given by first class mail, postage prepaid, at the address of such Securityholder as shown in the Note Register or Certificate Register, as the
case may be. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the related Securityholder receives such notice. Any notice or other document required to be
delivered or mailed by the Indenture Trustee to any Rating Agency shall be given on a reasonable efforts basis and only as a matter of courtesy and accommodation, and the Indenture Trustee shall have no liability for failure to deliver any such
notice or document to any Rating Agency. 
  
 Section 8.04     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 the
Securities or the rights of the Securityholders. 
  
 Section 8.05     Third-Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties hereto, the Securityholders, the Enhancer, the Owner Trustee and their respective
successors and permitted assigns. Except as otherwise provided in this Agreement, no other Person shall have any right or obligation hereunder. 
  
 Section 8.06     Counterparts. This instrument may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
  
 Section 8.07     Effect of Headings and Table of Contents. The Article and Section headings herein and the
Table of Contents are for convenience only and shall not affect the construction hereof. 
  
 Section 8.08     Termination Upon Purchase by the Master Servicer or Liquidation of All Mortgage Loans; Partial Redemption. 
  

	 	 (a)
	 The respective obligations and responsibilities of the Master Servicer, the Issuer and the Indenture Trustee created hereby shall terminate upon the last action
required to be taken by the Issuer pursuant to the Trust Agreement and by the Indenture Trustee pursuant to the Indenture following the earlier of: 

  

	 	 (i)
	 the date on or before which the Indenture or the Trust Agreement is terminated, or 

  

	 	 (ii)
	 the purchase by the Master Servicer from the Issuer of all Mortgage Loans and REO Property in accordance with Section 8.08(b) below.

  

 36 

	 	 (b)
	 The Master Servicer shall have the right to purchase from the Issuer all of the Mortgage Loans and REO Property if the Pool Balance as of any Payment Date is
less than 10% of the Pool Balance as of the Cut-off Date (provided that a draw on the Policy would not occur as a result of such purchase and provided further that the purchase price will provide sufficient funds to pay the outstanding Note Balance
and accrued and unpaid interest on the Notes to the Payment Date on which such amounts are to be distributed to Securityholders), at a price equal to 100% of the aggregate unpaid Principal Balance of all such remaining Mortgage Loans, plus accrued
and unpaid interest thereon up to the date preceding the Payment Date on which such amounts are to be distributed to the Securityholders (and, in the case of REO Property, the fair market value of the REO Property), plus any amounts due and owing to
the Enhancer under the Insurance Agreement (and any unpaid Servicing Fee shall be deemed to have been paid at such time) plus any Interest Shortfall and interest owed thereon to the Noteholders. 

  
 If such right is exercised by the Master Servicer, the Master Servicer shall
deposit the amount calculated pursuant to this Section 8.08(b) with the Indenture Trustee pursuant to Section 4.10 of the Indenture and, upon the receipt of such deposit, the Indenture Trustee or Custodian shall release to the Master
Servicer, the files pertaining to the Mortgage Loans being purchased. The Master Servicer, at its expense, shall prepare and deliver to the Indenture Trustee for execution, at the time the related Mortgage Loans are to be released to the Master
Servicer, appropriate documents assigning each such Mortgage Loans from the Indenture Trustee or the Issuer to the Master Servicer or the appropriate party. 
  
 The Master Servicer shall send written notice to the Enhancer of its intent to exercise its right to purchase any of the Mortgage Loans
pursuant to this Section 8.08(b). 
  
 Section 8.09     Certain Matters Affecting the Indenture Trustee. For all purposes of this Agreement, in the performance of any of its duties or in the exercise of any of its powers hereunder, the Indenture
Trustee shall be subject to and entitled to the benefits of Article VI of the Indenture. 
  
 Section 8.10     Owner Trustee Not Liable for Related Documents. The recitals contained herein shall be taken as the statements of the Master Servicer, and the
Owner Trustee and the Indenture Trustee assume no responsibility for the correctness thereof. The Owner Trustee and the Indenture Trustee make no representations as to the validity or sufficiency of this Agreement, of any Basic Document or Related
Document, or of the Certificates (other than the signatures of the Owner Trustee and the Indenture Trustee on the Certificates) or the Notes. The Owner Trustee and the Indenture Trustee shall at no time have any responsibility or liability with
respect to the sufficiency of the Trust Estate or its ability to generate the payments to be distributed to Certificateholders under the Trust Agreement or the Noteholders under the Indenture, including the compliance by the Depositor, the Sellers
or the Master Servicer with any warranty or representation made under any Basic Document or the accuracy of any such warranty or representation, or any action of any person taken in the name of the Owner Trustee or the Indenture Trustee. 

