Document:

AMENDED AND RESTATED TRUST AGREEMENT

 Exhibit 4.2 
  

AMENDED AND RESTATED TRUST AGREEMENT 
  
 among 
  
 NYMT SECURITIES CORPORATION, 
 as Depositor, 
  
 WILMINGTON TRUST COMPANY, 
 as Owner Trustee 
  
 and 
  
 WELLS
FARGO BANK, N.A., 
 as Trust Administrator 
  
 Dated as of December 20, 2005 
  
 New York Mortgage Trust 2005-3 
 Mortgage-Backed
Notes 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	ARTICLE I DEFINITIONS	  	 
	 Section 1.01.
	  	Definitions	  	1
	 Section 1.02.
	  	Other Definitional Provisions	  	5
		
	ARTICLE II ORGANIZATION	  	 
			
	 Section 2.01.
	  	Name	  	6
	 Section 2.02.
	  	Office	  	6
	 Section 2.03.
	  	Purpose and Powers	  	6
	 Section 2.04.
	  	Appointment of the Owner Trustee	  	6
	 Section 2.05.
	  	Initial Capital Contribution; Declaration of Trust	  	7
	 Section 2.06.
	  	Issuance of Initial Certificates	  	7
	 Section 2.07.
	  	Liability of the Ownership Certificate Holder	  	7
	 Section 2.08.
	  	Situs of Trust	  	7
	 Section 2.09.
	  	Title to Trust Property	  	8
	 Section 2.10.
	  	Representations and Warranties of the Depositor	  	8
	 Section 2.11.
	  	Tax Treatment	  	9
	 Section 2.12.
	  	Investment Company	  	10
		
	ARTICLE III THE CERTIFICATES AND TRANSFERS OF INTERESTS	  	 
			
	 Section 3.01.
	  	The Certificates	  	11
	 Section 3.02.
	  	Execution, Authentication and Delivery of the Certificates	  	11
	 Section 3.03.
	  	Registration of and Limitations on Transfers and Exchanges of the Certificates	  	11
	 Section 3.04.
	  	Lost, Stolen, Mutilated or Destroyed Certificate	  	14
	 Section 3.05.
	  	Persons Deemed Certificateholders	  	14
	 Section 3.06.
	  	Access to List of Certificateholders’ Names and Addresses	  	14
	 Section 3.07.
	  	[Reserved]	  	14
	 Section 3.08.
	  	Maintenance of Office or Agency	  	15
	 Section 3.09.
	  	Certificate Paying Agent	  	15
	 Section 3.10.
	  	Initial Beneficiary	  	16
		
	ARTICLE IV APPLICATION OF TRUST FUNDS; CERTAIN DUTIES	  	 
			
	 Section 4.01.
	  	Collection Account	  	16
	 Section 4.02.
	  	Application of Trust Funds	  	16
	 Section 4.03.
	  	Method of Payment	  	17
	 Section 4.04.
	  	[Reserved]	  	17
	 Section 4.05.
	  	Segregation of Moneys; No Interest	  	17

  

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	ARTICLE V AUTHORITY AND DUTIES OF THE OWNER TRUSTEE; ACTION BY CERTIFICATEHOLDERS	  	 
			
	 Section 5.01.
	  	General Authority	  	17
	 Section 5.02.
	  	General Duties	  	17
	 Section 5.03.
	  	Action Upon Instruction	  	18
	 Section 5.04.
	  	No Duties Except as Specified under Specified Documents or in Instructions	  	18
	 Section 5.05.
	  	Restrictions	  	19
	 Section 5.06.
	  	Prior Notice to the Certificateholders with Respect to Certain Matters	  	19
	 Section 5.07.
	  	Action by the Holder with Respect to Bankruptcy	  	22
	 Section 5.08.
	  	Restrictions on the Ownership Certificate Holder’s Power	  	22
		
	ARTICLE VI CONCERNING THE OWNER TRUSTEE	  	 
			
	 Section 6.01.
	  	Acceptance of Trusts and Duties	  	22
	 Section 6.02.
	  	Furnishing of Documents	  	23
	 Section 6.03.
	  	Books and Records	  	23
	 Section 6.04.
	  	Representations and Warranties	  	23
	 Section 6.05.
	  	Reliance; Advice of Counsel	  	25
	 Section 6.06.
	  	Not Acting in Individual Capacity	  	25
	 Section 6.07.
	  	Owner Trustee Not Liable for Certificates or Collateral	  	26
	 Section 6.08.
	  	Owner Trustee May Own Notes	  	26
	 Section 6.09.
	  	Licenses	  	26
	 Section 6.10.
	  	Doing Business in Other Jurisdictions	  	26
	 Section 6.11.
	  	Sarbanes-Oxley Act Certification	  	27
		
	ARTICLE VII INDEMNIFICATION AND COMPENSATION	  	 
			
	 Section 7.01.
	  	Trust Expenses	  	27
	 Section 7.02.
	  	Indemnification	  	27
	 Section 7.03.
	  	Compensation	  	27
	 Section 7.04.
	  	Lien on Trust Estate	  	27
		
	ARTICLE VIII TERMINATION OF AGREEMENT	  	 
			
	 Section 8.01.
	  	Termination of Agreement	  	28
		
	ARTICLE IX SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES	  	 
			
	 Section 9.01.
	  	Eligibility Requirements for Owner Trustee	  	29
	 Section 9.02.
	  	Resignation or Removal of Owner Trustee	  	29
	 Section 9.03.
	  	Successor Owner Trustee	  	29
	 Section 9.04.
	  	Merger or Consolidation of Owner Trustee	  	30
	 Section 9.05.
	  	Appointment of Co-Trustee or Separate Trustee	  	30

  

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	ARTICLE X MISCELLANEOUS	  	 
			
	 Section 10.01.
	  	Supplements and Amendments	  	31
	 Section 10.02.
	  	No Legal Title to Trust Estate in Certificateholders	  	33
	 Section 10.03.
	  	Pledge of Collateral by Owner Trustee is Binding	  	33
	 Section 10.04.
	  	Limitations on Rights of Others	  	33
	 Section 10.05.
	  	Notices	  	33
	 Section 10.06.
	  	Severability	  	34
	 Section 10.07.
	  	Separate Counterparts	  	34
	 Section 10.08.
	  	Successors and Assigns	  	34
	 Section 10.09.
	  	Headings	  	34
	 Section 10.10.
	  	Governing Law	  	34
	 Section 10.11.
	  	No Petition	  	34
	 Section 10.12.
	  	No Recourse	  	34
	 Section 10.13.
	  	Customer Identification	  	35
		
	ARTICLE XI OFFICERS	  	 
			
	 Section 11.01.
	  	Appointment of Officers	  	35
	 Section 11.02.
	  	Officers to Provide Information to the Owner Trustee	  	35
			
	 Exhibit A
	  	Forms of Certificates	  	 
	 Exhibit B
	  	[Reserved]	  	 
	 Exhibit C
	  	Form of Certificate of Trust	  	 
	 Exhibit D-1
	  	Form of Rule 144A Investment Letter	  	 
	 Exhibit D-2
	  	Form of Non-Rule 144A Investment Letter	  	 
	 Exhibit E
	  	Form of Certificate of Beneficial Owner	  	 
	 Exhibit F
	  	Form of Representation and Warranty Regarding Transferee’s Status for Tax Matters	  	 
	 Exhibit G
	  	Form of Tax Transfer Ownership Certificate for the Retained Notes	  	 

  

 iii 

 This TRUST AGREEMENT, dated as of December 20, 2005, is by and among NYMT SECURITIES CORPORATION, a
Delaware corporation (the “Depositor”), WILMINGTON TRUST COMPANY, a Delaware banking corporation, as Owner Trustee (the “Owner Trustee”), and WELLS FARGO BANK, N.A., a national banking association, as Trust Administrator (the
“Trust Administrator”). 
  
 WHEREAS, pursuant to the
Transfer and Servicing Agreement, the Depositor intends to sell, transfer and assign to a Delaware statutory trust created hereunder certain Mortgage Loans and related assets (collectively, the “Collateral”), which statutory trust would
then pledge such Collateral under an indenture in order to secure the issuance of its Mortgage-Backed Notes, Series 2005-3 (the “Securities”), the net proceeds of which would be applied toward the purchase of the Collateral. 
  
 WHEREAS, the Depositor and the Owner Trustee entered into a Trust Agreement
dated December 12 , 2005 (the “Original Trust Agreement”), and filed with the Secretary of State of the State of Delaware a Certificate of Trust on December 13, 2005, creating New York Mortgage Trust 2005-3 (the
“Trust”). 
  
 WHEREAS, the Depositor, the Owner Trustee
and the Trust Administrator desire to enter into this Amended and Restated Trust Agreement in order to amend and restate in its entirety the Original Trust Agreement and to provide for the operation of the Trust upon the terms and conditions more
particularly set forth herein. 
  
 NOW THEREFORE, in consideration
of the premises and mutual agreements herein contained, the parties hereto hereby agree as follows: 
  
 ARTICLE I 
 DEFINITIONS 
  
 Section 1.01. Definitions. For all purposes of this Agreement, the following terms shall have the meanings set forth
below. 
  
 Actual Knowledge: With respect to (i) the
Owner Trustee, any officer within the Corporate Trust Office of the Owner Trustee responsible for administering the Trust hereunder, or under the Operative Agreements, who has actual knowledge of an action taken or an action not taken with regard to
the Trust. Actions taken or actions not taken of which the Owner Trustee should have had knowledge, or has constructive knowledge, do not meet the definition of Actual Knowledge hereunder. With respect to the Trust Administrator, any Responsible
Officer of the Trust Administrator who has actual knowledge of an action taken or an action not taken with regard to the Trust. Actions taken or actions not taken of which the Trust Administrator should have had knowledge, or has constructive
knowledge, do not meet the definition of Actual Knowledge hereunder. 
  
 Agreement or Trust Agreement: This Amended and Restated Trust Agreement and any amendments or modifications hereof. 
  
 Authorized Officer: With respect to the Trust, any officer of the Owner Trustee who is authorized to act for the Owner Trustee in matters relating
to the Trust 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) and, so long as the Transfer and Servicing Agreement is in effect, any Vice President, Assistant Vice President, Trust Officer, or more senior officer of the Trust Administrator who is authorized to act for the Trust
Administrator in matters relating to the Trust and to be acted upon by the Trust Administrator pursuant to the Transfer and Servicing Agreement and who is identified on the list of Authorized Officers delivered by the Trust Administrator to the
Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter). 
  
 Bank: Wilmington Trust Company in its individual capacity and not as Owner Trustee under this Agreement. 
  
 Certificate: Any Ownership Certificate issued pursuant to this
Agreement. 
  
 Certificate of Trust: The Certificate of
Trust filed by the Owner Trustee for the Trust pursuant to Section 3810(a) of the Delaware Trust Statute in the form of Exhibit C hereto. 
  
 Certificate Paying Agent: Initially, the Trust Administrator, in its capacity as Certificate Paying Agent, or any successor to the Trust
Administrator in such capacity. 
  
 Certificate Register:
The register maintained by the Certificate Registrar in which the Certificate Registrar shall provide for the registration of the Certificates and of transfers and exchanges of such Certificates. 
  
 Certificate Registrar: Initially, the Trust Administrator, in its
capacity as Certificate Registrar, or any successor to the Trust Administrator in such capacity. 
  
 Certificateholder or Holder: The Person in whose name a Certificate is registered in the Certificate Register. 
  
 Code: The Internal Revenue Code of 1986, as amended. 
  
 Collateral: As defined in the Indenture. 
  
 Corporate Trust Office: With respect to (i) the Owner Trustee,
the corporate trust administration office of the Owner Trustee located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration, or at such other address as the Owner Trustee may
designate by notice to the Trust Administrator, or the principal office of any successor Owner Trustee (the address (which shall be in the State of Delaware) of which the successor owner trustee will notify the Certificateholders); (ii) the
Trust Administrator, the principal corporate trust office of the Trust Administrator at which, at any particular time, its corporate trust business shall be administered, which office at the date hereof for purposes of transfers and exchanges and
for presentment and surrender of the Certificates and for payment thereof is located at Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479, Attention: NYMT 2005-3, and for all other purposes is located at Wells Fargo Bank, N.A., P.O.
Box 98, Columbia Maryland 21046, (or for overnight deliveries, at 9062 Old Annapolis Road, Columbia, Maryland 21405, Attention: Corporate Trust Services - NYMT 2005-3); and (iii) the Certificate Registrar, the principal office of the
Certificate Registrar at 

  

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which at any particular time its corporate trust business shall be administered, which office at the date of execution of this Agreement is located at the
Corporate Trust Office of the Trust Administrator, or at such other address as the Certificate Registrar may designate from time to time by notice to the Securityholders and the Trust, or the principal corporate trust office of any successor
Certificate Registrar at the address designated by such successor Certificate Registrar by notice to the Securityholders and the Trust. 
  
 Delaware Trust Statute: Chapter 38 of Title 12 of the Delaware Code, 12 Del.C. Section 3801 et seq., as the same may be amended from
time to time. 
  
 Depositor: NYMT Securities Corporation, a
Delaware corporation. 
  
 ERISA: The Employee Retirement
Income Security Act of 1974, as amended. 
  
 Expenses: The
meaning specified in Section 7.02. 
  
 Indenture: The
indenture dated as of December 1, 2005, among the Issuer, the Indenture Trustee and the Trust Administrator as such may be amended or supplemented from time to time. 
  
 Indenture Trustee: U.S. Bank National Association, not in its individual capacity but solely as Indenture Trustee, or
any successor in interest. 
  
 Initial Holder: NYMT
Ownership Corporation or any successor in interest, in the case of the Ownership Certificate. 
  
 Master Servicer: Wells Fargo Bank, N.A., or any successor in interest. 
  
 Net Proceeds from the Notes: The proceeds received by the Trust from time to time from the issuance and sale of its Notes, less the costs and
expenses incurred in connection with the issuance and sale of such Notes. 
  
 Non-U.S. Person: Any person other than a “United States person” as defined in Section 7701(a)(30) of the Code. 
  
 Note: Any of the Class A, Class M-1 or Class M-2 Notes issued pursuant to the Indenture. 
  
 Noteholder: A Person in whose name a Note is registered on the Note
Register. 
  
 Officer: Those officers of the Trust referred
to in Article XI. 
  
 Opinion of Counsel: One or more
written opinions of counsel who may, except as otherwise expressly provided in this Agreement, be employees of or counsel to the Depositor and who shall be satisfactory to the Owner Trustee and the Trust Administrator, which opinion shall be
addressed to the Owner Trustee and the Trust Administrator provided, however, that with respect to the interpretation or application of federal income tax matters, such counsel must be Independent of the Indenture Trustee and the
Master Servicer and must be nationally recognized as expert in the tax aspects of asset securitization. 
  

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 Original Trust Agreement: As defined in the recitals hereof. 
  
 Ownership Certificate: An equity certificate representing a 100%
undivided beneficial interest in the assets of the Trust in substantially the form annexed hereto as part of Exhibit A. 
  
 Owner Trustee: Wilmington Trust Company, a Delaware banking corporation, and any successor in interest, not in its individual capacity, but solely
as owner trustee under the Trust Agreement. 
  
 Percentage
Interest: With respect to any Ownership Certificate, 100% percentage set forth on the face thereof. 
  
 Permitted Transferee: Means (i) (a) a single REIT, (b) one or more Qualified REIT Subsidiaries of such single REIT, or (c) an
entity that is disregarded for federal income tax purposes that is wholly owned by such related REIT or one of its Qualified REIT Subsidiary/ies, (ii) a lender or repurchase agreement counterparty in a repurchase agreement or secured lending
transaction that qualifies as a borrowing for federal income tax purposes or (iii) any other entity, provided that an opinion of nationally recognized federal income tax counsel is obtained to the effect that, as of the date of a transfer to
such entity, the Trust will not be subject to an entity level tax. 
  
 Proposer: The Certificateholder making a written request pursuant to Section 5.07. 
  
 Prospective Holder: Each prospective purchaser and any subsequent transferee of the Ownership Certificate. 
  
 Qualified REIT Subsidiary: A direct or indirect 100% owned subsidiary
of a REIT that satisfies the requirements of Section 856(i) of the Code. 
  
 REIT: A real estate investment trust within the meaning of Sections 856 and 857 of the Code. 
  
 Retained Notes: Those certain classes, or portions of certain classes, of Notes, which at the time of their issuance are beneficially owned by the
Initial Holder or its parent REIT, one of the Qualified REIT Subsidiaries of such parent REIT or an entity that is disregarded for United States federal income tax purposes that is wholly owned by the parent REIT or one of its Qualified REIT
Subsidiaries. 
  
 Responsible Officer: With respect to
(i) the Owner Trustee, any officer within the Corporate Trust Office of the Owner Trustee with direct responsibility for the administration of the Trust 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; and (ii) the Trust Administrator, any officer within the Corporate Trust Office of the Trust Administrator with direct responsibility for the
administration of the Trust 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. 
  
 Secretary of State: The Secretary of State of the State of Delaware.

  

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 Security: Any of the Certificates or Notes. 
  
 Securityholder: Any Certificateholder or Noteholder. 
  
 Seller: New York Mortgage Funding, LLC, a Delaware limited liability
company. 
  
 Transfer and Servicing Agreement: The Transfer
and Servicing Agreement dated as of December 1, 2005, by and among the Trust, the Depositor, the Trust Administrator, the Master Servicer, NYMT Servicing Corporation as servicer, Cenlar FSB, as sub-servicer, the Seller and the Indenture
Trustee, as such may be amended or supplemented from time to time. 
  
 Trust: The trust established pursuant to this Agreement which shall carry on its business operations under the name of “New York Mortgage Trust 2005-3.” 
  
 Trust Administrator: Wells Fargo Bank, N.A., or any successor in interest. 
  
 Section 1.02. Other Definitional Provisions. 
  
 Capitalized terms used herein and not defined herein shall have the same
meanings assigned to them in the Transfer and Servicing Agreement or in the Indenture, as applicable. 
  
 (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 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; and the term “including” shall mean “including without limitation.” 
  
 (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 

  

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agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are also to its permitted
successors and assigns. 
  
 ARTICLE II 
 ORGANIZATION 
  
 Section 2.01. Name. The trust established under this Agreement shall be referred to as “New York Mortgage Trust 2005-3,” in which name
the Owner Trustee and the Officers may conduct the activities contemplated hereby, including the making and executing of contracts and other instruments on behalf of the Trust and sue and be sued. 
  
 Section 2.02. Office. The principal office of the Trust shall be in
care of the Owner Trustee, at its Corporate Trust Office. The Trust shall also have an office in care of the Trust Administrator at its Corporate Trust Office. 
  

Section 2.03. Purpose and Powers. The Trust shall have the power and authority to engage in any of the following activities: 
  
 (a) to issue the Notes pursuant to the Indenture and the Certificates
pursuant to this Agreement and to sell, transfer and exchange such Notes and Certificates; 
  
 (b) with the proceeds of the sale of the Notes and the Certificates, to pay the organizational, start-up and transactional expenses of the Trust and to pay the balance of the Net Proceeds from the Notes to the
Depositor in consideration of the transfer to the Trust of the Collateral; 
  
 (c) to assign, grant, transfer, pledge, mortgage and convey the Trust Estate pursuant to the Indenture and to hold, manage and distribute to the Certificateholders pursuant to the terms of the Transfer and Servicing
Agreement any portion of the Collateral released from the lien of, and remitted to the Trust pursuant to, the Indenture; 
  
 (d) to enter into and perform its obligations under the Operative Agreements and the Swap Agreement to which it is to be a party; 
  
 (e) to engage in those activities, including entering into agreements, that
are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith; and 
  
 (f) subject to compliance with the Operative Agreements, to engage in such other activities as may be required in connection with conservation of the
Trust Estate and the making of distributions and payments to the Certificateholders and the Noteholders. 
  
 The Trust is hereby authorized to engage in the foregoing activities. The Trust shall not engage in any activity other than in connection with the
foregoing or other than as required or authorized by the terms of this Agreement or the Operative Agreements. 
  
 Section 2.04. Appointment of the Owner Trustee. The Depositor hereby appoints the Bank to act as owner trustee (the “Owner Trustee”) of
the Trust effective as of the date hereof to 

  

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have all the rights, powers and duties set forth herein with respect to accomplishing the purposes of the Trust. 
  
 The Owner Trustee is hereby authorized to execute this Agreement, the
Indenture, the Transfer and Servicing Agreement and any other Operative Agreement on behalf of the Trust. The Owner Trustee is hereby empowered and authorized to take all actions required or permitted to be taken by it in accordance with the terms
of this Agreement. 
  
 Section 2.05. Initial Capital
Contribution; Declaration of Trust. 
  
 (a) The Depositor
hereby sells, assigns, transfers, conveys and sets over to the Trust, as of the date hereof, the sum of $1. The Owner Trustee hereby acknowledges receipt in trust from the Depositor, as of the Closing Date, of the foregoing contribution, which shall
constitute the initial corpus of the Trust Estate. The Depositor shall pay organizational expenses of the Trust as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the
Owner Trustee. 
  
 (b) The Owner Trustee hereby declares that it
will hold the Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the Operative Agreements. It is the intention of the parties
hereto that the Trust constitute a statutory trust under the Delaware Trust Statute and that this Agreement constitute the governing instrument of such statutory trust. No later than the Closing Date, the Owner Trustee shall cause the filing of the
Certificate of Trust with the Secretary of State. Except as otherwise provided in this Agreement, the rights of the Certificateholders will be those of beneficial owners of the Trust. 
  
 Section 2.06. Issuance of Initial Certificates. Upon the formation of the Trust by the initial contribution by the
Depositor pursuant to Section 2.05, the Owner Trustee will issue the Certificate to the Initial Holder. 
  
 Section 2.07. Liability of the Ownership Certificate Holder. The Ownership Certificate Holder shall be liable directly to and shall indemnify any
injured party for all losses, claims, damages, liabilities and expenses of the Trust (including Expenses, to the extent not paid out of the Trust Estate); provided, however, that the Ownership Certificate Holder shall not be liable for
payments required to be made to or for any losses incurred by a Noteholder in the capacity of an investor in the Notes. In addition, any third party creditors of the Trust (other than in connection with the obligations described in the following
sentence for which the Ownership Certificate Holder shall be liable) shall be deemed third party beneficiaries of this paragraph. The Ownership Certificate Holder shall be liable for any entity level taxes imposed on the Trust. The obligations of
the Ownership Certificate Holder under this paragraph shall be evidenced by the Ownership Certificate. 
  
 Section 2.08. Situs of Trust. The Trust will be located in the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of
the Trust shall be located in the States of Delaware, New York or the jurisdiction where the Trust Administrator maintains bank accounts with respect to collections on the Collateral. The only office of the Trust will be as described in
Section 2.02 hereof. The Trust shall not have any employees; provided, however, 

  

 7 

 
that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware. Payments will be received by
the Trust only in Delaware, New York, the jurisdiction in which the Trust Administrator maintains the Collection Account or such other jurisdiction designated by the Depositor, and payments will be made by the Trust only from the Collection Account
or from Delaware, New York or such other jurisdiction designated by the Depositor. 
  
 Section 2.09. Title to Trust Property. 
  
 (a) Subject to the Indenture, title to all of the Trust Estate shall be vested at all times in the Trust as a separate legal entity until this Agreement terminates pursuant to Article VIII hereof; provided,
however, that if the laws of any jurisdiction require that title to any part of the Trust Estate be vested in the trustee of the Trust, then title to that part of the Trust Estate shall be deemed to be vested in the Owner Trustee or any
co-trustee or separate trustee, as the case may be, appointed pursuant to Article IX of this Agreement. 
  
 (b) The Certificateholders shall have beneficial but not legal title to any part of the Trust Estate. No transfer by operation of law or otherwise of any
interest of the Certificateholders shall operate to terminate this Agreement or the trusts created hereunder or entitle any transferee to an accounting or to the transfer to it of any part of the Trust Estate. 
  
 Section 2.10. Representations and Warranties of the Depositor. The
Depositor hereby represents and warrants to the Owner Trustee and the Trust Administrator as of the Closing Date, as follows: 
  
 (a) The Depositor is duly organized and validly existing as a corporation in good standing under the laws of the State of Delaware, with power and
authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted and had at all relevant times, and now has, power, authority and the legal right to acquire and own the
Mortgage Loans. 
  
 (b) The Depositor is duly qualified to do
business as a foreign corporation in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such qualifications. 

 
 (c) The Depositor has the power and authority to execute and deliver any
Operative Agreement to which it is a party and to carry out its terms; the Depositor has full power and authority to sell and assign the Collateral to be sold and assigned to and deposited with the Trust and the Depositor has duly authorized such
assignment and deposit to the Trust by all necessary corporate action; and the execution, delivery and performance of this Agreement or any other Operative Agreement to which it is a party has been duly authorized by the Depositor by all necessary
corporate action and, assuming the due authorization, execution and delivery of each such agreement by the other parties thereto, each such agreement constitutes a valid and binding obligation of the Depositor, enforceable against the Depositor in
accordance with its terms, except as enforcement thereof may be subject to or limited by bankruptcy, insolvency, moratorium, reorganization or other similar laws relating to or affecting creditors’ rights generally and by general equitable
principles. 
  

 8 

 (d) The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms
hereof and thereof 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 certificate of incorporation or by-laws of the Depositor, or any
indenture, agreement or other instrument to which the Depositor is a party or by which it is bound; nor result in the creation or imposition of any lien upon any of its properties pursuant to the terms of any such indenture, agreement or other
instrument (other than pursuant to the Operative Agreements); nor violate any law or, to the best of the Depositor’s knowledge, any order, rule or regulation applicable to the Depositor of any court or of any Federal or state regulatory body,
administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties. 
  
 (e) There are no proceedings or investigations, pending or, to the best knowledge of the Depositor, threatened before any court, regulatory body,
administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties: (i) asserting the invalidity of this Agreement or any other Operative Agreement to which the Depositor is a party,
(ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any other Operative Agreement to which the Depositor is a party or (iii) seeking any determination or ruling that might materially and
adversely affect the performance by the Depositor of its obligations under, or the validity or enforceability of, this Agreement or any other Operative Agreement to which the Depositor is a party. 
  
 (f) The representations and warranties of the Depositor made pursuant to the
Transfer and Servicing Agreement are true and correct. 
  
 (g)
This Agreement is not required to be qualified under the Trust Indenture Act of 1939, as amended, and the Trust is not required to be registered as an “investment company” under the Investment Company Act of 1940, as amended. 

 
 Section 2.11. Tax Treatment. 
  
 (a) It is the intention of the parties hereto that, solely for income and franchise tax
purposes, the Trust shall be treated as a division of the owner of the Ownership Certificate that is ignored as an entity separate from the owner of the Ownership Certificate. The parties agree that, unless otherwise required by appropriate tax
authorities, the Trust will file or cause to be filed annual or other necessary returns, reports and other forms consistent with the characterization of the Trust, as it relates to the assets in the Trust and the Ownership Certificate, if
applicable, as a division of the owner of the Ownership Certificate for such federal income tax purposes. 
  
 (b) If applicable, the Trust Administrator shall (i) deliver (or cause to be delivered) to the owner of the Ownership Certificate, as may be required by the Code and applicable Treasury Regulations, such
information as may be required to enable the Holder of the Ownership Certificate to prepare its federal and state income tax returns, (ii) prepare or cause to be prepared, and file or cause to be filed, all tax returns relating to the Trust and
direct the Owner Trustee in writing to make such elections as may from time to time be required or appropriate under any applicable state or federal statute or rule or regulation thereunder so as to maintain the proper characterization of the Trust
for federal income tax purposes; provided, however, that the Trust Administrator shall not be required to prepare and file any tax returns on behalf of the Trust 

  

 9 

 
(other than as provided in clause (iii) below) unless the Trust Administrator is advised in writing by the Certificateholder that the Trust will not be
consolidated with the Certificateholder for federal income tax purposes and specifying the tax elections be made by the Trust and the Trust Administrator receives additional reasonable compensation, which compensation shall not exceed $15,000 for
each calendar year for which such return must be filed, for the preparation and filing of such returns; and (iii) prepare or cause to be prepared, and file or cause to be filed, deliver or cause to be delivered any annual or other necessary
returns, reports or forms relating to the Notes and the Ownership Certificate (including information returns on IRS Form 1099). All tax returns in respect of the Trust shall be signed by the owner of the Ownership Certificate. 
  
 (c) The Certificate Paying Agent shall comply with all requirements of the Code with respect
to the withholding from any payments made by it with respect to the Ownership Certificate of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 
  
 (d) In the event that any withholding tax is imposed on the distributions (or allocations of
income) to the Certificateholder, such tax shall reduce the amount otherwise distributable in accordance with this Section 2.11(d). The Certificate Paying Agent is hereby authorized and directed to retain or cause to be retained, from amounts
otherwise distributable to the Certificateholder, sufficient funds for the payment of any tax that is legally owed by the Trust (but such authorization shall not prevent the Owner Trustee from contesting any such tax in appropriate proceedings, and
withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to the Certificateholder shall be treated as cash distributed to such Certificateholder at the
time it is withheld by the Certificate Paying Agent and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-U.S. Certificateholder),
the Certificate Paying Agent may in its sole discretion withhold such amounts in accordance with this paragraph (d). In order to receive payments free from or at a reduced rate of withholding, the Certificateholder and any transferee thereof agrees
and acknowledges that no legal or beneficial interest in all or any portion of the Ownership Certificate may be obtained or transferred unless such person provides to the Certificate Paying Agent, on behalf of the Trust, or its designated agent a
duly executed IRS Form W-9, IRS Form W-8BEN, IRS Form W-8IMY (together with all appropriate attachments), or IRS Form W-8ECI (or in each case the appropriate successor form), claiming a complete exemption from, or a reduced rate of, withholding.
Each such form must be signed under penalties of perjury and replaced every (3) years (or earlier if there is a change in information) or as required by law 
  
 Section 2.12. Investment Company. Neither the Depositor nor any holder of a Certificate shall take any action which
would cause the Trust to become an “investment company” which would be required to register under the Investment Company Act of 1940, as amended. 
  

 10 

 ARTICLE III 
 THE CERTIFICATES AND TRANSFERS OF INTERESTS 
  
 Section 3.01. The Certificates. The Ownership Certificate shall initially be issued as a single certificate in definitive, fully registered form and shall initially be registered in the name of the Initial
Holder. No Ownership Certificate shall be issued in authorized denominations of less than a 100% Percentage Interest in such Certificate. The Certificates shall be executed on behalf of the Trust by manual or facsimile signature of an Authorized
Officer of the Owner Trustee and authenticated in the manner provided in Section 3.02. Each Certificate bearing the manual signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign on
behalf of the Trust, shall be validly issued and entitled to the benefit of this Agreement, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the authentication and delivery of each such Certificate
or did not hold such offices at the date of authentication and delivery of each such Certificate. A Person shall become a Certificateholder and shall be entitled to the rights and subject to the obligations of a Certificateholder hereunder upon such
Person’s acceptance of a Certificate duly registered in such Person’s name pursuant to Section 3.03. 
  
 Section 3.02. Execution, Authentication and Delivery of the Certificates. Concurrently with the sale of the Collateral to the Trust pursuant to the
Transfer and Servicing Agreement, the Owner Trustee shall cause the Certificates issued hereunder to be executed and the Trust Administrator, as Certificate Registrar, shall cause the Certificates issued hereunder to be authenticated on behalf of
the Trust and authenticated and delivered to or upon the written order of the Depositor, signed by its chairman of the board, its president or any vice president, without further corporate action by the Depositor. No Certificate shall entitle its
Holder to any benefit under this Agreement or be valid for any purpose unless there shall appear on such Certificate a certificate of authentication substantially in the form set forth as part of Exhibit A hereto, executed by the Certificate
Registrar, as the authenticating agent, by manual signature; such authentication shall constitute conclusive evidence that such Certificate shall have been duly authenticated and delivered hereunder. All Certificates shall be dated the date of their
authentication. 
  
 Section 3.03. Registration of and
Limitations on Transfers and Exchanges of the Certificates. The Certificate Registrar shall keep or cause to be kept, at the office or agency maintained pursuant to Section 3.08, a Certificate Register in which, subject to such reasonable
regulations as it may prescribe, the Certificate Registrar shall provide for the registration of the Certificates and of transfers and exchanges of the Certificates as set forth herein; provided, however, that no Ownership Certificate
shall be issued in any such transfer and exchange representing less than a 100% Percentage Interest in such Certificate, and provided, further, that no Ownership Certificate shall be issued in any such transfer and exchange except in
accordance with the provisions and conditions set forth below in this Section 3.03. The Trust Administrator shall be the initial Certificate Registrar. If the Certificate Registrar resigns or is removed, the Depositor shall appoint a successor
Certificate Registrar. 
  
 Subject to satisfaction of the
conditions set forth below, upon surrender for registration of transfer of a Certificate at the office or agency maintained pursuant to Section 3.08, the Owner Trustee shall execute, and the Certificate Registrar shall authenticate and deliver
(or cause the 

  

 11 

 
Trust Administrator as its authenticating agent to authenticate and deliver), in the name of the designated transferee, a new Certificate evidencing the
Percentage Interest of the Certificate so surrendered and dated the date of authentication by the Owner Trustee or the Certificate Registrar. 
  
 Every Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer in form
satisfactory to the Owner Trustee and the Certificate Registrar duly executed by each Certificateholder or such Certificateholder’s attorney duly authorized in writing. Each Certificate surrendered for registration of transfer or exchange shall
be cancelled and subsequently disposed of by the Certificate Registrar in accordance with its customary practice. 
  
 No service charge shall be made for any registration of transfer or exchange of a Certificate, but the Owner Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of a Certificate or any other expense arising as a result of any registration of transfer or exchange.

  
 The preceding provisions of this Section notwithstanding, the
Owner Trustee shall not make and the Certificate Registrar shall not register transfer or exchanges of a Certificate for a period of 15 days preceding the due date for any payment with respect to such Certificate. 
  
 No transfer of a Certificate shall be made unless such transfer is exempt
from the registration requirements of the Securities Act and any applicable state securities laws or is made in accordance with said Act and laws. Except in the case of an initial transfer to an Initial Holder, in the event of any such transfer, the
Certificate Registrar or the Depositor shall prior to such transfer require the transferee to execute (i) an investment letter (in the form attached hereto as Exhibit D-1) certifying to the Trust, the Owner Trustee, the Trust Administrator, the
Certificate Registrar and the Depositor that such transferee is a “qualified institutional buyer” under Rule 144A under the Securities Act, or (ii) an investment letter (in the form attached hereto as Exhibit D-2) certifying to the
Trust, the Owner Trustee, the Trust Administrator, the Certificate Registrar and the Depositor that such transferee is an “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of the Securities Act), and any
expense associated with the preparation and execution of any such investment letter shall not be an expense of the Trust, the Owner Trustee, the Trust Administrator, the Certificate Registrar or the Depositor. A Certificateholder desiring to effect
the transfer of a Certificate shall, and does hereby agree to, indemnify the Trust, the Owner Trustee, the Trust Administrator, the Certificate Registrar and the Depositor against any and all liability that may result if the transfer is not so
exempt or is not made in accordance with such federal and state laws. 
  
 Except
in the case of an initial transfer to an Initial Holder, no transfer of a Certificate shall be made unless the Certificate Registrar shall have received a representation letter (substantially in the form attached hereto as Exhibit D-1 or D-2) from
the proposed transferee of such Certificate to the effect that such proposed transferee is not an employee benefit plan or other retirement arrangement subject to Section 406 of ERISA, or Section 4975 of the Code or any substantially
similar applicable law, or a Person acting on behalf of or using the assets of any such plan, which representation letter shall not be an expense of the Trust, the Owner Trustee, the Trust 

  

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Administrator, the Certificate Registrar or the Depositor. In addition, any Retained Notes will be subject to the same ERISA restrictions and consequences
discussed above applicable to the Ownership Certificate unless either (a) the Retained Notes are sold or transferred to a party that is a taxable REIT subsidiary or is not affiliated with the owner of the Ownership Certificate and at the time
of such sale or transfer: (i) the owner of the Ownership Certificate is a Permitted Transferee; (ii) no modifications have been made to the transaction documents; (iii) the respective ratings of the Retained Notes as of the date of
such sale or transfer are not lower than the rating of such Retained Note as of the closing date; and (iv) no adverse changes have been made to (or that would adversely affect the application of) the legal authorities applicable to the closing
date tax opinion or (b) the holder of the Retained Notes otherwise receives an Opinion of Counsel that (x) the Retained Notes “will be debt” and (y) such sale or transfer will not result in an entity level tax on the Trust.
The Retained Notes shall be treated for tax purposes as a division of the Ownership Certificate and shall not be transferred unless the Certificate Registrar receives from either the Certificateholder or the beneficial owner (for U.S. federal income
tax purposes) of the Ownership Certificate a certification substantially in the form of Exhibit G that the requirements of (a) or (b) above have been met. 
  
 Prior to and as a condition of the registration of any transfer, sale or other disposition of the Ownership Certificate,
each Initial Holder of an Ownership Certificate and each Prospective Holder of an Ownership Certificate shall represent and warrant in writing, in the case of each Initial Holder, in substantially the form set forth in Exhibit E hereto, and in the
case of each Prospective Holder, in substantially the form set forth in Exhibit F hereto, to the Owner Trustee, the Trust Administrator and the Certificate Registrar and any of their respective successors that: 
  
 (i) (a) In the case of the Initial Holder, such Person is a
single REIT, one or more Qualified REIT Subsidiaries of such single REIT , or an entity that is disregarded for federal income tax purposes that is wholly owned by such single REIT or one or more of its Qualified REIT Subsidiaries or (b) in the
case of a Prospective Holder other than the Initial Holder, such Person is a Permitted Transferee; and 
  
 (ii) Such Person will only transfer the Ownership Certificate to a person that is a Permitted Transferee. 
  
 In addition, any Retained Notes will be subject to the same requirements,
restrictions and consequences discussed in the preceding sentence applicable to the Ownership Certificate unless either (a) the Retained Notes are sold or transferred to a party that is a taxable REIT subsidiary or is not affiliated with the
owner of the Ownership Certificate and at the time of such sale or transfer: (i) the owner of the Ownership Certificate is a Permitted Transferee; (ii) no modifications have been made to the transaction documents; (iii) the respective
ratings of the Retained Notes as of the date of such sale or transfer are not lower than the rating of such Retained Note as of the closing date; and (iv) no adverse changes have been made to (or that would adversely affect the application of)
the legal authorities applicable to the closing date tax opinion or (b) the holder of the Retained Notes otherwise receives an Opinion of Counsel that (x) the Retained Notes “will be debt” and (y) any such sale or transfer
will not result in an entity level tax on the Trust. The Retained Notes shall be treated for tax purposes as a division of the Ownership Certificate and shall not be transferred unless the Certificate Registrar receives from 

  

 13 

 
either the Certificateholder or the beneficial owner (for U.S. federal income tax purposes) of the Ownership Certificate a certification substantially in the
form of Exhibit G that the requirements of (a) or (b) above have been met. 
  
 The Owner Trustee shall cause each Certificate to contain a legend, substantially similar to the applicable legends provided in Exhibit A hereto, stating that transfer of such Certificate is subject to certain
restrictions and referring prospective purchasers of the Certificates to this Section 3.03 with respect to such restrictions. 
  
 Section 3.04. Lost, Stolen, Mutilated or Destroyed Certificate. If (a) a mutilated Certificate is surrendered to the Certificate Registrar, or
(b) the Certificate Registrar receives evidence to its satisfaction that a Certificate has been destroyed, lost or stolen, and there is delivered to the Certificate Registrar proof of ownership satisfactory to the Certificate Registrar,
together with such security or indemnity as required by the Certificate Registrar and the Owner Trustee to save each of them harmless, then in the absence of notice to the Certificate Registrar or the Owner Trustee that such Certificate has been
acquired by a protected purchaser, the Owner Trustee shall execute on behalf of the Trust, and the Owner Trustee or the Certificate Registrar shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Certificate, a new Certificate of like tenor and Percentage Interest. In connection with the issuance of any new Certificate under this Section 3.04, the Owner Trustee or the Certificate Registrar may require the payment of a sum sufficient to
cover any expenses of the Owner Trustee or the Certificate Registrar (including any fees and expenses of counsel) and any tax or other governmental charge that may be imposed in connection therewith. Any duplicate Certificate issued pursuant to this
Section 3.04 shall constitute conclusive evidence of ownership in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time. 
  
 Section 3.05. Persons Deemed Certificateholders. Prior to due
presentation of a Certificate for registration of transfer, the Owner Trustee, the Certificate Registrar or any Certificate Paying Agent may treat any Certificateholder as the owner of such Certificate for the purpose of receiving distributions
pursuant to Section 4.02 and for all other purposes whatsoever, and none of the Trust, the Owner Trustee, the Certificate Registrar or any Certificate Paying Agent shall be bound by any notice to the contrary. 
  
 Section 3.06. Access to List of Certificateholders’ Names and
Addresses. The Certificate Registrar shall furnish or cause to be furnished to the Depositor or the Owner Trustee, within 15 days after receipt by the Certificate Registrar of a written request therefor from the Depositor or the Owner Trustee,
in such form as the Depositor or the Owner Trustee, as the case may be, may reasonably require, the name and address of each Certificateholder as of the most recent Record Date. A Certificateholder, by receiving and holding a Certificate, shall be
deemed to have agreed not to hold any of the Trust, the Depositor, the Certificate Registrar and the Owner Trustee accountable or liable for damages by reason of the disclosure of its name and address, regardless of the source from which such
information was derived. 
  
 Section 3.07. [Reserved]

  

 14 

 Section 3.08. Maintenance of Office or Agency. The Certificate Registrar on behalf of the Trust,
shall maintain an office or offices or agency or agencies where the Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Owner Trustee in respect of the Certificates and the Operative
Agreements may be served. The Certificate Registrar shall give the Owner Trustee prompt notice, in writing, of any such notice or demand. The Certificate Registrar initially designates the Corporate Trust Office of the Trust Administrator as its
office for such purposes. The Certificate Registrar shall give prompt written notice to the Depositor, the Owner Trustee and the Certificateholders of any change in the location of the Certificate Register or any such office or agency. 

 
 Section 3.09. Certificate Paying Agent. 
  
 (a) The Trust Administrator is hereby appointed as Certificate Paying Agent
under this Agreement. The Certificate Paying Agent shall make distributions to each Certificateholder from the Collection Account pursuant to Section 4.02 hereof and Sections 5.08 and 6.02 of the Transfer and Servicing Agreement and, upon
request, shall report the amounts of such distributions to the Owner Trustee. The Certificate Paying Agent shall have the revocable power to withdraw funds from the Collection Account for the purpose of making the distributions referred to above.
The Trust Administrator hereby accepts such appointment and further agrees that it will be bound by the provisions of this Agreement and the Transfer and Servicing Agreement relating to the Certificate Paying Agent and shall: 
  
 (i) hold all sums held by it for the payment of amounts due
with respect to the Certificates in trust for the benefit of the Person entitled thereto until such sums shall be paid to such Person or otherwise disposed of as herein provided; 
  
 (ii) give the Owner Trustee notice of any default by the Trust of which a Responsible Officer of the Trust
Administrator has actual knowledge in the making of any payment required to be made with respect to the Certificates; 
  
 (iii) at any time during the continuance of any such default, upon the written request of the Owner Trustee forthwith pay to the Owner
Trustee on behalf of the Trust all sums so held in Trust by such Certificate Paying Agent; 
  
 (iv) immediately resign as Certificate Paying Agent and forthwith pay to the Owner Trustee on behalf of the Trust all sums held by it in
trust for the payment of the Certificates if at any time it ceases to meet the standards under this Section 3.09 required to be met by the Certificate Paying Agent at the time of its appointment; and 
  
 (v) not institute bankruptcy proceedings against the Trust
in connection with this Agreement. 
  
 (b) In the event that the
Trust Administrator shall no longer be the Certificate Paying Agent hereunder, the Depositor shall appoint a successor to act as Certificate Paying Agent (which shall be a bank or trust company). The successor Certificate Paying Agent or any
additional Certificate Paying Agent appointed by the Depositor shall execute and deliver to the Depositor and the Owner Trustee an instrument in which such successor Certificate Paying Agent or additional Certificate Paying Agent shall agree that as
Certificate Paying Agent, such 

  

 15 

 
successor Certificate Paying Agent or additional Certificate Paying Agent will hold all sums, if any, held by it for payment in trust for the benefit of each
Certificateholder entitled thereto until such sums shall be paid to such Certificateholder. The Certificate Paying Agent shall return all unclaimed funds to the Owner Trustee, and upon removal of a Certificate Paying Agent, such Certificate Paying
Agent shall also return all funds in its possession to the Owner Trustee. The provisions of Sections 5.03, 5.04, 6.01, 6.05, 6.07, 6.08, 7.01 and 7.02 shall apply to the Trust Administrator also in its role as Certificate Paying Agent for so long as
the Trust Administrator shall act as Certificate Paying Agent and, to the extent applicable, to any other Certificate Paying Agent appointed hereunder. Any reference in this Agreement to the Certificate Paying Agent shall include any co-paying agent
unless the context requires otherwise. 
  
 Section 3.10.
Initial Beneficiary. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.05 and until the issuance of the Certificates, the Depositor shall be the sole beneficiary of the Trust. 
  
 ARTICLE IV 
 APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 
  
 Section 4.01. Collection Account. All of the right, title and interest of the Trust in all funds on deposit from time to time in the Collection
Account and in all proceeds thereof shall be held for the benefit of each Certificateholder and such other persons entitled to payments therefrom. Except as otherwise expressly provided herein or in the Transfer and Servicing Agreement, the
Collection Account shall be under the sole dominion and control of the Trust Administrator for the benefit of the Certificateholders. 
  
 The Collection Account shall be subject to and established and maintained in accordance with the applicable provisions of the Transfer and Servicing
Agreement and the Indenture, including, without limitation, the provisions of Sections 5.08 and 6.02 of the Transfer and Servicing Agreement regarding distributions from the Collection Account. 
  
 Section 4.02. Application of Trust Funds. 
  
 (a) On each Payment Date, the Owner Trustee shall direct the Certificate
Paying Agent to distribute to each Certificateholder, from amounts on deposit in the Collection Account, the distributions as provided in Sections 5.08 and 6.02 of the Transfer and Servicing Agreement with respect to such Payment Date. The Owner
Trustee hereby directs the Certificate Paying Agent to distribute on each Payment Date to each Certificateholder amounts on deposit in the Collection Account in accordance with Sections 5.08 and 6.02 of the Transfer and Servicing Agreement and the
Certificate Paying Agent hereby acknowledges such direction. 
  
 (b) All payments to be made under this Agreement by the Certificate Paying Agent shall be made only from the income and proceeds, including Net Proceeds from the Notes, of the Trust Estate and only to the extent that the Certificate Paying
Agent has received such income or proceeds. The Bank shall not be liable to any Certificateholder, the Indenture Trustee or the Trust Administrator for any amounts payable pursuant to this Section 4.02 except to the extent that non-payment is
due to the Owner Trustee’s acts or omissions amounting to willful misconduct or gross negligence. 
  

 16 

 (c) Distributions to any Certificateholder shall be subordinated to the creditors of the Trust,
including, without limitation, the Noteholders. 
  
 Section 4.03.
Method of Payment. Subject to Section 8.01(c), distributions required to be made to any Certificateholder on any Payment Date as provided in Section 4.02 shall be made to the each Person who was a Certificateholder on the preceding
Record Date either by wire transfer, in immediately available funds, to the account of each such Certificateholder at a bank or other entity having appropriate facilities therefor, if such respective Certificateholder shall have provided to the
Certificate Registrar appropriate written instructions at least five Business Days prior to such Payment Date or, if not, by check mailed to each such Certificateholder at the respective address of such Certificateholder appearing in the Certificate
Register. 
  
 Section 4.04. [Reserved] 
  
 Section 4.05. Segregation of Moneys; No Interest. Moneys, if any,
received by or on behalf of the Owner Trustee hereunder and deposited into the Collection Account will be segregated except to the extent required otherwise by law or the provisions of the Transfer and Servicing Agreement. The Owner Trustee shall
not be liable for payment of any interest in respect of such moneys. 
  
 ARTICLE V 
 AUTHORITY AND DUTIES OF THE OWNER TRUSTEE; 
 ACTION BY CERTIFICATEHOLDERS 
  
 Section 5.01. General Authority. The Owner Trustee is authorized and directed to execute and deliver the Notes, the Certificates, the other Operative Agreements to which the Trust is to be a party, each certificate or other document
attached as an exhibit to or contemplated by the Operative Agreements to which the Trust is to be a party and any amendment or other agreement or instrument described herein, all as approved by the Depositor, as evidenced conclusively by the Owner
Trustee’s execution thereof, and, on behalf of the Trust, to direct the Trust Administrator to authenticate the Notes. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of
the Trust pursuant to the Operative Agreements. 
  
 Section 5.02.
General Duties. 
  
 (a) It shall be the duty of the Owner
Trustee to discharge (or cause to be discharged) all of its responsibilities pursuant to the terms of this Agreement and the other Operative Agreements to which the Trust is a party and to administer the Trust in the interest of the
Certificateholders, subject to the Operative Agreements and in accordance with the provisions of this Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under
the Operative Agreements to the extent the Trust Administrator has agreed in the Transfer and Servicing Agreement or this Agreement, respectively, to perform any act or to discharge any duty of the Owner Trustee or the Trust hereunder or under any
Operative Agreement, and the Owner Trustee shall not be held liable for the default or failure of the Trust Administrator to carry out its obligations under the 

  

 17 

 
this Agreement or the Transfer and Servicing Agreement or any other Operative Agreement, respectively; and 
  
 (b) It shall be the duty of the Depositor under the Transfer and Servicing
Agreement to obtain and preserve the Trust’s qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of the Indenture, the Notes, the Collateral and each
other instrument and agreement included in the Trust Estate. It shall be the duty of the Owner Trustee to cooperate with the Depositor with respect to such matters. 
  
 Section 5.03. Action Upon Instruction. 
  
 (a) Subject to Article V and in accordance with the terms of the Operative Agreements, the Ownership Certificate Holder may
by written instruction direct the Owner Trustee in the management of the Trust, but only to the extent consistent with the limited purpose of the Trust. Such direction may be exercised at any time by written instruction of the Ownership Certificate
Holder pursuant to this Article V. 
  
 (b) Notwithstanding the
foregoing, the Owner Trustee shall not be required to take any action hereunder or under any Operative Agreement if the Owner Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in
liability on the part of the Owner Trustee or is contrary to the terms hereof or of any Operative Agreement or is otherwise contrary to law. 
  
 (c) Whenever the Owner Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Agreement or under any
other Operative Agreement, or in the event that the Owner Trustee is unsure as to the application of any provision of this Agreement or any other Operative Agreement or any such provision is ambiguous as to its application, or is, or appears to be,
in conflict with any other applicable provision, or in the event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action that the Owner Trustee is required to take with respect to a
particular set of facts, the Owner Trustee may promptly give notice (in such form as shall be appropriate under the circumstances) to the Ownership Certificate Holder requesting instruction as to the course of action to be adopted, and to the extent
the Owner Trustee acts in good faith in accordance with any written instruction of the Ownership Certificate Holder, the Owner Trustee shall not be liable on account of such action to any Person. If the Owner Trustee shall not have received
appropriate instruction within 10 days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from
taking such action not inconsistent with this Agreement or any other Operative Agreement, as it shall deem to be in the best interests of each Certificateholder, and the Owner Trustee shall have no liability to any Person for such action or
inaction. 
  
 Section 5.04. No Duties Except as Specified under
Specified Documents or in Instructions. The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Trust Estate, or to otherwise take or
refrain from taking any action under, or in connection with, any document 

  

 18 

 
contemplated hereby to which the Owner Trustee or the Trust is a party, except as expressly provided (i) in accordance with the powers granted to and
the authority conferred upon the Owner Trustee pursuant to this Agreement, and (ii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to Section 5.03; and no implied duties or obligations shall be read
into this Agreement or any Operative Agreement against the Owner Trustee. Without limiting the foregoing, unless specifically enumerated in any Operative Agreement to which the Owner Trustee is party, the Owner Trustee (i) shall have no duty or
obligation to execute, file or deliver, or cause the preparation, filing or delivery by other persons of, any such documents, reports, filings, instruments, certificates or opinions as it shall be the duty of the Trust to prepare, file or deliver
pursuant to the Operative Agreements, (ii) shall have no duty or obligation to take, or refrain from taking, any action that is the duty or the obligation of the Trust pursuant to the Operative Agreements and (iii) shall have no duty or
obligation to monitor the Trust’s duties and obligations pursuant to the Operative Agreements nor ensure that such duties and obligations are fulfilled by the Trust. The Owner Trustee shall have no responsibility for filing any financing or
continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to the Trust or to prepare or file any Securities and Exchange Commission filing for the Trust or to
record this Agreement or any Operative Agreement or to prepare or file any tax return for the Trust. The Owner Trustee nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any liens
on any part of the Trust Estate that result from actions by, or claims against the Bank that are not related to the ownership or the administration of the Trust Estate. 
  
 Section 5.05. Restrictions. 
  

(a) The Owner Trustee shall not take any action that is inconsistent with the purposes of the Trust set forth in Section 2.03. The Ownership
Certificate Holder shall not direct the Owner Trustee to take action that would violate the provisions of this Section 5.05. 
  
 (b) The Owner Trustee shall not, except as provided herein, convey or transfer any of the Trust’s properties or assets, including those included in
the Trust Estate, to any person unless such conveyance or transfer shall not violate the provisions of the Indenture. 
  
 Section 5.06. Prior Notice to the Certificateholders with Respect to Certain Matters. With respect to the following matters, the Owner Trustee
shall not take action unless at least 30 days before the taking of such action, the Owner Trustee shall have notified the Certificateholder in writing of the proposed action and the Certificateholder shall have notified the Owner Trustee in writing
prior to the 30th day after such notice is given that such Certificateholder has consented to such action or provided alternative direction: 
  
 (a) The initiation of any claim or lawsuit by the Trust (except claims or lawsuits brought in connection with the collection of cash distributions due and
owing under the Collateral) and the compromise of any action, claim or lawsuit brought by or against the Trust (except with respect to the aforementioned claims or lawsuits for collection of cash distributions due and owing under the Collateral);

  

 19 

 (b) the election by the Trust to file an amendment to the Certificate of Trust (unless such amendment is
required to be filed under the Delaware Trust Statute); 
  
 (c)
the amendment of the Indenture by a supplemental indenture or of this Agreement, the Swap Agreement or any other Operative Agreement in circumstances where the consent of any Noteholder is required; 
  
 (d) the amendment or other change of the Indenture by a supplemental
indenture or of this Agreement or any other Operative Agreement in circumstances where the consent of any Noteholder is not required and such amendment materially adversely affects the interests of any Certificateholder; 
  
 (e) the amendment of the Transfer and Servicing Agreement in circumstances
where the consent of any Securityholder is required; 
  
 (f) the
amendment, change or modification of the Transfer and Servicing Agreement, except to cure any ambiguity or to amend or supplement any provision in a manner or add any provision that would not materially and adversely affect the interests of any
Certificateholder; 
  
 (g) the appointment pursuant to the
Indenture of a successor Note Registrar, Paying Agent or Indenture Trustee or pursuant to this Agreement of a successor Certificate Registrar or Certificate Paying Agent or the consent to the assignment by the Note Registrar, Paying Agent, Indenture
Trustee, Certificate Registrar or Certificate Paying Agent of its obligations under the Indenture or this Agreement, as applicable; 
  
 (h) the consent to the calling or waiver of any default of any Operative Agreement; 
  
 (i) the consent to the assignment by the Indenture Trustee of its obligations under any Operative Agreement; 
  
 (j) except as provided in Article VIII hereof, dissolve, terminate or
liquidate the Trust in whole or in part; 
  
 (k) the merger,
conversion or consolidation of the Trust with or into any other entity, or conveyance or transfer of all or substantially all of the Trust’s assets to any other entity; 
  
 (l) the incurrence, assumption or guaranty by the Trust of any indebtedness other than as set forth in this Agreement;

  
 (m) the taking of any action which conflicts with any
Operative Agreement or would make it impossible to carry on the ordinary business of the Trust or change the Trust’s purpose and powers set forth in this Agreement; 
  
 (n) the confession of a judgment against the Trust; 
  
 (o) the possession of the Trust assets, or assignment of the Trust’s right to property, for other than a Trust purpose;
or 
  

 20 

 (p) the lending of funds by the Trust to any entity. 
  
 In addition, the Trust shall not commingle its assets with those of any other
entity. The Trust shall maintain its financial and accounting books and records separate from those of any other entity. Except as expressly set forth herein, the Trust shall pay its indebtedness, operating expenses and liabilities from its own
funds, and the Trust shall neither incur any indebtedness nor pay the indebtedness, operating expenses and liabilities of any other entity. Except as expressly set forth herein, the Trust shall not engage in any dissolution, liquidation,
consolidation, merger or sale of assets. The Trust shall maintain appropriate minutes or other records of all appropriate actions and shall maintain its office separate from the offices of the Depositor or any of its Affiliates. The Trust shall not
engage in any business activity in which it is not currently engaged other than as contemplated by the Operative Agreements and related documentation. The Trust shall not form, or cause to be formed, any subsidiaries and shall not own or acquire any
asset other than as contemplated by the Operative Agreements and related documentation. Other than as contemplated by the Operative Agreements and related documentation, the Trust shall not follow the directions or instructions of the Depositor. The
Trust shall conduct its own business in its own name. The Trust shall observe all formalities required under the Delaware Trust Statute. The Trust shall not hold out its credit as being available to satisfy the obligations of any other person or
entity. The Trust shall not acquire the obligations or securities of its Affiliates or the Seller. Other than as contemplated by the Operative Agreements and related documentation, the Trust shall not pledge its assets for the benefit of any other
person or entity. The Trust shall correct any known misunderstanding regarding its separate identity. The Trust shall not identify itself as a division of any other person or entity, except for federal income tax purposes. 
  
 For accounting purposes, the Trust shall be treated as an entity separate and
distinct from each Certificateholder. The pricing and other material terms of all transactions and agreements to which the Trust is a party shall be intrinsically fair to all parties thereto. This Agreement is and shall be the only agreement among
the parties thereto with respect to the creation, operation and termination of the Trust. 
  
 The Owner Trustee shall not have the power, except upon the written direction of the Ownership Certificate Holder, and to the extent otherwise consistent with the Operative Agreements, to (i) remove or replace
the Indenture Trustee, or (ii) institute a bankruptcy against the Trust. So long as the Indenture remains in effect, to the extent permitted by applicable law, the Ownership Certificate Holder shall have no power to commence, and shall not
commence, any bankruptcy with respect to the Trust or direct the Owner Trustee to commence any bankruptcy with respect to the Trust. 
  
 (q) The Owner Trustee shall not have the power, except upon the written direction of the Ownership Certificate Holder, to (i) remove the Trust
Administrator under the Transfer and Servicing Agreement pursuant to Section 7.10 thereof, (ii) appoint a successor Trust Administrator pursuant to Section 7.10 of the Transfer and Servicing Agreement, or (iii) except as
expressly provided in the Indenture, to sell the Collateral after the termination of the Indenture. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed and authorized by the Ownership
Certificate Holder. 
  

 21 

 Section 5.07. Action by the Holder with Respect to Bankruptcy. The Owner Trustee shall not have
the power to commence or consent to a bankruptcy relating to the Trust without the prior approval of the Ownership Certificate Holder and the delivery to the Owner Trustee by the Ownership Certificate Holder of a certificate certifying that the
Ownership Certificate Holder reasonably believes that the Trust is insolvent. This paragraph shall survive for one year and one day following termination of this Agreement. To the fullest extent permitted by law, so long as the Indenture remains in
effect, the Ownership Certificate Holder shall not have the power to institute, and shall not institute, any bankruptcy with respect to the Trust or direct the Owner Trustee to take such action. 
  
 Section 5.08. Restrictions on the Ownership Certificate Holder’s
Power. The Ownership Certificate Holder shall not direct the Owner Trustee to take or to refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Agreement or any
of the Operative Agreements or would be contrary to Section 2.03 nor shall the Owner Trustee be obligated to follow any such direction, if given. 
  
 ARTICLE VI 
 CONCERNING THE OWNER TRUSTEE

  
 Section 6.01. Acceptance of Trusts and Duties. The
Owner Trustee accepts the trusts hereby created and agrees to perform the same but only upon the terms of this Agreement and the terms of the Transfer and Servicing Agreement. The Owner Trustee also agrees to disburse all moneys actually received by
it constituting part of the Trust Estate upon the terms of this Agreement. The Bank shall not be answerable or accountable hereunder or under any other Operative Agreements under any circumstances, except (i) for its own willful misconduct,
gross negligence or bad faith, (ii) in the case of the inaccuracy of any representation or warranty contained in Section 6.04, (iii) for liabilities arising from the failure by the Bank to perform obligations expressly undertaken by
it in the last sentence of Section 5.04, or (iv) for taxes, fees or other charges based on or measured by any fees, commissions or compensation received by the Bank in connection with any of the transactions contemplated by this Agreement,
any other Operative Agreements or the Notes. In particular, but not by way of limitation: 
  
 (a) The Bank shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Owner Trustee; 
  
 (b) The Bank shall not be liable with respect to any action taken or omitted to be taken by the Owner Trustee in accordance with the instructions of any
Certificateholder; 
  
 (c) No provision of this Agreement shall
require the Bank to expend or risk funds or otherwise incur any financial liability in the performance of any of the Owner Trustee’s rights or powers hereunder or under any other Operative Agreements if the Bank shall have reasonable grounds
for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it; 
  
 (d) Under no circumstance shall the Bank be liable for indebtedness evidenced by or arising under any of the Operative Agreements, including the principal
of and interest on the Notes; 
  

 22 

 (e) The Bank shall not be liable with respect to any action taken or omitted to be taken by the
Depositor, the Trust Administrator, the Master Servicer, the Indenture Trustee, any Officer or the Certificate Paying Agent under this Agreement or any other Operative Agreement or otherwise and the Bank shall not be obligated to perform or monitor
the performance of any obligations or duties under this Agreement or the other Operative Agreements which are to be performed by the Certificate Paying Agent under this Agreement, the Trust Administrator under the Transfer and Servicing, the
Indenture Trustee under the Indenture or by any other Person under any of the Operative Agreements; and 
  
 (f) The Bank shall not be responsible for or in respect of the recitals herein, the validity or sufficiency of this Agreement or for the due execution
hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the Trust Estate or for or in respect of the validity or sufficiency of the Operative Agreements, other than the certificate of authentication
on the Certificates, and the Bank shall in no event assume or incur any liability, duty or obligation to any Noteholder, the Depositor or to any Certificateholder, other than as expressly provided for herein. 
  
 Section 6.02. Furnishing of Documents. The Owner Trustee will furnish
to the Trust Administrator (for distribution to each Certificateholder), promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other
instruments furnished to the Owner Trustee hereunder or under the Operative Agreements unless the Trust Administrator shall have already received the same. 
  
 Section 6.03. Books and Records. The Owner Trustee shall keep or cause to be kept proper books of record and account of all the transactions under
this Agreement, including a record of the name and address of each Certificateholder. The Owner Trustee shall be deemed to have complied with this Section 6.03 by the appointment of the Trust Administrator and the Certificate Paying Agent to
perform the duties hereunder. 
  
 Section 6.04. Representations
and Warranties. 
  
 (a) The Bank represents and warrants to
the Depositor, for the benefit of each Certificateholder, as follows: 
  
 (i) the Bank is a Delaware banking corporation duly organized and validly existing under the laws of Delaware and has the power and authority to execute, deliver and perform its obligations under this Agreement and
(assuming due authorization, execution and delivery of this Agreement by the Depositor and Trust Administrator), has the power and authority as Owner Trustee to execute and deliver the Operative Agreements and to perform its obligations thereunder
and, assuming the due authorization, execution and delivery hereof by the other parties hereto, this Agreement constitutes a legal, valid and binding obligation of the Bank or the Owner Trustee, as the case may be, enforceable against the Bank or
the Owner Trustee, as the case may be, in accordance with its terms, except that (a) the enforceability thereof may be limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights
generally and (b) the remedy of specific performance and injunctive and 

  

 23 

 
other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought;

  
 (ii) the Bank has no reason to believe that
anyone authorized to act on its behalf has offered any interest in and to the Trust for sale to, or solicited any offer to acquire any of the same from, anyone; 
  
 (iii) the execution, delivery and performance by the Bank, either in its individual capacity or as Owner
Trustee, as the case may be, of the Operative Agreements will not result in any violation of, or be in any conflict with, or constitute a default under any of the provisions of any indenture, mortgage, chattel mortgage, deed of trust, conditional
sales contract, lease, note or bond purchase agreement, license, judgment, order or other agreement to which the Bank is a party or by which it or any of its properties is bound; 
  
 (iv) the execution and delivery by the Bank of this Agreement, and the performance of its duties as Owner
Trustee hereunder, do not require the consent or approval of, the giving of notice to, or the registration with, or the taking of any other action with respect to, any governmental authority or agency of the State of Delaware (except as may be
required by the Delaware Trust Statute); and 
  
 (v) there are no pending or, to the best of its knowledge, threatened actions or proceedings against the Bank before any court, administrative agency or tribunal which, if determined adversely to it, would materially and adversely affect
its ability, either in its individual capacity or as Owner Trustee, as the case may be, to perform its obligations under this Agreement or the Operative Agreements. 
  
