Document:

Form of Trust Agreement

 Exhibit 4.2 
  

  
 BELLAVISTA [FINANCE] [FUNDING] CORPORATION 
  
 as
Depositor 
  
 and 
  
 [Name of Owner Trustee] 
  
 as Owner Trustee 
  

  
 TRUST AGREEMENT 
  
 Dated as of [date] 
  

  
 BELLAVISTA [MORTGAGE] [HOME EQUITY] TRUST 200[    ] 
 BellaVista [Mortgage] [Home Equity] Loan-Backed Certificates, 
 Series 200[    ]

  

  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 ARTICLE I         Definitions
	  	2
			
	 Section 1.01.
	  	 Definitions
	  	2
			
	 Section 1.02.
	  	 Other Definitional Provisions
	  	2
		
	 ARTICLE II        Organization
	  	3
			
	 Section 2.01.
	  	 Name
	  	3
			
	 Section 2.02.
	  	 Office
	  	3
			
	 Section 2.03.
	  	 Purposes and Powers
	  	3
			
	 Section 2.04.
	  	 Appointment of Owner Trustee
	  	4
			
	 Section 2.05.
	  	 Initial Capital Contribution of Trust Estate
	  	4
			
	 Section 2.06.
	  	 Declaration of Trust
	  	4
			
	 Section 2.07.
	  	 Title to Trust Property
	  	4
			
	 Section 2.08.
	  	 Situs of Trust
	  	5
			
	 Section 2.09.
	  	 Representations and Warranties of the Depositor
	  	5
			
	 Section 2.10.
	  	 Payment of Trust Fees
	  	5
		
	 ARTICLE III        Conveyance of the Mortgage Loans; Certificates
	  	6
			
	 Section 3.01.
	  	 Conveyance of the Mortgage Loans
	  	6
			
	 Section 3.02.
	  	 Initial Ownership
	  	6
			
	 Section 3.03.
	  	 Issuance of Certificates
	  	6
			
	 Section 3.04.
	  	 Authentication of Certificates
	  	6
			
	 Section 3.05.
	  	 Registration of and Limitations on Transfer and Exchange of Certificates
	  	7
			
	 Section 3.06.
	  	 Mutilated, Destroyed, Lost or Stolen Certificates
	  	9
			
	 Section 3.07.
	  	 Persons Deemed Certificateholders
	  	10
			
	 Section 3.08.
	  	 Access to List of Certificateholders’ Names and Addresses
	  	10
			
	 Section 3.09.
	  	 Maintenance of Office or Agency
	  	10
			
	 Section 3.10.
	  	 Certificate Paying Agent
	  	11
			
	 Section 3.11.
	  	 Cooperation
	  	12
			
	 Section 3.12.
	  	 Subordination
	  	12
			
	 Section 3.13.
	  	 No Priority Among Certificates
	  	12

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

	 ARTICLE IV        Authority and Duties of Owner Trustee
	  	13
			
	 Section 4.01.
	  	 General Authority
	  	13
			
	 Section 4.02.
	  	 General Duties
	  	13
			
	 Section 4.03.
	  	 Action upon Instruction
	  	13
			
	 Section 4.04.
	  	 No Duties Except as Specified under Specified Documents or in Instructions
	  	14
			
	 Section 4.05.
	  	 Restrictions
	  	14
			
	 Section 4.06.
	  	 Prior Notice to Certificateholders and the Enhancer with Respect to Certain Matters
	  	14
			
	 Section 4.07.
	  	 Action by Certificateholders with Respect to Certain Matters
	  	15
			
	 Section 4.08.
	  	 Action by Certificateholders with Respect to Bankruptcy
	  	15
			