 

 37 

 Section 8.11    No Petition. The Master Servicer and the
Indenture Trustee, by entering into this Agreement, and the Securityholders, the Enhancer, the Owner Trustee and their respective successors and permitted assigns, by accepting the benefit of this Agreement, hereby covenant and agree that they will
not at any time institute against the Issuer, or join in any institution against the Issuer of, any bankruptcy Proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations to the Certificates, the
Notes, or any of the other Basic Documents. 
  
 ARTICLE IX

  
 Compliance with Regulation AB 
  
 Section 9.01     Intent of the
Parties; Reasonableness. The Depositor, the Indenture Trustee and the Master Servicer acknowledge and agree that the purpose of this Article IX is to facilitate compliance by the Depositor with the provisions of Regulation AB and related rules
and regulations of the Commission. The Depositor shall not exercise its right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than compliance with the Securities Act, the
Exchange Act and the rules and regulations of the Commission under the Securities Act and the Exchange Act. Each of the Master Servicer and the Indenture Trustee acknowledges that interpretations of the requirements of Regulation AB may change over
time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the mortgage-backed securities markets, advice of counsel, or otherwise, and agrees to comply with requests made by the Depositor in
good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB. Each of the Master Servicer and the Indenture Trustee shall cooperate fully with the Depositor to deliver to the Depositor
(including any of its assignees or designees), any and all statements, reports, certifications, records and any other information necessary in the good faith determination of the Depositor to permit the Depositor to comply with the provisions of
Regulation AB, together with such disclosures relating to the Master Servicer, the Indenture Trustee and the Home Loans, or the servicing of the Home Loans, reasonably believed by the Depositor to be necessary in order to effect such compliance.

  
 Section 9.02    
Additional Representations and Warranties of the Indenture Trustee. 
  

	 	 (a)
	 The Indenture Trustee shall be deemed to represent to the Depositor as of the date on which information is first provided to the Depositor under
Section 9.03 that, except as disclosed in writing to the Depositor prior to such date: (i) it is not aware and has not received notice that any default, early amortization or other performance triggering event has occurred as to any other
Securitization Transaction due to any act or failure to act of the Indenture Trustee; (ii) it has not been terminated as trustee in a securitization of home loans; (iii) there are no aspects of its financial condition that could have a
material adverse effect on the performance by it of its trustee obligations under this Agreement or any other Securitization Transaction; (iv) there are no material legal or governmental proceedings pending (or known to be contemplated) against
it; and (v) there are no affiliations, relationships or transactions relating to the Indenture Trustee with respect to the Depositor or any sponsor, issuing entity, servicer, trustee, 

  

 38 

	 	 
originator, significant obligor, enhancement or support provider or other material transaction party (as such terms are used in Regulation AB) relating to
the Securitization Transaction contemplated by the Agreement (each, a “Transaction Party”). 

  

	 	 (b)
	 If so requested by the Depositor on any date following the date on which information is first provided to the Depositor under Section 9.03, the Indenture
Trustee shall, within five Business Days following such request, confirm in writing the accuracy of the representations and warranties set forth in paragraph (a) of this Section 9.02 or, if any such representation and warranty is not
accurate as of the date of such request or such confirmation, provide reasonably adequate disclosure of the pertinent facts, in writing, to the requesting party. 

  
 Section 9.03     Information to Be Provided by the Indenture Trustee.

  

	 	 (a)
	 If so requested by the Depositor for the purpose of satisfying its reporting obligation under the Exchange Act with respect to any class of Securities, the
Indenture Trustee shall (i) notify the Depositor in writing of (A) any material litigation or governmental proceedings pending against the Indenture Trustee and (B) any affiliations or relationships that develop following the Closing
Date between the Indenture Trustee and any Transaction Party, and (ii) provide to the Depositor a written description of such proceedings, affiliations or relationships. 

  

	 	 (b)
	 In addition to such information as the Indenture Trustee is obligated to provide pursuant to other provisions of this Agreement, if so requested by the
Depositor, the Indenture Trustee shall provide such information reasonably available to the Indenture Trustee regarding the performance or servicing of the Home Loans as is reasonably required to facilitate preparation of distribution reports in
accordance with Item 1121 of Regulation AB. 