 (b) Wells Fargo Bank, N.A., as Trust Administrator, hereby represents and warrants to the Depositor, for the benefit of each
Certificateholder, that: 
  
 (i) it is a national
banking association duly organized and validly existing in good standing under the laws of the United States of America, and has the power and authority to execute, deliver and perform its obligations under this Agreement and, assuming the due
authorization, execution and delivery hereof by the other parties hereto, this Agreement constitutes a legal, valid and binding obligation of the Trust Administrator, enforceable against the Trust Administrator in accordance with its terms, except
that (a) the enforceability thereof may be limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally and (b) the remedy of specific performance and injunctive and other
forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought; 
  
 (ii) it has taken all action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will be
executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf; and 
  
 (iii) neither the execution nor the delivery by it of this Agreement nor the consummation by it of the transactions contemplated hereby
nor compliance by it with 

  

 24 

 
any of the terms or provisions hereof will contravene any federal, governmental rule or regulation governing the banking or trust powers of the Trust
Administrator or any judgment or order binding on it, or constitute any default under its charter documents or by-laws or any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be
bound. 
  
 Section 6.05. Reliance; Advice of Counsel.

  
 (a) Except as provided in Section 6.01, the Owner Trustee
shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by
the proper party or parties. The Owner Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate or partnership entity as conclusive evidence that such resolution has been duly adopted by
such body and that the same is in full force and effect. As to any fact or matter the manner of ascertainment of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the
president or any vice president (or the general partner, in the case of a partnership) and by the treasurer or any assistant treasurer or the secretary or any assistant secretary of the relevant party, as to such fact or matter, and such certificate
shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 
  
 (b) In its exercise or administration of the trusts and powers hereunder, including its obligations under Section 5.02(b), and in the performance of
its duties and obligations under this Agreement or the other Operative Agreements, the Owner Trustee may employ agents and attorneys and enter into agreements (including the Transfer and Servicing Agreement) with any of them, and the Owner Trustee
shall not be answerable for the default or misconduct of any such agents or attorneys if such agents or attorneys shall have been selected by the Owner Trustee with reasonable care. If, and to the extent, the Seller shall have failed to reimburse
the Owner Trustee for all reasonable expenses and indemnities incurred pursuant to this Section 6.05(b), as provided in Section 7.01 and Section 7.02, the Owner Trustee may seek reimbursement therefor from the Trust Estate.

  
 (c) In the administration of the trusts and performance of its
duties hereunder, the Owner Trustee may consult with counsel, accountants and other skilled Persons to be selected and employed by it, and the Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance
with the reasonable advice or opinion of any such counsel, accountants or other skilled Persons. If, and to the extent, the Seller shall have failed to reimburse the Owner Trustee for all reasonable expenses and indemnities incurred pursuant to this
Section 6.05(c), as provided in Section 7.01 and Section 7.02, the Owner Trustee may seek reimbursement therefor from the Trust Estate. 
  
 Section 6.06. Not Acting in Individual Capacity. Except as provided in this Article VI, in accepting the trusts hereby created the Owner Trustee
acts solely as trustee hereunder and not in its individual capacity, and all persons having any claim against the Owner Trustee by reason of the transactions contemplated by the Operative Agreements shall look only to the Trust Estate for payment or
satisfaction thereof. 
  

 25 

 Section 6.07. Owner Trustee Not Liable for Certificates or Collateral. The recitals contained
herein and in the Certificates (other than the signatures and countersignatures of the Owner Trustee on the Certificates) shall be taken as the statements of the Depositor, and the Owner Trustee assumes no responsibility for the correctness thereof.
The Owner Trustee makes no representations as to the validity or sufficiency of this Agreement, of any Operative Agreement or of the Certificates (other than the signatures and countersignatures of the Owner Trustee on the Certificates) or the
Notes, or of any Collateral or related documents. The Owner Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity and enforceability of any Collateral, or the perfection and priority of any
security interest created by any Collateral or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Trust Estate or its ability to generate the payments to be distributed to Certificateholders under
this Agreement or the Noteholders under the Indenture, including, without limitation: the existence, condition and ownership of any Collateral; the existence and enforceability of any insurance thereon; the existence and contents of any Collateral
on any computer or other record thereof; the validity of the assignment of any Collateral to the Trust or of any intervening assignment; the completeness of any Collateral; the performance or enforcement of any Collateral; the compliance by the
Depositor with any warranty or representation made under any Operative Agreements or in any related document or the accuracy of any such warranty or representation or any action of the Trust Administrator or the Indenture Trustee taken in the name
of the Owner Trustee. 
  
 Section 6.08. Owner Trustee May Own
Notes. The Owner Trustee in its individual capacity may become an owner or pledgee of Notes and may deal with the Depositor, the Trust Administrator and the Indenture Trustee in banking transactions with the same rights as it would have if it
were not Owner Trustee. 
  
 Section 6.09. Licenses. The
Depositor shall cause the Trust to use its best efforts to obtain and maintain the effectiveness of any licenses required in connection with this Agreement and the other Operative Agreements and the transactions contemplated hereby and thereby until
such time as the Trust shall terminate in accordance with the terms hereof. It shall be the duty of the Owner Trustee to cooperate with the Depositor with respect to such matters. 
  
 Section 6.10. Doing Business in Other Jurisdictions. Notwithstanding anything contained herein to the contrary,
neither the Bank nor the Owner Trustee shall be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will (i) require the consent or approval or authorization or order of or the giving
of notice to, or the registration with or the taking of any other action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware; (ii) result in any fee, tax or other governmental
charge under the laws of any jurisdiction or any political subdivisions thereof in existence on the date hereof other than the State of Delaware becoming payable by the Bank or the Owner Trustee; or (iii) subject the Bank or the Owner Trustee
to personal jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the consummation of the transactions by the Bank or the Owner Trustee, as the case may be, contemplated hereby. The
Owner Trustee shall be entitled to obtain advice of counsel (which advice shall be an expense of the Trust) to determine whether any action required to be taken pursuant to this Agreement results in the consequences described in clauses (i),
(ii) and (iii) of the preceding sentence. In the event that such counsel advises the Owner Trustee that 

  

 26 

 
such action will result in such consequences, the Owner Trustee will appoint a co-trustee pursuant to Section 9.05 hereof to proceed with such action.

  
 Section 6.11. Sarbanes-Oxley Act Certification.
Notwithstanding anything to the contrary herein or in any Operative Agreement, the Owner Trustee shall not be required to execute, deliver or certify on behalf of the Trust or any other Person any filings, certificates, affidavits or other
instruments in connection with certifications required under the Sarbanes-Oxley Act of 2002. 
  
 ARTICLE VII 
 INDEMNIFICATION AND COMPENSATION 
  
 Section 7.01. Trust Expenses. New York Mortgage Trust, Inc. (“NYMT”) shall pay the organizational expenses
of the Trust as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee in connection therewith. NYMT shall also pay (or reimburse the Bank for) all
reasonable expenses of the Owner Trustee hereunder, including, without limitation, the reasonable compensation, expenses and disbursements of such agents, representatives, experts and counsel as the Owner Trustee may employ in connection with the
exercise and performance of its rights and duties under the Operative Agreements. 
  
 Section 7.02. Indemnification. NYMT agrees to assume liability for, and indemnify the Bank and its successors, assigns, officers, directors, agents and servants, against and from, any and all liabilities,
obligations, losses, damages, taxes, claims, actions, suits, costs, expenses and disbursements (including reasonable legal fees and expenses) of any kind and nature whatsoever (collectively, “Expenses”) which may be imposed on, incurred by
or asserted at any time against the Bank (whether or not indemnified against by other parties) in any way relating to or arising out of this Agreement, any Operative Agreement, the Collateral, the administration of the Trust Estate or the action or
inaction of the Owner Trustee hereunder, except only that NYMT shall not be required to indemnify the Bank for Expenses arising or resulting from any of the matters described in the third sentence of Section 6.01. The indemnities contained in
this Section 7.02 shall survive the resignation or termination of the Owner Trustee or the termination of this Agreement. In the event of any claim, action or proceeding for which indemnity will be sought pursuant to this Section, the Owner
Trustee’s choice of legal counsel shall be subject to the approval of the NYMT, which approval shall not be unreasonably withheld. 
  
 Section 7.03. Compensation. The Bank shall receive as compensation for its services hereunder such fees as are set forth in the Fee Letter
Agreement between the Bank and the NYMT. 
  
 Section 7.04. Lien
on Trust Estate. The Bank shall have a lien on the Trust Estate for any compensation or indemnity due hereunder, such lien to be subject only to prior liens of the Indenture. The Bank shall not bring any proceedings to foreclose on such lien if
and to the extent the Trust Estate is subject to the lien of the Indenture. Any amount paid to the Owner Trustee pursuant to this Article VII shall be deemed not to be part of the Trust Estate immediately after such payment. 
  

 27 

 ARTICLE VIII 
 TERMINATION OF AGREEMENT 
  
 Section 8.01. Termination of Agreement. 
  
 (a)
This Agreement (other than Article VII) shall terminate and the trusts created hereby shall dissolve and terminate and the Trust Estate shall, subject to the Indenture and Sections 4.01 and 7.04 and Section 3808 of the Delaware Trust Statute,
be distributed to the Certificateholders, and this Agreement shall be of no further force or effect, upon the earlier of (i) the full payment of principal and interest due on all Classes of the Notes; and (ii) the sale or other final
disposition by the Indenture Trustee or the Owner Trustee, as the case may be, of all the Trust Estate and the final distribution by the Indenture Trustee or the Owner Trustee, as the case may be, of all moneys or other property or proceeds of the
Trust Estate in accordance with the terms of the Indenture, the Transfer and Servicing Agreement and Section 4.02. The bankruptcy, liquidation or dissolution of any Certificateholder shall not operate to terminate this Agreement, nor entitle
such Certificateholder’s legal representatives to claim an accounting or to take any action or proceeding in any court for a partition or winding up of the Trust Estate, nor otherwise affect the rights, obligations and liabilities of the
parties hereto. 
  
 (b) Except as provided in
Section 8.01(a), none of the Depositor or any Certificateholder shall be entitled to revoke or terminate the Trust established hereunder. 
  
 (c) Notice of any termination of the Trust, specifying the Payment Date upon which Certificateholders shall surrender their Certificates to the
Certificate Paying Agent for payment of the final distribution and cancellation, shall be given by the Certificate Paying Agent by letter to the Certificateholders and the Rating Agencies mailed within five Business Days of receipt of notice of the
final payment on the Notes pursuant to the Transfer and Servicing Agreement, stating (i) the Payment Date upon or with respect to which final payment of the Certificates shall be made upon presentation and surrender of the Certificates at the
office of the Certificate Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and
surrender of the Certificates at the office of the Certificate Paying Agent therein specified. The Certificate Paying Agent shall give such notice to the Owner Trustee and the Certificate Registrar at the time such notice is given to the
Certificateholders. Upon presentation and surrender of the Certificates, the Certificate Paying Agent shall cause to be distributed to the applicable Certificateholder amounts distributable on such Payment Date pursuant to Section 5.08 and
Section 6.02 of the Transfer and Servicing Agreement. 
  
 (d)
Upon the winding up of the Trust and its termination, the Owner Trustee shall upon the written request of the Depositor cause the Certificate of Trust to be cancelled by filing a certificate of cancellation with the Secretary of State in accordance
with the provisions of Section 3810 of the Delaware Trust Statute. 
  

 28 

 ARTICLE IX 
 SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES 
  
 Section 9.01. Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Delaware Trust Statute; authorized to
exercise corporate powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by Federal or state authorities; and having (or having a parent which has) a short-term debt rating of at least
“A-1” or the equivalent by, or which is otherwise acceptable to, the Rating Agencies. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or
examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any
time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02. 
  
 Section 9.02. Resignation or Removal of Owner Trustee. The Owner
Trustee may at any time resign and be discharged from the trusts hereby created by giving 30 days’ prior written notice thereof to the Depositor and the Indenture Trustee. Upon receiving such notice of resignation, the Depositor shall promptly
appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so
appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Owner Trustee may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee. 
  
 If at any time the Owner Trustee shall cease to be eligible in accordance
with the provisions of Section 9.01 and shall fail to resign after written request therefor by the Depositor, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the
Owner Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor may remove
the Owner Trustee. If the Depositor shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Owner Trustee by written instrument in duplicate, one copy of which
instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee and payment of all fees owed to the outgoing Owner Trustee. 
  
 Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the
provisions of this Section shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 9.03 and payment of all fees and expenses owed to the outgoing Owner Trustee. The Trust Administrator shall
provide notice of such resignation or removal of the Owner Trustee to the Rating Agencies. 
  
 Section 9.03. Successor Owner Trustee. Any successor Owner Trustee appointed pursuant to Section 9.02 shall execute, acknowledge and deliver to the Trust Administrator and to its predecessor Owner Trustee
an instrument accepting such appointment under this 

  

 29 

 
Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become effective and such successor Owner Trustee without any
further act, deed or conveyance, shall become fully vested with all the rights, powers, duties, and obligations of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee. The predecessor Owner Trustee shall
upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement; and the Trust Administrator and the predecessor Owner Trustee shall execute and deliver such
instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties, and obligations. 
  
 No successor Owner Trustee shall accept appointment as provided in this
Section unless at the time of such acceptance such successor Owner Trustee shall be eligible pursuant to Section 9.01. 
  
 Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section, the Trust Administrator shall mail notice of the successor of such
Owner Trustee to all Certificateholders, the Indenture Trustee, the Noteholders and the Rating Agencies. If the Trust Administrator fails to mail such notice within 10 days after acceptance of appointment by the successor Owner Trustee, the
successor Owner Trustee shall cause such notice to be mailed at the expense of the Trust Administrator. 
  
 Section 9.04. Merger or Consolidation of Owner Trustee. Any Person into which the Owner Trustee may be merged or converted or with which it may be
consolidated or any Person resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any Person succeeding to all or substantially all of the corporate trust business of the Owner Trustee, shall be the
successor of the Owner Trustee hereunder, provided such Person shall be eligible pursuant to Section 9.01, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to
the contrary notwithstanding. 
  
 Section 9.05. Appointment of
Co-Trustee or Separate Trustee. Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Estate or any Collateral may at the time be
located, and for the purpose of performing certain duties and obligations of the Owner Trustee with respect to the Trust and the Certificates under the Transfer and Servicing Agreement, the Owner Trustee shall have the power and shall execute and
deliver all instruments to appoint one or more Persons approved by the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person,
in such capacity, such title to the Trust, or any part thereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Owner Trustee may consider necessary or desirable. No co-trustee or
separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to Section 9.01 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to
Section 9.03. 
  

 30 

 The Owner Trustee hereby appoints the Trust Administrator for the purpose of establishing and maintaining
the Collection Account and making the distributions therefrom to the Persons entitled thereto pursuant to Section 5.08 and Section 6.02 of the Transfer and Servicing Agreement. 
  
 Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following
provision and conditions: 
  
 (a) all rights, powers, duties and
obligations conferred or imposed upon the Owner Trustee shall be conferred upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not
authorized to act separately without the Owner Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified
to perform such act or acts, in which event such rights, powers, duties, and obligations (including the holding of title to the Trust or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee
or co-trustee, but solely at the direction of the Owner Trustee; 
  
 (b) no trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement; and 
  
 (c) the Trust Administrator and the Owner Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee.

  
 Any notice, request or other writing given to the Owner
Trustee shall be deemed to have been given to the separate trustees and co-trustees, as if given to each of them. Every instrument appointing any separate trustee or co-trustee, other than this Agreement, shall refer to this Agreement and to the
conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of appointment, shall be vested with the estates specified in its instrument of appointment, either jointly with the Owner Trustee or separately, as may be
provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee. Each such instrument
shall be filed with the Owner Trustee and a copy thereof given to the Trust Administrator. 
  
 Any separate trustee or co-trustee may at any time appoint the Owner Trustee as its Agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in
respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by
the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 
  
 ARTICLE X 
 MISCELLANEOUS 
  
 Section 10.01. Supplements and Amendments. This Agreement may be amended by the Depositor, the Trust Administrator
and the Owner Trustee, with the consent of each Certificateholder and with prior written notice to the Rating Agencies, but without the consent of 

  

 31 

 
any of the Noteholders or the Indenture Trustee, to cure any ambiguity, to correct or supplement any provisions in this Agreement or for the purpose of
adding any provisions to or changing in any manner or eliminating any of the provisions in this Agreement or of modifying in any manner the rights of the Noteholders or each Certificateholder; provided, however, that such action shall
not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any Noteholder or Certificateholder or result in an entity level tax on the Trust. An amendment shall not be deemed to adversely affect in any
material respect the interests of any Noteholder or Certificateholder and no opinion referred to in the preceding proviso shall be required to be delivered if the Person requesting the amendment obtains a letter from each Rating Agencies stating
that the amendment would not result in the downgrading or withdrawal of the respective ratings then assigned to each applicable Class of Notes and Certificates. Notwithstanding the preceding sentence, an opinion shall be required with respect to tax
matters as set forth in this paragraph. 
  
 This Agreement may
also be amended from time to time by the Depositor, the Trust Administrator and the Owner Trustee, with the prior written consent of the Rating Agencies and with the prior written consent of the Indenture Trustee, the holders of Notes evidencing
more than 66 2/3 % of the Outstanding Balance of the Notes, the consent of each Certificateholder, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in
any manner the rights of any Certificateholder; provided, however, that no such amendment shall, as evidenced by an Opinion of Counsel, result in an entity level tax on the Trust; and provided, further, that no such
amendment shall (a) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on the Collateral or payments that shall be required to be made for the benefit of the Noteholders or any
Certificateholder or (b) reduce the aforesaid percentage of the Outstanding Balance of the Notes required to consent to or to waive the requirement for any Certificateholder to consent to any such amendment, in either case of clause (a) or
(b) without the consent of the holders of all the outstanding Notes and each Certificateholder. 
  
 Notwithstanding the foregoing, no provision of Sections 2.03 or 5.06 hereof may be amended in any manner unless (i) 100% of the Outstanding Balance
of the Noteholders have consented in writing thereto, (ii) the Rating Agencies have consent in writing thereto or (iii) the Notes have been paid in full and the Indenture has been discharged. 
  
 Promptly after the execution of any such amendment or consent, the Trust
Administrator shall furnish written notification of the substance of such amendment or consent to each Certificateholder, the Indenture Trustee and the Rating Agencies. 
  
 It shall not be necessary for the consent of the Certificateholders, the Noteholders or the Indenture Trustee pursuant to
this Section 10.01 to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents (and any other consents of the
Certificateholders provided for in this Agreement or in any other Operative Agreement) and of evidencing the authorization of the execution thereof by the Certificateholders shall be subject to such reasonable requirements as the Owner Trustee may
prescribe. 
  

 32 

 Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee shall cause
the filing of such amendment with the Secretary of State. 
  
 Prior to the execution of any amendment to this Agreement or the Certificate of Trust, the Owner Trustee and the Trust Administrator shall be entitled to receive and rely upon an Opinion of Counsel, at the expense of the Trust, stating that
the execution of such amendment is authorized or permitted by this Agreement. Neither the Owner Trustee nor the Trust Administrator shall be obligated to enter into any such amendment which affects the Owner Trustee’s or Trust
Administrator’s own rights, duties or immunities under this Agreement or otherwise. 
  
 Section 10.02. No Legal Title to Trust Estate in Certificateholders. The Certificateholders shall not have legal title to any part of the Trust Estate and shall only be entitled to receive distributions with
respect to their respective undivided beneficial interest therein pursuant to Section 4.02 once all amounts then owing with respect to the Notes have been paid in accordance with the Indenture. No transfer, by operation of law of any right,
title and interest of any Certificateholder in and to its undivided beneficial interest in the Trust Estate or hereunder shall operate to terminate this Agreement or the trusts hereunder or entitle any successor transferee to an accounting or to the
transfer to it of legal title to any part of the Trust Estate. 
  
 Section 10.03. Pledge of Collateral by Owner Trustee is Binding. The pledge of the Collateral to the Indenture Trustee by the Trust made under the Indenture and pursuant to the terms of this Agreement shall bind each
Certificateholder and shall be effective to transfer or convey the rights of the Trust and each Certificateholder in and to such Collateral to the extent set forth in the Indenture. No purchaser or other grantee shall be required to inquire as to
the authorization, necessity, expediency or regularity of such pledge or as to the application of any proceeds with respect thereto by the Owner Trustee. 
  
 Section 10.04. Limitations on Rights of Others. Nothing in this Agreement, whether express or implied (except for Section 7.04), shall be
construed to give to any Person other than the Owner Trustee and the Certificateholders any legal or equitable right in the Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein.

  
 Section 10.05. Notices. Unless otherwise expressly
specified or permitted by the terms hereof, all notices shall be in writing and delivered by hand, by courier or mailed by certified mail, postage prepaid, (a) if to the Owner Trustee or the Trust, addressed to it at the Corporate Trust Office
of the Owner Trustee or to such other address as the Owner Trustee may have set forth in a written notice to the Certificateholders and the Depositor addressed to it at the address set forth for such Certificateholders in the Certificate Register;
(b) if to the Trust Administrator, addressed to it at the Corporate Trust Office of the Trust Administrator; and (c) if to the Depositor, NYMT Securities Corporation, 1301 Avenue of the Americas, New York, New York, 10019. Whenever any
notice in writing is required to be given by the Owner Trustee or the Trust Administrator, such notice shall be deemed given and such requirement satisfied if such notice is mailed by certified mail, postage prepaid, addressed as provided above.

  

 33 

 Section 10.06. Severability. Any provision of this Agreement which is prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
  
 Section 10.07. Separate Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts
shall together constitute but one and the same instrument. 
  
 Section 10.08. Successors and Assigns. All representations, warranties, covenants and agreements contained herein shall be binding upon, and inure to the benefit of, the Owner Trustee and its successors and assigns and the Depositor
and each Certificateholder and its respective successors, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by any Certificateholder shall bind the successors of each such Certificateholder.

  
 Section 10.09. Headings. The headings of the various
Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 
  
 Section 10.10. Governing Law. THIS AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
DELAWARE WITHOUT REFERENCE TO THE CONFLICT OF LAWS PROVISIONS THEREOF, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS. 
  
 Section 10.11. No Petition. 
  
 (a) The Owner Trustee and the Trust Administrator, by entering into this
Agreement, each Certificateholder, by accepting the Certificates, and the Indenture Trustee and each Noteholder, by accepting the benefits of this Agreement, hereby covenant and agree that they will not at any time institute against the Depositor or
the Trust, or join in any institution against the Depositor or the Trust of, any bankruptcy under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Certificates, the Notes, this Agreement
or any of the other Operative Agreements. 
  
 (b) The Depositor
shall not be liable for the default or misconduct of the Trust Administrator, the Owner Trustee, the Indenture Trustee or the Certificate Paying Agent under any of the Operative Agreements or otherwise and the Depositor shall have no obligation or
liability to perform the obligations of the Trust under this Agreement or the Operative Agreements that are required to be performed by the Trust Administrator under the Transfer and Servicing Agreement or the Indenture Trustee under the Indenture.

  
 Section 10.12. No Recourse. Each Certificateholder by
accepting a Certificate acknowledges that such Certificateholder’s Certificate represents a beneficial interest in the Trust 

  

 34 

 
only and does not represent an interest in or an obligation of the Depositor, the Trust Administrator, the Owner Trustee, any co-trustee, the Bank or any
Affiliate thereof (other than the Trust) and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificates or the other Operative Agreements. 
  
 Section 10.13. Customer Identification. The Depositor’s legal
name, principal place of business, local office or other physical location street address is NYMT Securities Corporation, 1301 Avenue of the Americas, New York, New York, 10019, and its government issued identification number is 84-169414. The
Seller’s legal name, principal place of business, local office or other physical location street address is New York Mortgage Funding, LLC, 1301 Avenue of the Americas, New York, New York, 10019, and its government issued identification number
is 47-0934170. In connection with any federal, state or local laws requiring financial institutions to obtain, verify and record information that identifies each person or entity who opens an account, the Owner Trustee may request, and the Seller
and the Depositor agree to promptly provide to the Owner Trustee, copies of documentation which substantiates the identity of the Depositor or the Seller, as applicable. Such documentation may include, but is not limited to, financial statements,
government licenses, certified copies of formation documents or identification documentation of principals claiming to represent such party. 
  
 ARTICLE XI 
 OFFICERS 
  
 Section 11.01. Appointment of Officers. The Trust may have one or more
Officers who are hereby empowered to take and are responsible for performing all ministerial duties on behalf of the Trust pursuant to this Agreement and the other Operative Agreements, including, without limitation, the execution of the
Officers’ Certificate (as defined in the Indenture), the Trust Order (as defined in the Indenture), the Trust Request (as defined in the Indenture), the annual compliance report required under Section 3.09 of the Indenture, and any annual
reports, documents and other reports which the Trust is required to file with the Securities and Exchange Commission pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended. Each of the Chairman of the Board, the
Chief Executive Officer, the President, each Senior Vice President and each Vice President of the Depositor is hereby appointed as an Officer of the Trust. The Depositor shall promptly deliver to the Owner Trustee and the Indenture Trustee a list of
its officers who shall become the Officers of the Trust pursuant to this Section 11.01. 
  
 Section 11.02. Officers to Provide Information to the Owner Trustee. It shall be the duty of each Officer to keep the Owner Trustee reasonably and promptly informed as to material events relating to the Trust,
including, without limitation, all claims pending or threatened against the Trust, the purchase and sale of any material portion of the Trust Estate and the execution by such Officer on behalf of the Trust of any material agreements or instruments.

  

 35 

 IN WITNESS WHEREOF, the parties hereto have caused this Trust Agreement to be duly executed by their
respective officers hereunto duly authorized, as of the day and year first above written. 
  

					
	 NYMT SECURITIES CORPORATION,

	 as Depositor

			
	By:	 	 	 	/s/    DAVID A. AKRE        
	 	 	 Name:
	 	David A. Akre
	 	 	 Title:
	 	President
	
	 WILMINGTON TRUST COMPANY,

	not in its individual capacity but solely as Owner Trustee
			
	By:	 	 	 	/s/    ANITA A. DALLAGO        
	 	 	 Name:
	 	Anita A. Dallago
	 	 	 Title:
	 	Sr. Financial Services Officer
	
	 WELLS FARGO BANK, N.A.,

	not in its individual capacity but solely as Trust Administrator
			
	By:	 	 	 	/s/    PETER A. GOBELL        
	 	 	 Name:
	 	Peter A. Gobell
	 	 	 Title:
	 	Vice President

  
 Acknowledged and Agreed, solely

 for purposes of Sections 2.11, 7.01, 7.02 and 10.13: 
  

					
	 NEW YORK MORTGAGE TRUST, INC.

			
	By:	 	 	 	/s/    STEVEN SCHNALL        
	 	 	 Name:
	 	Steven Schnall
	 	 	 Title:
	 	Chief Executive Officer

 EXHIBIT A 
  
 FORM OF CERTIFICATES 
  
 Exhibit A to 
 Amended and Restated Trust Agreement 
 (Exhibit 4.4) 
  
 THIS OWNERSHIP CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY
STATE. THIS OWNERSHIP CERTIFICATE MAY BE DIRECTLY OR INDIRECTLY OFFERED OR SOLD OR OTHERWISE DISPOSED OF (INCLUDING PLEDGED) BY THE HOLDER HEREOF ONLY TO (A) A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE ACT, IN
A TRANSACTION THAT IS REGISTERED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS OR THAT IS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE ACT PURSUANT TO RULE 144A OR (B) AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF
SUBPARAGRAPH (A)(1), (2), (3) OR (7) OF RULE 501 UNDER THE ACT THAT IS ACQUIRING THE OWNERSHIP CERTIFICATE FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL “ACCREDITED INVESTOR,” FOR INVESTMENT PURPOSES AND NOT
WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE ACT. NO PERSON IS OBLIGATED TO REGISTER THIS OWNERSHIP CERTIFICATE UNDER THE ACT OR ANY STATE SECURITIES LAWS. 
  
 THIS CERTIFICATE MAY NOT BE ACQUIRED BY A TRANSFEREE FOR, OR ON BEHALF OF, AN
EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT THAT IS SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”) OR ANY SUBSTANTIALLY SIMILAR LAW, OR ANY ENTITY DEEMED TO HOLD THE PLAN ASSETS OF THE FOREGOING. EACH INVESTOR IN THIS CERTIFICATE WILL BE REQUIRED TO MAKE THE FOREGOING REPRESENTATIONS AND WILL FURTHER BE REQUIRED TO REPRESENT,
WARRANT AND COVENANT THAT IT WILL NOT SELL, PLEDGE OR OTHERWISE TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING. 
  
 THIS OWNERSHIP CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE MASTER SERVICER, THE INDENTURE TRUSTEE, THE OWNER
TRUSTEE, THE TRUST ADMINISTRATOR OR ANY OF THEIR RESPECTIVE AFFILIATES, EXCEPT AS EXPRESSLY PROVIDED IN THE TRUST AGREEMENT OR THE OTHER OPERATIVE AGREEMENTS. 
  

THIS OWNERSHIP CERTIFICATE IS SUBORDINATE IN RIGHT OF PAYMENT AS DESCRIBED IN THE TRANSFER AND SERVICING AGREEMENT REFERRED TO HEREIN. 
  
 NO TRANSFER OF THIS OWNERSHIP CERTIFICATE SHALL BE MADE UNLESS THE
CERTIFICATE REGISTRAR SHALL HAVE RECEIVED AN AFFIDAVIT FROM THE 

 
PROPOSED TRANSFEREE IN WHICH THE PROPOSED TRANSFEREE DECLARES THAT IT IS (I) A REIT, A QUALIFIED REIT SUBSIDIARY, OR AN ENTITY THAT IS DISREGARDED FOR
U.S. FEDERAL INCOME TAX PURPOSES AND THAT IS WHOLLY OWNED BY A REIT OR QUALIFIED REIT SUBSIDIARY, (II) A LENDER OR REPURCHASE AGREEMENT COUNTERPARTY IN A REPURCHASE AGREEMENT OR SECURED LENDING TRANSACTION THAT QUALIFIES AS A BORROWING FOR U.S.
FEDERAL INCOME TAX PURPOSES, OR (III) ANY OTHER ENTITY, PROVIDED THAT AN OPINION OF NATIONALLY RECOGNIZED TAX COUNSEL IS OBTAINED TO THE EFFECT THAT, AS OF THE TRANSFER DATE, THE TRUST WILL NOT BE SUBJECT TO AN ENTITY LEVEL TAX FOR U.S. FEDERAL
INCOME TAX PURPOSES (EACH OF (I), (II) AND (III) ABOVE A “PERMITTED TRANSFEREE“). MOREOVER, ANY ATTEMPTED TRANSFER OF THIS OWNERSHIP CERTIFICATE TO A PERSON OTHER THAN A PERMITTED TRANSFEREE SHALL BE VOID AB INITIO AND THE
PURPORTED TRANSFEREE SHALL ACQUIRE NO RIGHTS IN THIS OWNERSHIP CERTIFICATE. 

 NEW YORK MORTGAGE TRUST 2005-3 
  

			
	 Certificate No. 1
	 	Percentage Interest: 100%
		
	 First Payment Date: January 25, 2006
	 	 

  
 Evidencing a
fractional undivided equity interest in the Trust Estate, the property of which consists primarily of the Collateral in New York Mortgage Trust 2005-3 (the “Trust”), a Delaware statutory trust formed by NYMT Securities Corporation, a
Maryland corporation, as depositor (the “Depositor”), pursuant to the Agreement referred to below. 
  
 This certifies that NYMT OWNERSHIP CORPORATION is the registered owner of the Percentage Interest referred to above. 
  
 The Trust was created pursuant to a Trust Agreement (the
“Agreement”) dated as of December 12, 2005, between the Depositor and Wilmington Trust Company, as owner trustee (the “Owner Trustee,” which term includes any successor entity under the Agreement), as amended and restated as
of December 20, 2005, among the Depositor, the Owner Trustee and Wells Fargo Bank, N.A., as trust administrator (the “Trust Administrator”), a summary of certain of the pertinent provisions of which is set forth hereinafter. This
Ownership Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Ownership Certificate by virtue of the acceptance hereof assents and by which such Holder is bound,
and the Transfer and Servicing Agreement dated as of December 1, 2005 (as amended or supplemented from time to time, the “Transfer and Servicing Agreement”), by and among the Trust, the Depositor, Wells Fargo Bank, N.A., as trust
administrator (in such capacity, the “Trust Administrator”) and master servicer (in such capacity, the “Master Servicer”), NYMT Servicing Corporation, as servicer, Cenlar FSB, a federal savings bank, as subservicer, New York
Mortgage Funding, LLC, as seller, and U.S. Bank National Association, as indenture trustee (the “Indenture Trustee”). Distributions on this Ownership Certificate shall be made by the Trust Administrator, in its capacity as Certificate
Paying Agent under the Agreement and the Transfer and Servicing Agreement. 
  
 This Ownership Certificate is issued under the Agreement to which reference is hereby made for a statement of the respective rights thereunder of the Depositor, the Owner Trustee and the Holder of the Ownership
Certificate and the terms upon which the Ownership Certificate is executed and delivered. All terms used in this Ownership Certificate which are defined in the Agreement shall have the meanings assigned to them in the Agreement. The Trust Estate
consists of the Collateral in the New York Mortgage Trust 2005-3. To the extent not otherwise defined herein, capitalized terms used herein have the meanings assigned to such terms in the Agreement or the Transfer and Servicing Agreement. The rights
of the Holder are subordinated to the rights of the Noteholders, as set forth in the Indenture dated as of December 1, 2005, among the Trust, Trust Administrator and the Indenture Trustee. 
  
 There will be distributed on the 25th day of each month or, if such 25th day is not a Business Day, the next Business Day (each, a “Payment Date”), commencing in January 25, 2006, to the Holder at the close of business on the last Business Day of the month preceding the 

 
month of such Payment Date (the “Record Date”), the amount to be distributed to Holder on such Payment Date, all as described in the Transfer and
Servicing Agreement. 
  
 The Holder, by its acceptance of this
Ownership Certificate, agrees that it will look solely to the funds on deposit in the Collection Account that have been released from the lien of the Indenture for payment hereunder and that neither the Owner Trustee, the Trust Administrator or the
Certificate Paying Agent in their individual capacities nor the Depositor is personally liable to the Holder for any amount payable under this Ownership Certificate or the Agreement or, except as expressly provided in the Agreement, subject to any
liability under the Agreement. 
  
 The Holder acknowledges and
agrees that its rights to receive distributions in respect of this Ownership Certificate are subordinated to the rights of the Noteholders as described in the Indenture. 
  
 The Depositor and the Holder, by acceptance of an Ownership Certificate, agree to treat, and to take no action inconsistent
with the treatment of, the Ownership Certificate for federal, state and local income tax purposes as an equity interest in the Trust. 
  
 The Holder, by its acceptance of an Ownership Certificate, covenants and agrees that it will not at any time institute against the Depositor or the Trust,
or join in any institution against the Depositor or the Trust of, any bankruptcy, 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 Ownership Certificate, the Notes, the Agreement or any other of the Operative Agreements. 
  
 Distributions on this Ownership Certificate will be made as provided in the Agreement by the Certificate Paying Agent by wire transfer or check mailed to
the Holder without the presentation or surrender of this Ownership Certificate or the making of any notation hereon. Except as otherwise provided in the Agreement and notwithstanding the above, the final distribution on this Ownership Certificate
will be made after due notice by the Certificate Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Ownership Certificate at the office or agency maintained by the Certificate Registrar for that
purpose. 
  
 Reference is hereby made to the further provisions of
this Ownership Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
  

Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Owner Trustee, or an authenticating agent by
manual signature, this Ownership Certificate shall not entitle the Holder hereof to any benefit under the Agreement or be valid for any purpose. 
  
 THIS OWNERSHIP CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS,
AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

 IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in its individual capacity, has
caused this Ownership Certificate to be duly executed. 
  
 NEW
YORK MORTGAGE TRUST 2005-3 
  

			
		
	By:	 	WILMINGTON TRUST COMPANY,
not in its individual capacity but solely as Owner Trustee

  

			
		
	By:	 	 
	 	 	 Authorized Signatory

	
	 Dated: December __, 2005

  
 CERTIFICATE OF
AUTHENTICATION 
  
 This is the Ownership Certificate referred to
in the within-mentioned Trust Agreement. 
  

			
	 WELLS FARGO BANK, N.A.,
 not in its individual capacity but solely as Trust
 Administrator

		
	By:	 	 
	 	 	 Authorized Signatory

	
	 Dated: December __, 2005

 NEW YORK MORTGAGE TRUST 2005-3 
  
 OWNERSHIP CERTIFICATE 
  
 The Ownership Certificate does not represent an obligation of, or an interest in, the Depositor, the Master Servicer, the Indenture Trustee, the Owner
Trustee, the Trust Administrator or any Affiliates of any of them and no recourse may be had against any such parties or their assets, except as expressly set forth or contemplated herein or in the Agreement or the other Operative Agreements. In
addition, this Ownership Certificate is not guaranteed by any governmental agency or instrumentality and is limited in right of payment to certain collections and recoveries with respect to the Collateral, all as more specifically set forth herein.
A copy of the Agreement may be examined by any Certificateholder upon written request during normal business hours at the principal office of the Depositor and at such other places, if any, designated by the Depositor. 
  
 The Agreement permits the amendment thereof as specified below, provided that
any amendment be accompanied by an Opinion of Counsel to the effect that such amendment complies with the provisions of the Agreement and would not cause the Trust to be subject to an entity level tax. If the purpose of the amendment is to correct
any mistake, eliminate any inconsistency, cure any ambiguity or deal with any matter not covered, it shall not be necessary to obtain the consent of any Noteholder or the Indenture Trustee. If the purpose of the amendment is to add or eliminate or
change any provision of the Agreement, other than as specified in the preceding sentence, the amendment shall require the consent of the Holder, the consent of Noteholders evidencing more than 662/3% of the Outstanding Balance of the Notes and the Indenture Trustee; provided, however, that no such amendment shall, as evidenced by an Opinion of
Counsel, result in an entity level tax on the Trust; and provided, further, that no such amendment shall (a) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on the Collateral
or distributions that shall be required to be made for the benefit of the Noteholders or the Holder or (b) reduce the aforesaid percentage of the Outstanding Balance of the Notes required to consent to or to waive the requirement for the Holder
to consent to any such amendment, in either case of clause (a) or (b) without the consent of the holders of all the outstanding Notes and the Holder. 
  

As provided in the Agreement and subject to certain limitations therein set forth, including the limitations set forth in Section 3.03 thereof,
the transfer of this Ownership Certificate is registerable in the Certificate Register upon surrender of this Ownership Certificate for registration of transfer at the offices or agencies of the Certificate Registrar, accompanied by a written
instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon a new Ownership Certificate will be issued to the designated
transferee. The initial Certificate Registrar appointed under the Agreement is the Trust Administrator. 
  
 Except as provided in the Agreement, the Ownership Certificate is issuable only in a minimum Percentage Interest of 100%. No service charge will be made
for any such registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith or any expense incurred thereby.

  

 A-6 

 The Owner Trustee, the Certificate Paying Agent, the Trust Administrator, the Certificate Registrar and
any agent of the Owner Trustee, the Certificate Paying Agent, the Trust Administrator or the Certificate Registrar may treat the Holder as the owner hereof for all purposes, and none of the Owner Trustee, the Certificate Paying Agent, the Trust
Administrator, the Certificate Registrar or any such agent shall be affected by any notice to the contrary. 
  
 The obligations and responsibilities created by the Agreement and the Trust created thereby shall terminate upon the payment to Certificateholders of all
amounts required to be paid to them pursuant to the Trust Agreement and the Transfer and Servicing Agreement and the disposition of all property held as part of the Trust Estate. 
  

 A-7 

 ASSIGNMENT 
  

FOR VALUE RECEIVED, the undersigned hereby sell(s) and assign(s) and transfer(s) unto 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
 (Please print or type name and address, including postal zip code, of assignee and social security number or employer identification number) 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
 the within Certificate stating in the names of the undersigned in the Securities Register and does hereby irrevocably constitute and appoint 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
 to transfer such Certificate in such Securities Register of the Trust. 
  
 I [we] further direct the Securities Registrar to issue a new Certificate of the same Class of like principal to the above-named assignee and deliver such Certificate to
the following address: 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  

									
				
	Dated: ______________________	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Signature by or on behalf of Assignor
					
	 	 	 	 	 	 	 	 	 
	 	 	Authorized Officer	 	 	 	 	 	 Signature Guaranteed

					
	 	 	 	 	 	 	 	 	 
	 	 	Name of Institution	 	 	 	 	 	NOTICE: The signature(s) of this assignment must correspond with the name(s) on the face of this Certificate without alteration or any change whatsoever. The signature must be guaranteed by a
participant in the Securities Transfer Agents Medallion Program, the New York Stock Exchange Medallion Signature Program or the Stock Exchanges Medallion Program. Notarized or witnessed signatures are not acceptable as guaranteed
signatures.

  

 A-8 

 DISTRIBUTION INSTRUCTIONS 
  
 The assignee should include the following for the information of the Securities Registrar. 
  
 Distributions shall be made by wire transfer in immediately available funds to 
  

			
	 
	
	for the account of                                 
                                        
                                        
                                        
                                        
                              
	
	account number 
                                        
                                        
        or, if mailed by check, to
                                        
                                        
       
	
	___________________________________________________________________________________________________________.
	
	 Applicable reports and statements should be mailed to
______________________________________________________________

	
	 ___________________________________________________________________________________________________________.

	
	 This information is provided by _____________________________________________

	
	 the assignee named above, or ____________________________________ as its agent.

  

 A-9 

 EXHIBIT B 
  
 [RESERVED] 
  

 B-1 

 EXHIBIT C 
  
 FORM OF CERTIFICATE OF TRUST OF 
 NEW YORK
MORTGAGE TRUST 2005-3 
  
 THIS Certificate of Trust of New York
Mortgage Trust 2005-3 (the “Trust”), is being duly executed and filed by the undersigned, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 DEL. CODE, Sections 3801 et seq.) (the “Act”).

  
 1. NAME. The name of the statutory trust formed hereby is
“NEW YORK MORTGAGE TRUST 2005-3.” 
  
 2. DELAWARE
TRUSTEE. The name and business address of the trustee of the Trust in the State of Delaware are Wilmington Trust Company, Rodney Square, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration. 
  
 3. EFFECTIVE DATE. This Certificate of Trust shall be effective upon filing.

  
 IN WITNESS WHEREOF, the undersigned, being the owner trustee
of the Trust, has executed this Certificate of Trust in accordance with Section 3811(a) of the Act. 
  

			
	 WILMINGTON TRUST COMPANY,
 as Owner Trustee

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

 C-1 

 EXHIBIT D-1 
  
 FORM OF RULE 144A INVESTMENT LETTER 
  
 _________________________ 
 Date                         
  
 Wells Fargo Bank, N.A., 
   as Certificate Registrar 
 Sixth Street and Marquette Avenue 
 Minneapolis, Minnesota 55479 

 
 Attention: Corporate Trust Department 
  

	Re:	New York Mortgage Trust 2005-3 

	    	[Ownership Certificate] 

  
 Ladies and Gentlemen: 
  
 In
connection with our acquisition of the New York Mortgage Trust 2005-3 Ownership Certificate (the “Certificate”), we certify that (a) we understand that the Certificate has not been registered under the Securities Act of 1933, as
amended (the “Act”), or any state securities laws and is being transferred to us in a transaction that is exempt from the registration requirements of the Act and any such laws, (b) we have such knowledge and experience in financial
and business matters that we are capable of evaluating the merits and risks of investment in the Certificate, (c) we have had the opportunity to ask questions of and receive answers from NYMT Securities Corporation (the “Depositor”)
concerning the purchase of the Certificate and all matters relating thereto or any additional information deemed necessary to our decision to purchase the Certificate, (d) we have not, nor has anyone acting on our behalf, offered, transferred,
pledged, sold or otherwise disposed of the Certificate or any interest in the Certificate, or solicited any offer to buy, transfer, pledge or otherwise dispose of the Certificate or any interest in the Certificate from any person in any manner, or
made any general solicitation by means of general advertising or in any other manner, or taken any other action that would constitute a distribution of the Certificate under the Act or that would render the disposition of the Certificate a violation
of Section 5 of the Act or any state securities laws or require registration pursuant thereto, and we will not act, or authorize any person to act, in such manner with respect to the Certificate and (e) we are a “qualified
institutional buyer” as that term is defined in Rule 144A under the Act (“Rule 144A”). We are aware that the sale to us is being made in reliance on Rule 144A. 
  
 We are acquiring the Certificate for our own account or for resale pursuant to Rule 144A and understand that such
Certificate may be resold, pledged or transferred only (1) to a person reasonably believed to be a qualified institutional buyer that purchases for its own account or for the account of a qualified institutional buyer to whom notice is given
that the resale, pledge or transfer is being made in reliance on Rule 144A or (2) pursuant to another exemption from registration under the Act. 
  

 D-1-1 

 In addition, we hereby certify that we are not an employee benefit plan or other retirement arrangement
that is subject to Section 406 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or to Section 4975 of the Internal Revenue Code of 1986, as amended (or to any other substantially similar law) or any
entity deemed to hold the plan assets of the foregoing. 
  
 We
hereby acknowledge that under the terms of the Amended and Restated Trust Agreement among NYMT Securities Corporation, as Depositor, Wilmington Trust Company, as Owner Trustee, and Wells Fargo Bank, N.A., as Trust Administrator, dated as of
December 20, 2005, no transfer of the Certificate shall be permitted to be made to any person unless the Certificate Registrar has received a certificate from such transferee in the form hereof. 
  
 We hereby indemnify the Depositor, Certificate Registrar and the Owner
Trustee against any liability that may result to either of them if our transfer or other disposition of the Certificate (or any interest therein) is not exempt from the registration requirements of the Act and any applicable state securities laws or
is not made in accordance with such federal and state laws. 
  

			
	 Very truly yours,

	
	 [Name of Transferee]

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

 D-1-2 

 EXHIBIT D-2 
  
 FORM OF NON-RULE 144A INVESTMENT LETTER 
 _________________________ 
 Date                         
  
 Wells Fargo Bank, N.A., 
   as Certificate Registrar 
 Sixth Street and Marquette Avenue 
 Minneapolis, Minnesota 55479 

 
 Attention: Corporate Trust Department 
  

					
	 Re:
	 	New York Mortgage Trust 2005-3	 	 
	 	 	[Ownership Certificate]	 	 

  
 Ladies and Gentlemen: 
  
 In connection with our acquisition of the New York Mortgage Trust 2005-3
Ownership Certificate (the “Certificate”) we certify that (a) we understand that the Certificate has not been registered under the Securities Act of 1933, as amended (the “Act”), or any state securities laws and is being
transferred to us in a transaction that is exempt from the registration requirements of the Act and any such laws, (b) we are an “accredited investor,” as defined in Rule 501(a)(1), (2), (3) or (7) under the Act, and have
such knowledge and experience in financial and business matters that we are capable of evaluating the merits and risks of investment in the Certificate, (c) we have had the opportunity to ask questions of and receive answers from the Depositor
concerning the purchase of the Certificate and all matters relating thereto or any additional information deemed necessary to our decision to purchase the Certificate, (d) we are acquiring the Certificate for investment for our own account and
not with a view to any distribution of such Certificate (but without prejudice to our right at all times to sell or otherwise dispose of the Certificate in accordance with clause (f) below), (e) we have not offered or sold any Certificate
to, or solicited offers to buy any Certificate from, any person, or otherwise approached or negotiated with any person with respect thereto, or taken any other action that would result in a violation of Section 5 of the Act or any state
securities laws and (f) we will not sell, transfer or otherwise dispose of any Certificate unless (1) such sale, transfer or other disposition is made pursuant to an effective registration statement under the Act and in compliance with any
relevant state securities laws or is exempt from such registration requirements and, if requested, we will at our expense provide an opinion of counsel satisfactory to the addressees of this certificate that such sale, transfer or other disposition
may be made pursuant to an exemption from the Act, (2) the purchaser or transferee of such Certificate has executed and delivered to you a certificate to substantially the same effect as this certificate and (3) the purchaser or transferee
has otherwise complied with any conditions for transfer set forth in the Amended and Restated Trust Agreement dated as of December 20, 2005, among NYMT Securities Corporation, as Depositor, 

  

 D-2-1 

 
Wilmington Trust Company, as Owner Trustee and Wells Fargo Bank, N.A., as Trust Administrator (the “Trust Agreement”). 
  
 In addition, we hereby certify that we are not an employee benefit plan or
other retirement arrangement subject to section 406 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or to Section 4975 of the Internal Revenue Code of 1986, as amended (or to any other substantially
similar law) or any entity deemed to hold the plan assets of the foregoing. 
  
 We hereby acknowledge that under the terms of the Trust Agreement, no transfer of the Certificate shall be permitted to be made to any person unless the Certificate Registrar has received a certificate from such
transferee in the form hereof. 
  
 We hereby indemnify the Owner
Trustee, the Depositor and the Certificate Registrar against any liability that may result to either of them if our transfer or other disposition of the Certificate (or any interest therein) is not exempt from the registration requirements of the
Act and any applicable state securities laws or is not made in accordance with such federal and state laws. 
  

			
	 Very truly yours,

	
	 [Name of Transferee]

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

 D-2-2 

 EXHIBIT E 
  
 Wilmington Trust Company 
 Rodney Square North 
 1100 North Market Street 
 Wilmington, Delaware 19890 
  
 Wells Fargo Bank, N.A. 
 Sixth Street and Marquette Avenue 
 Minneapolis, Minnesota 55479 
 Attention: Corporate Trust Services - NYMT 2005-3 
  

	 	Re:	New York Mortgage Trust 2005-3 

  
 Ladies and Gentlemen: 
  
 This representation and warranty is delivered by the Initial Holder pursuant to Section 3.03 of the Amended and Restated Trust Agreement dated as of
December 20, 2005 (the “Agreement”), among NYMT Securities Corporation, as depositor (the “Depositor”), Wilmington Trust Company, as owner trustee (the “Owner Trustee”) and Wells Fargo Bank, N.A., as trust
administrator (the “Trust Administrator”), in connection with the transfer by New York Mortgage Trust 2005-3 (the “Trust”) to the undersigned as beneficial owner (the “Beneficial Owner”) of a 100% Percentage Interest in
the Ownership Certificate. Capitalized terms used but not defined in this document have the meanings ascribed to them in the Agreement. 
  
 The Beneficial Owner hereby certifies that it has received a copy of the Agreement and that it understands the restrictions on transferability of the
Ownership Certificate and the indemnity provisions set forth in Section 3.03 of the Agreement. In connection with the transfer of the Ownership Certificate to the Beneficial Owner, the Beneficial Owner represents and warrants that: 

 

	 	I.	The Beneficial Owner (A) qualifies for taxation as a real estate investment trust (a “REIT”) within the meaning of Sections 856 and 857 of the Internal Revenue
Code of 1986, as amended (the “Code”), (B) is a qualified REIT subsidiary within the meaning of Section 856(i) of the Code (a “Qualified REIT Subsidiary”) or (C) is an entity that is disregarded for
federal income tax purposes and that is wholly owned by a REIT or a Qualified REIT Subsidiary; and 

  

	 	II.	The Transferee hereby acknowledges that under the terms of the Agreement, no transfer of the Ownership Certificate shall be permitted to be made to any person unless the Certificate
Registrar has received a certificate from such transferee to the effect that such Transferee is a Permitted Transferee and such Transferee has provided a certification to such effect in the form of Exhibit F to the Agreement.

  

 E-1 

 [SIGNATURE PAGE FOLLOWS] 
  

 E-2 

			
	 Very truly yours,

	
	 NYMT OWNERSHIP CORPORATION

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

 E-3 

 EXHIBIT F 
  
 FORM OF REPRESENTATION AND WARRANTY REGARDING TRANSFEREE’S 
 STATUS FOR TAX MATTERS 
  
 This
representation and warranty is delivered pursuant to Section 3.03 of the Trust Agreement dated as of December 20, 2005 (the “Agreement”), among NYMT Securities Corporation, as depositor (the “Depositor”), Wilmington
Trust Company, as owner trustee (the “Owner Trustee”), and Wells Fargo Bank, N.A., as trust administrator (the “Trust Administrator”), in connection with the transfer by New York Mortgage Trust 2005-3 (the “Trust”), to
the undersigned (the “Transferee”) of a 100% Percentage Interest in the Ownership Certificate. Capitalized terms used but not defined in this document have the meanings ascribed to them in the Agreement. 
  
 The Transferee hereby certifies that it has received a copy of the Agreement
and that it understands the restrictions on transferability of the Ownership Certificate set forth in Section 3.03 of the Agreement and the indemnity provisions set forth in Section 7.02 of the Agreement. In connection with the transfer of
the Ownership Certificate to the Transferee, the Transferee represents and warrants that: 
  
 I. It meets the qualifications of (1), (2) or (3) below: 
  

	 	(1)	REIT Status  ̈ (check if applicable) The Transferee beneficially owns the
Ownership Certificate and is a single entity for federal income tax purposes and (A) qualifies for taxation as a real estate investment trust (a “REIT”) within the meaning of Sections 856 and 857 of the Internal Revenue Code of
1986, as amended (the “Code”), (B) is a qualified REIT subsidiary within the meaning of Section 856(i) of the Code (a “Qualified REIT Subsidiary”) or (C) is an entity that is disregarded for federal
income tax purposes and that is wholly owned by a REIT or a Qualified REIT Subsidiary; 

  

	 	(2)	Financing Status  ̈ (check if applicable) Only with respect to a subsequent
transfer, the Transferee is a lender or repurchase agreement counterparty in a repurchase agreement or secured lending transaction (or a trustee in an asset-backed securities transaction) that qualifies as a borrowing for federal income tax
purposes; or 

  

	 	(3)	Opinion of Counsel  ̈ An Opinion of Counsel provided to and acceptable to the
Trust Administrator or Certificate Registrar stating that as of the date of a transfer to the Transferee, the Trust will not be subject to an entity level tax; and 

  
 II. The Transferee hereby acknowledges that under the terms of the Agreement, no transfer of the Ownership Certificate shall be permitted to
be made to any person unless the Certificate Registrar has received a certificate from such transferee to the effect that such Transferee meets the qualifications of I.(A)(1), I.(A)(2) or I.(a)(3) above. 
  

 F-1 

					
			
	 Date:
                                    
	 	 	 	  
	 	 	 	 	Name of Transferee
			
	  	 	 	 	  
	 	 	 	 	Signature
			
	  	 	 	 	  
	 	 	 	 	Name
			
	  	 	 	 	  
	 	 	 	 	Title

  

 F-2 

 EXHIBIT G 
  
 FORM OF TAX TRANSFER OWNERSHIP CERTIFICATE FOR THE RETAINED NOTES 
  

[CERTIFICATE REGISTRAR] 
  

	 	Re:	Proposed Transfer of Retained Notes held by the Beneficial Owner (for U.S. federal income tax purposes) of the Ownership Certificate  

  
 Ladies and Gentlemen: 
  
 This certification is being made by ____________________ (the “Transferor”) in connection with the proposed
transfer (“Transfer”) to _____________________ (the “Transferee”) of the Retained Notes issued pursuant to an indenture, dated as of December 1, 2005, (the “Indenture”) among New York Mortgage Trust 2005-3, as
Issuer, Wells Fargo Bank, National Association, as Securities Administrator, and U.S. Bank National Association, as Indenture Trustee, and that are currently held by the beneficial owner (for U.S. federal income tax purposes) of the Ownership
Certificate issued pursuant to the Amended and Restated Owner Trust Agreement, dated December 20, 2005 (the “Agreement”) among NYMT Securitization Corporation, as depositor, Wilmington Trust Company, as Owner Trustee, and Wells Fargo
Bank, National Association, as Trust Administrator. Capitalized terms used but not defined herein have the meanings assigned to them in the Agreement and the Indenture. The Transferor hereby certifies, represents and warrants to, and covenants with,
the Issuer, the Owner Trustee and the Certificate Registrar that either: 
  
 A.

  
 (i) the beneficial owner (for U.S. federal income tax
purposes) of the Ownership Certificate is a REIT, a Qualified REIT Subsidiary or an entity that is disregarded for federal income tax purposes that is wholly-owned by a REIT or a Qualified REIT Subsidiary, or any other entity, provided that an
opinion of nationally recognized counsel expert in the tax aspects of asset securitization is obtained to the effect that, as of the date of a transfer to such entity, the Trust will not be subject to an entity level tax; 
  
 (ii) no modifications have been made to the Indenture or the Agreement or
other transaction documents as of the date of such sale or transfer; 
  
 (iii) the rating of the Retained Notes as of the date of such sale or transfer is not lower than the rating for such Retained Note as of the closing date; and 
  
 (iv) based upon consultation with counsel, no adverse changes have been made to (or that would adversely affect the
application of) the legal authorities applicable to the Closing Date tax opinion; or 
  

 G-1 

 B. a “will be debt” tax opinion is rendered with respect to the Retained Notes from a law firm nationally
recognized as expert in the tax aspects of asset securitization and is presented to the Certificate Registrar. 
  

					
			
	 Date:
                                    
	 	 	 	  
	 	 	 	 	Name of Transferor
			
	  	 	 	 	  
	 	 	 	 	Signature
			
	  	 	 	 	  
	 	 	 	 	Name
			
	  	 	 	 	  
	 	 	 	 	Title

  

 G-2TRANSFER AND SERVICING AGREEMENT

 Exhibit 4.3 
  

NEW YORK MORTGAGE TRUST 2005-3, as Issuer 
  
 NYMT SECURITIES CORPORATION, as Depositor 
  
 WELLS FARGO BANK, N.A., as Trust Administrator and Master Servicer 
  

NYMT SERVICING CORPORATION, as Servicer 
  
 CENLAR FSB, as Subservicer 
  
 NEW YORK MORTGAGE FUNDING, LLC, as Seller 
  
 and 
  
 U.S. BANK NATIONAL ASSOCIATION, as Indenture Trustee 
  

  
 TRANSFER AND SERVICING AGREEMENT 
  
 Dated as of December 1, 2005 
  

  
 NEW YORK MORTGAGE TRUST 2005-3 
 MORTGAGE-BACKED NOTES 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	ARTICLE I	  	 
		
	DEFINITIONS	  	 
			
	Section 1.01.	  	 Definitions
	  	4
	Section 1.02.	  	 Calculations With Respect to the Mortgage Loans
	  	33
	Section 1.03.	  	 Calculations With Respect to Accrued Interest
	  	33
		
	ARTICLE II	  	 
		
	CONVEYANCE OF MORTGAGE LOANS	  	 
			
	Section 2.01.	  	 Creation and Declaration of Trust Estate; Conveyance of Initial Mortgage Loans
	  	33
	Section 2.02.	  	 Acceptance of Trust Estate; Review of Documentation
	  	37
	Section 2.03.	  	 Grant Clause
	  	38
	Section 2.04.	  	 Subsequent Transfers
	  	40
	Section 2.05.	  	 Option to Contribute Derivative Instrument
	  	42
		
	ARTICLE III	  	 
		
	REPRESENTATIONS AND WARRANTIES	  	 
			
	Section 3.01.	  	 Representations and Warranties of the Depositor and the Seller
	  	43
	Section 3.02.	  	 Discovery of Breach
	  	44
	Section 3.03.	  	 Repurchase, Purchase or Substitution of Mortgage Loans
	  	45
		
	ARTICLE IV	  	 
		
	ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS BY THE SERVICER	  	 
			
	Section 4.01.	  	 Seller’s Engagement of Servicer to Perform Servicing Responsibilities
	  	46
	Section 4.02.	  	 Servicing of the Mortgage Loans
	  	47
	Section 4.03.	  	 Payments To the Master Servicer
	  	60
	Section 4.04.	  	 General Servicing Procedures
	  	62
	Section 4.05.	  	 Representations, Warranties and Agreements
	  	65
	Section 4.06.	  	 The Servicer and the Subservicer
	  	70
	Section 4.07.	  	 Termination for Cause
	  	73
	Section 4.08.	  	 Successor to Servicer and Subservicer, Miscellaneous Provisions
	  	76
	Section 4.09.	  	 Miscellaneous Servicing Provisions
	  	79
		
	ARTICLE V	  	 
		
	ADMINISTRATION AND MASTER SERVICING OF MORTGAGE LOANS BY THE MASTER SERVICER AND THE
TRUST ADMINISTRATOR	  	 
			
	Section 5.01.	  	 Duties of the Master Servicer; Representations and Warranties
	  	80

  

 i 

					
	 Section 5.02.
	  	Master Servicer Fidelity Bond and Master Servicer Errors and Omissions Insurance Policy	  	82
	 Section 5.03.
	  	Master Servicer’s Financial Statements and Related Information	  	83
	 Section 5.04.
	  	Power to Act; Procedures	  	83
	 Section 5.05.
	  	Enforcement of Servicer’s and Master Servicer’s Obligations	  	84
	 Section 5.06.
	  	[Reserved]	  	85
	 Section 5.07.
	  	Collection Account	  	85
	 Section 5.08.
	  	Application of Funds in the Collection Account	  	86
	 Section 5.09.
	  	Reports to Indenture Trustee and Noteholders	  	88
	 Section 5.10.
	  	Termination of Servicer or Subservicer; Successor Servicers	  	91
	 Section 5.11.
	  	Master Servicer Liable for Enforcement	  	91
	 Section 5.12.
	  	Assumption of Master Servicing by Indenture Trustee	  	92
	 Section 5.13.
	  	[Reserved]	  	92
	 Section 5.14.
	  	Release of Mortgage Files	  	92
	 Section 5.15.
	  	Documents, Records and Funds in Possession of Master Servicer To Be Held for Indenture Trustee	  	93
	 Section 5.16.
	  	Opinion	  	94
	 Section 5.17.
	  	[Reserved]	  	94
	 Section 5.18.
	  	[Reserved]	  	94
	 Section 5.19.
	  	[Reserved]	  	94
	 Section 5.20.
	  	Indenture Trustee To Retain Possession of Certain Insurance Policies and Documents	  	95
	 Section 5.21.
	  	Compensation to the Master Servicer	  	95
	 Section 5.22.
	  	[Reserved]	  	95
	 Section 5.23.
	  	Reports to the Indenture Trustee	  	95
	 Section 5.24.
	  	Annual Officer’s Certificate as to Compliance	  	96
	 Section 5.25.
	  	Annual Independent Accountants’ Servicing Report	  	96
	 Section 5.26.
	  	Merger or Consolidation	  	97
	 Section 5.27.
	  	Resignation of Master Servicer	  	97
	 Section 5.28.
	  	Assignment or Delegation of Duties by the Master Servicer	  	97
	 Section 5.29.
	  	Limitation on Liability of the Master Servicer and Others	  	98
	 Section 5.30.
	  	Indemnification; Third-Party Claims	  	99
	 Section 5.31.
	  	Alternative Index	  	99
	 Section 5.32.
	  	Transfer of Servicing	  	99
		
	ARTICLE VI	  	 
		
	DEPOSITS AND PAYMENTS TO HOLDERS	  	 
			
	 Section 6.01.
	  	The Collection Account	  	100
	 Section 6.02.
	  	Payments from the Collection Account	  	100
	 Section 6.03.
	  	Interest Rate Cap Account	  	103
	 Section 6.04.
	  	Control of the Trust Account and Deferred Interest	  	104
	 Section 6.05.
	  	Advances by Master Servicer and Servicer	  	108
	 Section 6.06.
	  	Pre-Funding Account	  	108

  

 ii 

					
	ARTICLE VII	  	 
		
	ADMINISTRATION OF THE AGREEMENTS	  	 
			
	 Section 7.01.
	  	Duties of the Trust Administrator	  	109
	 Section 7.02.
	  	Duties of the Trust Administrator With Respect to the Indenture, the Trust Agreement and this Agreement	  	112
	 Section 7.03.
	  	Records	  	112
	 Section 7.04.
	  	Compensation	  	112
	 Section 7.05.
	  	Additional Information to be Furnished to the Issuer	  	112
	 Section 7.06.
	  	Independence of the Trust Administrator	  	112
	 Section 7.07.
	  	No Joint Venture	  	113
	 Section 7.08.
	  	Other Activities of Trust Administrator and the Depositor	  	113
	 Section 7.09.
	  	Resignation and Removal of Trust Administrator	  	113
	 Section 7.10.
	  	Action upon Termination, Resignation or Removal of the Trust Administrator	  	114
		
	ARTICLE VIII	  	 
		
	MASTER SERVICER EVENTS OF DEFAULT	  	 
			
	 Section 8.01.
	  	Master Servicer Events of Default; Indenture Trustee To Act; Appointment of Successor	  	115
	 Section 8.02.
	  	Additional Remedies of Indenture Trustee Upon Event of Default	  	119
	 Section 8.03.
	  	Waiver of Defaults	  	119
	 Section 8.04.
	  	Notification to Holders	  	119
	 Section 8.05.
	  	Directions by Noteholders and Duties of Indenture Trustee During Master Servicer Event of Default	  	119
	 Section 8.06.
	  	Action Upon Certain Failures of the Master Servicer and Upon Master Servicer Event of Default	  	120
	 Section 8.07.
	  	Preparation of Reports	  	120
		
	ARTICLE IX	  	 
		
	TERMINATION	  	 
			
	 Section 9.01.
	  	Termination	  	121
	 Section 9.02.
	  	Termination Prior to Maturity Date; and Optional Redemption	  	121
	 Section 9.03.
	  	Certain Notices upon Final Payment	  	122
	 Section 9.04.
	  	Beneficiaries	  	122
		
	ARTICLE X	  	 
		
	MISCELLANEOUS PROVISIONS	  	 
			
	 Section 10.01.
	  	Binding Nature of Agreement; Assignment	  	122
	 Section 10.02.
	  	Entire Agreement	  	122
	 Section 10.03.
	  	Amendment	  	122
	 Section 10.04.
	  	Acts of Noteholders	  	123
	 Section 10.05.
	  	Recordation of Agreement	  	123

  

 iii 

					
	 Section 10.06.
	  	Governing Law	  	124
	 Section 10.07.
	  	Notices	  	124
	 Section 10.08.
	  	Severability of Provisions	  	126
	 Section 10.09.
	  	Indulgences; No Waivers	  	126
	 Section 10.10.
	  	Headings Not To Affect Interpretation	  	126
	 Section 10.11.
	  	Benefits of Agreement	  	126
	 Section 10.12.
	  	Special Notices to the Rating Agencies	  	126
	 Section 10.13.
	  	Counterparts	  	127
	 Section 10.14.
	  	Execution by the Issuer	  	127

  

 iv 

 ATTACHMENTS 
  

			
	Exhibit A- 1	  	Form of Initial Certification
		
	Exhibit A-2	  	Form of Interim Certification
		
	Exhibit A-3	  	Form of Final Certification
		
	Exhibit A-4	  	Form of Endorsement
		
	Exhibit B-1	  	Form of Cap Agreement
		
	Exhibit B-2	  	[RESERVED]
		
	Exhibit C	  	Form of Lost Note Affidavit
		
	Exhibit D	  	Custodial Agreement
		
	Exhibit E	  	Custodial Account Letter Agreement
		
	Exhibit F	  	Escrow Account Letter Agreement
		
	Exhibit G-1	  	Form of Monthly Remittance Advice
		
	Exhibit G-2	  	Standard Layout For Monthly Defaulted Loan Report
		
	Exhibit G-3	  	Form 332 Realized Loss Report
		
	Exhibit H	  	NYMT Servicing Corp. Form of Sarbanes Back-up Certification
		
	Exhibit I	  	Form of Subsequent Transfer Agreement
		
	Exhibit J	  	Subsequent Mortgage Loan Criteria
		
	Exhibit K	  	Fannie Mae Guide Announcement 95-19
		
	Schedule A	  	Mortgage Loan Schedule

  

 v 

 This TRANSFER AND SERVICING AGREEMENT, dated as of December 1, 2005 (the “Agreement” or
the “Transfer and Servicing Agreement”), is by and among NEW YORK MORTGAGE TRUST 2005-3, a Delaware statutory trust, as issuer (the “Issuer”), NYMT SECURITIES CORPORATION, a Delaware corporation, as depositor (the
“Depositor”), U.S. BANK NATIONAL ASSOCIATION, as indenture trustee (the “Indenture Trustee”), WELLS FARGO BANK, N.A., as trust administrator (the “Trust Administrator”) and master servicer (the “Master
Servicer”), NYMT SERVICING CORPORATION, as servicer (the “Servicer”), CENLAR FSB, as subservicer (the “Subservicer”) and NEW YORK MORTGAGE FUNDING, LLC, as seller (the “Seller”). 
  
