Document:

EX-4.55

Exhibit 4.55

[SPECIMEN MASTER GLOBAL NOTE, MTN, SERIES D]

(Face of Security)

     THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE 2008 INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY
NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN
WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A
NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE 2008 INDENTURE.

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

     THIS SECURITY IS A MASTER NOTE WITHIN THE MEANING SPECIFIED HEREIN.

     THE PERSON MAKING THE DECISION TO ACQUIRE THIS SECURITY SHALL BE DEEMED, ON BEHALF OF ITSELF
AND THE HOLDER, BY ACQUIRING AND HOLDING THIS SECURITY, OR EXERCISING ANY RIGHTS RELATED THERETO,
TO REPRESENT THAT:

     (i) THE FUNDS THAT THE HOLDER IS USING TO ACQUIRE THIS SECURITY ARE NOT THE ASSETS OF AN
EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED (“ERISA”), A PLAN DESCRIBED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE “CODE”), A GOVERNMENTAL PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT
IS SIMILAR TO THE PROVISIONS OF SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE, OR AN ENTITY
WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF DEPARTMENT OF LABOR REGULATION

(Face of Security continued on next page)

 

SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR OTHERWISE; OR

     (ii)(A) THE HOLDER WILL RECEIVE NO LESS AND PAY NO MORE THAN “ADEQUATE CONSIDERATION” (WITHIN
THE MEANING OF SECTION 408(B)(17) OF ERISA AND SECTION 4975(F)(10) OF THE CODE) IN CONNECTION WITH
THE PURCHASE AND HOLDING OF THIS SECURITY; (B) NONE OF THE PURCHASE, HOLDING OR DISPOSITION OF THIS
SECURITY OR THE EXERCISE OF ANY RIGHTS RELATED TO THE SECURITY WILL RESULT IN A NON-EXEMPT
PROHIBITED TRANSACTION UNDER ERISA OR THE CODE (OR WITH RESPECT TO A GOVERNMENTAL PLAN, UNDER ANY
SIMILAR APPLICABLE LAW OR REGULATION); AND (C) NEITHER THE GOLDMAN SACHS GROUP, INC. NOR ANY OF ITS
AFFILIATES IS A “FIDUCIARY” (WITHIN THE MEANING OF SECTION 3(21) OF ERISA OR, WITH RESPECT TO A
GOVERNMENTAL PLAN, UNDER ANY SIMILAR APPLICABLE LAW OR REGULATION) WITH RESPECT TO THE PURCHASER OR
HOLDER IN CONNECTION WITH SUCH PERSON’S ACQUISITION, DISPOSITION OR HOLDING OF THIS SECURITY, OR AS
A RESULT OF ANY EXERCISE BY THE GOLDMAN SACHS GROUP, INC. OR ANY OF ITS AFFILIATES OF ANY RIGHTS IN
CONNECTION WITH THE SECURITY, AND NO ADVICE PROVIDED BY THE GOLDMAN SACHS GROUP, INC. OR ANY OF ITS
AFFILIATES HAS FORMED A PRIMARY BASIS FOR ANY INVESTMENT DECISION BY OR ON BEHALF OF SUCH PURCHASER
OR HOLDER IN CONNECTION WITH THIS SECURITY AND THE TRANSACTIONS CONTEMPLATED WITH RESPECT TO THIS
SECURITY.

     THIS SECURITY IS NOT A BANK DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY, NOR IS IT AN OBLIGATION OF, OR GUARANTEED BY, A BANK.

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THE GOLDMAN SACHS GROUP, INC.

Title of Series: MEDIUM-TERM NOTES, SERIES D

Title of Securities: as provided in the relevant Pricing Supplement per each

Supplemental Obligation

(Master Note)

     This Security is a Global Security within the meaning of the 2008 Indenture (as defined in
Section 1 on the reverse hereof) and represents one or more obligations of The Goldman Sachs Group,
Inc., a corporation duly organized and existing under the laws of the State of Delaware
(hereinafter called the “Company”, which term includes any successor Person under the 2008
Indenture) (each such obligation, a “Supplemental Obligation”). The terms of each
Supplemental Obligation are and will be reflected in this Security and in the applicable pricing
supplement to the Company’s prospectus dated April 6, 2009 (as supplemented by the Company’s
prospectus supplement, dated April 6, 2009, relating to the Company’s Medium-Term Notes, Series D
program), relating to such Supplemental Obligation, which supplement and prospectus, as so
supplemented, are on file with the Trustee hereinafter referred to and which supplement is
identified on Schedule A hereto (each such pricing supplement, together with such prospectus, as so
supplemented, a “Pricing Supplement”); provided, however, that from time to time the
Company may deliver to the Trustee any other replacement or successor prospectus or prospectus
supplement relating to the Company’s Medium-Term Notes, Series D program, in each case identified
as relating to Supplemental Obligations issued after the date of such delivery to the Trustee and
certified by the Secretary or an Assistant Secretary of the Company, in which case any applicable
pricing supplement to such replacement or successor prospectus supplement, together with such
replacement or successor prospectus, as so supplemented, will be deemed to be a “Pricing
Supplement”. With respect to each Supplemental Obligation, the provisions of the applicable Pricing
Supplement are hereby incorporated by reference herein and are deemed to be a part of this Security
as of the Original Issue Date specified on Schedule A. Each reference to “this Security” includes
and shall be deemed to refer to each Supplemental Obligation.

     With respect to each Supplemental Obligation, every term of this Security is subject to
modification, amendment or elimination through the incorporation of the applicable Pricing
Supplement by reference, whether or not the phrase “unless otherwise provided in the Pricing
Supplement” or language of similar import precedes the term of this Security so modified, amended
or eliminated. It is the intent of the parties hereto that, in the case of any conflict between the
terms of a Pricing Supplement and the terms herein, the terms of the Pricing Supplement shall
control over the terms herein with respect to the relevant Supplemental Obligation. Without
limiting the foregoing, in the case of each Supplemental Obligation, the Holder of this Security is
directed to the applicable Pricing Supplement for a description of certain terms of such
Supplemental Obligation, including, in the case of any such obligation that is designated in the
applicable Pricing Supplement as an “indexed note” (an “Indexed Note”), the manner of
determining the principal amount of and interest, if any, on such Supplemental Obligation, the
dates, if any, on which the principal amount of and interest, if any, on such Supplemental
Obligation is determined and payable, the amount payable upon any acceleration

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of such Supplemental Obligation and the principal amount of such Supplemental Obligation
deemed to be Outstanding for purposes of determining whether Holders of the requisite principal
amount of Securities have made or given any request, demand, authorization, direction, notice,
consent, waiver or other action under the 2008 Indenture.

     Terms that are used and not defined in this Security but that are defined in the 2008
Indenture are used herein as defined therein.

     This Security is a “Master Note”, which term means a Global Security that provides for
incorporation therein of the terms of Supplemental Obligations by reference to the applicable
Pricing Supplements, substantially as contemplated herein.

     The Company, for value received, hereby promises to pay to CEDE & CO., as nominee for The
Depository Trust Company, or registered assigns: (i) on each principal payment date, including each
amortization date, redemption date, repayment date or maturity date, as applicable, of each
Supplemental Obligation, the principal amount and any premium then due and payable for each such
Supplemental Obligation, and (ii) on each interest payment date and at maturity, the interest then
due and payable, if any, with respect to each Supplemental Obligation.

     With respect to each Supplemental Obligation, the Company shall pay the principal amount and
any premium specified in the applicable Pricing Supplement on the Stated Maturity shown therein,
and shall pay interest on such principal, from the date specified therein as the “Original Issue
Date” (or in a comparable manner) (the “Original Issue Date” for such Supplemental
Obligation) or from the most recent Interest Payment Date (as defined below) to which interest has
been paid or duly provided for, on the Interest Payment Date(s) in each year, commencing on the
first such date that is at least 15 calendar days after the Original Issue Date, and at the
Maturity of such principal, as follows:

     (i) in the case of a Supplemental Obligation for which the interest rate is designated as
fixed in the applicable Pricing Supplement (a “Fixed Rate Note”), at a rate per annum equal
to a rate specified in such Pricing Supplement until the principal of such Supplemental Obligation
is paid or made available for payment and (to the extent that the payment of such interest shall be
legally enforceable) at the rate per annum equal to the rate at which the principal then bears
interest on any overdue premium or installment of interest from the date any such overdue amount
first becomes due until it is paid or made available for payment, provided that interest on any
premium or installment of interest that is overdue shall be payable on demand;

     (ii) in the case of a Supplemental Obligation for which the interest rate is designated as
floating in the applicable Pricing Supplement (a “Floating Rate Note”), at a rate per annum
determined in accordance with the applicable provisions of Section 3A on the reverse hereof, with
such rate being dependent in part upon whether the rate specified as the “base rate” (or in a
comparable manner) in the applicable Pricing Supplement (the “Base Rate” for such
Supplemental Obligation) is the CD Rate, the CMS Rate, the CMT Rate, the commercial paper rate,
EURIBOR, the federal funds rate, LIBOR, the prime rate, the treasury rate or the 11th district
rate, until the principal of such Supplemental Obligation is paid or made available for payment and
(to the extent that the payment of such interest shall be legally enforceable) at the rate at which
the principal then bears interest on any overdue premium or installment of interest from the date
any such overdue amount first becomes due until it is paid or made available for

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payment, provided that interest on any premium or installment of interest that is overdue
shall be payable on demand; and

     (iii) in the case of a Supplemental Obligation that is an Indexed Note, at such rate
or in such manner, if any, as may be specified in the applicable Pricing Supplement.

     With respect to each Supplemental Obligation that is a Fixed Rate Note and unless otherwise
specified in the applicable Pricing Supplement, interest (other than interest on overdue amounts)
shall be payable by the Company, on the applicable Interest Payment Dates.

     With respect to each Supplemental Obligation that is a Floating Rate Note and unless otherwise
specified in the applicable Pricing Supplement, interest (other than interest on overdue amounts)
shall be payable:

	 	•	 	if the interest reset period specified in the applicable Pricing Supplement (the
“Interest Reset Period” for such Supplemental Obligation) is daily, weekly or
monthly, on the third Wednesday of each month or on the third Wednesday of March, June,
September and December of each year, as specified in the applicable Pricing Supplement;
	 
	 	•	 	if the Interest Reset Period is quarterly, on the third Wednesday of March, June,
September and December of each year;
	 
	 	•	 	if the Interest Reset Period is semi-annual, on the third Wednesday of the two
months specified in the applicable Pricing Supplement;
	 
	 	•	 	and if the Interest Reset Period is annual, on the third Wednesday of the month
specified in the applicable Pricing Supplement;

provided that, unless otherwise specified in the applicable Pricing Supplement, the following
sentence shall apply with respect to any such day on which interest would otherwise be payable,
other than any such day on which the Maturity of the principal of such Floating Rate Note falls: If
any such day is not a Business Day (as defined in Section 3C(b) on the reverse hereof) the day on
which interest should be payable shall be deferred to the next succeeding Business Day, provided
that, if the Base Rate is LIBOR or EURIBOR and such next succeeding Business Day falls in the next
calendar month, the day on which interest should be payable shall be advanced to the next preceding
Business Day.

     With respect to each Supplemental Obligation that is an Indexed Note, such interest,
if any, will be payable on the dates specified in the applicable Pricing Supplement.

     Each date so determined or provided for in the preceding three paragraphs (or the applicable
Pricing Supplement) is hereinafter referred to as an “Interest Payment Date”.

     The interest so payable, and punctually paid or made available for payment, on any Interest
Payment Date will, as provided in the 2008 Indenture and unless otherwise provided in the
applicable Pricing Supplement, be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on the 15th calendar day (whether or
not a Business Day) preceding such Interest Payment Date (a “Regular Record Date”). Any
interest so payable, but not punctually paid or made available for payment, on any

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Interest Payment Date will forthwith cease to be payable to the Holder on such Regular Record
Date and such Defaulted Interest may either be paid to the Person in whose name this Security (or
one or more Predecessor Securities) is registered at the close of business on a Special Record Date
for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
given to the Holder of this Security not less than 10 days prior to such Special Record Date, or be
paid in any other lawful manner not inconsistent with the requirements of any securities exchange
on which this Security may be listed, and upon such notice as may be required by such exchange, all
as more fully provided in the 2008 Indenture. For the purpose of determining the Holder at the
close of business on any relevant record date when business is not being conducted, the close of
business will mean 5:00 P.M., New York City time, on that day. With respect to any Supplemental
Obligation, references herein to the “Holder” mean the Holder of this Security.

Currency of Payment

     Payment of principal of (and premium, if any) and interest on any Supplemental Obligation will
be made in the currency designated as the “specified currency” for such payment (or in a comparable
manner) in the applicable Pricing Supplement (the “Specified Currency” for any payment on
such Supplemental Obligation), except as provided in this and the next three paragraphs. For each
Supplemental Obligation, any payment shall be made in the Specified Currency for such payment
unless, at the time of such payment, such currency is not legal tender for the payment of public
and private debts in the country issuing such currency on the Original Issue Date, in which case
the Specified Currency for such payment shall be such coin or currency as at the time of such
payment is legal tender for the payment of public and private debts in such country, except as
provided in the next sentence. If the euro is the Specified Currency for any payment, the Specified
Currency for such payment shall be such coin or currency as at the time of payment is legal tender
for the payment of public and private debts in all EMU Countries (as defined in Section 3C(b) on
the reverse hereof), provided that, if on any day there are not at least two EMU Countries, or if
on any day there are at least two EMU Countries but no coin or currency is legal tender for the
payment of public and private debts in all EMU Countries, then the Specified Currency for such
payment shall be deemed not to be available to the Company on such day.

     If provided in the applicable Pricing Supplement and except as provided in the next paragraph,
any payment to be made on a Supplemental Obligation in a Specified Currency other than U.S. dollars
will be made in U.S. dollars if the Person entitled to receive such payment transmits a written
request for such payment to be made in U.S. dollars to the Trustee at its Corporate Trust Office,
Attention: Global Corporate Trust, on or before the fifth Business Day before the payment is to be
made. Such written request may be mailed, hand delivered, telecopied or delivered in any other
manner approved by the Trustee. Any such request made with respect to any payment on a Supplemental
Obligation payable to a particular Holder will remain in effect for all later payments on such
Supplemental Obligation payable to such Holder, unless such request is revoked on or before the
fifth Business Day before a payment is to be made, in which case such revocation shall be effective
for such and all later payments. In the case of any payment of interest payable on an Interest
Payment Date, such written request must

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be made by the Person who is the registered Holder of this Security on the relevant Regular
Record Date.

     The U.S. dollar amount of any payment made pursuant to the immediately preceding paragraph
will be determined by the Exchange Rate Agent (as defined in Section 3C(a) on the reverse hereof)
based upon the highest bid quotation received by the Exchange Rate Agent as of 11:00 A.M., New York
City time, on the second Business Day preceding the applicable payment date, from three (or, if
three are not available, then two) recognized foreign exchange dealers selected by the Exchange
Rate Agent in The City of New York, in each case for the purchase by the quoting dealer, for U.S.
dollars and for settlement on such payment date of an amount of such Specified Currency for such
payment equal to the aggregate amount of such Specified Currency payable on such payment date to
all Holders of this Security who elect to receive U.S. dollar payments on such payment date, and at
which the applicable dealer commits to execute a contract. If the Exchange Rate Agent determines
that two such bid quotations are not available on such second Business Day, such payment will be
made in the Specified Currency for such payment. All currency exchange costs associated with any
payment in U.S. dollars on this Security will be borne by the Holder entitled to receive such
payment, by deduction from such payment.

     Notwithstanding the foregoing, if any amount payable on a Supplemental Obligation is payable
on any day (including at Maturity) in a Specified Currency other than U.S. dollars, and if such
Specified Currency is not available to the Company on the two Business Days before such day, due to
the imposition of exchange controls, disruption in a currency market or any other circumstances
beyond the control of the Company, the Company will be entitled to satisfy its obligation to pay
such amount in such Specified Currency by making such payment in U.S. dollars. The amount of such
payment in U.S. dollars shall be determined by the Exchange Rate Agent on the basis of an exchange
rate for such Specified Currency published at 12:00 noon, New York City time, by a generally
recognized and publicly available source, to be determined in the sole discretion of the Exchange
Rate Agent, on the latest day before the day on which such payment is to be made (the “Exchange
Rate”). Any payment made under such circumstances in U.S. dollars where the required payment is
in other than U.S. dollars will not constitute an Event of Default under the 2008 Indenture or this
Security.

Manner of Payment — U.S. Dollars

     Except as provided in the next paragraph, payment of any amount payable on any Supplemental
Obligation in U.S. dollars will be made at the office or agency of the Company maintained for that
purpose in The City of New York (or at any other office or agency maintained by the Company for
that purpose), in such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts, against surrender (in the manner provided
below) of such Supplemental Obligation in the case of any payment due at Maturity of the principal
of such Supplemental Obligation (other than any payment of interest that first becomes due on an
Interest Payment Date); provided, however, that, at the option of the Company and subject to the
next paragraph, payment of interest may be made

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by check mailed to the address of the Person entitled thereto as such address shall appear in
the Security Register.

     Payment of any amount payable on any Supplemental Obligation in U.S. dollars will be made by
wire transfer of immediately available funds to an account maintained by the payee with a bank
located in the Borough of Manhattan, The City of New York, if (i) the principal of such
Supplemental Obligation is at least $1,000,000 (or the equivalent in another currency) and (ii) the
Holder entitled to receive such payment transmits a written request for such payment to be made in
such manner to the Trustee at its Corporate Trust Office, Attention: Global Corporate Trust, on or
before the fifth Business Day before the day on which such payment is to be made; provided that, in
the case of any such payment due at the Maturity of the principal of such Supplemental Obligation
(other than any payment of interest that first becomes due on an Interest Payment Date), this
Security must be surrendered (in the manner provided below) at the office or agency of the Company
maintained for that purpose in The City of New York (or at any other office or agency maintained by
the Company for that purpose) in time for the Paying Agent to make such payment in such funds in
accordance with its normal procedures. Any such request made with respect to any payment on such
Supplemental Obligation payable to a particular Holder will remain in effect for all later payments
on such Supplemental Obligation payable to such Holder, unless such request is revoked on or before
the fifth Business Day before a payment is to be made, in which case such revocation shall be
effective for such and all later payments. In the case of any payment of interest payable on a
Supplemental Obligation on an Interest Payment Date, such written request must be made by the
Person who is the registered Holder of this Security on the relevant Regular Record Date. The
Company will pay any administrative costs imposed by banks in connection with making payments by
wire transfer with respect to this Security, but any tax, assessment or other governmental charge
imposed upon any payment will be borne by the Holder of this Security and may be deducted from the
payment by the Company or the Paying Agent.

Manner of Payment — Other Specified Currencies

     Payment of any amount payable on any Supplemental Obligation in a Specified Currency other
than U.S. dollars will be made by wire transfer of immediately available funds to such account as
is maintained in such Specified Currency at a bank or other financial institution acceptable to the
Company and the Trustee and as shall have been designated at least five Business Days prior to the
applicable payment date by the Person entitled to receive such payment; provided that, in the case
of any such payment due at the Maturity of the principal of such Supplemental Obligation (other
than any payment of interest that first becomes due on an Interest Payment Date), this Security
must be surrendered (in the manner provided below) at the office or agency of the Company
maintained for that purpose in The City of New York (or at any other office or agency maintained by
the Company for that purpose) in time for the Paying Agent to make such payment in such funds in
accordance with its normal procedures. Such account designation shall be made by transmitting the
appropriate information to the Trustee at its Corporate Trust Office in the Borough of Manhattan,
The City of New York, by mail, hand delivery, telecopier or in any other manner approved by the
Trustee. Unless revoked, any such account designation made with respect to any Supplemental
Obligation by the Holder hereof will

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remain in effect with respect to any further payments with respect to such Supplemental
Obligation payable to such Holder. If a payment in a Specified Currency other than U.S. dollars
with respect to any Supplemental Obligation cannot be made by wire transfer because the required
account designation has not been received by the Trustee on or before the requisite date or for any
other reason, the Company will cause a notice to be given to the Holder of this Security at its
registered address requesting an account designation pursuant to which such wire transfer can be
made and such payment will be made within five Business Days after the Trustee’s receipt of such a
designation meeting the requirements specified above, with the same force and effect as if made on
the due date. The Company will pay any administrative costs imposed by banks in connection with
making payments by wire transfer with respect to this Security, but any tax, assessment or other
governmental charge imposed upon any payment will be borne by the Holder of this Security and may
be deducted from the payment by the Company or the Paying Agent.

Manner of Payment — Payments Pursuant to the Applicable Procedures of the Depositary; Surrender of
this Security

     Notwithstanding any provision of this Security or the 2008 Indenture, the Company may make any
and all payments of principal, premium and interest on this Security pursuant to the Applicable
Procedures of the Depositary for this Security as permitted in the 2008 Indenture.

     Notwithstanding the foregoing, whenever the provisions hereof require that this Security be
surrendered against payment of the principal of a Supplemental Obligation, such surrender may be
effected by means of an appropriate adjustment to Schedule A hereto to reflect the discharge of
such Supplemental Obligation, with such adjustment to be made by the Trustee in a manner not
inconsistent with the Applicable Procedures of the Depositary for this Security, and in such
circumstances this Security need not actually be surrendered. This paragraph shall apply only to a
Master Note.

Payments Due on a Business Day

     Notwithstanding any provision of this Security or the 2008 Indenture, if the Maturity of the
principal of any Supplemental Obligation occurs on a day that is not a Business Day, any amount of
principal, premium or interest that would otherwise be due on such Supplemental Obligation on such
day (the “Specified Day”) may be paid or made available for payment on the Business Day
that is next succeeding the Specified Day with the same force and effect as if such amount were
paid on the Specified Day, and no interest will accrue on the amount so payable for the period from
the Specified Day to such next succeeding Business Day.

     As specified for each Supplemental Obligation, one of the following Business Day Conventions
shall apply to any relevant date other than one that falls on the date of Maturity of the principal
of such Supplemental Obligation. If any such date would otherwise fall on a day that is not a
Business Day:

     (i) if the Business Day Convention is “Following”, then such date will be
postponed to the next day that is a Business Day;

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     (ii) if the Business Day Convention is “Modified Following”, then such date will be
postponed to the next day that is a Business Day; provided that, if such next succeeding Business
Day falls in the next calendar month, then such date will be advanced to the immediately preceding
Business Day;

     (iii) if the Business Day Convention is “Following Unadjusted”, any payment due on
such date will be postponed to the next day that is a Business Day; provided that interest due with
respect to such Interest Payment Date shall not accrue from and including such Interest Payment
Date to and including such next succeeding Business Day; and

     (iv) if the Business Day Convention is “Modified Following Unadjusted”, any payment
due on such date will be postponed to the next day that is a Business Day; provided that interest
due with respect to such Interest Payment Date shall not accrue from and including such Interest
Payment Date to and including such next succeeding Business Day, and provided further that, if such
next succeeding Business Day would fall in the next succeeding calendar month, the date of payment
with respect to such Interest Payment Date will instead be advanced to the immediately preceding
Business Day.

     Unless otherwise provided in the Pricing Supplement, the Business Day Convention for a Fixed
Rate Note shall be Following Unadjusted.

     The provisions of the three immediately preceding paragraphs shall apply to this Security in
lieu of the provisions of Section 1.13 of the 2008 Indenture.

     Reference is hereby made to the further provisions of this Security 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 has been executed by the Trustee by manual
signature, this Security shall not be entitled to any benefit under the 2008 Indenture or be valid
or obligatory for any purpose.

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     IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

Dated: April 6, 2009

	 	 	 	 	 
	 	THE GOLDMAN SACHS GROUP, INC.

 	 
	 	By:  	/s/ Elizabeth E. Beshel	 
	 	 	Name:  	Elizabeth E. Beshel	 
	 	 	Title:  	Treasurer	 
	 
	This is one of the Securities of the series designated herein and referred to in the 2008 Indenture.

	Dated: April 6, 2009

	 
	 	THE BANK OF NEW YORK MELLON,

     as Trustee

 	 
	 	By:  	/s/
Teisha L. Wright	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

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(Reverse of Security)

     1. Securities and Indenture

     This Security is one of a duly authorized issue of securities of the Company (herein called
the “Securities”) issued and to be issued in one or more series under a Senior Debt
Indenture, dated as of July 16, 2008 (herein called the “2008 Indenture”, which term shall
have the meaning assigned to it in such instrument), between the Company and The Bank of New York
Mellon, as Trustee (herein called the “Trustee”, which term includes any successor trustee
under the 2008 Indenture), and reference is hereby made to the 2008 Indenture for a statement of
the respective rights, limitations of rights, duties and immunities thereunder of the Company, the
Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are
to be, authenticated and delivered.

     In the case of the acquisition of all or a portion of a Supplemental Obligation by the Company
or any Affiliate thereof, the Company or such Affiliate may submit to the Trustee such evidence of
such acquisition as is reasonably acceptable to the Trustee, whereupon the Trustee, at the
Company’s direction, shall reduce the principal amount of such Supplemental Obligation in Schedule
A hereto by such acquired amount, and the principal amount of such Supplemental Obligation shall be
reduced accordingly for all purposes of this Security.

     2. Series and Denominations

     This Security is one of the series of Securities designated on the face hereof, limited to an
aggregate principal amount (or the equivalent thereof in any other currency or currencies or
currency units) as shall be determined and may be increased from time to time by the Company.
References herein to “this series” mean the series of Securities designated as Medium-Term Notes,
Series D.

     This Security and each Supplemental Obligation are issuable only in registered form without
coupons in “Authorized Denominations”, which term shall have the following meaning. For
each Supplemental Obligation having a principal amount payable in U.S. dollars, the Authorized
Denominations shall be $1,000 and integral multiples of $1,000 in excess thereof, unless otherwise
provided in the applicable Pricing Supplement. For each Supplemental Obligation having a principal
amount payable in a Specified Currency other than U.S. dollars, the Authorized Denominations shall
be the amount of such Specified Currency equivalent, at the Exchange Rate on the first Business Day
preceding the date on which the Company accepts the offer to purchase such Security, to $1,000 or
any integral multiples of $1,000 in excess thereof, unless otherwise provided in the applicable
Pricing Supplement.

     3.A. Interest Rate on Floating Rate Notes

     Unless otherwise provided in the applicable Pricing Supplement, the provisions of this Section
3A shall apply with respect to each Supplemental Obligation that is a Floating Rate Note.

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     (a) Interest Rate Reset. The interest rate on such Supplemental Obligation will be
reset from time to time, as provided in this Section 3A, and each date upon which such rate is reset as so provided is hereinafter called an “Interest Reset Date” for such
Supplemental Obligation. Unless otherwise specified in the applicable Pricing Supplement, the
Interest Reset Dates with respect to such Supplemental Obligation will be as follows:

     (i) if the Interest Reset Period is daily, each Business Day;

     (ii) if the Interest Reset Period is weekly and the Base Rate is not the treasury rate,
the Wednesday of each week;

     (iii) if the Interest Reset Period is weekly and the Base Rate is the treasury rate,
except as otherwise provided in the definition of “Treasury Interest Determination Date” in
Section 3A(n) below, the Tuesday of each week;

     (iv) if the Interest Reset Period is monthly, the third Wednesday of each month;

     (v) if the Interest Reset Period is quarterly, the third Wednesday of each March, June,
September and December;

     (vi) if the Interest Reset Period is semi-annual, the third Wednesday of each of two
months in each year specified under “interest reset period” (or in a comparable manner) in
the applicable Pricing Supplement; and

     (vii) if the Interest Reset Period is annual, the third Wednesday of the month in each
year specified under “interest reset period” (or in a comparable manner) in the applicable
Pricing Supplement;

provided, however, that (x) the Base Rate in effect from and including the Original Issue Date to
but excluding the initial Interest Reset Date will be the rate specified as the “initial base rate”
(or in a comparable manner) in the applicable Pricing Supplement (the “Initial Base Rate”
for such Supplemental Obligation) and (y) if the Interest Reset Period is daily or weekly, the Base
Rate in effect for each day following the second Business Day immediately prior to an Interest
Payment Date to but excluding such Interest Payment Date, and for each day following the second
Business Day immediately prior to the day of Maturity of the principal of such Supplemental
Obligation to but excluding such day of Maturity, will be the Base Rate in effect on such
applicable second Business Day; and provided, further, if so specified, that any Interest Reset
Date shall be subject to adjustment as provided in the second paragraph under the heading “Payments
Due on a Business Day” on the face of this Security.