  
 Section 9.04     Report on Assessment of Compliance and Attestation. On or before March 15 of each calendar year, the Indenture Trustee shall: 
  

	 	 (a)
	 deliver to the Depositor a report (in form and substance reasonably satisfactory to the Depositor) regarding the Indenture Trustee’s assessment of
compliance with the Servicing Criteria during the immediately preceding calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report shall be addressed to the Depositor and signed by
an authorized officer of the Indenture Trustee, and shall address each of the Servicing Criteria specified on a certification substantially in the form of Exhibit E hereto; and 

  

	 	 (b)
	 deliver to the Depositor a report of a registered public accounting firm reasonably acceptable to the Depositor that attests to, and reports on, the assessment
of compliance made by the Indenture Trustee and delivered pursuant to the preceding paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act.

  

 39 

 Section 9.05     Indemnification; Remedies. 

 

	 	 (a)
	 The Indenture Trustee shall indemnify the Depositor, each affiliate of the Depositor, the Master Servicer and each broker dealer acting as underwriter, placement
agent or initial purchaser of the Securities or each Person who controls any of such parties (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act); and the respective present and former directors,
officers, employees and agents of each of the foregoing, and shall hold each of them harmless from and against any losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments, and any other costs, fees and
expenses that any of them may sustain arising out of or based upon: 

  

	 	 (i)
	 (A) any untrue statement of a material fact contained or alleged to be contained in any information, report, certification, accountants’ letter or
other material provided under this Article IX by or on behalf of the Indenture Trustee (collectively, the “Indenture Trustee Information”), or (B) the omission or alleged omission to state in the Indenture Trustee Information a
material fact required to be stated in the Indenture Trustee Information or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, by way of clarification, that
clause (B) of this paragraph shall be construed solely by reference to the Indenture Trustee Information and not to any other information communicated in connection with a sale or purchase of securities, without regard to whether the Indenture
Trustee Information or any portion thereof is presented together with or separately from such other information; 

  

	 	 (ii)
	 any failure by the Indenture Trustee to deliver any information, report, certification, accountants’ letter or other material when and as required under
this Article IX; or 

  

	 	 (iii)
	 any breach by the Indenture Trustee of a representation or warranty set forth in Section 9.02(a) or in a writing furnished pursuant to Section 9.02(b).

  

	 	 (b)
	 In the case of any failure of performance described in clause (ii) of this Section 9.05, the Indenture Trustee shall promptly reimburse the Depositor
for all costs reasonably incurred by each such party in order to obtain the information, report, certification, accountants’ letter or other material not delivered as required by the Indenture Trustee. 

  

 40 

 IN WITNESS WHEREOF, the Master Servicer, the Issuer and the Indenture Trustee have caused
this Agreement to be duly executed by their respective officers or representatives all as of the day and year first above written. 
  

			
	 [WELLS FARGO],
as Master Servicer

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

	
	 [ISSUER]
as Issuer

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

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

	
	 [INDENTURE TRUSTEE],
as Indenture Trustee

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  
 Acknowledged and Agreed 
 solely with respect to Article IX: 
  
  
 SG MORTGAGE SECURITIES, LLC 
  
  

			
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

 S-1 

 EXHIBIT A 
  
 MORTGAGE LOAN SCHEDULE 
  
  
 [TO BE PROVIDED UPON REQUEST] 
  

 A-1 

 EXHIBIT B 
  
 LIMITED POWER OF ATTORNEY 
  
 KNOW ALL MEN BY THESE PREMISES: 
  
 That [INDENTURE TRUSTEE], as indenture trustee (the “Indenture Trustee”), under the indenture dated as of [DATE] (the
“Indenture”), between [ISSUER] as issuer and the Indenture Trustee, a national banking association organized and existing under the laws of the United States of America, and having its principal office located at [INDENTURE TRUSTEE
ADDRESS], hath made, constituted and appointed, and does by these presents make, constitute and appoint [                ], a corporation organized and existing
under the laws of the [                ], its true and lawful Attorney-in-Fact, with full power and authority to sign, execute, acknowledge, deliver, file for
record, and record any instrument on its behalf and to perform such other act or acts as may be customarily and reasonably necessary and appropriate to effectuate the following enumerated transactions in respect of any of the Mortgages securing a
Mortgage Loan and the related Mortgage Notes for which the undersigned is acting as Indenture Trustee for various Securityholders (whether the undersigned is named therein as mortgagee or beneficiary or has become mortgagee by virtue of endorsement
of such Mortgage Note secured by any such Mortgage) and for which [WELLS FARGO] is acting as Master Servicer pursuant to a Master Servicing Agreement dated as [DATE] (the “Master Servicing Agreement”). 
  