 PRELIMINARY STATEMENT 
  
 WHEREAS, the Depositor has acquired all of the rights, title and interest of
the Seller in certain conventional, adjustable rate residential mortgage loans identified in Schedule A hereto (the “Mortgage Loans”) on a servicing-retained basis from the Seller pursuant to the Mortgage Loan Purchase Agreement, and at
the Closing Date is the owner of the Mortgage Loans and the other property being conveyed by it to the Issuer hereunder for inclusion in the Trust Estate; 
  
 WHEREAS, the Depositor has duly authorized the execution and delivery of this Agreement to provide for the conveyance to the Issuer of the Mortgage Loans
and the other property constituting the Trust Estate; 
  
 WHEREAS,
on the Closing Date, the Depositor will acquire the Notes from the Issuer as consideration for its transfer to the Issuer of the Mortgage Loans and the other property constituting the Trust Estate; 
  
 WHEREAS, pursuant to the Indenture, the Issuer will pledge the Mortgage Loans
and the other property constituting the Trust Estate to the Indenture Trustee as security for the Notes; 
  
 WHEREAS, the Seller desires that the Servicer service the Mortgage Loans upon such transfer to the Issuer pursuant to this Agreement, and the Servicer has
agreed to do so; 
  
 WHEREAS, the Servicer, the Subservicer, the
Indenture Trustee, the Master Servicer and the Trust Administrator have agreed pursuant to this Agreement that the Subservicer shall service the Mortgage Loans beginning on the Closing Date pursuant to this Agreement but that the Servicer will have
ultimate responsibility for the servicing of the Mortgage Loans; 
  
 WHEREAS, the Master Servicer shall be obligated under this Agreement, among other things, to supervise the servicing of the Mortgage Loans on behalf of the Indenture Trustee, and shall have the right, under certain circumstances, to
terminate the rights and obligations of the Servicer and the Subservicer under this Agreement upon the occurrence and continuance of a Servicing Event of Default as provided herein; 
  
 WHEREAS, the parties hereto acknowledge and agree that, at the direction of the Depositor, the Seller will assign all of its
rights with respect to the Mortgage Loans (other than the servicing rights) to the Indenture Trustee, and that each reference herein to the Seller is intended, unless otherwise specified, to mean the Seller or the Indenture Trustee, as assignee of
the Seller. 

 WHEREAS, the Issuer has entered into certain agreements in connection with the issuance of the Notes,
including (i) the Depository Agreement and (ii) the Indenture (the Depository Agreement, the Indenture and the Trust Agreement being hereinafter referred to collectively as the “Related Agreements”); 
  
 WHEREAS, pursuant to the Related Agreements, the Issuer is required to
perform certain duties in connection with (a) the Notes and the collateral therefor pledged pursuant to the Indenture (the “Collateral”) and (b) the undivided subordinate beneficial ownership interest in the Issuer represented by
the Ownership Certificate; 
  
 WHEREAS, the Issuer desires to have
the Trust Administrator perform certain of the duties of the Issuer referred to in the preceding clause, and to provide such additional services consistent with the terms of this Agreement and the Related Agreements as the Issuer or the Owner
Trustee may from time to time reasonably request; and 
  
 WHEREAS,
the Trust Administrator has the capacity to provide the services required hereby and is willing to perform such services for the Issuer or the Owner Trustee on the terms set forth herein. 
  
 NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows: 

 
 The following table sets forth (or describes) the Class designation,
Interest Rate, initial Class Principal Amount and minimum denomination for each Class of Notes issued pursuant to the Indenture. 
  

										
	 Class
Designation

	  	Interest
Rate

	 	 	 Initial
 Security Principal
 Amount

	  	Minimum
Denominations

	 Class A-1
	  	(1	)	 	$	70,000,000	  	$	25,000
	 Class A-2
	  	(2	)	 	 	98,267,000	  	$	25,000
	 Class A-3
	  	(3	)	 	 	10,920,000	  	$	25,000
	 Class M-1
	  	(4	)	 	 	25,380,000	  	$	25,000
	 Class M-2
	  	(5	)	 	 	24,088,000	  	$	25,000

  

	(1)	The Interest Rate with respect to any Payment Date (and the related Accrual Period) for the Class A-1 Notes is the per annum rate equal to the least of (i) One-Month LIBOR
plus the related Interest Margin, (ii) the Available Funds Rate and (iii) the Fixed Rate Cap of 10.50% for such Payment Date. 

  

	(2)	The Interest Rate with respect to any Payment Date (and the related Accrual Period) for the Class A-2 Notes is the per annum rate equal to the least of (i) One-Month LIBOR
plus the related Interest Margin, (ii) the Available Funds Rate and (iii) the Fixed Rate Cap of 10.50% for such Payment Date. 

  

 2 

	(3)	The Interest Rate with respect to any Payment Date (and the related Accrual Period) for the Class A-3 Notes is the per annum rate equal to the least of (i) One-Month LIBOR
plus the related Interest Margin, (ii) the Available Funds Rate and (iii) the Fixed Rate Cap of 10.50% for such Payment Date. 

  

	(4)	The Interest Rate with respect to any Payment Date (and the related Accrual Period) for the Class M-1 Notes is the per annum rate equal to the least of (i) One-Month LIBOR plus
the related Interest Margin, (ii) the Available Funds Rate and (iii) the Fixed Rate Cap of 10.50% for such Payment Date. 

  

	(5)	The Interest Rate with respect to any Payment Date (and the related Accrual Period) for the Class M-2 Notes is the per annum rate equal to the least of (i) One-Month LIBOR plus
the related Interest Margin, (ii) the Available Funds Rate and (iii) the Fixed Rate Cap of 10.50% for such Payment Date. 

  

 3 

 ARTICLE I 
  
 DEFINITIONS 
  
 Section 1.01. Definitions. The following words and phrases, unless the context otherwise requires, shall have the following meanings: 

 
 Accounts. Any or all of the Custodial Account, Escrow Accounts, the
Collection Account, the Pre-Funding Account, the Interest Rate Cap Account and any other accounts created or maintained by the Trust Administrator, the Servicer or the Subservicer pursuant to this Agreement. 
  
 Accountant: A Person engaged in the practice of accounting who (except
when this Agreement provides that an Accountant must be Independent) may be employed by or affiliated with the Depositor or an Affiliate of the Depositor. 
  
 Accrual Period: With respect to each Class of Notes and a Payment Date, the period from and including the preceding Payment Date (or from the
Closing Date in the case of the first Payment Date) to and including the day prior to such Payment Date. 
  
 Addition Notice: The notice given pursuant to Section 2.04 with respect to the transfer of Subsequent Mortgage Loans to the Trust pursuant to
such Section. 
  
 Adjusted Class Principal Amount: With
respect to each Class of Notes and any Payment Date, an amount equal to (a) the Class Principal Amount for such Class immediately prior to such Payment Date minus (b) the Principal Deficiency Amount, if any, for such Class and Payment
Date; provided that, the Adjusted Class Principal Amounts of the Notes will be increased by the amount of any Subsequent Recoveries received during the related Prepayment Period, which amount is to be allocated first, to the Class A Notes, pro
rata, based on the difference between the Class Principal Amount and Adjusted Class Principal Amount for each such Class, and then sequentially, to the Class M-1 Notes and the Class M-2 Notes, in that order, in each case to the extent of the amount
of aggregate Realized Losses applied in reduction of the Adjusted Class Principal Amount of such Class on prior Payment Dates and not previously reimbursed on any prior Payment Date; provided, however, that with respect to the portion of any
Subsequent Recoveries that would otherwise be allocated to the Class A-2 Notes and Class A-3 Notes in the aggregate, such amount will instead be allocated first, to increase the Adjusted Class Principal Amount of the Class A-2 Notes
until the Adjusted Class Principal Amount of the Class A-2 Notes equals the Class Principal Amount of the Class A-2 Notes and then, to increase the Adjusted Class Principal Amount of the Class A-3 Notes until the Adjusted Class
Principal Amount of the Class A-3 Notes equals the Class Principal Amount of the Class A-3 Notes. 
  
 Advance: With respect to each Servicer Remittance Date and each Mortgage Loan, an amount equal to the Scheduled Payment (with the interest portion
of such Scheduled Payment adjusted to the Net Mortgage Rate) that was due on the Mortgage Loan on the Due Date in the related Due Period, and that (i) was delinquent at the close of business on the related Determination Date and (ii) was
not the subject of a previous Monthly Advance, but only to the extent that such amount is expected, in the reasonable judgment of the Servicer, the Subservicer 

  

 4 

 
or Master Servicer, as applicable, to be recoverable from collections or other recoveries in respect of such Mortgage Loan. 
  
 Affiliate: With respect to any specified Person, any other Person
controlling or controlled by or under common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
  
 Aggregate Expense Rate: With respect to any Mortgage Loan, the sum of
the applicable Servicing Fee Rate and the Master Servicing Fee Rate. 
  
 Aggregate Collateral Balance: As of any date of determination (other than the Closing Date), an amount equal to the Aggregate Principal Balance plus the amount, if any, then on deposit in the Pre-Funding Account exclusive of
investment income. With respect to the Closing Date, an amount equal to the Aggregate Principal Balance as of the Initial Cut-off Date plus the amount on deposit in the Pre-Funding Account as of the Closing Date. 
  
 Aggregate Overcollateralization Release Amount: With respect to any
Payment Date, an amount equal to the lesser of (x) the Principal Funds for such Payment Date and (y) the amount, if any, by which (1) the Overcollateralization Amount for such Payment Date (calculated for this purpose on the basis of
the assumption that 100% of the Principal Funds for such date is applied on such Payment Date in reduction of the aggregate Adjusted Class Principal Amount of the Notes) exceeds (2) the Targeted Overcollateralization Amount for such Payment
Date. 
  
 Aggregate Principal Balance: As of any date of
determination, an amount equal to the aggregate of the Stated Principal Balances of the Mortgage Loans as of such date. 
  
 Agreement: This Agreement and all amendments and supplements hereto. 
  
 Ancillary Income: All income derived from the Mortgage Loans, excluding Servicing Fees and Master Servicing Fees
attributable to the Mortgage Loans and other amounts treated as payment proceeds of the Mortgage Loans, including but not limited to, late charges, fees received with respect to checks or bank drafts returned by the related bank for non-sufficient
funds, assumption fees, optional insurance administrative fees, Prepayment Premiums and all other incidental fees and charges. 
  
 Appraised Value: With respect to any Mortgage Loan, the amount set forth in an appraisal made in connection with the origination of such Mortgage
Loan as the value of the related Mortgaged Property. 
  
 Assignment of Mortgage: An assignment of the Mortgage, notice of transfer or equivalent instrument, in recordable form, sufficient under the laws of the jurisdiction wherein the related Mortgaged Property is located to reflect the
assignment of the Mortgage to the Indenture Trustee for the benefit of Noteholders, which assignment, notice of transfer or equivalent instrument may be in the form of one or more blanket assignments covering the Mortgage Loans secured by Mortgaged
Properties located in the same jurisdiction, if permitted 

  

 5 

 
by law; provided, however, that neither the Issuer nor the Indenture Trustee shall be responsible for determining whether any such assignment is in
recordable form. 
  
 Authorized Officer: Any Person who may
execute an Officer’s Certificate on behalf of the Issuer. 
  
 Available Funds Rate: With respect to any Payment Date and for any Class of Notes, will be an annual rate equal to the quotient of (a) the Interest Funds for such Payment Date, divided by (b) the product of (i) the
aggregate Adjusted Class Principal Amount of the Notes for such Payment Date and (ii) the quotient of (A) the actual number of days in the accrual period related to such Payment Date divided by (B) 360. 
  
 Available Funds Shortfall: With respect to any Class of Notes and any
Payment Date, the sum of (a) the excess, if any, of (i) the amount that would have been the Current Interest for such Class had the Interest Rate for such Class been determined without regard to the Available Funds Rate over (ii) the
actual amount of Current Interest for such Class, plus (b) any excess, described in clause (a) above and interest described in clause (c) below for any prior Payment Date that remains unpaid, plus (c) interest accrued during the
Accrual Period related to such Payment Date on the amount described in clause (b) above at the Interest Rate applicable to such Class, determined without regard to the applicable Available Funds Rate. 
  
 Bankruptcy: As to any Person, the making of an assignment for the
benefit of creditors, the filing of a voluntary petition in bankruptcy, adjudication as a bankrupt or insolvent, the entry of an order for relief in a bankruptcy or insolvency proceeding, the seeking of reorganization, arrangement, composition,
readjustment, liquidation, dissolution or similar relief, or seeking, consenting to or acquiescing in the appointment of a trustee, receiver or liquidator, dissolution, or termination, as the case may be, of such Person pursuant to the provisions of
either the United States Bankruptcy Code of 1986, as amended, or any other similar state laws. 
  
 Bankruptcy Code: The United States Bankruptcy Code of 1986, as amended. 
  
 Book-Entry Notes: As defined in the Indenture. 
  
 Business Day: Any day other than (i) a Saturday or a Sunday or (ii) a day on which banking institutions in New York, New York or, if
other than New York, the city in which the Corporate Trust Office of the Indenture Trustee is located, or the States of Delaware, Maryland or Minnesota are authorized or obligated by law or executive order to be closed. 
  
 Cap Counterparty: The Royal Bank of Scotland plc. 
  
 Certificate Registrar: As defined in the Trust Agreement, the initial
Certificate Registrar shall be the Trust Administrator. 
  
 Certificate: The Ownership Certificate. 
  
 Certificateholder: Any registered holder of the Ownership Certificate. 
  

 6 

 Civil Relief Act: The Servicemembers Civil Relief Act, as such may be amended from time to time,
and any similar state laws. 
  
 Class: All Notes bearing
the same Class designation. 
  
 Class A Notes: The
Class A-1, Class A-2 and Class A-3 Notes. 
  
 Class A Principal Deficiency Amount: With respect to any Payment Date, the excess, if any, of (a) the Total Principal Deficiency Amount over (b) the sum of the Class M-1 Principal Deficiency Amount and the Class M-2
Principal Deficiency Amount, in each case for that Payment Date. 
  
 Class A-1 Principal Deficiency Amount: With respect to any Payment Date and the Class A-1 Notes, the lesser of (a) the product of (i) the Class A Principal Deficiency Amount and (ii) a fraction, the
numerator of which is the Adjusted Class Principal Amount of the Class A-1 Notes immediately prior to such Payment Date and the denominator of which is the aggregate Adjusted Class Principal Amount of the Class A Notes immediately prior to
such Payment Date and (b) the Class Principal Amount of the Class A-1 Notes immediately prior to such Payment Date. 
  
 Class A-2 Principal Deficiency Amount: With respect to the Class A-2 Notes and (a) any Payment Date prior to the date on which the
Adjusted Class Principal Amount of the Class A-3 Notes has been reduced to zero, zero, or (b) any Payment Date on and after which the Adjusted Class Principal Amount of the Class A-3 Notes has been reduced to zero, the lesser of
(i) the product of (A) the Class A Principal Deficiency Amount and (B) a fraction, the numerator of which is the Adjusted Class Principal Amount of the Class A-2 Notes immediately prior to such Payment Date and the
denominator of which is the aggregate Adjusted Class Principal Amount of the Class A Notes immediately prior to such Payment Date and (ii) the Class Principal Amount of the Class A-2 Notes immediately prior to such Payment Date.

  
 Class A-3 Principal Deficiency Amount: With
respect to any Payment Date and the Class A-3 Notes, the lesser of (a) the product of (i) the Class A Principal Deficiency Amount and (ii) a fraction, the numerator of which is the sum of the Adjusted Class Principal Amounts
of the Class A-2 Notes and Class A-3 Notes immediately prior to such Payment Date and the denominator of which is the aggregate Adjusted Class Principal Amount of the Class A Notes immediately prior to such Payment Date and
(b) the Class Principal Amount of the Class A-3 Notes immediately prior to such Payment Date. 
  
 Class M Notes: The Class M-1 and Class M-2 Notes. 
  
 Class M-1 Principal Deficiency Amount: With respect to any Payment Date, the lesser of (a) the excess, if any, of (i) the Total Principal
Deficiency Amount over (ii) the Class M-2 Principal Deficiency Amount for that Payment Date and (b) the Class Principal Amount of the Class M-1 Notes immediately prior to such Payment Date. 
  
 Class M-2 Principal Deficiency Amount: With respect to any Payment
Date, the lesser of (a) the Total Principal Deficiency Amount for that Payment Date and (b) the Class Principal Amount of the Class M-2 Notes immediately prior to such Payment Date. 
  

 7 

 Class Principal Amount: Means with respect to any Class of Notes, the initial Note principal
balance of such class as of the Closing Date, less the amount of all principal payments previously paid with respect to such Note. For the avoidance of doubt, such amount shall not be reduced by any Realized Losses or Principal Deficiency Amounts.

  
 Clearing Agency: An organization registered as a
“clearing agency” pursuant to Section 17A of the Exchange Act, as amended. As of the Closing Date, the Clearing Agency shall be The Depository Trust Company. 
  
 Closing Date: December 20, 2005. 
  
 Code: The Internal Revenue Code of 1986, as amended, and as it may be further amended from time to time, any
successor statutes thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form. 
  
 Collateral: As defined in the Indenture. 
  
 Collateral Value: with respect to a Mortgage Loan the proceeds of which were used to purchase the related Mortgaged Property, the lesser of
(a) the appraised value of such mortgaged property based on an appraisal made for the originator by an independent fee appraiser at the time of the origination of the related Mortgage Loan, and (b) the sales price of such mortgaged
property at such time of origination and means, with respect to a Mortgage Loan the proceeds of which were used to refinance an existing Mortgage Loan, the appraised value of the mortgaged property based upon the appraisal obtained at the time of
refinancing. 
  
 Collection Account: A separate account
established and maintained by the Trust Administrator pursuant to Section 5.07. 
  
 Compensating Interest Payment: With respect to any Payment Date, an amount equal to the lesser of (x) the aggregate Prepayment Interest Shortfall Amount with respect to such Payment Date and (y) the
Servicing Fee or, to the extent provided in Section 5.21, the aggregate Master Servicing Fee payable to the Master Servicer, with respect to the Master Servicer, each in respect of such Payment Date. 
  
 Condemnation Proceeds: All awards of settlements in respect of a
Mortgaged Property, whether permanent or temporary, partial or entire, by exercise of the power of eminent domain or condemnation, to the extent not required to be released to a Mortgagor in accordance with the terms of the related Mortgage Loan
documents. 
  
 Control: The meaning specified in
Section 8-106 of the New York UCC. 
  
 Conventional
Loan: A Mortgage Loan that is not insured by the United States Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs. 
  
 Cooperative Corporation: The entity that holds title (fee or an acceptable leasehold estate) to the real property and
improvements constituting the Cooperative Property and which governs the Cooperative Property, which Cooperative Corporation must qualify as a Cooperative Housing Corporation under Section 216 of the Code. 
  

 8 

 Cooperative Loan: Any Mortgage Loan secured by Cooperative Shares and a Proprietary Lease.

  
 Cooperative Loan Documents: As to any Cooperative Loan,
(i) the Cooperative Shares, together with a stock power in blank; (ii) the original executed Security Agreement and the assignment of the Security Agreement endorsed in blank; (iii) the original executed Proprietary Lease and the
assignment of the Proprietary Lease endorsed in blank; (iv) the original executed Recognition Agreement and the assignment of the Recognition Agreement (or a blanket assignment of all Recognition Agreements) endorsed in blank; (v) the
executed UCC-1 financing statement with evidence of recording thereon, which has been filed in all places required to perfect the security interest in the Cooperative shares and the Proprietary Lease; and (vi) executed UCC-3 financing
statements (or copies thereof) or other appropriate UCC financing statements required by state law, evidencing a complete and unbroken line from the mortgagee to the Indenture Trustee with evidence or recording thereon (or in a form suitable for
recordation). 
  
 Cooperative Property: The real property
and improvements owned by the Cooperative Corporation, that includes the allocation of individual dwelling unites to the holders of the shares of the Cooperative Corporation. 
  
 Cooperative Shares: Shares issued by a Cooperative Corporation. 
  
 Cooperative Unit: A single-family dwelling located in a Cooperative
Property. 
  
 Corporate Trust Office: With respect to
(i) the Trust Administrator, the principal corporate trust office of the Trust Administrator at which, at any particular time, its corporate trust business shall be administered, which office at the date of execution of this Agreement for
purposes of transfers and exchanges and for presentment and surrender of the Notes and for payment thereof is located at Wells Fargo Bank, N.A., Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479, Attention: NYMT 2005-3, and for all
other purposes is located at Wells Fargo Bank, N.A., P.O. Box 98, Columbia, Maryland 21046, Attention: Corporate Trust Services (NYMT 2005-3) (or for overnight deliveries, at 9062 Old Annapolis Road, Columbia, Maryland 21045, Attention: Corporate
Trust Services (NYMT 2005-3)); (ii) the Certificate Registrar, the principal office of the Certificate Registrar at which at any particular time its corporate trust business shall be administered, which office at the date of execution of this
Agreement is located at the Corporate Trust Office of the Trust Administrator, or at such other address as the Certificate Registrar may designate from time to time by notice to the Noteholder and the Trust, or the principal corporate trust office
of any successor Certificate Registrar at the address designated by such successor Certificate Registrar by notice to the Noteholders and the Trust; and (iii) the Indenture Trustee, the principal office of the Indenture Trustee at which at any
particular time its corporate trust business shall be administered, which office at the date of execution of this Agreement is located at 60 Livingston Avenue, St. Paul, Minnesota 55107, Attention: Corporate Trust, or at such other address as the
Indenture Trustee may designate from time to time by notice to the Noteholders and the Trust, or the principal corporate trust office of any successor Indenture Trustee at the address designated by such successor Indenture Trustee by notice to the
Noteholders and the Trust. 
  

 9 

 Current Interest: With respect to any Class of Notes and any Payment Date, will equal the
aggregate amount of interest accrued at the applicable Interest Rate during the related Accrual Period on the Class Principal Amount of such Class immediately prior to such Payment Date, provided, however, that for any Class of Notes
and for any Payment Date, Current Interest shall be reduced by the amount specified in clause (a) of the definition of Deferred Interest (calculated for purposes of this definition with the imposition of the Available Funds Rate), if any, for
such Class and Payment Date. 
  
 Custodial Account: The
separate custodial account (other than an Escrow Account) established and maintained by the Servicer pursuant to Section 4.02(d) of this Agreement. 
  
 Custodial Agreement: The custodial agreement relating to the custody of certain of the Mortgage Loans, substantially in the form attached as
Exhibit D hereto, between the Custodian, the Issuer, the Indenture Trustee and the Trust Administrator, dated as of December 1, 2005. 
  
 Custodian: The custodian appointed by the Indenture Trustee pursuant to the Custodial Agreement, and any successor thereto. The initial Custodian
is LaSalle Bank, N.A.. 
  
 Cut-off Date: With respect to
the Initial Mortgage Loans, the Initial Cut-off Date, and with respect to the Subsequent Mortgage Loans, the Subsequent Cut-off Date. 
  
 Cut-off Date Balance: With respect to the Initial Mortgage Loans, the Aggregate Loan Balance as of the Initial Cut-off Date. 
  
 Debt Service Reduction: With respect to any Mortgage Loan, a reduction
of the Scheduled Payment that the related Mortgagor is obligated to pay on any Due Date as a result of any proceeding under Bankruptcy law or any similar proceeding. 
  
 Deferred Interest: For any Class of Notes and any Payment Date, the sum of (a) the aggregate amount of interest
accrued at the applicable Interest Rate (determined without regard to the Available Funds Rate) during the related Accrual Period on the Principal Deficiency Amount for the Class, (b) any amounts due pursuant to clause (a) for such Class
for prior Payment Dates that remain unpaid and (c) interest accrued during the Accrual Period related to such Payment Date on the amount in clause (b) at the Interest Rate applicable to such Class determined without regard to the Available
Funds Rate 
  
 Definitive Note: A Note of any Class issued
in definitive, fully registered, certificated form. 
  
 Delayed
Delivery Mortgage Loans: The Mortgage Loans identified on the Mortgage Loan Schedule for which the related Mortgage Note is not delivered to the Indenture Trustee or the Custodian on its behalf by the Closing Date. The Depositor shall, or shall
direct to the Seller to, deliver the Mortgage Notes to the Indenture Trustee or the Custodian on its behalf: 
  
 (A) for at least 99% of the Mortgage Loans, not later than the Closing Date, and 
  
 (B) for the remaining 1% of the Mortgage Loans, not later than 90 days following the Closing Date. 
  

 10 

 Deleted Mortgage Loan: A Mortgage Loan that is repurchased from the Trust Estate pursuant to the
terms hereof or as to which one or more Qualifying Substitute Mortgage Loans are substituted therefor. 
  
 Depositor: NYMT Securities Corporation, a Delaware corporation having its principal place of business in New York, New York, or its successors in
interest. 
  
 Depository Agreement: The agreement dated
December 20, 2005, among the Issuer and The Depository Trust Company, as the initial Clearing Agency, relating to the Book-Entry Notes. 
  
 Determination Date: With respect to each Payment Date, the 15th day of the month in which such Payment Date occurs, or, if such 15th day is not a
Business Day, the next succeeding Business Day. 
  
 Due
Date: The day of the calendar month on which the Scheduled Payment is due on a Mortgage Loan, exclusive of any days of grace. Pursuant to Section 4.02(d), with respect to any Mortgage Loans for which payment from the Mortgagor is due on a
day other than the first day of the month, such Mortgage Loans will be treated as if the Scheduled Payment is due on the first day of the immediately succeeding month. 
  
 Due Period: With respect to any Payment Date and Mortgage Loan, the period commencing on the second day of the month
immediately preceding the month in which such Payment Date occurs and ending on the first day of the month in which such Payment Date occurs. 
  
 Eligible Account: Either (i) an account or accounts maintained with a federal or state chartered depository institution or trust company that
complies with the definition of Eligible Institution or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained
in an account at a depository institution or trust company whose commercial paper or other short term debt obligations (or, in the case of a depository institution or trust company which is the principal subsidiary of a holding company, the
commercial paper or other short term debt or deposit obligations of such holding company or depository institution, as the case may be) have been rated by each Rating Agency in its highest short-term rating category, or (iii) a segregated trust
account or accounts (which shall be a “special deposit account”) maintained with the Indenture Trustee, the Trust Administrator or any other federal or state chartered depository institution or trust company, acting in its fiduciary
capacity, in a manner acceptable to the Indenture Trustee and the Rating Agencies. Eligible Accounts may bear interest. 
  
 Eligible Institution: Any of the following: 
  
 (a) An institution whose: 
  

	 	(i)	 commercial paper, short-term debt obligations, or other short-term deposits are rated at least “A-1+” or long-term unsecured debt obligations are rated at
least “AA-” by S&P (or assigned comparable ratings by the 

  

 11 

	 	 
other Rating Agencies), if the amounts on deposit are to be held in the account for no more than 365 days; or 

  

	 	(ii)	commercial paper, short-term debt obligations, demand deposits, or other short-term deposits are rated at least “A-2” by S&P (or assigned comparable ratings by the
other Rating Agencies), if the amounts on deposit are to be held in the account for no more than 30 days and are not intended to be used as credit enhancement. Upon the loss of the required rating set forth in this clause (ii), the accounts shall be
transferred immediately to accounts which have the required rating. Furthermore, commingling by the Servicer is acceptable at the A-2 rating level if the Servicer is a bank, thrift or depository and provided the Servicer has the capability to
immediately segregate funds and commence remittance to an Eligible Deposit Account upon a downgrade; or 

  
 (b) the corporate trust department of a federal depositor institution or state-chartered depositor institution subject to regulations regarding fiduciary
funds on deposit similar to Title 12 of the U.S. Code of Federal Regulation Section 9.10(b), which, in either case, has corporate trust powers and is acting in its fiduciary capacity. 
  
 Eligible Investments: Any one or more of the following obligations or
securities: 
  
 (a) direct obligations of, and obligations fully
guaranteed as to timely payment of principal and interest by, the United States of America or any agency or instrumentality of the United States of America the obligations of which are backed by the full faith and credit of the United States of
America (“Direct Obligations”); 
  
 (b) federal funds,
or demand and time deposits in, certificates of deposits of, or bankers’ acceptances issued by, any depository institution or trust company (including U.S. subsidiaries of foreign depositories and the Indenture Trustee or any agent of the
Indenture Trustee, acting in its respective commercial capacity) incorporated or organized under the laws of the United States of America or any state thereof and subject to supervision and examination by federal or state banking authorities, so
long as at the time of investment or the contractual commitment providing for such investment the commercial paper or other short-term debt obligations of such depository institution or trust company (or, in the case of a depository institution or
trust company which is the principal subsidiary of a holding company, the commercial paper or other short-term debt or deposit obligations of such holding company or deposit institution, as the case may be) have been rated by each Rating Agency in
its highest short-term rating category or one of its two highest long-term rating categories; 
  
 (c) repurchase agreements collateralized by Direct Obligations or securities guaranteed by GNMA, Fannie Mae or FHLMC with any registered broker/dealer subject to Notes Investors’ Protection Corporation
jurisdiction or any commercial bank insured by the FDIC, if such broker/dealer or bank has an uninsured, unsecured and unguaranteed obligation rated by each Rating Agency in its highest short-term rating category; 
  

 12 

 (d) securities bearing interest or sold at a discount issued by any corporation incorporated under the
laws of the United States of America or any state thereof which have a credit rating from each Rating Agency, at the time of investment or the contractual commitment providing for such investment, at least equal to one of the two highest long-term
credit rating categories of each Rating Agency; provided, however, that securities issued by any particular corporation will not be Eligible Investments to the extent that investment therein will cause the then outstanding principal amount of
securities issued by such corporation and held as part of the Trust Estate to exceed 20% of the sum of the Aggregate Loan Balance and the aggregate principal amount of all Eligible Investments in the Collection Account; provided, further,
that such securities will not be Eligible Investments if they are published as being under review with negative implications from any Rating Agency; 
  
 (e) commercial paper (including both non-interest-bearing discount obligations and interest-bearing obligations payable on demand or on a specified date
not more than 180 days after the date of issuance thereof) rated by each Rating Agency in its highest short-term rating category; 
  
 (f) a Qualified GIC; 
  
 (g) certificates or receipts representing direct ownership interests in future interest or principal payments on obligations of the United States of
America or its agencies or instrumentalities (which obligations are backed by the full faith and credit of the United States of America) held by a custodian in safekeeping on behalf of the holders of such receipts; and 
  
 (h) any other demand, money market, common trust fund or time deposit or
obligation, or interest-bearing or other security or investment (including those managed or advised by the Indenture Trustee, the Master Servicer, the Trust Administrator, or any Affiliate thereof), (A) rated in the highest rating category by
each Rating Agency, if so rated or (B) that would not adversely affect the then current rating assigned by each Rating Agency of any of the Notes. Such investments in this subsection (viii) may include money market mutual funds or common
Trust Estates, including any fund for which Wells Fargo Bank, N.A. (the “Bank”) in its capacity other than as the Master Servicer, the Trust Administrator or an affiliate thereof serves as an investment advisor, administrator, shareholder
servicing agent, and/or custodian or subcustodian, notwithstanding that (x) the Bank, the Indenture Trustee, the Master Servicer or any affiliate thereof charges and collects fees and expenses from such funds for services rendered, (y) the
Bank, the Indenture Trustee, the Trust Administrator, the Master Servicer or any affiliate thereof charges and collects fees and expenses for services rendered pursuant to this Agreement, and (z) services performed for such funds and pursuant
to this Agreement may converge at any time. The Indenture Trustee specifically authorizes the Bank or an affiliate thereof to charge and collect from the Indenture Trustee such fees as are collected from all investors in such funds for services
rendered to such funds (but not to exceed investment earnings thereon); 
  
 provided, however, that no such instrument shall be an Eligible Investment if such instrument evidences either (i) a right to receive only interest payments with respect to the obligations underlying such instrument, or
(ii) both principal and interest payments derived from obligations underlying such instrument and the principal and interest payments with respect to 

  

 13 

 
such instrument provide a yield to maturity of greater than 120% of the yield to maturity at par of such underlying obligations. 
  
 Entitlement Holder: The meaning specified in Section 8-102(a)(7)
of the New York UCC. 
  
 Entitlement Order: The meaning
specified in Section 8-102(a)(8) of the New York UCC (i.e., generally, orders directing the transfer or redemption of any Financial Asset). 
  
 Environmental Problem Property: A Mortgaged Property or REO Property that is in violation of any environmental law, rule or regulation. 

 
 ERISA: The Employee Retirement Income Security Act of 1974, as
amended. 
  
 Errors and Omissions Insurance: Errors and
Omissions Insurance to be maintained by the Servicer in accordance with Section 4.02(m). 
  
 Errors and Omission Insurance Policy: Any Errors and Omission Insurance policy required to be obtained by the Servicer satisfying the requirements of this Agreement. 
  
 Escrow Account: The separate escrow account (other than a Custodial
Account) established and maintained by the Servicer pursuant to Section 4.02(f) of this Agreement. 
  
 Escrow Payments: With respect to any Mortgage Loan, the amounts constituting ground rents, taxes, assessments, water rates, sewer rents, municipal
charges, mortgage insurance premiums, fire and hazard insurance premiums, condominium charges, and any other payments required to be escrowed by the Mortgagor with the mortgagee pursuant to the Mortgage or any other document. 
  
 Event of Default: A Servicer Event of Default or a Subservicer Event
of Default. 
  
 Excess Cap Amount: As defined in
Section 6.03(c). 
  
 Excess Funding Amount: The amount
remaining on deposit in the Pre-Funding Account at the end of the Pre-Funding Period, exclusive of investment income. 
  
 Exchange Act: The Securities Exchange Act of 1934, as amended. 
  
 Extra Principal Payment Amount: For any Payment Date, an amount equal to the lesser of (a) Monthly Excess
Interest for such Payment Date and (b) the Overcollateralization Deficiency Amount for such Payment Date. 
  
 Fannie Mae or FNMA: 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. 
  

 14 

 Fidelity Bond: Any fidelity bond to be maintained by the Servicer in accordance with
Section 4.02(m). 
  
 Financial Asset: The meaning
specified in Section 8-102(a) of the New York UCC. 
  
 Fixed Rate Cap: With respect to a Payment Date, the per annum rate, equal to 10.50%. 
  
 Freddie Mac or FHLMC: The Federal Home Loan Mortgage Corporation, a corporate instrumentality of the United States created and existing under Title
III of the Emergency Home Finance Act of 1970, as amended, or any successor thereto. 
  
 GNMA: The Government National Mortgage Association, a wholly owned corporate instrumentality of the United States within HUD. 
  
 Guidelines: As defined in Section 4.02(t). 
  
 Holder or Noteholder: The registered holder of any Note or Ownership Certificate as recorded on the books of
the Note Registrar or the Certificate Registrar except that, solely for the purposes of taking any action or giving any consent pursuant to this Agreement, any Note registered in the name of the Depositor, the Master Servicer, the Servicer, the
Subservicer, the Trust Administrator or the Indenture Trustee or any Affiliate thereof (unless any such Person owns 100% of a Class) shall be deemed not to be outstanding in determining whether the requisite percentage necessary to effect any such
consent has been obtained, except that, in determining whether the Indenture Trustee shall be protected in relying upon any such consent, only Notes and an Ownership Certificate which a Responsible Officer of the Indenture Trustee knows to be so
held shall be disregarded. The Indenture Trustee may request and conclusively rely on certifications by the Depositor in determining whether any Note, or Ownership Certificate are registered to an Affiliate of the Depositor. 
  
 HUD: The United States Department of Housing and Urban Development, or
any successor thereto. 
  
 Indenture: The Indenture dated
as of December 1, 2005, among the Issuer, the Trust Administrator and the Indenture Trustee, as such may be amended or supplemented from time to time. 
  
 Indenture Events of Default: As defined in Section 5.01 of the Indenture. 
  
 Indenture Trustee: U.S. Bank National Association, not in its individual capacity but solely as Indenture Trustee, or
any successor in interest. 
  
 Independent: When used with
respect to any Accountants, a Person who is “independent” within the meaning of Rule 2-01(b) of the Securities and Exchange Commission’s Regulation S-X. When used with respect to any other Person, a Person who (a) is in fact
independent of another specified Person and any Affiliate of such other Person, (b) does not have any material direct financial interest in such other Person or any Affiliate of such other Person, and (c) is not connected with such other
Person or any Affiliate of such other Person as an 

  

 15 

 
officer, employee, promoter, underwriter, trustee, partner, director or Person performing similar functions. 
  
 Index: The index specified in the related Mortgage Note for
calculation of the Mortgage Rate thereof. 
  
 Initial Cut-off
Date: December 1, 2005. 
  
 Initial Mortgage
Loans: The Mortgage Loans included in the Trust as of the Closing Date. 
  
 Initial Mortgage Loan Schedule: The schedule of Initial Mortgage Loans included in the Trust as of the Closing Date. 
  
 Insurance Policy: Any primary mortgage insurance policy, any standard hazard insurance policy, flood insurance policy, earthquake insurance policy
or title insurance policy relating to the Mortgage Loans or the Mortgaged Properties, to be in effect as of the Closing Date or thereafter during the term of this Agreement. 
  
 Insurance Proceeds: With respect to each Mortgage Loan, proceeds of insurance policies insuring the Mortgage Loan or
the related Mortgaged Property, if applicable, including the proceeds of any hazard or flood insurance policy reduced by expenses incurred by the Servicer or the Subservicer in connection with procuring such proceeds, applied to the restoration and
repair of the related Mortgaged Property or to be paid to the related Mortgagor pursuant to the Mortgage Note or applicable state law. 
  
 Interest Funds: With respect to any Payment Date, (a) the sum of, without duplication, (1) all interest collected (other than the
interest portion of Payaheads and Prepayment Premiums) or advanced in respect of Scheduled Payments on the Mortgage Loans during the related Due Period by the Servicer, the Subservicer, the Master Servicer or the Indenture Trustee (solely in its
capacity as successor Master Servicer), minus, (x) to the extent provided under Sections 4.02(e)(3) and (4) and Sections 5.08(i) and (ii) herein, previously unreimbursed Advances and Nonrecoverable Advances due to the Servicer,
the Subservicer, the Master Servicer or the Indenture Trustee (solely in its capacity as successor master servicer) to the extent allocable to interest and the allocable portion of previously unreimbursed Servicing Advances with respect to the
Mortgage Loans, (y) the Servicing Fee and Master Servicing Fee with respect to such Mortgage Loans and (z) any fees and expenses of any Custodian with respect to the Mortgage Loans to the extent not paid by the Seller or its Affiliates,
(2) any Compensating Interest Payments or payments in respect of Prepayment Interest Shortfalls paid by the Master Servicer pursuant to Section 5.21 with respect to the related Prepayment Period with respect to the Mortgage Loans or any
Compensating Interest Payments paid by the Servicer with respect to the related Prepayment Period, (3) the portion of any Purchase Price or Substitution Amount paid with respect to the Mortgage Loans during the related Prepayment Period
allocable to interest, and (4) all Net Liquidation Proceeds, Insurance Proceeds and any other recoveries collected with respect to the Mortgage Loans during the related Prepayment Period, to the extent allocable to interest as reduced by the
Owner Trustee Fee, if any, in respect of such Payment Date, and any costs, expenses or liabilities reimbursable or otherwise due to the Master Servicer, Servicer, the 

  

 16 

 
Subservicer, the Indenture Trustee, the Custodian, the Owner Trustee or the Trust Administrator to the extent provided in this Agreement, the Trust
Agreement, the Indenture and the Custodial Agreement. 
  
 Interest Margin: For each Class of Notes, for any Payment Date on or before the Redemption Date: Class A-1, 0.24%; Class A-2, 0.23%, Class A-3, 0.32%, Class M-1, 0.45%; and Class M-2, 0.68% and on any Payment Date
after the Stepup Date, Class A-1, 0.48%; Class A-2, 0.46%, Class A-3, 0.64%; Class M-1, 0.675%; and Class M-2, 1.02%. 
  
 Interest Rate: With respect to the Notes on any Payment Date, the least of (a) One-Month LIBOR plus the Interest Margin for such Notes,
(b) the Available Funds Rate and (c) the Fixed Rate Cap. 
  
 Interest Rate Cap Account: The account established by the Trust Administrator, for the benefit of the Noteholders, pursuant to Section 6.03. 
  
 Interest Rate Cap Agreement: The Interest Rate Cap Agreement dated December 20, 2005, between the Trust and the
Cap Counterparty, with respect to the Notes. 
  
 Intervening
Assignments: The original intervening assignments of the Mortgage, notices of transfer or equivalent instrument. 
  
 Issuer: The Delaware statutory trust known as the “New York Mortgage Trust 2005-3.” 
  
 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: (a) With respect to the first Accrual Period, the per annum rate of 4.37%. With respect to each subsequent Accrual Period, a per annum
rate determined on the LIBOR Determination Date in the following manner by the Trust Administrator on the basis of the “Interest Settlement Rate” set by the British Bankers’ Association (the “BBA”) for one-month United
States dollar deposits, as such rates appear on the Telerate Page 3750, as of 11:00 a.m. (London time) on such LIBOR Determination Date. 
  
 (i) If on such a LIBOR Determination Date, the BBA’s Interest Settlement Rate does not appear on the Telerate Page 3750 as of 11:00 a.m. (London
time), or if the Telerate Page 3750 is not available on such date, the Trust Administrator will determine such rate on the basis of the offered rates of the Reference Banks for one-month United States dollar deposits, as such rates appear on the
Reuters Screen LIBO Page, as of 11:00 a.m. (London time) on such LIBOR Determination Date. 
  
 (j) If LIBOR is determined under clause (b) above, on each LIBOR Determination Date, LIBOR for the related Accrual Period for the Notes will be established by the Trust Administrator as follows: 
  
 (1) If on such LIBOR Determination Date two or more
Reference Banks provide such offered quotations, LIBOR for the related Accrual Period for 

  

 17 

 
the Notes shall be the arithmetic mean of such offered quotations (rounded upwards if necessary to the nearest whole multiple of 0.03125%). 
  
 (2) If on such LIBOR Determination Date fewer than two
Reference Banks provide such offered quotations, LIBOR for the related Accrual Period shall be the higher of (x) LIBOR as determined on the previous LIBOR Determination Date and (y) the Reserve Interest Rate. 
  
 (k) The establishment of LIBOR by the Trust Administrator and the Trust
Administrator’s subsequent calculation of the Interest Rate applicable to the LIBOR Notes for the relevant Accrual Period, in the absence of manifest error, will be final and binding. 
  
 LIBOR Business Day: Any day on which banks in London, England and The
City of New York are open and conducting transactions in foreign currency and exchange. 
  
 LIBOR Determination Date: The second LIBOR Business Day immediately preceding the commencement of each Accrual Period for any LIBOR Notes. 
  
 LIBOR Note: Any Class A or Class M Note. 
  
 Liquidated Mortgage Loan: Any defaulted Mortgage Loan as to which the Master Servicer, the Servicer or the
Subservicer, as applicable, has determined that all amounts that it expects to recover from or on account of such Mortgage Loan have been recovered. 
  
 Liquidation Expenses: Expenses that are incurred by the Master Servicer, the Servicer or the Subservicer, as applicable, in connection with the
liquidation of any defaulted Mortgage Loan and are not recoverable under the applicable primary mortgage insurance policy, if any, including, without limitation, foreclosure and rehabilitation expenses, legal expenses and unreimbursed amounts, if
any, expended pursuant to Sections 4.18 or 4.23. 
  
 Liquidation Proceeds: Cash received in connection with the liquidation of a defaulted Mortgage Loan, whether through the sale or assignment of such Mortgage Loan, trustee’s sale, foreclosure sale, payment in full, discounted
payoff or otherwise, or the sale of the related REO Property, if the Mortgaged Property is acquired in satisfaction of the Mortgage Loan. 
  
 Majority Noteholders: Until such time as the sum of the Class Principal Amounts of all Classes of Notes has been reduced to zero, the holder or
holders of in excess of 50% of the aggregate Class Principal Amount of all Classes of Notes (accordingly, the holder of the Ownership Certificate shall be excluded from any rights or actions of the Majority Noteholders during such period); and
thereafter, the holder of the Ownership Certificate. 
  
 Master
Servicer: Wells Fargo Bank, N.A., or any successor in interest, or if any successor master servicer shall be appointed as herein provided, then such successor master servicer. 
  
 Master Servicer Event of Default: Any one of the conditions or circumstances enumerated in Section 8.01(a).

  

 18 

 Master Servicing Fee: As to any Payment Date, an amount equal to the product of
(i) one-twelfth of the Master Servicing Fee Rate and (ii) the Aggregate Collateral Balance as of the first day of the related Due Period. 
  
 Master Servicing Fee Rate: 0.0185% per annum. 
  
 Material Defect: With respect to any Mortgage Loan, as defined in Section 2.02(c) hereof. 
  
 Maturity Date: With respect to any Class of Notes, the Payment Date in
February 2036. 
  
 MERS: Mortgage Electronic Registration
Systems, Inc., a Delaware corporation, or any successor in interest thereto. 
  
 MERS Mortgage Loan: Any Mortgage Loan as to which the related Mortgage, or an Assignment of Mortgage, has been or will be recorded in the name of MERS, as nominee for the holder from time to time of the
Mortgage Note. 
  
 Monthly Excess Cashflow: For any Payment
Date, the sum of the Monthly Excess Interest for any Payment Date and the Aggregate Overcollateralization Release Amount for such Payment Date and any Principal Payment Amount remaining after the Class Principal Amount of all Classes of Notes has
been reduced to zero. 
  
 Monthly Excess Interest: For any
Payment Date, an amount equal any Interest Funds remaining after application pursuant to subclauses (i) through (iii) of Section 6.02(a). 
  
 Moody’s: Moody’s Investors Service, Inc., or any successor in interest. 
  
 Mortgage: A mortgage, deed of trust or other instrument encumbering a fee simple interest in real property securing a
Mortgage Note, together with improvements thereto; or, in the case of a Cooperative Loan, the Security Agreement. 
  
 Mortgage File: The mortgage documents listed in Section 2.01(b) pertaining to a particular Mortgage Loan required to be delivered to the
Indenture Trustee pursuant to this Agreement. 
  
 Mortgage
Impairment Insurance Policy: A mortgage impairment or blanket hazard insurance policy to be maintained by the Servicer in accordance with Section 5.02(l). 
  
 Mortgage Index: Either the One-Month LIBOR Index, Six-Month LIBOR Index, One-Year LIBOR Index or the One-Year CMT
Index, as specified in the Mortgage Loan Schedule. 
  
 Mortgage
Loan: A mortgage loan that is conveyed to the Issuer pursuant to this Agreement on the Closing Date, with respect to the Initial Mortgage Loans, and on each Subsequent Transfer Date, with respect to the Subsequent Mortgage Loans, which mortgage
loan includes, without limitation, the mortgage loan documents, the Scheduled Payments, Principal Prepayments, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, any related REO Property, REO Disposition Proceeds, and all other rights,
benefits, proceeds and 

  

 19 

 
obligations arising from or in connection with such mortgage loan. The Initial Mortgage Loans subject to this Agreement are identified on the Initial
Mortgage Loan Schedule annexed hereto as Schedule A and have an aggregate Stated Principal Balance as of the Initial Cut-off Date of $230,419,484. The Subsequent Mortgage Loans subject to this Agreement will be identified on each Subsequent Mortgage
Loan Schedule to be annexed hereto as Schedule A on each Subsequent Transfer Date. 
  
 Mortgage Loan Purchase Agreement: The mortgage loan purchase agreement dated as of December 1, 2005, for the sale of the Mortgage Loans by the Seller to the Depositor. 
  
 Mortgage Loan Remittance Rate: With respect to each Mortgage Loan, the
Mortgage Rate minus the Servicing Fee Rate. 
  
 Mortgage Loan
Schedule: Each Initial Mortgage Loan Schedule and any Subsequent Mortgage Loan Schedule attached hereto as Schedule A, which shall identify each Mortgage Loan, as such schedule may be amended from time to time to reflect the addition of Mortgage
Loans to, or the deletion of Mortgage Loans from, the Trust Estate. Such schedule shall set forth, among other things, the following information with respect to each Mortgage Loan: (i) the Mortgage Loan identifying number; (ii) the
original principal balance of the Mortgage Loan; (iii) the Mortgage Rate at origination; (iv) the Mortgage Index; (v) the first Mortgage Rate adjustment date; (vi) the monthly payment of principal and interest at origination;
(vii) the Servicing Fee Rate; (viii) the Master Servicer Fee Rate and (ix) whether such Mortgage Loan is subject to a Prepayment Premium for voluntary prepayments by the Mortgagor, the term during which such Prepayment Premiums are
imposed and the method of calculation of the Prepayment Premium. The Servicer shall be responsible for providing the Indenture Trustee and the Master Servicer with all amendments to the Mortgage Loan Schedule. 
  
 Mortgage Note: The note or other evidence of the indebtedness of a
Mortgagor secured by a Mortgage under a Mortgage Loan. 
  
 Mortgage Pool: The aggregate of all the Mortgage Loans. 
  
 Mortgage Rate: As to any Mortgage Loan, the per annum rate at which interest accrues on such Mortgage Loan, as determined under the related Mortgage Note as reduced by the applications of the Civil Relief Act. 
  
 Mortgaged Property: Either of (x) the fee simple interest in real
property, together with improvements thereto including any exterior improvements to be completed within 120 days of disbursement of the related Mortgage Loan proceeds, or (y) in the case of a Cooperative Loan, the related Cooperative Shares and
Proprietary Lease, securing the indebtedness of the Mortgagor under the related Mortgage Loan. 
  
 Mortgagor: The obligor on a Mortgage Note. 
  
 Net Liquidation Proceeds: With respect to any Liquidated Mortgage Loan, the related Liquidation Proceeds received and retained in connection with the liquidation of such Mortgage Loan net of
(i) Liquidation Expenses and (ii) any related unreimbursed Advances and Servicing Advances, if any. 
  

 20 

 Net Mortgage Rate: With respect to any Mortgage Loan, the Mortgage Rate thereof reduced by the
Aggregate Expense Rate for such Mortgage Loan. 
  
 New York
UCC: The Uniform Commercial Code as in effect in the State of New York. 
  
 Non-MERS Mortgage Loan: Any Mortgage Loan other than a MERS Mortgage Loan. 
  
 Nonrecoverable Advance: Any Servicing Advance or Monthly Advance previously made or proposed to be made in respect of a Mortgage Loan by the
Servicer or the Master Servicer as successor servicer which, in the reasonable discretion of the Servicer will not or, in the case of a proposed Servicing Advance or Monthly Advance, would not, ultimately be recoverable by the Servicer from the
related Mortgagor, related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds or otherwise. The determination by the Servicer that all or a portion of a Servicing Advance or Monthly Advance would be a
Nonrecoverable Advance shall be evidenced by an Officer’s Certificate delivered to the Master Servicer setting forth such determination and a reasonable explanation thereof. 
  
 Note: As defined in the Indenture. 
  
 Note Principal Amount: With respect to any class of Notes, the initial Note principal balance of such class as of the
Closing Date, less the amount of all principal payments previously paid with respect to such Note. For the avoidance of doubt, such amount shall not be reduced by any Realized Losses or Principal Deficiency Amounts. 
  
 Note Register and Note Registrar: As defined in the Indenture.

  
 NYMC: The New York Mortgage Company, LLC. 

 
 NYMF: New York Mortgage Funding, LLC. 
  
 NYMT: New York Mortgage Trust, Inc. 
  
 Offering Document: The Prospectus. 
  
 Officer’s Certificate: A certificate signed by the Chairman of
the Board, any Vice Chairman, the President, any Senior Vice President, any Vice President or any Assistant Vice President of a Person. 
  
 Operative Agreements: The Trust Agreement, the Certificate of Trust of the Issuer, this Agreement, the Mortgage Loan Purchase Agreement, the
Indenture, the Custodial Agreement, the Interest Rate Cap Agreement and each other document contemplated by any of the foregoing to which the Depositor, the Seller, the Master Servicer, the Servicer, the Subservicer, the Custodian, the Owner
Trustee, the Trust Administrator, the Indenture Trustee or the Issuer is a party. 
  
 Opinion of Counsel: A written opinion of counsel, reasonably acceptable in form and substance to the Seller, the Trust Administrator, the Indenture Trustee and/or the Master Servicer, as applicable, and who may
be in-house or outside counsel to the Seller, the Servicer, 

  

 21 

 
the Subservicer, the Depositor, the Master Servicer, the Trust Administrator or the Indenture Trustee, provided, however, that with respect to
the interpretation or application of federal income tax matters, such counsel must be Independent of the Indenture Trustee and the Master Servicer and must be nationally recognized as expert in the tax aspects of asset securitization. 
  
 Original Loan-to-Value Ratio: With respect to any Mortgage Loan, the
ratio of (a) the principal balance of such Mortgage Loan at the date of origination, divided by (b) the Collateral Value of the related Mortgaged Property. 
  
 Original Value: The lesser of (a) the Appraised Value of a Mortgaged Property at the time the related Mortgage
Loan was originated and (b) if the Mortgage Loan was made to finance the acquisition of the related Mortgaged Property, the purchase price paid for the Mortgaged Property by the Mortgagor at the time the related Mortgage Loan was originated.

  
 Overcollateralization Amount: With respect to any
Payment Date will be equal to the amount, if any, by which (a) the Aggregate Collateral Balance for such Payment Date exceeds (b) the aggregate Adjusted Class Principal Amount of the Notes for such Payment Date, in each case after giving
effect to payments on such Payment Date. 
  
 Overcollateralization Deficiency Amount: With respect to any Payment Date the excess, if any, of the Targeted Overcollateralization Amount for that Payment Date over the Overcollateralization Amount for that Payment Date, calculated
for this purpose after giving effect to the reduction on such Payment Date of, the respective Adjusted Class Principal Amounts of the Notes resulting from the payment of the Principal Payment Amount (but not the Extra Principal Payment Amount) on
such Payment Date. 
  
 Ownership Certificate: An equity
certificate representing a 100% undivided beneficial ownership interest in the Trust, substantially in the form attached as part of Exhibit A to the Trust Agreement. 
  
 Ownership Certificate Holder: The holder of the Ownership Certificate, which initially shall be NYMT Ownership
Corporation, a Qualified REIT Subsidiary of NYMT. 
  
 Owner
Trustee: Wilmington Trust Company, and any successor in interest, not in its individual capacity, but solely as owner trustee under the Trust Agreement. 
  
 Owner Trustee Fee: The annual fee of $3,000, payable by the NYMT. 
  
 Payahead: With respect to any Mortgage Loan and any Due Date therefor, any Scheduled Payment received by the Servicer
during any Due Period in addition to the Scheduled Payment due on such Due Date, intended by the related Mortgagor to be applied on a subsequent Due Date or Due Dates. 
  
 Paying Agent: As defined in the Indenture. The initial Paying Agent shall be the Trust Administrator. 
  
 Payment Date: The 25th day of each month or, if such 25th day is not a
Business Day, the next succeeding Business Day, commencing in January 2006. 
  

 22 

 Percentage Interest: With respect to any Note and the Ownership Certificate, the Percentage
Interest evidenced thereby shall equal (i) with respect to the Ownership Certificate, the Percentage Interest on the face of such certificate or (ii) with respect to any Note, the initial Note Principal Amount thereof, divided by the
initial Class Principal Amount of all Notes of the same Class. 
  
 Person: Any individual, corporation, partnership, joint venture, association, joint-stock company, limited liability company, trust, unincorporated organization or government or any agency or political subdivision thereof.

  
 Pre-Funding Account: The account established by the
Trust Administrator, for the benefit of the Noteholders, into which the Seller is required to deposit or cause to be deposited an amount equal to $4,580,516 on the Closing Date. 
  
 Pre-Funding Period: The period from the Closing Date to January 24, 2006, during which the Seller is expected to
transfer Subsequent Mortgage Loans to the Trust. 
  
 Prepayment
Interest Shortfall Amount: With respect to any Payment Date and (x) any Principal Prepayment in part during the preceding calendar month or (y) any Principal Prepayment in full from the sixteenth day of the preceding calendar month
through the end of such calendar month, the amount, if any, by which one month’s interest at the Net Mortgage Rate for such Mortgage Loan on the amount of such Principal Prepayment exceeds the amount of interest received from such Mortgagor in
respect of such Principal Prepayment. 
  
 Prepayment
Period: With respect to any Payment Date, the calendar month immediately preceding the month in which such Payment Date occurs. 
  
 Prepayment Premiums: Any prepayment fees and penalties to be paid by the Mortgagor on a Mortgage Loan in the case of a full or partial voluntary
prepayment of such Mortgage Loan during the related Prepayment Period. 
  
 Prime Rate: The prime rate of the United States money center commercial banks as published in The Wall Street Journal, Northeast Edition. 
  

Principal Deficiency Amount: With respect to the Class A-1 Notes, the Class A-1 Principal Deficiency Amount, with respect to the
Class A-2 Notes, the Class A-2 Principal Deficiency Amount, with respect to the Class A-3 Notes, the Class A-3 Principal Deficiency Amount, with respect to the Class M-1 Notes, the Class M-1 Principal Deficiency Amount and with
respect to the Class M-2 Notes, the Class M-2 Principal Deficiency Amount. 
  
 Principal Funds: With respect to any Payment Date, (a) the sum of (i) all principal collected (other than the principal portion of Payaheads) or advanced in respect of Scheduled Payments on the
Mortgage Loans during the related Due Period whether by the Servicer, the Master Servicer or the Indenture Trustee (less unreimbursed Advances and Nonrecoverable Advances due to the Master Servicer, the Servicer, the Subservicer or the Indenture
Trustee, solely in its capacity as successor Master Servicer) and any unreimbursed Servicing Advances, in each case, to the extent allocable to principal and to the extent provided under Sections 4.02(e)(3) and (4) and Sections 5.08(i) and
(ii)), (ii) all Principal Prepayments in full or in part 

  

 23 

 
received during the related Prepayment Period on the Mortgage Loans, (iii) the Stated Principal Balance of each Mortgage Loan that was purchased from
the Trust Estate, during the related Prepayment Period, (iv) the portion of any Substitution Amount paid with respect to any Deleted Mortgage Loan during the related Prepayment Period allocable to principal, (v) all Net Liquidation
Proceeds, Insurance Proceeds, REO Disposition Proceeds and other Recoveries collected during the related Prepayment Period, to the extent allocable to principal and (vi) with respect to the January 2006 Payment Date, the amount remaining in in
the Pre-Funding Account at the end of the Pre-Funding Period, exclusive of investment income, as reduced by (b) other costs, expenses or liabilities reimbursable to the Indenture Trustee, the Owner Trustee, the Custodian, the Trust
Administrator, the Master Servicer and the Servicer to the extent provided in this Agreement, the Trust Agreement, the Indenture and the Custodial Agreement and to the extent not reimbursed from Interest Funds, or otherwise 
  
 Principal Payment Amount: for any Payment Date an amount equal to the
excess of (a) the sum of Principal Funds and the Extra Principal Payment Amount, if any, over (b) the Aggregate Overcollateralization Release Amount, if any. 
  
 Principal Prepayment: Any payment or other recovery of principal on a Mortgage Loan including any payment or other
recovery of principal in connection with the repurchase of a Mortgage Loan by the Seller, the Servicer or any other Person received in advance of such Mortgage Loan’s scheduled Due Date. 
  
 Proceeding: Any suit in equity, action at law or other judicial or
administrative proceeding. 
  
 Proprietary Lease: With
respect to any Cooperative Property, a lease or occupancy agreement between a Cooperative Corporation and a holder of related Cooperative Shares. 
  
 Prospectus: The Prospectus dated August 29, 2005, relating to the Notes. 
  
 Purchase Price: With respect to the purchase of a Mortgage Loan or related REO Property pursuant to this Agreement,
an amount equal to the sum of (a) 100% of the unpaid principal balance of such Mortgage Loan, (b) accrued interest thereon at the applicable Mortgage Rate, from the date as to which interest was last paid to (but not including) the Due
Date in the Due Period during which such Mortgage Loan or REO Property is being so purchased; (c) the fair market value of the REO Property and all other property being purchased; (d) any unreimbursed Servicing Advances with respect to
such Mortgage Loan; and (e) any costs and damages incurred by the Trust Estate associated with any violation of applicable federal, state or local anti-predatory or anti-abusive lending laws with respect to the related Mortgage Loan. The Master
Servicer and the Servicer shall be reimbursed from the Purchase Price for any Mortgage Loan or related REO Property for any Advances made or other amounts advanced with respect to such Mortgage Loan that are reimbursable to the Master Servicer or
the Servicer under this Agreement, together with any accrued and unpaid Servicing Administration Fee and Master Servicing Fee with respect to such Mortgage Loan. 
  

 24 

 Qualified GIC: A guaranteed investment contract or surety bond providing for the investment of
funds in the Collection Account and insuring a minimum, fixed or floating rate of return on investments of such funds, which contract or surety bond shall: 
  
 (i) be an obligation of an insurance company or other corporation whose long-term debt is rated by each Rating Agency in one of its two
highest rating categories or, if such insurance company has no long term debt, whose claims paying ability is rated by each Rating Agency in one of its two highest rating categories, and whose short-term debt is rated by each Rating Agency in its
highest rating category; 
  
 (ii) provide that
the Indenture Trustee may exercise all of the rights under such contract or surety bond without the necessity of taking any action by any other Person; 
  
 (iii) provide that if at any time the then current credit standing of the obligor under such guaranteed investment contract is such that
continued investment pursuant to such contract of funds would result in a downgrading of any rating of the Notes, the Indenture Trustee shall terminate such contract without penalty and be entitled to the return of all funds previously invested
thereunder, together with accrued interest thereon at the interest rate provided under such contract to the date of delivery of such funds to the Indenture Trustee; 
  
 (iv) provide that the Indenture Trustee’s interest therein shall be transferable to any successor
trustee hereunder; and 
  
 (v) provide that the
funds reinvested thereunder and accrued interest thereon be returnable to the Collection Account not later than the Business Day prior to any Payment Date. 
  