     Subject to applicable provisions of law and except as otherwise specified herein or in the
applicable Pricing Supplement, on each Interest Reset Date the interest rate on a Supplemental
Obligation shall be the rate determined in accordance with such of the following Sections 3A(b)
through 3A(k) as provide for determination of the Base Rate for such Supplemental Obligation. The
Calculation Agent (as defined in Section 3C(a) below) shall determine the interest rate on such
Supplemental Obligation in accordance with the applicable Section below.

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     Unless the Base Rate is LIBOR or EURIBOR, the Calculation Agent will determine the interest
rate on such Supplemental Obligation that takes effect on any Interest Reset Date on a day no later
than the Calculation Date (as defined in Section 3A(n) below) corresponding to such Interest Reset
Date. However, the Calculation Agent need not wait until the Calculation Date to determine such interest rate if the rate information it needs to make such determination in
the manner specified in the applicable provisions of Sections 3A(b) through 3A(k) hereof is
available from the relevant sources specified in such applicable provisions.

     Upon request of the Holder to the Calculation Agent, the Calculation Agent will provide the
interest rate then in effect on such Supplemental Obligation and, if determined, the interest rate
that will become effective on the next Interest Reset Date.

     (b) Determination of CD Rate. If the Base Rate specified for such Supplemental
Obligation is the CD rate, the Base Rate that takes effect on any Interest Reset Date shall equal
the rate, on the second Business Day immediately preceding such Interest Reset Date (the “CD
Interest Determination Date”), for negotiable U.S. dollar certificates of deposit having the
Index Maturity as published in H.15(519) (as defined in Section 3A(n) below) opposite the heading
“CDs (secondary market)”. If the CD rate cannot be determined as described above, the following
procedures will apply in determining the CD rate:

     (i) If the rate described above does not appear in H.15(519) at 3:00 P.M., New York
City time, on the Calculation Date corresponding to such CD Interest Determination Date
(unless the calculation is made earlier and the rate is available from that source at that
time), then the CD rate shall be the rate described above as published in H.15 Daily Update,
or another recognized electronic source used for displaying that rate, under the heading
“CDs (secondary market)”.

     (ii) If the rate described in clause (i) above does not appear in H.15(519), H.15 Daily
Update or another recognized electronic source at 3:00 P.M., New York City time, on such
Calculation Date (unless the calculation is made earlier and the rate is available from one
of those sources at that time), then the CD rate shall be the arithmetic mean of the
following secondary market offered rates for negotiable U.S. dollar certificates of deposit
of major U.S. money center banks having a remaining maturity closest to the Index Maturity
specified for such Supplemental Obligation and in a Representative Amount: the rates offered
as of 10:00 A.M., New York City time, on such CD Interest Determination Date, by three
leading nonbank dealers in negotiable U.S. dollar certificates of deposit in New York City,
as selected by the Calculation Agent.

     (iii) If fewer than three dealers selected by the Calculation Agent are quoting as
described in clause (ii) above, the CD rate will be the CD rate in effect on such CD
Interest Determination Date (or, in the case of the first Base Reset Date, the Initial Base
Rate).

     (c) Determination of CMS Rate. If the Base Rate specified for such Supplemental
Obligation is the CMS Rate, the Base Rate that takes effect on any Interest Reset Date shall

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equal the rate, on the second Business Day immediately preceding such Interest Reset Date (the “CMS
Interest Determination Date”), appearing on the Reuters Screen ISDAFIX2 Page under the heading
“EURIBOR Basis-EUR” or “LIBOR Basis-EUR”, for the Index Maturity, at 10:00 A.M., London time. If
the CMS Rate cannot be determined as described above, the following procedures will apply in
determining the CMS Rate:

     (i) If the rate described above does not appear on Reuters ISDAFIX2 page under the
appropriate heading for the Index Maturity at 10:00 A.M., London time, on the Calculation
Date corresponding to such CMS Interest Determination Date, unless the calculation is made
earlier and the rate is available from that source at that time, then the CMS rate will be
determined on the basis of the mid-market semi-annual swap rate quotations provided by five
leading swap dealers in the London interbank market at approximately 10:00 A.M., London
time, on the CMS Interest Determination Date. For this purpose, the semi-annual swap rate
means the mean of the bid and offered rates for the semi-annual fixed leg, calculated on a
30/360 day count basis, of a fixed-for-floating euro interest rate swap transaction with a
term equal to the specified Index Maturity commencing on the CMS Interest Determination Date
with an acknowledged dealer of good credit in the swap market, where the floating leg,
calculated on an actual /360 day count basis, is equivalent to EURIBOR (in the case of
EURIBOR Basis-EUR) or LIBOR (in the case of LIBOR Basis-EUR) with a maturity of three
months, as such rate may be determined as provided in Section 3A(f). The Calculation Agent
will select the five swap dealers in its sole discretion and will request the principal
London office of each of those dealers to provide a quotation of its rate.

     (ii) If at least three quotations are provided, the CMS Rate for the CMS Interest
Determination Date will be the arithmetic mean of the quotations, eliminating the highest
and lowest quotations or, in the event of equality, one of the highest and one of the lowest
quotations.

     (iii) If fewer than three quotations are provided, the Calculation Agent will determine
the CMS Rate in its sole discretion.

     (d) Determination of CMT Rate. If the Base Rate specified for such Supplemental
Obligation is the CMT rate, the Base Rate that takes effect on any Interest Reset Date shall equal
the CMT rate on the second Business Day immediately preceding such Interest Reset Date (the
“CMT Interest Determination Date”). “CMT rate” means the following rate as
published in H.15(519) opposite the heading “Treasury constant maturities”, as the yield is
displayed on the Designated CMT Reuters Screen Page (as defined in Section 3A(n) below) under the
heading “ . . . Treasury Constant Maturities . . .”, under the column for the Designated CMT Index
Maturity (as defined in Section 3A(n) below):

	 	(x)	 	if the Designated CMT Reuters Screen Page is the Reuters Screen FRBCMT Page,
the rate for such CMT Interest Determination Date; or

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	 	(y)	 	if the Designated CMT Reuters Screen Page is the Reuters Screen FEDCMT Page,
the weekly or monthly average, as specified on the face hereof, for the week that ends
immediately before the week in which such CMT Interest Determination Date falls, or for
the month that ends immediately before the month in which such CMT Interest
Determination Date falls, as applicable.

If the CMT rate cannot be determined as described above, the following procedures will apply in
determining the CMT rate:

     (i) If the applicable rate described above is not displayed on the relevant Designated
CMT Reuters Screen Page at 3:00 P.M., New York City time, on the Calculation Date
corresponding to such CMT Interest Determination Date (unless the calculation is made
earlier and the rate is available from that source at that time), then the CMT rate will be
the applicable Treasury constant maturity rate described above — i.e., for the Designated
CMT Index Maturity and for either such CMT Interest Determination Date or the weekly or
monthly average, as applicable — as published in H.15(519).

     (ii) If the applicable rate described in clause (i) above does not appear in H.15(519)
at 3:00 P.M., New York City time, on such Calculation Date (unless the calculation is made
earlier and the rate is available from that source at that time), then the CMT rate will be
the Treasury constant maturity rate, or other U.S. treasury rate, for the Designated CMT
Index Maturity and with reference to such CMT Interest Determination Date, that:

	 	(A)	 	is published by the Board of Governors of the Federal Reserve
System, or the U.S. Department of the Treasury, and
	 
	 	(B)	 	is determined by the Calculation Agent to be comparable to the
applicable rate formerly displayed on the Designated CMT Reuters Screen Page
and published in H.15(519).

     (iii) If the rate described in clause (ii) above does not appear in H.15(519) at 3:00
P.M., New York City time, on such Calculation Date (unless the calculation is made earlier
and the rate is available from that source at that time), then the CMT rate will be the
yield to maturity of the arithmetic mean of the following secondary market offered rates for
the most recently issued Treasury Notes (as defined in Section 3A(n) below) having an
original maturity of approximately the Designated CMT Index Maturity, having a remaining
term to maturity of not less than the Designated CMT Index Maturity minus one year and in a
Representative Amount: the offered rates, as of approximately 3:30 P.M., New York City time,
on such CMT Interest Determination Date, of three primary U.S. government securities dealers
in New York City selected by the Calculation Agent. In selecting such offered rates, the
Calculation Agent will request quotations from five such primary dealers and will disregard
the highest quotation — or, if there is equality, one of the highest — and the lowest
quotation — or, if there is equality, one of the lowest.

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     (iv) If the Calculation Agent is unable to obtain three quotations of the kind
described in clause (iii) above, the CMT rate will be the yield to maturity of the
arithmetic mean of the following secondary market offered rates for Treasury Notes having an
original maturity longer than the Designated CMT Index Maturity, having a remaining term to
maturity closest to the Designated CMT Index Maturity and in a Representative Amount: the
offered rates, as of approximately 3:30 P.M., New York City time, on such CMT Interest
Determination Date, of three primary U.S. government securities dealers in New York City selected by the Calculation Agent. In selecting
such offered rates, the Calculation Agent will request quotations from five such primary
dealers and will disregard the highest quotation — or, if there is equality, one of the
highest — and the lowest quotation — or, if there is equality, one of the lowest. If two
Treasury Notes with an original maturity longer than the CMT Designated Index Maturity have
remaining terms to maturity that are equally close to the Designated CMT Index Maturity, the
Calculation Agent will obtain quotations for the Treasury Notes with the shorter original
term to maturity.

     (v) If fewer than five but more than two such primary dealers are quoting as described
in clause (iv) above, then the CMT rate for such CMT Interest Determination Date will be
based on the arithmetic mean of the offered rates so obtained, and neither the highest nor
the lowest of such quotations will be disregarded.

     (vi) If two or fewer primary dealers selected by the Calculation Agent are quoting as
described in clause (v) above, the CMT rate shall be the CMT rate in effect on such CMT
Interest Determination Date (or, in the case of the first Interest Reset Date, the Initial
Base Rate).

     (e) Determination of Commercial Paper Rate. If the Base Rate specified for such
Supplemental Obligation is the commercial paper rate, the Base Rate that takes effect on any
Interest Reset Date shall equal the Money Market Yield (as defined in Section 3A(n) below) of the
rate, for the second Business Day immediately preceding such Interest Reset Date (the
“Commercial Paper Interest Determination Date”), for commercial paper having the Index
Maturity specified in the applicable Pricing Supplement, as published in H.15(519) opposite the
heading “Commercial Paper — Nonfinancial”. If the commercial paper rate cannot be determined as
described above, the following procedures will apply in determining the commercial paper rate:

     (i) If the rate described above does not appear in H.15(519) at 3:00 P.M., New York
City time, on the Calculation Date corresponding to such Commercial Paper Interest
Determination Date (unless the calculation is made earlier and the rate is available from
that source at that time), then the commercial paper rate will be the rate, for such
Commercial Paper Interest Determination Date, for commercial paper having the Index Maturity
for such Supplemental Obligation, as published in H.15 Daily Update (as defined in Section
3A(n) below) or any other recognized electronic source used for displaying that rate,
opposite the heading “Commercial Paper — Nonfinancial”.

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     (ii) If the rate described in clause (i) above does not appear in H.15(519), H.15 Daily
Update or another recognized electronic source at 3:00 P.M., New York City time, on such
Calculation Date (unless the calculation is made earlier and the rate is available from one
of those sources at that time), the commercial paper rate will be the Money Market Yield of
the arithmetic mean of the following offered rates for U.S. dollar commercial paper that has
the Index Maturity and is placed for an industrial issuer whose long-term bond rating is
“AA”, or the equivalent, from a nationally recognized rating agency: the rates offered as of
11:00 A.M., New York City time, on such Commercial Paper Interest Determination Date by three leading U.S. dollar commercial paper dealers
in New York City selected by the Calculation Agent.

     (iii) If fewer than three dealers selected by the Calculation Agent are quoting as
described in clause (ii) above, the commercial paper rate shall be the commercial paper rate
in effect on such Commercial Paper Interest Determination Date (or, in the case of the first
Interest Reset Date, the Initial Base Rate).

     (f) Determination of EURIBOR. If the Base Rate specified for such Supplemental
Obligation is EURIBOR, the Base Rate that takes effect on any Interest Reset Date shall equal the
interest rate for deposits in euros designated as “EURIBOR” and sponsored jointly by the European
Banking Federation and ACI — The Financial Markets Association (or any company established by the
joint sponsors for purposes of compiling and publishing that rate) on the second Euro Business Day
(as defined in Section 3C(b) below) before such Interest Reset Date (a “EURIBOR Interest
Determination Date”), and will be determined in accordance with the following provisions:

     (i) EURIBOR will be the offered rate for deposits in euros having the Index Maturity
beginning on such Interest Reset Date, as that rate appears on the Reuters Screen EURIBOR01
Page as of 11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date.

     (ii) If the rate described in clause (i) above does not so appear on the Reuters Screen
EURIBOR01 Page, EURIBOR will be determined on the basis of the rates, at approximately 11:00
A.M., Brussels time, on such EURIBOR Interest Determination Date, at which deposits of the
following kind are offered to prime banks in the Euro-Zone (as defined in Section 3C(b)
below) interbank market by the principal Euro-Zone office of each of four major banks in
that market selected by the Calculation Agent: euro deposits having the specified Index
Maturity beginning on such Interest Reset Date and in a Representative Amount. The
Calculation Agent will request the principal Euro-Zone office of each of these banks to
provide a quotation of its rate. If at least two quotations are provided, EURIBOR for such
EURIBOR Interest Determination Date will be the arithmetic mean of such quotations.

     (iii) If fewer than two quotations are provided as described in clause (ii) above,
EURIBOR for such EURIBOR Interest Determination Date will be the arithmetic mean of the
rates for loans of the following kind to leading Euro-Zone banks quoted, at

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approximately
11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date, by three major banks
in the Euro-Zone selected by the Calculation Agent: loans of euros having the specified
Index Maturity beginning on such Interest Reset Date and in a Representative Amount.

     (iv) If fewer than three banks selected by the Calculation Agent are quoting as
described in clause (iii) above, EURIBOR shall be the EURIBOR in effect on such EURIBOR
Interest Determination Date (or, in the case of the first Interest Reset Date, the Initial
Base Rate).

     (g) Determination of Federal Funds Rate. If the Base Rate specified for such
Supplemental Obligation is the Federal Funds (Effective) Rate, the Base Rate that takes effect on
any Interest Reset Date shall equal the rate, on the second Business Day immediately preceding such
Interest Reset Date (the “Federal Funds Interest Determination Date”), as published in
H.15(519) opposite the heading “Federal funds (effective)”, as that rate is displayed on the
Reuters Screen FEDFUNDS1 Page under the heading “EFFECT”. If the Federal Funds (Effective) Rate
cannot be determined as described above, the following procedures will apply in determining the
Federal Funds (Effective) Rate:

     (i) If the rate described above is not displayed on the Reuters Screen FEDFUNDS1 Page
at 3:00 P.M., New York City time, on the Calculation Date corresponding to such Federal
Funds Interest Determination Date (unless the calculation is made earlier and the rate is
available from that source at that time), then the Federal Funds (Effective) Rate will be
the rate described above as published in H.15 Daily Update, or another recognized electronic
source used for displaying that rate, opposite the heading “Federal funds (effective)”.

     (ii) If the rate described in clause (i) above is not displayed on the Reuters Screen
FEDFUNDS1 Page and does not appear in H.15 (519), H.15 Daily Update or another recognized
electronic source at 3:00 P.M., New York City time, on such Calculation Date (unless the
calculation is made earlier and the rate is available from one of those sources at that
time), the Federal Funds (Effective) Rate will be the arithmetic mean of the rates for the
last transaction in overnight, U.S. dollar federal funds arranged, before 9:00 A.M., New
York City time, on such Federal Funds Interest Determination Date, by three leading brokers
of U.S. dollar federal funds transactions in New York City selected by the Calculation
Agent.

     (iii) If fewer than three brokers selected by the Calculation Agent are quoting as
described in clause (ii) above, the Federal Funds (Effective) Rate will be the Federal Funds
(Effective) Rate in effect on such Federal Funds Interest Determination Date (or, in the
case of the first Interest Reset Date, the Initial Base Rate).

     If the Base Rate specified for such Supplemental Obligation is the Federal Funds Open Rate,
the Base Rate that takes effect on any Interest Reset Date shall equal the rate, on the Federal
Funds Interest Determination Date, as published in H.15(519) under the heading

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“Federal funds” and
opposite the caption “Open”, as that rate is displayed on the Reuters Screen Page 5. If the Federal
Funds Open Rate cannot be determined as described above, the following procedures will apply in
determining the Federal Funds Open Rate:

     (i) If the rate described above is not displayed on the Reuters Screen Page 5 at 5:00
P.M., New York City time, on such Federal Funds Interest Determination Date (unless the
calculation is made earlier and the rate is available from that source at that time), then
the Federal Funds Open Rate will be the rate for such day displayed on the FFPREBON Index
page on Bloomberg (which is the Fed Funds Opening Rate as reported by Prebon Yamane (or a
successor) on Bloomberg).

     (ii) If the rate described in clause (i) above is not displayed on the Reuters Screen
Page 5 and does not appear on the FFPREBON Index on Bloomberg at 5:00 P.M., New York City
time, on such Federal Funds Interest Determination Date (unless the calculation is made
earlier and the rate is available from one of those sources at that time), the Federal Funds
Open Rate will be the arithmetic mean of the rates for the last transaction in overnight,
U.S. dollar federal funds arranged, before 9:00 A.M., New York City time, on such Federal
Funds Interest Determination Date, quoted by three leading brokers of U.S. dollar federal
funds transactions in New York City selected by the Calculation Agent.

     (iii) If fewer than three brokers selected by the Calculation Agent are quoting as
described in clause (ii) above, the Federal Funds Open Rate will be the Federal Funds Open
Rate in effect on such Federal Funds Interest Determination Date (or, in the case of the
first Interest Reset Date, the Initial Base Rate).

     (h) Determination of LIBOR. If the Base Rate specified for such Supplemental
Obligation is LIBOR, the Base Rate that takes effect on any Interest Reset Date shall be LIBOR on
the corresponding LIBOR Interest Determination Date (as defined in Section 3A(n) below). LIBOR will
be the offered rate appearing on the Reuters Screen LIBOR Page (as defined in Section 3A(n) below)
as of 11:00 A.M., London time, on such LIBOR Interest Determination Date for deposits of the Index
Currency having the Index Maturity beginning on such Interest Reset Date:

     (i) If LIBOR does not so appear on the Reuters Screen LIBOR Page, then LIBOR will be
determined on the basis of the rates, at approximately 11:00 A.M., London time, on such
LIBOR Interest Determination Date, at which deposits of the following kind are offered to
prime banks in the London interbank market by four major banks in that market selected by
the Calculation Agent: deposits of the Index Currency having the specified Index Maturity
beginning on the relevant Interest Reset Date and in a Representative Amount (as defined in
Section 3A(n) below). The Calculation Agent will request the principal London office of each
such bank to provide a quotation of its rate. If at least two quotations are provided, LIBOR
for such LIBOR Interest Determination Date will be the arithmetic mean of the quotations.

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     (ii) If fewer than two quotations are provided as described in clause (i) above, LIBOR
for such LIBOR Interest Determination Date will be the arithmetic mean of the rates for
loans of the following kind to leading European banks quoted, at approximately 11:00 A.M. in
the principal financial center for the country issuing the Index Currency, on such LIBOR
Interest Determination Date, by three major banks in that principal financial center
selected by the Calculation Agent: loans of the Index Currency having the specified Index
Maturity beginning on such Interest Reset Date and in a Representative Amount.

     (iii) If fewer than three banks selected by the Calculation Agent are quoting as
described in clause (ii) above, LIBOR will be the LIBOR in effect on such LIBOR Interest
Determination Date (or, in the case of the first Interest Reset Date, the Initial Base
Rate).

     (i) Determination of Prime Rate. If the Base Rate specified for such Supplemental
Obligation is the prime rate, the Base Rate that takes effect on any Interest Reset Date shall
equal the rate, for the second Business Day immediately preceding such Interest Reset Date (the
“Prime Interest Determination Date”), published in H.15(519) opposite the heading “Bank
prime loan”. If the prime rate cannot be determined as described above, the following procedures
will apply in determining the prime rate:

     (i) If the rate described above does not appear in H.15(519) at 3:00 P.M., New York
City time, on the Calculation Date corresponding to such Prime Interest Determination Date
(unless the calculation is made earlier and the rate is available from that source at that
time), then the prime rate will be the rate, for such Prime Interest Determination Date, as
published in H.15 Daily Update or another recognized electronic source used for the purpose
of displaying that rate, opposite the heading “Bank prime loan”.

     (ii) If the rate described in clause (i) above does not appear in H.15(519), H.15 Daily
Update or another recognized electronic source at 3:00 P.M., New York City time, on such
Calculation Date (unless the calculation is made earlier and the rate is available from one
of those sources at that time), then the prime rate will be the arithmetic mean of the
following rates as they appear on the Reuters Screen USPRIME1 Page (as defined in
Section 3A(n) below): the rate of interest publicly announced by each bank appearing on that
page as that bank’s prime rate or base lending rate, as of 11:00 A.M., New York City time,
on such Prime Interest Determination Date.

     (iii) If fewer than four of the rates referred to in clause (ii) above appear on the
Reuters Screen USPRIME1 Page, the prime rate will be the arithmetic mean of the prime rates
or base lending rates, as of the close of business on such Prime Interest Determination
Date, of three major banks in New York City selected by the Calculation Agent. For this
purpose, the Calculation Agent will use rates quoted on the basis of the actual number of
days in the year divided by a 360-day year.

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     (iv) If fewer than three banks selected by the Calculation Agent are quoting as
described in clause (iii) above, the prime rate shall be the prime rate in effect on such
Prime Interest Determination Date (or, in the case of the first Interest Reset Date, the
Initial Base Rate).

     (j) Determination of Treasury Rate. If the Base Rate specified for such Supplemental
Obligation is the treasury rate, the Base Rate that takes effect on any Interest Reset Date shall
equal the rate for the auction on the corresponding Treasury Interest Determination Date (as
defined in Section 3A(n) below) of direct obligations of the United States (“Treasury
Bills”) having the Index Maturity specified for such Supplemental Obligation, as that rate
appears on the Reuters Screen USAUCTION10 Page or the Reuters Screen USAUCTION11 Page under the
heading “INVEST RATE”. If the treasury rate cannot be determined as described above, the following
procedures will apply in determining the treasury rate:

     (i) If the rate described above does not appear on either the Reuters Screen
USAUCTION10 or USAUCTION11 Page at 3:00 P.M., New York City time, on the Calculation Date
corresponding to such Treasury Interest Determination Date (unless the calculation is made
earlier and the rate is available from that source at that time), the treasury rate will be
the Bond Equivalent Yield (as defined in Section 3A(n) below) of the rate, for such Treasury
Interest Determination Date and for Treasury Bills having the Index Maturity, specified for
such Supplemental Obligation, as announced by the U.S. Department of the Treasury.

     (ii) If the auction rate described in clause (i) above is not so announced by
3:00 P.M., New York City time, on such Calculation Date, or if no such auction is held for
the relevant week, then the treasury rate will be the Bond Equivalent Yield of the rate, for
such Treasury Interest Determination Date and for Treasury Bills having the Index Maturity
specified for such Supplemental Obligation, as published in H.15(519) under the heading
“U.S. government securities/Treasury bills (secondary market)”.

     (iii) If the rate described in clause (ii) above does not appear in H.15(519) at
3:00 P.M., New York City time, on such Calculation Date (unless the calculation is made
earlier and the rate is available from one of those sources at that time), then the treasury
rate will be the rate, for such Treasury Interest Determination Date and for Treasury Bills
having the Index Maturity specified for such Supplemental Obligation, as published in H.15
Daily Update, or another recognized electronic source used for displaying that rate, under
the heading “U.S. government securities/ Treasury bills (secondary market)”.

     (iv) If the rate described in clause (iii) above does not appear in H.15 Daily Update
or another recognized electronic source at 3:00 P.M., New York City time, on such
Calculation Date (unless the calculation is made earlier and the rate is available from one
of those sources at that time), the treasury rate will be the Bond Equivalent Yield of the
arithmetic mean of the following secondary market bid rates for the issue of Treasury Bills
with a remaining maturity closest to the Index Maturity specified for such Supplemental
Obligation: the rates bid as of approximately 3:30 P.M., New York City

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time, on such Treasury Interest Determination Date, by three primary U.S. government
securities dealers in New York City selected by the Calculation Agent.

     (v) If fewer than three dealers selected by the Calculation Agent are quoting as
described in clause (iv) above, the treasury rate shall be the treasury rate in effect on
such Treasury Interest Determination Date (or, in the case of the first Interest Reset Date,
the Initial Base Rate).

     (k) Determination of 11th District Rate. If the Base Rate specified for such
Supplemental Obligation is the 11th district rate (which term refers to the Eleventh District Cost
of Funds Rate), the Base Rate that takes effect on any Interest Reset Date shall equal the 11th
district rate on the 11th District Interest Determination Date (as defined in Section 3A(n) below)
corresponding to such Interest Reset Date. The 11th district rate on any 11th District Interest
Determination Date shall be the rate equal to the monthly weighted average cost of funds for the
calendar month immediately before such date, as displayed on the Reuters Screen COFI/ARMS Page
opposite the heading “11TH Dist COFI:” as of 11:00 A.M., San Francisco time, on such date. If the
11th district rate cannot be determined as described above, the following procedures will apply in
determining the 11th district rate:

     (i) If the rate described above does not appear on the Reuters Screen COFI/ARMS Page on
such 11th District Interest Determination Date, then the 11th district rate on such date
will be the monthly weighted average cost of funds paid by institutions that are members of
the Eleventh Federal Home Loan Bank District for the calendar month immediately preceding
such date, as most recently announced by the Federal Home Loan Bank of San Francisco as such
monthly weighted average cost of funds.

     (ii) If the Federal Home Loan Bank of San Francisco fails to announce the cost of funds
described in clause (i) above on or before such 11th District Interest Determination Date,
the 11th district rate that takes effect on such Interest Reset Date will be the 11th
district rate in effect on such 11th District Interest Determination Date (or, in the case
of the first Interest Reset Date, the Initial Base Rate).

     Any of the interest rates determined in accordance with Sections 3A(b) — (k) will be adjusted
by the addition or subtraction of the Spread, if any, specified for such Supplemental Obligation or
by multiplying such Base Rate by the Spread Multiplier, if any, specified for such Supplemental
Obligation.

     (l) Minimum and Maximum Limits. Notwithstanding the foregoing, the rate at which
interest accrues on such Supplemental Obligation (i) shall not at any time be higher than the
maximum rate, if any, or less than the minimum rate, if any, specified in the applicable Pricing
Supplement, in each case on an accrual basis, and (ii) shall not at any time be higher than the
maximum rate permitted by New York law, as the same may be modified by United States law of general
application.

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     (m) Calculation of Interest. Payments of interest on such Supplemental Obligation
with respect to any Interest Payment Date or at the Maturity of the principal thereof will include
interest accrued to but excluding such Interest Payment Date or the date of such Maturity, as the
case may be. Accrued interest from the date of issue or from the last date to which interest has
been paid or made available for payment shall be calculated by the Calculation Agent by multiplying
the principal amount of such Supplemental Obligation by an accrued interest factor for the Interest
Period specified in the applicable Pricing Supplement. Such accrued interest factor shall be
expressed as a decimal and computed by multiplying the interest rate (also expressed as a decimal)
in effect on the applicable period by the Day Count Convention specified in the applicable Pricing
Supplement for such Interest Period.