 This appointment shall apply to the
following enumerated transactions only: 
  

	 1.
	 The modification or re-recording of a Mortgage, where said modification or re-recording is for the purpose of correcting the Mortgage to conform same to the
original intent of the parties thereto or to correct title errors discovered after such title insurance was issued and said modification or re-recording, in either instance, does not adversely affect the Lien of the Mortgage as insured.

  

	 2.
	 The subordination of the Lien of a Mortgage to an easement in favor of a public utility company or a government agency or unit with powers of eminent domain;
this section shall include, without limitation, the execution of partial satisfactions/releases, partial reconveyances or the execution of requests to trustees to accomplish same. 

  

	 3.
	 With respect to a Mortgage, the foreclosure, the taking of a deed in lieu of foreclosure, or the completion of judicial or non-judicial foreclosure or
termination, cancellation or rescission of any such foreclosure, including, without limitation, any and all of the following acts: 

  

	 	 a.
	 The substitution of trustee(s) serving under a Mortgage, in accordance with state law and the Mortgage; 

  

	 	 b.
	 Statements of breach or non-performance; 

  

	 	 c.
	 Notices of default; 

  

	 	 d.
	 Cancellations/rescissions of notices of default and/or notices of sale; 

  

 B-1 

	 	 e.
	 The taking of a deed in lieu of foreclosure; and 

  

	 	 f.
	 Such other documents and actions as may be necessary under the terms of the Mortgage or state law to expeditiously complete said transactions.

  

	 4.
	 The conveyance of the properties to the mortgage insurer, or the closing of the title to the property to be acquired as real estate owned, or conveyance of title
to real estate owned. 

  

	 5.
	 The completion of loan assumption agreements. 

  

	 6.
	 The full satisfaction/release of a Mortgage or full reconveyance upon payment and discharge of all sums secured thereby, including, without limitation,
cancellation of the related Mortgage Note. 

  

	 7.
	 The assignment of any Mortgage and the related Mortgage Note, in connection with the repurchase of the Mortgage Loan secured and evidenced thereby or the removal
of any Mortgage from the MERS® System or the
re-recording of such mortgage in the name of MERS. 

  

	 8.
	 The full assignment of a Mortgage upon payment and discharge of all sums secured thereby in conjunction with the refinancing thereof, including, without
limitation, the endorsement of the related Mortgage Note. 

  

	 9.
	 The modification or re-recording of a Mortgage, where said modification or re-recording is for the purpose of any modification pursuant to Section 3.01 of
the Master Servicing Agreement. 

  

	 10.
	 The execution of partial satisfactions/releases pursuant to Section 3.01 of the Master Servicing Agreement. 

  
 The undersigned gives said Attorney-in-Fact full power and
authority to execute such instruments and to do and perform all and every act and thing necessary and proper to carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or could do,
and hereby does ratify and confirm to all that said Attorney-in-Fact shall lawfully do or cause to be done by authority hereof. 
  
 Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in Appendix A to the Indenture.

  

 B-2 

 Third parties without actual notice may rely upon the exercise of the power granted under
this Limited Power of Attorney; and may be satisfied that this Limited Power of Attorney shall continue in full force and effect has not been revoked unless an instrument of revocation has been made in writing by the undersigned. 
  

			
	 [INDENTURE TRUSTEE], not in its individual capacity but solely as Indenture Trustee

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

 B-3 

			
	 STATE OF
	  	 )

	 	  	 ) SS.

	 COUNTY OF
	  	 )

  
 On
this      day of [DATE], before me the undersigned, Notary Public of said State, personally appeared                 , personally known
to me to be duly authorized officers of [INDENTURE TRUSTEE] that executed the within instrument and personally known to me to be the persons who executed the within instrument on behalf of [INDENTURE TRUSTEE] therein named, and acknowledged to me
such [INDENTURE TRUSTEE] executed the within instrument pursuant to its by-laws. 
  

			
	 WITNESS my hand and official seal.