 Qualified Insurer: An insurance company duly qualified as such under the laws of the states in which the related Mortgaged Properties are located,
duly authorized and licensed in such states to transact the applicable insurance business and to write the insurance provided and whose claims paying ability is rated by each Rating Agency in its highest rating category or whose selection as an
insurer will not adversely affect the rating of the Notes. 
  
 Qualified REIT Subsidiary: A direct or indirect 100% owned subsidiary of a REIT that satisfies the requirements of Section 856(i) of the Code. 
  
 Qualifying Substitute Mortgage Loan: In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant
to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate
Stated Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Principal Balance of the Deleted Mortgage Loan as of
the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum
Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, 

  

 25 

 
(iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater
than the gross margin of the Deleted Mortgage Loan, (vi) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Mortgage Loan, (viii) has a remaining
stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan, (ix) is current as of the date of substitution, (x) has a Loan-to-Value
Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xi) has been underwritten by the Seller in accordance with the same underwriting criteria and guidelines as the
Deleted Mortgage Loan, (xii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan,
(xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the Mortgage Loan Purchase Agreement, (xv) has the same first lien position as the Deleted Mortgage Loan, (xvi) is covered by a primary
mortgage insurance policy if the Deleted Mortgage Loan was so covered, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the Mortgage Loan at least as favorable to the Trust as the
Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan,
(xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a
“high-cost” loan subject to the New Mexico Home Loan Protection Act. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined
on the basis of aggregate Stated Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xii) hereof shall be
satisfied as to each such mortgage loan, the terms described in clause (viii) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (x) hereof shall be
satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the
aggregate, as the case may be. 
  
 Rating Agency:
Moody’s and S&P. 
  
 Realized Loss: With respect
to each Liquidated Mortgage Loan, an amount equal to (i) the Unpaid Principal Balance of such Mortgage Loan as of the date of liquidation, minus (ii) Liquidation Proceeds received, to the extent allocable to principal, net of amounts that
are reimbursable therefrom to the Master Servicer or the Servicer with respect to such Mortgage Loan (other than Advances of principal) including Liquidation Expenses. In determining whether a Realized Loss is a Realized Loss of principal,
Liquidation Proceeds shall be allocated, first, to payment of Liquidation Expenses, then to accrued unpaid interest and finally to reduce the principal balance of the Mortgage Loan. 
  
 Recognition Agreement: With respect to any Cooperative Loan, an agreement between the related Cooperative Corporation
and the originator of such Mortgage Loan to establish the rights of such originator in the related Cooperative Property. 
  

 26 

 Record Date: With respect to each Payment Date, with respect any Class of Book-Entry Notes, the
Business Day prior to the related Payment Date, and with respect to any Class of Definitive Notes, the last Business Day of the month preceding the month of such Payment Date. 
  
 Recovery: With respect to any Liquidated Mortgage Loan, an amount received in respect of principal on such Mortgage
Loan which has previously been allocated as a Realized Loss to a Class or Classes of Notes net of reimbursable expenses. 
  
 Redemption Date: The first Payment Date on which the Servicer is permitted to exercise its right to purchase the assets of the Trust pursuant to
Section 9.02 hereof. 
  
 Redemption Price: The sum of
(a) 100% of the Class Principal Amount of the Notes plus unpaid Current Interest through the day before the final Payment Date, (b) any unreimbursed Servicing Advances, (c) any Deferred Interest, Unpaid Interest and Available Funds
Shortfalls and (d) all other amounts to be paid or reimbursed to the Master Servicer, the Trust Administrator, the Indenture Trustee, the Owner Trustee and the Custodian pursuant to the Operative Agreements. 
  
 Reference Banks: Leading banks selected by the Trust Administrator and
engaged in transactions in Eurodollar deposits in the international Eurocurrency market (a) with an established place of business in London, (b) whose quotations appear on Reuters Screen LIBO Page on the Interest Determination Date in
question, (c) which have been designated as such by the Trust Administrator and (d) not controlling, controlled by, or under common control with, the Depositor, the Indenture Trustee, the Trust Administrator, the Master Servicer, the
Servicer, the Seller or any successor servicer. 
  
 REIT: A
real estate investment trust within the meaning of section 856 of the Code. 
  
 Relevant UCC: The Uniform Commercial Code as in effect in the applicable jurisdiction. 
  
 REO Disposition: The final sale by the Servicer or the Subservicer of any REO Property. 
  
 REO Disposition Proceeds: All amounts received with respect to an REO
Disposition pursuant to Section 4.02(p). 
  
 REO
Property: A Mortgaged Property which has been acquired by the Trust through foreclosure or deed-in-lieu of foreclosure in connection with a defaulted Mortgage Loan. 
  
 Representing Party: Each of the Servicer and the Subservicer making the representations and warranties under Sections
4.05(a) and 4.05(b), respectively. 
  

 27 

 Required Loss Percentage: For any Payment Date, the applicable percentage for such Payment Date
set forth in the following table: 
  

			
	 Range of Payment Dates

	  	 Percentage of Aggregate Collateral Balance as of the Closing Date

	January 2009 - December 2009	  	0.80% in the first month plus an additional 1/12th of
0.60% for every month thereafter
	January 2010 - December 2010	  	1.40% in the first month plus an additional 1/12th of
0.55% for every month thereafter
	January 2011 - December 2011	  	1.95% in the first month plus an additional 1/12th of
0.35% for every month thereafter
	January 2012 - December 2012	  	2.30% in the first month plus an additional 1/12th of
0.05% for every month thereafter
	January 2013 and thereafter	  	2.35%

  
 Reserve Interest
Rate: The rate per annum that the Trust Administrator determines to be either (a) the arithmetic mean (rounded upwards if necessary to the nearest whole multiple of 0.03125%) of the one-month United States dollar lending rates which New
York City banks selected by the Trust Administrator are quoting on the relevant Interest Determination Date to the principal London offices of leading banks in the London interbank market or, (b) in the event that the Trust Administrator can
determine no such arithmetic mean, the lowest one-month United States dollar lending rate which New York City banks selected by the Trust Administrator are quoting on such Determination Date to leading European banks. 
  
 Responsible Officer: Any Vice President, any Assistant Vice President,
any Assistant Secretary, any Assistant Treasurer, any Corporate Trust officer or any other officer of the Indenture Trustee or the Trust Administrator, as applicable, customarily performing functions similar to those performed by any of the
above-designated officers and, in each case, having direct responsibility for the administration of the Operative Agreements 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. 
  
 Reuters Screen LIBO Page: The display designated as page “LIBO” on the Reuters Monitor Money Rates Service (or such other page as may replace the LIBO page on that service for the purpose of
displaying London interbank offered rates of major banks). 
  
 S&P: Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., or any successor in interest. 
  
 Sarbanes Certifying Party: Any person who provides a certification pursuant to the Sarbanes-Oxley Act of 2002 on behalf of the Trust. 

 
 Scheduled Payment: Each scheduled payment of principal and interest
(or of interest only, if applicable) to be paid by the Mortgagor on a Mortgage Loan, as reduced (except where otherwise specified herein) by the amount of any related Debt Service Reduction or pursuant to the Civil Relief Act (excluding all amounts
of principal and interest that were due on or before the Cut-off Date whenever received) and, in the case of an REO Property, an amount equivalent 

  

 28 

 
to the Scheduled Payment that would have been due on the related Mortgage Loan if such Mortgage Loan had remained in existence. 
  
 Securities Intermediary: The Person acting as Securities Intermediary
under this Agreement (which is Wells Fargo Bank, N.A.), its successor in interest, and any successor Securities Intermediary appointed pursuant to Section 6.04. 
  
 Security Agreement: With respect to any Cooperative Loan, the agreement between the owner of the related Cooperative
Shares and the originator of the related Mortgage Note that defines the terms of the security interest in such Cooperative Shares and the related Proprietary Lease. 
  
 Security Entitlement: The meaning specified in Section 8-102(a)(17) of the New York UCC. 
  
 Seller: New York Mortgage Funding, LLC, or any successor. 

 
 Servicer: NYMT Servicing Corporation, or any successor. 

 
 Servicer Event of Default: Any one of the conditions or
circumstances enumerated in Section 4.07 with respect to the Servicer. 
  
 Servicer Remittance Date: The day in each calendar month on which the Servicer is required to remit payments to the Collection Account, which is the 18th day of each calendar month (or, if such day is not a Business Day, the preceding Business Day), commencing in January 2006. 
  
 Servicing Advances: All customary, reasonable and necessary “out
of pocket” costs and expenses other than Advances (including reasonable attorneys’ fees and disbursements) incurred in the performance by the Servicer of its servicing obligations, including, but not limited to, the cost of (a) the
preservation, inspection, restoration and protection of the Mortgaged Property, (b) any enforcement or administrative or judicial proceedings, including foreclosures, (c) the management and liquidation of the Mortgaged Property if the
Mortgaged Property is acquired in satisfaction of the Mortgage, (d) taxes, assessments, water rates, sewer rents and other charges which are or may become a lien upon the Mortgaged Property and fire and hazard insurance coverage and
(e) any losses sustained by the Servicer with respect to the liquidation of the Mortgaged Property. Notwithstanding anything to the contrary herein, in the event the Servicer determines in its reasonable judgment that a Servicing Advance is a
Nonrecoverable Advance, the Servicer shall be under no obligation to make such Servicing Advance. 
  
 Servicing Fee: An aggregate monthly fee paid to the Servicer calculated at the product of 1/12th of the Servicing Fee Rate on the Stated Principal Balance of each Mortgage Loan as of the beginning of the related Due Period. 
  
 Servicing Fee Rate: With respect to each Mortgage Loan, the rate set
forth for such Mortgage Loan on the Mortgage Loan Schedule. 
  

 29 

 Servicing File: The items pertaining to a particular Mortgage Loan including, but not limited to,
the computer files, data disks, books, records, data tapes, notes, and all additional documents generated as a result of or utilized in originating and/or servicing each Mortgage Loan, which are held in trust for the Indenture Trustee by the
Subservicer. 
  
 Servicing Officer: Any officer of the
Servicer or the Subservicer involved in or responsible for, the administration and servicing of the Mortgage Loans whose name appears on a list of servicing officers furnished by the Servicer and the Subservicer to the Master Servicer upon request,
as such list may from time to time be amended. 
  
 Servicing
Standard: The servicing and administration of the Mortgage Loans for which the Servicer or the Subservicer is responsible hereunder (a) in the same manner in which, and with the same care, skill, prudence and diligence with which, the
Servicer or the Subservicer, as applicable, generally services and administers similar mortgage loans with similar mortgagors (i) for other third parties, giving due consideration to customary and usual standards of practice of prudent
institutional residential mortgage lenders servicing their own loans or (ii) held in the Servicer’s or the Subservicer’s own portfolio, as applicable, whichever standard is higher, (b) with a view to the maximization of the
recovery on such Mortgage Loans on a net present value basis and the best interests of the Trust or any Person to which the Mortgage Loans may be transferred by the Trust, (c) without regard to (i) any relationship that the Servicer or the
Subservicer or any affiliate thereof may have with the related Mortgagor or any other party to the transactions; (ii) the right of the Servicer or the Subservicer to receive compensation or other fees for its services rendered pursuant to this
Agreement; (iii) the obligation of the Servicer or the Subservicer to make Servicing Advances; (iv) the ownership, servicing or management by the Servicer or the Subservicer or any affiliate thereof for others of any other mortgage loans
or mortgaged properties; and (v) any debt the Servicer or any affiliate of the Servicer or the Subservicer has extended to any mortgagor or any affiliate of such mortgagor, and (d) in accordance with the applicable state, local and federal
laws, rules and regulations. 
  
 Stated Principal Balance:
With respect to any Payment Date, either (a) in the case of any Mortgage Loan, the principal balance of such Mortgage Loan at the close of business on the Cut-off Date after giving effect to principal payments due on or before the Cut-off Date,
whether or not received, less an amount equal to principal payments due after the Cut-off Date and on or before the Due Date in the related Due Period, whether or not received from the Mortgagor or advanced by the Servicer or the Master Servicer,
and all amounts allocable to unscheduled principal payments (including Principal Prepayments, Liquidation Proceeds, Insurance Proceeds and condemnation proceeds, in each case to the extent identified and applied prior to or during the related
Prepayment Period), provided that the Stated Principal Balance of any Liquidated Mortgage Loan shall be zero and (b) in the case of any REO Property, the Stated Principal Balance of the related Mortgage Loan on the Due Date immediately
preceding the date of acquisition of such REO Property by or on behalf of the Indenture Trustee (reduced by any amount applied as a reduction of principal on the related Mortgage Loan). 
  
 Stepdown Date: The later to occur of (a) the Payment Date occurring in January 2009 and (b) the first
Payment Date on which the Aggregate Collateral Balance of the Mortgage Loans as of the end of the related Due Period is one-half the Aggregate Collateral Balance as of the Closing Date. 
  

 30 

 Stepup Date: The first Payment Date after the Payment Date on which the Aggregate Collateral
Balance at the beginning of the Due Period related to that Payment Date is less than 20% of the Aggregate Collateral Balance as of the Closing Date. 
  
 Subsequent Cut-off Date: With respect to any Subsequent Mortgage Loan, the date specified in the related Subsequent Transfer Agreement. 

 
 Subsequent Mortgage Loans: The Mortgage Loans transferred to the
Trust during the Pre-Funding Period. 
  
 Subsequent
Recoveries: with respect to any liquidated Mortgage Loan, amounts received net of reimbursable expenses in respect of principal on such Mortgage Loan to the extent that such amount previously has been allocated as a Realized Loss to a Class or
Classes of Notes. 
  
 Subsequent Transfer Agreement: A
Subsequent Transfer Agreement entered into between the Seller, the Issuer, the Depositor, the Indenture Trustee and the Trust Administrator, substantially in the form attached as Exhibit I. 
  
 Subservicer: Cenlar FSB, a federal savings bank or any successor in
interest. 
  
 Subservicer Event of Default: Any one of the
conditions or circumstances enumerated in Section 4.07 with respect to the Subservicer. 
  
 Substitution Amount: The amount, if any, by which the Stated Principal Balance of a Deleted Mortgage Loan exceeds the Stated Principal Balance of the related Qualifying Substitute Mortgage Loan, or aggregate
Stated Principal Balance, if applicable, plus unpaid interest thereon, any related unpaid Advances or Servicing Advances or unpaid Servicing Fees or unpaid Master Servicing Fees and the amount of any costs and damages incurred by the Trust Fund
associated with a violation of any applicable federal, state or local predatory or abusive lending law in connection with the origination of such Deleted Mortgage Loan. 
  
 Targeted Overcollateralization Amount: With respect to any Payment Date, an amount equal to (a) prior to the
Stepdown Date, an amount equal to 2.70% of the Aggregate Collateral Balance as of the Closing Date, and (b) with respect to any Payment Date on or after the Stepdown Date and if a Trigger Event is not in effect, the greater of
(i) approximately 5.40% of the Aggregate Collateral Balance as of the end of the related Due Period and (ii) 0.50% of the Aggregate Collateral Balance as of the Closing Date; provided, however, that if a Trigger Event is in effect, the
Targeted Overcollateralization Amount will be an amount equal to the Targeted Overcollateralization Amount for the immediately preceding Payment Date. 
  
 Telerate Page 3750: The display currently so designated as “Page 3750” on the Moneyline Telerate Service (or such other page selected by
the Master Servicer as may replace Page 3750 on that service for the purpose of displaying daily comparable rates on prices). 
  
 Title Insurance Policy: A title insurance policy maintained with respect to a Mortgage Loan. 
  

 31 

 Total Principal Deficiency Amount: Means with respect to any Payment Date, the excess, if any, of
the aggregate Class Principal Amount of the Notes (after taking into account any payments of payment of principal in respect of such Payment Date) over the Aggregate Collateral Balance as of the last day of the related Due Period. 
  
 Trigger Event: A Trigger Event is in effect with respect to any
Payment Date if: 
  
 (a) the three-month rolling average of the
Mortgage Loans that are 90 or more days delinquent (including for this purpose any such Mortgage Loans in foreclosure and Mortgage Loans with respect to which the related mortgaged property has been acquired by the Trust) as of the close of business
on the last day of the preceding calendar month equals or exceeds the Targeted Overcollateralization Amount for that Payment Date expressed as a percentage of the Aggregate Collateral Balance as of such Payment Date; or 
  
 (b) in the case of any Payment Date after the 24th Payment Date, the cumulative amount of Realized Losses incurred on the Mortgage Loans from the Cut-off Date through the end of
the calendar month immediately preceding such Payment Date as a percentage of the Aggregate Collateral Balance on the Closing Date for such Payment Date exceeds the Required Loss Percentage for such Payment Date. 
  
 Trust or Trust Fund: The Issuer. 
  
 Trust Account Property: The Trust Account, all amounts and investments
held from time to time in the Trust Account (whether in the form of deposit accounts, physical property, book-entry securities, uncertificated securities, securities entitlements, investment property or otherwise) and all proceeds of the foregoing.

  
 Trust Account: The Collection Account. 
  
 Trust Administrator: Wells Fargo Bank, N.A., or any successor thereto.

  
 Trust Agreement: The trust agreement dated as of
December 12, 2005, between the Depositor and the Owner Trustee, as amended and restated on December 20, 2005, among the Depositor, the Owner Trustee and the Trust Administrator. 
  
 Trust Estate: The assets of the Issuer and pledged by the Issuer to the Indenture Trustee under the Indenture, which
assets consist of all accounts, accounts receivable, contract rights, general intangibles, chattel paper, instruments, documents, money, deposit accounts, certificates of deposit, goods, notes, drafts, letters of credit, advices of credit,
investment property, uncertificated securities and rights to payment of any and every kind consisting of, arising from or relating to any of the following: (a) the Mortgage Loans listed in the Mortgage Loan Schedule, and principal due and
payable after the Cut-off Date, but not including interest and principal due and payable on any Mortgage Loans on or before the Cut-off Date, together with the Mortgage Files relating to such Mortgage Loans; (b) any Insurance Proceeds, REO
Property, Liquidation Proceeds, REO Disposition Proceeds and other recoveries (in each case, subject to clause (a) above), (c) the Collection Account, any Custodial Account, any Escrow Account, the Pre-Funding Account and all amounts
deposited therein pursuant to the applicable provisions of this Agreement, (d) any Insurance Policies, (e) the rights of the Depositor under the Mortgage 

  

 32 

 
Loan Purchase Agreement, (f) all income, revenues, issues, products, revisions, substitutions, replacements, profits, rents and all cash and non-cash
proceeds of the foregoing and (g) the rights of the Trust under the Interest Rate Cap Agreement. 
  
 UCC: The Uniform Commercial Code as enacted in the relevant jurisdiction. 
  
 Underwriter: Credit Suisse First Boston LLC. 
  
 Unpaid Interest: with respect to any Class of Notes for any Payment Date, the aggregate amount of Current Interest
payable with respect to such Notes for a prior Payment Date which remains unpaid (together with interest thereon at the related Interest Rate). 
  
 Voting Interests: The portion of the voting rights of all the Notes that is allocated to any Note for purposes of the voting provisions of this
Agreement. At all times during the term of this Agreement, 99% of all voting rights will be allocated among the holders of the Notes as provided below. The portion of such voting rights allocated to such Notes will be based on the fraction,
expressed as a percentage, the numerator of which is the aggregate Class Principal Amount then outstanding and the denominator of which is the aggregate outstanding principal balance of the Notes. At all times during the term of the Indenture and
this Agreement, the holders of the Ownership Certificate will be allocated 1% of the voting rights. The voting rights allocation to any Class of Notes or the Ownership Certificate will be allocated among all holders of each such Class or Certificate
in proportion to the outstanding Class Principal Amount of such Notes or Percentage Interest of the Ownership Certificate. 
  
 Section 1.02. Calculations With Respect to the Mortgage Loans. Calculations required to be made pursuant to this Agreement with respect to any
Mortgage Loan in the Trust Estate shall be made based upon current information as to the terms of the Mortgage Loans and reports of payments received from the Mortgagor on such Mortgage Loans provided by the Servicer or the Subservicer to the Master
Servicer. Payments to be made by the Trust Administrator shall be based on information provided by the Master Servicer. The Trust Administrator shall not be required to recompute, verify or recalculate the information supplied to it by the Master
Servicer, the Servicer or the Subservicer. 
  
 Section 1.03.
Calculations With Respect to Accrued Interest. Accrued interest, if any, on any LIBOR Note shall be calculated based upon a 360-day year and the actual number of days in each Accrual Period. 
  
 ARTICLE II 
  
 CONVEYANCE OF MORTGAGE LOANS 
  
 Section 2.01. Creation and Declaration of Trust Estate; Conveyance of Initial Mortgage Loans. 
  
 (a) Mortgage Loans. As of the Closing Date, in consideration of the
Issuer’s delivery of the Notes to the Depositor or its designee, and concurrently with the execution and delivery of this Agreement, the Depositor does hereby transfer, assign, set over, deposit with and otherwise convey to the Issuer, without
recourse, subject to Section 3.01, in trust, all the right, title and 

  

 33 

 
interest of the Depositor in and to the Initial Mortgage Loans. Such conveyance includes, without limitation, the right to all payments of principal and
interest received on or with respect to the Initial Mortgage Loans on and after the Initial Cut-off Date (other than payments of principal and interest due on or before such date), and all such payments due after such date but received prior to such
date and intended by the related Mortgagors to be applied after such date together with all of the Depositor’s right, title and interest in any REO Property and the proceeds thereof, the Depositor’s rights under any Insurance Policies
related to the Mortgage Loans, the Depositor’s security interest in any collateral pledged to secure the Mortgage Loans, including the Mortgaged Properties and any proceeds of the foregoing, to have and to hold, in trust; and the Indenture
Trustee declares that, subject to the review provided for in Section 2.02, it has received and shall hold the Trust Estate, as Indenture Trustee, in trust, for the benefit and use of the Noteholders and for the purposes and subject to the terms
and conditions set forth in this Agreement, and, concurrently with such receipt, the Issuer has issued and delivered the Notes to or upon the order of the Depositor, in exchange for the Mortgage Loans and the other property of the Trust Estate.

  
 Concurrently with the execution and delivery of this
Agreement, the Depositor does hereby assign to the Issuer all of its rights and interest under the Mortgage Loan Purchase Agreement but without delegation of any of its obligations thereunder. The Issuer hereby accepts such assignment, and shall be
entitled to exercise all the rights of the Depositor under the Mortgage Loan Purchase Agreement as if, for such purpose, it were the Depositor. Upon the issuance of the Notes, ownership in the Trust Estate shall be vested in the Issuer, subject to
the lien created by the Indenture in favor of the Indenture Trustee, for the benefit of the Noteholders. The Issuer hereby accepts such assignment and shall be entitled to exercise all rights of the Depositor under the Mortgage Loan Purchase
Agreement as if, for such purpose, it were the Depositor. The foregoing sale, transfer, assignment, set-over, deposit and conveyance does not and is not intended to result in creation or assumption by the Indenture Trustee of any obligation of the
Depositor, the Seller, or any other Person in connection with the Mortgage Loans or any other agreement or instrument relating thereto except as specifically set forth herein. 
  
 It is agreed and understood by the Depositor, the Issuer and the Indenture Trustee that it is not intended that any Mortgage
Loan to be included in the Trust Fund be (i) a “High-Cost Home Loan” as defined in the New Jersey Home Ownership Act effective November 27, 2003, (ii) a “High-Cost Home Loan” as defined in the New Mexico Home Loan
Protection Act effective January 1, 2004, (iii) a “High-Cost Home Mortgage Loan” as defined in the Massachusetts Predatory Home Loan Practices Act effective November 7, 2004 and (iv) a “High Cost Home Loan” as
defined in the Indiana Home Loan Practices Act effective January 1, 2005. 
  
 (b) In connection with such transfer and assignment, the Depositor does hereby deliver to, and deposit with, or cause to be delivered to and deposited with the Custodian acting on the Indenture Trustee’s behalf,
the following documents or instruments with respect to each Initial Mortgage Loan (each a “Mortgage File”) so transferred and assigned: 
  
 (i) the original Mortgage Note, endorsed either (A) in blank or (B) in the form of the Form of Endorsement set forth in Exhibit
A-4 hereto (or Exhibit B-6 to the Custodial Agreement), or with respect to any lost Mortgage Note, an original Lost Note Affidavit, in the form set forth in Exhibit C hereto (or Exhibit B-5 to the Custodial Agreement), stating that the 

  

 34 

 
original Mortgage Note was lost, misplaced or destroyed, together with a copy of the related Mortgage Note; 
  
 (ii) the original of any guarantee executed in connection
with the Mortgage Note assigned to the Indenture Trustee; 
  
 (iii) the original Mortgage with evidence of recording thereon, and the original recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon or, if such
Mortgage or power of attorney has been submitted for recording but has not been returned from the applicable public recording office, has been lost or is not otherwise available, a copy of such Mortgage or power of attorney, as the case may be,
certified by an Officer’s Certificate of the Seller to be a true and complete copy of the original submitted for recording, together with a written Opinion of Counsel acceptable to the Indenture Trustee and the Depositor that an original
recorded Mortgage is not required to enforce the Indenture Trustee’s interest in the Mortgage Loan; 
  
 (iv) with respect to each Non-MERS Mortgage Loan, an original Assignment of Mortgage, in form and substance acceptable for recording. The
Mortgage shall be assigned either (A) in blank, without recourse, or (B) to “U.S. Bank National Association,” as Indenture Trustee of the New York Mortgage Trust 2005-3”, without recourse or (C) to the order of the
Indenture Trustee, or in the case of a Cooperative Loan, an original Assignment of the Security Agreement; 
  
 (v) an original copy of any intervening assignment of Mortgage showing a complete chain of assignments or, in the case of an intervening
assignment that has been lost, a written Opinion of Counsel for the Seller acceptable to the Indenture Trustee that such original intervening assignment is not required to enforce the Indenture Trustee’s interest in the Mortgage Loans;

  
 (vi) with respect to each Mortgage Loan other
than a Cooperative Loan, the original or a certified copy of lender’s title insurance policy (or, in lieu thereof, a commitment to issue such title insurance policy, with an original or a certified copy of such title insurance policy to follow
as soon after the Closing Date as reasonably practicable); 
  
 (vii) with respect to any Cooperative Loan, the following documents: the Security Agreement; a stock certificate evidencing the Cooperative Shares and related stock power; Proprietary Lease; and Recognition Agreement;

  
 (viii) the original or copies of each
assumption, modification, written assurance or substitution agreement, if any, or as to any such agreement which cannot be delivered prior to the Closing Date because of a delay caused by the public recording office where such assumption,
modification or substitution agreement has been delivered for recordation, a photocopy of such assumption, modification or substitution agreement, pending delivery of the original thereof, together with an Officer’s Certificate of the Seller
certifying that the copy of such assumption, modification or substitution agreement delivered to the Custodian is a true copy and that the original of such agreement has been forwarded to the public recording office; and 
  

 35 

 (ix) the original of any security agreement or equivalent instrument executed in
connection with the Mortgage or as to any security agreement or equivalent instrument that cannot be delivered on or prior to the Closing Date because of a delay caused by the public recording office where such document has been delivered for
recordation, a photocopy of such document, pending delivery of the original thereof, together with an Officer’s Certificate of the Seller certifying that the copy of such security agreement, chattel mortgage or their equivalent delivered to the
Custodian is a true copy and that the original of such document has been forwarded to the public recording office. 
  
 The Depositor and the Seller acknowledge and agree that the form of endorsement attached hereto as Exhibit A-4 is intended to effect the transfer to the
Indenture Trustee, for the benefit of the Noteholders, of the Mortgage Notes and the Mortgages. 
  
 (c) MERS is the record owner of all of the Initial Mortgage Loans. The Seller shall, or shall cause the Servicer or the Subservicer, at the expense of the
Seller, to take such actions as are necessary to cause the Indenture Trustee to be clearly identified as the owner of each such Mortgage Loan on the records of MERS for purposes of the system of recording transfers of beneficial ownership of
mortgages maintained by MERS. With respect to each Cooperative Loan, the Seller shall, or at its expense, shall cause the Servicer or the Subservicer to, take such actions as are necessary under applicable law in order to perfect the interest of the
Indenture Trustee in the related Mortgaged Property. Assignments of Mortgage with respect to each Non- MERS Mortgage Loan shall be recorded; provided, however, that such Assignments need not be recorded if, on or prior to the Closing Date, the
Seller delivers an Opinion of Counsel (which must be Independent counsel) acceptable to the Indenture Trustee and the Rating Agencies, to the effect that recording in such states is not required to protect the Indenture Trustee’s interest in
the related Non-MERS Mortgage Loans; provided, further, that notwithstanding the delivery of any Opinion of Counsel, the Servicer shall submit each Assignment of Mortgage for recording upon the occurrence of a bankruptcy, insolvency or foreclosure
relating to the Mortgagor under the related Mortgage. Subject to the preceding sentence, as soon as practicable after the Closing Date (but in no event more than three months thereafter except to the extent delays are caused by the applicable
recording office), the Servicer, at the expense of the Seller shall cause to be properly recorded in each public recording office where the related Mortgages are recorded each Assignment of Mortgage referred to in subsection (b)(iv) above with
respect to each Non-MERS Mortgage Loan. 
  
 (d) In instances where
a Title Insurance Policy is required to be delivered to the Indenture Trustee or the Custodian on behalf of the Indenture Trustee under clause (b)(vii) above and is not so delivered, the Seller will provide a copy of such Title Insurance Policy to
the Indenture Trustee, or to the Custodian on behalf of the Indenture Trustee, as promptly as practicable after the execution and delivery hereof, but in any case within 180 days of the Closing Date. 
  
 (e) For Initial Mortgage Loans (if any) that have been prepaid in full after
the Cut-off Date and prior to the Closing Date, the Depositor, in lieu of delivering the above documents, herewith delivers to the Indenture Trustee, or to the Custodian on behalf of the Indenture Trustee, an Officer’s Certificate of the Seller
which shall include a statement to the effect that all amounts received in connection with such prepayment that are required to be deposited in the 

  

 36 

 
Collection Account pursuant to Section 5.07 have been so deposited. All original documents that are not delivered to the Indenture Trustee or the
Custodian on behalf of the Indenture Trustee shall be held by the Servicer or the Subservicer in trust for the benefit of the Indenture Trustee and the Noteholders. 
  
 Section 2.02. Acceptance of Trust Estate; Review of Documentation. 
  
 (a) Subject to the provisions of Section 2.01, the Issuer acknowledges
receipt of the assets transferred by the Depositor of the assets included in the Trust Estate and has directed that the documents referred to in Section 2.01 and all other assets included in the definition of “Trust Estate” be
delivered to the Indenture Trustee (or the Custodian) on its behalf. 
  
 The Indenture Trustee, by execution and delivery hereof, acknowledges receipt by it or by the applicable Custodian on its behalf of the Mortgage Files pertaining to the Mortgage Loans listed on the Mortgage Loan Schedule, subject to review
thereof by the Indenture Trustee, or by the Custodian on behalf of the Indenture Trustee, under this Section 2.02. The Indenture Trustee, or the Custodian on behalf of the Indenture Trustee, will execute and deliver to the Depositor, the Master
Servicer, the Servicer, the Subservicer (and the Indenture Trustee if delivered by the Custodian) on the Closing Date an Initial Certification in the form annexed hereto as Exhibit A-1 (or in the form annexed to the Custodial Agreement as Exhibit
A-1, as applicable). 
  
 (b) Within 45 days after the Closing
Date, the Custodian on behalf of the Indenture Trustee, will, for the benefit of Noteholders, review each Mortgage File to ascertain that all required documents set forth in Section 2.01 have been received and appear on their face to contain
the requisite signatures by or on behalf of the respective parties thereto, and shall deliver to the Depositor, the Master Servicer, the Servicer and the Subservicer (and the Indenture Trustee if delivered by the Custodian) an Interim Certification
in the form annexed hereto as Exhibit A-2 (or in the form annexed to the Custodial Agreement as Exhibit A-2, as applicable) to the effect that, as to each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan prepaid in
full or any specifically identified in such certification as not covered by such certification), (i) all of the applicable documents specified in Section 2.01(b) are in its possession and (ii) such documents have been reviewed by it
and appear to relate to such Mortgage Loan. The Custodian on behalf of the Indenture Trustee, shall determine whether such documents are executed and endorsed, but shall be under no duty or obligation to inspect, review or examine any such
documents, instruments, certificates or other papers to determine that the same are valid, binding, legally effective, properly endorsed, genuine, enforceable or appropriate for the represented purpose or that they have actually been recorded or are
in recordable form or that they are other than what they purport to be on their face. Neither the Indenture Trustee nor the Custodian shall have any responsibility for verifying the genuineness or the legal effectiveness of or authority for any
signatures of or on behalf of any party or endorser. 
  
 (c) If,
in the course of the review described in paragraph (b) above or paragraph (d) below, the Custodian discovers any document or documents constituting a part of a Mortgage File that is missing, does not appear regular on its face (i.e., is
mutilated, damaged, defaced, torn or otherwise physically altered) or appears to be unrelated to the Mortgage Loans identified in the Mortgage Loan Schedule, as applicable (each, a “Material Defect”), the Indenture Trustee, or 

  

 37 

 
the Custodian on behalf of the Indenture Trustee, discovering such Material Defect shall identify the Mortgage Loan to which such Material Defect relates in
the Interim Certification delivered to the Depositor and the Master Servicer. Within 90 days of its receipt of such notice, the Seller shall be required to cure such Material Defect (and, in such event, the Seller shall provide the Indenture Trustee
with an Officer’s Certificate confirming that such cure has been effected). If the Seller does not so cure such Material Defect, if a loss has been incurred with respect to such Mortgage Loan that would, if such Mortgage Loan were not purchased
from the Trust Estate, constitute a Realized Loss, and such loss is attributable to the failure of the Seller to cure such Material Defect, the Seller shall repurchase the related Mortgage Loan from the Trust Estate at the Purchase Price. A loss
shall be deemed to be attributable to the failure of the Seller to cure a Material Defect if, as determined by the Seller, upon mutual agreement with the Indenture Trustee each acting in good faith, absent such Material Defect, such loss would not
have been incurred. The Seller may, in lieu of repurchasing a Mortgage Loan pursuant to this Section 2.02, substitute for such Mortgage Loan a Qualifying Substitute Mortgage Loan subject to the provisions of Section 3.03. The failure of
the Custodian to deliver the Interim Certification within 45 days after the Closing Date shall not affect or relieve the Seller of its obligation to repurchase any Mortgage Loan pursuant to this Section 2.02 or any other Section of this
Agreement requiring the repurchase of Mortgage Loans from the Trust Estate. 
  
 (d) Within 180 days following the Closing Date, the Custodian, shall deliver to the Depositor, the Master Servicer, the Servicer and the Subservicer and the Indenture Trustee a Final Certification substantially in the
form attached as Exhibit A-3 (or in the form annexed to the Custodial Agreement as Exhibit A-3, as applicable) evidencing the completeness of the Mortgage Files in its possession or control, with any exceptions noted thereto. 
  
 (e) Nothing in this Agreement shall be construed to constitute an assumption
by the Trust Estate, the Indenture Trustee, the Custodian or the Noteholders of any unsatisfied duty, claim or other liability on any Mortgage Loan or to any Mortgagor. 
  
 (f) Notwithstanding anything to the contrary contained herein, each of the parties hereto acknowledges that the Custodian
shall perform the applicable review of the Mortgage Loans and respective certifications thereof as provided in the Custodial Agreement. 
  
 (g) Upon execution of this Agreement, the Depositor hereby delivers to the Indenture Trustee and the Indenture Trustee acknowledges a receipt of the
Mortgage Loan Purchase Agreement. 
  
 Section 2.03. Grant
Clause. 
  
 (a) It is intended that the conveyance by the
Depositor to the Issuer of the Mortgage Loans, as provided for in Section 2.01 be construed as a sale by the Depositor to the Issuer of the Mortgage Loans and other assets in the Trust Estate for the benefit of the Noteholders. Further, it is
not intended that any such conveyance be deemed to be a pledge of the Mortgage Loans by the Depositor to the Issuer to secure a debt or other obligation of the Depositor. However, in the event that the Mortgage Loans are held to be property of the
Depositor or if for any reason this Agreement is held or deemed to create a security interest in the Mortgage Loans and other assets in the Trust Estate, then it is intended that (a) this Agreement shall also be deemed to be a 

  

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security agreement within the meaning of Articles 8 and 9 of the New York UCC (or the Relevant UCC if not the New York UCC); (b) the conveyances
provided for in Section 2.01 shall be deemed to be (1) a grant by the Depositor to the Issuer of a security interest in all of the Depositor’s right (including the power to convey title thereto), title and interest, whether now owned
or hereafter acquired, in and to (A) the Mortgage Loans, including the Mortgage Notes, the Mortgages, any related insurance policies and all other documents in the related Mortgage Files, (B) all amounts payable pursuant to the Mortgage
Loans in accordance with the terms thereof and (C) any and all general intangibles consisting of, arising from or relating to any of the foregoing, and all proceeds of the conversion, voluntary or involuntary, of the foregoing into cash,
instruments, securities or other property, including without limitation all Liquidation Proceeds, all Insurance Proceeds, all amounts from time to time held or invested in the Collection Account, whether in the form of cash, instruments, securities
or other property and (2) an assignment by the Depositor to the Issuer of any security interest in any and all of the Depositor’s right (including the power to convey title thereto), title and interest, whether now owned or hereafter
acquired, in and to the property described in the foregoing clauses (1)(A) through (C); (c) the possession by the Indenture Trustee or any other agent of the Issuer of Mortgage Notes, and such other items of property as constitute
instruments, money, negotiable documents or chattel paper shall be deemed to be “possession by the secured party,” or possession by a purchaser or a person designated by such secured party, for purposes of perfecting the security interest
pursuant to the New York UCC and any other Relevant UCC (including, without limitation, Section 9-313, 8-313 or 8-321 thereof); and (d) notifications to persons holding such property, and acknowledgments, receipts or confirmations from
persons holding such property, shall be deemed notifications to, or acknowledgments, receipts or confirmations from, financial intermediaries, bailees or agents (as applicable) of the Issuer for the purpose of perfecting such security interest under
applicable law. 
  
 (b) The Depositor and, at the Depositor’s
direction, the Issuer shall, to the extent consistent with this Agreement, take such reasonable actions as may be necessary to ensure that, if this Agreement were deemed to create a security interest in the Mortgage Loans and the other property of
the Trust Estate, such security interest would be deemed to be a perfected security interest of first priority under applicable law and will be maintained as such throughout the term of this Agreement. Without limiting the generality of the
foregoing, the Depositor shall prepare and file any UCC financing statements that are necessary to perfect the Indenture Trustee’s security interest in or lien on the Mortgage Loans, as evidenced by an Officer’s Certificate of the
Depositor, and furnish a copy of each such filed financing statement to the Trust Administrator. The Trust Administrator shall prepare and file, at the expense of the Issuer, all filings necessary to maintain the effectiveness of any original
filings necessary under the Relevant UCC to perfect the Indenture Trustee’s security interest in or lien on the Mortgage Loans, including without limitation (x) continuation statements, and (y) to the extent that a Responsible Officer
of the Trust Administrator has received written notice of such change or transfer, such other statements as may be occasioned by (1) any change of name of the Seller, the Depositor or the Issuer, (2) any change of location of the place of
business or the chief executive office of the Seller or the Depositor or (3) any transfer of any interest of the Seller or the Depositor in any Mortgage Loan. 
  
 Neither the Depositor nor the Issuer shall organize under the law of any jurisdiction other than the State under which each
is organized as of the Closing Date (whether changing its jurisdiction of organization or organizing under an additional jurisdiction) without giving 30 

  

 39 

 
days prior written notice of such action to its immediate and mediate transferee, including the Indenture Trustee. Before effecting such change, each of the
Depositor or the Issuer proposing to change its jurisdiction of organization shall prepare and file in the appropriate filing office any financing statements or other statements necessary to continue the perfection of the interests of its immediate
and mediate transferees, including the Indenture Trustee, in the Mortgage Loans. In connection with the transactions contemplated by this Agreement and the Indenture, each of the Depositor and the Issuer authorizes its immediate or mediate
transferee, including the Indenture Trustee, to file in any filing office any initial financing statements, any amendments to financing statements, any continuation statements, or any other statements or filings described in this
Section 2.03(b). 
  
 (c) The Depositor shall not take any
action inconsistent with the sale by the Depositor of all of its right, title and interest in and to the Trust Estate and shall indicate or shall cause to be indicated in its records and records held on its behalf that ownership of each Mortgage
Loan and the other property of the Issuer is held by the Issuer. In addition, the Depositor shall respond to any inquiries from third parties with respect to ownership of a Mortgage Loan or any other property of the Trust Estate by stating that it
is not the owner of such Mortgage Loan and that ownership of such Mortgage Loan or other property of the Trust Estate is held by the Issuer on behalf of the Noteholders. 
  
 Section 2.04. Subsequent Transfers. 
  
 (a) Subject to the satisfaction of the conditions set forth in paragraph (b) below and pursuant to the terms of each
Subsequent Transfer Agreement, in consideration of the Trust Administrator’s delivery, on behalf of the Trust, on the related Subsequent Transfer Date to or upon the order of the Seller of the purchase price therefor, (i) the Seller shall
on any Subsequent Transfer Date sell, transfer, assign, set over and otherwise convey without recourse to the Depositor and (ii) the Depositor shall sell, transfer, assign, set over and otherwise convey without recourse to the Trust, all right,
title and interest of the Seller and the Depositor, as applicable, in and to each Subsequent Mortgage Loan transferred pursuant to such Subsequent Transfer Agreement, including (i) the related Stated Principal Balance as of the Subsequent
Cut-Off Date after giving effect to payments of principal due on or before the Subsequent Cut-Off Date; (ii) all collections in respect of interest and principal received after the Subsequent Cut-Off Date (other than principal and interest due
on or before such Subsequent Cut-off Date); (iii) property which secured such Subsequent Mortgage Loan and which has been acquired by foreclosure or deed in lieu of foreclosure; (iv) its interest in any insurance policies in respect of
such Subsequent Mortgage Loan; and (v) all proceeds of any of the foregoing. The transfers by the Seller to the Depositor and by the Depositor to the Trust of the Subsequent Mortgage Loans set forth on the Subsequent Mortgage Loan Schedule
attached thereto shall be absolute and shall be intended by the Seller, the Depositor and all parties hereto, other than for federal income tax purposes, to be treated as a sale by the Seller to the Depositor and as a sale by the Depositor to the
Trust. The parties hereto intend that for federal income tax purposes the transfer of Subsequent Mortgage Loans will be characterized as described in Section 8.7 of the Mortgage Loan Purchase Agreement. If the assignment and transfer of the
Mortgage Loans and the other property specified in this Section 2.04 from the Seller to the Depositor and by the Depositor to the Trust pursuant to this Agreement and each Subsequent Transfer Agreement is held or deemed not to be a sale or is
held or deemed to be a pledge of security for a loan, each of the Seller and 

  

 40 

 
the Depositor intend that the rights and obligations of the parties shall be established pursuant to the terms of this Agreement and that, in such event,
(i) the Seller shall be deemed to have granted and does hereby grant to the Depositor and the Depositor shall be deemed to have granted and does hereby grant to the Trust as of such Subsequent Transfer Date a first priority security interest in
the entire right, title and interest of the Seller and of the Depositor in and to the Subsequent Mortgage Loans and all other property conveyed to the Trust pursuant to this Section 2.04 and all proceeds thereof and (ii) this Agreement
shall constitute a security agreement under applicable law. The purchase price shall be one hundred Percent (100%) of the aggregate Stated Principal Balance of the Subsequent Mortgage Loans as of the Subsequent Cut-Off Date. On or before each
Subsequent Transfer Date, the Seller shall deliver to, and deposit with the Custodian on behalf of the Indenture Trustee, the related documents with respect to each Subsequent Mortgage Loan transferred on such Subsequent Transfer Date, and the
related Subsequent Mortgage Loan Schedule in computer readable format with respect to such Subsequent Mortgage Loans. 
  
 (b) The Seller shall transfer and deliver to the Custodian on behalf of the Indenture Trustee the Subsequent Mortgage Loans and the other property and
rights related thereto described in paragraph (a) of this Section 2.04 only upon the satisfaction of each of the following conditions on or prior to the applicable Subsequent Transfer Date: 
  
 (i) The Seller shall have provided the Servicer, the
Indenture Trustee, the Depositor, the Trust Administrator, the Master Servicer, the Subservicer and the Rating Agencies with an Addition Notice, which notice shall be given not less than two Business Days prior to the applicable Subsequent Transfer
Date and shall designate the Subsequent Mortgage Loans to be sold to the Trust and the aggregate Stated Principal Balance of such Mortgage Loans and the Rating Agencies shall have informed the Seller, the Depositor, the Indenture Trustee, the Trust
Administrator, the Master Servicer, the Servicer or the Subservicer prior to the applicable Subsequent Transfer Date that the inclusion of such Subsequent Mortgage Loans will not result in the downgrade or withdrawal of the ratings assigned to the
Notes; 
  
 (ii) The Seller shall have delivered
to the Indenture Trustee, the Depositor, the Trust Administrator, the Master Servicer, the Subservicer and the Servicer a duly executed Subsequent Transfer Agreement in substantially the form of Exhibit I; 
  
 (iii) The Seller shall have delivered to the Trust
Administrator for deposit in the Collection Account all principal collected and interest collected to the extent accrued and due after the Subsequent Cut-off Date; 
  
 (iv) As of each Subsequent Transfer Date, the Seller was not insolvent, the Seller will not be made
insolvent by such transfer and the Seller is not aware of any pending insolvency; 
  
 (v) Such addition will not result in a material adverse tax consequence to any Noteholder; 
  
 (vi) The Pre-Funding Period shall not have terminated;

  

 41 

 (vii) The Seller shall have provided the Indenture Trustee, the Trust Administrator, the
Depositor and the Rating Agencies with an Opinion of Counsel relating to the sale (i.e., “True Sale Opinion”) of the Subsequent Mortgage Loans from the Seller to the Depositor and the enforceability of the Subsequent Transfer Agreement
with respect to the Seller and the Depositor, which matters may be covered in the opinions delivered on the Closing Date; 
  
 (viii) The Depositor shall have provided the Indenture Trustee, the Trust Administrator and the Rating Agencies with an Opinion of Counsel
relating to the sale (i.e., “True Sale Opinion”) of the Subsequent Mortgage Loans from the Depositor to the Trust, the enforceability of the Subsequent Transfer Agreement with respect to the Depositor and to the effect that the transfer of
such Subsequent Mortgage Loans will not adversely affect the tax status of the Notes, which matters may be covered in the opinions delivered on the Closing Date; 
  
 (ix) The aggregate Stated Principal Balance of Subsequent Mortgage Loans does not exceed the amount
deposited in the Pre-Funding Account as of the Closing Date; 
  
 (x) The conditions specified in Exhibit J hereto shall be met; 
  
 (xi) On the last Subsequent Transfer Date, the Indenture Trustee and the Trust Administrator shall have received an accountant’s
letter confirming that the characteristics of the Mortgage Loans (including the Subsequent Mortgage Loans), satisfy the parameters set forth in Exhibit J hereto; and 
  
 (xii) The Issuer shall have provided the Indenture Trustee, the Trust Administrator, the Depositor, the
Rating Agencies, the Seller and the Underwriter with an Opinion of Counsel relating to general corporate matters, in a form reasonably satisfactory to the addressees thereto. 
  
 (c) Each party hereto shall comply with their respective obligations set forth in Sections 2.01, 2.02, 3.01, 3.02 and 3.03
with respect to the Subsequent Mortgage Loans delivered on each Subsequent Transfer Date. References in such Sections to the Initial Mortgage Loans or Mortgage Loans shall be deemed to refer to the Subsequent Mortgage Loans and references to the
Initial Cut-Off Date or the Closing Date, as applicable, shall be deemed to refer to the applicable related Subsequent Cut-Off Date or Subsequent Transfer Date, respectively, except that references to 360 days after the Closing Date shall remain
unchanged as shall representations made with specific reference to the Initial Mortgage Loans. 
  
 Section 2.05. Option to Contribute Derivative Instrument. 
  
 At any time on or after the Closing Date, the Seller shall have the right to contribute to, and deposit into, the Trust a derivative contract or
comparable instrument (a “Derivative Instrument”). The Derivative Instrument may have a notional amount in excess of the sum of the beneficial interests in the Trust. Any such instrument shall constitute a fully prepaid agreement. The
Trust Administrator shall have no tax reporting duties with respect to any such Derivative Instrument. 
  

 42 

 ARTICLE III 
  
 REPRESENTATIONS AND WARRANTIES 
  
 Section 3.01. Representations and Warranties of the Depositor and the Seller. 
  
 (a) The Depositor hereby represents and warrants to the Issuer, the Indenture Trustee for the benefit of Noteholders, the
Trust Administrator, the Master Servicer, the Servicer and the Subservicer as of the Closing Date or such other date as is specified, that: 
  
 (i) This Agreement constitutes a legal, valid and binding obligation of the Depositor, enforceable against the Depositor in accordance
with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect affecting the enforcement of creditors’ rights in general and except as
such enforceability may be limited by general principles of equity (whether considered in a proceeding at law or in equity); 
  
 (ii) Immediately prior to the transfer by the Depositor to the Trust Estate of each Mortgage Loan, the Depositor had good and equitable
title to each Initial Mortgage Loan (insofar as such title was conveyed to it by the Seller) subject to no prior lien, claim, participation interest, mortgage, security interest, pledge, charge or other encumbrance or other interest of any nature;

  
 (iii) As of the Closing Date, the Depositor
has transferred all right, title and interest in the Initial Mortgage Loans to the Trust Estate; 
  
 (iv) The Depositor has not transferred the Initial Mortgage Loans to the Trust Estate with any intent to hinder, delay or defraud any of
its creditors; 
  
 (v) The Depositor has been
duly organized and is validly existing as a corporation in good standing under the laws of Delaware, with full power and authority to own its assets and conduct its business as presently being conducted; and 
  
 (b) The Seller hereby represents and warrants to the Issuer, the Indenture
Trustee for the benefit of Noteholders, the Trust Administrator, the Master Servicer, the Subservicer and the Depositor as of the Closing Date or such other date as is specified, that: 
  
 (i) the Seller is a Delaware limited liability company, duly organized validly existing and in good standing
under the laws of the State of Delaware, and has the corporate power to own its assets and to transact the business in which it is currently engaged. The Seller is duly qualified to do business as a foreign limited liability company and is in good
standing in each jurisdiction in which the character of the business transacted by it or any properties owned or leased by it requires such qualification and in which the failure so to qualify would have a material adverse effect on the business,
properties, assets, or condition (financial or other) of the Seller; 
  
 (ii) the Seller has the corporate power and authority to make, execute, deliver and perform this Agreement and all of the transactions contemplated under the Agreement, and 

  

 43 

 
has taken all necessary corporate action to authorize the execution, delivery and performance of this Agreement. When executed and delivered, this Agreement
will constitute the legal, valid and binding obligation of the Seller 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; 
  
 (iii) the Seller is not required to obtain the consent of any other party 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, prior to the Closing Date; 
  
 (iv) the
execution, delivery and performance of this Agreement by the Seller will not violate any provision of any existing law or regulation or any order or decree of any court applicable to the Seller or any provision of the articles of incorporation or
bylaws of the Seller, or constitute a material breach of any mortgage, indenture, contract or other agreement to which the Seller is a party or by which the Seller may be bound; 
  
 (v) no litigation or administrative proceeding of or before any court, tribunal or governmental body is
currently pending, or to the knowledge of the Seller threatened, against the Seller or any of its properties or with respect to this Agreement which in the opinion of the Seller has a reasonable likelihood of resulting in a material adverse effect
on the transactions contemplated by this Agreement; and 
  
 (vi) the Seller’s parent REIT elected to be treated as a REIT for federal income tax purposes; and the Seller’s parent REIT has operated and will continue to operate in a manner that will enable it to
continue to maintain its current qualification as a REIT; 
  
 (c)
The Seller hereby represents and warrants to the Issuer, the Indenture Trustee for the benefit of Noteholders, the Trust Administrator, the Master Servicer, the Subservicer and the Depositor as of the Closing Date or such other date as is specified,
with respect to the Mortgage Loans, the representations and warranties set forth in Section 3.2 of the Mortgage Loan Purchase Agreement. 
  
 (d) To the extent that any fact, condition or event with respect to a Mortgage Loan constitutes a breach of a representation or warranty of the Seller
under subsection (c) above or the Mortgage Loan Purchase Agreement, the only right or remedy of the Indenture Trustee or any Certificateholder hereunder shall be their rights to enforce the obligations of the Seller under any applicable
representation or warranty made by it. The Indenture Trustee acknowledges that the Depositor shall have no obligation or liability with respect to any breach of any representation or warranty with respect to the Mortgage Loans (except as set forth
in Section 3.01(a)(ii)) under any circumstances. 
  
 Section
3.02. Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 3.01|(a), (ii) of the Seller set forth in Section 3.01(b) and (iii) of the
Servicer and the Subservicer pursuant to Section 4.05 of this 

  

 44 

 
Agreement, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Indenture Trustee and shall continue
throughout the term of this Agreement. With respect to the representations and warranties which are made to the best of the Seller’s knowledge, if it is discovered by the Depositor, the Seller, the Trust Administrator, the Indenture Trustee,
the Master Servicer, the Underwriter, the Servicer or the Subservicer that the substance of such representation and warranty is inaccurate and such inaccuracy materially and adversely affects the value of the Mortgage Loans or the interests of the
Noteholders or the Indenture Trustee therein, notwithstanding such Seller’s lack of knowledge with respect to the substance of such representation or warranty, remedies for breach will apply to such inaccuracy. Any breach of the representation
and warranty set forth in clauses (xxi), (xxxiv), (lxxiii), (lxxiv), (lxxv), (lxxvi), (lxxvii), (lxxviii), (lxxix), (lxxx), (lxxxviii), (lxxxix), (xc) and (xci) of Section 3.2 of the Mortgage Loan Purchase Agreement shall be deemed to
materially and adversely affect the interest of the Trust in that Mortgage Loan, notwithstanding the Seller’s lack of knowledge with respect to the substance of such representation and warranty. Upon discovery by any of the Depositor, the
Master Servicer, the Trust Administrator or the Indenture Trustee of a breach of any of such representations and warranties made by the Seller that adversely and materially affects the value of the related Mortgage Loan, the party discovering such
breach shall give prompt written notice to the other parties. Within 60 days of the discovery by the Seller of a breach of any representation or warranty given to the Indenture Trustee by the Seller or the Seller’s receipt of written notice of
such a breach, the Seller shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Indenture Trustee at the Purchase Price or (c) substitute a
Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. 
  
 Section 3.03. Repurchase, Purchase or Substitution of Mortgage Loans. 
  
 (a) With respect to any Mortgage Loan repurchased by the Seller pursuant to Section 3.02 of this Agreement, or any Mortgage Loan purchased by the Servicer pursuant to Section 4.02(b) of this Agreement, the
principal portion of the funds in respect of such repurchase or purchase of a Mortgage Loan will be considered a Principal Prepayment and the Purchase Price shall be deposited in the Collection Account. Upon receipt by the Trust Administrator of the
full amount of the Purchase Price for a Deleted Mortgage Loan, or upon receipt of notification from the Custodian that it had received the Mortgage File for a Qualifying Substitute Mortgage Loan substituted for a Deleted Mortgage Loan (and any
applicable Substitution Amount), the Indenture Trustee shall release or cause to be released and reassign to the Depositor, the Seller or the Servicer, as applicable, the related Mortgage File for the Deleted Mortgage Loan and shall execute and
deliver such instruments of transfer or assignment, in each case without recourse, representation or warranty, as shall be necessary to vest in such party or its designee or assignee title to any Deleted Mortgage Loan released pursuant hereto, free
and clear of all security interests, liens and other encumbrances created by this Agreement and the Indenture, which instruments shall be prepared by the Servicer or the Subservicer and the Indenture Trustee shall have no further responsibility with
respect to the Mortgage File relating to such Deleted Mortgage Loan. 
  
 (b) With respect to each Qualifying Substitute Mortgage Loan to be delivered to the Indenture Trustee (or its custodian) in exchange for a Deleted Mortgage Loan: (i) the Depositor , the Seller, or the Servicer, as applicable, must
deliver to the Indenture Trustee (or a Custodian) 

  

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the Mortgage File for the Qualifying Substitute Mortgage Loan containing the documents set forth in Section 2.01(b) along with a written certification
certifying as to the delivery of such Mortgage File and containing the granting language set forth in Section 2.01(a); and (ii) the Seller and the Depositor will be deemed to have made, with respect to such Qualifying Substitute Mortgage
Loan, each of the representations and warranties made by it with respect to the related Deleted Mortgage Loan. As soon as practicable after the delivery of any Qualifying Substitute Mortgage Loan hereunder, the Indenture Trustee, at the expense of
the Depositor and at the direction and with the cooperation of the Servicer shall (i) with respect to a Qualifying Substitute Mortgage Loan that is a Non-MERS Mortgage Loan, cause the Assignment of Mortgage to be recorded by the Servicer if
required pursuant to Section 2.01(c), or (ii) with respect to a Qualifying Substitute Mortgage Loan that is a MERS Mortgage Loan, cause to be taken such actions as are necessary to cause the Indenture Trustee (on behalf of the Issuer) to
be clearly identified as the owner of each such Mortgage Loan on the records of MERS if required pursuant to Section 2.01(c). 
  
 ARTICLE IV 
  
 ADMINISTRATION AND SERVICING OF THE 
 MORTGAGE LOANS BY THE SERVICER 
  
 Section 4.01. Seller’s Engagement of Servicer to Perform Servicing
Responsibilities. 
  
 (a) Contract for Servicing;
Possession of Servicing Files. The Seller, as the owner of the servicing rights, by execution and delivery of this Agreement, does hereby contract with the Servicer and the Subservicer, each subject to the terms of this Agreement, for the
servicing of the Mortgage Loans for the benefit of the Issuer and the Indenture Trustee. The Servicer or Subservicer shall maintain a Servicing File with respect to each Mortgage Loan in order to service such Mortgage Loans pursuant to this
Agreement and each Servicing File delivered to the Servicer or Subservicer shall be held in trust by the Servicer or Subservicer for the benefit of the Issuer and the Indenture Trustee; provided, however, that neither the Servicer nor the
Subservicer shall have any liability for any Servicing Files (or portions thereof) not delivered by the Seller. The Servicer’s or Subservicer’s possession of any portion of the Mortgage Loan documents shall be at the will of the Indenture
Trustee for the sole purpose of facilitating servicing of the related Mortgage Loan pursuant to this Agreement, and such retention and possession by the Servicer or Subservicer shall be in a custodial capacity only. The ownership of each Mortgage
Note, Mortgage, and the contents of the Servicing File shall be vested in the Indenture Trustee and the ownership of all records and documents with respect to the related Mortgage Loan prepared by or which come into the possession of the Servicer or
Subservicer shall immediately vest in the Indenture Trustee and shall be retained and maintained, in trust, by the Servicer or Subservicer at the will of the Indenture Trustee in such custodial capacity only. The Servicing File retained by the
Servicer or Subservicer pursuant to this Agreement shall be identified in accordance with the Servicer’s or Subservicer’s file tracking system to reflect the ownership of the related Mortgage Loan by the Indenture Trustee. The Servicer or
Subservicer shall release from its custody the contents of any Servicing File retained by it only in accordance with this Agreement. 
  
 (b) Books and Records. All rights arising out of the Mortgage Loans shall be vested in the Indenture Trustee, subject to the Servicer’s and
the Subservicer’s rights to service and 

  

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administer the Mortgage Loans hereunder in accordance with the terms of this Agreement. All funds received on or in connection with a Mortgage Loan, other
than the Master Servicing Fee, the Servicing Fee and other compensation and reimbursement to which the Servicer, the Subservicer and the Master Servicer are entitled as set forth herein, including but not limited to Sections 4.04 and 4.21 below,
shall be received and held by them in trust for the benefit of the Indenture Trustee pursuant to the terms of this Agreement. 
  
 The Servicer or the Subservicer, as applicable, shall forward to the Custodian original documents evidencing an assumption, modification, consolidation or
extension of any Mortgage Loan entered into in accordance with Section 3.01 within one week of their execution; provided, however, that the Servicer or Subservicer shall provide the Custodian with a Servicer or Subservicer
certified true copy of any such document submitted for recordation within one week of its execution, and shall provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording
office to be a true and complete copy of the original within 120 days of its submission for recordation. 
  
 Section 4.02. Servicing of the Mortgage Loans. 
  
 (a) Servicer and Subservicer to Service. The Servicer shall service and administer the Mortgage Loans from and after the Closing Date and, except
where prior consent or approval of the Master Servicer is required under this Agreement, shall have full power and authority, acting alone, to do any and all things in connection with such servicing and administration which the Servicer may deem
necessary or desirable, consistent with the terms of this Agreement and with Servicing Standards. The Servicer hereby delegates to the Subservicer such power and authority, but only to the extent provided in this Section 4.02(a). Beginning on
the Closing Date, the Subservicer shall perform all of the obligations of the Servicer under this Agreement relating to the servicing of the Mortgage Loans, on behalf of the Servicer. All references to the “Servicer” in this Agreement
relating to a servicing right or a servicing obligation in respect of the Mortgage Loans shall mean the “Subservicer” beginning on the Closing Date, except in the case where this Agreement expressly states that NYMT Servicing Corporation,
in its capacity as Servicer, shall retain such right or perform such obligation. Notwithstanding any of the provisions of this Agreement referring to actions taken through the Subservicer, the Servicer shall not be relieved of any of its obligations
hereunder with respect to the servicing of the Mortgage Loans and the Servicer shall remain responsible hereunder for all acts and omissions of the Subservicer as fully as if such acts and omissions were those of the Servicer. However, NYMT
Servicing Corporation, in its capacity as Servicer hereunder, shall not directly service any Mortgage Loan unless and until NYMT Servicing Corporation has obtained all necessary licenses and approvals in each jurisdiction as may be necessary for
NYMT Servicing Corporation to directly service such Mortgage Loans; provided, however, that NYMT Servicing Corporation shall promptly obtain all such licenses and approvals if required to directly service any Mortgage Loans pursuant to the terms of
this Agreement. 
  
 Consistent with the terms of this Agreement,
the Servicer may waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any Mortgagor if in the Servicer’s reasonable and prudent
determination such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Issuer, the Indenture Trustee and the Noteholders; provided, 

  

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however, that unless the Servicer has obtained the prior written consent of the Master Servicer, the Servicer shall not permit any modification with
respect to any Mortgage Loan that would change the Mortgage Rate, defer or forgive the payment of principal or interest, reduce or increase the outstanding principal balance (except for actual payments of principal) or change the final maturity date
on such Mortgage Loan. In the event of any such modification which permits the deferral of interest or principal payments on any Mortgage Loan, the Servicer shall, on the Business Day immediately preceding the Servicer Remittance Date in any month
in which any such principal or interest payment has been deferred, make an Advance in accordance with Section 4.03(c) in an amount equal to the difference between (a) such month’s principal and one month’s interest at the
Mortgage Loan Remittance Rate on the unpaid principal balance of such Mortgage Loan and (b) the amount paid by the Mortgagor. The Servicer shall be entitled to reimbursement for such advances to the same extent as for all other Advances made
pursuant to Section 4.03. 
  
 Without limiting the generality
of the foregoing, the Servicer shall continue, and is hereby authorized and empowered, to execute and deliver on behalf of itself, the Issuer and the Indenture Trustee, all instruments of satisfaction or cancellation, or of partial or full release,
discharge and all other comparable instruments, with respect to the Mortgage Loans and with respect to the Mortgaged Properties. The Indenture Trustee shall execute and deliver to the Servicer powers of attorney and other documents, furnished to it
by the Servicer and reasonably satisfactory to the Indenture Trustee, necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties under this Agreement; provided that the Indenture Trustee shall not be
liable for the actions of the Servicer under any such powers of attorney. Promptly after the execution of any assumption, modification, consolidation or extension of any Mortgage Loan, the Servicer shall forward to the Master Servicer copies of any
documents evidencing such assumption, modification, consolidation or extension. 
  
 In servicing and administering the Mortgage Loans, the Servicer shall adhere to the Servicing Standard. 
  
 (b) Delinquent and Defaulted Mortgage Loans; NYMT Servicing Corporation Discretion. NYMT Servicing Corporation, in its capacity as Servicer, may,
at any time either (i) purchase any delinquent Mortgage Loan in consideration of the Purchase Price of such Mortgage Loan or (ii) substitute a defaulted Mortgage Loan with a Qualifying Substitute Mortgage Loan. Any purchase or substitution
effected by NYMT Servicing Corporation in reliance on this Section 4.02(b) shall be performed in accordance with the terms specified in Section 3.03 hereof. 
  