	 Section 4.09.
	  	 Restrictions on Certificateholders’ Power
	  	15
			
	 Section 4.10.
	  	 Majority Control
	  	15
			
	 Section 4.11.
	  	 Doing Business in Other Jurisdictions
	  	16
			
	 Section 4.12.
	  	 Removal of Mortgage Loans
	  	16
		
	 ARTICLE V        Application of Trust Funds
	  	17
			
	 Section 5.01.
	  	 Distributions
	  	17
			
	 Section 5.02.
	  	 Method of Payment
	  	17
			
	 Section 5.03.
	  	 Signature on Returns
	  	17
			
	 Section 5.04.
	  	 Statements to Certificateholders
	  	18
			
	 Section 5.05.
	  	 Tax Reporting
	  	18
		
	 ARTICLE VI        Concerning the Owner Trustee
	  	19
			
	 Section 6.01.
	  	 Acceptance of Trusts and Duties
	  	19
			
	 Section 6.02.
	  	 Furnishing of Documents
	  	20
			
	 Section 6.03.
	  	 Representations and Warranties
	  	20
			
	 Section 6.04.
	  	 Reliance; Advice of Counsel
	  	21
			
	 Section 6.05.
	  	 Not Acting in Individual Capacity
	  	21
			
	 Section 6.06.
	  	 Owner Trustee Not Liable for Certificates or Related Documents
	  	21
			
	 Section 6.07.
	  	 Owner Trustee May Own Certificates and Notes
	  	22
		
	 ARTICLE VII        Compensation of Owner Trustee
	  	23
			
	 Section 7.01.
	  	 Owner Trustee’s Fees and Expenses
	  	23

  

 -ii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

	 Section 7.02.
	  	 Indemnification
	  	23
		
	 ARTICLE VIII        Termination of Trust Agreement
	  	25
			
	 Section 8.01.
	  	 Termination of Trust Agreement
	  	25
		
	 ARTICLE IX        Successor Owner Trustees and Additional Owner Trustees
	  	27
			
	 Section 9.01.
	  	 Eligibility Requirements for Owner Trustee
	  	27
			
	 Section 9.02.
	  	 Replacement of Owner Trustee
	  	27
			
	 Section 9.03.
	  	 Successor Owner Trustee
	  	28
			
	 Section 9.04.
	  	 Merger or Consolidation of Owner Trustee
	  	28
			
	 Section 9.05.
	  	 Appointment of Co-Trustee or Separate Trustee
	  	28
		
	 ARTICLE X        Miscellaneous
	  	30
			
	 Section 10.01.
	  	 Amendments
	  	30
			
	 Section 10.02.
	  	 No Legal Title to Trust Estate
	  	31
			
	 Section 10.03.
	  	 Limitations on Rights of Others
	  	31
			
	 Section 10.04.
	  	 Notices
	  	31
			
	 Section 10.05.
	  	 Severability
	  	32
			
	 Section 10.06.
	  	 Separate Counterparts
	  	32
			
	 Section 10.07.
	  	 Successors and Assigns
	  	32
			
	 Section 10.08.
	  	 No Petition
	  	32
			
	 Section 10.09.
	  	 No Recourse
	  	32
			
	 Section 10.10.
	  	 Headings
	  	33
			
	 Section 10.11.
	  	 GOVERNING LAW
	  	33
			
	 Section 10.12.
	  	 Integration
	  	33
			
	 Section 10.13.
	  	 Rights of Enhancer to Exercise Rights of Certificateholders
	  	33

  

 -iii- 

 This trust agreement, dated as of [date] (as amended from time to time, the “Trust Agreement”),
is between BellaVista [Finance] [Funding] Corporation, a Delaware corporation, as depositor (the “Depositor”), and [name], a [Delaware banking] corporation, as owner trustee (the “Owner Trustee”). 
  
 WITNESSETH: 
  
 WHEREAS, the Depositor and the Owner Trustee desire to form a Delaware statutory trust; 
  

 NOW, THEREFORE, in consideration of the mutual agreements herein contained, the Depositor and the Owner
Trustee agree as follows: 
  
 ARTICLE I 
  
 Definitions 
  
 Section 1.01. Definitions. For all purposes of this Trust Agreement, except as otherwise expressly provided herein or
unless the context otherwise requires, capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in Appendix A to the indenture dated as of [date] (the “Indenture”), between BellaVista [Mortgage]
[Home Equity] Trust 200[    ], as Issuer, and [Indenture Trustee Name], as Indenture Trustee. All other capitalized terms used herein shall have the meanings specified herein. 
  
 Section 1.02. Other Definitional Provisions. 
  
 (a) All terms defined in this Trust Agreement shall have the
defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. 
  