     All percentages resulting from any calculation with respect to such Supplemental Obligation
will be rounded upward or downward, as appropriate, to the next higher or lower one
hundred-thousandth of a percentage point (e.g., 9.876541% (or .09876541) being rounded down to
9.87654% (or .0987654) and 9.876545% (or .09876545) being rounded up to 9.87655% (or .0987655)).
All amounts used in or resulting from any calculation with respect to such Supplemental Obligation
will be rounded upward or downward, as appropriate, to the nearest cent, in the case of U.S.
dollars, or to the nearest corresponding hundredth of a unit, in the case of a currency other than
U.S. dollars, with one-half cent or one-half of a corresponding hundredth of a unit or more being
rounded upward.

     (n) Definitions of Calculation Terms. As used with respect to such Supplemental
Obligation, the following terms have the meanings set forth below:

     “Bond Equivalent Yield” means a yield expressed as a percentage and calculated in
accordance with the following formula:

     

     where

	 	•	 	“D” equals the annual rate for Treasury Bills quoted on a bank discount basis and
expressed as a decimal;
	 
	 	•	 	“N” equals 365 or 366, as the case may be; and
	 
	 	•	 	“M” equals the actual number of days in the applicable Interest Reset Period.

     The “Calculation Date” corresponding to any Commercial Paper Interest Determination
Date, Prime Interest Determination Date, LIBOR Interest Determination Date, EURIBOR Interest
Determination Date, Treasury Interest Determination Date, CMT Interest Determination Date, CD
Interest Determination Date, CMS Interest Determination Date, Federal Funds Interest Determination
Date or 11th District Interest Determination Date, as the case may be, means the earlier of:

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     (i) the tenth day after such Interest Determination Date or, if any such day is not a
Business Day, the next succeeding Business Day; and

     (ii) the Business Day immediately preceding the Interest Payment Date or the date of
Maturity of the principal of such Supplemental Obligation, whichever is the day on which the
next payment of interest will be due.

The Calculation Date corresponding to any Interest Reset Date means the Calculation Date
corresponding to the relevant interest determination date immediately preceding such Interest Reset
Date.

     “Designated CMT Index Maturity” means, if the Base Rate is the CMT Rate, the Index
Maturity for such Supplemental Obligation and will be the original period to maturity of a U.S.
Treasury security — either 1, 2, 3, 5, 7, 10, 20 or 30 years — specified on the face hereof,
provided that, if no such original maturity period is so specified, the Designated CMT Index
Maturity will be 2 years.

     “Designated CMT Reuters Screen Page” means, if the Base Rate is the CMT Rate, the
Reuters Screen Page specified in the applicable Pricing Supplement that displays Treasury constant
maturities as reported in H.15(519), provided that, if no Reuters Screen Page is so specified, then
the applicable page will be the Reuters Screen FEDCMT Page and provided, further, that if the
Reuters Screen FEDCMT Page applies but it is not specified in the applicable Pricing Supplement
whether the weekly or monthly average applies, the weekly average will apply.

     “H.15(519)” means the weekly statistical release designated as such published by the
Federal Reserve System Board of Governors, or its successor, available through the website of the
Board of Governors of the Federal Reserve System at
http://www.federalreserve.gov/releases/h15/update/h15upd.htm, or any successor site or publication.

     “H.15 Daily Update” means the daily update of H.15(519), available through the website
of the Board of Governors of the Federal Reserve System, at http://www.federalreserve.gov/releases/h15/update/h15upd.htm, or any successor site or publication.

     “Interest Period” means the period from and including an Interest Payment Date (or,
with respect to the initial Interest Period, the Original Issue Date) to but excluding the next
succeeding Interest Payment Date.

     The “LIBOR Interest Determination Date” corresponding to any Interest Reset Date means
the second London Business Day preceding such Interest Reset Date, unless the Index Currency is
pounds sterling, in which case the LIBOR Interest Determination Date will be the Interest Reset
Date.

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     “Money Market Yield” means a yield expressed as a percentage and calculated in
accordance with the following formula:

               

     where

	 	•	 	“D” equals the per annum rate for commercial paper quoted on a bank discount basis
and expressed as a decimal; and
	 
	 	•	 	“M” equals the actual number of days in the applicable Interest Reset Period.

     “Representative Amount” means an amount that, in the Calculation Agent’s judgment, is
representative of a single transaction in the relevant market at the relevant time.

     “Reuters Screen” means the display on the Reuters 3000 Xtra service or any successor
or replacement service, on the page or pages, or any successor or replacement page or pages on that
service.

     “Reuters Screen LIBOR Page” means the display on the Reuters Screen LIBOR01 Page or
Reuters Screen LIBOR02 Page, as specified in the applicable Pricing Supplement, or any successor or
replacement service, on which London interbank rates of major banks for the Index Currency are
displayed.

     “Reuters Screen USPRIME1 Page” means the display on the Reuters Screen page titled
“USPRIME1”, for the purpose of displaying prime rates or base lending rates of major U.S. banks.

     “Spread” means the number of basis points (each being one one-hundredth of a
percentage point) specified in the applicable Pricing Supplement to be added to or subtracted from
the Base Rate for a Floating Rate Note to determine the applicable interest rate.

     “Spread Multiplier” is the percentage specified in the applicable Pricing Supplement
by which the Base Rate for a Floating Rate Note will be multiplied to determine the applicable
interest rate.

     The “Treasury Interest Determination Date” corresponding to any Interest Reset Date
means the day of the week in which such Interest Reset Date falls on which Treasury bills would
normally be auctioned. If, as the result of a legal holiday, an auction is so held on the Friday in
the week immediately preceding the week in which such Interest Reset Day falls, such Friday will be
the corresponding Treasury Interest Determination Date. If an auction date shall fall on a day that
would otherwise be an Interest Reset Date, then such Interest Reset Date shall instead be the first
Business Day immediately following such auction date.

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     “Treasury Notes” means direct, noncallable, fixed rate obligations of the U.S.
government.

     The “11th District Interest Determination Date” corresponding to a particular Interest
Reset Date will be the last working day, in the first calendar month immediately preceding such
Interest Reset Date, on which the Federal Home Loan Bank of San Francisco publishes the monthly
average cost of funds paid by member institutions of the Eleventh Federal Home Loan Bank District
for the second calendar month immediately preceding such Interest Reset Date.

     References in this Security to a particular heading or headings on any of Designated CMT
Reuters Screen Page, H.15(519), H.15 Daily Update, Reuters Screen LIBOR Page, Reuters Screen
USPRIME1 Page, Reuters Screen USAUCTION10 Page, Reuters Screen USAUCTION11 Page, Reuters Screen
ISDAFIX2 Page, Reuters Screen COFI/ARMS Page, Reuters Screen Page 5 or Reuters Screen include any
successor or replacement heading or headings as determined by the Calculation Agent.

     3.B. Interest Rate on Indexed Notes

     In the case of any Supplemental Obligation that is an Indexed Note, the manner of calculating
interest payable thereon shall be determined as provided in the applicable Pricing Supplement.

     3.C. Payments — Other Terms 

     The provisions of this Section 3C apply to all Supplemental Obligations.

     (a) Calculation Agent and Exchange Rate Agent. With respect to any Supplemental
Obligation, the “Calculation Agent” or the “Exchange Rate Agent” shall initially mean the Person
(if any) named as such agent in the applicable Pricing Supplement, provided that the Company may,
in its sole discretion, appoint any other institution (including any Affiliate of the Company) to
serve as any such agent for such Supplemental Obligation from time to time. The Company will give
the Trustee prompt written notice of any change in any such appointment. Insofar as this Security
or the applicable Pricing Supplement provides for any such agent to obtain rates, quotes or other
data from a bank, dealer or other institution for use in making any determination hereunder, such
agent may do so from any institution or institutions of the kind contemplated hereby
notwithstanding that any one or more of such institutions are any such agent, Affiliates of any
such agent or Affiliates of the Company.

     All determinations made by the Calculation Agent or the Exchange Rate Agent with regard to a
Supplemental Obligation may be made by such agent in its sole discretion and, absent manifest
error, shall be conclusive for all purposes and binding on the Holder of this Security and the
Company. Neither the Calculation Agent nor the Exchange Rate Agent shall have any liability
therefor.

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     (b) Other Definitions. “Business Day” means, for any Supplemental Obligation,
a day that meets the requirements set forth in each of clauses (i) through (v) below, in each case
to the extent such requirements apply to such Supplemental Obligation as specified below:

     (i) is a New York Business Day;

     (ii) if the Base Rate is LIBOR, is also a London Business Day;

     (iii) if the Specified Currency for payment of principal of or interest on such
Supplemental Obligation is other than U.S. dollars or euros, is also a day on which banking
institutions are not authorized or obligated by law, regulation or executive order to close
in the principal financial center of the country issuing the Specified Currency;

     (iv) if the Base Rate is EURIBOR or if the Specified Currency for payment of principal
of or interest on such Supplemental Obligation is euros, or the Base Rate is LIBOR for which
the Index Currency is euros, is also a Euro Business Day; and

     (v) solely with respect to any payment or other action to be made or taken at any Place
of Payment outside The City of New York, is a Monday, Tuesday, Wednesday, Thursday or Friday
that is not a day on which banking institutions in such Place of Payment generally are
authorized or obligated by law, regulation or executive order to close.

     Solely when used in the third paragraph under the heading “Currency of Payment” on the face of
the relevant Supplemental Obligation, the meaning of the term “Business Day” shall be determined as
if the Base Rate for such Supplemental Obligation is neither LIBOR nor EURIBOR.

     “Day Count Convention” means:

     (i) if “1/1 (ISDA)”, 1;

     (ii) if “Actual/Actual (ISDA)” or “Act/Act (ISDA)”, the number of days in the Interest
Period divided by 365 (or, if any portion of that Interest Period falls in a leap year, the
sum of (1) the number of days in that portion of the Interest Period falling in a leap year
divided by 366 and (2) the number of days in that portion of the Interest Period falling in
a non-leap year divided by 365);

     (iii) if “Actual/Actual (ICMA)”, the number of days in the Interest Period, including
February 29 in a leap year, divided by the product of (1) the actual number of days in such
Interest Period and (2) the number of Interest Periods in the calendar year;

     (iv) if “Actual/Actual (Bond)”, the number of calendar days in the Interest Period,
divided by the number of calendar days in the Interest Period multiplied by the number of
Interest Periods in the calendar year;

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     (v) if “Actual/Actual (Euro)”, the number of calendar days in the Interest Period
divided by 365 or, if the Interest Period includes February 29, 366;

     (vi) if “Actual/365 (Fixed)”, “Act/365 (Fixed)”, “A/365 (Fixed)” or “A365F”, the actual
number of days in the Interest Period divided by 365;

     (vii) if “Actual/360 (ISDA)”, “Act/360 (ISDA)” or “A/360 (ISDA)”, the number of days in
the Interest Period divided by 360;

     (viii) if “Actual/360 (ICMA)”, the number of calendar days in the period, including
February 29 in a leap year, divided by 360 days;

     (ix) if “30/360 (ISDA)”, “360/360 (ISDA)” or “Bond Basis (ISDA)”, the number of days in
the Interest Period in respect of which payment is being made divided by 360, calculated on
a formula basis as follows:

     where

	 	•	 	“Y1” is the year, expressed as a number, in which the first day of the
Interest Period falls;
	 
	 	•	 	“Y2” is the year, expressed as a number, in which the day immediately
following the last day included in the Interest Period falls;
	 
	 	•	 	“M1” is the calendar month, expressed as a number, in which the first day
of the Interest Period falls;
	 
	 	•	 	“M2” is the calendar month, expressed as a number, in which the day
immediately following the last day included in the Interest Period falls;
	 
	 	•	 	“D1” is the first calendar day, expressed as a number, of the Interest
Period, unless such number would be 31, in which case D1 will be 30; and
	 
	 	•	 	“D2” is the calendar day, expressed as a number, immediately following
the last day included in the Interest Period, unless such number would be 31 and D1 is
greater than 29, in which case D2 will be 30; and

     (x) if “30E/360”, “30E/360 (ISDA)” or “Eurobond Basis”, the number of days in the
Interest Period in respect of which payment is being made divided by 360, calculated on a
formula basis as follows:

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     where

	 	•	 	“Y1” is the year, expressed as a number, in which the first day of the
Interest Period falls;
	 
	 	•	 	“Y2” is the year, expressed as a number, in which the day immediately
following the last day included in the Interest Period falls;
	 
	 	•	 	“M1” is the calendar month, expressed as a number, in which the first day
of the Interest Period falls;
	 
	 	•	 	“M2” is the calendar month, expressed as a number, in which the day
immediately following the last day included in the Interest Period falls;
	 
	 	•	 	“D1” is the first calendar day, expressed as a number, of the Interest
Period, unless such number would be 31, in which case D1 will be
30; and
	 
	 	•	 	“D2” is the calendar day, expressed as a number, immediately following
the last day included in the Interest Period, unless (1) such number would be 31, and
(2), if “30E/360 (ISDA)” is specified, that day is also the last day of February, in
which case D2 will be 30.

     “EMU Countries” means, at any time, the countries (if any) then participating in the
European Economic and Monetary Union (or any successor union) pursuant to the Treaty on European
Union of February 1992 (or any successor treaty), as it may be amended from time to time.

     “Euro Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday on
which the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET) System, or
any successor system, is open for business.

     “Euro-Zone” means, at any time, the region comprised of the EMU Countries.

     “Index Currency” means, with respect to a Supplemental Obligation that has a LIBOR
base rate, the currency specified as such in the applicable pricing supplement.

     “Index Maturity” means, with respect to a Supplemental Obligation, the period to
maturity of the instrument or obligation on which the interest rate formula is based, as specified
in the applicable Pricing Supplement.

     “London Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that
is not a day on which banking institutions in London generally are authorized or obligated by law,
regulation or executive order to close and, if the Base Rate for such Supplemental Obligation is
LIBOR, is also a day on which dealings in the Index Currency are transacted in the London interbank
market.

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     “New York Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday
that is not a day on which banking institutions in New York City generally are authorized or
obligated by law, regulation or executive order to close.

     References in this Security to U.S. dollars shall mean, as of any time, the coin or currency
that is then legal tender for the payment of public and private debts in the United States of
America.

     References in this Security to the euro shall mean, as of any time, the coin or currency (if
any) that is then legal tender for the payment of public and private debts in all EMU Countries.

     With respect to any Supplemental Obligation, references in this Security to a particular
currency other than U.S. dollars and Euros shall mean, as of any time, the coin or currency that is
then legal tender for the payment of public and private debts in the country issuing such currency
on the Original Issue Date for such Supplemental Obligation.

     4. Redemption at the Company’s Option

     Unless a redemption commencement date is specified in the applicable Pricing Supplement, a
Supplemental Obligation shall not be redeemable at the option of the Company before the Stated
Maturity of the principal thereof. If a redemption commencement date is so specified, and unless
otherwise specified in the applicable Pricing Supplement, such Supplemental Obligation is subject
to redemption upon not less than 30 days’ nor more than 60 days’ notice at any time and from time
to time on or after the redemption commencement date, as a whole or in part, at the election of the
Company and at the redemption price specified in the applicable Pricing Supplement (expressed as a
percentage of the principal amount of such Supplemental Obligation to be redeemed), together with
accrued interest to the Redemption Date, but interest installments due on or prior to such
Redemption Date will be payable to the Holder of this Security, or one or more Predecessor
Securities, of record at the close of business on the relevant record dates referred to on the face
hereof, all as provided in the 2008 Indenture.

     5. Repayment at the Holder’s Option

     Except as otherwise may be provided in the applicable Pricing Supplement, if one or more
repayment dates are specified in the applicable Pricing Supplement, the principal of a Supplemental
Obligation will be repayable in whole or in part in an amount equal to any Authorized Denomination
(provided that the remaining principal amount of any Supplemental Obligation surrendered for
partial repayment shall at least equal an Authorized Denomination), on any such repayment date, in
each case at the option of the Holder and at the applicable repayment price specified in the
applicable Pricing Supplement (expressed as a percentage of the principal amount to be repaid),
together with accrued interest to the applicable repayment date (but interest installments due on
or prior to such repayment date will be payable to the Holder of this Security, or one or more
Predecessor Securities, of record at the close of business on the relevant Regular Record Date as
provided in the 2008 Indenture). With respect to any Supplemental Obligation, if the applicable
Pricing Supplement provides for more than one

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repayment date and the Holder exercises its option to elect repayment, the Holder shall be
deemed to have elected repayment on the earliest repayment date after all conditions to such
exercise have been satisfied, and references herein to the applicable repayment date shall mean
such earliest repayment date.

     In order for the exercise of such option to be effective and the principal amount of a
Supplemental Obligation to be repaid, the Company must receive at the applicable address of the
Trustee set forth below (or at such other place or places of which the Company shall from time to
time notify the Holder of this Security), on any Business Day not later than the 15th, and not
earlier than the 25th, calendar day prior to the applicable repayment date (or, if either such
calendar day is not a Business Day, the next succeeding Business Day), either (i) the form below
entitled “Option to Elect Repayment” duly completed and signed, or (ii) a facsimile transmission or
letter from a member of a national securities exchange or the Financial Industry Regulatory
Authority, Inc., a commercial bank or a trust company in the United States of America setting forth
(a) the name, address and telephone number of the Holder of this Security, (b) the principal amount
of such Supplemental Obligation and the portion thereof to be repaid, (c) a statement that the
option to elect repayment is being exercised thereby and (d) a guarantee stating that the Company
will receive the form below entitled “Option to Elect Repayment” duly completed and signed, not
later than five Business Days after the date of such facsimile transmission or letter (provided
that such form duly completed and signed is received by the Company by such fifth Business Day).
Any such election shall be irrevocable. The address to which such deliveries are to be made is The
Bank of New York Mellon, Attention: Global Corporate Trust, 101 Barclay Street, 4E, New York, New
York 10286 (or at such other places as the Company or the Trustee shall notify the Holder of this
Security). All questions as to the validity, eligibility (including time of receipt) and acceptance
of any Supplemental Obligation for repayment will be determined by the Company, whose determination
will be final and binding. Notwithstanding the foregoing, the option of the Holder to elect
repayment may be exercised in accordance with the Applicable Procedures of the Depositary for this
Security at least 15 calendar days prior to the applicable repayment date and the option of the
Holder to elect repayment may be exercised in any such manner as the Company may approve.

     6. Transfer and Exchange

     As provided in the 2008 Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in any place where the
principal of and any premium and interest on this Security are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the
Security Registrar, duly executed by the Holder hereof or his or her attorney duly authorized in
writing, and thereupon one or more new Securities of this series and of like tenor, of Authorized
Denominations, and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.

     As provided in the 2008 Indenture and subject to certain limitations therein set forth,
Securities of this series are exchangeable for a like aggregate principal amount of Securities of

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this series and of like tenor, of a different Authorized Denomination, as requested by the
Holder surrendering the same.

     No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

     Prior to due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

     This Security is a Global Security and is subject to the provisions of the 2008 Indenture
relating to Global Securities, including the limitations in Section 3.05 thereof on transfers and
exchanges of Global Securities.

     This Security is a Master Note and may be exchanged at any time, solely upon the request of
the Company to the Trustee, for one or more Global Securities in the same aggregate principal
amount, each of which may or may not be a Master Note, as requested by the Company. Each such
replacement Global Security that is a Master Note shall reflect such of the Supplemental
Obligations as the Company shall request. Each such replacement Global Security that is not a
Master Note shall represent one (and only one) Supplemental Obligation as requested by the Company,
and such Global Security shall be appropriately modified so as to reflect the terms of such
Supplemental Obligation.

     7. Defeasance

     The 2008 Indenture contains provisions for defeasance at any time of the entire indebtedness
of this Security or certain restrictive covenants and Events of Default with respect to this
Security, in each case upon compliance with certain conditions set forth in the 2008 Indenture. If
so specified in the applicable Pricing Supplement, either or both of such provisions are applicable
to a Supplemental Obligation, as so specified.

     8. Remedies

     If an Event of Default with respect to Securities of this series shall occur and be
continuing, the principal of the Securities of this series may be declared due and payable in the
manner and with the effect provided in the 2008 Indenture.

     As provided in and subject to the provisions of the 2008 Indenture, the Holder of this
Security shall not have the right to institute any proceeding with respect to the 2008 Indenture or
for the appointment of a receiver or trustee, or for any other remedy thereunder, unless such
Holder shall have previously given the Trustee written notice of a continuing Event of Default with
respect to the Securities of this series, the Holders of not less than 25% in principal amount

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of the Securities of this series at the time Outstanding shall have made written request to
the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the
Trustee indemnity reasonably satisfactory to it, and the Trustee shall not have received from the
Holders of a majority in principal amount of Securities of this series at the time Outstanding a
direction inconsistent with such request, and shall have failed to institute any such proceeding,
for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not
apply to any suit instituted by the Holder of this Security for the enforcement of any payment of
principal hereof or any premium or interest hereon on or after the respective due dates expressed
herein.

     If so provided pursuant to the terms of any specific Securities, the above-referenced
provisions of the 2008 Indenture regarding the ability of Holders to waive certain defaults, or to
request the Trustee to institute proceedings (or to give the Trustee other directions) in respect
thereof, may be applied differently with regard to such Securities.

     No reference herein to the 2008 Indenture and no provision of this Security or of the 2008
Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of (and premium, if any) and interest on this Security at the times, place and
rate, and in the coin or currency, herein prescribed.

     9. Modification and Waiver

     The 2008 Indenture permits, with certain exceptions as therein provided, the amendment thereof
and the modification of the rights and obligations of the Company and the rights of the Holders of
the Securities to be affected under the 2008 Indenture at any time by the Company and the Trustee
with the consent of the Holders of a majority in principal amount of all Securities at the time
Outstanding to be affected, considered together as one class for this purpose (such Securities to
be affected may be Securities of the same or different series and, with respect to any series, may
comprise fewer than all the Securities of such series). The 2008 Indenture also contains provisions
(i) permitting the Holders of a majority in principal amount of the Securities at the time
Outstanding to be affected under the 2008 Indenture, considered together as one class for this
purpose (such affected Securities may be Securities of the same or different series and, with
respect to any particular series, may comprise fewer than all the Securities of such series), on
behalf of the Holders of all Securities so affected, to waive compliance by the Company with
certain provisions of the 2008 Indenture and (ii) permitting the Holders of a majority in principal
amount of the Securities at the time Outstanding of any series to be affected under the 2008
Indenture (with each such series considered separately for this purpose), on behalf of the Holders
of all Securities of such series, to waive certain past defaults under the 2008 Indenture and their
consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and
binding upon such Holder and upon all future Holders of this Security and of any Security issued
upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security.

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     10. Governing Law

     This Security and the 2008 Indenture shall be governed by and construed in accordance with the
laws of the State of New York.

-35-

 

	 	 	 
	MASTER NOTE CUSIP NO.
	 	 
	 

	 	 

	 	 	 
	SUPPLEMENTAL OBLIGATION:
	 	 
	 

	 	 

	 	 	 
	Pricing Supplement No. and Date:
	 	 
	 

	 	 

	 	 	 
	Original Issue Date:
	 	 
	 

	 	 

THE GOLDMAN SACHS GROUP, INC.

MEDIUM-TERM NOTE, SERIES D

(Master Note)

OPTION TO ELECT REPAYMENT

TO BE COMPLETED ONLY IF THE SUPPLEMENTAL OBLIGATION

REFERENCED IN THIS NOTICE

IS REPAYABLE AT THE OPTION OF THE HOLDER AND

THE HOLDER ELECTS TO EXERCISE SUCH RIGHT

     The undersigned hereby irrevocably requests and instructs the Company to repay the
Supplemental Obligation referred to in this notice (or the portion thereof specified below) at the
applicable repayment price, together with interest to the repayment date, all as provided for in
such Supplemental Obligation, to the undersigned, whose name, address and telephone number are as
follows:

 

 

(please print name of the undersigned)

 

 

(please print address of the undersigned)

 

 

(please print telephone number of the undersigned)

     If such Supplemental Obligation provides for more than one repayment date, the undersigned
requests repayment on the earliest repayment date after the requirements for exercising this option
have been satisfied, and references in this notice to the repayment date mean such earliest
repayment date. Terms used in this notice that are defined in the Security specified above are used
herein as defined therein.

     For such Supplemental Obligation to be repaid the Company must receive at the applicable
address of the Trustee set forth below or at such other place or places of which the Company or the
Trustee shall from time to time notify the Holder of such Security, any Business Day not later than
the 15th or earlier than the 25th calendar day prior to the repayment date (or, if

-36-

 

either such calendar day is not a Business Day, the next succeeding Business Day), (i) this
“Option to Elect Repayment” form duly completed and signed, or (ii) a facsimile transmission or
letter from a member of a national securities exchange or the Financial Industry Regulatory
Authority, Inc., a commercial bank or a trust company in the United States of America setting forth
(a) the name, address and telephone number of the Holder of such Security, (b) the principal amount
of such Supplemental Obligation and the amount of such Supplemental Obligation to be repaid, (c) a
statement that the option to elect repayment is being exercised thereby and (d) a guarantee stating
that the form entitled “Option to Elect Repayment” on the addendum to such Security duly completed
and signed will be received by the Company not later than five Business Days after the date of such
facsimile transmission or letter (provided that such form duly completed and signed is received by
the Company by such fifth Business Day). The address to which such deliveries are to be made is:

The Bank of New York Mellon

Attention: Global Corporate Trust

101 Barclay Street, 4E

New York, New York 10286

or at such other places as the Company or the Trustee shall notify the Holder of such Security.

     If less than the entire principal amount of such Supplemental Obligation is to be repaid,
specify the portion thereof (which shall equal any Authorized Denomination) that the Holder elects
to have repaid:

 

	 	 	 
	Date:                     
	 	 
	 

	 	 
	 

	 	Notice: The signature to this Option to Elect Repayment
must correspond with the name of the Holder as written
on the face of such Security in every particular
without alteration or enlargement or any other change
whatsoever.

-37-

 

ABBREVIATIONS

     The following abbreviations, when used in the inscription on the face of this Security, shall
be construed as though they were written out in full according to applicable laws or regulations.

TEN COM — as tenants in common

TEN ENT — as tenants by the entireties

JT TEN — as joint tenants with the right of survivorship and not as tenants in common

	 	 	 	 	 
	UNIF GIFT MIN	 	Custodian
	ACT –	 	 	 	 
	 	 	(Cust)	 	(Minor)
	 
	 	 	 	 

            
         under Uniform Gifts to Minors Act

 

(State)

Additional abbreviations may also be used though not in the above list.

 

-38-

 

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

 

 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

 

 

(Please Print or Typewrite Name and Address Including Postal Zip Code of Assignee)

 

the attached Security and all rights thereunder, and hereby irrevocably constitutes and
appoints

 

 

to transfer said Security on the books of the Company, with full power of substitution
in the premises.

	 	 	 
	Date:                     

Signature Guaranteed

 

NOTICE: Signature must be guaranteed.

	 	 

NOTICE: The signature to this assignment
must correspond with the name of the
Holder as written upon the face of the
attached Security in every particular,
without alteration or enlargement or any
change whatever.