 In addition, in connection with its management of the liquidation of defaulted Mortgage Loans, NYMT Servicing Corporation,
in its capacity as Servicer, may sell defaulted Mortgage Loans; provided, however, that NYMT Servicing Corporation shall not take any action that is inconsistent with or prejudices the interest of the Noteholders in any Mortgage Loan or the
rights and interest of the Depositor, the Indenture Trustee, the Master Servicer, the Trust Administrator, the Custodian and the Noteholders under this Agreement. 
  
 (c) Collection and Liquidation of Mortgage Loans. Continuously from the Closing Date, until the date each Mortgage
Loan ceases to be subject to this Agreement, the Servicer shall proceed diligently to collect all payments due under each of the Mortgage Loans when the 

  

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same shall become due and payable and shall take special care in ascertaining and estimating Escrow Payments and all other charges that will become due and
payable with respect to the Mortgage Loans and each related Mortgaged Property, to the end that the installments payable by the Mortgagors will be sufficient to pay such charges as and when they become due and payable. 
  
 The Servicer shall use its best efforts, consistent with the Servicing
Standard to foreclose upon or otherwise comparably convert the ownership of such Mortgaged Properties as come into and continue in default and as to which no satisfactory arrangements can be made for collection of delinquent payments pursuant to
Section 3.01. The Servicer shall use its best efforts to realize upon defaulted Mortgage Loans in such a manner as will maximize the receipt of principal and interest by the Trust, taking into account, among other things, the timing of
foreclosure proceedings. The foregoing is subject to the provisions that, in any case in which Mortgaged Property shall have suffered damage, the Servicer shall not be required to expend its own funds toward the restoration of such property unless
it shall determine in its discretion (i) that such restoration will increase the proceeds of liquidation of the related Mortgage Loan to the Issuer and the Indenture Trustee after reimbursement to itself for such expenses, and (ii) that
such expenses will be recoverable by the Servicer through Insurance Proceeds or Liquidation Proceeds from the related Mortgaged Property. In the event that any payment due under any Mortgage Loan and not otherwise postponed, deferred or waived
pursuant to Section 4.02 is not paid when the same becomes due and payable, or in the event the Mortgagor fails to perform any other covenant or obligation under the Mortgage Loan and such failure continues beyond any applicable grace period,
the Servicer shall take such action as (1) shall be consistent with Servicing Standards and (2) the Servicer shall determine prudently to be in the best interest of the Issuer, the Indenture Trustee and the Noteholders. In the event that
any payment due under any Mortgage Loan is not otherwise postponed, deferred or waived pursuant to Section 4.02(a) and remains delinquent for a period of 105 days or any other default continues for a period of 105 days beyond the expiration of
any grace or cure period, the Servicer shall commence foreclosure proceedings. The Servicer shall notify the Master Servicer in writing of the commencement of foreclosure proceedings on a monthly basis no later than the fifth Business Day of each
month (which notification may be included within the monthly reports submitted to the Master Servicer under Section 4.03(b) this Agreement). In such connection, the Servicer shall be responsible for all costs and expenses incurred by it in any
such proceedings; provided, however, that it shall be entitled to reimbursement thereof from the related Mortgaged Property, as contemplated in Sections 4.02(e) and 4.02(p). 
  
 Notwithstanding the generality of the preceding paragraph, the Servicer shall take such actions generally in accordance with
the Servicer’s established default timeline and in accordance with Servicing Standards with respect to each Mortgage Loan and Mortgagor for which there is a delinquency until such time as the related Mortgagor is current with all payments due
under the Mortgage Loan. 
  
 (d) Establishment of and Deposits
to Custodial Account. 
  
 (i) The Servicer
shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain one or more Custodial Accounts, in the form of time

  

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deposit or demand accounts, each of which accounts shall be titled “NYMT Servicing Corporation (or Cenlar FSB as subservicer for NYMT Servicing
Corporation) in trust for U.S. Bank National Association, as Indenture Trustee, for the New York Mortgage Trust 2005-3 Mortgage-Backed Notes” and referred to herein as a “Custodial Account.” Each Custodial Account shall be an Eligible
Account. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 4.02(j) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with
Section 4.02(e) hereof. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit E hereto. A copy of such certification or letter agreement shall be furnished to the Indenture Trustee, the Master
Servicer and, upon request, to any subsequent owner of the Mortgage Loans. 
  
 (ii) The Servicer shall deposit in the Custodial Account on a daily basis, but not more than two (2) Business Days after receipt by the Servicer and retain therein, the following collections received by the
Servicer and payments made by the Servicer after the related Cut-off Date (other than scheduled payments of principal and interest due on or before the related Cut-off Date), as applicable: 
  
 (A) all payments on account of principal on the Mortgage
Loans, including all Principal Prepayments; 
  
 (B) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; 
  
 (C) all Liquidation Proceeds (net of Liquidation Expenses); 
  
 (D) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.02(k)
(other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with the related Mortgage Loan documents and Servicing Standards); 
  
 (E) all Condemnation Proceeds that are not applied to the
restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the related Mortgage Loan documents and Servicing Standards; 
  
 (F) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of
payment. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore, up to a maximum amount per month in the aggregate of the Servicing Fee, actually received for such month for the Mortgage Loans; 
  
 (G) all Advances made by the Servicer pursuant to
Section 4.03(c); 
  
 (H) any amounts
received from the Seller, the Depositor or any other person giving representations and warranties with respect to the Mortgage Loans, in connection with the repurchase of any Mortgage Loan; 
  

 50 

 (I) any amounts required to be deposited by the Servicer pursuant to Section 4.03(k)
in connection with the deductible clause in any blanket hazard insurance policy; 
  
 (J) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds pursuant to Section 4.02(p); and

  
 (K) any other amounts required to be
deposited in the Custodial Account pursuant to this Agreement. 
  
 The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of the Servicing Fee, Prepayment Interest
Excess Amounts and Ancillary Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution maintaining such account shall accrue to the benefit of
the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt,
disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. 
  
 (e) Permitted Withdrawals from Custodial Account. 
  
 The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes: 
  
 (1) to make payments to the Master Servicer in the amounts
and in the manner provided for in Section 4.03(a); 
  
 (2) in the event the Servicer has elected not to retain the Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late
collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery into the Custodial Account, to pay to itself the
related Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan; 
  
 (3) to reimburse itself for unreimbursed Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this
subclause (3) with respect to any Mortgage Loan being limited to related Liquidation Proceeds (net of Liquidation Expenses), Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the
related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall
be prior to the rights of the Noteholders; 
  

 51 

 (4) to reimburse itself for any previously unreimbursed Advances or Servicing Advances
that it determines are Nonrecoverable Advances, it being understood, in the case of each such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Noteholders; 
  
 (5) to pay itself investment earnings on funds deposited in
the Custodial Account; 
  
 (6) to transfer funds
to another Eligible Account in accordance with Section 4.02(j) hereof; 
  
 (7) to invest funds in certain Eligible Investments in accordance with Section 4.02(d)(i) and Section 4.02(i) hereof; 
  

(8) to withdraw funds deposited in error; 
  
 (9) to clear and terminate the Custodial Account upon the termination of this Agreement; and 
  
 (10) to pay itself any Prepayment Interest Excess Amount.

  
 (f) Establishment of and Deposits to Escrow Account.
The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow
Accounts, in the form of time deposit or demand accounts, titled “NYMT Servicing Corporation (or Cenlar FSB as subservicer for NYMT Servicing Corporation, a federal savings bank, as Subservicer) in trust for U.S. Bank National Association, as
Indenture Trustee, for the New York Mortgage Trust 2005-3.” The Escrow Accounts shall be established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer
to compel a Mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.02(g). The creation of any Escrow Account shall be evidenced
by a letter agreement in the form of Exhibit F hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer. 
  
 The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein: 
  
 (i) all Escrow Payments collected on account of the Mortgage
Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and 
  
 (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any
Mortgaged Property. 
  
 The Servicer shall make withdrawals from
the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.02(g). The Servicer shall be entitled to retain any interest earnings paid on funds deposited in the Escrow Account by 

  

 52 

 
the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer
shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or the interest earnings paid thereon are insufficient for such purposes. 
  
 (g) Permitted Withdrawals from Escrow Account. Withdrawals from the
Escrow Account or Accounts may be made by the Servicer only: 
  
 (i) to effect timely payments of ground rents, taxes, assessments, water rates, mortgage insurance premiums, condominium charges, fire and hazard insurance premiums or other items constituting Escrow Payments for the
related Mortgage; 
  
 (ii) to reimburse the
Servicer for any Servicing Advance of an Escrow Payment made by the Servicer with respect to a related Mortgage Loan, but only from amounts received on the related Mortgage Loan which represent late collections of Escrow Payments thereunder;

  
 (iii) to refund to any Mortgagor any funds
found to be in excess of the amounts required to be escrowed under the terms of the related Mortgage Loan; 
  
 (iv) to the extent permitted by applicable law, for transfer to the Custodial Account and application to reduce the principal balance of
the Mortgage Loan in accordance with the terms of the related Mortgage and Mortgage Note; 
  
 (v) for application to restoration or repair of the Mortgaged Property in accordance with Section 4.02(o); 
  
 (vi) to pay to the Servicer, or any Mortgagor to the extent
required by law, any interest paid on the funds deposited in the Escrow Account; and 
  
 (vii) to clear and terminate the Escrow Account on the termination of this Agreement. 
  
 The Servicer will be responsible for the administration of the Escrow
Accounts and will be obligated to make Servicing Advances to the Escrow Account in respect of its obligations under this Agreement , reimbursable from the Escrow Accounts or Custodial Account to the extent not collected from the related Mortgagor,
anything to the contrary notwithstanding, when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in servicing the Mortgage Loans in accordance with Servicing Standards should know,
is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed,
the Servicer will advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property in order to prevent loss of title to the Mortgaged Property. 
  
 (h) Notification of Adjustments. With respect to each Mortgage Loan, the Servicer shall adjust the Mortgage Rate on
the related interest rate adjustment date and shall adjust the Scheduled Payment on the related mortgage payment adjustment date, if applicable, in 

  

 53 

 
compliance with the requirements of applicable law and the related Mortgage and Mortgage Note. The Servicer shall execute and deliver any and all necessary
notices required under applicable law and the terms of the related Mortgage Note and Mortgage regarding the Mortgage Rate and Scheduled Payment adjustments. The Servicer shall promptly, upon written request therefor, deliver to the Master Servicer
such notifications and any additional applicable data regarding such adjustments and the methods used to calculate and implement such adjustments. Upon the discovery by the Servicer or the receipt of notice from the Master Servicer that the Servicer
has failed to adjust a Mortgage Rate or Scheduled Payment in accordance with the terms of the related Mortgage Note, the Servicer shall immediately deposit in the Custodial Account from its own funds the amount of any interest loss or deferral
caused the Seller thereby. 
  
 (i) Payment of Taxes, Insurance
and Other Charges. 
  
 (i) With respect to
each Mortgage Loan which provides for Escrow Payments, the Servicer shall maintain accurate records reflecting the status of ground rents, taxes, assessments, water rates, sewer rents, and other charges which are or may become a lien upon the
Mortgaged Property and the status of fire and hazard insurance coverage and shall obtain, from time to time, all bills for the payment of such charges (including renewal premiums) (“Property Charges”) and shall effect payment
thereof prior to the applicable penalty or termination date, employing for such purpose deposits of the Mortgagor in the Escrow Account which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as
allowed under the terms of the Mortgage. The Servicer shall effect timely payment of all such charges irrespective of each Mortgagor’s faithful performance in the payment of the same or the making of the Escrow Payments. 
  
 (ii) To the extent that a Mortgage does not provide for
Escrow Payments, the Servicer shall make Servicing Advances from its own funds to effect payment of all Property Charges upon receipt of notice of any failure to pay on the part of the Mortgagor, or at such other time as the Servicer determines to
be in the best interest of the Trust; provided, that in any event the Servicer shall pay such charges on or before any date by which payment is necessary to preserve the lien status of the Mortgage. The Servicer shall pay any late fee or
penalty which is payable due to any delay in payment of any Property Charge and necessary to avoid a lien on or loss on Mortgage Property. 
  
 (j) Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Eligible Institution from time to
time. Such transfer shall be made only upon obtaining the consent of the Master Servicer, which consent shall not be withheld unreasonably, and the Servicer shall give notice to the Master Servicer, the Indenture Trustee of any change in the
location of the Custodial Account. 
  
 The Servicer shall bear any
expenses, losses or damages sustained by the Master Servicer or the Indenture Trustee if the Custodial Account and/or the Escrow Account are not Eligible Accounts. 
  
 Amounts on deposit in the Custodial Account and the Pre-Funding Account may be invested at the option of the Servicer and
the Seller, respectively, but only in Eligible Investments. Any such Eligible Investment with respect to the Custodial Account shall mature 

  

 54 

 
no later than two (2) Business Days prior to the Servicer Remittance Date in each month; provided, however, that if such Eligible Investment is
an obligation of an Eligible Institution (other than the Servicer) that maintains the Custodial Account, then such Eligible Investment may mature on the related Servicer Remittance Date. Any such Eligible Investment shall be made in the name of the
Servicer (with respect to the Custodial Account) and the Seller (with respect to the Pre-Funding Account) in trust for the benefit of the Indenture Trustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of
the Servicer (with respect to the Custodial Account) and the Seller (with respect to the Pre-Funding Account) and may be withdrawn at any time by the Servicer (with respect to the Custodial Account) and shall be remitted to the Seller (with respect
to the Pre-Funding Account) pursuant to Section 6.06. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account by the Servicer (with respect to the Custodial Account) and the Seller (with respect to the
Pre-Funding Account) out of its own funds immediately as realized. If, at any time, the amount on deposit in the Custodial Account or the Pre-Funding Account exceeds the amount of the applicable FDIC insurance, such excess above the amount of the
applicable FDIC insurance shall be invested in Eligible Investments. 
  
 (k) Maintenance of Hazard Insurance. The Servicer shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by a generally acceptable insurer acceptable under
Servicing Standards against loss by fire, hazards of extended coverage and such other hazards as are customary in the area where the Mortgaged Property is located, in an amount which is at least equal to the lesser of (i) the replacement value
of the improvements securing such Mortgage Loan and (ii) the greater of (a) the outstanding principal balance of the Mortgage Loan and (b) an amount such that the proceeds thereof shall be sufficient to prevent the Mortgagor or the
loss payee from becoming a co-insurer. 
  
 If upon origination of
the Mortgage Loan the related Mortgaged Property was located in an area identified in the Federal Register by the Flood Emergency Management Agency as having special flood hazards (and such flood insurance has been made available), a flood insurance
policy meeting the requirements of the current guidelines of the Federal Insurance Administration shall be in effect with a generally acceptable insurance carrier acceptable under Servicing Standards in an amount representing coverage equal to the
lesser of (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement cost basis (or the unpaid balance of the mortgage if replacement cost coverage is not available for the type of
building insured) and (ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of 1973, as amended. If at any time during the term of the Mortgage Loan, the Servicer determines in accordance with
applicable law and pursuant to Servicing Standards that a Mortgaged Property is located in a special flood hazard area and is not covered by flood insurance or is covered in an amount less than the amount required by the Flood Disaster Protection
Act of 1973, as amended, the Servicer shall notify the related Mortgagor that the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage within thirty (30) days after
such notification, the Servicer shall immediately force place the required flood insurance on the Mortgagor’s behalf. 
  

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 The Servicer shall cause to be maintained on each Mortgaged Property such other or additional insurance
as may be required pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance, or pursuant to the requirements of any private mortgage guaranty insurer, or as may be required to
conform with Servicing Standards. 
  
 In the event that the Master
Servicer or the Servicer shall determine that the Mortgaged Property should be insured against loss or damage by hazards and risks not covered by the insurance required to be maintained by the Mortgagor pursuant to the terms of the Mortgage, the
Servicer shall communicate and consult with the Mortgagor with respect to the need for such insurance and bring to the Mortgagor’s attention the desirability of protection of the Mortgaged Property. 
  
 All policies required hereunder shall name the Servicer as loss payee and
shall be endorsed with standard or union mortgagee clauses, without contribution, which shall provide for at least 30 days prior written notice of any cancellation, reduction in amount or material change in coverage. 
  
 The Servicer shall not interfere with the Mortgagor’s freedom of choice
in selecting either his insurance carrier or agent; provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are generally acceptable under Servicing Standards. The
Servicer shall determine that such policies provide sufficient risk coverage and amounts, that they insure the property owner, and that they properly describe the property address. The Servicer shall furnish to the Mortgagor a formal notice of
expiration of any such insurance in sufficient time for the Mortgagor to arrange for renewal coverage by the expiration date. 
  
 Pursuant to Section 4.02(d), any amounts collected by the Servicer under any such policies (other than amounts to be deposited in the Escrow Account
and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with the Servicer’s normal servicing procedures) shall be
deposited in the Custodial Account subject to withdrawal pursuant to Section 4.02(e). 
  
 Notwithstanding anything set forth in the preceding paragraph, the Servicer agrees to indemnify the Indenture Trustee, the Issuer, the Noteholders and the Master Servicer for any claims, losses, damages, penalties,
fines, forfeitures, legal fees and related costs, judgments and any other costs, fees and expenses that any such indemnified party may sustain in any way related to the failure of the Mortgagor (or the Servicer) to maintain hazard or flood insurance
with respect to the related Mortgaged Property which complies with the requirements of this section. 
  
 (l) Maintenance of Mortgage Impairment Insurance. In the event that the Servicer shall obtain and maintain a blanket policy insuring against losses
arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.02(k) and otherwise complies with all
other requirements of Section 4.02(k), it shall conclusively be 

  

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deemed to have satisfied its obligations as set forth in Section 4.02(k). Any amounts collected by the Servicer under any such policy relating to a
Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.02(e). Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related
Mortgaged Property a policy complying with Section 4.02(k), and there shall have been a loss which would have been covered by such policy, the Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise
payable under the blanket policy because of such deductible clause, such amount to deposited from the Servicer’s funds, without reimbursement therefor. Upon request of the Master Servicer or the Indenture Trustee, the Servicer shall cause to be
delivered to such person a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days’ prior written notice to the Master Servicer and
the Indenture Trustee. 
  
 (m) Maintenance of Fidelity Bond and
Errors and Omissions Insurance. The Servicer shall maintain with responsible companies, at its own expense, a blanket Fidelity Bond and an Errors and Omissions Insurance Policy, with broad coverage on all officers, employees or other persons
acting in any capacity requiring such persons to handle funds, money, documents or papers relating to the Mortgage Loans (“Servicer Employees”). Any such Fidelity Bond and Errors and Omissions Insurance Policy shall be in the form
of the Mortgage Banker’s Blanket Bond and shall protect and insure the Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such Servicer Employees. Such Fidelity Bond and Errors and
Omissions Insurance Policy also shall protect and insure the Servicer against losses in connection with the release or satisfaction of a Mortgage Loan without having obtained payment in full of the indebtedness secured thereby. No provision of this
Section 4.02(m) requiring such Fidelity Bond and Errors and Omissions Insurance Policy shall diminish or relieve the Servicer from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond and insurance
policy shall be at least equal to the coverage amounts which are acceptable for the Servicer as determined by Fannie Mae and Freddie Mac. Upon the request of the Master Servicer or the Indenture Trustee, the Servicer shall cause to be delivered to
such party a certified true copy of such fidelity bond and insurance policy and a statement from the surety and the insurer that such fidelity bond and insurance policy shall in no event be terminated or materially modified without 30 days’
prior written notice to the Master Servicer and the Indenture Trustee. 
  
 (n) Inspections. The Servicer shall inspect the Mortgaged Property as often as deemed necessary by the Servicer to assure itself that the value of the Mortgaged Property is being preserved. In addition, the Servicer shall inspect the
Mortgaged Property and/or take such other actions as may be necessary or appropriate in accordance with Servicing Standards or as may be required by the primary mortgage guaranty insurer. The Servicer shall keep a written report of each such
inspection. 
  
 (o) Restoration of Mortgaged Property. The
Servicer need not obtain the approval of the Master Servicer or the Indenture Trustee prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such
release is in accordance with Servicing Standards. At a minimum, 

  

 57 

 
the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: 
  
 (i) the Servicer shall receive satisfactory independent
verification of completion of repairs and issuance of any required approvals with respect thereto; 
  
 (ii) the Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to
requiring waivers with respect to mechanics’ and materialmen’s liens; and 
  
 (iii) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account.

  
 (p) Title, Management and Disposition of REO Property.
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 taken in the name of the Indenture Trustee or its nominee in trust for the benefit of the
Noteholders or in the event the Indenture Trustee is not authorized or permitted to hold title to real property in the state where the REO Property is located, or would be adversely affected under the “doing business” or tax laws of such
state by so holding title, the deed or certificate of sale shall be taken in the name of such Person or Persons as shall be consistent with an Opinion of Counsel obtained by the Servicer (with a copy delivered to the Indenture Trustee) from any
attorney duly licensed to practice law in the state where the REO Property is located. The Person or Persons holding such title other than the Indenture Trustee shall acknowledge in writing that such title is being held as nominee for the Indenture
Trustee. 
  
 The Servicer shall manage, conserve, protect and
operate each REO Property for the Indenture Trustee solely for the purpose of its prompt disposition and sale. The Servicer, either itself or through an agent selected by the Servicer, shall manage, conserve, protect and operate the REO Property in
the same manner that it manages, conserves, protects and operates other foreclosed property for its own account, and in the same manner that similar property in the same locality as the REO Property is managed. The Servicer shall attempt to sell the
same (and may temporarily rent the same for a period not greater than one year, except as otherwise provided below) on such terms and conditions as the Servicer deems to be in the best interest of the Issuer, the Indenture Trustee and the
Noteholders. 
  
 If the Servicer hereafter becomes aware that a
Mortgaged Property is an Environmental Problem Property, the Servicer will notify the Master Servicer of the existence of the Environmental Problem Property. Additionally, the Servicer shall set forth in such notice a description of such problem, a
recommendation to the Master Servicer relating to the proposed action regarding the Environmental Problem Property, and the Servicer shall carry out the recommendation set forth in such notice. Notwithstanding the foregoing, the Servicer shall
obtain the Master Servicer’s prior written consent to any expenditures proposed to remediate Environmental Problem Properties or to defend any claims associated with Environmental Problem Properties if such expenses, in the aggregate, are
expected to exceed $100,000. Failure to provide written notice of disapproval of the expenditure within five (5) Business Days of receipt of such request for prepaid expenditures shall be deemed an approval of such expenditure. If the Servicer
has received reliable instructions to the effect that a Property is an 

  

 58 

 
Environmental Problem Property (e.g., Servicer obtains a broker’s price opinion which reveals the potential for such problem), the Servicer will not
accept a deed-in-lieu of foreclosure upon any such Property without first obtaining a preliminary environmental investigation for the Property. 
  
 The Servicer shall also maintain on each REO Property fire and hazard insurance with extended coverage in amount which is at least equal to the maximum
insurable value of the improvements which are a part of such property and, to the extent required and available under the Flood Disaster Protection Act of 1973, as amended, flood insurance in the amount required above. 
  
 The proceeds of sale of the REO Property shall be promptly deposited in the
Custodial Account. As soon as practical thereafter the expenses of such sale shall be paid and the Servicer shall reimburse itself for any related unreimbursed Servicing Advances, unpaid Servicing Fees and unreimbursed advances made pursuant to this
Section or Section 4.03. 
  
 The Servicer shall make
Servicing Advances of all funds necessary for the proper operation, management and maintenance of the REO Property, including the cost of maintaining any hazard insurance pursuant to Section 4.02(k), such advances to be reimbursed from the
disposition or liquidation proceeds of the REO Property. The Servicer shall make monthly remittances on each Servicer Remittance Date to the Master Servicer of the net cash flow from the REO Property (which shall equal the revenues from such REO
Property net of the expenses described in this Section 4.02(p) and of any reserves reasonably required from time to time to be maintained to satisfy anticipated liabilities for such expenses). 
  
 (q) Real Estate Owned Reports. Together with the statement furnished
pursuant to Section 4.03(b), the Servicer shall furnish to the Master Servicer on or before the 10th calendar day in each month a statement with respect to any REO Property covering the operation of such REO Property for the previous month and
the Servicer’s efforts in connection with the sale of such REO Property and any rental of such REO Property incidental to the sale thereof for the previous month. That statement shall be accompanied by such other information as the Master
Servicer shall reasonably request. 
  
 (r) Liquidation
Reports. Upon the foreclosure sale of any Mortgaged Property or the acquisition thereof by the Indenture Trustee pursuant to a deed in lieu of foreclosure, the Servicer shall submit to the Indenture Trustee and the Master Servicer a monthly
liquidation report with respect to such Mortgaged Property. 
  
 (s) Reports of Foreclosures and Abandonments of Mortgaged Property. Following the foreclosure sale or abandonment of any Mortgaged Property, the Servicer shall report such foreclosure or abandonment as required pursuant to
Section 6050J of the Code. 
  
 (t) Prepayment
Premiums. All Prepayment Premiums collected shall be payable to the Servicer, or any successor servicer, as Ancillary Income and shall not be available to make payments to the Noteholders hereunder. 
  
 (u) Compliance with Safeguarding Customer Information Requirements.
The Servicer has implemented and will maintain security measures designed to meet the objectives of 

  

 59 

 
the Interagency Guidelines Establishing Standards for Safeguarding Customer Information published in final form on February 1, 2001, 66 Fed. Reg. 8616,
and the rules promulgated thereunder, as amended from time to time (the “Guidelines”). 
  
 (v) Presentment of Claims and Collection of Proceeds. The Servicer shall prepare and present on behalf of the Indenture Trustee and the Noteholders
all claims under the Insurance Policies with respect to the Mortgage Loans, and take such actions (including the negotiation, settlement, compromise or enforcement of the insured’s claim) as shall be necessary to realize recovery under such
policies. Any proceeds disbursed to the Servicer in respect of such policies or bonds shall be promptly deposited in the Custodial Account upon receipt, except that any amounts realized that are to be applied to the repair or restoration of the
related Mortgaged Property as a condition requisite to the presentation of claims on the related Mortgage Loan to the insurer under any applicable Insurance Policy need not be so deposited (or remitted). 
  
 Section 4.03. Payments To the Master Servicer. 
  
 (a) Remittances. On each Servicer Remittance Date, the Servicer shall
remit on a scheduled/scheduled basis by wire transfer of immediately available funds to the Master Servicer (a) all amounts deposited in the Custodial Account as of the close of business on the last day of the related Due Period (net of charges
against or withdrawals from the Custodial Account pursuant to Section 4.02(e)), plus (b) all Advances, if any, which the Servicer is obligated to make pursuant to Section 4.03(c), minus (c) any amounts attributable to Principal
Prepayments, Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds or REO Disposition Proceeds received after the applicable Prepayment Period, which amounts shall be remitted on the following Servicer Remittance Date, together with any
additional interest required to be deposited in the Custodial Account in connection with such Principal Prepayment in accordance with Section 4.02(d)(ii)(G) and Section 4.04(c), and minus (d) any amounts attributable to
Scheduled Payments collected but due on a Due Date or Due Dates subsequent to the first day of the month in which such Servicer Remittance Date occurs, which amounts shall be remitted on the Servicer Remittance Date next succeeding the Due Date
related to such Scheduled Payment. 
  
 With respect to any
remittance received by the Master Servicer after the Servicer Remittance Date on which such remittance was due, the Servicer shall pay to the Master Servicer interest on any such late remittance at an annual rate equal to the Prime Rate, adjusted as
of the date of each change, plus three percentage points, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be deposited in the Custodial Account by the Servicer on the date such late remittance is made
and shall cover the period commencing with the day following such Servicer Remittance Date and ending with the Business Day on which such remittance is made, both inclusive. Such interest shall be remitted on the next succeeding Servicer Remittance
Date. The payment by the Servicer of any such interest shall not be deemed an extension of time for payment or a waiver of any Event of Default by the Servicer. 
  

 60 

 All remittances required to be made to the Master Servicer shall be made to the following wire account or
to such other account as may be specified by the Master Servicer from time to time: 
  
 Wells Fargo Bank, N.A. 
 San Francisco, CA 
 ABA#: 121-000-248 
 Account Name: Corporate
Trust Clearing 
 Account Number: 3970771416 
 For further credit to: 17214300 
 Attention: NYMT 2005-3 
  
 (b) Statements to Master Servicer and Trust Administrator. On the
10th day of each calendar month (or, if such 10th day is not a Business Day, then on the next succeeding Business Day), the Servicer shall furnish to the Master Servicer (i) a monthly remittance advice
in the format set forth in Exhibit G-1 hereto, a monthly defaulted loan report in the format set forth in Exhibit G-2 hereto and a realized loss report in the format set forth in Exhibit G-3 hereto (or in such other format mutually agreed to between
the Servicer and the Master Servicer) relating to the period ending on the last day of the preceding calendar month and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably
acceptable to the Master Servicer. 
  
 Such monthly remittance
advice shall also be accompanied by a supplemental report provided to the Master Servicer and the Seller which includes on an aggregate basis for the previous calendar month (i) the amount of any insurance claims filed, (ii) the amount of
any claim payments made and (iii) the amount of claims denied or curtailed. The Master Servicer will convert such data into a format acceptable to the Trust Administrator and provide monthly reports to the Trust Administrator pursuant to the
Trust Agreement. 
  
 In addition, not more than 75 days after the
end of each calendar year, commencing December 31, 2005, the Servicer shall provide (as such information becomes reasonably available to the Servicer) to the Master Servicer and the Trust Administrator such information concerning the Mortgage
Loans and annual remittances to the Master Servicer therefrom as is necessary for the Trust Administrator to prepare the reports required by Section 5.09(c). Such obligation of the Servicer shall be deemed to have been satisfied to the extent
that substantially comparable information shall be provided by the Servicer to the Master Servicer and the Trust Administrator pursuant to any requirements of the Code as from time to time are in force. The Servicer shall also provide to the Trust
Administrator such information as may be requested by it and required for the completion of any tax reporting responsibility of the Trust Administrator within such reasonable time frame as shall enable the Trust Administrator to timely file each
Schedule Q (or other applicable tax report or return) required to be filed by it. 
  
 (c) Advances by Servicer. On each Servicer Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future payment, or a combination of both, an amount
equal to all Scheduled Payments (with interest adjusted to the Mortgage Loan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were delinquent at the close of business on the immediately preceding
Determination Date. Any amounts held for future payment and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Servicer Remittance Date if funds in the Custodial Account on such Servicer Remittance
Date shall be less than remittances to the Master Servicer required to be made on such Servicer Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer upon request.

  

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 The Servicer’s obligation to make such Advances as to any Mortgage Loan will continue through the
last Scheduled Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the payment of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds
and Condemnation Proceeds) with respect to the related Mortgage Loan. 
  
 Notwithstanding the foregoing, if the Subservicer fails to make any Advance required to be made by this Section 4.03 with respect to any Remittance Date, then the Servicer shall be obligated to make such Advance, subject to its
determination of the recoverability of such Advance. 
  
 (d)
Due Dates Other Than the First of the Month. Mortgage Loans having Due Dates other than the first day of a month shall be accounted for as described in this Section 4.03(d). Any Scheduled Payment due on a day other than the first day of
each month shall be considered due on the first day of the month following the month in which that payment is due as if such payment were due on the first day of that month. For example, a Scheduled Payment due on November 15 shall be
considered to be due on December 1. Any Scheduled Payment due and collected on a Mortgage Loan after the Cut-off Date shall be deposited in the Custodial Account. For Mortgage Loans with Due Dates on the first day of a month, deposits to the
Custodial Account begin with the Scheduled Payment due on the first of the month following the Cut-off Date. 
  
 (e) Credit Reporting. For each Mortgage Loan, in accordance with its current servicing practices, the Servicer will accurately and fully report its
underlying borrower credit files to each of the following credit repositories or their successors: Equifax Credit Information Services, Inc., Trans Union, LLC and Experian Information Solution, Inc., on a monthly basis in a timely manner. In
addition, with respect to any Mortgage Loan serviced for a Fannie Mae pool, the Servicer shall transmit full credit reporting data to each of such credit repositories in accordance with Fannie Mae Guide Announcement 95-19 (November 11, 1995), a copy
of which is attached hereto as Exhibit K, reporting each of the following statuses, each month with respect to a Mortgage Loan in a Fannie Mae pool: New origination, current, delinquent (30-60-90-days, etc), foreclosed or charged off. 
  
 Section 4.04. General Servicing Procedures. 
  
 (a) Transfers of Mortgaged Property. The Servicer shall use its best
efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of
sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights
to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto; provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so. 
  
 If the Servicer reasonably believes it is unable under applicable law to
enforce such “due-on-sale” clause, the Servicer shall enter into (i) an assumption and modification agreement with 

  

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the person to whom such property has been conveyed pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains
liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty insurer, a
substitution of liability agreement with the seller of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the buyer of the Mortgaged Property is substituted as Mortgagor and becomes liable under the
Mortgage Note. In connection with any such assumption, neither the Mortgage Rate borne by the related Mortgage Note, the timing of principal or interest payments on the Mortgage Loan, the term of the Mortgage Loan nor the outstanding principal
amount of the Mortgage Loan shall be changed. 
  
 To the extent
that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the
Servicer, its affiliates or Fannie Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer diligently shall, to the
extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan. 
  
 (b) Satisfaction of Mortgages and Release of Mortgage Files. Upon the payment in full of any Mortgage Loan, or the receipt by the Servicer of a
notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer shall notify the Master Servicer in the monthly remittance advice as provided in Section 4.03(b), and may request the release of any
Mortgage Loan Documents from the Custodian in accordance with the Custodial Agreement. 
  
 If the Servicer satisfies or releases a Mortgage without first having obtained payment in full of the indebtedness secured by the Mortgage or should the Servicer otherwise prejudice any rights the Seller, the
Indenture Trustee or the Issuer may have under the mortgage instruments, the Servicer shall deposit into the Custodial Account the entire outstanding principal balance, plus all accrued interest on such Mortgage Loan, on the day preceding the
Servicer Remittance Date in the month following the date of such release. The Servicer shall maintain the Fidelity Bond and Errors and Omissions Insurance Policy as provided for in Section 4.02(m) insuring the Servicer against any loss it may
sustain with respect to any Mortgage Loan not satisfied in accordance with the procedures set forth herein. 
  
 (c) Servicing Compensation. As consideration for servicing the Mortgage Loans subject to this Agreement, the Servicer shall be paid in the
aggregate the relevant Servicing Fee for each Mortgage Loan remaining subject to this Agreement during any month or part thereof. Such Servicing Fee shall be payable monthly to the Servicer. The Servicer will pay the Subservicer pursuant to a
separate agreement between such parties. Additional servicing compensation in the form of Ancillary Income shall be retained by the Subservicer only and is not required to be deposited in the Custodial Account. The obligation of the Issuer to pay
the Servicing Fee is limited to, and the Servicing Fee is payable from, the interest portion (including recoveries with respect to interest from Liquidation Proceeds) of such Scheduled Payment collected by the Servicer, or as otherwise provided in
Section 4.02(e)(2). 
  

 63 

 Each of the Servicer and the Subservicer shall be required to pay all expenses incurred by it in
connection with its servicing activities hereunder and shall not be entitled to reimbursement thereof except as specifically provided for herein. 
  
 The Servicing Fee payable to or retained by the Servicer or the Subservicer, as applicable, with respect to any Due Period shall be reduced by the
Prepayment Interest Shortfall Amount for the related Prepayment Period required to be deposited in the Custodial Account and remitted to the Master Servicer on the related Servicer Remittance Date. The Servicer and the Subservicer shall be obligated
to remit to the Master Servicer on each Servicer Remittance Date the Prepayment Interest Shortfall Amount, only up to an amount equal to in the aggregate the Servicing Fee for such Due Period. 
  
 (d) Annual Audit Report. The Subservicer shall, at its own expense,
cause a firm of independent public accountants (who may also render other services to the Subservicer), which is a member of the American Institute of Certified Public Accountants, to furnish, as soon as practicable in each year beginning with 2006,
but in no event later than March 15 of each calendar year, to the Seller, the Master Servicer, the Indenture Trustee and the Sarbanes Certifying Party (i) year-end audited (if available) financial statements of the Subservicer and
(ii) a statement to the effect that such firm has examined certain documents and records for the preceding fiscal year (or during the period from the date of commencement of such Subservicer’s duties hereunder until the end of such
preceding fiscal year in the case of the first such certificate) and that, on the basis of such examination conducted substantially in compliance with the Uniform Single Attestation Program for Mortgage Bankers, such firm is of the opinion that the
Subservicer’s overall servicing operations have been conducted in compliance with the Uniform Single Attestation Program for Mortgage Bankers except for such exceptions that, in the opinion of such firm, the Uniform Single Attestation Program
for Mortgage Bankers requires it to report, in which case such exceptions shall be set forth in such statement. 
  
 (e) Annual Compliance Certifications. 
  
 (i) No later than March 15 of each calendar year, commencing with the year 2006, the Subservicer shall, at its own expense, deliver
to the Seller, the Master Servicer, the Indenture Trustee, the Trust Administrator and the Servicer a servicer’s certificate stating, as to each signer thereof, that (i) a review of the activities of the Subservicer during such preceding
fiscal year and of performance under this Agreement has been made under such officers’ supervision, and (ii) to the best of such officers’ knowledge, based on such review, the Subservicer has fulfilled all its obligations under this
Agreement for such year, or, if there has been a default in the fulfillment of all such obligations, specifying each such default known to such officers and the nature and status thereof including the steps being taken by the Subservicer to remedy
such default. 
  
 (ii) For so long as a
certificate under the Sarbanes-Oxley Act of 2002, as amended (“Sarbanes-Oxley”), is required to be given on behalf of the Issuer, no later than March 15 of each calendar year, commencing with the year 2006, or at any other time that
the Master Servicer provides a certification pursuant to Sarbanes-Oxley and upon thirty (30) days written request of such parties, an officer of the Subservicer shall execute and deliver an Officer’s Certificate to the Depositor, the
Master Servicer, the Trust Administrator and the Servicer for the 

  

 64 

 
benefit of the Issuer and the Sarbanes Certifying Party and its officers, directors and affiliates, in the form of Exhibit H hereto. 
  
 (iii) The Subservicer shall indemnify and hold harmless the
Issuer, the Depositor, the Indenture Trustee, the Owner Trustee, the Trust Administrator, the Servicer and the Master Servicer and their respective officers, directors, agents and affiliates from and against any losses, damages, penalties, fines,
forfeitures, reasonable legal fees and related costs, judgments and other costs and expenses arising out of or based upon a breach by the Subservicer or any of its officers, directors, agents or affiliates of its obligations under this
Section 4.04(e) for the negligence, fraud, bad faith or willful misconduct of the Subservicer in connection therewith. If the indemnification provided for herein is unavailable or insufficient to hold harmless any of the foregoing parties, then
the Subservicer agrees that it shall contribute to the amount paid or payable by the Master Servicer as a result of the losses, claims, damages or liabilities of the Master Servicer in such proportion as is appropriate to reflect the relative fault
of the Master Servicer on the one hand and the Subservicer on the other in connection with a breach of the Subservicer’s obligations under this Section 4.04(e) or the Subservicer’s negligence, fraud, bad faith or willful misconduct in
connection therewith. 
  
 (iv) In addition, the
Servicer shall provide the certifications and reports specified in this Section 4.04(e) (with the exception of the certification required by Section 4.04(e)(ii)) to the Persons specified therein within the time period specified therein.
The Servicer hereby agrees to indemnify the Master Servicer and the other Persons specified in Section 4.04(e)(iii) to the same extent as though such provisions referred to the Servicer rather than the Subservicer. 
  
 (f) Inspection. The Servicer shall provide the Indenture Trustee and
the Master Servicer, upon five (5) Business Days’ advance notice, during normal business hours, access to all records maintained by the Servicer in respect of its rights and obligations hereunder and access to officers of the Servicer
responsible for such obligations. Upon request, the Servicer shall furnish to the Indenture Trustee and the Master Servicer its most recent publicly available financial statements and such other information relating to its capacity to perform its
obligations under this Agreement. 
  
 Section 4.05.
Representations, Warranties and Agreements. 
  
 (a)
Representations, Warranties and Agreements of the Servicer. NYMT Servicing Corporation, in its capacity as Servicer, as a condition to the consummation of the transactions contemplated hereby, hereby makes the following representations and
warranties to the Master Servicer, the Subservicer, the Depositor and the Indenture Trustee and the Trust Administrator, as of the Closing Date: 
  
 (i) Due Organization and Authority. The Servicer is a corporation duly organized, validly existing and in good standing under the
laws of the jurisdiction of its formation and has all licenses necessary to carry on its business as now being conducted; the Servicer has the full corporate power and authority to execute and deliver this Agreement and to perform in accordance
herewith; the execution, delivery and performance of this Agreement (including all instruments of transfer to be delivered pursuant to this Agreement) by the Servicer 

  

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and the consummation of the transactions contemplated hereby have been duly and validly authorized; this Agreement evidences the valid, binding and
enforceable obligation of the Servicer (except to the extent bankruptcy, insolvency, reorganization, fraudulent conveyance or similar laws affect the enforcement of creditor’s rights generally) and all requisite corporate action has been taken
by the Servicer to make this Agreement valid and binding upon the Servicer in accordance with its terms; 
  
 (ii) Ordinary Course of Business. The consummation of the transactions contemplated by this Agreement are in the ordinary course of
business of the Servicer; 
  
 (iii) No
Conflicts. Neither the execution and delivery of this Agreement, the acquisition of the servicing responsibilities by the Servicer or the transactions contemplated hereby, nor the fulfillment of or compliance with the terms and conditions of
this Agreement, will (a) conflict with or result in a breach of any of the terms, conditions or provisions of the Servicer’s charter or by-laws or any legal restriction or any agreement or instrument to which the Servicer is now a party or
by which it is bound, (b) constitute a default under any of the foregoing, (c) result in an acceleration under any of the foregoing, (d) result in the violation of any law, rule, regulation, order, judgment or decree to which the
Servicer or its property is subject or (e) impair the ability of the Servicer to act as Servicer hereunder with respect to the Mortgage Loans, or impair the value of the Mortgage Loans; 
  
 (iv) Ability to Perform. The Servicer does not
believe, nor does it have any reason or cause to believe, that it cannot perform each and every covenant contained in this Agreement; 
  
 (v) No Litigation Pending. There is no action, suit, proceeding or investigation pending or, to the Servicer’s knowledge,
threatened against the Servicer which, either in any one instance or in the aggregate, may result in any material adverse change in the business, operations, financial condition, properties or assets of the Servicer, or in any material impairment of
the right or ability of the Servicer to carry on its business substantially as now conducted, or in any material liability on the part of the Servicer, or which would draw into question the validity of this Agreement or of any action taken or to be
taken in connection with the obligations of the Servicer contemplated herein, or which would be likely to impair materially the ability of the Servicer to perform under the terms of this Agreement; 
  
 (vi) No Consent Required. No consent, approval,
authorization or order of any court or governmental agency or body is required for the execution, delivery and performance by the Servicer of or compliance by the Servicer with this Agreement, or if required, such approval has been obtained prior to
the Closing Date; 
  
 (vii) No Default.
The Servicer is not in default, and no event or condition exists that after the giving of notice or lapse of time or both, would constitute an event of default under any material mortgage, indenture, contract, agreement, judgment, or other
undertaking, to which the Servicer is a party or which purports to be binding upon it or upon any of its assets, which default could impair materially the ability of the Servicer to perform under the terms of this Agreement; 
  

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 (viii) Ability to Service. The Servicer or an affiliate is an approved
seller/servicer of conventional residential mortgage loans for Fannie Mae and Freddie Mac, with the facilities, procedures and experienced personnel necessary for the sound servicing of mortgage loans of the same type as the Mortgage Loans. The
Servicer or an affiliate is in good standing to service mortgage loans for either Fannie Mae or Freddie Mac, and no event has occurred, including but not limited to a change in insurance coverage, which would make the Servicer or an affiliate unable
to comply with either Fannie Mae or Freddie Mac eligibility requirements or which would require notification to either of Fannie Mae or Freddie Mac; 
  
 (ix) No Untrue Information. Neither this Agreement nor any statement, report or other document furnished or to be furnished
pursuant to this Agreement or in connection with the transactions contemplated hereby contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained therein not misleading; and

  
 (x) No Commissions to Third Parties.
The Servicer has not dealt with any broker or agent or anyone else who might be entitled to a fee or commission in connection with this transaction other than the Seller. 
  
 (b) Representations, Warranties and Agreements of the Subservicer. The Subservicer, as a condition to the
consummation of the transactions contemplated hereby, hereby makes the following representations and warranties to the Servicer, the Master Servicer, the Depositor and the Issuer, the Indenture Trustee and the Trust Administrator, as of the Closing
Date: 
  
 (i) Due Organization and
Authority. The Subservicer is validly existing and in good standing as a federally chartered national banking association with full power and authority to transact any business contemplated by this Agreement and to execute, deliver and comply
with its obligations under the terms of this Agreement, the execution, delivery and performance of which have been duly authorized by all necessary corporate action on the part of the Subservicer; 
  
 (ii) Ordinary Course of Business. The consummation of
the transactions contemplated by this Agreement are in the ordinary course of business of the Subservicer; 
  
 (iii) No Conflicts. Neither the execution and delivery of this Agreement, the acquisition of the servicing responsibilities by the
Subservicer or the transactions contemplated hereby, nor the fulfillment of or compliance with the terms and conditions of this Agreement, will (a) conflict with or result in a breach of any of the terms, conditions or provisions of the
Subservicer’s charter or any legal restriction or any agreement or instrument to which the Subservicer is now a party or by which it is bound, (b) constitute a material default under any of the foregoing, (c) result in an acceleration
under any of the foregoing, (d) result in the violation of any law, rule, regulation, order, judgment or decree to which the Subservicer or its property is subject or (e) impair the ability of the Subservicer to service the Mortgage Loans,
or impair the value of the Mortgage Loans; 
  

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 (iv) Ability to Perform. The Subservicer does not believe, nor does it have any
reason or cause to believe, that it cannot perform each and every covenant contained in this Agreement; 
  
 (v) No Litigation Pending. There is no action, suit, proceeding or investigation pending or, to the Subservicer’s knowledge,
threatened against the Subservicer which, either in any one instance or in the aggregate, may result in any material adverse change in the business, operations, financial condition, properties or assets of the Subservicer, or in any material
impairment of the right or ability of the Subservicer to carry on its business substantially as now conducted, or in any material liability on the part of the Subservicer, or which would draw into question the validity of this Agreement or of any
action taken or to be taken in connection with the obligations of the Subservicer contemplated herein, or which would be likely to impair materially the ability of the Subservicer to perform under the terms of this Agreement; 
  
 (vi) No Consent Required. No consent, approval,
authorization or order of any court or governmental agency or body is required for the execution, delivery and performance by the Subservicer of or compliance by the Subservicer with this Agreement, or if required, such approval has been obtained
prior to the Closing Date; 
  
 (vii) No
Default. The Subservicer is not in default, and no event or condition exists that after the giving of notice or lapse of time or both, would constitute an event of default under any material mortgage, indenture, contract, agreement, judgment, or
other undertaking, to which the Subservicer is a party or which purports to be binding upon it or upon any of its assets, which default could impair materially the ability of the Subservicer to perform under the terms of this Agreement; 

 
 (viii) Ability to Service. The Subservicer is an
approved seller/Subservicer of conventional residential mortgage loans for Fannie Mae and Freddie Mac, with the facilities, procedures and experienced personnel necessary for the sound servicing of mortgage loans of the same type as the Mortgage
Loans. The Subservicer is in good standing to service mortgage loans for either Fannie Mae or Freddie Mac, and no event has occurred, including but not limited to a change in insurance coverage, which would make the Subservicer unable to comply with
either Fannie Mae or Freddie Mac eligibility requirements or which would require notification to either of Fannie Mae or Freddie Mac; and 
  
 (ix) No Commissions to Third Parties. The Subservicer has not dealt with any broker or agent or anyone else who might be entitled
to a fee or commission in connection with this transaction other than the Seller. 
  
 (c) Remedies for Breach of Representations and Warranties of the Servicer and the Subservicer. It is understood and agreed that the representations and warranties set forth in Sections 4.05(a) and
Section 4.05(b) shall survive the engagement of each Representing Party to perform the servicing responsibilities as of the Closing Date hereunder and the delivery of the Servicing Files to the Servicer and the Subservicer, as applicable, and
shall inure to the benefit of the Master Servicer and the Indenture Trustee. Upon discovery by either the Servicer, the Subservicer, the Master Servicer or the Indenture Trustee of a breach of any of the foregoing representations and warranties
which materially and adversely affects the ability of the such 

  

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Representing Party to perform its duties and obligations under this Agreement or otherwise materially and adversely affects the value of the Mortgage Loans,
the Mortgaged Property or the priority of the security interest on such Mortgaged Property or the interests of the Master Servicer or the Indenture Trustee, the party discovering such breach shall give prompt written notice to the other parties.

  
 Within 60 days of the earlier of either discovery by or notice
to a Representing Party of any breach of a representation or warranty set forth in Section 4.05(a) or Section 4.05(b), as applicable, which materially and adversely affects the ability of such Representing Party to perform its duties and
obligations under this Agreement or otherwise materially and adversely affects the value of the Mortgage Loans, the Mortgaged Property or the priority of the security interest on such Mortgaged Property, such Representing Party shall use its best
efforts promptly to cure such breach in all material respects and, if such breach cannot be cured, such Representing Party shall, at the Indenture Trustee’s or the Master Servicer’s option, assign its rights and obligations under this
Agreement (or respecting the affected Mortgage Loans) to a successor servicer. Such assignment shall be made in accordance with Sections 4.06(e) and 4.06(f). 
  
 In addition, such Representing Party shall indemnify all other parties to this Agreement and hold each of them harmless against any losses, damages,
penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and other costs and expenses resulting from any claim, demand, defense or assertion based on or grounded upon, or resulting from, a breach of such
Representing Party’s representations and warranties contained in Section 4.05. 
  
 Any cause of action against a Representing Party relating to or arising out of the breach of any representations and warranties made in Section 4.05(a) or Section 4.05(b), as applicable, shall accrue upon
(i) discovery of such breach by such Representing Party or notice thereof by the Master Servicer, the Depositor or the Indenture Trustee to such Representing Party, (ii) failure by the Representing Party to cure such breach within the
applicable cure period, and (iii) demand upon the Representing Party by the Master Servicer or the Indenture Trustee for compliance with this Agreement. 
  
 (d) Additional Indemnification by the Servicer. The Servicer shall indemnify the Master Servicer, the Depositor, the Issuer, the Indenture Trustee,
the Owner Trustee, and the Trust Administrator and hold each of them harmless against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and any other costs, fees and
expenses (collectively, the “Liabilities”) that the indemnified party may sustain in any way related to the failure of the Servicer to perform its duties and service the Mortgage Loans in accordance with the terms of this Agreement. The
Servicer shall immediately notify the Master Servicer, the Depositor, the Indenture Trustee, the Owner Trustee and the Trust Administrator if a claim is made by a third party with respect to this Agreement or the Mortgage Loans that may result in
such Liabilities, and the Servicer shall assume (with the prior written consent of the indemnified party) the defense of any such claim and pay all expenses in connection therewith, including counsel fees, promptly pay, discharge and satisfy any
judgment or decree which may be entered against it or any indemnified party in respect of such claim and follow any written instructions received from such indemnified party in 

  

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connection with such claim. The Servicer shall be reimbursed promptly from the Trust Fund for all amounts advanced by it pursuant to the preceding sentence
except when the claim is in any way related to the Servicer’s indemnification pursuant to this Section 4.05(d), or the failure of the Servicer to service and administer the Mortgage Loans in accordance with the terms of this Agreement.

  
 (e) Additional Indemnification by the Subservicer. The
Subservicer shall indemnify the Master Servicer, the Servicer, the Depositor, the Indenture Trustee, the Owner Trustee, the Issuer and the Trust Administrator and hold each of them harmless against any and all claims, losses, damages, penalties,
fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and any other costs, fees and expenses (collectively, the “Liabilities”) that the indemnified party may sustain in any way related to the failure of the
Subservicer to perform its duties and service the Mortgage Loans in accordance with the terms of this Agreement. The Subservicer shall immediately notify the Master Servicer, the Servicer, the Depositor, the Indenture Trustee, the Owner Trustee and
the Trust Administrator if a claim is made by a third party with respect to this Agreement or the Mortgage Loans that may result in such Liabilities, and the Subservicer shall assume (with the prior written consent of the indemnified party) the
defense of any such claim and pay all expenses in connection therewith, including counsel fees, promptly pay, discharge and satisfy any judgment or decree which may be entered against it or any indemnified party in respect of such claim and follow
any written instructions received from the such indemnified party in connection with such claim. The Subservicer shall be reimbursed promptly from the Trust Fund for all amounts advanced by it pursuant to the preceding sentence except when the claim
is in any way related to the Subservicer’s indemnification pursuant to this Section 4.05(e), or the failure of the Subservicer to service and administer the Mortgage Loans in accordance with the terms of this Agreement. 
  
 Section 4.06. The Servicer and the Subservicer. 
  
 (a) Merger or Consolidation of the Servicer. The Servicer shall keep
in full effect its existence, rights and franchises as a corporation, and shall obtain and preserve its qualification to do business as a foreign corporation in each jurisdiction in which such qualification is or shall be necessary to protect the
validity and enforceability of this Agreement or any of the Mortgage Loans and to perform its duties under this Agreement. 
  
 Any Person into which the Servicer may be merged or consolidated, or any corporation resulting from any merger, conversion or consolidation to which the
Servicer shall be a party, or any Person succeeding to the business of the Servicer, shall be the successor of the Servicer hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything
herein to the contrary notwithstanding, provided, however, that the successor or surviving Person shall be an institution (i) having a net worth of not less than $15,000,000, and (ii) which is a Fannie Mae- and Freddie Mac-approved
servicer in good standing. 
  
 (b) Limitation on Liability of
the Servicer and Others. Neither the Servicer nor any of the directors, officers, employees or agents of the Servicer shall be under any liability to the Master Servicer, the Depositor, the Issuer, the Indenture Trustee or the Trust
Administrator for any action taken or for refraining from the taking of any action in good faith pursuant to this 

  

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Agreement, or for errors in judgment; provided, however, that this provision shall not protect the Servicer or any such person against any breach of
warranties or representations made herein, or failure to perform its obligations in strict compliance with any standard of care set forth in this Agreement, or any liability which would otherwise be imposed by reason of any breach of the terms and
conditions of this Agreement. The Servicer and any director, officer, employee or agent of the 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 Servicer shall not be under any obligation to appear in, prosecute or defend any legal action which is not incidental to its duties to service the Mortgage Loans in accordance with this Agreement and which in its opinion may involve
it in any expense or liability; provided, however, that the Servicer may undertake any such action which it may deem necessary or desirable in respect of this Agreement and the rights and duties of the parties hereto. In such event, the
Servicer shall be entitled to reimbursement from the Trust Fund for the reasonable legal expenses and costs of such action. 
  
 (c) Limitation on Resignation and Assignment by the Servicer. This Agreement has been entered into with the Servicer in reliance upon the
independent status of the Servicer, and the representations as to the adequacy of its servicing facilities, plant, personnel, records and procedures, its integrity, reputation and financial standing, and the continuance thereof. Therefore, except as
expressly provided in this Section 4.06(c) and Section 4.02(a), the Servicer shall neither assign its rights under this Agreement or the servicing hereunder nor delegate its duties hereunder or any portion thereof, or sell or otherwise
dispose of all or substantially all of its property or assets without, in each case, the prior written consent of the Seller, the Indenture Trustee, the Master Servicer and the Trust Administrator, which consent, in the case of an assignment of
rights or delegation of duties, shall be granted or withheld in the discretion of the Seller, the Indenture Trustee, the Master Servicer and the Trust Administrator; provided, that in each case, there must be delivered to the Seller, the
Master Servicer, the Indenture Trustee and the Trust Administrator a letter from each Rating Agency to the effect that such transfer of servicing or sale or disposition of assets will not result in a qualification, withdrawal or downgrade of the
then-current rating of any of the Notes. 
  
 The Servicer shall
not resign from the obligations and duties hereby imposed on it except by mutual consent of the Servicer and the Master Servicer, or upon the determination that its duties hereunder are no longer permissible under applicable law and such incapacity
cannot be cured by the Servicer. Any such determination permitting the resignation of the Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Seller, the Master Servicer and the Indenture Trustee which Opinion of
Counsel shall be in form and substance reasonably acceptable to each of them. No such resignation shall become effective until a successor shall have assumed the Servicer’s responsibilities and obligations hereunder in the manner provided in
Section 4.08. 
  
 Without in any way limiting the generality
of this Section 4.06, in the event that the Servicer either shall assign this Agreement or the servicing responsibilities hereunder or delegate its duties hereunder or any portion thereof or sell or otherwise dispose of all or substantially all
of its property or assets, except to the extent permitted by and in accordance with this Section 4.06 and Section 4.02(a), without the prior written consent of the Seller, the Master Servicer, the Indenture Trustee and the Trust
Administrator, then such parties shall have the right to terminate 

  

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this Agreement upon notice given as set forth in Section 11.07 of the Agreement, without any payment of any penalty or damages and without any liability
whatsoever to the Servicer or any third party. 
  
 (d) Merger
or Consolidation of the Subservicer. The Subservicer shall keep in full effect its existence, rights and franchises as a corporation, and shall obtain and preserve its qualification to do business as a foreign corporation in each jurisdiction in
which such qualification is or as shall be necessary to protect the validity and enforceability of this Agreement or any of the Mortgage Loans and to perform its duties under this Agreement. 
  
 Any Person into which the Subservicer may be merged or consolidated, or any
corporation resulting from any merger, conversion or consolidation to which the Subservicer shall be a party, or any Person succeeding to the business of the Subservicer, shall be the successor of the Subservicer hereunder, without the execution or
filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding, provided, however, that the successor or surviving Person shall be a Person that shall be qualified and approved
to service mortgage loans for Fannie Mae or FHLMC and shall have a net worth of not less than $15,000,000. 
  
 (e) Limitation on Liability of the Subservicer and Others. Neither the Subservicer nor any of the directors, officers, employees or agents of the
Subservicer shall be under any liability to the Master Servicer, the Depositor, the Issuer, Indenture Trustee or the Trust Administrator for any action taken or for refraining from the taking of any action in good faith pursuant to this Agreement,
or for errors in judgment; provided, however, that this provision shall not protect the Subservicer or any such person against any breach of warranties or representations made herein, or failure to perform its obligations in strict compliance
with any standard of care set forth in this Agreement, or any liability which would otherwise be imposed by reason of any breach of the terms and conditions of this Agreement. The Subservicer and any director, officer, employee or agent of the
Subservicer 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 Subservicer shall not be under any obligation to appear in, prosecute or defend
any legal action which is not incidental to its duties to service the Mortgage Loans in accordance with this Agreement and which in its opinion may involve it in any expense or liability, provided, however, that the Subservicer may undertake
any such action which it may deem necessary or desirable in respect of this Agreement and the rights and duties of the parties hereto. In such event, the Subservicer shall be entitled to reimbursement from the Trust Fund for the reasonable legal
expenses and costs of such action. 
  
 (f) Limitation on
Resignation and Assignment by the Subservicer. This Agreement has been entered into with the Subservicer in reliance upon the independent status of the Subservicer, and the representations as to the adequacy of its servicing facilities, plant,
personnel, records and procedures, its integrity, reputation and financial standing, and the continuance thereof. Therefore, except as expressly provided in this Section 4.06(f) and Section 4.02(a), the Subservicer shall neither assign its
rights under this Agreement or the servicing hereunder nor delegate its duties hereunder or any portion thereof, without the prior written consent of the Seller, the Indenture Trustee, the Master Servicer and the Trust Administrator, which consent,
in the case of an assignment of rights or delegation of duties, shall be granted or 

  

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withheld in the discretion of the Seller, the Indenture Trustee, the Master Servicer and the Trust Administrator, and which consent, in the case of a sale or
disposition of all or substantially all of the property or assets of the Subservicer, shall not be unreasonably withheld by any of them; provided, that in each case, there must be delivered to the Seller, the Master Servicer, the Indenture
Trustee and the Trust Administrator a letter from each Rating Agency to the effect that such transfer of servicing or sale or disposition of assets will not result in a qualification, withdrawal or downgrade of the then-current rating of any of the
Notes. 
  
 The Subservicer shall not resign from the obligations
and duties hereby imposed on it except by mutual consent of the Subservicer and the Master Servicer, or upon the determination that its duties hereunder are no longer permissible under applicable law and such incapacity cannot be cured by the
Subservicer. Any such determination permitting the resignation of the Subservicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Seller, the Master Servicer and the Indenture Trustee which Opinion of Counsel shall be in
form and substance reasonably acceptable to each of them. No such resignation shall become effective until a successor shall have assumed the Subservicer’s responsibilities and obligations hereunder in the manner provided in Section 4.08.

  
 Without in any way limiting the generality of this
Section 4.06, in the event that the Subservicer either shall assign this Agreement or the servicing responsibilities hereunder or delegate its duties hereunder or any portion thereof or sell or otherwise dispose of all or substantially all of
its property or assets, except to the extent permitted by and in accordance with this Section 4.06(f) and Section 4.02(a), without the prior written consent of the Seller, the Master Servicer, the Indenture Trustee and the Trust
Administrator, then such parties shall have the right to terminate this Agreement upon notice given as set forth in Section 11.07 of this Agreement, without any payment of any penalty or damages and without any liability whatsoever to the
Subservicer or any third party. 
  
 (g) Successor
Servicers. The provisions of Sections 4.06(a), (b), and (c) shall apply to any successor to NYMT Servicing Corporation as Servicer hereunder other than the Subservicer. 
  
 (h) Acknowledgement of Custodial Agreement. The Servicer and the Subservicer hereby acknowledge and agree to comply
with the provisions of the Custodial Agreement as applicable to each of them respectively. 
  
 Section 4.07. Termination for Cause. 
  
 Any of the following occurrences shall constitute an event of default (each, a “Servicer Event of Default” or “Subservicer Event of Default,” as applicable) on the part of the Servicer or the
Subservicer: 
  
 (1) any failure by the Servicer
or the Subservicer, as applicable, to remit to the Master Servicer any payment required to be made under the terms of this Agreement which continues unremedied for a period of two Business Days after the date upon which written notice of such
failure, requiring the same to be 

  

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remedied, shall have been given to the Servicer or the Subservicer, as applicable, by the Master Servicer or the Servicer; or 
  
 (2) failure by the Servicer or the Subservicer, as
applicable, duly to observe or perform in any material respect any other of the covenants or agreements on the part of the Servicer or the Subservicer, as applicable, set forth in this Agreement which continues unremedied for a period of 30 days
after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Servicer or the Subservicer, as applicable, by the Master Servicer or the Servicer; or 
  
 (3) failure by the Servicer or the Subservicer, as
applicable, to maintain its license to do business or service residential mortgage loans in any jurisdiction where the Mortgaged Properties are located except where the failure to so maintain such license does not have a material adverse effect on
the Servicer’s or the Subservicer’s, as applicable, ability to service the Mortgage Loans; or 
  
 (4) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver
or liquidator in any insolvency, readjustment of debt, including bankruptcy, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Servicer or the
Subservicer, as applicable, and such decree or order shall have remained in force undischarged or unstayed for a period of 60 days; or 
  
 (5) the Servicer or the Subservicer, as applicable, shall consent to the appointment of a conservator or receiver or liquidator in any
insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Servicer or the Subservicer, as applicable, or of or relating to all or substantially all of its property; or 
  
 (6) the Servicer or the Subservicer, as applicable, 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, bankruptcy or reorganization statute, make an assignment for the benefit of its creditors, voluntarily
suspend payment of its obligations or cease its normal business operations for three Business Days; or 
  
 (7) the Servicer or the Subservicer, as applicable, ceases to meet the qualifications of a Fannie Mae or Freddie Mac lender/servicer;

  
 (8) the Servicer or the Subservicer, as
applicable, attempts to assign the servicing of the Mortgage Loans or its right to servicing compensation hereunder or the Servicer or the Subservicer, as applicable, or attempts to assign this Agreement or the servicing responsibilities hereunder
or to delegate its duties hereunder or any portion thereof in a manner not permitted under this Agreement; 
  

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 (9) if (x) any of the Rating Agencies reduces or withdraws the rating of any of the
Notes due to a reason attributable to the Subservicer or (y) the Subservicer’s residential primary servicer rating for servicing of subprime loans issued by any of the Rating Agencies is reduced below its rating in effect on the Closing
Date or withdrawn; provided that if the Subservicer’s rating by any Rating Agency is reduced by not more than two levels, the Subservicer shall have 180 days to cure such default by having the applicable Rating Agency restore the
Subservicer’s rating to its level in effect on the Closing Date; or 
  
 (10) the net worth of the Servicer or the Subservicer, as applicable, shall be less than $15,000,000; or 
  
 (11) failure by the Servicer or Subservicer, as applicable, to duly perform, within the required time period, its obligations under
Sections 4.04(e) or 4.04(d) which failure continues unremedied for a period of 7 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Servicer, by the Master Servicer or to the
Subservicer by the Servicer, as applicable. 
  