 (b) As used in this Trust Agreement and in any certificate or other document made or delivered pursuant hereto or thereto, accounting
terms not defined in this Trust Agreement or in any such certificate or other document, and accounting terms partly defined in this Trust Agreement or in any such certificate or other document to the extent not defined, shall have the respective
meanings given to them under generally accepted accounting principles. To the extent that the definitions of accounting terms in this Trust Agreement or in any such certificate or other document are inconsistent with the meanings of such terms under
generally accepted accounting principles, the definitions contained in this Trust Agreement or in any such certificate or other document shall control. 
  
 (c) The words “hereof,” “herein,” “hereunder” and words of similar import when used in this Trust Agreement
shall refer to this Trust Agreement as a whole and not to any particular provision of this Trust Agreement; Section and Exhibit references contained in this Trust Agreement are references to Sections and Exhibits in or to this Trust Agreement unless
otherwise specified; the term “including” shall mean “including without limitation”; “or” shall include “and/or”; and the term “proceeds” shall have the meaning ascribed thereto in the UCC.

  
 (d) The definitions contained in this Trust
Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 
  
 (e) Any agreement, instrument or statute defined or referred to herein or in any instrument or certificate
delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments
incorporated therein; references to a Person are also to its permitted successors and assigns. 
  

 2 

 ARTICLE II 
  
 Organization 
  
 Section 2.01. Name. The trust created hereby shall be known as “BellaVista [Mortgage] [Home Equity] Trust
200[    ],” in which name the Owner Trustee may conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued. 
  
 Section 2.02. Office. The office of the Trust shall be in care of the
Owner Trustee at the Corporate Trust Office or at such other address in Delaware as the Owner Trustee may designate by written notice to the Certificateholders and the Depositor. 
  
 Section 2.03. Purposes and Powers. The purpose of the Trust is to engage in the following activities: 
  
 (i) to issue the Notes pursuant to the Indenture and the
Certificates pursuant to this Trust Agreement and to sell the Notes and the Certificates; 
  
 (ii) to purchase the Mortgage Loans and to pay the organizational, start-up and transactional expenses of the Trust; 
  
 (iii) to assign, grant, transfer, pledge and convey the
Mortgage Loans pursuant to the Indenture and to hold, manage and distribute to the Certificateholders pursuant to Section 5.01 any portion of the Mortgage Loans released from the Lien of, and remitted to the Trust pursuant to, the Indenture;

  
 (iv) to enter into and perform its
obligations under the Basic Documents to which it is to be a party; 
  
 (v) to engage in those activities, including entering into agreements, that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith, including, without
limitation, to accept additional contributions of equity that are not subject to the Lien of the Indenture; and 
  
 (vi) subject to compliance with the Basic Documents, to engage in such other activities as may be required in connection with conservation
of the Trust Estate and the making of distributions to the Securityholders. 
  
 The Trust is hereby authorized to engage in the foregoing activities. The Trust shall not engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this Trust Agreement or the
other Basic Documents while any Note is outstanding without the consent of the Certificateholders of Certificates evidencing a majority of the aggregate Certificate Percentage Interest of each Class of Certificates, the Indenture Trustee, the
Enhancer and the Noteholders of Notes representing a majority of the aggregate Voting Rights of the Notes. 
  

 3 

 Section 2.04. Appointment of Owner Trustee. The Depositor hereby appoints the Owner Trustee as
trustee of the Trust effective as of the date hereof, to have all the rights, powers and duties set forth herein. 
  
 Section 2.05. Initial Capital Contribution of Trust Estate. In consideration of the delivery by the Owner Trustee, on behalf of the Trust, of the
Securities to the Depositor or its designee, upon the order of the Depositor, the Depositor, as of the Closing Date and concurrently with the execution and delivery hereof, does hereby transfer, assign, set over and otherwise convey to the Trust,
without recourse, but subject to the other terms and provisions of this Trust Agreement, all of the right, title and interest of the Depositor in and to the Trust Estate. The foregoing transfer, assignment, set over and conveyance does not, and is
not intended to, result in a creation or an assumption by the Trust of any obligation of the Depositor or any other Person in connection with the Trust Estate or under any agreement or instrument relating thereto, except as specifically set forth
herein. 
  
 The Owner Trustee, on behalf of the Trust,
acknowledges the conveyance to the Trust by the Depositor, as of the Closing Date, of the Trust Estate, including all right, title and interest of the Depositor in and to the Trust Estate. Concurrently with such conveyance and in exchange therefor,
the Trust has pledged the Trust Estate to the Indenture Trustee and has executed the Certificates and the Notes and caused them to be duly authenticated and delivered. 
  