-39-

 

SCHEDULE A

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Principal Amount	 	 	 	 	 	 	 	 	 	 
	Pricing	 	of Supplemental	 	Original	 	Decrease in	 	Increase in	 	Effective Date of	 	 
	Supplement No.	 	Obligation	 	Issue Date	 	Principal Amount	 	Principal Amount	 	Increase or Decrease	 	Trustee Notation
	 
	 	 	 	 	 	 	 	 	 	 	 	 

-40-EX-10.1

 Exhibit 10.1

EXECUTION COPY

 

 

Franklin Credit Asset Corporation, Franklin Credit

Management Corporation, Tribeca Lending Corp.

and Each of Their Respective Subsidiaries Listed on Schedule I

Depositors

The Huntington National Bank

Certificate Trustee

Wilmington Trust Company

Owner Trustee

 

Trust Agreement

Dated as of March 31, 2009

 

Franklin Mortgage Asset

Trust 2009-A

 

 

 

 

Table of Contents

	 	 	 	 	 
	 	 	Page
	ARTICLE I Definitions And Construction
	 	 	 	 
	Section 1.01. Definitions
	 	 	1	 
	Section 1.02. Rules of Construction
	 	 	7	 
	 
	 	 	 	 
	ARTICLE II Organization
	 	 	 	 
	 
	 	 	 	 
	Section 2.01. Name
	 	 	9	 
	Section 2.02. Office
	 	 	10	 
	Section 2.03. Purposes and Powers
	 	 	10	 
	Section 2.04. Appointment of Owner Trustee and Certificate Trustee
	 	 	13	 
	Section 2.05. Initial Capital Contribution of Assets
	 	 	13	 
	Section 2.06. Declaration of Trust.
	 	 	13	 
	Section 2.07. Liability of a Certificateholder
	 	 	13	 
	Section 2.08. Title to Owner Trust Estate
	 	 	13	 
	Section 2.09. Location of Trust
	 	 	14	 
	Section 2.10. Representations and Warranties of Depositors
	 	 	14	 
	Section 2.11. The Owner Trustee
	 	 	16	 
	Section 2.12. Tax Treatment of the Trust
	 	 	16	 
	 
	 	 	 	 
	ARTICLE III The Certificates
	 	 	 	 
	 
	 	 	 	 
	Section 3.01. Initial Beneficiary of Trust
	 	 	17	 
	Section 3.02. Issuance of the Certificates
	 	 	17	 
	Section 3.03. Authentication of Certificates
	 	 	17	 
	Section 3.04. Registration of and Transfer and Exchange of Certificates
	 	 	18	 
	Section 3.05. Mutilated, Destroyed, Lost, or Stolen Certificate
	 	 	19	 
	Section 3.06. Maintenance of Office or Agency
	 	 	19	 
	Section 3.07. Persons Considered Certificateholders
	 	 	19	 
	Section 3.08. Access to List of Certificateholders’ Names and Addresses
	 	 	19	 
	Section 3.09. Appointment of Certificate Paying Agent
	 	 	20	 
	Section 3.10. Restrictions on Transfer; Legends
	 	 	20	 
	 
	 	 	 	 
	ARTICLE IV Actions by Trustees
	 	 	 	 
	 
	 	 	 	 
	Section 4.01. Prior Notice to Certificateholders Regarding Certain Matters
	 	 	24	 
	Section 4.02. Action by Certificateholders Regarding Certain Matters
	 	 	25	 
	Section 4.03. Action by Certificateholders Regarding Bankruptcy
	 	 	25	 
	Section 4.04. Restrictions on Certificateholder’s Power
	 	 	26	 
	Section 4.05. Action by Certificateholders
	 	 	26	 
	 
	 	 	 	 
	ARTICLE V Application of Trust Funds; Certain Duties
	 	 	 	 
	 
	 	 	 	 
	Section 5.01. Establishment of Collection
Account and Certificate
Distribution Account;
Application of Trust Funds
	 	 	26	 
	Section 5.02. Method of Payment
	 	 	29	 

 i   

 

	 	 	 	 	 
	 	 	Page
	ARTICLE VI Authority and Duties of Trustees
	 	 	 	 
	 
	 	 	 	 
	Section 6.01. General Authority
	 	 	29	 
	Section 6.02. General Duties
	 	 	29	 
	Section 6.03. Action on Instruction
	 	 	30	 
	Section 6.04. No Duties Except as Specified in the Agreement or in Instructions
	 	 	30	 
	Section 6.05. No Action Except Under Specified Documents or Instructions
	 	 	31	 
	Section 6.06. Restrictions
	 	 	31	 
	 
	 	 	 	 
	ARTICLE VII Concerning Trustees
	 	 	 	 
	 
	 	 	 	 
	Section 7.01. Acceptance of Trusts and Duties
	 	 	31	 
	Section 7.02. Furnishing Documents
	 	 	32	 
	Section 7.03. Representations and Warranties
	 	 	33	 
	Section 7.04. Reliance; Advice of Counsel
	 	 	34	 
	Section 7.05. Not Acting in Individual Capacity
	 	 	34	 
	Section 7.06. Trustee Not Liable for Certificates or Payment Obligations
	 	 	34	 
	 
	 	 	 	 
	ARTICLE VIII Compensation of Trustee
	 	 	 	 
	 
	 	 	 	 
	Section 8.01. Trustee’s Fees
	 	 	35	 
	Section 8.02. Reimbursement and Indemnification
	 	 	35	 
	Section 8.03. Payments to Trustee
	 	 	36	 
	 
	 	 	 	 
	ARTICLE IX Termination of Agreement/Asset Sales
	 	 	 	 
	 
	 	 	 	 
	Section 9.01. Termination of Agreement
	 	 	36	 
	Section 9.02. Asset Sales at Direction of Administrator
	 	 	37	 
	Section 9.03. Asset Putbacks
	 	 	37	 
	 
	 	 	 	 
	ARTICLE X Successor Trustees and Additional Trustees
	 	 	 	 
	 
	 	 	 	 
	Section 10.01. Eligibility Requirements of the Trustees
	 	 	38	 
	Section 10.02. Resignation or Removal of Trustees
	 	 	38	 
	Section 10.03. Successor Trustees
	 	 	39	 
	Section 10.04. Merger or Consolidation of Trustee
	 	 	39	 
	Section 10.05. Appointment of Co-Trustee or Separate Trustee
	 	 	39	 
	 
	 	 	 	 
	ARTICLE XI Miscellaneous
	 	 	 	 
	 
	 	 	 	 
	Section 11.01. Supplements and Amendments
	 	 	41	 
	Section 11.02. Limitations on Rights of Others
	 	 	41	 
	Section 11.03. Notices
	 	 	41	 
	Section 11.04. Severability
	 	 	42	 
	Section 11.05. Separate Counterparts
	 	 	43	 
	Section 11.06. Successors and Assigns
	 	 	43	 
	Section 11.07. Nonpetition Covenant
	 	 	43	 
	Section 11.08. No Recourse
	 	 	43	 
	Section 11.09. Headings
	 	 	43	 
	Section 11.10. GOVERNING LAW
	 	 	43	 
	Section 11.11. Rule 144A Information
	 	 	44	 

 ii   

 

	 	 	 	 	 
	 	 	Page
	Section 11.12. Potential Conflicts of Interest
	 	 	44	 
	 
	 	 	 	 
	EXHIBITS
	 	 	 	 
	 
	 	 	 	 
	EXHIBIT A            Form of Certificate of Trust
	 	 	A-1	 
	EXHIBIT B            Form of Certificates
	 	 	B-1	 
	EXHIBIT C            Form of Representation Letter
	 	 	C-1	 
	 
	 	 	 	 
	SCHEDULES
	 	 	 	 
	 
	 	 	 	 
	SCHEDULE I            List of Subsidiary Depositors
	 	 	I-1	 

 iii   

 

     This Trust Agreement, dated as of March 31, 2009, among FRANKLIN CREDIT ASSET CORPORATION,
FRANKLIN CREDIT MANAGEMENT CORPORATION, TRIBECA LENDING CORP. AND EACH OF THEIR RESPECTIVE
SUBSIDIARIES LISTED ON SCHEDULE I, each as a Depositor and together as the Depositors, THE
HUNTINGTON NATIONAL BANK, a national banking association, not in its individual capacity, but
solely as Certificate Trustee, and WILMINGTON TRUST COMPANY, a Delaware banking corporation, not in
its individual capacity, but solely as Owner Trustee.

Witnesseth:

     WHEREAS, the parties to this Agreement will create the Franklin Mortgage Asset Trust 2009-A
and provide for, among other things, the issuance of the Certificates.

     NOW, THEREFORE, in consideration of the covenants and agreements contained herein, the parties
to this Agreement agree as follows.

ARTICLE I

Definitions And Construction

     Section 1.01. Definitions.

     Capitalized terms are used in this Agreement as defined below. Capitalized terms used in this
Agreement that are not otherwise defined have the meanings given to them in the Servicing
Agreement.

     “Administration Agreement” means the administration agreement, dated as of March 31, 2009,
between the Administrator and the Trust.

     “Administrator” means the Agent, in its capacity administrator pursuant to the Administration
Agreement, and its permitted successors and assigns.

     “Administrator Fees and Expenses” means such fees, together with reimbursement for reasonable
expenses and disbursements, in each case as shall have been separately agreed upon before the date
hereof between the Administrator and the Trust.

     “Agent” means The Huntington National Bank, in its capacity as Administrative Agent pursuant
to the Credit Agreement, acting not in its individual capacity but solely in its capacities as
Administrator under the Transaction Documents and Administrative Agent under and as defined in the
Credit Agreement, and any successors and permitted assigns in such capacities.

     “Agreement” means this trust agreement.

     “Assets” means the Class A Assets and the Class REO Assets.

     “Assignment and Conveyance” has the meaning assigned to such term in the Transfer and
Assignment Agreement.

 

 

     “Available Amount” means the aggregate of the Class A Available Amount and Class REO Available
Amount.

     “Certificate Distribution Account” means the account designated as such, established and
maintained pursuant to Section 5.01(a).

     “Certificate of Trust” means the Certificate of Trust in the form of Exhibit A to be filed for
the Trust pursuant to Section 3810(a) of the Statutory Trust Statute.

     “Certificate Paying Agent” means the paying agent for the Certificates appointed pursuant to
Section 3.09. The initial Certificate Paying Agent is the Certificate Trustee.

     “Certificate Register” and “Certificate Registrar” mean the register mentioned and the
registrar appointed pursuant to Section 3.04. The initial Certificate Registrar is the Certificate
Trustee.

     “Certificate Trustee” means The Huntington National Bank, acting not in its individual
capacity but solely as Certificate Trustee under this Agreement, and any successors and permitted
assigns.

     “Certificate Trustee Fees and Expenses” means such fees, together with reimbursement for
reasonable expenses and disbursements, in each case, as shall have been separately agreed upon
before the date hereof among the Administrator, the Depositors and the Certificate Trustee, and all
other amounts due and owing to the Certificate Trustee pursuant to the terms of this Agreement or
any other Transaction Document.

     “Certificateholder” or “Holder” means the person in whose name a Certificate is registered in
the Certificate Registrar.

     “Certificates” means the Class A Certificates or the Class REO Certificates, as applicable.

     “Class” means all Certificates bearing the same class designation.

     “Class A Assets” means, as of any date of determination, the portion of the Owner Trust Estate
consisting of Mortgage Loans as of such date, other than any REO Property.

     “Class A Available Amount” means, with respect to any Remittance Date, the portion of all
collections and other amounts received on or in respect of the Class A Assets on deposit in the
Collection Account as of the close of business on the related Determination Date, including Monthly
Payments, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds, Prepayment Charges,
Putback Litigation Proceeds and any other amounts received on or in respect of Class A Assets, net
of (i) any such amounts representing Escrow Payments and (ii) the portion thereof, if any, that the
Administrator has elected to use to make an Administrator Advance in accordance with Section 5.03
of the Servicing Agreement.

2

 

     “Class A Certificates” means the certificates representing an undivided interest in the Class
A Assets, substantially in the form attached to this Agreement as Exhibit B.

     “Class A Distribution Amount” means, with respect to any Remittance Date, the amount of Class
A Available Amount remaining, if any, after giving effect to the distributions therefrom pursuant
to clauses (i) through (iii) of Section 5.01(f).

     “Class REO Assets” means, as of any date of determination, that portion of the Owner Trust
Estate consisting of the REO Properties listed on Schedule III to the Transfer and Assignment
Agreement as of such date, and any REO Property acquired by the Trust in connection with the
foreclosure of any Mortgage Loan immediately after such foreclosure occurs.

     “Class REO Available Amount” means, with respect to any Remittance Date, the portion of all
collections and other amounts received on or in respect of the Class REO Assets on deposit in the
Collection Account as of the close of business on the related Determination Date, including Monthly
Payments, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds, Prepayment Charges, REO
Disposition Proceeds, Putback Litigation Proceeds and any other amounts received on or in respect
of Class REO Assets, net of the portion thereof, if any, that the Administrator has elected to use
to make an Administrator Advance in accordance with Section 5.03 of the Servicing Agreement.

     “Class REO Certificates” means the certificates representing an undivided interest in the
Class REO Assets, substantially in the form attached to this Agreement as Exhibit B.

     “Class REO Distribution Amount” means, with respect to any Remittance Date, the amount of
Class REO Available Amount remaining, if any, after giving effect to the distributions therefrom
pursuant to clauses (i) through (iii) of Section 5.01(f).

     “Closing Date” means March 31, 2009.

     “Code” means the Internal Revenue Code of 1986.

     “Corporate Trust Office” means, with respect to the Certificate Trustee, the principal
corporate trust office of the Certificate Trustee, located at 7 Easton Oval-EA4E63, Columbus, OH
43219, Attention: Corporate Trust Dept., telecopy number 614-331-5862, telephone number
614-331-9801; and with respect to Owner Trustee, the principal trust office of Owner Trustee
located at Rodney Square North, 1100 North Market Street, Wilmington, DE 19890, Attention:
Corporate Trust Administration, telecopy number 302-636-4140, telephone number: 302-636-6000; or at
such other address as such trustee may designate by notice to the Certificateholders and the
Depositors, or the principal corporate trust office of any successor Trustee (the address (which,
in the case of the Owner Trustee, shall be in the State of Delaware) of which the successor trustee
will notify the Certificateholders and the Depositors).

3

 

     “Credit Agreement” means that certain Amended and Restated Credit Agreement (Licensing) dated
as of March 31, 2009, among Franklin Credit Management Corporation and Franklin Credit Holding
Corporation, as Borrowers, the Financial Institutions party thereto, as Lenders, and The Hunting
National Bank, as Administrative Agent.

     “Custodian Fees and Expenses” means such fees, together with reimbursement for reasonable
expenses and disbursements, in each case, as shall have been separately agreed upon before the date
hereof among the Administrator, the Depositors and each Custodian, and all other amounts due and
owing to any Custodian pursuant to the terms of this Agreement or any other Transaction Document.

     “Eligible Deposit Account” means, either (i) a segregated account with an Eligible Institution
or (ii) a segregated trust account with the corporate trust department of a depository institution
organized under the laws of the United States of America or any State (or any domestic branch of a
foreign bank), having corporate trust powers and acting as trustee for funds deposited in such
account, so long as any of the securities of such depository institution have a credit rating from
each of Standard & Poor’s Ratings Services or Moody’s Investors Service, Inc. (or from another
rating agency if such rating agency is specified by the Administrator or the Owner by written
notice to the Servicer) in one of its generic rating categories which signifies investment grade.

     “Eligible Institution” means, either (i) The Huntington National Bank or (ii) a federal or
state chartered depository institution the deposits in which are insured by the FDIC to the
applicable limits and the short-term unsecured debt obligations of which (or, in the case of a
depository institution that is a subsidiary of a holding company, the short-term unsecured debt
obligations of such holding company) are rated A-1 by Standard & Poor’s Ratings Services or Prime-1
by Moody’s Investors Service, Inc. (or a comparable rating if another rating agency is specified by
the Administrator or the Owner by written notice to the Servicer) at the time any deposits are held
on deposit therein.

     “ERISA” means the Employee Retirement Income Security Act of 1974.

     “Existing Liens” means the following Liens: (i) Liens arising under the Existing Loan
Documents, as that term is defined in the Legacy Loan Agreement and (ii) Permitted Encumbrances.

     “Insolvency Event” regarding a specified person means

     (a) the person generally fails to pay its debts as they become due or admits in writing its
inability to pay its debts generally as they become due;

     (b) the person has a decree or order for relief by a court or agency or supervisory authority
having jurisdiction in the premises entered against it or any substantial part of its

4

 

property in an involuntary case under any applicable bankruptcy, insolvency, or other similar
law and the decree or order remains unstayed and in effect for a period of 60 days;

     (c) the person has a conservator, receiver, liquidator, assignee, custodian, trustee,
sequestrator, or similar official appointed for it or for all or any substantial part of its
property in any bankruptcy, insolvency, readjustment of debt, marshalling of assets and
liabilities, or other similar proceedings, and the decree or order remains unstayed and in effect
for a period of 60 days;

     (d) the person’s business is ordered to be wound-up or liquidated or the person’s business is
subject to readjustment of debt, marshalling of assets and liabilities, or other similar
proceedings, and the decree or order or the proceedings remain unstayed and in effect for a period
of 60 days; or

     (e) the person commences a voluntary case under any applicable bankruptcy, insolvency, or
other similar law, or consents to the entry of an order for relief in an involuntary case under any
such law, or consents to the appointment of or taking possession by a conservator, receiver,
liquidator, assignee for the benefit of creditors, a custodian, trustee, sequestrator, or similar
official for the person or for all or any substantial part of its property, or the person makes any
general assignment for the benefit of creditors.

     “Legacy Loan Agreement” means that certain Amended and Restated Credit Agreement dated as of
March 31, 2009 among Franklin Credit Asset Corporation, Tribeca Lending Corp., and the Other
Borrowers Party thereto, as Borrowers, and the Financial Institutions Party thereto, as Lenders,
and The Huntington National Bank, as Administrative Agent.

     “Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment, encumbrance, lien
(statutory or other), preference, participation interest, priority, or other security agreement or
preferential arrangement of any kind or nature whatsoever resulting in an encumbrance against real
or personal property of a person, including any conditional sale or other title retention
agreement, any financing lease having substantially the same economic effect as any of the
foregoing, and any evidence of any of the foregoing.

     “Mortgage Loan” has the meaning assigned to such term in the Servicing Agreement.

     “Opinion of Counsel” means a written opinion of counsel acceptable to the Owner Trustee, which
opinion shall be addressed to any other party specified in this Agreement.

     “Owner Trust Estate” shall mean all right, title and interest of the Trust in and to the
Assets and the other property and rights assigned to the Trust pursuant to the Transfer and
Assignment Agreement, all funds on deposit from time to time in the Collection Account, the Escrow
Account and the Certificate Distribution Account, and all other property of the Trust from time to
time, including any rights of the Trust pursuant to the Transaction Documents.

5

 

     “Owner Trustee” means Wilmington Trust Company, acting not in its individual capacity but
solely as Owner Trustee under this Agreement, and any successors and permitted assigns.

     “Owner Trustee Fees and Expenses” means, such fees, together with reimbursement for reasonable
expenses and disbursements, in each case as shall have been separately agreed upon before the date
hereof among the Administrator, the Depositors and the Owner Trustee, and all other amounts due and
owing to the Owner Trustee pursuant to the terms of this Agreement or any other Transaction
Document.

     “Percentage Interest” with respect to each Certificate, the percentage indicated on the face
thereof.

     “Permitted Encumbrances” means, with respect to any Asset, (i) any real property taxes
including supplemental or other taxes, if any, governmental assessments, insurance premiums, water,
sewer and municipal charges, condominium charges and assessments, leasehold payments or ground
rents arising out of and relating to such Assets which are or may become a lien upon the Mortgaged
Property or REO Property, (ii) the covenants, conditions and restrictions, rights of way,
easements and other similar matters of public record of a type acceptable to lending institutions
generally or referred to in the title insurance policy or title opinion issued in connection with
the original loan made with respect to the Mortgaged Property or the REO Property; (iii) zoning and
other land use restrictions and ordinances, including, without limitation, landmark, historic and
wetland designations; (iv) the rights of tenants and occupants of the Mortgaged Property or the REO
Property; (v) any state of facts that an accurate survey might show; (vi) any other matters to
which like properties are commonly subject that do not materially interfere with the REO Property
or the benefits of the security intended to be provided by the Mortgage; and (vii) in addition, in
the case of a condominium loan, (a) the lien of the condominium association on the condominium unit
for unpaid maintenance or common assessments; (b) any mortgage, deed of trust or other instrument
creating a lien on the cooperative project; and (c) the rights of the condominium association
pursuant to the condominium declaration, or the rules, regulations or other operative documents of
such condominium association.

     “Putback Litigation” has the meaning assigned to such term in the Transfer and Assignment
Agreement.

     “Reacquisition Party” has the meaning assigned to such term in the Transfer and Assignment
Agreement.

     “Record Date” means, with respect to any Remittance Date and the Certificates, the last
Business Day of the calendar month preceding the calendar month of such Remittance Date.

     “REO Property” has the meaning assigned to such term in the Servicing Agreement.

6

 

     “Responsible Officer” means any officer in the corporate trust department of the Owner Trustee
or the Certificate Trustee, as applicable, including any vice president, assistant vice president,
managing director, treasurer, assistant treasurer, trust officer, or any other officer of such
Trustee who customarily performs functions similar to those performed by the persons who at the
time are those officers, or to whom any corporate trust matter is referred because of the officer’s
knowledge of and familiarity with the particular subject and who has direct responsibility for the
administration of this Agreement.

     “Servicing Agreement” means the servicing agreement, dated as of March 31, 2009, entered into
among Franklin Credit Management Corporation, as servicer, and the Trust, as owner.

     “Statutory Trust Statute” means the Delaware Statutory Trust Act (12 Del. Code, § 3801 et
seq.).

     “Transaction Documents” means collectively this Agreement, the Servicing Agreement, each
Custodial Agreement, the Transfer and Assignment Agreement, each Assignment and Conveyance, the
Administration Agreement and any other document designated in the Servicing Agreement, Transfer and
Assignment Agreement or Administration Agreement as a “Transaction Document”.

     “Transfer and Assignment Agreement” means the Transfer and Assignment Agreement, dated as of
March 31, 2009, among the Depositors and the Trust, pursuant to which, among other things, the
Depositors sell, transfer and assign all their right, title and interest in the Mortgage Loans and
REO Property to the Trust.

     “Transferor” means the Holder of a Class A Certificate or Class REO Certificate executed and
authenticated by the Certificate Trustee under the Trust Agreement.

     “Trust” means the statutory trust formed pursuant to this Agreement.

     “Trustee” means the Certificate Trustee or the Owner Trustee (severally and not jointly), as
the context may require, and any successor trustees hereunder.

     “UCC” means the Uniform Commercial Code as from time to time in effect in the applicable
jurisdiction.

     “WTC” means Wilmington Trust Company and its permitted successors and assigns.

     
Section 1.02. Rules of Construction.

     Except as otherwise expressly provided in this Agreement or unless the context clearly
requires otherwise:

     (a) Defined terms include, as appropriate, all genders and the plural as well as the singular.

7

 

     (b) References to designated articles, sections, subsections, exhibits, and other subdivisions
of this Agreement, such as “Section 6.12 (a),” refer to the designated article, section,
subsection, exhibit, or other subdivision of this Agreement as a whole and to all subdivisions of
the designated article, section, subsection, exhibit, or other subdivision. The exhibits and other
attachments to this Agreement are a part of this Agreement. The words “herein,” “hereof,” “hereto,”
“hereunder,” and other words of similar import refer to this Agreement as a whole and not to any
particular article, section, exhibit, or other subdivision of this Agreement.

     (c) The recitals located before Article I are not a part of the agreement of the parties.
Whether or not they are correct, the recitals shall not affect the agreement of the parties or the
interpretation of this Agreement, and they shall not be interpreted as representations, warranties,
covenants, or any other matter of substance. The headings of the various Articles and Sections in
this Agreement are for convenience of reference only and shall not define or limit any of the
provisions of this Agreement.

     (d) Any term that relates to an agreement, document or a statute, rule, or regulation
includes any amendments, modifications, supplements, or any other changes that may have occurred
since the agreement, document, statute, rule, or regulation came into being, including changes that
occur after the date of this Agreement. References to law are not limited to statutes. References
to statutes include any rules or regulations promulgated under them by a governmental authority
charged with the administration of the statute. Any reference to any person includes references to
its successors and permitted assigns.

     (e) Any party may execute any of the requirements under this Agreement either directly or
through others, and the right to cause something to be done rather than doing it directly shall be
implicit in every requirement under this Agreement. Unless a provision is restricted as to time or
limited as to frequency, all provisions under this Agreement are implicitly available from time to
time.

     (f) The term “including” and all its variations mean “including but not limited to.” Except
when used in conjunction with the word “either,” the word “or” is always used inclusively (for
example, the phrase “A or B” means “A or B or both,” not “either A or B but not both”).

     (g) A reference to “a [thing]” or “any [of a thing]” does not imply the existence or
occurrence of the thing referred to even though not followed by “if any,” and “any [of a thing]” is
any and all of it. A reference to the plural of anything as to which there could be either one or
more than one does not imply the existence of more than one (for instance, the phrase “the obligors
on a note” means “the obligor or obligors on a note”). “Until [something occurs]” does not imply
that it must occur, and will not be modified by the word “unless.” The word “due” and the word
“payable” are each used in the sense that the stated time for payment has passed. The word
“accrued” is used in its accounting sense, i.e., an amount paid is no longer accrued. In the
calculation of amounts of things, differences and sums may generally result in negative

8

 

numbers, but when the calculation of the excess of one thing over another results in zero or a
negative number, the calculation is disregarded and an “excess” does not exist. Portions of things
may be expressed as fractions or percentages interchangeably. The word “shall” is used in its
imperative sense, as for instance meaning a party agrees to something or something must occur or
exist.

     (h) All accounting terms used in an accounting context and not otherwise defined, and
accounting terms partly defined in this Agreement, to the extent not completely defined, shall be
construed in accordance with generally accepted accounting principles in the United States. To the
extent that the definitions of accounting terms in this Agreement are inconsistent with their
meanings under generally accepted accounting principles, the definitions in this Agreement shall
control. Capitalized terms used in this Agreement without definition that are defined in the
Uniform Commercial Code of the relevant jurisdiction are used in this Agreement as defined in that
Uniform Commercial Code.

     (i) In the computation of a period of time from a specified date to a later specified date or
an open-ended period, the words “from” and “beginning” mean “from and including,” the word “after”
means “from but excluding,” the words “to” and “until” mean “to but excluding,” and the word
“through” means “to and including.” Likewise, in setting deadlines or other periods, “by” means “on
or before.” The words “preceding,” “following,” and words of similar import, mean immediately
preceding or following. References to a month or a year refer to calendar months and calendar
years.

     (j) Any reference to the enforceability of any agreement against a party means that it is
enforceable against the party in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization, and other similar laws of general applicability relating to or
affecting creditors’ rights and to general equity principles.

     (k) Generally only the registered Holder of a Certificate is recognized, such as in Section
3.07. Persons Considered Owner and payment provisions. However, for the purposes of the transfer
restrictions and related provisions, such as agreements, representations, and warranties by Holders
of Certificates, references to Certificateholders, Holders, and the like refer equally to
beneficial owners who have an interest in a Certificate but are not reflected in the applicable
register as the owner and references to transfers of Certificates include transfers of interests in
a Certificate.

ARTICLE II

Organization

     Section 2.01. Name.

     There is hereby formed a trust to be known as “Franklin Mortgage Asset Trust 2009-A,” in which
name the Certificate Trustee may issue Certificates, make and execute contracts

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and other instruments on behalf of the Trust, sue and be sued on behalf of the Trust, and
otherwise conduct the business of the Trust.

     Section 2.02. Office.

     The office of the Trust shall be in care of the Certificate Trustee at its Corporate Trust
Office, or at any other address that the Certificate Trustee may designate by notice to the Owner
Trustee, the Depositors, the Servicer and the Certificateholders. The Trust shall also have an
office in the State of Delaware in care of the Owner Trustee at the Corporate Trust Office of the
Owner Trustee.

     Section 2.03. Purposes and Powers.