 In each and every
such case, so long as an Event of Default shall not have been remedied, in addition to whatsoever rights the Master Servicer, the Indenture Trustee or the Servicer (in the case of a Subservicer Event of Default) may have at law or equity to damages,
including injunctive relief and specific performance, the Master Servicer, the Indenture Trustee or the Servicer (in the case of a Subservicer Event of Default), by notice in writing to the Servicer or the Subservicer, as applicable, may terminate
all the rights and obligations of the Servicer or the Subservicer, as applicable, under this Agreement and in and to the servicing contract established hereby and the proceeds thereof. 
  
 Upon receipt by the Subservicer of such written notice of termination, all authority and power of the Subservicer under this
Agreement, whether with respect to the Mortgage Loans or otherwise, shall pass to and be vested in the Servicer, an Affiliate of the Servicer or a successor Subservicer appointed by the Servicer with the consent of the Master Servicer and the
Indenture Trustee, which consent shall not be unreasonably withheld, and the Servicer (or the successor Subservicer) shall be subject to all of the responsibilities, duties and liabilities relating thereto, including the obligation to make Monthly
Advances, provided however, any assumption of such duties by the Servicer or an Affiliate of the Servicer pursuant to this paragraph shall be conditioned upon the receipt by the Master Servicer, the Seller, the Depositor, the Indenture
Trustee and the Trust Administrator of a letter from each Rating Agency to the effect that such transfer of servicing to the Servicer or its Affiliate will not result in a qualification, withdrawal or downgrade of the then-current rating of any of
the Notes. Upon receipt by the Servicer, of such written termination notice, all authority and power of the Servicer, under this Agreement, whether with respect to the Mortgage Loans or otherwise, shall pass to and be vested in a successor servicer
appointed by the Master Servicer, in accordance with Section 4.08(a). Upon written request from the Master Servicer, the Servicer or the Subservicer, as applicable, shall prepare, execute and deliver to the successor servicer or Subservicer any
and all documents and other instruments, place in such successor’s possession all Servicing Files, and do or cause to be done all other acts or things necessary or appropriate to effect the purposes of such notice of 

  

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termination, including but not limited to the transfer and endorsement or assignment of the Mortgage Loans and related documents, at the Servicer’s or
the Subservicer’s, as applicable, sole expense. The Servicer or the Subservicer, as applicable, shall cooperate with the Seller, the Master Servicer, the Indenture Trustee and such successor in effecting the termination of the Servicer’s
or the Subservicer’s, as applicable, responsibilities and rights hereunder, including without limitation, the transfer to such successor for administration by it of all cash amounts which shall at the time be credited by the Servicer or the
Subservicer, as applicable, to the Custodial Account or Escrow Account or thereafter received with respect to the Mortgage Loans. 
  
 By a written notice, the Master Servicer, with the consent of the other parties, may waive any default by the Servicer or the Subservicer, as applicable,
in the performance of its obligations hereunder and its consequences. Upon any waiver of a past default, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been remedied for every purpose of this
Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereon except to the extent expressly so waived. 
  
 The Servicer will promptly notify the Master Servicer upon the occurrence of a Servicer Event of Default. The Subservicer will promptly notify the Master
Servicer upon the occurrence of a Subservicer Event of Default. The Master Servicer shall promptly notify the Servicer at any time that the Master Servicer obtains actual knowledge of the occurrence of a Subservicer Event of Default. 
  
 Section 4.08. Successor to Servicer and Subservicer, Miscellaneous
Provisions. 
  
 (a) Successor to the Servicer.
Simultaneously with the termination of the Servicer’s responsibilities and duties under this Agreement pursuant to Sections 4.05, 4.06, or 4.07, the Master Servicer shall (i) within 90 days of the Servicer’s notice of such
termination, succeed to and assume all of the Servicer’s responsibilities, rights, duties and obligations under this Agreement, or (ii) appoint a successor having the characteristics set forth in clauses (i) and (ii) of
Section 4.06(d) and which shall succeed to all rights and assume all of the responsibilities, duties and liabilities of the Servicer under this Agreement simultaneously with the termination of the Servicer’s responsibilities, duties and
liabilities under this Agreement. Any successor to the Servicer shall be subject to the approval of the Master Servicer, the Indenture Trustee and the Trust Administrator. Any approval of a successor servicer by the Master Servicer, the Indenture
Trustee and the Trust Administrator, shall, if the successor servicer is not at that time a servicer of other Mortgage Loans for the Trust, be conditioned upon the receipt by the Master Servicer, the Seller, the Indenture Trustee and the Trust
Administrator of a letter from each Rating Agency to the effect that such transfer of servicing will not result in a qualification, withdrawal or downgrade of the then-current rating of any of the Notes. In connection with such appointment and
assumption, the Master Servicer may make such arrangements for the compensation of such successor out of payments on Mortgage Loans as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that
permitted the Servicer under this Agreement. In the event that the Servicer’s duties, responsibilities and liabilities under this Agreement should be terminated pursuant to the aforementioned sections, the Servicer shall discharge such duties
and responsibilities during the period from the date it acquires knowledge of such termination until the effective date thereof with the same degree of diligence and prudence which it is obligated to exercise under this Agreement, and shall take no
action 

  

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whatsoever that might impair or prejudice the rights or financial condition of its successor. The resignation or removal of the Servicer pursuant to the
aforementioned sections shall not become effective until a successor shall be appointed pursuant to this Section 4.08(a) and shall in no event relieve the Servicer of the representations and warranties made pursuant to Sections 4.05 and the
remedies available to the Master Servicer, the Indenture Trustee and the Seller under Sections 4.08(c), 4.05(d) and 4.05(e), it being understood and agreed that the provisions of such Sections 4.08(c), 4.05(d) and 4.05(e) shall be applicable to the
Servicer notwithstanding any such resignation or termination of the Servicer, or the termination of this Agreement. Neither the Master Servicer, in its capacity as successor servicer, nor any other successor servicer shall be responsible for the
lack of information and/or documents that it cannot otherwise obtain through reasonable efforts. 
  
 Within a reasonable period of time, but in no event longer than 30 days of the appointment of a successor entity, the Servicer shall prepare, execute and
deliver to the successor entity any and all documents and other instruments, place in such successor’s possession all Servicing Files, and do or cause to be done all other acts or things necessary or appropriate to effect the purposes of such
notice of termination, including but not limited to the transfer of any Mortgage Notes and the related documents. The Servicer shall cooperate with the Indenture Trustee, the Master Servicer or the Seller, as applicable, and such successor in
effecting the termination of the Servicer’s responsibilities and rights hereunder and the transfer of servicing responsibilities to the successor Servicer, including without limitation, the transfer to such successor for administration by it of
all cash amounts which shall at the time be credited by the Servicer to the Custodial Account or Escrow Account or thereafter received with respect to the Mortgage Loans. 
  
 Any successor appointed as provided herein shall execute, acknowledge and deliver to the Indenture Trustee, the Servicer,
the Master Servicer, the Trust Administrator and the Seller an instrument (i) accepting such appointment, wherein the successor shall make the representations and warranties set forth in Section 4.05(a) and provide for the same remedies
set forth in such Section herein and (ii) an assumption of the due and punctual performance and observance of each covenant and condition to be performed and observed by the Servicer under this Agreement, whereupon such successor shall become
fully vested with all the rights, powers, duties, responsibilities, obligations and liabilities of the Servicer, with like effect as if originally named as a party to this Agreement. Any termination or resignation of the Servicer or termination of
this Agreement pursuant to Sections 4.05, 4.06 and 4.07 shall not affect any claims that the Seller, the Master Servicer, the Indenture Trustee or the Trust Administrator may have against the Servicer arising out of the Servicer’s actions or
failure to act prior to any such termination or resignation. 
  
 The Servicer shall deliver promptly to the successor servicer the funds in the Custodial Account and Escrow Account and all Mortgage Loan documents and related documents and statements held by it hereunder and the Servicer shall account for
all funds and shall execute and deliver such instruments and do such other things as may reasonably be required to more fully and definitively vest in the successor all such rights, powers, duties, responsibilities, obligations and liabilities of
the Servicer. 
  

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 Upon a successor’s acceptance of appointment as such, it shall notify the Indenture Trustee, the
Trust Administrator, the Seller and Master Servicer and the Depositor of such appointment. 
  
 (b) Successor to the Subservicer. Notwithstanding anything to the contrary in Section 4.08(a), any successor to the Subservicer (but not the Servicer acting as successor to the Subservicer, in which case
the Servicer shall be governed by Section 4.08(a)) shall be governed by this Section 4.08(b). Simultaneously with the termination of the Subservicer’s responsibilities and duties under this Agreement pursuant to Sections 4.05, 4.06 or
4.07, the Servicer shall (i) within 90 days of the Subservicer’s notice of such termination, succeed to and assume all of the Subservicer’s responsibilities, rights, duties and obligations under this Agreement, or (ii) appoint a
successor having the characteristics set forth in clauses (i) and (ii) of Section 4.06(d) and which shall succeed to all rights and assume all of the responsibilities, duties and liabilities of the Subservicer under this Agreement
simultaneously with the termination of the Subservicer’s responsibilities, duties and liabilities under this Agreement. Any successor to the Subservicer pursuant to (i) or (ii) above, in either case shall be subject to the approval of
the Master Servicer, the Indenture Trustee and the Trust Administrator. Any approval of a successor Subservicer by the Servicer, the Master Servicer, the Indenture Trustee and the Trust Administrator, shall, if the successor Subservicer is not at
that time a Subservicer of other Mortgage Loans for the Trust, be conditioned upon the receipt by the Master Servicer, the Seller, the Indenture Trustee and the Trust Administrator of a letter from each Rating Agency to the effect that such transfer
of servicing will not result in a qualification, withdrawal or downgrade of the then-current rating of any of the Notes. In connection with such appointment and assumption, the Servicer, as applicable, may make such arrangements for the compensation
of such successor out of payments on Mortgage Loans as it and such successor shall agree, provided, however, that no such compensation shall be in excess of that permitted the Subservicer under this Agreement. In the event that the
Subservicer’s duties, responsibilities and liabilities under this Agreement should be terminated pursuant to the aforementioned sections, the Subservicer shall discharge such duties and responsibilities during the period from the date it
acquires knowledge of such termination until the effective date thereof with the same degree of diligence and prudence which it is obligated to exercise under this Agreement, and shall take no action whatsoever that might impair or prejudice the
rights or financial condition of its successor. The resignation or removal of the Subservicer pursuant to the aforementioned sections shall not become effective until a successor shall be appointed pursuant to this Section 4.08(b) and shall in
no event relieve the Subservicer of the representations and warranties made pursuant to Sections 4.05 and the remedies available to the Servicer, the Master Servicer, the Indenture Trustee, the Trust Administrator and the Seller under Sections
4.05(c), 4.05(d) and 4.05(e), it being understood and agreed that the provisions of such Sections 4.05(c), 4.05(d) and 4.05(e) shall be applicable to the Subservicer notwithstanding any such resignation or termination of the Subservicer, or the
termination of this Agreement. Neither the Servicer, in its capacity as successor Subservicer, nor any other successor Subservicer shall be responsible for the lack of information and/or documents that it cannot otherwise obtain through reasonable
efforts. 
  
 Within a reasonable period of time, but in no event
longer than 30 days of the appointment of a successor entity, the Subservicer shall prepare, execute and deliver to the successor entity any and all documents and other instruments, place in such successor’s possession all Servicing Files, and
do or cause to be done all other acts or things necessary or 

  

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appropriate to effect the purposes of such notice of termination, including but not limited to the transfer of any Mortgage Notes and the related documents.
The Subservicer shall cooperate with the Servicer, the Indenture Trustee, the Master Servicer or the Seller, as applicable, and such successor in effecting the termination of the Subservicer’s responsibilities and rights hereunder and the
transfer of servicing responsibilities to the successor Subservicer, including without limitation, the transfer to such successor for administration by it of all cash amounts which shall at the time be credited by the Subservicer to the Custodial
Account or Escrow Account or thereafter received with respect to the Mortgage Loans. 
  
 Any successor appointed as provided herein shall execute, acknowledge and deliver to the Servicer, the Indenture Trustee, the Subservicer, the Master Servicer and the Seller an instrument (i) accepting such
appointment, wherein the successor shall make the representations and warranties set forth in Section 4.05(a) and provide for the same remedies set forth in such Section herein and (ii) an assumption of the due and punctual performance and
observance of each covenant and condition to be performed and observed by the Subservicer under this Agreement, whereupon such successor shall become fully vested with all the rights, powers, duties, responsibilities, obligations and liabilities of
the Subservicer, with like effect as if originally named as a party to this Agreement. Any termination or resignation of the Subservicer or termination of this Agreement pursuant to Sections 4.05, 4.06 and 4.07 shall not affect any claims that the
Seller, the Servicer, the Master Servicer, the Trust Administrator or the Indenture Trustee may have against the Subservicer arising out of the Subservicer’s actions or failure to act prior to any such termination or resignation. 
  
 The Subservicer shall deliver promptly to the successor Subservicer the funds
in the Custodial Account and Escrow Account and all Mortgage Loan documents and related documents and statements held by it hereunder and the Subservicer shall account for all funds and shall execute and deliver such instruments and do such other
things as may reasonably be required to more fully and definitively vest in the successor all such rights, powers, duties, responsibilities, obligations and liabilities of the Subservicer. 
  
 Upon a successor’s acceptance of appointment as such, it shall notify
the Indenture Trustee, the Trust Administrator, the Seller, Master Servicer and the Depositor of such appointment. 
  
 (c) Costs. The Seller shall pay the legal fees and expenses of its attorneys. Costs and expenses incurred in connection with the transfer of the
servicing responsibilities, including fees for delivering Servicing Files, shall be paid by (i) the terminated or resigning Servicer if such termination or resignation is a result of an occurrence of a termination event under Sections 4.05(c)
or 4.07, and (ii) in all other cases by the Trust. 
  
 Section 4.09. Miscellaneous Servicing Provisions. 
  
 (a) Protection of Confidential Information. The Servicer shall keep confidential and shall not divulge to any party, without the Seller’s prior written consent, any nonpublic information pertaining to the Mortgage Loans or any
borrower thereunder, except to the extent that it is appropriate for the Servicer to do so in working with legal counsel, subservicers, special servicers, auditors, taxing authorities or other governmental agencies. 
  

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 (b) No Personal Solicitation. For so long as either the Servicer or the Subservicer services the
Mortgage Loans, each covenants that it will not, and that it will ensure that its affiliates and agents, will not, directly solicit or provide information for any other party to solicit for prepayment or refinancing of any of the Mortgage Loans by
the related mortgagors; provided, however, that it is understood that this limitation on solicitations is not intended to prohibit either (i) solicitation programs maintained by the Seller or any of its Affiliates, including NYMT
Servicing Corporation as Servicer, that are directed uniformly to all or a portion of the Seller’s or its Affiliate’s borrowers or other customers and not specifically targeted to the borrowers of the Mortgage Loans or (ii) promotions
undertaken by the Seller or any of its Affiliates, including NYMT Servicing Corporation as Servicer, that are directed to the general public at large or to certain segments thereof. 
  
 (c) Intention of the Parties. It is the intention of the Seller, Servicer and Subservicer that the Seller is
conveying, and the Servicer is receiving only a contract for servicing the Mortgage Loans. Accordingly, the parties hereby acknowledge that the Trust remains the sole and absolute owner of the Mortgage Loans (other than the servicing rights) and all
rights related thereto, subject to the lien of the Indenture. 
  
 ARTICLE V 
  
 ADMINISTRATION AND MASTER SERVICING OF
MORTGAGE LOANS BY THE 
 MASTER SERVICER AND THE TRUST ADMINISTRATOR 
  
 Section 5.01. Duties of the Master Servicer; Representations and Warranties. 
  
 (a) For and on behalf of the Issuer, the Indenture Trustee and the
Noteholders, the Master Servicer shall master service the Mortgage Loans from and after the Closing Date in accordance with the provisions of this Article V. The Master Servicer hereby represents and warrants to the Depositor, the Issuer, the
Indenture Trustee, the Trust Administrator, the Servicer and the Subservicer, as of the Closing Date, that: 
  
 (i) it is validly existing and in good standing as a federally chartered national banking association and as Master Servicer has full
power and authority to transact any and all business contemplated by this Agreement and to execute, deliver and comply with its obligations under the terms of this Agreement, the execution, delivery and performance of which have been duly authorized
by all necessary corporate action on the part of the Master Servicer; 
  
 (ii) the execution and delivery of this Agreement by the Master Servicer and its performance and compliance with the terms of this Agreement will not (A) violate the Master Servicer’s charter or bylaws,
(B) violate any law or regulation or any administrative decree or order to which it is subject or (C) constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the
breach of, any material contract, agreement or other instrument to which the Master Servicer is a party or by which it is bound or to which any of its assets are subject, which violation, default or breach would materially and adversely affect the
Master Servicer’s ability to perform its obligations under this Agreement; 
  

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 (iii) this Agreement constitutes, assuming due authorization, execution and delivery
hereof by the other respective parties hereto, a legal, valid and binding obligation of the Master Servicer, enforceable against it in accordance with the terms hereof, except as such enforcement may be limited by bankruptcy, insolvency,
reorganization, moratorium and other laws affecting the enforcement of creditors’ rights in general, and by general equity principles (regardless of whether such enforcement is considered in a proceeding in equity or at law); 
  
 (iv) the Master Servicer is not in default with respect to
any order or decree of any court or any order or regulation of any federal, state, municipal or governmental agency to the extent that any such default would materially and adversely affect its performance hereunder; 
  
 (v) the Master Servicer is not a party to or bound by any
agreement or instrument or subject to any charter provision, bylaw or any other corporate restriction or any judgment, order, writ, injunction, decree, law or regulation that may materially and adversely affect its ability as Master Servicer to
perform its obligations under this Agreement or that requires the consent of any third person to the execution of this Agreement or the performance by the Master Servicer of its obligations under this Agreement; 
  
 (vi) no litigation is pending or, to the best of the Master
Servicer’s knowledge, threatened against the Master Servicer which would prohibit its entering into this Agreement or performing its obligations under this Agreement; 
  
 (vii) the Master Servicer, or an affiliate thereof the primary business of which is the servicing of
conventional residential mortgage loans, is a Fannie Mae- or FHLMC-approved seller/servicer; 
  
 (viii) no consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery
and performance by the Master Servicer of or compliance by the Master Servicer with this Agreement or the consummation of the transactions contemplated by this Agreement, except for such consents, approvals, authorizations and orders (if any) as
have been obtained; 
  
 (ix) the consummation of
the transactions contemplated by this Agreement are in the ordinary course of business of the Master Servicer; 
  
 (x) the Master Servicer has obtained an Errors and Omissions Insurance Policy and a Fidelity Bond in accordance with Section 5.02
each of which is in full force and effect, and each of which provides at least such coverage as is required hereunder; and 
  
 (xi) the information about the Master Servicer under the heading “The Master Servicer” in the Offering Documents relating to the
Master Servicer does not include an untrue statement of a material fact and does not omit to state a material fact, with respect to the statements made, necessary in order to make the statements in light of the circumstances under which they were
made not misleading. 
  
 (b) It is understood and agreed that the
representations and warranties set forth in this Section 5.01 shall survive the execution and delivery of this Agreement. The Master Servicer shall indemnify the Depositor, the Issuer, the Indenture Trustee, the Owner Trustee, the Trust 

  

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Administrator, the Servicer and the Subservicer and hold them harmless against any loss, damages, penalties, fines, forfeitures, legal fees and related
costs, judgments, and other costs and expenses resulting from any claim, demand, defense or assertion based on or grounded upon, or resulting from, a breach of the Master Servicer’s representations and warranties contained in this
Section 5.01. It is understood and agreed that the enforcement of the obligation of the Master Servicer set forth in this Section to indemnify the foregoing parties as provided in this Section constitutes the sole remedy (other than as set
forth in Section 8.01) of such parties respecting a breach of the foregoing representations and warranties. Such indemnification shall survive any termination of the Master Servicer as Master Servicer hereunder, and any termination of this
Agreement. 
  
 Any cause of action against the Master Servicer
relating to or arising out of the breach of any representations and warranties made in this Section shall accrue upon discovery of such breach by the Depositor, the Issuer, the Indenture Trustee, the Trust Administrator, the Servicer or the
Subservicer or notice thereof by any one of such parties to the other parties. Notwithstanding anything in this Agreement to the contrary, the Master Servicer shall not be liable for special, indirect or consequential losses or damages of any kind
whatsoever (including, but not limited to, lost profits). 
  
 Section 5.02. Master Servicer Fidelity Bond and Master Servicer Errors and Omissions Insurance Policy. 
  
 (a) The Master Servicer, at its expense, shall maintain in effect a Master Servicer Fidelity Bond and a Master Servicer Errors and Omissions Insurance
Policy, affording coverage with respect to all directors, officers, employees and other Persons acting on such Master Servicer’s behalf, and covering errors and omissions in the performance of the Master Servicer’s obligations hereunder.
The Master Servicer Errors and Omissions Insurance Policy and the Master Servicer Fidelity Bond shall be in such form and amount that would be consistent with coverage customarily maintained by master servicers of mortgage loans similar to the
Mortgage Loans and shall by its terms not be cancelable without thirty days’ prior written notice to the Indenture Trustee. The Master Servicer shall provide the Depositor and the Indenture Trustee, upon request, with a copy of such policy and
fidelity bond. The Master Servicer shall (i) require the Servicer to maintain an Errors and Omissions Insurance Policy and a Servicer Fidelity Bond in accordance with the provisions of Section 4.02(m) of this Agreement, (ii) cause the
Servicer to provide to the Master Servicer certificates evidencing that such policy and bond is in effect and to furnish to the Master Servicer any notice of cancellation, non-renewal or modification of the policy or bond received by it, as and to
the extent provided in Section 4.02(m) of the Agreement, and (iii) furnish copies of such policies and of the certificates and notices referred to in clause (ii) to the Indenture Trustee upon request. 
  
 (b) The Master Servicer shall promptly report to the Indenture Trustee and
the Trust Administrator any material changes that may occur in the Master Servicer’s Fidelity Bond or the Master Servicer Errors and Omissions Insurance Policy and shall furnish either such party, on request, certificates evidencing that such
bond and insurance policy are in full force and effect. The Master Servicer shall promptly report to the Indenture Trustee and the Trust Administrator all cases of embezzlement or fraud, if such events involve funds relating to the Mortgage Loans.
The total losses, regardless of whether claims are filed with the applicable insurer or surety, shall 

  

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be disclosed in such reports together with the amount of such losses covered by insurance. If a bond or insurance claim report is filed with any of such
bonding companies or insurers, the Master Servicer shall promptly furnish a copy of such report to the Indenture Trustee and the Trust Administrator. Any amounts relating to the Mortgage Loans collected by the Master Servicer under any such bond or
policy shall be promptly remitted by the Master Servicer to the Indenture Trustee for deposit into the Collection Account. Any amounts relating to the Mortgage Loans collected by the Servicer under any such bond or policy shall be remitted to the
Master Servicer. 
  
 Section 5.03. Master Servicer’s
Financial Statements and Related Information. For each year this Agreement is in effect, the Master Servicer shall deliver to the Trust Administrator, the Indenture Trustee, each Rating Agency and the Depositor a copy of its annual unaudited
financial statements on or prior to May 31 of each year, beginning May 31, 2006. Such financial statements shall include a balance sheet, income statement, statement of retained earnings, statement of additional paid-in capital, statement
of changes in financial position and all related notes and schedules and shall be in comparative form, certified by a nationally recognized firm of Independent Accountants to the effect that such statements were examined and prepared in accordance
with generally accepted accounting principles applied on a basis consistent with that of the preceding year. 
  
 Section 5.04. Power to Act; Procedures. 
  
 (a) The Master Servicer shall master service the Mortgage Loans, provided that the Master Servicer shall not take, or knowingly permit the Servicer to
take, any action that is inconsistent with or prejudices the interests of the Issuer, the Indenture Trustee or the Noteholders in any Mortgage Loan or the rights and interests of the Depositor, the Issuer, the Indenture Trustee and the Noteholders
under this Agreement and the Indenture. The Master Servicer shall represent and protect the interests of the Issuer, the Indenture Trustee and the Noteholders in the same manner as it protects its own interests in mortgage loans in its own portfolio
in any claim, proceeding or litigation regarding a Mortgage Loan. Without limiting the generality of the foregoing, the Master Servicer in its own name, and the Servicer, to the extent such authority is delegated to such Servicer under this
Agreement, is hereby authorized and empowered by the Indenture Trustee when the Master Servicer or such Servicer, as the case may be, believes it appropriate in its best judgment and in accordance with Servicing Standards, to execute and deliver, on
behalf of itself and the Noteholders, the Trust Administrator, 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 with respect to the Mortgaged Properties. The Indenture Trustee (or the Trust Administrator acting for the Indenture Trustee) shall furnish the Master Servicer, upon request, with any powers of attorney empowering
the Master Servicer or the Servicer to execute and deliver instruments of satisfaction or cancellation, or of partial or full release or discharge, and to foreclose upon or otherwise liquidate Mortgaged Property, and to appeal, prosecute or defend
in any court action relating to the Mortgage Loans or the Mortgaged Property, in accordance with this Agreement, and the Indenture Trustee shall execute and deliver such other documents as the Master Servicer may request, necessary or appropriate to
enable the Master Servicer to master service the Mortgage Loans and carry out its duties hereunder, and to allow the Servicer to service the Mortgage Loans in each case in accordance with Servicing Standards 

  

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(and the Indenture Trustee or the Trust Administrator shall have no liability for misuse of any such powers of attorney by the Master Servicer or the
Servicer). If the Master Servicer or the Indenture Trustee has been advised that it is likely that the laws of the state in which action is to be taken prohibit such action if taken in the name of the Indenture Trustee or that the Indenture Trustee
would be adversely affected under the “doing business” or tax laws of such state if such action is taken in its name, then upon request of the Indenture Trustee, the Master Servicer shall join with the Indenture Trustee in the appointment
of a co-trustee pursuant to Section 6.10 of the Indenture. In no event shall the Master Servicer, without the Indenture Trustee’s written consent: (i) initiate any action, suit or proceeding solely under the Indenture Trustee’s
name without indicating the Master Servicer’s representative capacity or (ii) take any action with the intent to cause, and which actually does cause, the Indenture Trustee to be registered to do business in any state. The Master Servicer
shall indemnify the Indenture Trustee for any and all costs, liabilities and expenses incurred by the Indenture Trustee in connection with the negligent or willful misuse of such powers of attorney by the Master Servicer. In the performance of its
duties hereunder, the Master Servicer shall be an independent contractor and shall not, except in those instances where it is taking action in the name of the Indenture Trustee, be deemed to be the agent of the Indenture Trustee. 
  
 (b) In master servicing and administering the Mortgage Loans, the Master
Servicer shall employ procedures and exercise the same care that it customarily employs and exercises in master servicing and administering loans for its own account, giving due consideration to Servicing Standards where such practices do not
conflict with this Agreement. Consistent with the foregoing, the Master Servicer may, and may permit the Servicer to, in its discretion (i) waive any late payment charge and (ii) extend the due dates for payments due on a Mortgage Note for
a period not greater than 120 days; provided, however, that the maturity of any Mortgage Loan shall not be extended past the date on which the final payment is due on the latest maturing Mortgage Loan as of the Cut-off Date. In the event of
any extension described in clause (ii) above, the Master Servicer shall make or cause the Servicer to make Advances on the related Mortgage Loan in accordance with the provisions of Section 4.03 on the basis of the amortization schedule of
such Mortgage Loan without modification thereof by reason of such extension. 
  
 Section 5.05. Enforcement of Servicer’s and Master Servicer’s Obligations. 
  
 (a) The Master Servicer shall not be required to (i) take any action with respect to the servicing of any Mortgage Loan that the Servicer is not
required to take under this Agreement and (ii) cause the Servicer to take any action or refrain from taking any action if this Agreement does not require the Servicer to take such action or refrain from taking such action. 
  
 (b) The Master Servicer, for the benefit of the Issuer, the Indenture Trustee
and the Noteholders, shall enforce the obligations of the Servicer hereunder, and shall, in the event that the Servicer fails to perform its obligations in accordance herewith, terminate the rights and obligations of the Servicer hereunder and
either act as servicer of the related Mortgage Loans or cause other parties hereto to either assume the obligations of the Servicer-under this Agreement (or agree to execute and deliver a successor servicing or sub-servicing agreement with a
successor servicer). Such enforcement, including, without limitation, the legal prosecution of claims, termination of servicing or sub-servicing rights, appointment of successors and transfer 

  

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of servicing thereto, as applicable, 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 initially
(i) from a general recovery resulting from such enforcement only to the extent, if any, that such recovery exceeds all amounts due in respect of the related Mortgage Loans, (ii) from a specific recovery of costs, expenses or
attorneys’ fees against the party against whom such enforcement is directed, and then, (iii) to the extent that such amounts are unavailable or insufficient to reimburse the Master Servicer for the costs of such enforcement, from the
Collection Account. 
  
 Section 5.06. [Reserved]. 
  
 Section 5.07. Collection Account. 
  
 (a) On the Closing Date, the Trust Administrator shall open and shall
thereafter maintain a segregated account held in trust in the name of the Securities Intermediary (the “Collection Account”), entitled “Collection Account, U.S. Bank National Association, as Indenture Trustee, in trust for Holders of
the New York Mortgage Trust 2005-3, Mortgage-Backed Notes.” The Collection Account shall relate solely to the Notes issued by the Issuer, and funds deposited in the Collection Account shall not be commingled with any other monies. 

 
 (b) The Collection Account shall be an Eligible Account. If an existing
Collection Account ceases to be an Eligible Account, the Trust Administrator shall establish a new Collection Account that is an Eligible Account within 10 days and transfer all funds and investment property on deposit in such existing Collection
Account into such new Collection Account. 
  
 (c) The Trust
Administrator shall give to the Master Servicer and the Indenture Trustee prior written notice of the name and address of the depository institution at which the Collection Account is maintained and the account number of such Collection Account. The
Trust Administrator shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Indenture Trustee. On each Payment Date, the entire amount on deposit in the
Collection Account relating to the Mortgage Loans (subject to permitted withdrawals set forth in Section 5.08), other than amounts not included in Interest Funds or Principal Funds to be paid to Noteholders for such Payment Date, shall be
applied to make the requested payment of principal and/or interest on each Class of Notes. 
  
 (d) The Master Servicer shall deposit or cause to be deposited into the Collection Account, no later than the Business Day following the Closing Date, any amounts received with respect to the Mortgage Loans
representing Scheduled Payments on the Mortgage Loans due after the Cut-off Date and unscheduled payments received on or after the Cut-off Date and on or before the Closing Date. Thereafter, the Master Servicer shall deposit or cause to be deposited
in the Collection Account on the earlier of the applicable Payment Date and one Business Day following receipt thereof, the following amounts received or payments made by the Master 

  

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Servicer (other than in respect of principal of and interest on the Mortgage Loans due on or before the Cut-off Date): 
  
 (i) all remittances from the Custodial Account to the Master
Servicer pursuant to Section 4.03; 
  
 (ii)
all Advances made by the Servicer or the Master Servicer pursuant to Section 6.05 hereof and any payment in respect of Prepayment Interest Shortfalls paid by the Master Servicer pursuant to Section 5.21 hereof; and 
  
 (iii) the Purchase Price of any Mortgage Loan repurchased by
the Depositor or the Seller during the related Prepayment Period or any other Person and any Substitution Amount related to any Qualifying Substitute Mortgage Loan. 
  
 (e) Funds in the Collection Account may be invested by the Trust Administrator in Eligible Investments selected by and at
the written direction of the Trust Administrator, which shall mature not later than one Business Day prior to the next Payment Date (or on the Payment Date with respect to any Eligible Investment of the Trust Administrator or any other fund managed
or advised by it or any Affiliate) and any such Eligible Investment shall not be sold or disposed of prior to its maturity. All such Eligible Investments shall be made in the name of the Master Servicer in trust for the benefit of the Indenture
Trustee and the Noteholders. All income and gain realized from any Eligible Investment shall be for the benefit of the Master Servicer and shall be subject to its withdrawal or order from time to time, subject to Section 5.08 and shall not be
part of the Trust Estate. The amount of any losses incurred in respect of any such investments shall be deposited in such Collection Account by the Master Servicer out of its own funds, without any right of reimbursement therefor, immediately as
realized. The foregoing requirements for deposit in the Collection Account are exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments of interest on funds in the Collection Account and payments in
the nature of late payment charges, assumption fees and other incidental fees and charges relating to the Mortgage Loans need not be deposited by the Master Servicer in the Collection Account and may be retained by the Master Servicer or the
Servicer, as applicable, as additional servicing compensation. If the Master Servicer deposits in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from such Collection Account.

  
 Section 5.08. Application of Funds in the Collection
Account. The Trust Administrator may, from time to time, make, or cause to be made, withdrawals from the Collection Account for the following purposes: 
  
 (i) to reimburse the Master Servicer or the Servicer, as applicable, for any previously unreimbursed Advances or Servicing Advances made
by any such party, such right to reimbursement pursuant to this subclause (i) being limited to amounts received on or in respect of a particular Mortgage Loan (including, for this purpose, Liquidation Proceeds and amounts representing Insurance
Proceeds with respect to the property subject to the related Mortgage) which represent late recoveries (net of the applicable Servicing Fee) of payments of principal or interest respecting which any such Advance was made, it being understood, in the
case of any 

  

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such reimbursement, that the Master Servicer’s or Servicer’s right thereto shall be prior to the rights of the Noteholders; 
  
 (ii) to reimburse the Master Servicer or the Servicer
following a final liquidation of a Mortgage Loan for any previously unreimbursed Advances made by any such party (A) that such party determines in good faith will not be recoverable from amounts representing late recoveries of payments of
principal or interest respecting the particular Mortgage Loan as to which such Advance was made or from Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan and/or (B) to the extent that such unreimbursed Advances
exceed the related Liquidation Proceeds or Insurance Proceeds, it being understood, in the case of each such reimbursement, that the Master Servicer’s or Servicer’s right thereto shall be prior to the rights of the Noteholders; 

 
 (iii) to reimburse the Master Servicer or the Servicer
from Liquidation Proceeds for Liquidation Expenses and for amounts expended by it pursuant to Section 4.02(o) in good faith in connection with the restoration of damaged property and, to the extent that Liquidation Proceeds after such
reimbursement exceed the unpaid principal balance of the related Mortgage Loan, together with accrued and unpaid interest thereon at the applicable Mortgage Rate less the applicable Servicing Fee Rate and Master Servicing Fee Rate for such Mortgage
Loan to the Due Date next succeeding the date of its receipt of such Liquidation Proceeds, to pay to the Master Servicer or the Servicer out of such excess the amount of any unpaid assumption fees, late payment charges or other Mortgagor charges on
the related Mortgage Loan and to retain any excess remaining thereafter as additional servicing compensation, it being understood, in the case of any such reimbursement or payment, that such Master Servicer’s or Servicer’s right thereto
shall be prior to the rights of the Noteholders; 
  
 (iv) to pay to the Depositor or the Seller or any other Person, as applicable, with respect to each Mortgage Loan or REO Property acquired in respect thereof that has been purchased pursuant to this Agreement, all amounts received thereon
and not paid on the date on which the related repurchase was effected, and to pay to the applicable party any Advances and Servicing Advances to the extent specified in the definition of Purchase Price; 
  
 (v) to the extent not paid by the Servicer, to pay any
Insurance Premium with respect to a Mortgage Loan; 
  
 (vi) to pay to the Master Servicer income earned on the investment of funds on deposit in the Collection Account; 
  
 (vii) on each Payment Date, to make payment to the Noteholders in the amounts and in the manner provided for in Section 6.02 for the
related Payment Date (to the extent collected by the Master Servicer or the Servicer); 
  
 (viii) to make payment to itself, the Master Servicer, the Servicer, the Subservicer, the Indenture Trustee, the Custodian, the Owner
Trustee and others pursuant to any provision of this Agreement, the Trust Agreement, the Indenture or the Custodial Agreement; 
  
 (ix) to withdraw funds deposited in error in the Collection Account; 
  

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 (x) to clear and terminate the Collection Account pursuant to Article IX; and 

 
 (xi) to reimburse a successor master servicer (solely in
its capacity as successor master servicer), for any fee or advance occasioned by a termination of the Master Servicer, and the assumption of such duties by the Indenture Trustee or a successor master servicer appointed by the Indenture Trustee
pursuant to Section 8.01, in each case to the extent not reimbursed by the terminated Master Servicer, it being understood, in the case of any such reimbursement or payment, that the right of the Master Servicer or the Indenture Trustee thereto
shall be prior to the rights of the Noteholders. 
  
 (xii) to make payment to the Owner Trustee, the Owner Trustee Fee and expenses of the Owner Trustee, for such Payment Date, if any, if not previously paid by New York Mortgage Trust, Inc. 
  
 In connection with withdrawals pursuant to subclauses (i), (ii),
(iii) and (iv) above, the Master Servicer’s or the Servicer’s or such other Person’s entitlement thereto is limited to collections or other recoveries on the related Mortgage Loan. The Trust Administrator shall therefore
keep and maintain a separate accounting for each Mortgage Loan for the purpose of justifying any withdrawal from the Collection Account it maintains pursuant to such subclauses. 
  
 Section 5.09. Reports to Noteholders. 
  
 (a) On each Payment Date, the Trust Administrator shall make available to the Indenture Trustee, the Servicer, the
Subservicer, the Master Servicer, the Cap Counterparty the Depositor and each Noteholder, a report setting forth the following information (on the basis of Mortgage Loan level information obtained from the Servicer or Subservicer): 
  
 (i) the aggregate amount of the payment to be made on such
Payment Date to the Holders of each Class of Notes, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal
payments and unscheduled payments in the nature of principal; 
  
 (ii) the aggregate amount of the payment to be made on such Payment Date to the Holders of each Class of Notes allocable to interest and the calculation thereof; 
  
 (iii) (A) the aggregate amount of any Advances required to
be made by or on behalf of the Servicer (or the Master Servicer) with respect to such Payment Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above;

  
 (iv) the Available Funds Shortfalls for each
Class of Notes; 
  
 (v) the Class Principal
Amount of each Class of Notes after giving effect to the payment of principal on such Payment Date and the related Adjusted Class Principal Amount and the related Principal Deficiency Amount as of such Payment Date; 
  

 88 

 (vi) the amount of the Servicing Fee and Master Servicing Fee with respect to such
Payment Date; 
  
 (vii) the Interest Rate for
each Class of Notes for such Payment Date; 
  
 (viii) the amount of Advances included in the payment on such Payment Date; 
  
 (ix) the cumulative amount of Realized Losses to date, in the aggregate; 
  
 (x) the amount of Realized Losses with respect to such Payment Date, in the aggregate; 
  
 (xi) the number and aggregate principal amounts of Mortgage
Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and delinquent (1) 31 to 60 days, (2) 61 to 90 days and
(3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Payment Date, in the aggregate; 
  
 (xii) with respect to Mortgage Loans that became REO Properties during the preceding calendar month, the number and aggregate Stated
Principal Balance of such Mortgage Loans as of the close of business on the Determination Date; 
  
 (xiii) the total number and principal balance of any REO Properties as of the close of business on the related Determination Date, in the
aggregate; 
  
 (xiv) to the extent such
information is provided to the Master Servicer by the Servicer or Subservicer, the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower’s obligation to repay
interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act, or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage
Loans during the related Due Period as a result of such reductions, in the aggregate; and 
  
 (xv) with respect to any payments made pursuant to the Interest Rate Cap Agreement for such period, the notional balance on the Interest
Rate Cap Agreement and the Excess Cap Amount, if any, for such Payment Date. 
  
 In the case of information furnished pursuant to subclauses (i), (ii) and (v) above, the amounts shall (except in the case of the report delivered to the holder of the Ownership Certificate) be expressed as
a dollar amount per $1,000 of original principal amount of Notes. 
  
 In the case of information relating to or based on amounts available in the Interest Rate Cap Account, such information shall be based on information provided by the Cap Provider regarding distributions to be made for the related Payment
Date pursuant to the Interest Rate Cap Agreement. 
  
 The Trust
Administrator will make such report and additional loan level information (and, at its option, any additional files containing the same information in an alternative format) 

  

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available each month to the Rating Agencies and Noteholders via the Trust Administrator’s website. The Trust Administrator’s website can be
accessed at www.ctslink.com. Assistance in using the website can be obtained by calling the Trust Administrator’s customer service desk at (301) 815-6600. Such parties that are unable to use the website are entitled to have a paper
copy mailed to them via first class mail by notifying the Trust Administrator at Wells Fargo Bank, N.A., P.O. Box 98, Columbia, Maryland 21046 (or for overnight deliveries at 9062 Old Annapolis Road, Columbia, Maryland 21045), and indicating such.
The Trust Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trust Administrator shall provide timely and
adequate notification to all above parties regarding any such changes. 
  
 The foregoing information and reports shall be prepared and determined by the Trust Administrator based solely on Mortgage Loan data provided to the Trust Administrator by the Master Servicer (in a format agreed to by the Trust
Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Payment Date. In preparing or furnishing the foregoing information, the Trust Administrator and the Master Servicer shall be
entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by the Servicer or the Subservicer, and neither the Trust Administrator
nor the Master Servicer shall be obligated to verify, recompute, reconcile or recalculate any such information or data. The Trust Administrator and the Master Servicer shall be entitled to conclusively rely on the Mortgage Loan data provided to the
Master Servicer and shall have no liability for any errors in such Mortgage Loan data. 
  
 (b) Upon the reasonable advance written request of any Noteholder that is a savings and loan, bank or insurance company, which request, if received by the Indenture Trustee shall be forwarded promptly to the Trust
Administrator, the Trust Administrator shall provide, or cause to be provided (or, to the extent that such information or documentation is not required to be provided by the Servicer, shall use reasonable efforts to obtain such information and
documentation from the Servicer, and provide), to such Noteholder such reports and access to information and documentation regarding the Mortgage Loans as such Noteholder may reasonably deem necessary to comply with applicable regulations of the
Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment in the Notes; provided, however, that the Trust Administrator shall be entitled to be reimbursed by such Noteholder for actual
expenses incurred in providing such reports and access. 
  
 (c)
Within 90 days, or such shorter period as may be required by statute or regulation, after the end of each calendar year, the Trust Administrator shall have prepared and shall make available to each Person who at any time during the calendar year was
a Noteholder of record, and make available to Security Owners (identified as such by the Clearing Agency) in accordance with applicable regulations, a report summarizing the items provided to the Noteholders pursuant to Section 5.09(a) on an
annual basis as may be required to enable such Holders to prepare their federal income tax returns; provided, however, that this Section 5.09(c) shall not be applicable where relevant reports or summaries are required elsewhere in this
Agreement. Such information shall include the amount of original issue discount accrued on each Class of Notes and information regarding the expenses of the Issuer. The Trust 

  

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Administrator shall be deemed to have satisfied such requirement if it forwards such information in any other format permitted by the Code. The Master
Servicer shall provide the Trust Administrator with such information as is necessary for the Indenture Trustee to prepare such reports. 
  
 (d) The Trust Administrator shall furnish any other information that is required by the Code and regulations thereunder to be made available to
Noteholders. The Master Servicer shall provide the Trust Administrator with such information as is necessary for the Trust Administrator to prepare such reports (and the Trust Administrator may rely solely upon such information). 
  
 Section 5.10. Termination of Servicer or Subservicer; Successor
Servicers. 
  
 (a) The Master Servicer shall be entitled to
terminate the rights and obligations of the Servicer or Subservicer, as applicable, upon the occurrence of a Servicer Event of Default as set forth in Section 4.07; provided, however, that in the event of termination of the Servicer or
of both the Servicer and the Subservicer by the Master Servicer, the Master Servicer shall provide for the servicing of the Mortgage Loans by a successor servicer as provided in Section 4.08. 
  
 The parties acknowledge that notwithstanding the preceding sentence, there
may be a transition period, not to exceed 90 days, in order to effect the transfer of servicing to a successor servicer. The Master Servicer shall be entitled to be reimbursed by the Servicer or Subservicer, as applicable (or by the Trust Estate, if
the Servicer or Subservicer is unable to fulfill its obligations hereunder) for all costs associated with the transfer of servicing, including without limitation, any 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 Master Servicer to correct any errors or insufficiencies in the servicing data or otherwise to enable the Master Servicer to service the Mortgage Loans
properly and effectively. 
  
 (b) If the Master Servicer acts as a
successor Servicer, it shall not assume liability for the representations and warranties of the Servicer that it replaces. The Master Servicer shall use reasonable efforts to have the successor Servicer assume liability for the representations and
warranties made by the terminated Servicer and in the event of any such assumption by the successor servicer, the Master Servicer may, in the exercise of its business judgment, release the terminated Servicer from liability for such representations
and warranties. 
  
 (c) If the Master Servicer acts as a successor
Servicer, it will have no obligation to make an Advance if it determines in its reasonable judgment that such Advance would constitute a Nonrecoverable Advance. 
  

Section 5.11. Master Servicer Liable for Enforcement. The Master Servicer shall use commercially reasonable efforts to ensure that the Mortgage
Loans are serviced in accordance with the provisions of this Agreement and shall use commercially reasonable efforts to enforce the provisions of Article IV for the benefit of the Noteholders. The Master Servicer shall be entitled to enter into any
agreement with any Servicer for indemnification of the Master Servicer and nothing contained in this Agreement shall be deemed to limit or modify such indemnification. Except as expressly set forth herein, the Master Servicer shall have no liability

  

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for the acts or omissions of either the Servicer or Subservicer in the performance by such Servicer of its obligations under Article IV. 
  
 Section 5.12. Assumption of Master Servicing by Indenture Trustee.

  
 (a) In the event the Master Servicer shall for any reason no
longer be the Master Servicer (including by reason of any Master Servicer Event of Default under Section 8.01 of this Agreement), the Indenture Trustee shall thereupon assume all of the rights and obligations of such Master Servicer hereunder.
The Indenture Trustee, its designee or any successor master servicer appointed by the Indenture Trustee shall be deemed to have assumed all of the Master Servicer’s interest herein, except that the Master Servicer shall not thereby be relieved
of any liability or obligations of the Master Servicer accruing prior to its replacement as Master Servicer, and shall be liable to the Indenture Trustee, and hereby agrees to indemnify and hold harmless the Indenture Trustee from and against all
costs, damages, expenses and liabilities (including reasonable attorneys’ fees) incurred by the Indenture Trustee as a result of such liability or obligations of the Master Servicer and in connection with the Indenture Trustee’s assumption
(but not its performance, except to the extent that costs or liability of the Indenture Trustee are created or increased as a result of negligent or wrongful acts or omissions of the Master Servicer prior to its replacement as Master Servicer) of
the Master Servicer’s obligations, duties or responsibilities thereunder. 
  
 (b) The Master Servicer that has been terminated shall, upon request of the Indenture Trustee but at the expense of such Master Servicer, deliver to the assuming party all documents and records relating to the
Mortgage Loans and an accounting of amounts collected and held by it and otherwise use its best efforts to effect the orderly and efficient transfer of master servicing to the assuming party. 
  
 Section 5.13. [Reserved]. 
  
 Section 5.14. Release of Mortgage Files. 
  
 (a) Upon (i) becoming aware of the payment in full of any Mortgage Loan
or (ii) the receipt by the Servicer of a notification that payment in full has been or will be escrowed in a manner customary for such purposes, the Servicer will, promptly notify the the Custodian by a certification (which certification shall
include a statement to the effect that all amounts received in connection with such payment that are required to be deposited in the Collection Account maintained by the Trust Administrator pursuant to Section 5.07 have been or will be so
deposited) of a Servicing Officer and shall request (on the form attached to the Custodial Agreement; or if the the Servicer does not make such request, the Master Servicer may do so) the Custodian, to deliver to the Servicer or Subservicer the
related Mortgage File. Upon receipt of such certification and request, the Indenture Trustee or the Custodian, shall promptly release the related Mortgage File to the Servicer and the Indenture Trustee shall have no further responsibility with
regard to such Mortgage File. Upon any such payment in full, the Servicer is authorized, to give, as agent for the Indenture Trustee, as the mortgagee under the Mortgage that secured the Mortgage Loan, an instrument of satisfaction (or assignment of
mortgage without recourse) regarding the Mortgaged Property subject to the Mortgage, which instrument of satisfaction or assignment, as the case may be, shall be delivered to the Person or Persons 

  

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entitled thereto against receipt therefor of such payment, it being understood and agreed that no expenses incurred in connection with such instrument of
satisfaction or assignment, as the case may be, shall be chargeable to the Collection Account. 
  
 (b) From time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Indenture Trustee shall execute such documents as shall be prepared and furnished to the Indenture Trustee by the
Master Servicer, or by the Servicer, as applicable, (in form reasonably acceptable to the Indenture Trustee) and as are necessary to the prosecution of any such proceedings. The Indenture Trustee or the Custodian, shall, upon request of the Master
Servicer or of the Servicer, as applicable, and delivery to the Indenture Trustee or the Custodian, of a trust receipt signed by a Servicing Officer substantially in the form attached to the Custodial Agreement, release the related Mortgage File
held in its possession or control to the Master Servicer (or the Servicer, as applicable). Such trust receipt shall obligate the Master Servicer or the Servicer, as applicable, to return the Mortgage File to the Indenture Trustee or the Custodian,
as applicable, when the need therefor by the Master Servicer or the Servicer, as applicable, 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
hereinabove specified, the trust receipt shall be released by the Indenture Trustee or the Custodian, as applicable, to the Master Servicer or the Servicer as applicable. 
  
 Section 5.15. Documents, Records and Funds in Possession of Master Servicer To Be Held for Indenture Trustee.

  
 (a) The Master Servicer shall transmit, or cause the Servicer
to transmit, to the Indenture Trustee such documents and instruments coming into the possession of the Master Servicer or the Servicer from time to time as are required by the terms hereof to be delivered to the Indenture Trustee or the Custodian.
Any funds received by the Master Servicer or by the Servicer in respect of any Mortgage Loan or which otherwise are collected by the Master Servicer or the Servicer as Liquidation Proceeds or Insurance Proceeds in respect of any Mortgage Loan shall
be held for the benefit of the Indenture Trustee and the Noteholders subject to the Master Servicer’s right to retain or withdraw amounts provided in this Agreement and to the right of the Servicer to retain its Servicing Fee and other amounts
as provided herein. The Master Servicer shall, and shall cause the Servicer to, provide access to information and documentation regarding the Mortgage Loans to the Indenture Trustee, their respective agents and accountants at any time upon
reasonable request and during normal business hours, and to Noteholders that are savings and loan associations, banks or insurance companies, the Office of Thrift Supervision, the FDIC and the supervisory agents and examiners of such Office and
Corporation or examiners of any other federal or state banking or insurance regulatory authority if so required by applicable regulations of the Office of Thrift Supervision or other regulatory authority, such access to be afforded without charge
but only upon reasonable request in writing and during normal business hours at the offices of the Master Servicer designated by it. In fulfilling such a request the Master Servicer shall not be responsible for determining the sufficiency of such
information. 
  
 (b) All Mortgage Files and funds collected or
held by, or under the control of, the Master Servicer or the Servicer, in respect of any Mortgage Loans, whether from the collection of principal and interest payments or from Liquidation Proceeds or Insurance Proceeds, shall be 

  

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held by the Master Servicer or by the Servicer for and on behalf of the Indenture Trustee as the Indenture Trustee’s agent and bailee for purposes of
perfecting the Indenture Trustee’s security interest therein as provided by relevant Uniform Commercial Code or laws; provided, however, that the Master Servicer and the Servicer shall be entitled to setoff against, and deduct from, any
such funds any amounts that are properly due and payable to the Master Servicer or the Servicer under this Agreement and shall be authorized to remit such funds to the Indenture Trustee in accordance with this Agreement. 
  
 (c) The Master Servicer hereby acknowledges that concurrently with the
execution of this Agreement, the Indenture Trustee shall own or, to the extent that a court of competent jurisdiction shall deem the conveyance of the Mortgage Loans from the Seller to the Depositor not to constitute a sale, the Indenture Trustee
shall have a security interest in the Mortgage Loans and in all Mortgage Files representing such Mortgage Loans and in all funds and investment property now or hereafter held by, or under the control of, the Servicer or the Master Servicer that are
collected by the Servicer or the Master Servicer in connection with the Mortgage Loans, whether as scheduled installments of principal and interest or as full or partial prepayments of principal or interest or as Liquidation Proceeds or Insurance
Proceeds or otherwise, and in all proceeds of the foregoing and proceeds of proceeds (but excluding any fee or other amounts to which the Servicer or the Master Servicer is entitled to hereunder); and the Master Servicer agrees that so long as the
Mortgage Loans are assigned to and held by the Indenture Trustee or the Custodian, all documents or instruments constituting part of the Mortgage Files, and such funds relating to the Mortgage Loans which come into the possession or custody of, or
which are subject to the control of, the Master Servicer or the Servicer shall be held by the Master Servicer or the Servicer for and on behalf of the Indenture Trustee as the Indenture Trustee’s agent and bailee for purposes of perfecting the
Indenture Trustee’s security interest therein as provided by the applicable Uniform Commercial Code or other applicable laws. 
  
 (d) The Master Servicer agrees that it shall not, and shall not authorize the Servicer to, create, incur or subject any Mortgage Loans, or any funds that
are deposited in any Custodial Account, Escrow Account or the Collection Account, or any funds that otherwise are or may become due or payable to the Indenture Trustee, to any claim, lien, security interest, judgment, levy, writ of attachment or
other encumbrance, nor assert by legal action or otherwise any claim or right of setoff against any Mortgage Loan or any funds collected on, or in connection with, a Mortgage Loan. 
  
 Section 5.16. Opinion. On or before the Closing Date, the Master Servicer shall cause to be delivered to the
Depositor, the Seller, the Indenture Trustee, the Issuer, the Trust Administrator, the Servicer and the Subservicer one or more Opinions of Counsel, dated the Closing Date, in form and substance reasonably satisfactory to the Depositor and a
representative of the Underwriter, as to the due authorization, execution and delivery of this Agreement by the Master Servicer and the enforceability thereof. 
  

Section 5.17. [Reserved]. 
  
 Section 5.18. [Reserved]. 
  
 Section 5.19. [Reserved]. 
  

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 Section 5.20. Indenture Trustee To Retain Possession of Certain Insurance Policies and Documents.
The Indenture Trustee (or the Custodian on behalf of the Indenture Trustee) shall retain possession and custody of the originals of the primary mortgage insurance policies or certificate of insurance if applicable and any certificates of renewal as
to the foregoing as may be issued from time to time as contemplated by this Agreement. Until all amounts payable in respect of the Notes have been paid in full and the Master Servicer otherwise has fulfilled its obligations under this Agreement, the
Indenture Trustee (or the Custodian) shall also retain possession and custody of each Mortgage File in accordance with and subject to the terms and conditions of this Agreement. The Master Servicer shall promptly deliver or cause the Servicer to
deliver to the Indenture Trustee (or the Custodian), upon the execution or receipt thereof the originals of the primary mortgage insurance policies and any certificates of renewal thereof, and such other documents or instruments that constitute
portions of the Mortgage File that come into the possession of the Master Servicer or the Servicer or Subservicer from time to time. 
  
 Section 5.21. Compensation to the Master Servicer. As compensation for its services hereunder, the Master Servicer shall be entitled to retain all
income and gain realized from any investment of funds in the Collection Account pursuant to Section 5.07(e) and the Master Servicing Fee (together, the “Master Servicing Compensation”). Notwithstanding the foregoing, the Master
Servicer shall deposit in the Collection Account, on or before the related Payment Date, an amount equal to the lesser of (i) its master servicing compensation with respect to such Payment Date and (ii) the amount of any Compensating
Interest Payment required to be paid by the Servicer with respect to such Payment Date pursuant to this Agreement, but which is not paid by the Servicer. The Master Servicer shall be required to pay all expenses incurred by it in connection with its
activities hereunder and shall not be entitled to reimbursement therefor except as provided in this Agreement. 
  
 Section 5.22. [Reserved]. 
  
 Section 5.23. Reports to the Indenture Trustee. 
  
 (a) Not later than 30 days after each Payment Date, the Trust Administrator shall, upon request, forward to the Indenture Trustee a statement, deemed to
have been certified by a officer of the Trust Administrator, setting forth the status of the Collection Account maintained by the Trust Administrator as of the close of business on the related Payment Date, indicating that all payments required by
this Agreement to be made by the Trust Administrator have been made (or if any required payment has not been made by the Trust Administrator, specifying the nature and status thereof) and showing, for the period covered by such statement, the
aggregate of deposits into and withdrawals from the Collection Account maintained by the Trust Administrator. Copies of such statement shall be provided by the Trust Administrator, upon request, to the Depositor, Attention: Contract Finance and any
Noteholders (or by the Indenture Trustee at the Trust Administrator’s expense if the Trust Administrator shall fail to provide such copies to the Noteholders, unless (i) the Trust Administrator shall have failed to provide the Indenture
Trustee with such statement or (ii) the Indenture Trustee shall be unaware of the Trust Administrator’s failure to provide such statement). 
  
 (b) Not later than two Business Days following each Payment Date, the Trust Administrator shall deliver to one Person designated by the Depositor, in a
format consistent 

  

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with other electronic loan level reporting supplied by the Master Servicer in connection with similar transactions, “loan level” information with
respect to the Mortgage Loans as of the related Determination Date, to the extent that such information has been provided to the Master Servicer by the Servicer or Subservicer or by the Depositor. 
  
 (c) All information, reports and statements prepared by the Master Servicer
under this Agreement shall be based on information supplied to the Master Servicer by the Servicer without independent verification thereof and the Master Servicer shall be entitled to rely on such information. 
  
 Section 5.24. Annual Officer’s Certificate as to Compliance.

  
 (a) The Master Servicer shall deliver to the Indenture Trustee
no later than five Business Days after the 15th of March of each calendar year, commencing in March 2006, an Officer’s Certificate, certifying that with respect to the period ending on the immediately preceding December 31: (i) such
Servicing Officer has reviewed the activities of such Master Servicer during the preceding calendar year or portion thereof and its performance under this Agreement, (ii) to the best of such Servicing Officer’s knowledge, based on such
review, such Master Servicer has performed and fulfilled its duties, responsibilities and obligations under this Agreement in all material respects throughout such year, or, if there has been a default in the fulfillment of any such duties,
responsibilities or obligations, specifying each such default known to such Servicing Officer and the nature and status thereof, (iii) nothing has come to the attention of such Servicing Officer to lead such Servicing Officer to believe that
the Servicer has failed to perform any of its duties, responsibilities and obligations set forth in Article IV hereunder in all material respects throughout such year, or, if there has been a material default in the performance or fulfillment of any
such duties, responsibilities or obligations, specifying each such default known to such Servicing Officer and the nature and status thereof, and (iv) the Master Servicer has received from the Servicer an annual certificate of compliance and a
copy of such Servicer’s or Subservicer’s annual audit report, or, if any such certificate or report has not been received by the Master Servicer, the Master Servicer is using its best reasonable efforts to obtain such certificate or
report. 
  
 (b) Copies of such statements shall be provided to any
Noteholder upon request, by the Master Servicer or by the Indenture Trustee at the Master Servicer’s expense if the Master Servicer failed to provide such copies (unless (i) the Master Servicer shall have failed to provide the Indenture
Trustee with such statement or (ii) the Indenture Trustee shall be unaware of the Master Servicer’s failure to provide such statement). 
  
 Section 5.25. Annual Independent Accountants’ Servicing Report. If the Master Servicer (or any of its Affiliates) has, during the course of
any fiscal year, directly serviced, as a successor Servicer, any of the Mortgage Loans, then the Master Servicer at its expense shall cause a nationally recognized firm of independent certified public accountants to furnish a statement to the
Indenture Trustee and the Depositor no later than five Business Days after the fifteenth of March of each calendar year, commencing in March 2006 to the effect that, with respect to the most recently ended calendar year, such firm has examined
certain records and documents relating to the Master Servicer’s performance of its servicing obligations under this Agreement and pooling and servicing and trust agreements in material respects similar to this 

  

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Agreement and to each other and that, on the basis of such examination conducted substantially in compliance with the audit program for mortgages serviced
for FHLMC or the Uniform Single Attestation Program for Mortgage Bankers, such firm is of the opinion that the Master Servicer’s activities have been conducted in compliance with this Agreement, or that such examination has disclosed no
material items of noncompliance except for (i) such exceptions as such firm believes to be immaterial, (ii) such other exceptions as are set forth in such statement and (iii) such exceptions that the Uniform Single Attestation Program
for Mortgage Bankers or the Audit Program for Mortgages Serviced by FHLMC requires it to report. Copies of such statements shall be provided to any Noteholder upon request by the Master Servicer, or by the Indenture Trustee at the expense of the
Master Servicer if the Master Servicer shall fail to provide such copies. If such report discloses exceptions that are material, the Master Servicer shall advise the Indenture Trustee whether such exceptions have been or are susceptible of cure, and
will take prompt action to do so. 
  
 Section 5.26. Merger or
Consolidation. Any Person into which the Master Servicer may be merged or consolidated, or any Person resulting from any merger, conversion, other change in form or consolidation to which the Master Servicer shall be a party, or any Person
succeeding to the business of the Master Servicer, shall be the successor to the Master Servicer hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary
notwithstanding; provided, however, that the successor or resulting Person to the Master Servicer shall be a Person that shall be qualified and approved (or that have an Affiliate that is qualified and approved) to service mortgage loans for
Fannie Mae or FHLMC and shall have a net worth of not less than $15,000,000. 
  
 Section 5.27. Resignation of Master Servicer. Except as otherwise provided in Sections 5.26 and this Section 5.27 hereof, the Master Servicer shall not resign from the obligations and duties hereby imposed
on it unless it or the Indenture Trustee determines that the Master Servicer’s duties hereunder are no longer permissible under applicable law or are in material conflict by reason of applicable law with any other activities carried on by it
and cannot be cured. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Counsel that shall be Independent to such effect delivered to the Indenture Trustee. No such resignation shall become
effective until the Indenture Trustee shall have assumed, or a successor master servicer shall have been appointed by the Indenture Trustee and until such successor shall have assumed, the Master Servicer’s responsibilities and obligations
under this Agreement. Notice of such resignation shall be given promptly by the Master Servicer and the Depositor to the Indenture Trustee. 
  
 Section 5.28. Assignment or Delegation of Duties by the Master Servicer. Except as expressly provided herein, the Master Servicer shall not assign
or transfer any of its rights, benefits or privileges hereunder to any other Person, or delegate to or subcontract with, or authorize or appoint any other Person to perform any of the duties, covenants or obligations to be performed by the Master
Servicer hereunder, unless the Indenture Trustee and the Depositor shall have consented to such action; provided, however, that the Master Servicer shall have the right without the prior written consent of the Indenture Trustee or the
Depositor to delegate or assign to or subcontract with or authorize or appoint an Affiliate of the Master Servicer to perform and carry out any duties, covenants or obligations to be performed and carried out by the Master Servicer hereunder. In no
case, however, shall any such delegation, subcontracting or 

  

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assignment to an Affiliate of the Master Servicer relieve the Master Servicer of any liability hereunder. Notice of such permitted assignment shall be given
promptly by the Master Servicer to the Depositor and the Indenture Trustee. If, pursuant to any provision hereof, the duties of the Master Servicer are transferred to a successor master servicer, the entire amount of compensation payable to the
Master Servicer pursuant hereto, including amounts payable to or permitted to be retained or withdrawn by the Master Servicer pursuant to Section 5.21 hereof, shall thereafter be payable to such successor master servicer. 
  
 Section 5.29. Limitation on Liability of the Master Servicer and
Others. 
  
 (a) The Master Servicer undertakes to perform such
duties and only such duties as are specifically set forth in this Agreement. 
  
 (b) No provision of this Agreement shall be construed to relieve the Master Servicer from liability for its own negligent action, its own negligent failure to act or its own willful misconduct; provided, however,
that the duties and obligations of the Master Servicer shall be determined solely by the express provisions of this Agreement, the Master Servicer shall not be liable except for the performance of such duties and obligations as are specifically
set forth in this Agreement; no implied covenants or obligations shall be read into this Agreement against the Master Servicer and, in absence of bad faith on the part of the Master Servicer, the Master Servicer may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Master Servicer and conforming to the requirements of this Agreement. 
  