 Section 2.06. Declaration of Trust. The Owner Trustee hereby declares that it shall hold the Trust Estate in trust
upon and subject to the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the Basic Documents. It is the intention of the parties hereto that the Trust constitute a statutory
trust under the Statutory Trust Statute and that this Trust Agreement constitute the governing instrument of such statutory trust. Effective as of the date hereof, the Owner Trustee shall have all rights, powers and duties set forth herein and in
the Statutory Trust Statute with respect to accomplishing the purposes of the Trust. It is the intention of the parties hereto that solely for federal, state and local income and franchise tax purposes, for so long as 100% of the Certificates are
held by a single person or entity, the Trust shall be treated as a disregarded entity, with the Trust Estate being treated as assets of a single person or entity, and the Notes being treated as debt of the single person or entity, and the provisions
of this Trust Agreement shall be interpreted to further this intention. If more than one person owns the Certificates, it is the further intention of the parties hereto that solely for federal, state and local income and franchise tax purposes the
Owner Trust shall be treated as a partnership, with the assets of the partnership being Trust Estate, the partners of the partnership being the Certificateholders and the Notes being debt of the partnership. The provisions of this Trust Agreement
shall be interpreted to further such intentions. Neither the Depositor nor any Certificateholder shall have any personal liability for any liability or obligation of the Trust, other than the indemnification obligations as provided in Section 7.2
herein. 
  
 Section 2.07. Title to Trust Property. Legal
title to the 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 Trust Estate to be vested in a trustee or trustees, in which case title
shall be deemed to be vested in the Owner Trustee, a co-trustee and/or a separate trustee, as the case may be. 
  

 4 

 Section 2.08. Situs of Trust. The Trust will be located and administered in the State of Delaware.
All bank accounts maintained by the Owner Trustee on behalf of the Trust shall be located in the State of Delaware. The Trust shall not have any employees in any state other than Delaware; provided, however, that nothing herein shall restrict or
prohibit the Owner Trustee from having employees within or without the State of Delaware or taking actions outside the State of Delaware in order to comply with Section 2.03. Payments will be received by the Trust only in Delaware, and payments will
be made by the Trust only from Delaware. The only office of the Trust will be at the Corporate Trust Office of the Owner Trustee in Delaware. 
  
 Section 2.09. Representations and Warranties of the Depositor. The Depositor hereby represents and warrants to the Owner Trustee and the Enhancer
that: 
  
 (a) The Depositor is duly organized and
validly existing as a corporation in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is at present conducted.

  
 (b) The Depositor is duly qualified to do
business as a foreign corporation in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its property or the conduct of its business shall require such qualifications and in
which the failure to so qualify would have a material adverse effect on the business, properties, assets or condition (financial or otherwise) of the Depositor and the ability of the Depositor to perform under this Trust Agreement. 
  
 (c) The Depositor has the power and authority to execute and
deliver this Trust Agreement and to carry out its terms; the Depositor has full power and authority to sell and assign the property to be sold and assigned to and deposited with the Trust as part of the Trust and the Depositor has duly authorized
such sale and assignment and deposit to the Trust by all necessary corporate action; and the execution, delivery and performance of this Trust Agreement have been duly authorized by the Depositor by all necessary corporate action. 
  
 (d) The consummation of the transactions contemplated by
this Trust Agreement and the fulfillment of the terms hereof do not conflict with, result in any material breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a material default under, the articles of
incorporation or bylaws of the Depositor, or any material indenture, agreement or other instrument to which the Depositor is a party or by which it is bound; nor result in the creation or imposition of any Lien upon any of its properties pursuant to
the terms of any such indenture, agreement or other instrument (other than pursuant to the Basic Documents); nor violate any law or, to the best of the Depositor’s knowledge, any order, rule or regulation applicable to the Depositor of any
court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties. 
  
 Section 2.10. Payment of Trust Fees. The Owner Trustee shall pay the Trust’s fees and expenses incurred with
respect to the performance of the Trust’s duties under the Indenture. 
  