     The Trust and the parties to this Agreement shall be subject to the following provisions
regarding the purposes, powers and procedures of the Trust:

     (a) The purpose of the Trust is to engage solely in the following activities:

     (1) to acquire the Owner Trust Estate pursuant to the Transfer and Assignment
Agreement and to sell, assign or transfer all or any portion of the Owner Trust Estate from
time to time in accordance with Section 9.02 or Section 9.03;

     (2) to issue the Certificates pursuant to this Agreement;

     (3) to distribute to the Holders of the Certificates pursuant to this Agreement and
the Transaction Documents, any related portion of the Owner Trust Estate and to pay,
reimburse or distribute any other amounts to such Persons as are provided for in the
Transaction Documents (including in respect of any Administrator Advances);

     (4) to enter into and perform its obligations under the Transaction Documents to which
it becomes a party;

     (5) to engage in those activities, including entering into agreements, that are
necessary, suitable or convenient to accomplish any of the foregoing or are incidental
thereto or connected therewith; and

     (6) subject to compliance with the Transaction Documents, to engage in any other
activities appropriate to conserve the Owner Trust Estate, to sell, assign or transfer all
or any portion of the Owner Trust Estate in accordance with Section 9.02 or Section 9.03
and to make distributions to the Certificateholders.

     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 activities or other than as
required or authorized by this Agreement or the other Transaction Documents. In no event shall the
Trust engage in any activity that is not part of, or incidental to, the business of banking as
authorized to be conducted by a national bank under the National Bank Act.

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     (b) The Trust’s only assets shall be the Owner Trust Estate. The Trust shall not secure any
indebtedness with any of the Owner Trust Estate.

     (c) Other than with respect to the transfer to the Trust of the Owner Trust Estate, the Trust
shall not do any of the following: acquire any obligations of, make loans or advances to, borrow
funds from, assume or guarantee the obligations or liabilities of, have its obligations or
liabilities guaranteed by, or hold itself out as responsible for the debts and obligations of the
Owner Trustee, the Certificate Trustee, the Certificateholders, the Administrator, any Depositor,
the Servicer or any other person or entity.

     (d) The Trustees shall not manage, control, use, sell, dispose of or otherwise deal with any
part of the Owner Trust Estate except in accordance with the specific limitations set forth in this
Agreement and the other Transaction Documents to which the Trust is a party; provided, however, the
Trustees shall be entitled to rely without independent investigation on any instructions provided
hereunder or thereunder that its actions do not violate the provisions of any of the foregoing.

     (e) The Trust shall, in all dealings with the public, identify itself under the name of the
Trust and as a separate and distinct entity from any other Person or entity. All transactions and
agreements between the Trust and third parties shall be conducted in the name of the Trust as an
entity separate and independent from the Owner Trustee, the Certificate Trustee, the Administrator,
any Depositor, the Servicer and any Certificateholder.

     (f) All transactions and agreements between the Trust, on the one hand, and any of WTC, the
Owner Trustee, The Huntington National Bank, the Administrator, the Certificate Trustee, the
Custodians, any Depositor, the Servicer or any Certificateholder, on the other hand, shall reflect
the separate legal existence of each entity and will be formally documented in writing. The
pricing and other material terms of all such transactions and agreements shall be on terms
substantially similar to those that would be available on an arm’s length basis with unaffiliated
third parties.

     (g) The Trust shall not commingle its funds and other assets with those of any other Person or
business entity and shall maintain its assets and liabilities in such a manner that it shall not be
costly or difficult to segregate, ascertain or identify its individual assets and liabilities from
those of any other person or entity. The Certificate Trustee shall hold the Owner Trust Estate on
behalf of the Trust.

     (h) The Trust shall not share any of the same officers or other employees with the Servicer,
any Depositor, any Custodian or any Certificateholder.

     (i) The Trust shall not, jointly with any Depositor, the Administrator, the Certificate
Trustee, any Custodian or any Certificateholder, contract or do business with vendors or service
providers or share overhead expenses.

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     (j) The Trust shall maintain its own bank accounts, books and records and annual financial
statements prepared in accordance with generally accepted accounting principles, separate from
those of WTC, the Owner Trustee, the Administrator, the Certificate Trustee, any Custodian, any
Depositor, the Servicer and any Certificateholder. The foregoing will reflect that the assets and
liabilities of and all transactions and transfers of funds involving the Trust shall be separate
from those of each such other entity, and the Trust shall pay or bear the cost of the preparation
of its own financial statements and shall not pay or bear the cost of the preparation of the
financial statements of any such other entity. Neither the accounting records nor the financial
statements of the Trust will indicate that the Owner Trust Estate is available to pay creditors of
WTC, the Owner Trustee, the Certificate Trustee, the Administrator, the Servicer, any Custodian,
any Depositor, any Certificateholder or any other person or entity.

     (k) To the fullest extent permitted by law, the Trustees shall not have the power to commence
a voluntary proceeding in bankruptcy relating to the Trust without the prior approval of the
Certificateholders and the delivery to the Trustees by each of the Certificateholders of a
certificate stating that such entity reasonably believes that the Trust is insolvent.

     (l) Each Depositor covenants and agrees that it will not at any time institute against any
Certificateholder, or join in any institution against any Certificateholder of any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under any
United States of America federal or state bankruptcy or similar law in connection with any
obligations relating to the Certificates, this Agreement or any other Transaction Document. Each
Depositor covenants and agrees that it will not, in any capacity, seek the substantive
consolidation of the assets of the Trust with any Certificateholder.

     (m) The Certificates cannot be transferred other than pursuant to Section 3.10.

     (n) The Class A Certificates shall entitle the Class A Certificateholders only to the benefits
and distributions as are expressly set forth in this Agreement.

     (o) The Class REO Certificates shall entitle the Class REO Certificateholders only to the
benefits and distributions as are expressly set forth in this Agreement.

     (p) The Trust and this Agreement may not be revoked or terminated except in accordance with
Section 9.01 of this Agreement and in no event shall any Certificateholder have the ability to
terminate the Trust unilaterally.

     (q) The Trust shall not consensually merge or consolidate with any of WTC, the Owner Trustee,
the Administrator, the Certificate Trustee, any Depositor, the Servicer or any Certificateholder.

     (r) Neither any Depositor nor any Certificateholder shall request or instruct the Owner
Trustee, the Certificate Trustee or the Administrator to take or refrain from taking any action if
such action or inaction would be contrary to any obligation of the Trust, the Owner

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Trustee, the Certificate Trustee or the Administrator under this Agreement or contrary to the
limited purposes of the Trust, and none of the Owner Trustee, the Certificate Trustee or the
Administrator shall be under any obligation to comply with any such request or instruction if
given.

     The Owner Trustee shall not have the duty or responsibility to ensure or cause the Trust to
comply with any of the foregoing.

     Section 2.04. Appointment of Owner Trustee and Certificate Trustee.

     Each Depositor hereby appoints The Huntington National Bank as Certificate Trustee of the
Trust, and WTC as Owner Trustee of the Trust, in each case effective as of the date of this
Agreement to have all the respective rights, powers and obligations of such Trustees specified in
this Agreement.

     Section 2.05. Initial Capital Contribution of Assets.

     The Depositors hereby remit to the Certificate Trustee the sum of $1. The Certificate Trustee
hereby acknowledges receipt in trust from the Depositors of the foregoing contribution, which shall
constitute the initial property of the Trust. The Reacquisition Parties shall pay organizational
expenses of the Trust as they may arise or shall promptly reimburse the Certificate Trustee on
request for any such expenses paid by the Certificate Trustee.

     Section 2.06. Declaration of Trust.

     The Certificate Trustee hereby declares that it will hold the Owner Trust Estate on the terms
of this Agreement, for the use and benefit of the related Certificateholders, upon and subject to
the obligations of the Trust under this Agreement and the Transaction Documents. It is the
intention of the parties hereto that the Trust constitute a statutory trust under the Statutory
Trust Statute and that this Agreement constitute the governing instrument of the Trust. Each
Trustee shall have all rights, powers and duties set forth in this Agreement and, to the extent not
inconsistent with this Agreement, in the Statutory Trust Statute with respect to accomplishing the
purposes of the Trust. Each Trustee shall execute and file with the Secretary of State of the State
of Delaware a Certificate of Trust of the Trust.

     Section 2.07. Liability of a Certificateholder.

     Except to the extent otherwise provided in this Agreement or in the Transaction Documents, the
Certificateholders shall be entitled to the same limitation of personal liability extended to
stockholders of private corporations for profit organized under the general corporation law of the
State of Delaware.

     Section 2.08. Title to Owner Trust Estate.

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

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     No Certificateholder shall have legal title to any part of the Owner Trust Estate. The Class
A Certificateholders shall be entitled to receive distributions with respect to their undivided
ownership interest in the Class A Assets only in accordance with the Transaction Documents. The
Class REO Certificateholders shall be entitled to receive distributions with respect to their
undivided ownership interest in the Class REO Assets only in accordance with the Transaction
Documents. No transfer, by operation of law or otherwise, of any right, title or interest by any
Certificateholder of its ownership interest in the Owner Trust Estate shall operate to terminate
this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the
transfer to it of legal title to any part of the Owner Trust Estate.

     Section 2.09. Location of Trust.

     The Trust will be located in Delaware and administered in Delaware. Any bank accounts
maintained by the Certificate Trustee on behalf of the Trust shall be located in Ohio. The Trust
shall not have any employees in any State other than Delaware. Nothing in this Agreement shall
restrict any Trustee from having employees within or without Delaware. Payments will be received by
the Trust only in Delaware or Ohio, and payments will be made by the Trust only from Delaware or
Ohio.

     Section 2.10. Representations and Warranties of Depositors.

     Each Depositor represents and warrants to the Owner Trustee and the Certificate Trustee as of
the date of this Agreement, and as to any Transaction Document, as of its date that:

     (a) Organization and Good Standing. Such Depositor is a corporation duly organized and
validly existing under the laws of the state of Delaware, with full power and authority to own its
properties and to conduct its business as presently owned or conducted and to execute, deliver, and
perform this Agreement and any other Transaction Document to which it is a party and to perform its
obligations as contemplated by them.

     (b) Due Qualification. The Depositor is duly qualified to do business as a Delaware limited
liability company in good standing and has obtained all necessary licenses in each jurisdiction in
which failure to so qualify or to obtain required licenses would have a material adverse effect on
its ability to perform its obligations under this Agreement and the other Transaction Documents to
which the Depositor is a party.

     (c) Due Authorization; Enforceability. This Agreement and the other Transaction Documents
executed by such Depositor, assuming the necessary entity power and authority, have been executed
and delivered and constitute the valid and legally binding obligations of such Depositor
enforceable against such Depositor in accordance with their terms.

     (d) No Conflict. Such Depositor’s execution and delivery of this Agreement and the other
Transaction Documents to which such Depositor is a party, performance of the transactions
contemplated hereby and thereby, and fulfillment of terms hereof and thereof applicable to such
Depositor, assuming the necessary entity power and authority, do not conflict

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with any requirements of law applicable to such Depositor or conflict with, result in any
breach of any of the provisions of, or with or without notice or lapse of time constitute a default
under, any indenture, contract, or other instrument to which such Depositor is a party or by which
it or its properties are 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 Transaction Documents).

     (e) Consents. No authorization, consent, license, order, or approval of or registration or
declaration with, any governmental authority is required to be obtained, effected, or given by such
Depositor in connection with the execution and delivery of this Agreement or by such Depositor or
its performance of its obligations hereunder or the transactions contemplated hereby, or the
transfer of the Assets by such Depositor to the Trust, except such as have been obtained, effectual
or made.

     (f) Litigation. No actions, proceedings, or investigations are pending or, to such Depositor’s
actual knowledge, threatened (by written communication to it of a present intention to initiate
such action, proceeding or investigation) against such Depositor before any governmental authority
having jurisdiction over such Depositor

     (1) asserting the invalidity of this Agreement or any other Transaction Documents to
which such Depositor is a party,

     (2) seeking to prevent the issuance of the Certificates or the consummation of any of
the transactions contemplated by this Agreement or any other Transaction Documents to which
such Depositor is a party,

     (3) seeking any determination that might materially and adversely affect the
performance by such Depositor of its obligations under, or the validity or enforceability
of, this Agreement or any other Transaction Documents to which such Depositor is a party,
or

     (4) seeking to affect adversely the income tax attributes of the Trust under the
United States federal, state or local tax attributes of the Certificates.

     (g) No Liens. Upon the conveyance, assignment or other transfer of any of the Assets by such
Depositor to the Trust pursuant to the Transfer and Assignment Agreement, assuming due
authorization thereof and such Depositor has the necessary entity power, such Depositor will have
conveyed to the Trust good title, free and clear of any lien, encumbrance or other interests of
others (including any claim of any creditor of such Depositor or any of its Affiliates) of any
nature, other than the Existing Liens.

     (h) Records. Immediately upon the sale or other delivery of any Assets to the Trust pursuant
to the Transfer and Assignment Agreement, such Depositor will make any appropriate

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notations on its records to indicate that the Assets have been transferred to the Trust
pursuant to the Transfer and Assignment Agreement.

     (i) No Bankruptcy Petition. Each of the Depositors has no present intent to cause a voluntary
bankruptcy of the Trust.

     (j) Financial Statements. Each of the Depositors will cause the portions of their respective
records relating to the Mortgage Loans and REO Properties to be clearly and unambiguously marked to
indicate such Assets that have been sold, transferred and assigned to the Trust pursuant to the
Transfer and Assignment Agreement.

     Section 2.11. The Owner Trustee.

     (a) Wilmington Trust Company is appointed as Owner Trustee to serve as the trustee of the
Trust in the State of Delaware for the sole purpose of satisfying the requirement of Section
3807(a) of the Statutory Trust Statute that the Trust have at least one trustee with a principal
place of business in the State of Delaware. It is understood and agreed by the parties hereto that
the Owner Trustee shall have none of the duties or liabilities of the Certificate Trustee.

     (b) Notwithstanding any other provision of this Trust Agreement or any other Transaction
Document, the duties of the Owner Trustee shall be limited to (i) executing the Certificate of
Trust (and filing the Certificate of Trust) and any other document or instrument requiring the
Owner Trustee’s signature as required under the Statutory Trust Act, (ii) accepting legal process
served on the Trust in the State of Delaware and (iii) executing certificates required to be filed
with the Delaware Secretary of State which the Owner Trustee is required to execute under Section
3811 of the Statutory Trust Statute. The Owner Trustee shall have none of the duties and
obligations of the Certificate Trustee and shall have no liability for the acts or omissions of the
Certificate Trustee. The Owner Trustee shall be entitled to all of the same rights, protections
indemnities and immunities under this Trust Agreement and with respect to the Trust as the
Certificate Trustee. No amendment or waiver of any provision of this Trust Agreement which
adversely affects the Owner Trustee shall be effective against it without its prior written
consent.

     Section 2.12. Tax Treatment of the Trust.

     It is the intention of the parties hereto that the Trust will be classified for federal, state
and local income tax purposes as a Grantor Trust as contemplated by Section 301.7701-4 of the
Treasury Regulations promulgated under the Code and not as a partnership nor an association taxable
as a corporation, and the provisions of this Agreement shall be construed to further this intent.
Accordingly, each Class A Certificateholder will be treated for federal, state and local income tax
purposes as the owner of an undivided interest in the Class A Assets of the Trust and each Class
REO Certificateholder will be treated for federal, state and local income tax purposes as the owner
of an undivided interest in the Class REO Assets of the Trust and this Agreement shall be
interpreted consistent with such intent. The parties agree that, unless
otherwise required by appropriate tax authorities, the Certificate Trustee on behalf of the
Trust

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will file or cause to be filed annual or other necessary returns, reports and other forms, if
any, consistent with such characterization of the Trust. If, however, the Trust is recharacterized
by the Internal Revenue Service or any other taxing authority as a partnership for federal, state
and local income tax purposes, the Certificate Trustee shall be considered the “tax matters
partner” and on behalf of the Trust shall file or cause to be filed annual or other necessary
returns, reports and other forms consistent with such characterization of the Trust.

     Upon the written direction of the Administrator, the Certificate Trustee shall sign on behalf
of the Trust the tax returns of the Trust, if any, unless applicable law requires one or more
Certificateholders to sign such documents in which case such documents shall be signed by one or
more of the Certificateholders.

ARTICLE III

The Certificates

     Section 3.01. Initial Beneficiary of Trust.

     Upon the formation of the Trust by the contribution by the Depositors pursuant to Section 2.05
and until the issuance of the Certificates, the Depositors shall be the sole beneficial owner of
the Trust.

     Section 3.02. Issuance of the Certificates.

     (a) On the Closing Date, the Trust will issue two classes of Certificates designated as the
“Class A Certificates” and the “Class REO Certificates” pursuant to the provisions of this
Agreement and deliver them to the order of the Depositors when authenticated.

     (b) The Certificates will be issued in definitive, fully registered form and will be
substantially in the form of Exhibit B. The Certificates will, on the Closing Date, be executed,
authenticated, and delivered by the Certificate Trustee in accordance with a written order of the
Depositors concurrently with the transfer of the Class A Assets and Class REO Assets to the Trust.

     (c) The Certificates will be executed by manual or facsimile signature on behalf of the Trust
by an authorized officer of the Certificate Trustee. Certificates bearing the manual or facsimile
signatures of individuals who were, at the time their signatures were affixed, authorized to sign
on behalf of the Certificate Trustee shall bind the Trust, notwithstanding that any of them have
ceased to be so authorized before the authentication and delivery of the Certificates or did not
hold such offices at the date of the Certificate. The Certificates will not be book-entry
certificates.

     Section 3.03. Authentication of Certificates.

     No Certificate shall be entitled to any benefit under this Agreement, or be valid for any
purpose, unless the Certificate is manually authenticated by the Certificate Trustee or its agent
substantially in the form provided in this Agreement, and the authentication on any Certificate

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will be conclusive evidence, and the only evidence, that the Certificate has been duly
authenticated and delivered. All Certificates shall be dated the date of their authentication.

     The Certificate Registrar is hereby appointed to act as the authentication agent with respect
to the Certificates and the Certificate Registrar hereby accepts such appointment. All references
to the authentication of the Certificates shall be considered to include the authentication agent.

     Section 3.04. Registration of and Transfer and Exchange of Certificates.

     The Trust shall keep a certificate register (the “Certificate Register”) in which, subject to
any reasonable regulations it may prescribe, the Trust shall provide for the registration of the
Certificates and, to the extent permitted by this Agreement, of transfers and exchanges of the
Certificates. The certificate registrar (the “Certificate Registrar”) is initially the Certificate
Trustee.

     Whenever any Certificate is surrendered for registration of transfer at the office or agency
of the Certificate Registrar maintained for that purpose and the conditions of this Section have
been satisfied, the Certificate Trustee, on behalf of the Trust, shall execute, authenticate, and
deliver in the name of the designated transferees, one or more new Certificates with the same
Percentage Interest dated the date of authentication by the Certificate Trustee or any
authenticating agent.

     At the option of its Holder, each Certificate may be exchanged for other Certificates, in the
same Percentage Interest, by surrendering the Certificate to be exchanged at the office or agency
of the Certificate Registrar maintained for that purpose.

     Every Certificate presented or surrendered for registration of transfer or exchange shall be
accompanied by a fully completed representation letter, substantially in the form of Exhibit C,
delivered at the expense of the Certificateholder, and duly executed by the Certificateholder or an
attorney-in-fact for the Certificateholder duly authorized in writing. Each Holder of a
Certificate must satisfy the transfer restrictions in the representation letter. Each Certificate
surrendered for registration of transfer or exchange shall be cancelled and subsequently disposed
of by the Certificate Trustee in accordance with its customary practice.

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

     The preceding provisions of this Section notwithstanding, the Certificate Trustee need not
transfer or exchange, and the Certificate Registrar need not register transfers or exchanges, of
Certificates during the fifteen days preceding the due date for any payment on the Certificates.

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     The Certificate Registrar shall at all times maintain an office or agency where Certificates
may be surrendered for registration of transfer or exchange.

     Section 3.05. Mutilated, Destroyed, Lost, or Stolen Certificate.

     If any mutilated Certificate is surrendered to the Certificate Registrar, then the Certificate
Trustee shall execute and the Certificate Registrar shall authenticate and deliver, in exchange for
or in lieu of the mutilated Certificate, a new Certificate of like tenor and denomination.

     If the Certificate Registrar receives evidence to its satisfaction of the destruction, loss,
or theft of a Certificate and the Certificate Registrar receives the security or indemnity it
requires to hold it harmless, then in the absence of notice to the Certificate Registrar, or the
Certificate Trustee that the Certificate has been acquired by a protected purchaser, and if the
requirements of Section 8-406 of the UCC are met and subject to Section 8-405 of the UCC, then the
Certificate Trustee shall execute and the Certificate Registrar shall authenticate and deliver, in
exchange for or in lieu of the destroyed, lost, or stolen Certificate, a new Certificate of like
tenor and denomination. Any duplicate Certificate issued pursuant to this Section shall constitute
conclusive evidence of ownership in the Trust, as if originally issued, whether or not the lost,
stolen, or destroyed Certificate is found.

     The Certificate Registrar may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed on the issuance of the new Certificate under this
Section.

     Section 3.06. Maintenance of Office or Agency.

     The Trust shall maintain an office or agency where notices and demands on the Trust regarding
the Certificates and the Transaction Documents may be served. The Trust initially designates the
Corporate Trust Office of the Certificate Trustee as its office for those purposes. The Certificate
Trustee shall give prompt written notice to the Certificateholders of the location, and any change
in the location, of this office or agency. If the Trust ever fails to maintain this office or
agency, then presentations, surrenders, notices, and demands may be made or served at the Corporate
Trust Office of the Certificate Trustee.

     Section 3.07. Persons Considered Certificateholders.

     Before due presentation of a Certificate for registration of transfer, the Certificate
Trustee, the Certificate Registrar, and any paying agent for the Certificates shall treat the
person in whose name any Certificate is registered in the Certificate Register as the owner of the
Certificate for the purpose of receiving distributions pursuant to Section 5.01 and Section 5.02
and for all other purposes whatsoever, and none of the Certificate Trustee, the Certificate
Registrar, and any paying agent for the Certificates shall be bound by any notice to the contrary.

     Section 3.08. Access to List of Certificateholders’ Names and Addresses.

     The Certificate Registrar shall furnish to the Depositors, the Certificate Trustee, the
Administrator or the Owner Trustee a list of the names and addresses of the Certificateholders

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as of the most recent Record Date within fifteen days after receipt by the Certificate
Registrar of a written request for it from the Depositors, the Certificate Trustee, the
Administrator or the Owner Trustee.

     Section 3.09. Appointment of Certificate Paying Agent.

     The Certificate Paying Agent for the Certificates shall make distributions to the Holder of
each Certificate pursuant to this Agreement and, if other than the Certificate Trustee, shall
report the amounts of those distributions to the Certificate Trustee. The Administrator, on behalf
of the Trust, may remove the Certificate Paying Agent if the Administrator determines in its sole
discretion that the Certificate Paying Agent has failed to perform its obligations under this
Agreement in any material respect. The Certificate Paying Agent initially shall be the Certificate
Trustee. The Certificate Paying Agent shall be permitted to resign as Certificate Paying Agent on
thirty days’ written notice to the Certificate Trustee and the Administrator. If the Certificate
Trustee is no longer the Certificate Paying Agent, the Administrator shall appoint a bank or trust
company as successor to act as Certificate Paying Agent. The Administrator shall cause the
successor Certificate Paying Agent or any additional Certificate Paying Agent appointed by the
Administrator to execute and deliver to the Trust an instrument in which the successor Certificate
Paying Agent or additional Certificate Paying Agent agrees with the Trust that, as Certificate
Paying Agent, the successor Certificate Paying Agent or additional Certificate Paying Agent will
hold any sums held by it for payment to the Certificateholders in trust for the benefit of the
Certificateholders entitled to them until those sums are paid to the appropriate
Certificateholders. The Certificate Paying Agent shall return all unclaimed funds to the Trust, and
upon removal of a Certificate Paying Agent, the Certificate Paying Agent shall also return all
funds in its possession to the Trust. Any reference in this Agreement to the Certificate Paying
Agent shall include any co-Certificate Paying Agent unless the context requires otherwise.

     Section 3.10. Restrictions on Transfer; Legends.

     (a) The Certificates shall be assigned, transferred, exchanged, pledged, financed,
hypothecated, or otherwise conveyed (collectively, for purposes of this Section and any other
Section referring to the Certificates, “transferred” or a “transfer”) only in accordance with this
Section.

     (b) No transfer of a Certificate will be made unless the transfer is exempt from the
registration requirements of the Securities Act of 1933 (the “Act”) and any applicable state
securities laws or is made in accordance with the Act and those laws. Except for the initial
issuance of a Certificate to the Certificateholders (and any subsequent transfer by any
Certificateholder to one of its Affiliates), the Certificate Trustee will require either:

     (1) the transferee to execute an investment letter acceptable to and in form and
substance satisfactory to the Certificate Trustee certifying to the Certificate Trustee the
facts surrounding the transfer, which investment letter shall not be an expense of the
Certificate Trustee or

20

 

     (2) an Opinion of Counsel acceptable to and in form and substance satisfactory to the
Certificate Trustee and the Depositors that the transfer may be made pursuant to an
exemption from the Act, describing the applicable exemption and its basis, or is being made
pursuant to the Act, which Opinion of Counsel shall not be an expense of the Certificate
Trustee, the Owner Trustee or the Depositors.

     The Holder of a Certificate desiring to effect a transfer shall indemnify the Trust, the
Certificate Trustee and the Owner Trustee against any liability that may result if the transfer is
not so exempt or is not made in accordance with any federal and state laws.

     (c) No transfer of an interest in a Certificate will be made unless the Certificate Trustee
has received either:

     (1) a representation letter from the proposed transferee, acceptable to and in form
and substance satisfactory to the Certificate Trustee, to the effect that the proposed
transferee is not an employee benefit plan subject to Section 406 of ERISA or a plan
subject to Section 4975 of the Code, or a person acting on behalf of, or investing plan
assets of, any such plan, which representation letter shall not be an expense of the Trust,
the Certificate Trustee or the Owner Trustee; or

     (2) an Opinion of Counsel acceptable to the Certificate Trustee to the effect that the
purchase or holding of the Certificate will not result in a non-exempt prohibited
transaction under ERISA or Section 4975 of the Code and will not subject the Trust, the
Certificate Trustee or the Owner Trustee to any obligation in addition to those undertaken
in this Agreement, which Opinion of Counsel shall not be an expense of the Trust, the
Certificate Trustee, the Owner Trustee or the Depositors;

except that, in the case of the initial issuance of a Certificate to the Certificateholder (and any
subsequent transfer by the Certificateholder to one of its Affiliates), the representation in
Section 3.10(i) shall be deemed to have been made.

     (d) No transfer of an interest in a Certificate after its initial issuance will be made
unless:

     (1) the proposed Holder is organized and existing under the laws of the United States
or any State and expressly assumes the performance of every obligation of the existing
Holder under this Agreement and the other Transaction Documents pursuant to an agreement
acceptable to the Certificate Trustee,

     (2) the existing Holder delivers to the Certificate Trustee an Officer’s Certificate
stating that the transfer complies with this Section 3.10 and that all the conditions in
this Section 3.10 have been complied with, and an Opinion of Counsel stating that all the
conditions in this Section 3.10 have been complied with; and

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     (3) the proposed Holder delivers to the Certificate Trustee an Opinion of Counsel to
the effect that the transfer will not result in the Trust being subject to tax at the
entity level for federal or applicable state or local tax purposes.

     (e) (i) Each Certificate shall bear a legend substantially in the following form:

This Certificate has not been and will not be registered under the Securities Act of 1933, as
amended (“the Securities Act”), or the securities laws of any state and may not be resold or
transferred unless it is registered pursuant to the Securities Act and the securities laws of any
state or is sold or transferred in transactions that are exempt from registration under the
Securities Act and under applicable state law and is transferred in accordance with Section 3.10 of
the Trust Agreement related to Franklin Mortgage Asset Trust 2009-A (the “Trust Agreement”).