	
	 Notary Public in and for the

			
	 State of
	 	 

  
 After recording, please mail to: 
  
  
  

			
	 Attn:
	 	 

  

 B-4 

 EXHIBIT C 
  
 FORM OF REQUEST FOR RELEASE 
  
 DATE: 
  
 TO: 
  
 RE:                 REQUEST FOR RELEASE OF DOCUMENTS 
  
 In connection with your administration of the Mortgage Loans, we request the release of the Mortgage File described below. 
  

			
	 Master Servicing Agreement Dated:
	    	 
	 Series #:
	    	 
	 Account #:
	    	 
	 Pool #:
	    	 
	 Loan #:
	    	 
	 Borrower Name(s):
	    	 
	 Reason for Document Request: (circle one)
	    	 Mortgage Loan

	 Prepaid in Full
	    	 Mortgage Loan Repurchased

	 	    	 

  
 “We hereby
certify that all amounts received or to be received in connection with such payments which are required to be deposited have been or will be so deposited as provided in the Master Servicing Agreement.” 
  
  
  

	
	 
	 [WELLS FARGO]

	 Authorized Signature

  
 *********************************************************************************************************** 
 TO CUSTODIAN: Please
acknowledge this request, and check off documents being enclosed with a copy of this form. You should retain this form for your files in accordance with the terms of the Master Servicing Agreement. 
  
 Enclosed Documents:
                [   ]         Mortgage Note 
  

			
	 Name
	 	 
		
	 Title
	 	 
		
	 Date
	 	 

  

 C-1 

 EXHIBIT D-1 
  
 FORM OF FORM 10-K CERTIFICATION 
  
 I, [identify the certifying individual], certify that: 
  
 1.         I have reviewed this report on Form 10-K and all reports
on Form 10-D required to be filed in respect of the period covered by this report on Form 10-K of the trust (the Exchange Act periodic reports) pursuant to the Master Servicing Agreement as of [DATE] (the “Agreement”), among [WELLS FARGO]
(the “Master Servicer”), [ISSUER] (the “Trust”) and [INDENTURE TRUSTEE] (the “Trustee”) and acknowledged and agreed to by SG Mortgage Securities LLC. 
  
 2.         Based on my knowledge, Exchange Act periodic reports,
taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report; 
  
 3.
        Based on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the period covered by this report is included in the Exchange Act periodic
reports; 
  
 4.
        I am responsible for reviewing the activities performed by the Master Servicer and based on my knowledge and the compliance review conducted in preparing the servicer compliance statement required in
this report under Item 1123 of Regulation AB and except as disclosed in the Exchange Act periodic reports, the Master Servicer has fulfilled its obligations under the Agreement; and 
  
 5.         All of the reports on assessment of compliance with
servicing criteria for asset-backed securities and their related attestation reports on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance with Item 1122 of
Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except as otherwise disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in this
report on Form 10-K. 
  
 In giving the
certifications above, I have reasonably relied on the information provided to me by the following unaffiliated parties: [the Trustee]. 
  
 Date:                         

	
	
	*
	 [Signature]

	 Name:

	 Title:

  

	 *
	 -to be signed by the senior officer in charge of the servicing functions of the Master Servicer 

  

 D-1-1 

 EXHIBIT D-2 
  
 FORM OF BACK-UP CERTIFICATION TO FORM 10-K CERTIFICATE 
  
 The undersigned, a Responsible Officer of [INDENTURE TRUSTEE] (the “Indenture Trustee”) certifies that: 
  
 (a)    The Indenture Trustee has
performed all of the duties specifically required to be performed by it pursuant to the provisions of the Master Servicing Agreement dated as of [DATE] (the “Agreement”) by and among [ISSUER], as Issuer, [WELLS FARGO], as Master Servicer,
and the Indenture Trustee in accordance with the standards set forth therein. 
  
 (b)    The information listed below, provided by the Indenture Trustee to the Master Servicer pursuant to Section 4.01(c) of the Agreement, is accurate as of the last day of the [DATE]
calendar year: 
  
 (i) a list of
Noteholders as shown on the Note Register as of the end of such calendar year, 
  
 (ii) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Indenture Trustee, as trustee, or the Trust Estate that, to
the actual knowledge of a Responsible Officer of the Indenture Trustee, have been received by the Indenture Trustee, 
  
 (iii) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been
submitted to a vote of the Noteholders or Certificateholders, other than those matters that have been submitted to a vote of the Noteholders or Certificateholders at the request of the Depositor or the Master Servicer, and 
  
 (iv) notice of any failure of the Indenture
Trustee to make any distribution to the Noteholders or Certificateholders as required pursuant to the Indenture or Trust Agreement, as applicable. 
  