 (c) Neither the Master Servicer nor any of the directors, officers, employees
or agents of the Master Servicer shall be under any liability to the Indenture Trustee or the Noteholders for any action taken or for refraining from the taking of any action in good faith pursuant to this Agreement, or for errors in judgment;
provided, however, that this provision shall not protect the Master Servicer or any such person against any liability that would otherwise be imposed by reason of willful misfeasance, fraud, bad faith or negligence in its performance of its
duties or by reason of reckless disregard for its obligations and duties under this Agreement. The Master Servicer and any director, officer, employee or agent of the Master Servicer shall be entitled to indemnification by the Trust Estate and will
be held harmless against any loss, liability or expense incurred in connection with any legal action relating to this Agreement or the Notes other than any loss, liability or expense incurred by reason of willful misfeasance, bad faith or negligence
in the performance of his or its duties hereunder or by reason of reckless disregard of his or its obligations and duties hereunder. The Master Servicer and any director, officer, employee or agent of the Master Servicer may rely in good faith on
any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising hereunder. The Master Servicer shall be under no obligation to appear in, prosecute or defend any legal action that is not incidental
to its duties to master service the Mortgage Loans in accordance with this Agreement and that in its opinion may involve it in any expenses or liability; provided, however, that the Master Servicer may in its sole discretion undertake any
such action that it may deem necessary or desirable in respect to this Agreement and the rights and duties of the parties hereto and the interests of the Noteholders hereunder. In such event, the legal expenses and costs of such action and any
liability resulting therefrom shall be expenses, 

  

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costs and liabilities of the Issuer and the Master Servicer shall be entitled to be reimbursed therefor out of the Collection Account it maintains as
provided by Section 5.08. 
  
 Section 5.30.
Indemnification; Third-Party Claims. The Master Servicer agrees to indemnify the Depositor, the Issuer and the Indenture Trustee, the Owner Trustee, the Servicer and the Subservicer and hold them harmless against any and all claims, losses,
penalties, fines, forfeitures, legal fees and related costs, judgments, and any other costs, liability, fees and expenses that the Depositor, the Issuer, the Indenture Trustee, the Owner Trustee, the Servicer or Subservicer may sustain as a result
of the failure of the Master Servicer to perform its duties and master service the Mortgage Loans in compliance with the terms of this Agreement. The Depositor, the Issuer, the Indenture Trustee, the Owner Trustee, the Servicer and the Subservicer
shall immediately notify the Master Servicer if a claim is made by a third party with respect to this Agreement, the Mortgage Loans entitling the Depositor, the Issuer, the Indenture Trustee, the Owner Trustee, the Servicer or Subservicer to
indemnification under this Section 5.30, whereupon the Master Servicer shall assume the defense of any such claim and pay all expenses in connection therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment or
decree which may be entered against it or them in respect of such claim. 
  
 Section 5.31. Alternative Index. In the event that the Index for any Mortgage Loan, as specified in the related Mortgage Note, becomes unavailable for any reason, the Master Servicer shall select an alternative
index in accordance with the terms of such Mortgage Note or, if such Mortgage Note does not make provision for the selection of an alternative index in such event, the Master Servicer shall, subject to applicable law, select an alternative index
based on information comparable to that used in connection with the original Index and, in either case, such alternative index shall thereafter be the Index for such Mortgage Loan. 
  
 Section 5.32. Transfer of Servicing. The Seller agrees that it shall provide written notice to the Master Servicer
and the Indenture Trustee thirty days prior to any proposed transfer or assignment by the Seller of the servicing of the Mortgage Loans other than transfer or assignment to the Subservicer. In addition, the ability of the Seller to transfer or
assign the servicing hereunder to a successor servicer shall be subject to the following conditions: 
  
 (i) receipt of written consent of the Master Servicer and Indenture Trustee to such transfer; 
  
 (ii) Such successor servicer must be qualified to service
loans for FNMA or FHLMC, and must be a member in good standing of MERS; 
  
 (iii) Such successor servicer must satisfy the servicer eligibility standards set forth in Section 4.06(d); 
  
 (iv) Such successor servicer must execute and deliver to the Indenture Trustee an agreement, in form and substance reasonably satisfactory
to the Indenture Trustee, that contains an assumption by such successor servicer of the due and punctual performance and observance of each covenant and condition to be performed and observed by the Servicer; 
  
 (v) If the successor servicer is not a Servicer of Mortgage
Loans at the time of the transfer, there must be delivered to the Indenture Trustee a letter from each Rating Agency to 

  

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the effect that such transfer of servicing will not result in a qualification, withdrawal or downgrade of the then-current rating of any of the Notes; and

  
 (vi) The Seller shall, at its cost and
expense, take such steps, or cause the terminated Servicer to take such steps, as may be necessary or appropriate to effectuate and evidence the transfer of the servicing of the Mortgage Loans to such successor servicer, including, but not limited
to, the following: (A) to the extent required by the terms of the Mortgage Loans and by applicable federal and state laws and regulations, the Seller shall cause the prior Servicer to timely mail to each obligor under a Mortgage Loan any
required notices or disclosures describing the transfer of servicing of the Mortgage Loans to the successor servicer; (B) prior to the effective date of such transfer of servicing, the Seller shall cause the prior Servicer to transmit to any
related insurer notification of such transfer of servicing; (C) on or prior to the effective date of such transfer of servicing, the Seller shall cause the prior Servicer to deliver to the successor servicer all Mortgage Loan Documents and any
related records or materials; (D) on or prior to the effective date of such transfer of servicing, the Seller shall cause the prior Servicer to transfer to the successor servicer, or, if such transfer occurs after a Servicer Remittance Date but
before the next succeeding Payment Date, to the Indenture Trustee, all funds held by the prior Servicer in respect of the Mortgage Loans; (E) on or prior to the effective date of such transfer of servicing, the Seller shall cause the prior
Servicer to, after the effective date of the transfer of servicing to the successor servicer, continue to forward to such successor servicer, within one Business Day of receipt, the amount of any payments or other recoveries received by the prior
Servicer, and to notify the successor servicer of the source and proper application of each such payment or recovery; and (F) the Seller shall cause the prior Servicer to, after the effective date of transfer of servicing to the successor
servicer, continue to cooperate with the successor servicer to facilitate such transfer in such manner and to such extent as the successor servicer may reasonably request. Notwithstanding the foregoing, the prior Servicer shall be obligated to
perform the items listed above to the extent provided in the applicable Servicing Agreement. 
  
 ARTICLE VI 
  
 DEPOSITS AND
PAYMENTS TO HOLDERS 
  
 Section 6.01. The Collection
Account. 
  
 (a) The Trust Administrator shall establish and
maintain in the name of the Securities Intermediary the Collection Account as provided in Section 5.07, which account shall be pledged to the Indenture Trustee for the benefit of the Noteholders. 
  
 (b) The Trust Administrator shall make withdrawals from the Collection
Account only for the purposes set forth in Section 5.08. 
  
 Section 6.02. Payments from the Collection Account. 
  
 (a) Payments of Interest. On each Payment Date, the Indenture Trustee (or the Paying Agent on behalf of the Indenture Trustee) shall withdraw from the Collection Account the Interest Funds (to the extent such amount is on deposit in
the Collection Account) and shall 

  

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pay such amount as specified in this Section. Interest payable on each Class of Notes will equal interest accrued at the then applicable Interest Rate for
such Class for the related Accrual Period. All calculations of interest on the Notes will be made on the basis of a 360-day year and the actual number of days elapsed in the preceding Accrual Period. 
  
 On each Payment Date, the Paying Agent on behalf of the Indenture Trustee
shall pay the Interest Funds for such date in the following order of priority in accordance with the report of the Trust Administrator: 
  
 (i) to each Class of Class A Notes, pro rata based on amounts payable pursuant to this clause, Current Interest and Unpaid Interest
thereon for such Payment Date; 
  
 (ii) to the
Class M-1 Notes, Current Interest and Unpaid Interest for such Class for such Payment Date; 
  
 (iii) to the Class M-2 Notes, Current Interest and Unpaid Interest for such Class for such Payment Date; and 
  
 (iv) for application as part of Monthly Excess Cashflow for
such Payment Date, any Interest Funds remaining after application pursuant to clauses (i) through (iii) above for such Payment Date. 
  
 (b) Payments of Principal. On each Payment Date, payments of principal on each Class of Notes will be made from the Principal Payment Amount
concurrently, pro rata, based on the Adjusted Class Principal Amount of each Class of Notes immediately prior to such Payment Date, in each case, until the Class Principal Amount of each Class of Notes has been reduced to zero. 
  
 (c) Application of Monthly Excess Cashflow. On any Payment Date, the
sum of (a) the Monthly Excess Interest, (b) the Aggregate Overcollateralization Release Amount, (c) any Principal Payment Amount after the Class Principal Amounts of all Classes of Notes have been reduced to zero (together with the
amounts specified in clauses (a) and (b) above, the “Monthly Excess Cashflow”) and (d) amounts received by the Trust Administrator under the Interest Rate Cap Agreement (solely as described in priorities (iii)(A), (iv)(A),
(v)(A)(1) and (v)(B) below) will be payable in the following order of priority: 
  
 (i) for each Payment Date for which there is an Overcollateralization Deficiency Amount, the Extra Principal Payment Amount for such
Payment Date to be paid as principal, concurrently to each Class of Notes, as described under Section 6.02(b); 
  
 (ii) to the Notes, any Unpaid Interest in the priority described under Section 6.02(a); 
  
 (iii) to each Class of Class A Notes, (A) first
from any amounts received by the Trust Administrator under the Interest Rate Cap Agreement for each Payment Date, and (B) then from Monthly Excess Cashflow 

  

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remaining after payments have been made pursuant to priorities (i) and (ii) above, any Available Funds Shortfall for such Class and such Payment
Date, pro rata based on amounts payable pursuant to this clause; 
  
 (iv) to the Class M-1 Notes, (A) first from any amounts received by the Trust Administrator under the Interest Rate Cap Agreement for each Payment Date, and (B) then from Monthly Excess Cashflow remaining
after payments have been made pursuant to priorities (i), (ii) and (iii) above, any Available Funds Shortfall for such Class and such Payment Date; 
  

(v) (A) to the Class M-2 Notes, (1) first from any amounts received by the Trust Administrator under the Interest Rate Cap
Agreement for each Payment Date, and (2) then from Monthly Excess Cashflow remaining after payments have been made pursuant to priorities (i), (ii), (iii) and (iv) above, any Available Funds Shortfall for such Class and such Payment
Date and (B) for addition to amounts distributable pursuant to priority (x) below, to the Ownership Certificate, any amounts remaining from payments under the Interest Rate Cap Agreement in excess of amounts required to be paid under this
clause (v)(A)(1) for such Payment Date; 
  
 (vi)
to each Class of Class A Notes, pro rata based on amounts payable pursuant to this clause, any Deferred Interest for such Class and such Payment Date; 
  
 (vii) to the Class M-1 Notes, any Deferred Interest for such Class and such Payment Date; 
  
 (viii) to the Class M-2 Notes, any Deferred Interest for
such Class and such Payment Date; 
  
 (ix) to
each Class of Class A Notes, pro rata based on amounts payable pursuant to this clause, the related Principal Deficiency Amount for such Payment Date; provided, however, that from the portion of the Monthly Excess Cashflow available to
reimburse the Class A-2 Notes and Class A-3 Notes for such amounts, the Class A-2 Notes will be reimbursed for any outstanding Class A-2 Principal Deficiency Amount prior to the Class A-3 Notes being reimbursed for any
outstanding Class A-3 Principal Deficiency Amounts; 
  
 (x) to the Class M-1 Notes, any Class M-1 Principal Deficiency Amount for such Payment Date; 
  
 (xi) to the Class M-2 Notes, any Class M-2 Principal Deficiency Amount for such Payment Date; and 
  

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 (xii) any remaining amounts to be released from the lien of the Indenture for
distribution to the Ownership Certificate. 
  
 (d)
Allocation of Realized Losses. On or prior to each Determination Date, the Trust Administrator shall determine the amount of any Realized Loss in respect of each Mortgage Loan that occurred during the immediately preceding calendar month,
based solely on the reports delivered by the Servicer and Subservicer pursuant to this Agreement. 
  
 (i) If, at any time, the Overcollateralization Amount has been reduced to zero and excess interest is insufficient to cover such losses,
Realized Losses will be allocated sequentially to the Class M-2 Notes and Class M-1 Notes, in that order, in reduction of the Adjusted Class Principal Amount of each such Class, until reduced to zero. 
  
 (ii) If, at any time, the Overcollateralization Amount has
been reduced to zero, the aggregate Adjusted Class Principal Amount of the Class M Notes has been reduced to zero and excess interest is insufficient to cover such losses, Realized Losses will then be allocated to each Class of Class A Notes,
pro rata, in each case in reduction of the Adjusted Class Principal Amount of each such Class, until reduced to zero; provided, however, that the portion of any Realized Losses that would otherwise be allocated to the Class A-2 Notes and
Class A-3 Notes in the aggregate, will instead be allocated first, to the Class A-3 Notes, until the Adjusted Class Principal Amount thereof has been reduced to zero, and then, to the Class A-2 Notes, until the Adjusted Class
Principal Amount thereof has been reduced to zero. 
  
 (iii) To the extent that the Servicer or the Subservicer receives any Subsequent Recoveries after the liquidation and disposition of a liquidated Mortgage Loan that incurred a Realized Loss, such recoveries will be included as part of
Principal Funds and the Adjusted Class Principal Amounts of the Notes will be increased by the amount of such Subsequent Recoveries, and will be allocated, first, to each Class of Class A Notes, pro rata based on the difference between the
Class Principal Amount and the Adjusted Class Principal Amount for each such Class, and then sequentially, to the Class M-1 Notes and the Class M-2 Notes, in that order, in each case to the extent the amount of the Realized Loss had been applied to
reduce the Adjusted Class Principal Amount of such Class; provided, however, that with respect to the portion of any Subsequent Recoveries that would otherwise be allocated to the Class A-2 Notes and Class A-3 Notes in the aggregate, such
amounts will first be allocated, to increase the Adjusted Class Principal Amount of the Class A-2 Notes until the Adjusted Class Principal Amount of the Class A-2 Notes equals the Class Principal Amount of the Class A-2 Notes and
then, to increase the Adjusted Class Principal Amount of the Class A-3 Notes until the Adjusted Class Principal Amount of the Class A-3 Notes equals the Class Principal Amount of the Class A-3 Notes. 
  
 Section 6.03. Interest Rate Cap Account. 
  
 (a) The Trust Administrator shall establish and maintain an account, for the
benefit of the Indenture Trustee and the Noteholders, as a segregated account which shall be an Eligible Account (the “Interest Rate Cap Account”). Pursuant to the Interest Rate Cap Agreement, the Cap Counterparty shall have provided the
Indenture Trustee and the Trust Administrator with notice of payment pursuant to the Interest Rate Cap Agreement, if any, to be made pursuant to the Interest Rate Cap Agreement for each Payment Date. Payments paid to the Trust 

  

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Administrator pursuant to the Interest Rate Cap Agreement in connection with each such Payment Date shall be deposited into the Interest Rate Cap Account and
distributed on each Payment Date in accordance with Section 6.02(c) of this Agreement. 
  
 (b) Amounts in the Interest Rate Cap Account shall be invested in the Wells Fargo Advantage Prime Investment Money Market Fund unless another short term money market fund is specified in writing by the Seller to the
Trust Administrator. Any losses incurred in respect of any such investment shall be deposited in the Interest Rate Cap Account by the Seller out of its own funds immediately as realized. 
  
 (c) In the event that the amount received by the Trust Administrator with respect to the Interest Rate Cap Agreement for any
Payment Date exceeds the amounts required to pay the related Noteholders under Section 6.02(c) on such Payment Date, such excess amount will constitute the “Excess Cap Amount” and will be released from the lien of the Indenture and
deposited by the Trust Administrator into the Collection Account for distribution on the Ownership Certificate. 
  
 (d) Upon termination of the Interest Rate Cap Agreement and payment of all amounts owed by the Cap Counterparty thereunder, the Trust Administrator shall
pay all remaining amounts in the Interest Rate Cap Account to the Seller and terminate the Interest Rate Cap Account. 
  
 Section 6.04. Control of the Trust Account and Deferred Interest. 
  
 (a) The Depositor, the Issuer and the Indenture Trustee hereby appoint the Trust Administrator as Securities Intermediary
with respect to the Trust Account, and the Issuer has, pursuant to the Indenture, granted to the Indenture Trustee, for the benefit of the Noteholders, a security interest to secure all amounts due Noteholders hereunder in and to the Trust Account
and the Security Entitlements to all Financial Assets credited to the Trust Account, including without limitation all amounts, securities, investments, Financial Assets, investment property and other property from time to time deposited in or
credited to the Trust Account and all proceeds thereof. Amounts held from time to time in the Trust Account will continue to be held by the Securities Intermediary for the benefit of the Indenture Trustee, as collateral agent, for the benefit of the
Noteholders. Upon the termination of the Issuer or the discharge of the Indenture, the Indenture Trustee shall inform the Securities Intermediary of such termination. By acceptance of their Notes or interests therein, the Noteholders shall be deemed
to have appointed the Trust Administrator as Securities Intermediary. The Trust Administrator hereby accepts such appointment as Securities Intermediary. 
  
 (b) With respect to the Trust Account Property credited to the Trust Account, the Securities Intermediary agrees that: 
  
 (i) with respect to any Trust Account Property that is held
in deposit accounts, each such deposit account shall be subject to the exclusive custody and control of the Securities Intermediary, and the Securities Intermediary shall have sole signature authority with respect thereto; 
  

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 (ii) the sole assets permitted in the Trust Account shall be those as the Securities
Intermediary agrees to treat as Financial Assets; and 
  
 (iii) any such Trust Account Property that is, or is treated as, a Financial Asset shall be physically delivered (accompanied by any required endorsements) to, or credited to an account in the name of, the Securities Intermediary or other
eligible institution maintaining the Trust Account in accordance with the Securities Intermediary’s customary procedures such that the Securities Intermediary or such other institution establishes a Security Entitlement in favor of the
Indenture Trustee with respect thereto over which the Securities Intermediary or such other institution has Control; 
  
 (c) The Securities Intermediary hereby confirms that (A) the Trust Account is an account to which Financial Assets are or may be credited, and the
Securities Intermediary shall, subject to the terms of this Agreement, treat the Indenture Trustee, as collateral agent, as entitled to exercise the rights that comprise any Financial Asset credited to the Trust Account, (B) all Trust Account
Property in respect of the Trust Account will be promptly credited by the Securities Intermediary to such account, and (C) all securities or other property underlying any Financial Assets credited to the Trust Account shall be registered in the
name of the Securities Intermediary, endorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any Financial Asset credited to the Trust
Account be registered in the name of the Depositor or the Issuer, payable to the order of the Depositor or the Issuer or specially endorsed to the Depositor or the Issuer, except to the extent the foregoing have been specially endorsed to the
Securities Intermediary or in blank; 
  
 (d) The Securities
Intermediary hereby agrees that each item of property (whether investment property, Financial Asset, security, instrument or cash) credited to the Trust Account shall be treated as a Financial Asset; 
  
 (e) If at any time the Securities Intermediary shall receive an Entitlement
Order from the Indenture Trustee directing transfer or redemption of any Financial Asset relating to the Trust Account, the Securities Intermediary shall comply with such Entitlement Order without further consent by the Depositor, the Issuer or any
other Person. If at any time the Indenture Trustee or the Trust Administrator notifies the Securities Intermediary in writing that the Issuer has been terminated or the Indenture discharged in accordance herewith and with the Trust Agreement or the
Indenture, as applicable, and the security interest granted pursuant to the Indenture has been released, then thereafter if the Securities Intermediary shall receive any order from the Depositor or the Issuer directing transfer or redemption of any
Financial Asset relating to the Trust Account, the Securities Intermediary shall comply with such Entitlement Order without further consent by the Indenture Trustee or any other Person; 
  
 (f) In the event that the Securities Intermediary has or subsequently obtains by agreement, operation of law or otherwise a
security interest in the Trust Account or any Financial Asset credited thereto, the Securities Intermediary hereby agrees that such security interest shall be subordinate to the security interest of the Indenture Trustee. The Financial Assets
credited to the Trust Account will not be subject to deduction, set-off, banker’s lien, or any other right in favor of any Person other than the Indenture Trustee (except that the Securities Intermediary may 

  

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set-off (i) all amounts due to it in respect of its customary fees and expenses for the routine maintenance and operation of the Trust Account and
(ii) the face amount of any checks which have been credited to the Trust Account but are subsequently returned unpaid because of uncollected or insufficient funds); 
  
 (g) There are no other agreements entered into between the Securities Intermediary in such capacity and the Depositor or the
Issuer with respect to the Trust Account. In the event of any conflict between this Agreement (or any provision of this Agreement) and any other agreement now existing or hereafter entered into, the terms of this Agreement shall prevail; 

 
 (h) The rights and powers granted under the Indenture and herein to the
Indenture Trustee have been granted in order to perfect its security interest in the Trust Account and the Security Entitlements to the Financial Assets credited thereto, and are powers coupled with an interest and will neither be affected by the
bankruptcy of the Depositor or the Issuer nor by the lapse of time. The obligations of the Securities Intermediary hereunder shall continue in effect until the security interest of the Indenture Trustee in the Trust Account, and in such Security
Entitlements, has been terminated pursuant to the terms of this Agreement and the Indenture Trustee or the Issuer, as applicable, has notified the Securities Intermediary of such termination in writing; and 
  
 (i) Notwithstanding anything else contained herein, the Depositor and the
Issuer agree that the Trust Account will be established only with the Securities Intermediary or another institution meeting the requirements of this Section, which by acceptance of its appointment as Securities Intermediary agrees substantially as
follows: (1) it will comply with Entitlement Orders related to the Trust Account issued by the Indenture Trustee, as collateral agent, without further consent by the Depositor or the Issuer, without further consent by the Depositor;
(2) until termination of the Issuer or discharge of the Indenture, it will not enter into any other agreement related to such accounts pursuant to which it agrees to comply with Entitlement Orders of any Person other than the Indenture Trustee,
as collateral agent; and (3) all assets delivered or credited to it in connection with such account and all investments thereof will be promptly credited to the applicable account. 
  
 (j) Notwithstanding the foregoing, the Issuer shall have the power, revocable by the Indenture Trustee or by the Owner
Trustee with the consent of the Indenture Trustee, to instruct the Indenture Trustee, the Trust Administrator and the Master Servicer to make withdrawals and payments from the Trust Account for the purpose of permitting the Master Servicer, the
Trust Administrator or the Owner Trustee to carry out its respective duties hereunder or permitting the Indenture Trustee to carry out its duties under the Indenture. 
  
 (k) Each of the Depositor and the Issuer agrees to take or cause to be taken such further actions, to execute, deliver and
file or cause to be executed, delivered and filed such further documents and instruments (including, without limitation, any financing statements under the Relevant UCC or this Agreement) as may be necessary to perfect the interests created by this
Section in favor of the Issuer and the Indenture Trustee and otherwise fully to effectuate the purposes, terms and conditions of this Section. The Depositor shall: 
  
 (i) promptly execute, deliver and file any financing statements, amendments, continuation statements,
assignments, certificates and other documents with respect to such interests and perform all such other acts as may be necessary in order to perfect or to maintain the perfection of the Issuer’s and the Indenture Trustee’s security
interest in the Trust Account Property; and 
  

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 (ii) make the necessary filings of financing statements or amendments thereto within five
days after the occurrence of any of the following: (1) any change in its corporate name or any trade name or its jurisdiction of organization; (2) any change in the location of its chief executive office or principal place of business; and
(3) any merger or consolidation or other change in its identity or corporate structure and promptly notify the Issuer and the Indenture Trustee of any such filings. 
  
 (iii) Neither the Depositor nor the Issuer shall organize under the law of any jurisdiction other than the
State under which each is organized as of the Closing Date (whether changing its jurisdiction of organization or organizing under an additional jurisdiction) without giving 30 days prior written notice of such action to its immediate and mediate
transferee, including the Indenture Trustee. Before effecting such change, each of the Depositor or the Issuer proposing to change its jurisdiction of organization shall prepare and file in the appropriate filing office any financing statements or
other statements necessary to continue the perfection of the interests of its immediate and mediate transferees, including the Indenture Trustee, in the Trust Account Property. In connection with the transactions contemplated by the Operative
Agreements relating to the Trust Account Property, each of the Depositor and the Issuer authorizes its immediate or mediate transferee, including the Indenture Trustee, to file in any filing office any initial financing statements, any amendments to
financing statements, any continuation statements, or any other statements or filings described in this Section 6.04. 
  
 None of the Securities Intermediary or any director, officer, employee or agent of the Securities Intermediary shall be under any liability to the
Indenture Trustee or the Noteholders for any action taken; or not taken, in good faith pursuant to this Agreement, or for errors in judgment; provided, however, that this provision shall not protect the Securities Intermediary against any
liability to the Indenture Trustee or the Noteholders which would otherwise be imposed by reason of the Securities Intermediary’s willful misconduct, fraud, bad faith or negligence in the performance of its obligations or duties hereunder. The
Securities Intermediary and any director, officer, employee or agent of the Securities Intermediary may rely in good faith on any document of any kind which, prima facie, is properly executed and submitted by any Person respecting any matters
arising hereunder. The Securities Intermediary shall be under no duty to inquire into or investigate the validity, accuracy or content of such document. The Issuer shall indemnify the Securities Intermediary for and hold it harmless against any
loss, liability or expense arising out of or in connection with this Agreement and carrying out its duties hereunder, including the costs and expenses of defending itself against any claim of liability, except in those cases where the Securities
Intermediary has been guilty of fraud, bad faith, negligence or willful misconduct. The foregoing indemnification shall survive any termination of this Agreement or the resignation or removal of the Securities Intermediary. 
  

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 Section 6.05. Advances by Master Servicer and Servicer. 
  
 (a) Subject to Section 4.03(c), Advances shall be made in respect of
each Servicer Remittance Date as provided herein. If, on any Determination Date, the Servicer determines that any Scheduled Payments due during the related Due Period have not been received, such Servicer shall advance such amount to the extent
provided in Section 4.03(c) hereof. If any Servicer fails to remit Advances required to be made under Section 4.03(c) hereof, the Master Servicer shall itself make, or shall cause the successor Servicer to make, such Advance on the
Servicer Remittance Date immediately following such Determination Date. If the Master Servicer determines that an Advance is required, it shall on the Business Day immediately prior to the related Payment Date remit to the Trust Administrator from
its own funds (or funds advanced by the applicable Servicer) for deposit in the Collection Account immediately available funds in an amount equal to such Advance. The Master Servicer and the Servicer shall be entitled to be reimbursed from the
Collection Account, and the Servicer shall be entitled to be reimbursed from its respective Custodial Account, for all Advances made by it as provided in Section 4.02(e). Notwithstanding anything to the contrary herein, in the event the Master
Servicer determines in its reasonable judgment that an Advance is a Nonrecoverable Advance, the Master Servicer shall be under no obligation to make such Advance. 
  
 (b) In the event that the Master Servicer or Servicer fails for any reason to make an Advance required to be made pursuant
to this Section 6.05, the Indenture Trustee, as successor Master Servicer, shall, on or before the related Payment Date, deposit in the Collection Account an amount equal to the excess of (a) Advances required to be made by the Master
Servicer or the Servicer that would have been deposited in such Collection Account over (b) the amount of any Advance made by the Master Servicer or the Servicer with respect to such Payment Date; provided, however, that the Indenture
Trustee as successor Master Servicer, or any other successor Master Servicer, shall be required to make such Advance only if it is not prohibited by law from doing so and it has determined that such Advance would be recoverable from amounts to be
received with respect to such Mortgage Loan, including late payments, Liquidation Proceeds, Insurance Proceeds, or otherwise. The Indenture Trustee as successor Master Servicer, or any other successor Master Servicer, shall be entitled to be
reimbursed from the Collection Account for Advances made by it pursuant to this Section 6.05 as if it were the Master Servicer. 
  
 Section 6.06. Pre-Funding Account. 
  
 (a) The Trust Administrator has heretofore established or caused to be established and shall hereafter maintain or cause to be maintained a separate
account denominated the Pre-Funding Account, which is and shall continue to be an Eligible Account in the name of the Trust Administrator and shall be designated “Wells Fargo Bank, N.A., as Trust Administrator of the New York Mortgage Trust
2005-3 Pre-Funding Account.” Any investment earnings from the Pre-Funding Account will be paid to the Seller on the first Business Day of the month following each Payment Date during the Pre-Funding Period; provided, however, that if the final
Subsequent Transfer Date occurs after the Payment Date in a month, on such Subsequent Transfer Date, the Trust Administrator shall (i) transfer the Excess Funding Amount from the Pre-Funding Account to the Collection Account, (ii) transfer
any investment earnings to the Seller as soon as practicable and (iii) close the Pre-Funding Account. The amount on deposit in the Pre-Funding Account shall be invested in the Wells Fargo Advantage Prime Investment Money Market Fund unless
another Eligible Investment is specified in writing by the Seller in 

  

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accordance with the provisions of Section 4.02(j). All investment earnings on funds on deposit in the Pre-Funding Account will be treated as owned by,
and will be taxable to, the Seller. 
  
 (b) On the Closing Date,
the Seller will deposit $4,580,516 into the Pre-Funding Account. 
  
 (c) On each Subsequent Transfer Date, (i) the Seller shall instruct the Trust Administrator to withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Stated Principal Balances of the Subsequent Mortgage Loans
sold to the Trust on such Subsequent Transfer Date and (ii) the Trust Administrator shall pay such amounts to or upon the order of the Seller with respect to such transfer. 
  
 (d) If at the end of the Pre-Funding Period amounts still remain in the Pre-Funding Account, the Trust Administrator shall
withdraw such amounts, exclusive of investment income, from the Pre-Funding Account on the immediately following Payment Date and deposit such amounts in the Collection Account. 
  
 (e) Unless closed as provided in Section 6.06(a) above, the Pre-Funding Account shall be closed at the close of
business on the Payment Date immediately following the end of the Pre-Funding Period. 
  
 ARTICLE VII 
  
 ADMINISTRATION OF
THE AGREEMENTS 
  
 Section 7.01. Duties of the Trust
Administrator. 
  
 (a) The Trust Administrator agrees to
perform all of the duties of the Issuer under the Depository Agreement. In addition to its duties performed under the Depository Agreement, the Trust Administrator shall take all appropriate action that is the duty of the Issuer to take with respect
to the following matters under the Trust Agreement, this Agreement and the Indenture: 
  
 (i) the duty to cause the Note Register to be kept if the Issuer assumes the duties of Note Registrar, and to give the Indenture Trustee
notice of any appointment of a new Note Registrar and the location, or change in location, of the Note Register (Section 2.04 of the Indenture); 
  
 (ii) the duty to cause the Certificate Register to be kept if the Issuer assumes the duties of Certificate Registrar, and to give the
Owner Trustee notice of any appointment of a new Certificate Registrar and the location, or change in location, of the Certificate Register (Section 3.03 of the Trust Agreement); 
  
 (iii) causing the preparation of the Notes for execution by the Owner Trustee upon the registration of any
transfer or exchange of the Notes (Sections 2.04 and 2.05 of the Indenture); 
  
 (iv) causing the preparation of Definitive Notes in accordance with the instructions of any Clearing Agency, the duty to attempt to locate a qualified successor to the 

  

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Clearing Agency, if necessary, and the preparation of written notice to the Indenture Trustee of termination of the book-entry system through the Clearing
Agency (Section 2.12 of the Indenture); 
  
 (v)
the maintenance of an office for registration of transfer or exchange of Notes (Section 3.02 of the Indenture); 
  
 (vi) the maintenance of an office for registration of transfer or exchange of the Ownership Certificate (Section 3.03 of the Trust
Agreement); 
  
 (vii) the calculation of accrual
of original issue discount and the amortization of premium on the Notes (Section 3.03(v) of the Indenture); 
  
 (viii) upon written notice or actual knowledge thereof, the notification to the Indenture Trustee and each Rating Agency of a Servicer
Event of Default or a Master Servicer Event of Default under this Agreement (Section 3.07(d) of the Indenture); 
  
 (ix) upon written notice or actual knowledge thereof, the delivery of notice to the Indenture Trustee and each Rating Agency of each
Indenture Event of Default under the Indenture (Section 3.19 of the Indenture); 
  
 (x) the furnishing of the Indenture Trustee with the names and addresses of Holders of Notes during any period when the Indenture Trustee
is not the Note Registrar (Section 7.01 of the Indenture); 
  
 (xi) causing the preparation of any financing statements and continuation statements necessary to protect the Collateral (Section 3.05 of the Indenture); 
  
 (xii) the preparation (but not the execution) of the annual Officer’s Certificate regarding the
Issuer’s compliance with the terms of the Indenture (Section 3.09 of the Indenture); 
  
 (xiii) the delivery of notice to the Indenture Trustee and each Rating Agency of each Indenture Event of Default under the Indenture
(Section 3.19); 
  
 (xiv) causing the preparation
of an Officer’s Certificate and the obtaining of the Opinion of Counsel (which shall not be at the expense of the Trust Administrator) with respect to any request by the Issuer to the Indenture Trustee to take any action under the Indenture
(Sections 4.01 and 11.01 of the Indenture); 
  
 (xv) the compliance with any directive of the Indenture Trustee with respect to the sale of the Collateral in a commercially reasonable manner if an Indenture Event of Default shall have occurred and be continuing under the Indenture
(Section 5.04 of the Indenture); 
  
 (xvi)
causing the preparation of an Issuer Request and Officer’s Certificate (and executing the same on behalf of the Issuer) and the obtaining of an Opinion of Counsel (which shall not be at the expense of the Trust Administrator), if necessary, for
the release of the Collateral, as defined in the Indenture (Section 8.03 of the Indenture); 
  

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 (xvii) the mailing to the Noteholders of notices with respect to their consent to any
supplemental indentures (Sections 9.01, 9.02, 9.03 and 9.06 of the Indenture); and 
  
 (xviii) any other duties expressly required to be performed by the Trust Administrator under the Indenture or the Trust Agreement.

  
 Notwithstanding the foregoing, the Seller shall undertake the
duties of the Issuer under the Indenture to cause the preparation of Issuer Orders (and execute the same on behalf of the Issuer), and to obtain Opinions of Counsel with respect to the execution of supplemental indentures and, if necessary, to mail
to the Noteholders notices with respect to their consent to such supplemental indentures (Sections 9.01, 9.02, 9.03 and 9.06 of the Indenture). 
  
 (b) The Issuer will indemnify the Owner Trustee and the Trust Administrator, and their respective agents for, and hold them harmless against, any losses,
liability or expense incurred without gross negligence or bad faith on their part, arising out of or in connection with the acceptance or administration of the transactions contemplated by the Trust Agreement or this Agreement, including the
reasonable costs and expenses of defending themselves against any claim or liability in connection with the exercise or performance of any of their powers or duties under the Trust Agreement, the Indenture or this Agreement. 
  
 (c) Subject to the penultimate paragraph of this Section 7.01, and in
accordance with the directions of the Owner Trustee, the Trust Administrator shall perform or supervise the performance of such other activities in connection with the Collateral (including the Operative Agreements) as are not covered by any of the
foregoing provisions and as are expressly requested in writing by the Owner Trustee and are reasonably within the capability of the Trust Administrator. 
  
 (d) In carrying out the foregoing duties or any of its other obligations under this Agreement, the Trust Administrator may enter into transactions with or
otherwise deal with any of its Affiliates; provided, however, that the terms of any such transactions or dealings shall be in accordance with any directions received from the Issuer and shall be, in the Trust Administrator’s opinion, no
less favorable to the Issuer than would be available from unaffiliated parties. 
  
 In carrying out the foregoing duties or any of its other obligations under this Agreement, the Trust Administrator shall be subject to the same standard of care and have the same rights, indemnifications and
immunities as the Indenture Trustee under the Indenture, including, without limitation, the right to reimbursement and indemnification on behalf of the Issuer from funds in the Collection Account for all losses, costs and expenses of any kind or
nature (including without limitation attorneys’ fees and disbursements) incurred by the Trust Administrator (including without limitation in its various capacities as Paying Agent, Certificate Paying Agent, Certificate Registrar and Note
Registrar) in connection with the performance of its duties hereunder or under any other Operative Agreement. 
  
 The Trust Administrator in its capacity as the Certificate Registrar, and upon a request received from the Owner Trustee, shall promptly notify the
Certificateholders of (i) any change in the Corporate Trust Office of the Owner Trustee, (ii) any amendment to the Trust Agreement 

  

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requiring notice be given to the Certificateholders and (iii) any other notice required to be given to the Certificateholders by the Owner Trustee under
the Trust Agreement. 
  
 Section 7.02. Duties of the Trust
Administrator With Respect to the Indenture, the Trust Agreement and this Agreement. 
  
 (a) The Trust Administrator shall take all appropriate action that is the duty of the Indenture Trustee to take with respect to the following matters under the Indenture, the Trust Agreement and this Agreement:

  
 (i) the duties of an authenticating agent for
authentication of the Notes (Sections 2.01, 2.02 and 2.11 of the Indenture); 
  
 (ii) the duties of Note Registrar to be kept (Sections 2.03, 2.04, 2.05 and 2.07 of the Indenture); 
  
 (iii) to provide notices and instructions to the Clearing Agency (Section 2.10 of the Indenture); 
  
 (iv) the duties of Paying Agent (Sections 3.03, 4.01, 4.02
and 5.02 of the Indenture); and 
  
 (v) the
duties of agent or attorney-in-fact for the purposes of filing financing and continuation statements for the Issuer (Section 3.05 of the Indenture). 
  
 (b) The Issuer will indemnify the Owner Trustee and the Trust Administrator, and their respective agents for, and hold them harmless against, any losses,
liability or expense incurred without gross negligence or bad faith on their part, arising out of or in connection with the acceptance or administration of the transactions contemplated by the Trust Agreement or this Agreement, including the
reasonable costs and expenses of defending themselves against any claim or liability in connection with the exercise or performance of any of their powers or duties under the Trust Agreement, the Indenture or this Agreement. 
  
 Section 7.03. Records. The Trust Administrator shall maintain
appropriate books of account and records relating to services performed hereunder, which books of account and records shall be accessible for inspection by the Issuer and the Depositor at any time during normal business hours. 
  
 Section 7.04. Compensation. The Trust Administrator will perform the
duties and provide the services called for under Section 7.01 and 7.02 above for such compensation as shall be agreed upon between the Trust Administrator and the Master Servicer. 
  
 Section 7.05. Additional Information to be Furnished to the Issuer. The Depositor shall furnish to the Issuer from
time to time such additional information regarding the Collateral as the Issuer shall reasonably request. 
  
 Section 7.06. Independence of the Trust Administrator. For all purposes of this Agreement, the Trust Administrator shall be an independent
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to the supervision of the Issuer or the Owner Trustee with respect to the manner in which it accomplishes the performance of its obligations hereunder.
Unless expressly authorized by the Issuer, the Trust Administrator shall have no authority to act for or represent the Issuer or the Owner Trustee in any way and shall not otherwise be deemed an agent of the Issuer or the Owner Trustee. 

 
 Section 7.07. No Joint Venture. Nothing contained in this Agreement
(i) shall constitute the Trust Administrator or the Depositor, respectively, and either of the Issuer or the Owner Trustee, as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity,
(ii) shall be construed to impose any liability as such on any of them or (iii) shall be deemed to confer on any of them any express, implied or apparent authority to incur any obligation or liability on behalf of the others. 

 
 Section 7.08. Other Activities of Trust Administrator and the
Depositor. Nothing herein shall prevent the Trust Administrator, the Depositor or their respective Affiliates from engaging in other businesses or, in its sole discretion, from acting in a similar capacity as an Trust Administrator for any other
person or entity even though such person or entity may engage in business activities similar to those of the Issuer or the Owner Trustee. 
  
 Section 7.09. Resignation and Removal of Trust Administrator. 
  
 (a) Subject to Section 7.09(d) hereof, the Trust Administrator may resign its duties hereunder by providing the Issuer
with at least 60 days’ prior written notice. 
  
 (b) Subject
to Section 7.09(d) hereof, the Issuer may remove the Trust Administrator without cause by providing the Trust Administrator with at least 60 days’ prior written notice. 
  
 (c) Subject to Section 7.09(d) hereof, the Issuer may remove the Trust Administrator immediately upon written notice of
termination from the Issuer to the Trust Administrator if any of the following events shall occur: 
  
 (i) the Trust Administrator shall default in the performance of any of its duties under this Agreement and, after notice of such default,
shall not cure such default within ten days (or, if such default cannot be cured in such time, shall not give within ten days such assurance of cure as shall be reasonably satisfactory to the Issuer); or 
  
 (ii) a court having jurisdiction in the premises shall
(x) enter a decree or order for relief, which decree or order shall not have been vacated within 60 days, in respect of the Trust Administrator in any involuntary case under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect, or (y) appoint a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for the Trust Administrator or any substantial part of its property, or (z) order the winding-up or liquidation of
the Trust Administrator’s affairs; or 
  
 (iii) the Trust Administrator shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, shall consent to the entry of an order for relief in an involuntary case under any
such law, or shall consent to the appointment of a receiver, liquidator, assignee, trustee, custodian, sequestrator or similar official 

  

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for the Trust Administrator or any substantial part of its property, shall consent to the taking of possession by any such official of any substantial part
of its property, shall make any general assignment for the benefit of creditors or shall fail generally to pay its debts as they become due. 
  
 The Trust Administrator agrees that if any of the events specified in clauses (ii) or (iii) of this Section 7.09(c) shall occur, it shall
give written notice thereof to the Issuer and the Indenture Trustee within seven days after the occurrence of such event. 
  
 (d) No resignation or removal of the Trust Administrator pursuant to this Section shall be effective until (i) a successor Trust Administrator shall
have been appointed by the Issuer in accordance with the Trust Agreement and (ii) such successor Trust Administrator shall have agreed in writing to be bound by the terms of this Agreement in the same manner as the Trust Administrator is bound
hereunder. If a successor Trust Administrator does not take office within 60 days after the retiring Trust Administrator resigns or is removed, the resigning or removed Trust Administrator or the Issuer may petition any court of competent
jurisdiction for the appointment of a successor Trust Administrator. 
  
 (e) The appointment of any successor Trust Administrator shall be effective only after receipt of a letter from each Rating Agency to the effect that such proposed appointment will not cause a reduction or withdrawal of the then current
ratings of the Notes. 
  
 (f) Subject to Sections 7.09(d) and
7.09(e) above, the Trust Administrator acknowledges that upon the appointment of a successor Master Servicer pursuant to Section 8.01, the Trust Administrator shall immediately resign and such successor Master Servicer shall automatically
become the Trust Administrator under this Agreement. Any such successor Master Servicer shall be required to agree to assume the duties of the Trust Administrator under the terms and conditions of this Agreement and the other Operative Agreements in
its acceptance of appointment as successor Master Servicer. 
  
 Section 7.10. Action upon Termination, Resignation or Removal of the Trust Administrator. Promptly upon the effective date of termination of this Agreement or the resignation or removal of the Trust Administrator pursuant to
Section 7.09 hereof, the Trust Administrator shall be entitled to be paid all reimbursable expenses, including any reasonable out-of-pocket attorneys’ fees, accruing to it to the date of such termination, resignation or removal. The Trust
Administrator shall forthwith upon such termination pursuant to Section 7.09 deliver to the successor Trust Administrator all property and documents of or relating to the Collateral then in the custody of the Trust Administrator, or if this
Agreement has been terminated, to the Depositor. In the event of the resignation or removal of the Trust Administrator pursuant to Section 7.09, the Trust Administrator shall cooperate with the Issuer and take all reasonable steps requested to
assist the Issuer in making an orderly transfer of the duties of the Trust Administrator. 
  

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 ARTICLE VIII 
  
 MASTER SERVICER EVENTS OF DEFAULT 
  
 Section 8.01. Master Servicer Events of Default; Indenture Trustee To Act; Appointment of Successor. 
  
 (a) The occurrence of any one or more of the following events shall
constitute a “Master Servicer Event of Default”: 
  
 (i) Any failure by the Master Servicer to furnish to the Trust Administrator the Mortgage Loan data sufficient to prepare the reports described in Section 5.09(a) which continues unremedied for a period of one
(1) Business Day after the date upon which written notice of such failure shall have been given to such Master Servicer by the Indenture Trustee or the Trust Administrator or to such Master Servicer and the Indenture Trustee by the Holders of
not less than 25% of the Class Principal Amount of each Class of Notes affected thereby; or 
  
 (ii) Any failure on the part of the Master Servicer duly to observe or perform in any material respect any other of the covenants or
agreements on the part of the Master Servicer contained in this Agreement which continues unremedied for a period of 30 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the
Master Servicer by the Indenture Trustee or the Trust Administrator or to the Master Servicer and the Indenture Trustee by the Majority Noteholders; or 
  
 (iii) A decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver
or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Master Servicer, and such decree or order
shall have remained in force undischarged or unstayed for a period of 60 days or any Rating Agency reduces or withdraws or threatens to reduce or withdraw the rating of the Notes because of the financial condition or loan servicing capability of
such Master Servicer; or 
  
 (iv) The Master
Servicer shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities, voluntary liquidation or similar proceedings of or relating to the Master Servicer
or of or relating to all or substantially all of its property; or 
  
 (v) The Master Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment
for the benefit of its creditors or voluntarily suspend payment of its obligations; or 
  
 (vi) The Master Servicer shall be dissolved, or shall dispose of all or substantially all of its assets, or consolidate with or merge into
another entity or shall permit another entity to consolidate or merge into it, such that the resulting entity does not meet the criteria for a successor servicer as specified in Section 5.26 hereof; or 
  

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 (vii) If a representation or warranty set forth in Section 5.01 hereof shall prove
to be incorrect as of the time made in any respect that materially and adversely affects the interests of the Noteholders, and the circumstance or condition in respect of which such representation or warranty was incorrect shall not have been
eliminated or cured within 30 days after the date on which written notice of such incorrect representation or warranty shall have been given to the Master Servicer by the Indenture Trustee or the Trust Administrator, or to the Master Servicer and
the Indenture Trustee by the Majority Noteholders; or 
  
 (viii) A sale or pledge of any of the rights of the Master Servicer hereunder or an assignment of this Agreement by the Master Servicer or a delegation of the rights or duties of the Master Servicer hereunder shall have occurred in any
manner not otherwise permitted hereunder and without the prior written consent of the Indenture Trustee and the Majority Noteholders; or 
  
 (ix) The Master Servicer has notice or actual knowledge that the Servicer at any time is not either an FNMA- or FHLMC- approved
Seller/Servicer, and the Master Servicer has not terminated the rights and obligations of such Servicer under this Agreement and replaced the Servicer with an FNMA- or FHLMC-approved servicer within 60 days of the date the Master Servicer receives
such notice or acquires such actual knowledge; or 
  
 (x) Any failure of the Master Servicer to remit to the Trust Administrator any Advance required to be made to the Trust Administrator for the benefit of Noteholders under the terms of this Agreement, which failure continues unremedied as of
the close of business on the Business Day prior to a Payment Date. 
  
 If a Master Servicer Event of Default described in clauses (i) through (ix) of this Section 8.01 shall occur, then, in each and every case, subject to applicable law, so long as any such Master Servicer Event of Default shall
not have been remedied within any period of time prescribed by this Section 8.01, the Indenture Trustee, by notice in writing to the Master Servicer may, and shall, if so directed by the Majority Noteholders, terminate all of the rights and
obligations of the Master Servicer hereunder and in and to the Mortgage Loans and the proceeds thereof. If a Master Servicer Event of Default described in clause (x) of this Section 8.01 shall occur, then, in each and every case, subject
to applicable law, so long as such Master Servicer Event of Default shall not have been remedied within the time period prescribed by clause (x) of this Section 8.01, the Indenture Trustee, by notice in writing to the Master Servicer,
shall promptly terminate all of the rights and obligations of the Master Servicer hereunder and in and to the Mortgage Loans and the proceeds thereof. On or after the receipt by the Master Servicer of such written notice, all authority and power of
the Master Servicer, and only in its capacity as Master Servicer under this Agreement, whether with respect to the Mortgage Loans or otherwise, shall pass to and be vested in the Indenture Trustee pursuant to and under the terms of this Agreement;
and the Indenture Trustee is hereby authorized and empowered to execute and deliver, on behalf of the defaulting Master Servicer as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or
things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage Loans and related documents or otherwise. The defaulting Master Servicer agrees to
cooperate with the Indenture Trustee in effecting the termination of the defaulting Master Servicer’s responsibilities and rights hereunder as Master 

  

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Servicer including, without limitation, notifying the Servicers of the assignment of the master servicing function and providing the Indenture Trustee or its
designee all documents and records in electronic or other form reasonably requested by it to enable the Indenture Trustee or its designee to assume the defaulting Master Servicer’s functions hereunder and the transfer to the Indenture Trustee
for administration by it of all amounts which shall at the time be or should have been deposited by the defaulting Master Servicer in the Collection Account maintained by such defaulting Master Servicer and any other account or fund maintained with
respect to the Notes or thereafter received with respect to the Mortgage Loans. The Master Servicer being terminated shall bear all reasonable out-of-pocket costs of a master servicing transfer, including but not limited to those of the Indenture
Trustee, legal fees and expenses, accounting and financial consulting fees and expenses, and costs of amending the Agreement, if necessary. 
  
 The Indenture Trustee shall be entitled to be reimbursed from the Master Servicer (or by the Trust Estate, if the Master Servicer is unable to fulfill its
obligations hereunder) for all costs associated with the transfer of servicing from the predecessor Master Servicer, including, without limitation, any 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 master service the Mortgage Loans properly
and effectively. If the terminated Master Servicer does not pay such reimbursement within thirty (30) days of its receipt of an invoice therefore, such reimbursement shall be an expense of the Trust Estate and the Indenture Trustee shall be
entitled to withdraw such reimbursement from amounts on deposit in the Collection Account pursuant to Section 5.07(c); provided that the terminated Master Servicer shall reimburse the Trust Estate for any such expense incurred by the
Trust Estate; and provided, further, that the Indenture Trustee shall decide whether and to what extent it is in the best interest of the Noteholders to pursue any remedy against any party obligated to make such reimbursement. 
  
 Notwithstanding the termination of its activities as Master Servicer, each
terminated Master Servicer shall continue to be entitled to reimbursement to the extent provided in Section 5.08 to the extent such reimbursement relates to the period prior to such Master Servicer’s termination. 
  
 If any Master Servicer Event of Default shall occur, of which a Responsible
Officer of the Indenture Trustee has actual knowledge, the Indenture Trustee shall promptly notify each Rating Agency of the nature and extent of such Master Servicer Event of Default. The Trust Administrator or the Master Servicer shall immediately
give written notice to the Indenture Trustee upon the Master Servicer’s failure to remit Advances on the date specified herein. 
  
 (b) On and after the time the Master Servicer receives a notice of termination from the Indenture Trustee pursuant to Section 8.01(a) or the
Indenture Trustee receives the resignation of the Master Servicer evidenced by an Opinion of Counsel pursuant to Section 5.27, the Indenture Trustee, unless another master servicer shall have been appointed, shall be the successor in all
respects to the Master Servicer in its capacity as such under this Agreement and the transactions set forth or provided for herein and shall have all the rights and powers and be subject to all the responsibilities, duties and liabilities relating
thereto and arising thereafter placed on the Master Servicer hereunder, including the obligation to make Advances; provided,  

  

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however, that any failure to perform such duties or responsibilities caused by the Master Servicer’s failure to provide information required by
this Agreement shall not be considered a default by the Indenture Trustee hereunder. In addition, the Indenture Trustee shall have no responsibility for any act or omission of the Master Servicer prior to the issuance of any notice of termination
and shall have no liability relating to the representations and warranties of the Master Servicer set forth in Section 5.01. In the Indenture Trustee’s capacity as such successor, the Indenture Trustee shall have the same limitations on
liability herein granted to the Master Servicer. As compensation therefor, the Indenture Trustee shall be entitled to receive all compensation payable to the Master Servicer under this Agreement. 
  
 (c) Notwithstanding the above, the Indenture Trustee may, if it shall be
unwilling to continue to so act, or shall, if it is unable to so act, appoint, or petition a court of competent jurisdiction to appoint, any established housing and home finance institution servicer, master servicer, servicing or mortgage servicing
institution having a net worth of not less than $15,000,000 and meeting such other standards for a successor master servicer as are set forth in this Agreement, as the successor to such Master Servicer in the assumption of all of the
responsibilities, duties or liabilities of a master servicer, like the Master Servicer. Such successor Master Servicer may be an Affiliate of the Indenture Trustee; provided, however, that, unless such Affiliate meets the net worth
requirements and other standards set forth herein for a successor master servicer, the Indenture Trustee, in its individual capacity shall agree, at the time of such designation, to be and remain liable to the Issuer and the Indenture Trustee for
such Affiliate’s actions and omissions in performing its duties hereunder. In connection with such appointment and assumption, the Indenture Trustee may make such arrangements for the compensation of such successor out of payments on the
Mortgage Loans as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted to the Master Servicer hereunder. The Indenture Trustee and such successor shall take such actions,
consistent with this Agreement, as shall be necessary to effectuate any such succession and may make other arrangements with respect to the servicing to be conducted hereunder which are not inconsistent herewith. The Master Servicer shall cooperate
with the Indenture Trustee and any successor master servicer in effecting the termination of the Master Servicer’s responsibilities and rights hereunder including, without limitation, notifying Servicers of the assignment of the master
servicing functions and providing the Indenture Trustee and successor master servicer, as applicable, all documents and records in electronic or other form reasonably requested by it to enable it to assume the Master Servicer’s functions
hereunder and the transfer to the Indenture Trustee or such successor master servicer, as applicable, all amounts or investment property which shall at the time be or should have been deposited by the Master Servicer in the Collection Account and
any other account or fund maintained with respect to the Notes or thereafter be received with respect to the Mortgage Loans. Neither the Indenture Trustee nor any other successor master servicer shall be deemed to be in default hereunder by reason
of any failure to make, or any delay in making, any payment hereunder or any portion thereof caused by (i) the failure of the Master Servicer to deliver, or any delay in delivering, cash, documents or records to it, (ii) the failure of the
Master Servicer to cooperate as required by this Agreement, (iii) the failure of the Master Servicer to deliver the Mortgage Loan data to the Indenture Trustee as required by this Agreement or (iv) restrictions imposed by any regulatory
authority having jurisdiction over the Master Servicer. 
  

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 Section 8.02. Additional Remedies of Indenture Trustee Upon Event of Default. During the
continuance of any Master Servicer Event of Default, so long as such Master Servicer Event of Default shall not have been remedied, the Indenture Trustee, in addition to the rights specified in Section 8.01, shall have the right, in its own
name and as trustee of an express trust, to take all actions now or hereafter existing at law, in equity or by statute to enforce its rights and remedies and to protect the interests, and enforce the rights and remedies, of the Noteholders
(including the institution and prosecution of all judicial, administrative and other proceedings and the filings of proofs of claim and debt in connection therewith). Except as otherwise expressly provided in this Agreement, no remedy provided for
by this Agreement shall be exclusive of any other remedy, and each and every remedy shall be cumulative and in addition to any other remedy, and no delay or omission to exercise any right or remedy shall impair any such right or remedy or shall be
deemed to be a waiver of any Event of Default. 
  
 Section 8.03.
Waiver of Defaults. The Majority Noteholders may, on behalf of all Noteholders, waive any default or Master Servicer Event of Default by the Master Servicer in the performance of its obligations hereunder, except that a default in the making
of any required deposit to the Collection Account that would result in a failure of the Indenture Trustee to make any required payment of principal of or interest on the Notes may only be waived with the consent of 100% of the affected Noteholders.
Upon any such waiver of a past default, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other
default or impair any right consequent thereon except to the extent expressly so waived. 
  
 Section 8.04. Notification to Holders. Upon termination of the Master Servicer or appointment of a successor to the Master Servicer, in each case as provided herein, the Indenture Trustee shall promptly mail
notice thereof by first class mail to the Noteholders at their respective addresses appearing on the applicable Register. The Indenture Trustee shall also, within 45 days after the occurrence of any Master Servicer Event of Default known to the
Indenture Trustee, give written notice thereof to Noteholders, unless such Event of Default shall have been cured or waived prior to the issuance of such notice and within such 45-day period. 
  
 Section 8.05. Directions by Noteholders and Duties of Indenture Trustee
During Master Servicer Event of Default. During the continuance of any Master Servicer Event of Default, the Majority Noteholders may direct the time, method and place of conducting any proceeding for any remedy available to the Indenture
Trustee, or exercising any trust or power conferred upon the Indenture Trustee, under this Agreement; provided, however, that the Indenture Trustee shall be under no obligation to pursue any such remedy, or to exercise any of the trusts or
powers vested in it by this Agreement (including, without limitation, (i) the conducting or defending of any administrative action or litigation hereunder or in relation hereto and (ii) the terminating of the Master Servicer or any
successor master servicer from its rights and duties as master servicer hereunder) at the request, order or direction of any of the Noteholders, unless such Noteholders shall have offered to the Indenture Trustee reasonable security or indemnity
against the cost, expenses and liabilities which may be incurred therein or thereby; and, provided further, that, the Indenture Trustee shall have the right to decline to follow any such direction if the Indenture Trustee, in accordance with
an Opinion of Counsel, determines that the action or proceeding so directed may not lawfully be taken or if the Indenture Trustee in good faith determines that the 

  

 119 

 
action or proceeding so directed would involve it in personal liability for which it is not indemnified to its satisfaction or be unjustly prejudicial to the
non-assenting Noteholders. 
  
 Section 8.06. Action Upon
Certain Failures of the Master Servicer and Upon Master Servicer Event of Default. In the event that a Responsible Officer of the Indenture Trustee or the Trust Administrator shall have actual knowledge of any action or inaction of the Master
Servicer that would become a Master Servicer Event of Default upon the Master Servicer’s failure to remedy the same after notice, the Indenture Trustee or Trust Administrator, as applicable, shall give notice thereof to the Master Servicer.

  
 Section 8.07. Preparation of Reports. 
  
 (a) The Depositor shall prepare or cause to be prepared the initial current
report on Form 8-K. Thereafter, within 15 days after each Payment Date, the Trust Administrator shall, in accordance with industry standards customary for securities similar to the Notes as required by the Exchange Act and the rules and regulations
of the Securities and Exchange Commission (the “Commission”), file with the Commission via the Electronic Data Gathering and Retrieval System (EDGAR), a Form 8-K with a copy of the statement to the Noteholders for such Payment Date as an
exhibit thereto. Prior to January 30, 2006, the Trust Administrator shall, in accordance with industry standards applicable to the Notes, file a Form 15 Suspension Notification with respect to the Issuer, if applicable. Prior to March 31,
2006, and prior to March 31 in each succeeding year so long as a Form 15 Suspension Notification has not been filed for the prior calendar year, the Trust Administrator shall file (and the Master Servicer will execute) a Form 10-K, in substance
conforming to industry standards applicable to the Notes, with respect to the Issuer. The Form 10-K shall include the certification required pursuant to Rule 13a-14 under the Exchange Act, as amended (the “Form 10-K Certification,” which
Form 10-K Certification shall be signed by the Master Servicer). The Indenture Trustee and the Trust Administrator shall have no liability for any delay in filing the Form 10-K due to the failure of such party to timely sign the Form 10-K or Form
10-K Certification. The Depositor hereby grants to the Master Servicer and the Trust Administrator a limited power of attorney to execute and file each such document on behalf of the Depositor. Such power of attorney shall continue until either the
earlier of (i) receipt by the Master Servicer and the Trust Administrator from the Depositor of written termination of such power of attorney and (ii) the termination of the Issuer. The Depositor agrees to promptly furnish to the Trust
Administrator, from time to time upon request, such further information, reports, and financial statements within its control related to this Agreement and the Mortgage Loans as the Depositor reasonably deems appropriate to prepare and file all
necessary reports with the Commission. The Trust Administrator shall have no responsibility to file any items other than those specified in this section. 
  
 (b) Each person (including their officers or directors) that signs any Form 10-K Certification shall be entitled to indemnification from the Trust Estate
for any liability or expense incurred by it in connection with such certification, other than any liability or expense attributable to such Person’s own bad faith, negligence or willful misconduct. The provisions of this subsection shall
survive any termination of this Agreement and the resignation or removal of such Person. 
  

 120 

 (c) To the extent that, following the Closing Date, the contents of Forms 8-K, 10-K or other Forms
required by the Exchange Act and the Rules and Regulations of the Commission and the time by which such Forms are required to be filed, differs from the provisions of this Agreement, the parties hereto hereby agree that each shall reasonably
cooperate to amend the provisions of this Agreement (in accordance with Section 10.03) in order to comply with such amended reporting requirements and such amendment of this Agreement. Any such amendment may result in the reduction of the
reports filed by the Servicer under the Exchange Act. Notwithstanding the foregoing, neither the Master Servicer nor the Trust Administrator shall be obligated to enter into any amendment pursuant to this Section that adversely affects its
obligations and immunities under this Agreement. 
  
 ARTICLE IX

  
 TERMINATION 
  
 Section 9.01. Termination. The respective obligations and
responsibilities of the Master Servicer, the Trust Administrator, the Depositor, the Issuer, the Servicer, the Subservicer and the Indenture Trustee created hereby (other than obligations expressly stated to survive the termination of the Trust)
shall terminate on the day after the day on which the Notes are paid in full (including payment pursuant to Section 9.02 below) (the “Termination Date”). 
  
 Section 9.02. Termination Prior to Maturity Date; and Optional Redemption. On any Payment Date on which the Aggregate
Collateral Balance at the beginning of the Due Period related to that Payment Date is less than 20% of the sum of the Aggregate Collateral Balance as of the Closing Date, the Servicer acting directly or through one or more Affiliates, shall have the
option to purchase the Mortgage Loans, any REO Property and any other property remaining in the Trust for a price equal to the Redemption Price. The Master Servicer, the Servicer and the Subservicer will be reimbursed from the Redemption Price for
any outstanding Advances, Servicing Advances and unpaid Servicing Fees and other amounts not previously reimbursed pursuant to the provisions of this Agreement, as applicable, and the Trust Administrator, the Owner Trustee and the Indenture Trustee
shall be reimbursed for any previously unreimbursed amounts for which they are entitled to be reimbursed pursuant to this Agreement, the Indenture or the Trust Agreement, as applicable. If such option is exercised, the Trust will be terminated
resulting in a mandatory redemption of the Notes. The Servicer shall deliver written notice of its intention to exercise such option to the Issuer, the Trust Administrator, the Indenture Trustee and the Master Servicer not less than 15 days prior to
the applicable Payment Date. If the Servicer fails to exercise such option prior to the Stepup Date, the Interest Rate for each Class of Notes will be increased as set forth in the table in the Preliminary Statement herein beginning on the Stepup
Date and for each Payment Date thereafter. The Servicer shall deliver written notice of its intention to exercise such option to the Issuer, the Indenture Trustee and the Master Servicer not less than ten days prior to the applicable Payment Date.

  
 In connection with such purchase, the Servicer shall remit to
the Trust Administrator all amounts then on deposit in the Custodial Account in respect of the related Interest Funds and Principal Funds for deposit to the Collection Account, which deposit shall be deemed to have occurred immediately preceding
such purchase. 
  

 121 

 Promptly following any such purchase pursuant to paragraph (a) of this Section, the Indenture
Trustee or the applicable Custodian shall release the Mortgage Files to the purchaser of such Mortgage Loans pursuant to this Section 10.02, or otherwise upon its order. 
  
 Section 9.03. Certain Notices upon Final Payment. The Master Servicer or the Trust Administrator, as applicable,
shall give the Issuer, the Indenture Trustee, the Owner Trustee, each Rating Agency, each Noteholder and the Depositor at least 30 days’ prior written notice of the date on which the Trust is expected to terminate in accordance with
Section 9.01, or the date on which the Notes will be redeemed in accordance with Section 9.02. Not later than the fifth Business Day in the Due Period in which the final payment in respect to the Notes is payable to the Noteholders, the
Indenture Trustee shall mail to the Noteholders a notice specifying the procedures with respect to such final payment. The Trust Administrator on behalf of the Indenture Trustee shall give a copy of such notice to each Rating Agency at the time such
notice is given to Noteholders. Following the final payment thereon, such Notes shall become void, no longer outstanding and no longer evidence any right or interest in the Mortgage Loans, the Mortgage Files or any proceeds of the foregoing.

  
 Section 9.04. Beneficiaries. This Agreement will inure
to the benefit of and be binding upon the parties hereto, the Noteholders, and their respective successors and permitted assigns. No other Person will have any right or obligation hereunder. 
  
 ARTICLE X 
  
 MISCELLANEOUS PROVISIONS 
  
 Section 10.01. Binding Nature of Agreement; Assignment. This Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and permitted assigns. 
  
 Section
10.02. Entire Agreement. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements
and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the
terms hereof. 
  
 Section 10.03. Amendment. 
  
 (a) This Agreement may be amended from time to time by the parties hereto and
the Holder of the Ownership Certificate, without notice to or the consent of any of the Holders of the Notes, (i) to cure any ambiguity, (ii) to cause the provisions herein to conform to or be consistent with or in furtherance of the
statements made with respect to the Notes, the Trust or this Agreement in any Offering Document, or to correct or supplement any provision herein which may be inconsistent with any other provisions herein or in any other Operative Agreement, to make
any other provisions with respect to matters or questions arising under this Agreement, (iii) to make any other provision with respect to matters or questions arising under this Agreement or (iv) to add, delete, or amend any provisions to
the extent necessary or desirable to comply with 

  

 122 

 
any requirements imposed by the Code or ERISA and applicable regulations. No such amendment effected pursuant to the preceding sentence shall, as evidenced
by an Opinion of Counsel (which shall be an expense of the party requesting such amendment and shall not be an expense of the Trust), adversely affect the status of the Notes as debt for federal income tax purposes and will not result in an entity
level tax on the Trust nor shall such amendment effected pursuant to clause (iii) of such sentence adversely affect in any material respect the interests of any Holder. Prior to entering into any amendment without the consent of Holders
pursuant to this paragraph, the Indenture Trustee may require an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that such amendment is permitted under this paragraph. Any such amendment shall be deemed not
to adversely affect in any material respect any Holder, if the Indenture Trustee receives written confirmation from each Rating Agency that such amendment will not cause such Rating Agency to reduce the then current rating assigned to the Notes.