The Holder hereof, by its acceptance of this Certificate, represents that it has obtained this
Certificate in a transaction in compliance with the Securities Act and all other applicable laws of
the United States or the securities laws of any state, and the restrictions on sale and transfer
set forth in Section 3.10 of the Trust Agreement. The Holder hereof by acceptance of this
Certificate, further represents, acknowledges and agrees that it will not reoffer, resell, pledge
or otherwise transfer this Certificate (or any interest herein) except in compliance with the
Securities Act and the restrictions on sale and transfer set forth in Section 3.10 of the Trust
Agreement and to a transferee that is (1) organized and existing under the laws of the United
States or any state, (2) either (A) a Depositor, (B) the Trust or (C) a person reasonably believed
to be a “qualified institutional buyer” as that term is defined in Rule 144A under the Securities
Act (a “Qualified Institutional Buyer”) purchasing for its own account or for the account of a
Qualified Institutional Buyer, and (3) it has delivered to the Certificate Trustee an Opinion of
Counsel stating that all the conditions in Section 3.10 of the Trust Agreement have been complied
with and to the effect that the transfer will not result in the Trust being subject to tax at the
entity level for federal or applicable State tax purposes.

Neither this Certificate nor any interest in it may be transferred unless the Certificate Trustee
has received either (i) an executed investment letter acceptable to and in form and substance
satisfactory to the Certificate Trustee certifying to the Certificate Trustee the facts surrounding
the transfer, which investment letter shall not be an expense of the Trustees or the Depositors, or
(ii) an Opinion of Counsel acceptable to and in form and substance satisfactory to the Trustees and
the Depositors that the transfer may be made pursuant to an exemption from the Securities Act,
describing the applicable exemption and its basis, or is being made pursuant to the Securities Act,
which Opinion of Counsel shall not be an expense of the Trustees or the Depositors.

In addition, neither this Certificate nor any interest in it may be transferred unless the
transferee delivers to the Certificate Trustee either a representation letter to the effect that
the transferee is not an employee benefit plan subject to the Employee Retirement

22

 

Income Security Act of 1974, as amended, a plan subject to Section 4975 of the Code, as amended, or
a person acting on behalf of or using the assets of any such plan; or an opinion of counsel in
accordance with Section 3.10(c) of the Trust Agreement.

Notwithstanding anything else to the contrary herein, any purported transfer of this Certificate
not in accordance with the restrictions described herein shall be void ab initio.

The Certificate Trustee is authorized to serve in multiple capacities in relation to the Trust, the
Depositors and the Certificateholders (and their permitted assigns), including as Administrator,
Certificateholder, creditor of one or more Depositors for which the Assets serve as collateral on
certain loan(s), loan participant with a third party to which such Depositor has pledged the Assets
or a Certificate, as collateral agent for such lenders or participants, and various other treasury
management, interest rate management and custodial capacities in relation thereto. Each
Certificateholder, by its acceptance of its Certificate, (a) acknowledges that the Certificate
Trustee may serve in multiple capacities in relation to the Trust, including as described in the
immediately preceding sentence, and may receive separate compensation for each of these various
capacities, including fees and expense reimbursement, (b) waives any actual or potential conflicts
of interest that may arise in connection with the Certificate Trustee serving in any such capacity,
and (c) agrees that such waiver shall be binding upon its permitted assigns.

To the extent permitted by applicable law, after initial issuance of the Certificates, no Class A
Certificate or Class REO Certificate shall be separately transferable. Accordingly, with respect
to any transfer of a Class A Certificate or a Class REO Certificate, the Transferor must transfer a
like Percentage Interest in the transferred Class A Certificate and the transferred Class REO
Certificate.

     (ii) Each Certificate which is subject to a security interest under the Legacy Loan
Agreement and the Loan Documents (as defined therein) shall bear a legend in the following
form:

This Certificate is subject to a security interest in favor of the Administrative Agent under the
Legacy Loan Agreement and the Loan Documents (as defined in the Legacy Loan Agreement) for the
benefit of the Lenders (as defined in the Legacy Loan Agreement), to which reference is made for a
description of the rights of the Administrative Agent, and this Certificate is in all respects
subject to such rights.

     (f) No Certificate shall be transferred except to (1) the Depositors or the Trust (or one of
their respective affiliates) or (2) a qualified institutional buyer (as defined in Rule 144A under
the Securities Act). Each person (other than the Depositors or the Trust (or one of their
respective affiliates)) to whom a Certificate is proposed to be transferred will be required to
certify to the Depositors, the Trust, and the Certificate Trustee that it is a qualified
institutional buyer.

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     (g) Notwithstanding anything in this Agreement to the contrary, the Depositors, without the
consent of any Certificateholder but with the consent of the Administrator, may amend this Section
3.10 if it receives an Opinion of Counsel to the effect that the amendment will not

     (1) cause the Trust to be treated as a publicly traded partnership or other business
entity (including a taxable mortgage pool) taxable as a corporation for federal, state or
local income tax purposes and will not result in a federal, state or local withholding tax
being imposed on the Trust, and

     (2) cause the Trust’s exemptions from any registration requirement of the federal
securities laws to be affected.

     (h) To the extent permitted by applicable law, after initial issuance of the Certificates, no
Class A Certificate or Class REO Certificate shall be separately transferable. With respect to any
transfer of a Class A Certificate or a Class REO Certificate, the Transferor must transfer a like
Percentage Interest in the transferred Class A Certificate and the transferred Class REO
Certificate.

     (i) Each Holder of a Certificate, by virtue of the acquisition and holding thereof, shall be
deemed to have represented and agreed as follow:

     (1) It has neither acquired nor will it transfer any Certificate it purchases (or any
interest therein) or cause any such Certificate (or any interest therein) to be marketed on
or through an “established securities market” within the meaning of Section 7704(b)(2) of
the Code, including, without limitation, an over-the-counter market or an interdealer
quotation system that regularly disseminates firm buy or sell quotations; and

     (2) It either (a) is not, and will not become a partnership, Subchapter S corporation
or grantor trust for U.S. federal income tax purposes or (b) is such an entity, but none of
the direct or indirect beneficial owners of any of the interests in such transferee have
allowed or caused, or will allow or cause, 50% or more (or such other percentage as the
Certificate Trustee may establish prior to the time of such proposed transfer) of the value
of such interests to be attributable to such transferee’s ownership of the Certificates.

ARTICLE IV

Actions by Trustees

     Section 4.01. Prior Notice to Certificateholders Regarding Certain Matters.

     (a) The Trustees shall give the Certificateholders thirty (30) days’ written notice before
taking any of the following actions on behalf of the Trust. Within thirty (30) days of the date of
the notice the Certificateholders may instruct the Trustees in writing not to take the

24

 

proposed action or may provide alternative direction. Thirty (30) days after giving the
notice, if the Trustees have not been instructed otherwise by a majority in interest of the Holders
of each class of the Certificates, then the Trustees may:

     (1) initiate any claim or lawsuit by the Trust, or compromise any action, claim, or
lawsuit brought by or against the Trust;

     (2) file an amendment to the Certificate of Trust;

     (3) amend any Transaction Document to which the Trust is a party; and

     (4) appoint a successor Certificate Paying Agent or Certificate Registrar,
Administrator, or consent to the assignment by the Certificate Paying Agent, Certificate
Registrar or Administrator.

     If the Trust has more than one Holder of its Certificates, then the Holders may only give
instructions that are agreed to by not less than 662/3% of the Holders (by Percentage Interest) of
each Class of Certificates.

     (b) Notwithstanding Section 4.01(a), without prior notice to the Certificateholders the
Trustees may, on behalf of the Trust:

     (1) initiate a claim or lawsuit by the Trust for collection of Assets;

     (2) file an amendment to the Certificate of Trust whenever the amendment is required
by the Statutory Trust Statute; or

     (3) amend any Transaction Document to which the Trust is a party to cure any ambiguity
or mistake or effect any other amendment that would not materially adversely affect the
interests of the Certificateholders.

     The foregoing provisions of this Section 4.01 do not create a duty on the part of the Trustees
to take any of the actions described above.

     Section 4.02. Action by Certificateholders Regarding Certain Matters.

     Except when directed by (a) 100% of the Holders (by Percentage Interest) of each Class of
Certificates, the Trustees may not remove the Administrator pursuant to Section 7(c) of the
Administration Agreement, or (b) 662/3% of the Holders (by Percentage Interest) of each Class of
Certificates, appoint a successor Administrator pursuant to Section 7(d) of the Administration
Agreement.

     Section 4.03. Action by Certificateholders Regarding Bankruptcy.

     Except upon delivery to the Trustees by each Certificateholder of a certificate certifying
that the Certificateholder reasonably believes that the Trust is insolvent, the Trustees may not
commence a voluntary proceeding in bankruptcy relating to the Trust.

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     Section 4.04. Restrictions on Certificateholder’s Power.

     A Certificateholder shall not direct the Trustees to take or to refrain from taking any action
if that action or inaction would be contrary to any obligation of the Trust or the Trustees under
this Agreement or any of the other Transaction Documents or would be contrary to Section 2.03. The
Trustees shall not be obligated to follow that direction if given and shall not be required to
independently determine whether such action or inaction is so contrary but instead shall be
entitled to rely in all circumstances on certifications provided in any direction as to the
permissibility of any action or inaction.

     Section 4.05. Action by Certificateholders.

     Except as expressly provided in this Agreement, any action that may be taken by the
Certificateholders under this Agreement shall require such action be taken by 662/3% of the Holders
(by Percentage Interest) of each Class of Certificates.

ARTICLE V

Application of Trust Funds; Certain Duties

     Section 5.01. Establishment of Collection Account and Certificate Distribution Account;
Application of Trust Funds.

     (a) The Certificate Trustee, for the benefit of the Certificateholders, shall establish and
maintain in the name of the Trust (i) an Eligible Deposit Account known as the Franklin Mortgage
Asset Trust 2009-A Collections Account, account number 01892621722 (the “Collection Account”) and
(ii) an Eligible Deposit Account known as the Franklin Mortgage Asset Trust 2009-A Certificate
Distribution Account, account number 1081042401 (the “Certificate Distribution Account”), each
bearing an additional designation clearly indicating that the funds deposited therein are held for
the benefit of the Certificateholders.

     (b) The Trust shall possess all right, title and interest in and to all funds on deposit from
time to time in the Collection Account and the Certificate Distribution Account and in all proceeds
thereof. Except as otherwise provided herein or in the other Transaction Documents, the Collection
Account and the Certificate Distribution Account shall be under the sole dominion and control of
the Certificate Trustee for the benefit of the Certificateholders. If, at any time, the Collection
Account or the Certificate Distribution Account ceases to be an Eligible Deposit Account, the
Certificate Trustee shall within two (2) Business Days establish a new Collection Account or
Certificate Distribution Account, as the case may be, as an Eligible Deposit Account and shall
transfer any cash to such new Collection Account or Certificate Distribution Account.

     (c) On or before each Determination Date, (i) the Administrator shall calculate the Class A
Available Amount, the Class REO Available Amount, the Available Amount, the Owner Trustee Fees and
Expenses, the Certificate Trustee Fees and Expenses, the Custodian Fees and Expenses, the Class A
Distribution Amount, the Class REO Distribution Amount and all other amounts (except as provided in
clause (c)(ii) below) required to determine the

26

 

amounts, if any, to be deposited in or paid from each of the Collection Account, the
Certificate Distribution Account and the Escrow Account, on or before the related Remittance Date
and (ii) the Servicer shall provide the Administrator an invoice for all Servicing Fees and
Expenses payable on the related Servicing Fee Remittance Date as calculated by the Servicer. In
addition, on the Business Day immediately preceding the Servicing Fee Remittance Date occurring on
April 6, 2009, the Servicer shall send an invoice to the Administrator for the Servicing Fees and
Expenses payable on such Servicer Fee Remittance Date as calculated by the Servicer (such first
calculation shall be based on the number of Assets serviced and shall not include any activity- or
collection-based Servicing Fees).

     (d) All amounts on deposit in the Collection Account in respect of Escrow Payments shall be
transferred by the Certificate Trustee to the Escrow Account, as received, upon the direction of
the Administrator. On each Remittance Date, the Certificate Trustee shall transfer from the
Collection Account to the Certificate Distribution Account, in immediately available funds, all
amounts (other than amounts in respect of Escrow Payments) then on deposit in the Collection
Account.

     (e) So long as an Event of Default shall not have occurred and be continuing, on each
Servicing Fee Remittance Date, the Certificate Paying Agent shall distribute to the Servicer, to
the extent of the amount deposited in the Certificate Distribution Account pursuant to the proviso
to the first sentence of Section 5.01(f), any due and unpaid Servicing Fees and Expenses to the
extent the Servicer’s invoice therefor has been approved by the Administrator in accordance with
the proviso to the first sentence of Section 5.01(f). Notwithstanding the foregoing, upon the
occurrence and during the continuance of an Event of Default, all Servicing Fees and Expenses shall
be payable pursuant to, and in the order of priority specified in, Section 5.01(f), without giving
effect to the proviso to the first sentence of such Section.

     (f) On each Remittance Date, the Certificate Paying Agent (based on the Administrator’s
calculations performed pursuant to Section 5.01(c)) shall make the following payments from the
Certificate Distribution Account in the following order priority; provided, however, if no Event of
Default shall have occurred and be continuing, the Certificate Trustee shall retain in the
Certificate Distribution Account the amount necessary to pay the Servicing Fees and Expenses on the
immediately following Servicing Fee Remittance Date (based on the Servicer’s calculations performed
pursuant to Section 5.01(c), but subject to the Administrator’s approval of such amount and
calculations in its sole discretion, with any such amount relating to Class A Assets being
allocated in reduction of the Class A Available Amount and any such amount relating to Class REO
Assets being allocated in reduction of the Class REO Available Amount):

	 	(i)	 	first, to the extent of the Available
Amount, to the Administrator, the amount necessary to reimburse the
Administrator for any unreimbursed Administrator Advances and to pay the
Administrator in respect of any Administrator Fees and Expenses (to the
extent not waived) (with any such amount relating to Class A Assets
being allocated in reduction of

27

 

	 	 	 	the Class A Available Amount and any such amount relating to the Class REO
Assets being allocated in reduction of the Class REO Available Amount);

	 	(ii)	 	second, to the extent of the Available
Amount (as such amount has been reduced by the payments described in
clause (i) above), to the Owner Trustee, the Certificate Trustee and
each Custodian, pro rata, any due and unpaid Owner Trustee Fees and
Expenses, Certificate Trustee Fees and Expenses and Custodian Fees and
Expenses, respectively (with any such amount relating to Class A Assets
being allocated to the Class A Available Amount, any such amount
relating to Class REO Assets being allocated in reduction of the Class
REO Available Amount and any such amount constituting Custodian Fees and
Expenses being allocated to the applicable Custodians on a pro
rata basis, based on the amount each such Custodian is entitled
to receive in respect thereof);
	 
	 	(iii)	 	third, upon the occurrence and during
the continuance of an Event of Default, to the extent of the Available
Amount (as such amount has been reduced by the payments described in
clauses (i) and (ii) above) to the Servicer, any due and unpaid
Servicing Fees and Expenses, but only to the extent the Servicer’s
invoice therefor has been approved by the Administrator pursuant to
Section 5.01(d)(ii) (with any such amount relating to Class A Assets
being allocated in reduction of the Class A Available Amount and any
such amount relating to Class REO Assets being allocated in reduction of
the Class REO Available Amount), after giving effect to any previous
payment to the Servicer in respect of such Servicing Fees and Expenses
pursuant to Section 5.01(e); and
	 
	 	(iv)	 	fourth, pari passu (a) to the extent of
the Class A Available Amount (as such amount has been reduced by the
payments described in clauses (i) through (iii) above), to the Class A
Certificateholders on a pro rata basis (by Percentage Interest), an
amount equal to the Class A Distribution Amount and (b) to the extent of
the Class REO Available Amount (as such amount has been reduced by the
payments described in clauses (i) through (iii) above) to the Class REO
Certificateholders on a pro rata basis (by Percentage Interest), an
amount equal to the Class REO Distribution Amount.

     (g) [Reserved].

     (h) If any withholding tax is imposed on the Trust’s payment (or allocations of income) to the
Certificateholders, the withholding tax shall reduce the amount
otherwise distributable to the Certificateholders in accordance with this Section. The Certificate
Paying

28

 

Agent is authorized and directed to retain from amounts otherwise distributable to the
Certificateholders sufficient funds for the payment of any tax that is legally owed by the Trust.
This authorization shall not prevent the Certificate Paying Agent from contesting any tax in
appropriate proceedings and withholding payment of the tax pending the outcome of the proceedings
if permitted by law. The amount of any withholding tax imposed on any distributions shall be
treated as cash distributed to the Certificateholder at the time it is withheld by the Trust and
remitted to the appropriate taxing authority. If withholding tax might be payable on a
distribution to a non-U.S. Certificateholder, the Certificate Paying Agent may in its sole
discretion withhold an appropriate amount to cover that possibility.

     Section 5.02. Method of Payment.

     Distributions required to be made to a Certificateholder on any Remittance Date shall be made
by wire transfer of immediately available funds to the account of the Certificateholder at a bank
or other entity having appropriate facilities if the Certificateholder so notifies the Certificate
Registrar in writing at least five Business Days before the Remittance Date. If appropriate notice
is not given by a Certificateholder, then distributions to that Certificateholder shall be by check
mailed to it at its address in the Certificate Register.

ARTICLE VI

Authority and Duties of Trustees

     Section 6.01. General Authority.

     The Certificate Trustee is authorized and directed to execute and deliver the Transaction
Documents to which the Trust is to be a party and each other document contemplated by the
Transaction Documents in such form as the Certificate Trustee shall approve, as evidenced
conclusively by the Certificate Trustee’s execution of it. In addition to the foregoing, the
Certificate Trustee is authorized, but shall not be obligated, to take all actions permitted or
required of the Trust pursuant to the Transaction Documents. The Certificate Trustee is further
authorized to take any action the Administrator recommends regarding the Transaction Documents.
The Certificate Trustee shall have no investment discretion over the Owner Trust Estate and shall
ensure that any and all funds in any Account shall be in cash and remain uninvested.

     Section 6.02. General Duties.

     The Certificate Trustee shall discharge all of its responsibilities pursuant to this Agreement
and the other Transaction Documents to which the Trust is a party and administer the Trust in the
interest of the Certificateholders, subject to this Agreement and the other Transaction Documents.
The Certificate Trustee shall be considered to have discharged its obligations under this Agreement
and the other Transaction Documents to the extent the Administrator has agreed in the
Administration Agreement to perform any act or to discharge any duty of the Certificate Trustee or
the Trust under this Agreement or any other Transaction Document. The Trustees shall not be liable
for the failure of the Administrator to carry out its

29

 

obligations under the Administration Agreement or the other Transaction Documents nor shall
they be required to monitor or supervise the Administrator’s performance.

     The Administrator shall prepare and file any federal, state, or local income and franchise tax
return for the Trust as well as any other applicable return and apply for a taxpayer identification
number on behalf of the Trust. If the Trust is required pursuant to an audit or administrative
proceeding or change in applicable regulations to file federal, state, or local tax returns, the
Administrator shall prepare and file any tax returns required to be filed by the Trust. The
Certificate Trustee shall promptly sign the returns and deliver the returns after signature to the
Administrator and the returns shall be filed by the Administrator.

     Section 6.03. Action on Instruction.

     (a) Subject to Article IV and in accordance with the Transaction Documents, the
Certificateholders may by written instruction direct the Trustees in the management of the Trust.
Such direction may be exercised at any time by written instruction of the Certificateholders
pursuant to Article IV. The Certificateholders shall not instruct the Trustees in a manner
inconsistent with this Agreement or the Transaction Documents.

     (b) No Trustee is required to take any action under this Agreement or any other Transaction
Document if such Trustee reasonably determines, or is advised by counsel, that the action (1) is
likely to result in liability on the part of such Trustee, (2) is contrary to the terms of this
Agreement or of any other Transaction Document, or (3) is contrary to law.

     (c) Whenever a Trustee is (1) unable to decide between alternative courses of action under
this Agreement or any other Transaction Document, (2) unsure about the application of any provision
of this Agreement or any other Transaction Document or it appears to be in conflict with any other
applicable provision, or (3) if this Agreement permits any determination by such Trustee or is
silent or is incomplete about the course of action that such Trustee is required to take regarding
a particular set of facts, such Trustee may give appropriate notice to the Certificateholders
requesting instruction and, if such Trustee in good faith follows any instructions it receives,
such Trustee shall not be liable to the Certificateholders on account of its action or inaction. If
a Trustee has not received appropriate instruction within ten (10) days of the notice (or within
any shorter period necessary under the circumstances) it may, but shall be under no duty to, take
or refrain from taking any action not inconsistent with this Agreement or the other Transaction
Documents that it deems to be in the best interests of the Certificateholders, and shall have no
liability to the Certificateholders for its action or inaction.

     (d) When so requested by the Certificateholders, a Trustee shall enter into any amendment of
any Transaction Documents that does not impose further obligations or liabilities on such Trustee.

     Section 6.04. No Duties Except as Specified in the Agreement or in Instructions.

     The Trustees shall not have any duty to manage, make any payment on, register, record, sell,
dispose of, or otherwise deal with the Owner Trust Estate, or to otherwise take or refrain

30

 

from taking any action under any document contemplated by this Agreement or any other
Transaction Document to which the Trust is a party, except as expressly provided by this Agreement
and the other Transaction Documents to which such Trust is a party or in any written instruction
received by such Trustee under Section 6.03. No implied duties or obligations shall be read into
this Agreement or any other Transaction Document against the Trustees. The Trustees shall have no
responsibility for filing any UCC financing or continuation statement in any public office at any
time or otherwise to perfect or maintain the perfection of any security interest or lien granted to
it under the Transfer and Assignment Agreement or to prepare or file any filing with the Securities
and Exchange Commission for the Trust or to record this Agreement or any other Transaction
Document. Each of Wilmington Trust Company, in its individual capacity, and The Huntington National
Bank, in its individual capacity, shall, at its own cost and expense, promptly take all action
necessary to discharge any liens on any part of any Assets resulting from actions by, or claims
against, Wilmington Trust Company, in its individual capacity, or The Huntington National Bank, in
its individual capacity, that are not related to the ownership or the administration of the Assets.

     Section 6.05. No Action Except Under Specified Documents or Instructions.

     The Trustees shall not manage, control, use, sell, dispose of, or otherwise deal with any part
of any Assets, except as provided in this Agreement, pursuant to the other relevant Transaction
Documents, and in accordance with any instruction delivered to the applicable Trustee pursuant to
Section 6.03.

     Section 6.06. Restrictions.

     The Trustees shall not take any action that is inconsistent with the stated purposes of the
Trust in Section 2.03. The Certificateholders, by their acceptance of their Certificates, agree not
to direct any Trustee to take action that would violate this Agreement or any other Transaction
Document.

ARTICLE VII

Concerning Trustees

     Section 7.01. Acceptance of Trusts and Duties.

     Each Trustee accepts the trust created by this Agreement and agrees to perform its duties
under it. The Certificate Trustee also agrees to disburse all moneys actually received by it
constituting part of any Assets on the terms of the Transaction Documents. No Trustee shall be
accountable under this Agreement or any other Transaction Document under any circumstances except
(1) for its own willful misconduct or gross negligence or (2) for the inaccuracy of any
representation or warranty made by it contained in Section 7.03. In particular, but not in
limitation (and subject to the exceptions in the preceding sentence):

     (a) Neither Trustee shall be liable for any error of judgment made in good faith by a
Responsible Officer of such Trustee.

31

 

     (b) Neither Trustee shall be liable regarding any action taken or omitted to be taken by it in
accordance with instructions from the Administrator or the Certificateholders.

     (c) No provision of this Agreement or any other Transaction Document shall require any Trustee
to expend or risk its funds or otherwise incur any financial liability in the performance of any of
its rights under this Agreement or any other Transaction Document if such Trustee has reasonable
grounds for believing that repayment of those funds or adequate indemnity against the risk or
liability is not reasonably assured to it.

     (d) Under no circumstances shall any Trustee be liable for indebtedness under any of the
Transaction Documents.

     (e) No Trustee shall be responsible for the validity or sufficiency of this Agreement or for
its due execution by the Depositors or for the form, character, genuineness, sufficiency, value, or
validity of any of the Assets, or for the validity or sufficiency of the Transaction Documents,
other than the certificate of authentication on the Certificates.

     (f) No Trustee shall be liable to any Certificateholder, other than as expressly provided for
in this Agreement or expressly agreed to in the other Transaction Documents.

     (g) No Trustee shall be liable for the default or misconduct of the Depositors, the other
Trustee or other trustees, the Administrator, or the Servicer under any of the Transaction
Documents or otherwise. No Trustee shall have any duty to perform the obligations of the Trust or
any other Trustee or any other person under this Agreement or the other Transaction Documents that
are required to be performed by the Administrator under the Administration Agreement, the Servicer
under the Servicing Agreement, or the Depositors under the Transaction Documents, or any other
person under any other Transaction Document.

     (h) No Trustee shall be required to exercise any of the rights or powers vested in it by this
Agreement, or to institute, conduct, or defend any litigation under this Agreement or any other
Transaction Document or otherwise, at the request, order, or direction of the Certificateholders,
unless one or more Certificateholders have offered to such Trustee security or indemnity
satisfactory to it against the costs and liabilities that may be incurred by such Trustee thereby.

     (i) The right of a Trustee to perform any discretionary act in this Agreement or in any other
Transaction Document shall not be construed as a duty, and no Trustee shall be answerable other
than for its gross negligence or willful misconduct in the performance of any discretionary act.

     Section 7.02. Furnishing Documents.

     (a) Each Trustee shall furnish to the Certificateholders, promptly on written request, copies
of all reports, notices, requests, demands, certificates, financial statements, and any other
instruments furnished to such Trustee under the Transaction Documents.

32

 

     (b) The Certificate Trustee shall, upon request, deliver to each Certificateholder such
information, reports or statements as may be required by the Code and applicable Treasury
Regulations and as may be required to enable each Certificateholder to prepare its federal and
state income tax returns. In the event that the Trust is required to file tax returns (including
information returns), the Certificate Trustee shall prepare or shall cause to be prepared any tax
returns required to be filed by the Trust and shall remit such returns to the Certificateholder, at
least five (5) days before such returns are due to be filed.

     Section 7.03. Representations and Warranties.

     Each Trustee in its individual capacity, as applicable, hereby represents and warrants to each
Depositor (but only with respect to itself) that:

     (a) The Certificate Trustee in its individual capacity hereby represents and warrants that it
is a national banking association, validly existing and in good standing under the laws of the
jurisdiction under which it is organized. It has all requisite corporate powers and authority to
execute, deliver and perform its obligations under this Agreement.

     (b) The Owner Trustee in its individual capacity hereby represents and warrants that it is a
banking corporation duly organized and validly existing in good standing under the laws of the
State of Delaware. It has all requisite corporate power and authority to execute, deliver, and
perform its obligations under this Agreement.

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

     (d) Neither the execution and delivery by it of this Agreement and the other Transaction
Documents to which it is a party, nor the consummation by it of the transactions contemplated by
this Agreement and the other Transaction Documents to which it is a party, nor compliance by it
with any of the provisions of this Agreement and the other Transaction Documents to which it is a
party will contravene any federal or Delaware law, governmental rule, or regulation governing the
banking or trust powers of such Trustee, or any judgment or order binding on it, or constitute a
default under its charter documents or bylaws.

     (e) No consent, approval, authorization or order of, or filing with, any court or regulatory,
supervisory or government agency or body is required by the Owner Trustee under Delaware law in
connection with the execution, delivery and performance by the Owner Trustee of this Agreement or
the consummation by the Owner Trustee of the transactions contemplated hereby (except for the
filing of the Certificate of Trust with the Secretary of State).

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     Section 7.04. Reliance; Advice of Counsel.

     (a) Neither Trustee shall be liable to anyone in acting under this Agreement on any signature,
instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond, or
other document or paper believed by it to be genuine or believed by it to be signed by the proper
parties. Each Trustee may accept a certified copy of a resolution of the board of directors or
other governing body of any corporate party as conclusive evidence that the resolution has been
duly adopted and that it is in full force and effect. As to any fact or matter the method of
determination of which is not specifically prescribed in this Agreement, each Trustee may for all
purposes of this Agreement conclusively rely on a certificate, signed by a Responsible Officer of
the relevant party, as to the fact or matter, and that certificate shall constitute full protection
to such Trustee for any action taken or omitted to be taken by it in good faith in reliance on it.