 Capitalized terms used and not defined herein shall have the meanings given such terms in the Agreement. 
  
 IN WITNESS WHEREOF, I have duly executed this certificate as
of [DATE]. 
  

			
	 By:
	 	 
	 Name:

	 Title:

  

 D-2-1 

 EXHIBIT E 
  
 SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE 
  
 The assessment of compliance to be delivered by the Trustee shall address, at a minimum, the criteria identified as below as
“Applicable Servicing Criteria”: 
  

					
	Servicing Criteria	  	Applicable
Servicing Criteria
	 Reference
	    	Criteria	  	 
	 	    	General Servicing Considerations	  	 
	 1122(d)(1)(i)
	    	 Policies and procedures are instituted to monitor any performance or other triggers and events of
default in accordance with the transaction agreements.
	  	 
	 1122(d)(1)(ii)
	    	 If any material servicing activities are outsourced to third parties, policies and procedures are
instituted to monitor the third party’s performance and compliance with such servicing activities.
	  	 
	 1122(d)(1)(iii)
	    	 Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are
maintained.
	  	 
	 1122(d)(1)(iv)
	    	 A fidelity bond and errors and omissions policy is in effect on the party participating in the
servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.
	  	 
	 	    	Cash Collection and Administration	  	 
	 1122(d)(2)(i)
	    	 Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank
clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.
	  	 ü

	 1122(d)(2)(ii)
	    	 Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by
authorized personnel.
	  	 ü

	 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.
	  	 

  

 E-1 

					
	Servicing Criteria	  	Applicable
Servicing Criteria
	 Reference
	    	Criteria	  	 
	 1122(d)(2)(iv)
	    	 The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization,
are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.
	  	 
	 1122(d)(2)(v)
	    	 Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For
purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
Act.
	  	 
	 1122(d)(2)(vi)
	    	 Unissued checks are safeguarded so as to prevent unauthorized access.
	  	 
	 1122(d)(2)(vii)
	    	 Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts
and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed
and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of
days specified in the transaction agreements.
	  	 
	 	    	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.
	  	 

  

 E-2 

					
	Servicing Criteria	  	Applicable
Servicing Criteria
	 Reference
	    	Criteria	  	 
	 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.
	  	ü
	 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.
	  	ü
	 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.
	  	ü
	 	    	Pool Asset Administration	  	 
	 1122(d)(4)(i)
	    	 Collateral or security on pool assets is maintained as required by the transaction agreements or related asset pool
documents.
	  	ü
	 1122(d)(4)(ii)
	    	 Pool assets and related documents are safeguarded as required by the transaction agreements.
	  	ü
	 1122(d)(4)(iii)
	    	 Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or
requirements in the transaction agreements.
	  	 
	 1122(d)(4)(iv)
	    	 Payments on pool assets, including any payoffs, made in accordance with the related pool assets documents are posted to the
servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the
related pool asset documents.
	  	 
	 1122(d)(4)(v)
	    	 The servicer’s records regarding the pool asset agree with the servicer’s records with respect to an obligor’s unpaid
principal balance.
	  	 
	 1122(d)(4)(vi)
	    	 Changes with respect to the terms or status of an obligor’s pool asset (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.
	  	 

  

 E-3 

					
	Servicing Criteria	  	Applicable
Servicing Criteria
	 Reference
	    	Criteria	  	 
	 1122(d)(4)(vii)
	    	 Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and
repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.
	  	 
	 1122(d)(4)(viii)
	    	 Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction
agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls,
letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).
	  	 
	 1122(d)(4)(ix)
	    	 Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset
documents.
	  	 
	 1122(d)(4)(x)
	    	 Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the
obligor’s pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state
laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool asset, or such other number of days specified in the transaction agreements.
	  	 
	 1122(d)(4)(xi)
	    	 Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration
dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction
agreements.
	  	 

  

 E-4 

					
	Servicing Criteria	  	Applicable
Servicing Criteria
	 Reference
	    	Criteria	  	 
	 1122(d)(4)(xii)
	    	 Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds
and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.
	  	 
	 1122(d)(4)(xiii)
	    	 Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the
servicer, or such other number of days specified in the transaction agreements.
	  	 
	 1122(d)(4)(xiv)
	    	 Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction
agreements.
	  	 
	 1122(d)(4)(xv)
	    	 Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as
set forth in the transaction agreements.
	  	 

  

 E-5

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