  
 (b) This Agreement may also be amended from time to time by
the parties hereto, with the consent of the Noteholders representing 662/3% Voting Interests for the purpose of
adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Holders; provided, however, that no such amendment may (i) reduce in any
manner the amount of, or delay the timing of, payments which are required to be paid on any Class of Notes without the consent of the Noteholders of such Class, (ii) reduce the aforesaid percentages of Class Principal Amount of Notes, the
Holders of which are required to consent to any such amendment without the consent of the Holders of 100% of the Class Principal Amount of the Notes or (iii) as evidenced by an Opinion of Counsel, result in an entity level tax on the Trust. For
purposes of this paragraph, references to “Holder” or “Holders” shall be deemed to include, in the case of Book-Entry Notes, the related Note Owners. 
  
 (c) Promptly after the execution of any such amendment, the Indenture Trustee shall furnish written notification of the
substance of such amendment to each Holder, the Depositor and to each Rating Agency. 
  
 (d) It shall not be necessary for the consent of Holders under this Section 10.03 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance
thereof. The manner of obtaining such consents and of evidencing the authorization of the execution thereof by Holders shall be subject to such reasonable regulations as the Indenture Trustee may prescribe. 
  
 Section 10.04. Acts of Noteholders. Except as otherwise specifically
provided herein, whenever Noteholder action, consent or approval is required under this Agreement, such action, consent or approval shall be deemed to have been taken or given on behalf of, and shall be binding upon, all Noteholders if the Majority
Noteholders agree to take such action or give such consent or approval. 
  
 Section 10.05. Recordation of Agreement. To the extent permitted by applicable law, this Agreement, or a memorandum thereof if permitted under applicable law, is subject to recordation in all appropriate public offices for real
property records in all of the counties or other comparable jurisdictions in which any or all of the properties subject to the Mortgages are 

  

 123 

 
situated, and in any other appropriate public recording office or elsewhere, such recordation to be effected by the Depositor on direction and at the expense
of Holders of not less than 66-2/3% of the Note Principal Balance of the Notes and of the Holder of the Ownership Certificate requesting such recordation, but only when accompanied by an Opinion of Counsel to the effect that such recordation
materially and beneficially affects the interests of the Noteholders, or is necessary for the administration or servicing of the Mortgage Loans. 
  
 Section 10.06. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND 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 WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK (OTHER THAN SECTION 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS
LAW WHICH SHALL APPLY HERETO). 
  
 Section 10.07. Notices.
All demands, notices and communications hereunder shall be in writing and shall be deemed to have been duly given if mailed by overnight courier, addressed as follows or delivered by facsimile (or such other address as may hereafter be furnished to
the other party by like notice): 
  

	 	(i)	if to the Seller: 

  
 New York Mortgage Funding, LLC 
 1301 Avenue
of the Americas 
 New York, NY 10019 
 Attention: Michael I. Wirth, Secretary 
 Telephone: (212) 634-9400 
 Facsimile: (212) 655-6269 
  
 with a copy to: 
  
 The New York Mortgage Company, LLC 
 1301
Avenue of the Americas 
 New York, NY 10019 
 Attention: Michael I. Wirth, Secretary 
 Telephone: (212) 634-9400 
 Facsimile: (212) 655-6269 
  

	 	(ii)	if to the Servicer: 

  
 NYMT Servicing Corporation 
 1301 Avenue of
the Americas 
 New York, NY 10019 
 Attention: Michael I. Wirth, Secretary 
 Telephone: (212) 634-9400 
 Facsimile: (212) 655-6269 
  

 124 

	 	(iii)	if to the Subservicer: 

  
 Cenlar FSB 
 P.O. Box 77400 
 425 Phillips Boulevard 
 Trenton, NJ 08628

 Telephone: (609) 883-3900 
  

	 	(iv)	if to the Master Servicer: 

  
 Wells Fargo Bank, N.A. 
 P.O. Box 98

 Columbia, Maryland 21046 
 (or
in the case of overnight deliveries, 
 9062 Old Annapolis Road 
 Columbia, Maryland 21045) 
 Attention: Client Manager NYMT 2005-3 
 Telephone : (410) 884-2000 
 Facsimile : (410) 715-2380 
  

	 	(v)	if to the Trust Administrator: 

  
 Wells Fargo Bank, N.A. 
 9062 Old Annapolis
Road 
 Columbia, Maryland 21045-1951 
 Attention: Client Manager NYMT 2005-3 
  

	 	(vi)	if to the Indenture Trustee: 

  
 U.S. Bank National Association 
 60 Livingston
Avenue 
 St. Paul, Minnesota 55107 
 Attention: Corporate Trust - NYMT 2005-3 
  

	 	(vii)	if to the Depositor: 

  
 NYMT Securities Corporation 
 1301 Avenue of
the Americas 
 New York, NY 10019 
 Attention: Michael I. Wirth, Secretary 
 Telephone: (212) 634-9400 
 Facsimile: 
  

	 	(viii)	if to the Issuer: 

  
 New York Mortgage Trust 2005-3 
 c/o
Wilmington Trust Company 
 Rodney Square North 
  

 125 

 1100 North Market Street 
 Wilmington, Delaware 19890 
 Attention: Corporate Trust Administration 
  

	 	(ix)	if to the Cap Counterparty: 

  
 The Royal Bank of Scotland plc 
 c/o RBS
Financial Markets, Level 4 
 135 Bishopsgate, London EC2M 3UR 
  
 All demands, notices and communications to a party hereunder shall be in writing and shall be deemed to have been duly given
when delivered to such party at the relevant address, facsimile number or electronic mail address set forth above or at such other address, facsimile number or electronic mail address as such party may designate from time to time by written notice
in accordance with this Section 10.07. 
  
 Section 10.08.
Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable
from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement or of the Notes or the rights of the Holders thereof. 
  
 Section 10.09. Indulgences; No Waivers. Neither the failure nor any
delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further
exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to
any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 
  
 Section 10.10. Headings Not To Affect Interpretation. The headings contained in this Agreement are for convenience of reference only, and they
shall not be used in the interpretation hereof. 
  
 Section 10.11.
Benefits of Agreement. Nothing in this Agreement or in the Notes, express or implied, shall give to any Person, other than the parties to this Agreement and their successors hereunder and the Holders of the Notes, any benefit or any legal or
equitable right, power, remedy or claim under this Agreement. Notwithstanding the foregoing, the Owner Trustee shall each be an express third-party beneficiary of this Agreement. 
  
 Section 10.12. Special Notices to the Rating Agencies. 
  
 (a) The Seller shall give prompt notice to each Rating Agency of the occurrence of any of the following events of which it
has notice: 
  
 (i) any amendment to this
Agreement pursuant to Section 10.03; and 
  

 126 

 (ii) the making of a final payment hereunder. 
  
 (b) All notices to the Rating Agencies provided for by this Section shall be
in writing and sent by first class mail, telecopy or overnight courier, as follows: 
  
 if to Moody’s: 
  
 Moody’s Investors Service,
Inc. 
 99 Church Street 
 New
York, New York 10004 
 Fax no.: (212) 553-4392 
  

if to S&P: 
  
 Standard & Poor’s Ratings Services, a division 
 of The McGraw-Hill Companies, Inc. 
 55 Water Street 
 New York, New York 10041 
 Fax no.:
(212) 438-2661 
  
 (c) The Trust Administrator shall make
available to the Rating Agencies each report prepared pursuant to Section 5.09. 
  
 Section 10.13. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, and all of which together shall constitute one and the same instrument.

  
 Section 10.14. Execution by the Issuer. It is expressly
understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority
conferred and vested in it as trustee, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by Wilmington Trust
Company but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either
expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto and (d) under no circumstances shall Wilmington Trust Company be
personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other
document. 
  

 127 

 IN WITNESS WHEREOF, the parties hereto have caused their names to be signed hereto by their respective
officers hereunto duly authorized as of the day and year first above written. 
  

			
	 NEW YORK MORTGAGE TRUST 2005-3,
 as Issuer

		
	By:	 	 WILMINGTON TRUST COMPANY,
 not in its individual capacity
but solely as Owner Trustee

		
	By:	 	/s/    MICHELE C. HARRIS        
	 Name:
	 	Michele C. Harris
	 Title:
	 	Financial Services Officer
	
	 NYMT SECURITIES CORPORATION,
 as
Depositor

		
	By:	 	/s/    DAVID A. AKRE        
	 Name:
	 	David A. Akre
	 Title:
	 	President
	
	U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
		
	By:	 	/s/    BECKY WARREN        
	 Name:
	 	Becky Warren
	 Title:
	 	Assistant Vice President
	
	 WELLS FARGO BANK, N.A.,
 as Trust
Administrator and Master Servicer

		
	By:	 	/s/    PETER A. GOBELL        
	 Name:
	 	Peter A. Gobell
	 Title:
	 	Vice President

  

 I-1 

			
	 NYMT SERVICING CORPORATION,
 as
Servicer

		
	By:	 	/s/    DAVID A. AKRE        
	 Name:
	 	David A. Akre
	 Title:
	 	President
	
	 CENLAR FSB, A FEDERAL SAVINGS BANK,
 as
Subservicer

		
	By:	 	/s/    GREGORY S.
TORNQUIST        
	 Name:
	 	Gregory S. Tornquist
	 Title:
	 	EVP and CFO
	
	 NEW YORK MORTGAGE FUNDING, LLC, as
 Seller

		
	By:	 	/s/    STEVEN SCHNALL        
	 Name:
	 	Steven Schnall
	 Title:
	 	Chief Executive Officer

  

 I-2 

					
	 STATE OF DELAWARE
	  	)	  	 
	 	  	)	  	ss.:
	 COUNTY OF NEW CASTLE
	  	)	  	 

  
 On this 20th day of December, 2005,
before me, personally appeared Michele C. Harra, known to me to be the Financial Services Officer of Wilmington Trust Company, a National Banking Assoc. that executed the within instrument, and also known to me to be the person who executed it on
behalf of said corporation, and acknowledged to me that such corporation executed the within instrument. 
  
 IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. 
  

	
	
	/s/    J. CHRISTOPHER
MURPHY        
	 Notary Public

  
 [NOTARIAL SEAL] 
  

 I-3 

					
	STATE OF NEW YORK	  	)	  	 
	 	  	:	  	ss.:
	CITY OF NEW YORK	  	)	  	 

  
 On this 14th day of
December, 2005, before me, personally appeared David A. Akre, known to me to be the President of NYMT Securities Corporation, a Delaware corporation that executed the within instrument and also known to me to be the person who executed it on behalf
of said corporation, and acknowledged to me that such corporation executed the within instrument. 
  
 IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. 
  

	
	
	/s/    MARC L. MILLS        
	 Notary Public

  
 [NOTARIAL SEAL] 
  

 I-4 

					
	STATE OF MINNESOTA	  	)	  	 
	 	  	:	  	ss.:
	COUNTY OF RAMSEY	  	)	  	 

  
 On this
     day of December 2005, before me, personally appeared Becky Warren, known to me to be the Assistant Vice President of U.S. Bank National Association, a national banking association that executed the within instrument
and also known to me to be the person who executed it on behalf of said corporation, and acknowledged to me that such corporation executed the within instrument. 
  
 IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first
above written. 
  

	
	
	/s/    TIFFANY M.
JEANSON        
	 Notary Public

  
 [NOTARIAL SEAL] 
  

 I-5 

					
	STATE OF MARYLAND	  	)	  	 
	 	  	:	  	ss.:
	COUNTY OF ANNE ARUNDEL	  	)	  	 

  
 On the 20th day of
December, 2005, before me, a Notary Public in and for said State, personally appeared Peter Gobell, known to me to be a Vice President of Wells Fargo Bank, National Association, one of the national banking associations that executed the within
instrument, and also known to me to be the person who executed it on behalf of said national banking association executed the within instrument. 
  
 IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. 
  

	
	
	/s/    JOANNE K.
STAHLING        
	 Notary Public

  
 [NOTARIAL SEAL] 
  

 I-6 

					
	STATE OF NEW YORK	  	)	  	 
	 	  	:	  	ss.:
	CITY OF NEW YORK	  	)	  	 

  
 On this 14th day of
December 2005, before me personally appeared David A. Akre, known to me to be the President of NYMT of Servicing Corporation, a Delaware corporation, that executed the within instrument and also known to me to be the person who executed it on behalf
of said corporation, and acknowledged to me that such corporation executed the within instrument. 
  
 IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. 
  

	
	
	/s/    MARC L. MILLS        
	 Notary Public

  
 [NOTARIAL SEAL] 
  

 I-7 

					
	STATE OF NEW JERSEY	  	)	  	 
	 	  	:	  	ss.:
	CITY OF Mercer	  	)	  	 

  
 On this 15th day of
December 2005 before me personally appeared Gregory S. Tornquist known to me to be the EVP and CFO of Cenlar FSB, a federal savings bank, that executed the within instrument and also known to me to be the person who executed it on behalf of said
savings bank, and acknowledged to me that such corporation executed the within instrument. 
  
 IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. 
  

	
	
	/s/    JOAN M. HERAS        
	 Notary Public

  
 [NOTARIAL SEAL] 
  

 I-1 

					
	STATE OF NEW YORK	  	)	  	 
	 	  	:	  	ss.:
	CITY OF NEW YORK	  	)	  	 

  
 On this 14th day of
December, 2005, before me personally appeared Steven B. Schnall, known to me to be the Chief Executive Officer of The New York Mortgage Funding, LLC, a Delaware limited liability company that executed the within instrument and also known to me to be
the person who executed it on behalf of said limited liability company, and acknowledged to me that such corporation executed the within instrument. 
  
 IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. 
  

	
	
	/s/    MARC L. MILLS        
	 Notary Public

  
 [NOTARIAL SEAL] 

 EXHIBIT A-1 
  
 FORM OF INITIAL CERTIFICATION 
  
 ______________ 
 Date 
  
 U.S. Bank National Association 
 60 Livingston Avenue 
 St. Paul, Minnesota 55107 
  
 NYMT Securities Corporation 
 1301 Avenue of the Americas 
 New York, NY 10019 
 Attention: Michael I. Wirth, Secretary 
  

	 	Re:	Transfer and Servicing Agreement (the “Transfer and Servicing Agreement”) dated as of December 1, 2005 by and among NYMT Securities Corporation, as Depositor, U.S.
Bank National Association, as Indenture Trustee, Wells Fargo Bank, N.A., as Trust Administrator and Master Servicer, New York Mortgage Trust 2005-3, as Issuer, NYMT Servicing Corporation, as Servicer, Cenlar FSB, as Subservicer, and New York
Mortgage Funding, LLC, as Seller 

  
 Ladies and Gentlemen:

  
 In accordance with Section 2.02(a) of the Transfer and
Servicing Agreement, subject to review of the contents thereof, the undersigned, as Custodian, hereby certifies that it has received the documents listed in Section 2.0 1(b) of the Transfer and Servicing Agreement for each Mortgage File
pertaining to each Mortgage Loan listed on Schedule A, to the Transfer and Servicing Agreement, subject to any exceptions noted on Schedule I hereto. 
  
 Capitalized words and phrases used herein and not otherwise defined herein shall have the respective meanings assigned to them in the Transfer and Servicing Agreement.
This certificate is subject in all respects to the terms of Section 2.02 of the Transfer and Servicing Agreement and the sections cross-referenced therein. 
  

			
	[Custodian]
		
	By:	 	 
	 	 	Name:
	 	 	Title:

  

 A-1 

 EXHIBIT A-2 
  
 FORM OF INTERIM CERTIFICATION 
  
 ____________ 
 Date 
  
 U.S. Bank National Association 
 60 Livingston Avenue 
 St. Paul, Minnesota 55107 
  
 NYMT Securities Corporation 
 1301 Avenue of the Americas 
 New York, NY 10019 
 Attention: Michael I. Wirth, Secretary 
  

	 	Re:	Transfer and Servicing Agreement (the “Transfer and Servicing Agreement”) dated as of December 1, 2005 by and among NYMT Securities Corporation, as Depositor, U.S.
Bank National Association, as Indenture Trustee, Wells Fargo Bank, N.A., as Trust Administrator and Master Servicer, New York Mortgage Trust 2005-3, as Issuer, NYMT Servicing Corporation, as Servicer, Cenlar FSB, as Subservicer, and New York
Mortgage Funding, LLC, as Seller 

  
 Ladies and Gentlemen: 
  
 In accordance with
Section 2.02(b) of the Transfer and Servicing Agreement, the undersigned, as Custodian, hereby certifies that as to each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or listed on Schedule I
hereto) it (or its custodian) has received the applicable documents listed in Section 2.01(b) of the Transfer and Servicing Agreement. 
  
 The undersigned hereby certifies that as to each Mortgage Loan identified on the Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
hereto, it has reviewed the documents identified above and has determined that each such document appears regular on its face and appears to relate to the Mortgage Loan identified in such document. 
  
 Capitalized words and phrases used herein shall have the respective meanings
assigned to them in the Transfer and Servicing Agreement. This certificate is qualified in all respects by the terms of said Transfer and Servicing Agreement including, but not limited to, Section 2.02(b). 
  

			
	[Custodian]
		
	By:	 	 
	 	 	Name:
	 	 	Title:

  

 A-2-1 

 EXHIBIT A-3 
  
 FORM OF FINAL CERTIFICATION 
  
 ____________ 
 Date 
  
 U.S. Bank National Association 
 60 Livingston Avenue 
 St. Paul, Minnesota 55107 
  
 NYMT Securities Corporation 
 1301 Avenue of the Americas 
 New York, NY 10019 
 Attention: Michael I. Wirth, Secretary 
 Attention: 
  

	 	Re:	Transfer and Servicing Agreement (the “Transfer and Servicing Agreement”) dated as of December 1, 2005 by and among NYMT Securities Corporation, as Depositor, U.S.
Bank National Association, as Indenture Trustee, Wells Fargo Bank, N.A., as Trust Administrator and Master Servicer, New York Mortgage Trust 2005-3, as Issuer, NYMT Servicing Corporation, as Servicer, Cenlar fsb, as Subservicer, and New York
Mortgage Funding, LLC, as Seller 

  
 Ladies and Gentlemen: 
  
 In accordance with
Section 2.02(d) of the Transfer and Servicing Agreement, the undersigned, as Custodian on behalf of the Indenture Trustee, hereby certifies that as to each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in
full or listed on Schedule I hereto) it (or its custodian) has received the applicable documents listed in Section 2.01(b) of the Transfer and Servicing Agreement. 
  
 The undersigned hereby certifies that as to each Mortgage Loan identified on the Mortgage Loan Schedule, other than any
Mortgage Loan listed on Schedule I hereto, it has reviewed the documents listed above and has determined that each such document appears to be complete and, based on an examination of such documents, the information set forth in the Mortgage Loan
Schedule is correct. 
  
 Capitalized words and phrases used herein
shall have the respective meanings assigned to them in the Transfer and Servicing Agreement. This certificate is qualified in all respects by the terms of said Transfer and Servicing Agreement. 
  

			
	[Custodian]
		
	By:	 	 
	 	 	Name:
	 	 	Title:

  

 A-3-1 

 EXHIBIT A-4 
  
 FORM OF ENDORSEMENT 
  
 Pay to the order of U.S. Bank National Association, as indenture trustee (the “Indenture Trustee”) under the Transfer and Servicing Agreement
dated as of December 1, 2005 by and among NYMT Securities Corporation, as Depositor, the Indenture Trustee, Wells Fargo Bank, N.A., as Trust Administrator and Master Servicer, New York Mortgage Trust 2005-3, as Issuer, NYMT Servicing
Corporation, as Servicer, Cenlar FSB, as Subservicer, and New York Mortgage Funding, LLC, as Seller, relating to New York Mortgage Trust 2005-3 Mortgage-Backed Notes, without recourse. 
  

			
	 
	[current signatory on note]
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

 A-4-1 

 EXHIBIT B-1 
  
 FORM OF CAP AGREEMENT 
  

 B-1-1 

 EXHIBIT B-2 
  
 [RESERVED] 
  

 B-2-1 

 EXHIBIT C 
  

FORM OF LOST NOTE AFFIDAVIT 
  
 I,
                                        ,
being duly sworn, do hereby state under oath that: 
  

	1.	I, as                      of
                     (the “Company”), am authorized to make this Affidavit on behalf of the Company. 

  

	2.	The Company received the following described mortgage note (the “Note”): 

 Loan No.: 
 Borrower(s): 
 Original Principal Amount: 
 from the Borrower(s) to secure a Deed of Trust/Mortgage (the “Deed of
Trust/Mortgage”) dated                      from the Borrower(s) to the Company. 
  

	3.	The Company represents and warrants that it has not canceled, altered, assigned, or hypothecated the Note. 

  

	4.	The original Note, a true and correct copy of which is attached hereto, was not located after a thorough and diligent search, and based thereon, the Company declares the Note lost.

  

	5.	This Affidavit is intended to be relied on by the Indenture Trustee and its successors and assigns. 

  

	6.	The Company has assigned all of its right, title and interest in the Note and the Deed of Trust/Mortgage to the Indenture Trustee and agrees immediately and without further
consideration to surrender the original Note to the Indenture Trustee or its successor and assigns if such original Note ever comes into the Company’s possession, custody, or power. 

  

	7.	The Company further agrees to indemnify and hold harmless the Indenture Trustee and its successors and assigns from any and all loss, liability, costs, damages, reasonable
attorneys’ fees and expenses without limitation in connection with or arising out of the representations, warranties, and agreements made in this Affidavit and any claim of any nature made by any entity with respect to the Note.

  

	8.	The Company agrees and acknowledges that this Affidavit may be presented as evidence of the Note, whether in any proceeding or action with respect thereto or otherwise, and hereby
authorizes such use of this Affidavit. 

  

	9.	The representations, warranties, and agreements herein shall bind the undersigned and its successors and assigns, and shall inure to the benefit of the Indenture Trustee and its
successors and assigns. 

  

 C-1 

 EXECUTED THIS              day of
                    , 200   on behalf
of                     
  

			
	 
		
	 By:
	 	 
	 Its:
	 	 

  

					
	STATE OF_______________________	  	)	  	 
	 	  	)	  	ss:
	COUNTY OF______________________	  	)	  	 

  
 On the
             day of                     ,
200    , before me,                     , a notary public in and for said State, personally appeared
                                        
personally known to me (or proved to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity, and that by
his/her signature on the instrument, the person, or the entity upon behalf of which the person acted, executed the instrument. 
  
 WITNESS my hand and official seal. 
  

			
	 
	 Notary Public

  
 My Commission Expires:

  

 C-2 

 EXHIBIT D 
  

CUSTODIAL AGREEMENT 
  

 D-1 

 EXHIBIT E 
  

CUSTODIAL ACCOUNT LETTER AGREEMENT 
  
                                       
   
  

	To:	_________________________ 

 _________________________

 _________________________ 
 (the “Depository”) 
  
 As Subservicer under the
Transfer and Servicing Agreement dated as of December 1, 2005 by and among NYMT Securities Corporation, as Depositor, you, as Indenture Trustee, Wells Fargo Bank, N.A., as Trust Administrator and Master Servicer, New York Mortgage Trust 2005-3,
as Issuer, NYMT Servicing Corporation, as Servicer, Cenlar FSB, as Subservicer and New York Mortgage Funding, LLC, as Seller (the “Transfer and Servicing Agreement”), we hereby authorize and request you to establish an account as a
Custodial Account pursuant to Section 3.03 of the Transfer and Servicing Agreement, designated as “Wells Fargo Bank, N.A. in trust for U.S. Bank National Association, as Indenture Trustee for the New York Mortgage Trust 2005-3.” All
deposits in the account shall be subject to withdrawal therefrom by order signed by the Subservicer. This letter is submitted to you in duplicate. Please execute and return one original to us. 
  

			
	 Cenlar FSB, a federal savings bank Subservicer

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

	 	 	 Date:

  
 The undersigned,
as Depository, hereby certifies that the above described account has been established under Account Number                     , at the office
of the Depository indicated above, and agrees to honor withdrawals on such account as provided above. 
  

			
	 
	Depository
		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

	 	 	 Date:

  

 E-1 

 EXHIBIT F 
  

ESCROW ACCOUNT LETTER AGREEMENT 
  
                                       
  ,          
  

	To:	_____________________ 

 _____________________ 

_____________________ 
 (the
“Depository”) 
  
 As Subservicer under the Transfer and
Servicing Agreement dated as of December 1, 2005 by and among NYMT Securities Corporation, as Depositor, you, as Indenture Trustee, Wells Fargo Bank, N.A., as Trust Administrator and Master Servicer, New York Mortgage Trust 2005-3, as Issuer,
NYMT Servicing Corporation, as Servicer, Cenlar FSB, as Subservicer and New York Mortgage Funding, LLC, as Seller (the “Transfer and Servicing Agreement”), we hereby authorize and request you to establish an account, as an Escrow Account
pursuant to Section 3.05 of the Transfer and Servicing Agreement, to be designated as “Wells Fargo Bank, N.A. in trust for U.S. Bank National Association, as Indenture Trustee for the New York Mortgage Trust 2005-3.” All deposits in
the account shall be subject to withdrawal therefrom by order signed by the Subservicer. This letter is submitted to you in duplicate. Please execute and return one original to us. 
  

			
	 Cenlar FSB, a federal savings bank,
     Subservicer

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

	 	 	 Date:

  

 F-1 

 The undersigned, as Depository, hereby certifies that the above described account has been established
under Account Number             , at the office of the Depository indicated above, and agrees to honor withdrawals on such account as provided above. 
  

			
	 
	Depository
		
	 By:
	 	 
		
	 Name:
	 	 
		
	 Title:
	 	 
		
	 Date:
	 	 

  

 F-2 

 EXHIBIT G-1 
  
 FORM OF MONTHLY REMITTANCE ADVICE 
  
 Exhibit 1: Standard File Layout – Scheduled/Scheduled 
  

							
	 Column Name

	  	 Description

	  	Decimal

	  	 Format Comment

	LOAN_NBR	  	Loan Number assigned by investor	  	 	  	Text up to 10 digits
	SERVICER LOAN_NBR	  	Servicer Loan Number	  	 	  	Text up to 10 digits
	BORROWER_NAME	  	Mortgagor name assigned to Note	  	 	  	Max length of 30
	SCHED_PMT_AMT	  	P&I constant	  	2	  	No commas(,) or dollar signs ($)
	NOTE_INT_RATE	  	Gross Interest Rate	  	4	  	Max length of 6
	NET_RATE	  	Gross Interest Rate less the Service Fee Rate	  	4	  	Max length of 6
	SERV_FEE_RATE	  	Service Fee Rate	  	4	  	Max length of 6
	NEW_PAY_AMT	  	ARM loan’s forecasted P&I constant	  	2	  	No commas(,) or dollar signs ($)
	NEW_LOAN_RATE	  	ARM loan’s forecasted Gross Interest Rate	  	4	  	Max length of 6
	ARM_INDEX_RATE	  	ARM loan’s index Rate used	  	4	  	Max length of 6
	ACTL_BEG_BAL	  	Beginning Actual Balance	  	2	  	No commas(,) or dollar signs ($)
	ACTL_END_BAL	  	Ending Actual Balance	  	2	  	No commas(,) or dollar signs ($)
	NEXT_DUE_DATE	  	Borrower’s next due date	  	 	  	MM/DD/YYYY
	CURT_AMT_1	  	Curtailment Amount	  	2	  	No commas(,) or dollar signs ($)
	CURT_DATE_1	  	Due date Curtailment was applied to	  	 	  	MM/DD/YYYY
	CURT_ADJ_ AMT_1	  	Curtailment Interest if applicable	  	2	  	No commas(,) or dollar signs ($)
	CURT_AMT_2	  	Curtailment Amount 2	  	2	  	No commas(,) or dollar signs ($)
	CURT_DATE_2	  	Due date Curtailment was applied to	  	 	  	MM/DD/YYYY
	CURT_ADJ_ AMT2	  	Curtailment Interest if applicable	  	2	  	No commas(,) or dollar signs ($)
	CURT_AMT_3	  	Curtailment Amount 3	  	2	  	No commas(,) or dollar signs ($)
	CURT_DATE_3	  	Due date Curtailment was applied to	  	 	  	MM/DD/YYYY
	CURT_ADJ_AMT3	  	Curtailment Interest, if applicable	  	2	  	No commas(,) or dollar signs ($)
	SCHED_BEG_BAL	  	Beginning Scheduled Balance	  	2	  	No commas(,) or dollar signs ($)
	SCHED_END_BAL	  	Ending Scheduled Balance	  	2	  	No commas(,) or dollar signs ($)
	SCHED_PRIN_AMT	  	Scheduled Principal portion of P&I	  	2	  	No commas(,) or dollar signs ($)
	SCHED_NET_INT	  	Scheduled Net Interest (less Service Fee) portion of P&I	  	2	  	No commas(,) or dollar signs ($)
	LIQ_AMT	  	Liquidation Principal Amt to bring balance to zero	  	2	  	No commas(,) or dollar signs ($)
	PIF_DATE	  	Liquidation Date	  	 	  	MM/DD/YYYY
	ACTION_CODE	  	Either 60 for liquidation or 65 for Repurchase	  	 	  	Max length of 2
	PRIN_ADJ_AMT	  	Principal Adjustments made to loan, if applicable	  	2	  	No commas(,) or dollar signs ($)
	INT_ADJ_AMT	  	Interest Adjustment made to loan, if applicable	  	2	  	No commas(,) or dollar signs ($)

  

 G-2-1 

							
	PREPAYMENT PENALTY AMT	  	Prepayment penalty amount, if applicable	  	2	  	No commas(,) or dollar signs ($)
	SOILDER_SAILOR ADJ AMT	  	Soldier and Sailor Adjustment amount, if applicable	  	2	  	No commas(,) or dollar signs ($)
	NON ADV LOAN AMT	  	Non Recoverable Loan Amount, if applicable	  	2	  	No commas(,) or dollar signs ($)

  

 G-2-2 

 EXHIBIT G-2 
  
 STANDARD LAYOUT FOR MONTHLY DEFAULTED LOAN REPORT 
  

	1.	Deal Identifier by Loan 

  

	2.	SBO Loan Number 

  

	3.	Loan Number 

  

	4.	Investor Loan Number 

  

	5.	Street Address 

  

	6.	City 

  

	7.	State 

  

	8.	Zip Code 

  

	9.	Original Loan Amount 

  

	10.	Origination Date 

  

	11.	First Payment Date 

  

	12.	Current Loan Amount 

  

	13.	Current Interest Rate 

  

	14.	Current P&I Payment Amount 

  

	15.	[Reserved] 

  

	16.	[Reserved] 

  

	17.	Next Rate Adjustment Date 

  

	18.	Next Payment Adjustment Date 

  

	19.	Loan Term 

  

	20.	Loan Type 

  

	21.	[Reserved] 

  

	22.	Product Type 

  

	23.	Property Type 

  

	24.	Ownership Code 

  

	25.	Actual Due Date 

  

	26.	Delinquency Status 

  

	27.	[Reserved] 

  

	28.	FC Flag 

  

	29.	Date Loan Reinstated 

  

	30.	FC Suspended Date 

  

	31.	Reason Suspended 

  

	32.	FC Start Date (referral date) 

  

	33.	Actual Notice of Intent Date 

  

	34.	Actual First Legal Date 

  

	35.	[Reserved] 

  

	36.	Date F/C Sale Scheduled 

  

	37.	Foreclosure Actual Sale Date 

  

	38.	Actual Redemption End Date 

  

	39.	Occupancy Status 

  

	40.	Occupancy Status Date 

  

	41.	Actual Eviction Start Date 

  

	42.	Actual Eviction Complete Date 

  

	43.	Loss Mit Workstation Status 

  

 G-2-1 

	44.	Loss Mit Flag 

  

	45.	Loss Mit Type 

  

	46.	Loss Mit Start Date 

  

	47.	Loss Mit Approval Date 

  

	48.	Loss Mit Removal Date 

  

	49.	REO Flag 

  

	50.	Actual REO Start Date 

  

	51.	REO List Date 

  

	52.	REO List Price 

  

	53.	Date REO Offer Received 

  

	54.	Date REO Offer Accepted 

  

	55.	REO Scheduled Close Date 

  

	56.	REO Actual Closing Date 

  

	57.	REO Net Sales proceeds 

  

	58.	REO Sales Price 

  

	59.	Paid Off Code 

  

	60.	Paid in Full Date 

  

	61.	MI Certificate Number 

  

	62.	[Reserved] 

  

	63.	[Reserved] 

  

	64.	[Reserved] 

  

	65.	[Reserved] 

  

	66.	[Reserved] 

  

	67.	[Reserved] 

  

	68.	[Reserved] 

  

	69.	[Reserved] 

  

	70.	[Reserved] 

  

	71.	[Reserved] 

  

	72.	Actual Claim Filed Date 

  

	73.	Actual Claim Amount Filed 

  

	74.	Claim Amount Paid 

  

	75.	Claim Funds Received Date 

  

	76.	Realized Gain or Loss 

  

	77.	BK Flag 

  

	78.	Bankruptcy Chapter 

  

	79.	Actual Bankruptcy Start Date 

  

	80.	Actual Payment Plan Start Date 

  

	81.	Actual Payment Plan End Date 

  

	82.	Date POC Filed 

  

	83.	Date Filed Relief/Dismissal 

  

	84.	Relief/Dismissal Hearing Date 

  

	85.	Date Relief/Dismissal Granted 

  

	86.	Post Petition Due Date 

  

	87.	Prepayment Flag 

  

	88.	Prepayment Waived 

  

	89.	Prepayment Premium Collected 

  

 G-2-2 

	90.	Partial Prepayment Amount Collected 

  

	91.	Prepayment Expiration Date 

  

	92.	Origination Value Date 

  

	93.	Origination Value Source 

  

	94.	Original Value Amount 

  

	95.	FC Valuation Amount 

  

	96.	FC Valuation Source 

  

	97.	FC Valuation Date 

  

	98.	REO Value Source 

  

	99.	REO Value(As-is) 

  

	100.	REO Repaired Value 

  

	101.	REO Value Date 

  

	102.	Investor/Security Billing Date Sent 

  
 Table: Delinquency 
  

					
	 Name

	  	 Type

	  	Max Character Size

	Servicer Loan #	  	Number	  	10
	Investor Loan #	  	Number	  	10
	Servicer Investor #	  	Text	  	3
	Borrower Name	  	Text	  	20
	Address	  	Text	  	30
	State	  	Text	  	2
	Zip	  	Text	  	5
	Due Date	  	Date/Time	  	8
	Loan Type	  	Text	  	8
	BK Filed Date	  	Date/Time	  	8
	BK Chapter	  	Text	  	6
	BK Case Number	  	Text	  	30 Maximum
	Post Petition Due	  	Date/Time	  	8
	Motion for Relief	  	Date/Time	  	8
	Lift of Stay	  	Date/Time	  	8
	BK Discharge/Dismissal Date	  	Date/Time	  	8
	Loss Mit Approval Date	  	Date/Time	  	8
	Loss Mit Type	  	Text	  	5
	Loss Mit Code	  	Number	  	2
	Loss Mit Estimated Completion Date	  	Date/Time	  	8
	Loss Mit Actual Completion Date	  	Date/Time	  	8
	FC Approval Date	  	Date/Time	  	8
	File Referred to Attorney	  	Date/Time	  	8
	NOD	  	Date/Time	  	8
	Complaint Filed	  	Date/Time	  	8
	Scheduled Sale Date	  	Date/Time	  	8
	Actual Sale Date	  	Date/Time	  	8
	F/C Sale Amount	  	Currency	  	8
	Eviction Start Date	  	Date/Time	  	8

  

 G-2-3 

					
	Eviction Completed Date	  	Date/Time	  	8
	List Price	  	Currency	  	8
	List Date	  	Date/Time	  	8
	Accepted Offer Price	  	Currency	  	8
	Accepted Offer Date	  	Date/Time	  	8
	Estimated REO Closing Date	  	Date/Time	  	8
	Actual REO Sale Date	  	Date/Time	  	8
	Occupant Code	  	Text	  	10
	Property Condition Code	  	Text	  	2
	Property Inspection Date	  	Date/Time	  	8
	Property Value Date	  	Date/Time	  	8
	Current Property Value	  	Currency	  	8
	Repaired Property Value	  	Currency	  	8
	Current LTV	  	Currency	  	8
	FNMA Delinquent Status Code	  	Text	  	2
	FNMA Delinquent Reason Code	  	Text	  	3
			
	 If applicable:
	  	 	  	 
	MI Cancellation Date	  	Date/Time	  	8
	MI Claim Filed Date	  	Date/Time	  	8
	MI Claim Amount	  	Currency	  	8
	MI Claim Reject Date	  	Date/Time	  	8
	MI Claim Resubmit Date	  	Date/Time	  	8
	MI Claim Paid Date	  	Date/Time	  	8
	MI Claim Amount Paid	  	Currency	  	8
	Pool Claim Filed Date	  	Date/Time	  	8
	Pool Claim Amount	  	Currency	  	8
	Pool Claim Reject Date	  	Date/Time	  	8
	Pool Claim Paid Date	  	Date/Time	  	8
	Pool Claim Amount Paid	  	Currency	  	8
	Pool Claim Resubmit Date	  	Date/Time	  	8
	FHA Part A Claim Filed Date	  	Date/Time	  	8
	FHA Part A Claim Amount	  	Currency	  	8
	FHA Part A Claim Paid Date	  	Date/Time	  	8
	FHA Part A Claim Paid Amount	  	Currency	  	8
	FHA Part B Claim Filed Date	  	Date/Time	  	8
	FHA Part B Claim Amount	  	Currency	  	8
	FHA Part B Claim Paid Date	  	Date/Time	  	8
	FHA Part B Claim Paid Amount	  	Currency	  	8
	VA Claim Filed Date	  	Date/Time	  	8
	VA Claim Paid Date	  	Date/Time	  	8
	VA Claim Paid Amount	  	Currency	  	8

  
 The Loss Mit Type
field should show the approved Loss Mitigation arrangement. The following are acceptable: 
  

			
	 •      ASUM-
	  	 Approved Assumption

  

 G-2-4 

			
	 •      BAP-
	  	 Borrower Assistance Program

		
	 •      CO-
	  	 Charge Off

		
	 •      DIL-
	  	 Deed-in-Lieu

		
	 •      FFA-
	  	 Formal Forbearance Agreement

		
	 •      MOD-
	  	 Loan Modification

		
	 •      PRE-
	  	 Pre-Sale

		
	 •      SS-
	  	 Short Sale

		
	 •      MISC-
	  	 Anything else approved by the PMI or Pool Insurer

  
 [Master Servicer and
Trust Administrator] will accept alternative Loss Mitigation Types to those above, provided that they are consistent with industry standards. If Loss Mitigation Types other than those above are used, the Servicer must supply [Master Servicer and
Trust Administrator] with a description of each of the Loss Mitigation Types prior to sending the file. 
  

 G-2-5 

 The Occupant Code field should show the current status of the property. The acceptable codes are:

  

	 	•	 	Mortgagor 

  

	 	•	 	Tenant 

  

	 	•	 	Unknown 

  

	 	•	 	Vacant 

  
 The Property Condition field should show the last reported condition of the property. The acceptable codes are: 
  

	 	•	 	Damaged 

  

	 	•	 	Excellent 

  

	 	•	 	Fair 

  

	 	•	 	Gone 

  

	 	•	 	Good 

  

	 	•	 	Poor 

  

	 	•	 	Special Hazard 

  

	 	•	 	Unknown 

  
 The FNMA Delinquent Reason Code field should show the Reason for Default. The following FNMA Delinquency Reason Codes to be used are below. 
  

			
	Delinquency Code

	  	 Delinquency Description

	001	  	 FNMA-Death of principal mortgagor

	002	  	 FNMA-Illness of principal mortgagor

	003	  	 FNMA-Illness of mortgagor’s family member

	004	  	 FNMA-Death of mortgagor’s family member

	005	  	 FNMA-Marital difficulties

	006	  	 FNMA-Curtailment of income

	007	  	 FNMA-Excessive Obligation

	008	  	 FNMA-Abandonment of property

	009	  	 FNMA-Distant employee transfer

	011	  	 FNMA-Property problem

	012	  	 FNMA-Inability to sell property

	013	  	 FNMA-Inability to rent property

	014	  	 FNMA-Military Service

	015	  	 FNMA-Other

	016	  	 FNMA-Unemployment

	017	  	 FNMA-Business failure

	019	  	 FNMA-Casualty loss

	022	  	 FNMA-Energy environment costs

  

 G-2-6 

			
	023	  	 FNMA-Servicing problems

		
	026	  	 FNMA-Payment adjustment

		
	027	  	 FNMA-Payment dispute

		
	029	  	 FNMA-Transfer of ownership pending

		
	030	  	 FNMA-Fraud

		
	031	  	 FNMA-Unable to contact borrower

		
	INC	  	 FNMA-Incarceration

  
 The FNMA Delinquent
Status Code field should show the Status of Default. The following FNMA Delinquency Status Codes to be used are below. 
  

			
	Status Code

	  	 Status Description

	09.	  	 Forbearance

	17	  	 Pre-foreclosure Sale Closing Plan Accepted

	24	  	 Government Seizure

	26	  	 Refinance

	27	  	 Assumption

	28	  	 Modification

	29	  	 Charge-Off

	30	  	 Third Party Sale

	31	  	 Probate

	32	  	 Military Indulgence

	43	  	 Foreclosure Started

	44	  	 Deed-in-Lieu Started

	49	  	 Assignment Completed

	61	  	 Second Lien Considerations

	62	  	 Veteran’s Affairs-No Bid

	63	  	 Veteran’s Affairs-Refund

	64	  	 Veteran’s Affairs-Buydown

	65	  	 Chapter 7 Bankruptcy

	66	  	 Chapter 11 Bankruptcy

	67	  	 Chapter 13 Bankruptcy

  

 G-2-7 

 EXHIBIT G-3 
  
 FORM 332 REALIZED LOSS REPORT 
  

WELLS FARGO BANK, N.A. 
  
 Purpose 
  
 To provide the Servicer with a form for the calculation of any Realized Loss (or gain) as a result of a Mortgage Loan having been foreclosed and
Liquidated. 
  
 Distribution 

 
 The Servicer will prepare the form in duplicate and send the original
together with evidence of conveyance of title and appropriate supporting documentation to the Master Servicer with the Monthly Accounting Reports which supports the Mortgage Loan’s removal from the Mortgage Loan Activity Report. The Servicer
will retain the duplicate for its own records. 
  
 Due Date 
  
 With respect to any liquidated
Mortgage Loan, the form will be submitted to the Master Servicer no later than the date on which statements are due to the Master Servicer under Section 4.02 of this Agreement (the “Statement Date”) in the month following receipt of
final liquidation proceeds and supporting documentation relating to such liquidated Mortgage Loan; provided, that if such Statement Date is not at least 30 days after receipt of final liquidation proceeds and supporting documentation relating to
such liquidated Mortgage Loan, then the form will be submitted on the first Statement Date occurring after the 30th day following receipt of final liquidation proceeds and supporting documentation. 
  
 Preparation Instructions 
  
 The numbers on the form correspond with the numbers listed below.

  

	1.	The actual Unpaid Principal Balance of the Mortgage Loan. 

  

	2.	The Total Interest Due less the aggregate amount of servicing fee that would have been earned if all delinquent payments had been made as agreed. 

  

	3-7.	Complete as necessary. All line entries must be supported by copies of appropriate statements, vouchers, receipts, canceled checks, etc., to document the expense. Entries not
properly documented will not be reimbursed to the Servicer. 

  

	8.	Accrued Servicing Fees based upon the Stated Principal Balance of the Mortgage Loan as calculated on a monthly basis. 

  

	10.	The total of lines 1 through 9. 

  

 G-3-1 

 Credits 
  

			
	 11-17.
	 	Complete as necessary. All line entries must be supported by copies of the appropriate claims forms, statements, payment checks, etc. to document the credit. If the Mortgage Loan is subject
to a Bankruptcy Deficiency, the difference between the Unpaid Principal Balance of the Note prior to the Bankruptcy Deficiency and the Unpaid Principal Balance as reduced by the Bankruptcy Deficiency should be input on line 16.
	 18.    
	 	The total of lines 11 through 17.

  
 Total Realized Loss (or Amount of Any Gain) 
  
 19. THE TOTAL DERIVED FROM SUBTRACTING LINE 18 FROM 10. IF THE AMOUNT REPRESENTS A REALIZED GAIN, SHOW THE AMOUNT IN PARENTHESIS
(                                         ).

  

 G-3-2 

 WELLS FARGO BANK, N.A. 
 CALCULATION OF REALIZED LOSS 
  

	                                       
                     [                   
                     ]    	Trust:
                                        
                                        

  
                 Prepared by:
                                        
                            Date:          
                               
  
                 Phone:
                                        
                             
  

					
	 Servicer Loan No.
	  	 Servicer Name
	  	 Servicer Address

  
 [Master Servicer and
Trust Administrator] 
  
 Loan No.
                                        
                         
  
 Borrower’s Name: 
  
 Property 
  
 Address: 
  

					
	 Liquidation and Acquisition Expenses:
	  	 	 	 
	 Actual Unpaid Principal Balance of Mortgage Loan
	  	$	                (1	)
	 Interest accrued at Net Rate
	  	 	                (2	)
	 Attorney’s Fees
	  	 	                (3	)
	 Taxes
	  	 	                (4	)
	 Property Maintenance
	  	 	                (5	)
	 MI/Hazard Insurance Premiums
	  	 	                (6	)
	 Hazard Loss Expenses
	  	 	                (7	)
	 Accrued Servicing Fees
	  	 	                (8	)
	 Other (itemize)
	  	 	                (9	)
	 _______________________________________________________________________________
	  	$	                	 
	 _______________________________________________________________________________
	  	 	__________	 
	 _______________________________________________________________________________
	  	 	__________	 
	 _______________________________________________________________________________
	  	 	__________	 
	 Total Expenses
	  	$	                (10	)
	 Credits:
	  	 	 	 
	 Escrow Balance
	  	$	                (11	)
	 HIP Refund
	  	 	                (12	)
	 Rental Receipts
	  	 	                (13	)
	 Hazard Loss Proceeds
	  	 	                (14	)
	 Primary Mortgage Insurance Proceeds
	  	 	                (15	)
	 Proceeds from Sale of Acquired Property
	  	 	                (16	)
	 Other (itemize)
	  	 	                (17	)
	 ____________________________________________________________________________________
	  	 	__________	 
	 ____________________________________________________________________________________
	  	 	__________	 
	 Total
Credits                                       
                                        
                                        
                                 
	  	$	                (18	)
	 Total Realized Loss (or of Gain)
	  	$	                (19	)

  
 Data must be submitted to [Master
Servicer and Trust Administrator] in an Excel spreadsheet format with fixed field names and data type. The Excel spreadsheet should be used as a template consistently every month when submitting data for all loans that are 60 days +
delinquent and/or in bankruptcy, foreclosure or REO. 
  

 G-3-3 

 EXHIBIT H 
  

FORM OF BACK-UP CERTIFICATION 
  
 CENLAR FSB, A FEDERAL SAVINGS BANK 
  
 [Name and address of master servicer] 
  

	Re:	[name of securitization] 

  
 Cenlar FSB, a federal savings bank, as Subservicer hereby certifies to the Seller, the Master Servicer, the Indenture Trustee, the Trust Administrator and
the Servicer that: 
  
 1. To our knowledge, the information in the
Annual Statement of Compliance, the Annual Independent Public Accountant’s Servicing Report and all servicing reports, officer’s certificates and other information relating to the servicing of the Mortgage Loans submitted to the Master
Servicer taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the
last day of the period covered by such reports; 
  
 2. To our
knowledge, the servicing information required to be provided to the Master Servicer by the Servicer under the Transfer and Servicing Agreement has been provided to the Master Servicer; 
  
 3. Based upon the review required by the Transfer and Servicing Agreement, and except as disclosed in the Annual Statement
of Compliance or the Annual Independent Public Accountant’s Servicing Report, the Subservicer has, as of the last day of the period covered by such reports fulfilled the obligations of the Servicer under the Transfer and Servicing Agreement;
and 
  
 4. The Subservicer has disclosed to the Master Servicer
all significant deficiencies relating to the Subservicer’s compliance with the minimum servicing standards in accordance with a review conducted in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar standard
as set forth in the Transfer and Servicing Agreement. 
  
 Capitalized terms used but not defined herein have the meanings ascribed to them in the Transfer and Servicing Agreement, dated as of December 1, 2005 (the “Servicing Agreement”), among New York Mortgage Trust 2005-3, as
issuer (the “Issuer”), NYMT Securities 

  

 H-1 

 
Corporation, as depositor (the “Depositor”), U.S. Bank National Association, as indenture trustee (the “Indenture Trustee”), NYMT
Servicing Corporation, as servicer (the “Servicer”), New York Mortgage Funding, LLC, as seller (the “Seller”), Cenlar FSB, as Subservicer (the “Subservicer”) and Wells Fargo Bank, N.A., as master servicer (the
“Master Servicer”) and trust administrator (the “Trust Administrator”). 
  

			
	Cenlar FSB, a federal savings bank, as Subservicer
		
	 By:   
	 	 
	 	 	 Name:

	 	 	 Title:

	 	 	 Date:

  

 H-2 

 EXHIBIT I 
  

FORM OF SUBSEQUENT TRANSFER AGREEMENT 
  
 SUBSEQUENT TRANSFER AGREEMENT (the “Agreement”), dated as of              ,
200   by and among New York Mortgage Funding, LLC (the “Seller”), NYMT Securities Corporation (the “Depositor)”, New York Mortgage Trust 2005-3 (the “Trust”), U.S. Bank National Association (the
“Indenture Trustee”) and Wells Fargo Bank, N.A. (the “Trust Administrator”) pursuant to the Transfer and Servicing Agreement referred to below. 
  
 WITNESSETH: 
  
 WHEREAS, pursuant to a Transfer and Servicing Agreement (the “Transfer and Servicing Agreement”), dated as of December 1, 2005, among the
Seller, the Depositor, the Trust, the Indenture Trustee and the Trust Administrator, the Seller wishes to convey the Subsequent Mortgage Loans (as defined below) to the Depositor, the Depositor wishes to convey the Subsequent Mortgage Loans to the
Trust, and the Trust wishes to acquire the same for the consideration set forth in Section IV below; and 
  
 WHEREAS, the Seller shall timely deliver to the Indenture Trustee, Trust Administrator and Depositor an Addition Notice related to such conveyance as
required by Section 2.04 of the Transfer and Servicing Agreement; 
  
 NOW THEREFORE, the Seller, the Depositor, the Trust, the Indenture Trustee and the Trust Administrator hereby agree as follows: 
  
 Section I. Capitalized terms used herein shall have the meanings ascribed to them in the Transfer and Servicing Agreement unless otherwise defined.

  
 “Subsequent Mortgage Loans” shall
mean, for purposes of this Agreement, the Subsequent Mortgage Loans listed in the Subsequent Mortgage Loan Schedule attached hereto as Schedule I. 
  
 “Subsequent Transfer Date” shall mean, with respect to the Subsequent Mortgage Loans transferred hereby, the date hereof.

  
 “Subsequent Cut-off Date” shall
mean, with respect to the Subsequent Mortgage Loans transferred hereby, [                     ]. 
  
 Section II. Subsequent Mortgage Loan Schedule. The Subsequent Mortgage
Loan Schedule attached hereto as Schedule I is a supplement to the Initial Mortgage Loan Schedule attached as Schedule A to the Transfer and Servicing Agreement. The Mortgage Loans listed in the Subsequent Mortgage Loan Schedule constitute the
Subsequent Mortgage Loans to be transferred pursuant to this Agreement on the Subsequent Transfer Date. 

 Section III. Transfer of Subsequent Mortgage Loans. As of the related Cut-off Date, subject to and
upon the terms and conditions set forth in Sections 2.01,2.02, 2.04, 3.01, 3.02 and 3.03 of the Transfer and Servicing Agreement and set forth in this Agreement, the Seller hereby irrevocably sells, transfers, assigns, sets over and otherwise
conveys to the Depositor and the Depositor hereby irrevocably sells, transfers, assigns, sets over and otherwise conveys to the Trust without recourse other than as expressly provided herein and in the Transfer and Servicing Agreement, all the
right, title and interest of the Seller and the Depositor in and to the (i) Subsequent Mortgage Loans including the related Stated Principal Balance as of the subsequent Cut-off Date, all interest accruing thereon after the Subsequent Cut-off
Date, and all collections in respect of principal received after the Subsequent Cut-off Date; (ii) property which secured a Subsequent Mortgage Loan and which is acquired by foreclosure or in lieu of foreclosure; (iii) interest of the
Seller in any insurance policies in respect of the Subsequent Mortgage Loans; and (iv) all proceeds of any of the foregoing. 
  
 Section IV. Representations and Warranties of the Seller and the Depositor. (a) The Seller and the Depositor hereby represent and warrant to
the Trust for the benefit of the Certificateholders that the representations and warranties of the Seller and the Depositor set forth in Sections , (b) and (c) of the Transfer and Servicing Agreement are true and correct with respect to
the Seller and the Subsequent Mortgage Loans as of the Subsequent Transfer Date. 
  
 (b) The Seller hereby represents and warrants that (i) the aggregate of the Stated Principal Balances of the Subsequent Mortgage Loans listed on the Subsequent Mortgage Loan Schedule and conveyed to the Trust
pursuant to this Agreement as of the Subsequent Cut-off Date is $                 and (ii) the conditions precedent for the transfer of Subsequent Mortgage
Loans set forth in Section 2.04 of the Transfer and Servicing Agreement have been satisfied as of the Subsequent Transfer Date. 
  
 (c) The Seller and the Depositor hereby represent and warrant that neither the Seller nor the Depositor is (i) insolvent and will not be rendered
insolvent by the transfer of Subsequent Mortgage Loans pursuant to this Agreement or (ii) aware of any pending insolvency. 
  
 Section V. Counterparts. This Agreement may be executed in two or more counterparts (and by different parties in separate counterparts), each of
which shall be an original but all of which together shall constitute one and the same instrument. 
  
 Section VI. Governing Law. This Agreement shall be governed by, and 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 without regard to conflict of laws principles applied in New York (other than Section 5-1401 and 5-1402 of the New York General
Obligations Law which shall apply hereto). 
  
 Section VII.
Execution by the Issuer. It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by U.S. Bank Trust National Association, not individually or personally but solely as Owner Trustee of
the Issuer, in the exercise of the powers and authority conferred and vested in it as trustee, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal
representations, undertakings and agreements by U.S. Bank Trust National Association but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on U.S. Bank
Trust National Association, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under
the parties hereto and (d) under no circumstances shall U.S. Bank Trust National Association be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other document. 

 IN WITNESS WHEREOF, the parties hereto have caused this agreement to be executed by their respective
officers thereunto authorized as of the date first written above. 
  

			
	 NEW YORK MORTGAGE TRUST 2005-3,
     as Issuer

		
	 By:
	 	 WILMINGTON TRUST COMPANY,
 not in its individual
capacity but solely as
 Owner Trustee

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

	
	 NYMT SECURITIES CORPORATION,
     as Depositor

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

	
	 U.S. BANK NATIONAL ASSOCIATION,
 not in its individual capacity but solely as Indenture Trustee

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

	
	 WELLS FARGO BANK, N.A.,
     as Trust Administrator and Master Servicer

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

			
	 NYMT SERVICING CORPORATION,
     as Servicer

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

	
	 CENLAR FSB,
     as Subservicer

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

	
	 NEW YORK MORTGAGE FUNDING, LLC,
     as Seller

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

					
	STATE OF MINNESOTA	  	)	  	 
	 	  	:	  	ss.:
	COUNTY OF RAMSEY	  	)	  	 

  
 On this
         day of December, 2005, before me, personally
appeared                        , known to me to be a
                         of U.S. Bank Trust National Association, a
                                     that executed the within
instrument, and also known to me to be the person who executed it on behalf of said corporation, and acknowledged to me that such corporation executed the within instrument. 
  
 IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first
above written. 
  

					
			
	  	 	 	 	  
	 	 	 	 	Notary Public
	[NOTARIAL SEAL]	 	 	 	 

					
	STATE OF	  	)	  	 
	 	  	:	  	ss.:
	COUNTY OF	  	)	  	 

  
 On the
         day of December, 2005, before me, personally appeared
                        , known to me to be a
                                 of The New York Mortgage Company, LLC, a
corporation that executed the within instrument and also known to me to be the person who executed it on behalf of said corporation, and acknowledged to me that such corporation executed the within instrument. 
  
 IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
the day and year in this certificate first above written. 
  

					
			
	  	 	 	 	  
	 	 	 	 	Notary Public
	[NOTARIAL SEAL]	 	 	 	 

					
	STATE OF	  	)	  	 
	 	  	:	  	ss.:
	COUNTY OF	  	)	  	 

  
 On the
         of December 2005 before me, a Notary Public in and for said State, personally appeared
                        , known to me to be a
                                     of U.S. Bank National
Association, a national banking association that executed the within instrument and also known to me to be the person who executed it on behalf of said corporation, and acknowledged to me that such corporation executed the within instrument.

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

					
			
	  	 	 	 	  
	 	 	 	 	Notary Public
	[NOTARIAL SEAL]	 	 	 	 

					
	STATE OF MARYLAND	  	)	  	 
	 	  	:	  	ss.:
	CITY OF BALTIMORE	  	)	  	 

  
 On the
         day of December 2005, before me, a notary public in and for said State, personally appeared
                            , known to me to be a
                         of Wells Fargo Bank, N.A., a national banking association that executed the within instrument,
and also known to me to be the person who executed it on behalf of said corporation, and acknowledged to me that such corporation executed the within instrument. 
  
 IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first
above written. 
  

					
			
	  	 	 	 	  
	 	 	 	 	Notary Public

					
	STATE OF	  	)	  	 
	 	  	:	  	ss.:
	COUNTY OF	  	)	  	 

  
 On the
         of December 2005 before me, a Notary Public in and for said State, personally appeared
                                 known to me to be a
                 of NYMT Servicing Corporation, a corporation that executed the within instrument and also known to me to be the person who executed it on behalf
of said corporation, and acknowledged to me that such corporation executed the within instrument. 
  
 IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. 
  

					
			
	  	 	 	 	  
	 	 	 	 	Notary Public
	[NOTARIAL SEAL]	 	 	 	 

					
	STATE OF	  	)	  	 
	 	  	:	  	ss.:
	COUNTY OF	  	)	  	 

  
 On the
         of December 2005 before me, a Notary Public in and for said State, personally appeared
                         known to me to be a
                                     of Cenlar FSB, a federal
savings bank, a national banking association that executed the within instrument and also known to me to be the person who executed it on behalf of said corporation, and acknowledged to me that such corporation executed the within instrument.

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

					
			
	  	 	 	 	  
	 	 	 	 	Notary Public
	[NOTARIAL SEAL]	 	 	 	 

					
	STATE OF	  	)	  	 
	 	  	:	  	ss.:
	COUNTY OF	  	)	  	 

  
 On the
         of December 2005 before me, a Notary Public in and for said State, personally appeared
                         known to me to be a
                         of New York Mortgage Funding, LLC, a corporation that executed the within instrument and also
known to me to be the person who executed it on behalf of said corporation, and acknowledged to me that such corporation executed the within instrument. 
  
 IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. 
  

					
			
	  	 	 	 	  
	 	 	 	 	Notary Public
	[NOTARIAL SEAL]	 	 	 	 

  

 I-1 

 EXHIBIT J 
  

SUBSEQUENT MORTGAGE LOAN CRITERIA 
  
 The obligation of the Trust to purchase Subsequent Mortgage Loans during the Pre-Funding Period is subject to the following requirements: 
  

	 	•	 	such Subsequent Mortgage Loan may not be more than one calendar month contractually delinquent as of the related Subsequent Cut-off Date | 

  

	 	•	 	such Subsequent Mortgage Loan may not have a final maturity date later than January 2036 

  

	 	•	 	the remaining term to stated maturity of such Subsequent Mortgage Loan will not exceed 30 years 

  

	 	•	 	such Subsequent Mortgage Loan will have a Mortgage Rate not less than 4.500% per annum 

  

	 	•	 	such Subsequent Mortgage Loan will not have an Original Loan-to-Value Ratio or Combined Loan-to-Value Ratio greater than 100% 

  

	 	•	 	such Subsequent Mortgage Loan will have a principal balance not greater than $1,000,000 

  

	 	•	 	such Subsequent Mortgage Loan will be secured by a first lien on a mortgaged property 

  

	 	•	 	such Subsequent Mortgage Loan will be otherwise acceptable to the Rating Agencies 

  

	 	•	 	no such Subsequent Mortgage Loan may be a second lien Mortgage Loan. 

  
 Following the purchase of such Subsequent Mortgage Loans by the Trust, the mortgage pool will have the following characteristics (based upon the
characteristics of the (a) Initial Mortgage Loans as of the Initial Cut-off Date and (b) Subsequent Mortgage Loans as of the related Subsequent Cut-off Date): 
  

	 	•	 	a weighted average current Mortgage Rate of at least 5.790% per annum 

  

	 	•	 	a weighted average remaining term to stated maturity of less than 357 months 

  

	 	•	 	a weighted average Original Loan-to-Value Ratio of not more than 69.51% 

  

	 	•	 	a weighted average Credit Score of at least 732 

  

 J-1 

	 	•	 	no more than 30.79% of the Mortgage Loans by Aggregate Principal Balance at the end of the Pre-Funding Period will be used for cash-out refinances. 

  

 J-2 

 EXHIBIT K 
  

FANNIE MAE GUIDE NO. 95-19 
  
 Reference 
  

			
	 •      Selling
	  	This announcement amends the guide(s) indicated.
	 •      Servicing
	  	Please keep it for reference until we issue a formal change.

  
 Subject
        “Full-File” Reporting to Credit Repositories 
  
 Part IV, Section 107, of the servicing Guide currently requires servicers to report only 90-day delinquencies to the four major credit repositories.
To ensure that the repositories have up-to-date information for both servicing and origination activity, we have decided to begin requiring — as of the month ending March 31, 1996 — servicers to provide the credit repositories a
“full-file” status report for the mortgages they service for us. 
  
 “Full-file” reporting requires that servicers submit a monthly report to each of the credit repositories to describe the exact status for each mortgage they service for us. The status reported generally
should be the one in effect as of the last business day of each month. Servicers may, however, use a slightly later cut-off date — for example, at the end of the first week of a month — to assure that payment corrections, returned checks,
and other adjustments related to the previous month’s activity can be appropriately reflected in their report for that month. Statuses that must be reported for any given mortgage include the following: new origination, current, delinquent
(30-, 60-, 90-days, etc.), foreclosed, and charged-off. (The credit repositories will provide the applicable codes for reporting these statuses to them.) A listing of each of the major repositories to which “full-file” status reports must
be sent is attached. 
  
 Servicers are responsible for the
complete and accurate reporting of mortgage status information to the repositories and for resolving any disputes that arise about the information they report. Servicers must respond promptly to any inquiries from borrowers regarding specific
mortgage status information about them that was reported to the credit repositories. 
  
 Servicers should contact their Customer Account Team in their lead Fannie Mae regional office if they have any questions about this expanded reporting requirement. 
  
 Robert J. Engeletad 
 Senior Vice President – Mortgage and Lender Standards 
  
 11/20/95 
  

 K-1 

 FANNIE MAE GUIDE 95-19 
  
 ATTACHMENT I 
  
 ANNOUNCEMENT 
  
 Major Credit Repositories 
  
 A “full-file” status report for each mortgage serviced for Fannie Mae must be sent to the following repositories each month (beginning with the month ending March 31, 1996): 
  

			
	 Company

	  	 Telephone Number

	 Consumer Credit Associates, Inc.
 950 Threadneedle
Street, Suite 200
 Houston, Texas 77079-2903
	  	Call (713) 595-1190, either extension 150, 101, or 112, for all inquiries.
		
	Equifax	  	Members that have an account number may call their local sales representative for all inquiries; lenders that need to set up an account should call (800) 685- 5000 and select the customer
assistance option.
		
	 TRW Information Systems & Services
 601 TRW
Parkway
 Allen, Texas 75002
	  	Call (800) 831-5614 for all inquiries, current members should select option 3; lenders that need to set up an account should select Option 4.
		
	 Trans Union Corporation
 555 West Adams
 Chicago, Illinois 60661
	  	Call (312) 258-1818 to get the name of the local bureau to contact about setting up an account or obtaining other information.

  

 Attachment 1 

 SCHEDULE A 
  

MORTGAGE LOAN SCHEDULE 
  

 Schedule A-1

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