     (b) In the exercise or administration of the trusts under this Agreement and in the
performance of its obligations under this Agreement or the other Transaction Documents, each
Trustee (1) may act directly or through its agents or attorneys under agreements entered into with
any of them, and such Trustee shall not be liable for the conduct or misconduct of those agents or
attorneys if they were selected by such Trustee with reasonable care and (2) may consult with
counsel, accountants, and other skilled persons it selects with reasonable care. Neither Trustee
shall be liable for anything done, suffered, or omitted in good faith by it in accordance with the
written opinion or advice of any such counsel, accountants, or other persons.

     Section 7.05. Not Acting in Individual Capacity.

     Except as provided in this Article, (1) in acting in the capacity of Trustee pursuant to the
trust created by this Agreement, each of the Trustees acts solely as Trustee under this Agreement
and not in its individual capacity, and (2) all persons having any claim against either Trustee
under this Agreement or any other Transaction Document shall look only to the Owner Trust Estate
for payment or satisfaction of that claim.

     Section 7.06. Trustee Not Liable for Certificates or Payment Obligations.

     The recitals in this Agreement and in the Certificates (other than the signature and
authentication of the Certificate Trustee on the Certificates) shall be taken as the statements of
the Depositors, and neither Trustee assumes responsibility for their correctness. Neither Trustee
makes representations as to the validity or sufficiency of this Agreement, of any other Transaction
Document, of the Certificates (other than the signature and authentication of the Certificate
Trustee on the Certificates), of any Mortgage Loan, REO Property or the related documents. Neither
Trustee shall have any responsibility for

     (1) the legality, validity, and enforceability of any Mortgage Loan, or

     (2) the perfection and priority of any security interest created in any Mortgage Loan
or REO Property or the maintenance of that perfection and priority, or

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     (3) the sufficiency of the Assets or their ability to generate the payments to be
distributed under this Agreement, or

     (4) the performance or enforcement of any Mortgage Loan, or

     (5) the compliance by any Depositor or the Servicer with any warranty or
representation made under any Transaction Document or in any related document, or

     (6) any action of the Administrator, the Servicer, any Subservicer or any
Subcontractor taken in the name of such Trustee.

ARTICLE VIII

Compensation of Trustee

     Section 8.01. Trustee’s Fees.

     Each Trustee shall receive, as compensation from the Depositors for its services under this
Agreement, fees that have been separately agreed on in a fee agreement between the Depositors and
such Trustee.

     Section 8.02. Reimbursement and Indemnification.

     (a) Each Trustee shall be entitled to be reimbursed for its reasonable expenses (including
reasonable attorneys’ fees) incurred in the performance of its duties as Trustee under this
Agreement, except to the extent that such expenses arise out of or result from

	 	(i)	 	such Trustee’s own willful misconduct, bad faith,
or gross negligence,
	 
	 	(ii)	 	the inaccuracy of any of such Trustee’s
representations or warranties in Section 7.03,
	 
	 	(iii)	 	taxes based on or measured by any fees,
commissions, or compensation received by such Trustee for acting as such
in connection with any of the transactions contemplated by this
Agreement or any other Transaction Document, or
	 
	 	(iv)	 	such Trustee’s failure to use reasonable care to
receive, manage, and disburse moneys actually received by it in
accordance with the terms of this Agreement.

     (b) Each Trustee is hereby indemnified against any liabilities, obligations, indemnity
obligations, losses (excluding loss of anticipated profits), damages, claims, actions, suits,
judgments, out-of-pocket costs, expenses, and disbursements (including reasonable legal fees and
expenses) and taxes of any kind and nature whatsoever (collectively, the “Liabilities”) that may be
imposed on, incurred by, or asserted at any time against it in any way relating to or arising out
of the Owner Trust Estate, any of the properties included in the Owner Trust Estate,

35

 

the administration of the Owner Trust Estate, or any action or inaction of such Trustee under
this Agreement or under the Transaction Documents, except to the extent that such Liabilities arise
out of or result from

	 	(i)	 	such Trustee’s own willful misconduct, bad faith,
or gross negligence,
	 
	 	(ii)	 	the inaccuracy of any of such Trustee’s
representations or warranties in Section 7.03,
	 
	 	(iii)	 	taxes based on or measured by any fees,
commissions, or compensation received by such Trustee for acting as such
in connection with any of the transactions contemplated by this
Agreement or any other Transaction Document, or
	 
	 	(iv)	 	such Trustee’s failure to use reasonable care to
receive, manage, and disburse moneys actually received by it in
accordance with this Agreement.

     (c) Any amounts payable to a Trustee under this Section shall be payable, first, out of
amounts on deposit in the Certificate Distribution Account before payments on the Certificates, and
second, to the extent not paid pursuant to clause first within sixty (60) days of first being
incurred, by the Reacquisition Parties, jointly and severally. Notwithstanding anything set forth
in this Agreement, the Owner acknowledges that Franklin Credit Holding Corporation has no
obligations or liabilities to any Person arising out of this Agreement, including the Trustees, the
Administrator, the Certificateholders and each of their respective assigns, officers, directors,
agents and employees.

     (d) The indemnities in this Section shall survive the termination of this Agreement and the
removal or resignation of a Trustee under this Agreement.

     Section 8.03. Payments to Trustee.

     Any amounts paid to either of the Trustees pursuant to this Article shall not be a part of the
Assets immediately after their payment. All amounts then due to either of the Trustees from the
Trust, the Depositors or the Servicer under any Transaction Document shall be paid in full before
any payments to the Depositors or any Holder of a Certificate.

ARTICLE IX

Termination of Agreement/Asset Sales

     Section 9.01. Termination of Agreement.

     (a) The Trust shall dissolve when the Trust has made the final distribution of all moneys or
other property or proceeds of all Assets in accordance with the terms of Article V and the
Transaction Documents. In addition, upon the occurrence of an “Event of Default” under the Credit
Agreement, not less than 662/3% of the Holders (by Percentage Interest) of each

36

 

Class of Certificates may direct the Trustees to dissolve the Trust and liquidate the Assets
as directed by such Certificateholders. All proceeds of any such liquidation shall be deposited in
the Certificate Distribution Account and distributed pursuant to Section 5.01. The bankruptcy,
liquidation, or dissolution of any Certificateholder shall not (x) terminate this Agreement or the
Trust, (y) entitle that Certificateholder’s legal representatives to obtain an accounting or to
take any action in any court for a partition or winding up of any part of the Trust or the Owner
Trust Estate, or (z) otherwise affect the rights and obligations of the parties to this Agreement.

     (b) Except as provided in Section 9.01(a), neither the Depositors nor the Certificateholders
may dissolve, revoke, or terminate the Trust without the consent of 662/3% of the Holders (by
Percentage Interest) of each Class of Certificates. The consent of the Depositors shall not be
required for any dissolution, revocation or termination of the Trust in accordance with this
Section 9.01. Any dissolution, revocation or termination of the Trust pursuant to this Section
9.02(b) shall be subject to the applicable notice provisions, if any, contained in Article XI of
the Servicing Agreement.

     (c) On the winding up of the Trust and payment of all liabilities of the Trust in accordance
with Section 3808 of the Statutory Trust Statute, the Trustees shall cancel the Certificate of
Trust by executing and filing a certificate of cancellation with the Secretary of State of the
State of Delaware in accordance with the provisions of the Statutory Trust Statute. The Trustees
may rely on the directions of the Administrator with respect to winding up the Trust. Thereupon,
this Agreement (other than Article VIII) and the Trust shall terminate.

     Section 9.02. Asset Sales at Direction of Administrator.

     Upon five (5) Business Days’ prior written notice to the Trustees and the Servicer, the
Administrator may direct the Certificate Trustee to immediately sell on a servicing released or
servicing retained basis, at public or private sale, and at such price or prices, in each case as
the Administrator may in its commercially reasonable judgment deem satisfactory, any or all Assets
pursuant to a Whole Asset Transfer. The net proceeds of any such Whole Asset Transfer shall be
deposited by the Administrator (or the Servicer, if applicable) to the Collection Account pursuant
to Section 4.04 of the Servicing Agreement immediately upon the closing of such Whole Asset
Transfer. Any Whole Asset Transfer consummated on a servicing retained basis shall be consummated
in accordance with Section 9.01 of the Servicing Agreement.

     Section 9.03. Asset Putbacks.

     Upon five (5) Business Days’ prior written notice to the Trustees and the Servicer, the
Administrator in accordance with Section 9.01 of the Servicing Agreement may direct the Certificate
Trustee to immediately transfer one or more Assets that are the subject of any Putback Litigation
or any reacquisition of an Asset pursuant to Section 2.01 or Section 3.03 of the Transfer and
Assignment Agreement. The terms and conditions of such Asset transfer, together with the
consideration therefor, shall be specified, either expressly or by reference to another agreement,
in the notice delivered by the Administrator in respect of such transfer. All Putback Litigation
Proceeds shall be deposited to the Collection Account pursuant to Section 4.04 of the Servicing
Agreement.

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ARTICLE X

Successor Trustees and Additional Trustees

     Section 10.01. Eligibility Requirements of the Trustees

     (a) The Owner Trustee shall at all times be a corporation (i) satisfying the provisions of
Section 3807(a) of the Statutory Trust Act; (ii) authorized to exercise corporate trust powers;
and (iii) having a combined capital and surplus of at least $50,000,000 and subject to supervision
or examination by Federal or State authorities. If such entity 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 entity
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 10.02.

     (b) The Certificate Trustee in its individual capacity shall at all times be a national
banking association having a combined capital and surplus of at least $50,000,000 and subject to
supervision or examination by Federal or State authorities. If such entity 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 entity 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 Certificate Trustee shall cease to be
eligible in accordance with the provisions of this Section, the Certificate Trustee shall resign
immediately in the manner and with the effect specified in Section 10.02.

     Section 10.02. Resignation or Removal of Trustees.

     Each Trustee may at any time resign and be discharged from the trust created by this Agreement
by giving thirty (30) days prior written notice of resignation to the Administrator, the Depositors
and the other Trustee. When it receives a notice of resignation, the Administrator shall promptly
appoint a successor Trustee in writing delivered to the resigning Trustee and to the successor
Trustee. If no successor Trustee has been so appointed and assumed trusteeship within thirty (30)
days after the notice of resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee.

     The Administrator may remove a Trustee if at any time such Trustee is legally unable to act,
or an Insolvency Event occurs with respect to such Trustee. If the Administrator removes a Trustee
under the authority of the preceding sentence, the Administrator shall promptly appoint a successor
Trustee in writing delivered to the outgoing Trustee and to the successor Trustee, and shall pay
all fees and expenses owed to the outgoing Trustee.

     Any resignation or removal of a Trustee and appointment of a successor Trustee shall not
become effective until acceptance of the appointment by the successor Trustee pursuant to

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Section 10.02 and payment of all fees and expenses of the outgoing Trustee. The Administrator
shall provide notice of any resignation or removal of a Trustee to the Depositors.

     Section 10.03. Successor Trustees.

     Any successor Trustee appointed pursuant to Section 10.01 shall execute and deliver to the
Administrator, the Depositors, and to the predecessor Trustee an instrument accepting appointment
as trustee under this Agreement, and thereupon the resignation or removal of the predecessor
Trustee shall become effective. The successor Trustee shall become fully vested with all the rights
and obligations of its predecessor under this Agreement and any applicable Transaction Documents,
with like effect as if originally named as Trustee without any further act, deed, or conveyance.
The predecessor Trustee shall promptly deliver to the successor Trustee all documents, statements,
and monies held by it under this Agreement. The Administrator and the predecessor Trustee shall
execute and deliver any instruments and do anything else for fully and certainly vesting and
confirming in the successor Trustee all rights and obligations under this Agreement and any
applicable Transaction Documents.

     When a successor Trustee accepts its appointment pursuant to this Section, the Administrator
shall mail notice of the change in trustee to the Certificateholders, the Depositors and any other
Trustee. If the Administrator fails to mail that notice within ten (10) days after acceptance of
appointment by the successor Trustee, the successor Trustee shall mail that notice at the expense
of the Administrator.

     Any successor Owner Trustee shall file an amendment to the Certificate of Trust with the
Secretary of State of the State of Delaware identifying the name and principal place of business in
the State of Delaware of the successor Owner Trustee.

     Section 10.04. Merger or Consolidation of Trustee.

     Any person into which a 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 a
Trustee is a party, or any person succeeding to all or substantially all of the corporate trust
business of a Trustee, shall be the successor of such Trustee under this Agreement without the
execution or filing of any instrument or any further act on the part of any of the parties to this
Agreement, anything to the contrary notwithstanding; provided, however, any successor Owner Trustee
resulting from any such merger, conversion or consolidation shall file an amendment to the
Certificate of Trust identifying the name and principal place of business of such successor Owner
Trustee in the State of Delaware.

     Section 10.05. 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 Owner Trust Estate may
at any time be located, the Administrator and the Trustees acting jointly shall execute and deliver
all instruments to appoint persons approved by the Administrator to act as co-trustee, jointly with
the Trustees, or as separate trustee, of all or any part of the Assets, and to vest in that person,
in that capacity, such title to the Owner Trust Estate or any part thereof and, subject

39

 

to the other provisions of this Section, such rights and obligations as the Administrator and
the Trustees consider appropriate. If the Administrator has not joined in the appointment within
fifteen (15) days after the receipt by it of a request so to do, the Trustees alone may make the
appointment. No notice of the appointment of any co-trustee or separate trustee shall be required
pursuant to Section 10.02.

     Each separate trustee and co-trustee shall be appointed and act subject to the following
provisions and conditions:

     (a) All rights and obligations conferred or imposed on the Trustees shall be conferred on and
exercised or performed by the Trustees, as applicable, and the separate trustee or co-trustee
jointly (the separate trustee or co-trustee is not authorized to act separately without the
Trustees, as applicable, joining in the act), except to the extent that under applicable law such
Trustee is incompetent or unqualified to perform the acts, in which case those rights and
obligations (including the holding of title to the Owner Trust Estate or any portion thereof in
that jurisdiction) shall be exercised and performed singly by the separate trustee or co-trustee,
but solely at the direction of the Trustees, as applicable;

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

     (c) The Administrator and the Trustees 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 Trustees shall be considered to have been
given to each of the then separate trustees and co-trustees, as effectively as if given to each of
them. Every instrument appointing any separate trustee or co-trustee shall refer to the conditions
of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred,
shall be vested with the estates or property specified in its instrument of appointment, either
jointly with the Trustees or separately, as may be provided in the instrument of appointment. Each
instrument of appointment shall be filed with the Trustees and a copy of it given to the
Administrator.

     Any separate trustee or co-trustee may at any time appoint a 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 with respect to this Agreement or any applicable Transaction Document 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, and obligations shall vest in and be
exercised by the Certificate Trustee, to the extent permitted by law, without the appointment of a
new or successor co-trustee or separate trustee.

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ARTICLE XI

Miscellaneous

     Section 11.01. Supplements and Amendments.

     (a) This Agreement may be amended in any way by the Depositors, the Certificate Trustee and
the Owner Trustee, with the consent of 662/3% of the Holders (by Percentage Interest) of each Class
of Certificates, provided, however, that no such amendment shall, as evidenced by an Opinion of
Counsel, adversely affect in any material respect the interests of any Certificateholder without
the consent of such Certificateholder.

     (b) It shall not be necessary for the consent of Certificateholders pursuant to this Section
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 of
evidencing the authorization of the execution thereof by any Certificateholder shall be subject to
such reasonable requirements as the Certificate Trustee may prescribe. Promptly after the execution
of any amendment or consent, the Certificate Trustee shall furnish a copy of the amendment or
consent to the Certificateholders. Promptly after the execution of any amendment to the
Certificate of Trust, the Owner Trustee shall cause its filing with the Secretary of State of the
State of Delaware. Each Trustee may, but shall not be obligated to, enter into any amendment that
affects such Trustee’s own rights or obligations under this Agreement or otherwise. In connection
with the execution of any amendment to this Agreement, the Certificate of Trust, or any amendment
of any other agreement to which the Trust is a party, each Trustee shall be entitled to receive and
conclusively rely upon an Opinion of Counsel to the effect that the amendment is authorized or
permitted by this Agreement and the Transaction Documents.

     Section 11.02. Limitations on Rights of Others.

     The provisions of this Agreement are solely for the benefit of the Owner Trustee, the
Certificate Trustee, the Depositors, the Certificateholders, and the Administrator, and nothing in
this Agreement, whether express or implied, shall be construed to give to any other person any
legal or equitable interest in the Owner Trust Estate or under this Agreement.

     Section 11.03. Notices.

     (a) Except where telephonic instructions or notices are specifically authorized, all notices,
demands, instructions, consents, and other communications required or permitted under this
Agreement shall be in writing and shall be personally delivered or sent by first class or express
mail (postage prepaid), national overnight courier service and shall be considered to be given for
purposes of this Agreement on the day that the writing is delivered to its intended recipient.
Unless otherwise specified in a notice sent or delivered in accordance with this Section, notices,
demands, instructions, and other communications in writing shall be given to or made on the
respective parties at their respective addresses indicated below, and, in the case of telephonic
instructions or notices, by calling the telephone number indicated for the party below:

41

 

     if to the Owner Trustee, addressed to its Corporate Trust Office at;

1100 North Market Street

Wilmington, Delaware 19890

Attention: Corporate Trust Administration

Telephone: (302) 636-6000

Telecopy: (302) 636-4140

     if to the Certificate Trustee, addressed to its Corporate Trust Office at;

7 Easton Oval — EA4E63

Columbus, Ohio 43219

Attention: Corporate Trust

Telephone: (614) 331-9801

Telecopy: (614) 331-5862

     if to the Depositors, addressed to

Franklin Credit Asset Corporation, Franklin Credit Management Corporation,

Tribeca Lending Corp. and each of their respective subsidiaries listed on Schedule
I hereto

c/o Franklin Credit Management Corporation

101 Hudson Street

Jersey City, NJ 07302

Attention: Chief Operating Officer

Fax: 201-604-1818

with a copy to:

Franklin Credit Management Corporation

101 Hudson Street

Jersey City, NJ 07302

Attention: Chief Legal Officer

or, as to each party, at any other address designated by it in a written notice to each other
party.

     (b) Any notice required or permitted to be given to the Certificateholders shall be given by
first-class mail, postage prepaid, at the addresses of the Certificateholders. Any notice so mailed
within the time prescribed in this Agreement shall be conclusively presumed to have been duly
given, whether or not the Certificateholder receives the notice.

     Section 11.04. Severability.

     Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall,
as to that jurisdiction, be ineffective to the extent of the prohibition or unenforceability

42

 

without invalidating the remaining provisions of this Agreement, and that prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable the provision in
any other jurisdiction.

     Section 11.05. Separate Counterparts.

     This Agreement may be executed by the parties to this Agreement in separate counterparts, each
of which when so executed and delivered shall be an original, but all the counterparts shall
together constitute but one instrument.

     Section 11.06. Successors and Assigns.

     All covenants and agreements in this Agreement shall be binding on, and inure to the benefit
of, each of the Depositors and their permitted assignees, the Owner Trustee and its successors, the
Certificate Trustee and its successors, the Administrator and any of its successors and permitted
assigns and each Certificateholder and any of its successors, all as provided in this Agreement.
Any request, notice, direction, consent, waiver or other instrument or action by any
Certificateholder shall bind its successors.

     Section 11.07. Nonpetition Covenant.

     Notwithstanding any prior termination of this Agreement, the Depositors, the Certificate
Trustee and the Owner Trustee, by entering into this Agreement, and each Certificateholder, by
accepting a Certificate, agree that they shall not, before the date that is one year and one day
after the termination of the Agreement, file or participate in the filing of any petition against
the Trust that could cause the Trust to incur an Insolvency Event. Nothing in this Agreement shall
prohibit the Owner Trustee or the Certificate Trustee from participating in or filing proofs of
claim in any such proceeding instituted by any other person.

     Section 11.08. No Recourse.

     Each Certificateholder by accepting a Certificate acknowledges that the Certificate represents
the beneficial interest in the Trust only and does not represent interests in or obligations of the
Depositors, the Servicer, the Administrator, the Owner Trustee, the Certificate Trustee, or any
Affiliate of any of them and no recourse may be had against those parties or their assets, except
as may be expressly stated or contemplated in this Agreement, the other Transaction Documents, or
the Certificates.

     Section 11.09. Headings.

     The headings of the various Articles and Sections in this Agreement are for convenience of
reference only and shall not define or limit any of the provisions of this Agreement.

     Section 11.10. GOVERNING LAW.

     THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
DELAWARE, WITHOUT REFERENCE TO ITS PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF
ANOTHER JURISDICTION.

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     Section 11.11. Rule 144A Information.

     As long as any of the securities of this Trust are “restricted securities” within the meaning
of Rule 144(a)(3) under the Securities Act, the Administrator on behalf of the Trust shall provide
to any Certificateholder and to any prospective purchaser from any of them designated by any of
them on the request of the Certificateholder, or prospective purchaser, any information required to
be provided the Holder or prospective purchaser to satisfy the conditions of Rule 144A(d)(4) under
the Securities Act.

     Section 11.12. Potential Conflicts of Interest.

     The Certificate Trustee is authorized to serve in multiple capacities in relation to the
Trust, the Depositors and the Certificateholders (and their permitted assigns), including as
Administrator, Certificateholder, creditor of one or more Depositors for which the Assets serve as
collateral on certain loan(s), loan participant with a third party to which such Depositor has
pledged the Assets or a Certificate, as collateral agent for such lenders or participants, and
various other treasury management, interest rate management and custodial capacities in relation
thereto. Each Depositor hereby, and each Certificateholder by its acceptance of its Certificate,
(a) acknowledges that the Certificate Trustee may serve in multiple capacities in relation to the
Trust, including as described in the immediately preceding sentence, and may receive separate
compensation for each of these various capacities, including fees and expense reimbursement, (b)
waives any actual or potential conflicts of interest that may arise in connection with the
Certificate Trustee serving in any such capacity, and (c) agrees that such waiver shall be binding
upon its permitted assigns.

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     In Witness Whereof, the parties to this Agreement have caused this Agreement to be
duly executed by their respective officers hereunto duly authorized, as of the day and year first
above written.

	 	 	 	 	 	 	 
	 	 	Franklin Credit Asset Corporation and Tribeca Lending	 	 
	 

	 	 	 	Corp. and each of their respective subsidiaries listed
on Schedule I hereto	 	 
	 

	 	 	 	Depositors	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Alexander Gordon Jardin	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Alexander Gordon Jardin

Title: Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	Franklin Credit Management Corporation  and its respective subsidiaries listed on Schedule I
hereto
	 	 
	 

	 	 	 	Depositor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Thomas J. Axon	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Thomas J. Axon	 	 
	 

	 	 	 	Title: President	 	 
	 
	 	 	 	 	 	 
	 	 	The Huntington National Bank	 	 
	 

	 	 	 	Certificate Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Candada J. Moore	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Candada J. Moore

Title: Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	Wilmington Trust Company	 	 
	 

	 	 	 	Owner Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Jennifer A. Luce	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Jennifer A. Luce

Title: Assistant Vice President	 	 

[Trust Agreement Signature Page]

 

 

EXHIBIT A

Form of Certificate of Trust of 

Franklin Mortgage Asset Trust 2009-A 

     This Certificate of Trust of Franklin Mortgage Asset Trust 2009-A (the “Trust”), dated March
31, 2009, is being duly executed and filed by the undersigned, as trustees, to form a statutory
trust under the Delaware Statutory Trust Act (12 Del. Code, § 3801 et seq.) (the “Act”).

     1. Name. The name of the statutory trust formed hereby is Franklin Mortgage Asset Trust
2009-A.

     2. Delaware Trustee. The name and business address of the trustee of the Trust in the State of
Delaware is Wilmington Trust Company, 1100 North Market Street, Wilmington, Delaware 19890,
Attention: Corporate Trust Administration.

     3. Effective Date. This Certificate of Trust shall be effective upon its filing with the
Secretary of State of the State of Delaware.

     In Witness Whereof, the undersigned have executed this Certificate of Trust in
accordance with Section 3811(a)(1) of the Act.

	 	 	 	 	 	 	 
	 	 	Wilmington Trust Company,

not in its individual capacity,

but solely as owner trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Jennifer A. Luce	 	 
	 

	 	Title:
	 	Assistant Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	The Huntington National Bank,

not in its individual capacity,

but solely as certificate trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Candada J. Moore	 	 
	 

	 	Title:
	 	Senior Vice President	 	 

A-1

 

 

EXHIBIT B

Form of Certificate

This Certificate has not been and will not be registered under the Securities Act of 1933, as
amended (“the Securities Act”), or the securities laws of any state and may not be resold or
transferred unless it is registered pursuant to the Securities Act and the securities laws of any
state or is sold or transferred in transactions that are exempt from registration under the
Securities Act and under applicable state law and is transferred in accordance with Section 3.10 of
the Trust Agreement related to Franklin Mortgage Asset Trust 2009-A (the “Trust Agreement”).

The Holder hereof, by its acceptance of this Certificate, represents that it has obtained this
Certificate in a transaction in compliance with the Securities Act and all other applicable laws of
the United States or the securities laws of any state, and the restrictions on sale and transfer
set forth in Section 3.10 of the Trust Agreement. The Holder hereof by acceptance of this
Certificate, further represents, acknowledges and agrees that it will not reoffer, resell, pledge
or otherwise transfer this Certificate (or any interest herein) except in compliance with the
Securities Act and the restrictions on sale and transfer set forth in Section 3.10 of the Trust
Agreement and to a transferee that is (1) organized and existing under the laws of the United
States or any state, (2) either (A) a Depositor, (B) the Trust or (C) a person reasonably believed
to be a “qualified institutional buyer” as that term is defined in Rule 144A under the Securities
Act (a “Qualified Institutional Buyer”) purchasing for its own account or for the account of a
Qualified Institutional Buyer, and (3) it has delivered to the Certificate Trustee an Opinion of
Counsel stating that all the conditions in Section 3.10 of the Trust Agreement have been complied
with and to the effect that the transfer will not result in the Trust being subject to tax at the
entity level for federal or applicable State tax purposes.

Neither this Certificate nor any interest in it may be transferred unless the Certificate Trustee
has received either (i) an executed investment letter acceptable to and in form and substance
satisfactory to the Certificate Trustee certifying to the Certificate Trustee the facts surrounding
the transfer, which investment letter shall not be an expense of the Trustees or the Depositors, or
(ii) an Opinion of Counsel acceptable to and in form and substance satisfactory to the Trustees and
the Depositors that the transfer may be made pursuant to an exemption from the Securities Act,
describing the applicable exemption and its basis, or is being made pursuant to the Securities Act,
which Opinion of Counsel shall not be an expense of the Trustees or the Depositors.

In addition, neither this Certificate nor any interest in it may be transferred unless the
transferee delivers to the Certificate Trustee either a representation letter to the effect that
the transferee is not an employee benefit plan subject to the Employee Retirement Income Security
Act of 1974, as amended, a plan subject to Section 4975 of the Code, as

B-1 

 

amended, or a person acting on behalf of or using the assets of any such plan; or an opinion of
counsel in accordance with Section 3.10(c) of the Trust Agreement.

Notwithstanding anything else to the contrary herein, any purported transfer of this Certificate
not in accordance with the restrictions described herein shall be void ab initio.

The Certificate Trustee is authorized to serve in multiple capacities in relation to the Trust, the
Depositors and the Certificateholders (and their permitted assigns), including as Administrator,
Certificateholder, creditor of one or more Depositors for which the Assets serve as collateral on
certain loan(s), loan participant with a third party to which such Depositor has pledged the Assets
or a Certificate, as collateral agent for such lenders or participants, and various other treasury
management, interest rate management and custodial capacities in relation thereto. Each
Certificateholder, by its acceptance of its Certificate, (a) acknowledges that the Certificate
Trustee may serve in multiple capacities in relation to the Trust, including as described in the
immediately preceding sentence, and may receive separate compensation for each of these various
capacities, including fees and expense reimbursement, (b) waives any actual or potential conflicts
of interest that may arise in connection with the Certificate Trustee serving in any such capacity,
and (c) agrees that such waiver shall be binding upon its permitted assigns.

To the extent permitted by applicable law, after initial issuance of the Certificates, no Class A
Certificate or Class REO Certificate shall be separately transferable. Accordingly, with respect
to any transfer of a Class A Certificate or a Class REO Certificate, the Transferor must transfer a
like Percentage Interest in the transferred Class A Certificate and the transferred Class REO
Certificate.

[This Certificate is subject to a security interest in favor of the Administrative Agent under the
Legacy Loan Agreement and the Loan Documents (as defined in the Legacy Loan Agreement) for the
benefit of the Lenders (as defined in the Legacy Loan Agreement), to which reference is made for a
description of the rights of the Administrative Agent, and this Certificate is in all respects
subject to such rights.]

B-2 

 

	 	 	 	 	 	 	 
	Date of Trust Agreement

	 	:
	 	[                    ], 2009
	 	 
	Closing Date

	 	:
	 	[                    ], 2009	 	 
	Percentage Interest

	 	:
	 	[100]%	 	 
	Certificate No.

	 	:
	 	[                    ]	 	 
	First Remittance Date

	 	:
	 	[                    ]	 	 

Class [A/REO] Certificate

Franklin Mortgage Asset Trust 2009-A

Certificate

evidencing a percentage interest in the distributions allocable to

the Class [A/REO] Certificates evidencing an undivided

interest in the Class [A/REO] Assets sold by

Franklin Credit Asset Corporation, Franklin Credit Management Corporation, Tribeca Lending Corp.
and each of their respective subsidiaries listed as Schedule I to the Trust Agreement

     This Certificate does not represent an obligation of or interest in Franklin Credit Asset
Corporation, Franklin Credit Management Corporation, Tribeca Lending Corp. or any of their
respective subsidiaries listed as Schedule I to the Trust Agreement (the “Depositors”), the
Servicer, the Certificate Trustee, the Owner Trustee or any of their respective affiliates. Neither
this Certificate nor the underlying Assets are guaranteed or insured by any governmental agency or
instrumentality nor any other person.

     This certifies that [                    ] is the registered owner of the Percentage
Interest evidenced by this Certificate in the [Class A Assets][REO Assets of the Franklin Mortgage
Asset Trust 2009-A, a Delaware statutory trust (the “Trust”), consisting primarily of a pool of
mortgage loans (the “Mortgage Loans”) and real estate owned property (the “REO Property”)
transferred by the Depositors to the Trust, and serviced by Franklin Credit Management Corporation
(in that capacity, the “Servicer”). The Trust was formed pursuant to the Trust Agreement, dated as
of March 31, 2009 (the “Agreement”), among the Depositors, The Huntington National Bank, as
certificate trustee (the “Certificate Trustee”) and Wilmington Trust Company, as owner trustee (the
“Owner Trustee”). Capitalized terms used in this Certificate without definition have the meanings
assigned in the Agreement or the Servicing Agreement. This Certificate is issued under and is
subject to the Agreement. The Holder of this Certificate by virtue of the acceptance of it agrees
to be bound by the Agreement.

     Reference is hereby made to the terms and conditions of the Class [A/REO] Certificates set
forth in the Agreement. Such provisions shall for all purposes have the same effect as those fully
set forth herein.

B-3 

 

     This Certificate is one of the Class [A/REO] Certificates from a duly authorized issue of
Certificates representing, to the extent specified in the Agreement, an undivided interest in:

     (1) the Mortgage Loans and REO Properties listed on the Mortgage Loan Schedule and REO
Property Schedule, respectively, including, without limitation, the related Servicing
Files, Mortgage Files, REO Files; and

     (2) deficiency judgments in favor of the related Seller and all rights (including the
right to receive any Putback Litigation Proceeds) and obligations related thereto
(collectively, the “[Class A/Class REO] Assets”).

     The Certificateholder, by its acceptance of this Certificate, agrees that it will look solely
to the funds available under the Agreement for payment of this Class [A/REO] Certificate and that
the Trustees in their individual capacities are not personally liable to the Certificateholders for
any amount payable under this Class [A/REO] Certificate or the Agreement or, except as expressly
provided in the Agreement, subject to any liability under the Agreement.

     Amounts payable to the Class [A/REO] Certificates will be paid on each Remittance Date in
accordance with the priority of payments set forth in the Agreement.

     The Agreement may be amended in any way by the Depositors, the Certificate Trustee and the
Owner Trustee, with the consent of 662/3% of the Holders (by Percentage Interest) of each Class of
Certificates, provided, however, that no such amendment shall, as evidenced by an Opinion of
Counsel, adversely affect in any material respect the interests of any Certificateholder without
the consent of such Certificateholder.

     In connection with any transfer of this Certificate, the Holder transferring this Certificate
shall indemnify the Trust against any liability that may result if the transfer is not so exempt or
is not made in accordance with any federal and state laws.

     No service charge shall be made for the registration of transfer or exchange of this
Certificate, but the Certificate 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 this Certificate.

     The Certificate Trustee, the Certificate Registrar, and any Certificate Paying Agent will
treat the person in whose name this Certificate is registered in the Certificate Register as its
owner for the purpose of receiving distributions pursuant to Section 5.02 of the Agreement and for
all other purposes whatsoever, and none of the Certificate Trustee, the Certificate Registrar, and
any Certificate Paying Agent shall be bound by any notice to the contrary.

     The obligations created by the Agreement will terminate and this Certificate will be retired
and the Trust will be dissolved when the Trust has made the final distribution of all moneys or
other property or proceeds of all Assets in accordance with the terms of the Transaction Documents
and Article V of the Agreement. In addition, upon the occurrence of an

B-4 

 

“Event of Default” under the Credit Agreement, not less than 662/3% of the Holders (by
Percentage Interest) of each Class of Certificates may direct the Trustees to dissolve the Trust
and liquidate the Assets as directed by such Certificateholders. All proceeds of any such
liquidation shall be deposited in the Certificate Distribution Account and distributed pursuant to
Section 5.01 of the Agreement. Except as provided in Section 9.01(a) of the Agreement, neither the
Depositors nor the Certificateholders may dissolve, revoke, or terminate the Trust without the
consent of 662/3% of the Holders (by Percentage Interest) of each Class of Certificates.

     Unless the certificate of authentication on this Certificate has been executed by the
Certificate Registrar by manual signature, this Certificate shall not be entitled to any benefit
under the Agreement, or be valid for any purpose.

B-5 

 

Dated: [                    ], 2009

	 	 	 	 	 	 	 
	 	 	Franklin Mortgage Asset Trust 2009-A	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	The Huntington National Bank,

not in its individual capacity but

solely as Certificate Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:

Title:	 	 

	 	 	 	 	 
	Certificate of Authentication:	 	 
	This is one of the Certificates

	 	 
	referenced
in the within mentioned Agreement.

	 
	 	 	 	 
	The Huntington National Bank	 	 
	 

	 	not in its individual capacity but

solely as Certificate Trustee	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Officer	 	 

B-6 

 

EXHIBIT C

Form of Representation Letter

For Certificates 

Date:                    

Franklin Credit Asset Corporation, Franklin Credit Management Corporation, Tribeca Lending Corp.
and each of their respective subsidiaries listed on Schedule I to the Trust Agreement
described below, as Depositors

	 	 	 
	[                    ]

	 	 
	[                    ]
	 	 
	Attention: [                    ]
	 	 
	 
	 	 
	The Huntington National Bank, as Certificate Trustee
	 	 
	7 Easton Oval — EA4E63
	 	 
	Columbus, OH 43229
	 	 
	Attention: Corporate Trust
	 	 
	 
	 	 
	Wilmington Trust Company, as Owner Trustee
	 	 
	Rodney Square North
	 	 
	1100 North Market Street
	 	 
	Wilmington, DE 19890-0001
	 	 
	Attention: Corporate Trust Administration
	 	 

			
	      Re:	 	Franklin Mortgage Asset Trust 2009-A, Class [A/REO] Certificates

Ladies and Gentlemen:

     This letter is delivered to you in connection with the sale by                     (the
“Transferor”) to                     (the “Transferee”) of the Certificates representing a                     %
Percentage Interest the Class [A/REO] Certificates (the “Transferred Certificates”). All
capitalized terms used in this certificate without definition have the meanings given to them in
the Trust Agreement, dated as of March 31, 2009, among Franklin Credit Asset Corporation, Franklin
Credit Management Corporation, Tribeca Lending Corp. and each of their respective subsidiaries
listed on Schedule I to the Trust Agreement described below, as depositors, The Huntington National
Bank, as certificate trustee, and Wilmington Trust Company, as owner trustee. The Transferor hereby
certifies, represents, and warrants to you that:

     1. The Transferor is the lawful owner of the Transferred Certificates with the full right to
transfer them free from any claims and encumbrances whatsoever.

C-1 

 

     2. Neither the Transferor nor anyone acting on its behalf has (a) offered, transferred,
pledged, sold, or otherwise disposed of any Certificate, any interest in any Certificate, or any
other similar security to any person in any manner, (b) solicited any offer to buy or accept a
transfer, pledge, or other disposition of any Certificate, any interest in any Certificate, or any
other similar security from any person in any manner, (c) otherwise approached or negotiated with
respect to any Certificate, any interest in any Certificate or any other similar security with any
person in any manner, (d) made any general solicitation by general advertising or in any other
manner, or (e) taken any other action that (in the case of any of the acts described in clauses (a)
through (e) of this paragraph) would constitute a distribution of any Certificate under the
Securities Act of 1933, as amended (the “Securities Act”), or would render the disposition of any
Certificate a violation of Section 5 of the Securities Act or any state securities laws, or would
require registration or qualification of any Certificate pursuant to the Securities Act or any
state securities laws.

     3. The Transferor and any person acting on behalf of the Transferor in this matter reasonably
believe that the Transferee is a “qualified institutional buyer” as that term is defined in Rule
144A (“Rule 144A”) under the Securities Act (a “Qualified Institutional Buyer”) purchasing for its
own account or for the account of a Qualified Institutional Buyer. In determining whether the
Transferee is a Qualified Institutional Buyer, the Transferor and any person acting on behalf of
the Transferor in this matter have relied on the following to establish the Transferee’s ownership
and discretionary investments of securities (check one or more):

	 	o	 	The Transferee’s most recent publicly available financial statements, which
statements present the information as of a date within 16 months preceding the date of
sale of the Transferred Certificate in the case of a U.S. purchaser and within 18
months preceding such date of sale for a foreign purchaser; or
	 
	 	o	 	The most recent publicly available information appearing in documents filed
by the Transferee with the Securities and Exchange Commission or another United States
federal, state, or local governmental agency or self regulatory organization, or with
a foreign governmental agency or self regulatory organization, which information is as
of a date within 16 months preceding the date of sale of the Transferred Certificate
in the case of a U.S. purchaser and within 18 months preceding such date of sale for a
foreign purchaser; or
	 
	 	o	 	The most recent publicly available information appearing in a recognized
securities manual, which information is as of a date within 16 months preceding the
date of sale of the Transferred Certificate in the case of a U.S. purchaser and within
18 months preceding such date of sale for a foreign purchaser; or
	 
	 	o	 	A certification by the chief financial officer, a person fulfilling an
equivalent function, or other executive officer of the Transferee, specifying the
amount of securities owned and invested on a discretionary basis by the Transferee as
of a specific date on or since the close of the Transferee’s most recent fiscal year,

C-2 

 

or, in the case of a Transferee that is a member of a “family of investment
companies,” as that term is defined in Rule 144A, a certification by an executive
officer of the investment adviser specifying the amount of securities owned by the
“family of investment companies” as of a specific date on or since the close of the
Transferee’s most recent fiscal year.

     4. The Transferor and any person acting on behalf of the Transferor understand that in
determining the aggregate amount of securities owned and invested on a discretionary basis by an
entity for purposes of establishing whether such entity is a Qualified Institutional Buyer:

	•	 	the following instruments and interests shall be excluded: securities of issuers that are
affiliated with the Transferee; securities that are part of an unsold allotment to or
subscription by the Transferee, if the Transferee is a dealer; securities of issuers that are
part of the Transferee’s “family of investment companies,” if the Transferee is a registered
investment company; bank deposit notes and certificates of deposit; loan participations;
repurchase agreements; securities owned but subject to a repurchase agreement; and currency,
interest rate, and commodity swaps;
	 
	•	 	the aggregate value of the securities shall be the cost of such securities, except where
the entity reports its securities holdings in its financial statements on the basis of their
market value, and no current information with respect to the cost of those securities has been
published, in which case the securities may be valued at market;
	 
	•	 	securities owned by subsidiaries of the entity that are consolidated with the entity in its
financial statements prepared in accordance with generally accepted accounting principles may
be included if the investments of such subsidiaries are managed under the direction of the
entity, except that, unless the entity is a reporting company under Section 13 or 15(d) of the
Securities Exchange Act of 1934, as amended, securities owned by such subsidiaries may not be
included if the entity itself is a majority owned subsidiary that would be included in the
consolidated financial statements of another enterprise.

     5. The Transferor or a person acting on its behalf has taken reasonable steps to ensure that
the Transferee is aware that the Transferor is relying on the exemption from the provisions of
Section 5 of the Securities Act provided by Rule 144A.

C-3 

 

     6. The Transferor or a person acting on its behalf has furnished, or caused to be furnished,
to the Transferee all information regarding (a) the Transferred Certificates and payments on them,
(b) the nature and performance of the Mortgage Loans, and (c) the Agreement, and the Trust Estate,
that the Transferee has requested.

	 	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 
	 	 	(Transferor)	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

C-4 

 

Form of Transferee Investment Letter 

For Transferor Certificates 

Date:                    

Franklin Credit Asset Corporation, Franklin Credit Management Corporation, Tribeca Lending Corp.
and each of their respective subsidiaries listed on Schedule I to the Trust Agreement
described below, as Depositors

	 
	[                     ]

	[                     ]

	Attention: [                     ]

	 

	The Huntington National Bank, as Certificate Trustee

	7 Easton Oval — EA4E63

	Columbus, OH 43229

	Attention: Corporate Trust

	 

	Wilmington Trust Company, as Owner Trustee

	Rodney Square North

	1100 North Market Street

	Wilmington, DE 19890-0001

	Attention: Corporate Trust Administration

			
	      Re:	 	Franklin Mortgage Asset Trust 2009-A, Class [A/REO] Certificates

Ladies and Gentlemen:

                         (the “Transferee”) intends to purchase from                     
(the “Transferor”) Certificates representing a                     % percentage interest in the entire interest in
the Class [A/REO] Certificates (the “Transferred Certificates”). The Certificates, including the
Transferred Certificates, were issued pursuant to the Agreement. All capitalized terms used in this
certificate without definition have the meanings given to them in the Trust Agreement, dated as of
March 31, 2009, among Franklin Credit Asset Corporation, Franklin Credit Management Corporation,
Tribeca Lending Corp. and each of their respective subsidiaries listed on Schedule I to the Trust
Agreement described below, as depositors, The Huntington National Bank, as certificate trustee, and
Wilmington Trust Company, as owner trustee. The Transferee hereby certifies, represents, and
warrants that:

     1. The Transferee is a “qualified institutional buyer” (a “Qualified
Institutional Buyer”) as that term is defined in Rule 144A (“Rule 144A”) under the
Securities Act of 1933, as amended (the “Securities Act”), and has completed one of
the forms of certification to that effect attached as Annex 1 and Annex 2. The
Transferee is aware that the sale to it of the Transferred Certificates is being
made in reliance on Rule 144A. The

C-5 

 

Transferee is acquiring the Transferred Certificates for its own account or
for the account of a Qualified Institutional Buyer, and understands that the
Transferred Certificates may be resold, pledged, or transferred only 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.

     2. The Transferee has been furnished with all information regarding (a) the
Transferred Certificates and payments on them, (b) the nature and performance of
the Mortgage Loans and (c) the Agreement associated with the Transferred
Certificates, that it has requested.

     3. The Transferee represents that it is not an employee benefit plan that is
subject to the Employee Retirement Income Security Act of 1974, as amended, nor a
plan subject to Section 4975 of the Internal Revenue Code of 1986, as amended, nor
is it acting on behalf of or investing plan assets of any such employee benefit
plan.

     4. The Transferee agrees to be bound by the Agreement.

     5. The Transferee has neither acquired nor will it transfer any Certificate it
purchases (or any interest therein) or cause any such Certificate (or any interest
therein) to be marketed on or through an “established securities market” within the
meaning of Section 7704(b)(2) of the Code, including, without limitation, an
over-the-counter market or an interdealer quotation system that regularly
disseminates firm buy or sell quotations; and

     6. The Transferee either (a) is not, and will not become a partnership,
Subchapter S corporation or grantor trust for U.S. federal income tax purposes or
(b) is such an entity, but none of the direct or indirect beneficial owners of any
of the interests in such transferee have allowed or caused, or will allow or cause,
50% or more (or such other percentage as the Certificate Trustee may establish
prior to the time of such proposed transfer) of the value of such interests to be
attributable to such transferee’s ownership of the Certificates.

C-6 

 

	 	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	(Transferee)	 	 
	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

C-7 

 

Annex 1 To Exhibit C

Qualified Institutional Buyer Status Under SEC Rule 144A

[for Transferees other than Registered Investment Companies]

     The undersigned hereby certifies as follows to [name of Transferor] (the “Transferor”) and
[name of Certificate Registrar], as Certificate Registrar, with respect to the Certificates being
transferred (the “Transferred Certificates”) as described in the Transferee Certificate to which
this certification relates and to which this certification is an Annex:

	1.	 	As indicated below, the undersigned is the chief financial officer, a person fulfilling an
equivalent function, or other executive officer of the entity purchasing the Transferred
Certificates (the “Transferee”).
	 
	2.	 	The Transferee is a “qualified institutional buyer” as that term is defined in Rule 144A
under the Securities Act of 1933, as amended (“Rule 144A”), because (1) the Transferee owned
or invested on a discretionary basis
$                     in securities (other than the
excluded securities referred to below and otherwise calculated in accordance with Rule 144A)
as of the end of the Transferee’s most recent fiscal year and (2) the Transferee satisfies the
criteria in the category marked below.

	 	o	 	Corporation, etc. The Transferee is a corporation (other than a bank, savings
and loan association, or similar institution), Massachusetts or similar statutory
trust, partnership, or any organization described in Section 501(c)(3) of the Internal
Revenue Code of 1986, as amended.
	 
	 	o	 	Bank. The Transferee (a) is a national bank or a banking institution
organized under the laws of any state, U.S. territory, or the District of Columbia,
the business of which is substantially confined to banking and is supervised by the
state or territorial banking commission or similar official or is a foreign bank or
equivalent institution, and (b) has an audited net worth of at least $25,000,000 as
demonstrated in its latest annual financial statements, a copy of which is attached,
as of a date not more than 16 months preceding the date of sale of the Certificates in
the case of a U.S. bank, and not more than 18 months preceding such date of sale for a
foreign bank or equivalent institution.
	 
	 	o	 	Savings and Loan. The Transferee (a) is a savings and loan association,
building and loan association, cooperative bank, homestead association, or similar
institution that is supervised and examined by a state or federal authority having
supervision over those institutions or is a foreign savings and loan association or
equivalent institution and (b) has an audited net worth of at least $25,000,000 as
demonstrated in its latest annual financial statements, a

C-8 

 

copy of which is attached, as of a date not more than 16 months preceding the date
of sale of the Certificates in the case of a U.S. savings and loan association, and
not more than 18 months preceding such date of sale for a foreign savings and loan
association or equivalent institution.

	 	o	 	Broker-dealer. The Transferee is a dealer registered pursuant to Section 15
of the Securities Exchange Act of 1934, as amended.
	 
	 	o	 	Insurance Company. The Transferee is an insurance company whose primary and
predominant business activity is the writing of insurance or the reinsuring of risks
underwritten by insurance companies and that is subject to supervision by the
insurance commissioner or a similar official or agency of a state, U.S. territory, or
the District of Columbia.
	 
	 	o	 	Investment Advisor. The Transferee is an investment advisor registered under
the Investment Advisers Act of 1940, as amended.

	3.	 	o Other. (Please supply a brief description of the entity and a cross reference to the
paragraph and subparagraph under subsection (a)(1) of Rule 144A pursuant to which it
qualifies. Note that registered investment companies should complete Annex 2 rather than this
Annex 1.)                                         

	 	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 

	 	The term “securities” does not include (1) securities of issuers that
are affiliated with the Transferee, (2) securities that are part of an unsold allotment to or
subscription by the Transferee, if the Transferee is a dealer, (3) bank deposit notes and
certificates of deposit, (4) loan participations, (5) repurchase agreements, (6) securities
owned but subject to a repurchase agreement, and (7) currency, interest rate, and commodity
swaps. For purposes of determining the aggregate amount of securities owned or invested on a
discretionary basis by the Transferee, the Transferee did not include any of the securities
referred to in this paragraph.

	4.	 	For purposes of determining the aggregate amount of securities owned or invested on a
discretionary basis by the Transferee, the Transferee used the cost of the securities to the
Transferee, unless the Transferee reports its securities holdings in its financial statements
on the basis of their market value, and no current information with respect to the cost of
those securities has been published, in which case the securities were valued at market.
Further, in determining the aggregate amount, the Transferee may have included securities
owned by subsidiaries of the Transferee, but only if the subsidiaries are consolidated with
the Transferee in its financial statements prepared in accordance with generally accepted
accounting principles and if the investments of the subsidiaries are managed under the
Transferee’s direction. However, such securities were not included if the Transferee is a

C-9 

 

	 	 	majority owned, consolidated subsidiary of another enterprise and the Transferee is not itself
a reporting company under the Securities Exchange Act of 1934, as amended.

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

	 	 	 	 	 	 	 
	 

	 	o
	 	o
	 	Will the Transferee be purchasing
the Transferred Owner Trust Certificates only for the Transferee’s own account?
	 

	 	Yes
	 	No
	 	 

	6.	 	If the answer to the foregoing question is “no,” then in each case where the Transferee is
purchasing for an account other than its own, the account belongs to a third party that is
itself a “qualified institutional buyer” within the meaning of Rule 144A, and the “qualified
institutional buyer” status of the third party has been established by the Transferee through
one or more of the appropriate methods contemplated by Rule 144A.
	 
	7.	 	The Transferee will notify each of the parties to which this certification is made of any
changes in the information and conclusions herein. Until that notice is given, the
Transferee’s purchase of the Transferred Certificates will constitute a reaffirmation of this
certification as of the date of the purchase. In addition, if the Transferee is a bank or
savings and loan as provided above, the Transferee agrees that it will furnish to such parties
any updated annual financial statements that become available on or before the date of the
purchase, promptly after they become available.

	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Print Name of Transferee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Date:	 	 	 	 
	 

	 	 	 	 	 	 

C-10 

 

Annex 2 To Exhibit C

Qualified Institutional Buyer Status Under SEC Rule 144A

[for Transferees that are Registered Investment Companies]

     The undersigned hereby certifies as follows to [name of Transferor] (the “Transferor”) and
[name of Certificate Registrar], as Certificate Registrar, with respect to the Certificates being
transferred (the “Transferred Certificates”) as described in the Transferee Certificate to which
this certification relates and to which this certification is an Annex:

	1.	 	As indicated below, the undersigned is the chief financial officer, a person fulfilling an
equivalent function, or other executive officer of the entity purchasing the Transferred
Certificates (the “Transferee”) or, if the Transferee is a “qualified institutional buyer” as
that term is defined in Rule 144A under the Securities Act of 1933, as amended (“Rule 144A”),
because the Transferee is part of a Family of Investment Companies, is an executive officer of
the investment adviser (the “Adviser”).
	 
	2.	 	The Transferee is a “qualified institutional buyer” as defined in Rule 144A because (i) the
Transferee is an investment company registered under the Investment Company Act of 1940, as
amended, and (ii) as marked below, the Transferee alone owned or invested on a discretionary
basis, or the Transferee’s Family of Investment Companies owned, at least $100,000,000 in
securities (other than the excluded securities referred to below) as of the end of the
Transferee’s most recent fiscal year. For purposes of determining the amount of securities
owned by the Transferee or the Transferee’s Family of Investment Companies, the cost of the
securities was used, unless the Transferee or any member of the Transferee’s Family of
Investment Companies, as the case may be, reports its securities holdings in its financial
statements on the basis of their market value, and no current information with respect to the
cost of those securities has been published, in which case the securities of the entity were
valued at market.

	 	o	 	The Transferee owned or invested on a discretionary basis
$                    
in securities (other than the excluded securities referred to
below and otherwise calculated in accordance with Rule 144A) as of the end of the
Transferee’s most recent fiscal year.
	 
	 	o	 	The Transferee is part of a “Family of Investment Companies” that owned in
the aggregate
$                     in securities (other than the excluded securities
referred to below and otherwise calculated in accordance with Rule 144A) as of the end
of the Transferee’s most recent fiscal year.

	3.	 	The term “Family of Investment Companies” as used herein means two or more registered
investment companies (or series thereof) that have the same investment adviser or

C-11 

 

	 	 	investment advisers that are affiliated (by virtue of being majority owned subsidiaries of the
same parent or because one investment adviser is a majority owned subsidiary of the other).

	4.	 	The term “securities” as used herein does not include (i) securities of issuers that are
affiliated with the Transferee or are part of the Transferee’s Family of Investment Companies,
(ii) bank deposit notes and certificates of deposit, (iii) loan participations, (iv)
repurchase agreements, (v) securities owned but subject to a repurchase agreement and (vi)
currency, interest rate and commodity swaps. For purposes of determining the aggregate amount
of securities owned and/or invested on a discretionary basis by the Transferee, or owned by
the Transferee’s Family of Investment Companies, the securities referred to in this paragraph
were excluded.

	5.	 	The Transferee is familiar with Rule 144A and understands that the parties to which this
certification is being made are relying and will continue to rely on the statements made
herein because one or more sales to the Transferee will be in reliance on Rule 144A.

	 	 	 	 	 	 	 
	 

	 	o
	 	o
	 	Will the Transferee be purchasing
the Transferred Certificates only for the Transferee’s own account?

	 

	 	Yes
	 	No
	 	 

	6.	 	If the answer to the foregoing question is “no,” then in each case where the Transferee is
purchasing for an account other than its own, the account belongs to a third party that is
itself a “qualified institutional buyer” within the meaning of Rule 144A, and the “qualified
institutional buyer” status of the third party has been established by the Transferee through
one or more of the appropriate methods contemplated by Rule 144A.

C-12 

 

	7.	 	The undersigned will notify the parties to which this certification is made of any changes in
the information and conclusions herein. Until that notice, the Transferee’s purchase of the
Transferred Certificates will constitute a reaffirmation of this certification by the
undersigned as of the date of the purchase.

	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Print Name of Transferee or Adviser	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	IF AN ADVISER:	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Print Name of Transferee	 	 
	 
	 

	 	Date:	 	 	 	 
	 

	 	 	 	 	 	 

C-13 

 

ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

                                                                                

                                                                                

                                                                                

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

the Percentage Interest evidenced by the within Certificate and hereby authorizes the transfer of
registration of the Percentage Interest to assignee on the Certificate Register of the Trust.

     I (We) further direct the Issuer to issue a new Certificate of a like denomination and Class,
to the above named assignee and deliver the Certificate to the following address:

                                                                                .

Dated:                                        

	 	 	 	 	 
	 

	 	 

Signature by or on behalf of assignor
	 	 

DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions shall be made, by wire transfer or otherwise, in immediately available funds to:

                                                                                

                                                                                ,

                                                                                ,

for the account of                                        , account number                     , or, if mailed by
check, to                                        . Applicable statements should be mailed
to                                        ,                                      
  information is provided
by                
                        , the assignee named above, or                                    
    , as its
agent.

C-14 

 

SCHEDULE I

LIST OF SUBSIDIARY DEPOSITORS

I-1

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