 5 

 ARTICLE III 
  
 Conveyance of the Mortgage Loans; Certificates 
  
 Section 3.01. Conveyance of the Mortgage Loans. The Depositor, concurrently with the execution and delivery hereof, does hereby transfer, convey
and assign to the Trust, on behalf of the Securityholders and the Enhancer, without recourse, all its right, title and interest in and to the Initial Mortgage Loans, including but not limited to any rights of the Depositor under the Purchase
Agreement. The Depositor shall also provide the Indenture Trustee with the Policy. 
  
 The parties hereto intend that, for non-tax purposes, the transaction set forth herein be a sale by the Depositor to the Trust of all of its right, title and interest in and to the Initial Mortgage Loans. In the event
that, for non-tax purposes, the transaction set forth herein is not deemed to be a sale, the Depositor hereby grants to the Trust a security interest in all of its right, title and interest in, to and under the Initial Mortgage Loans, all
distributions thereon and all proceeds thereof; and this Trust Agreement shall constitute a security agreement under applicable law. 
  
 Section 3.02. Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.05 and the conveyance
of the Initial Mortgage Loans pursuant to Section 3.01 and the issuance of the Certificates, BellaVista [Finance] [Funding] Corporation shall be the sole Certificateholder of each Class of Certificates. 
  
 Section 3.03. Issuance of Certificates. The Certificates shall be
issued in minimum denominations of a Percentage Interest of 10.0000% and integral multiples of 0.0001% in excess thereof. The Certificates shall be issued in substantially the form attached hereto as Exhibit A. 
  
 The Certificates shall be executed on behalf of the Trust by manual or
facsimile signature of an authorized officer of the Owner Trustee and authenticated in the manner provided in Section 3.04. Certificates bearing the manual or facsimile signatures of individuals who were, at the time when such signatures shall have
been affixed, authorized to sign on behalf of the Trust, shall be validly issued and entitled to the benefit of this Trust Agreement, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the
authentication and delivery of such Certificates or did not hold such offices at the date of authentication and delivery of such Certificates. A Person shall become a Certificateholder and shall be entitled to the rights and subject to the
obligations of a Certificateholder hereunder upon such Person’s acceptance of a Certificate duly registered in such Person’s name, pursuant to Section 3.05. 
  
 A transferee of a Certificate shall become a Certificateholder and shall be entitled to the rights and subject to the
obligations of a Certificateholder hereunder upon such transferee’s acceptance of a Certificate duly registered in such transferee’s name pursuant to and upon satisfaction of the conditions set forth in Section 3.05. 
  
 Section 3.04. Authentication of Certificates. Concurrently with the
acquisition of the Initial Mortgage Loans by the Trust, the Owner Trustee or the Certificate Paying Agent shall cause the Certificates in an initial Percentage Interest of 100.00% to be executed on behalf of the Trust, authenticated and delivered to
or upon the written order of the Depositor, signed by its 

  

 6 

 
chairman of the board, its president or any vice president, in authorized denominations. No Certificate shall entitle the Certificateholder thereof to any
benefit under this Trust Agreement or be valid for any purpose unless there shall appear on such Certificate a certificate of authentication substantially in the form set forth in Exhibit A hereto, executed by the Owner Trustee or the Certificate
Paying Agent, by manual signature, and such authentication shall constitute conclusive evidence that such Certificate has been duly authenticated and delivered hereunder. All Certificates shall be dated the date of their authentication. 

 
 Section 3.05. Registration of and Limitations on Transfer and Exchange
of Certificates. The Certificate Registrar shall keep or cause to be kept, at the office or agency maintained pursuant to Section 3.09, a Certificate Register in which, subject to such reasonable regulations as it may prescribe, the Certificate
Registrar shall provide for the registration of Certificates and of transfers and exchanges of Certificates as herein provided. The Indenture Trustee shall be the initial Certificate Registrar. If the Certificate Registrar resigns or is removed, the
Owner Trustee shall appoint a successor Certificate Registrar. 
  
 Subject to satisfaction of the conditions set forth below, upon surrender for registration of transfer of any Certificate at the office or agency maintained pursuant to Section 3.09, the Owner Trustee shall execute, authenticate and deliver
(or shall cause the Certificate Registrar as its authenticating agent to authenticate and deliver), in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate amount dated
the date of authentication by the Owner Trustee or any authenticating agent. At the option of a Certificateholder, Certificates may be exchanged for other Certificates of authorized denominations of a like aggregate amount upon surrender of the
Certificates to be exchanged at the office or agency maintained pursuant to Section 3.09. The initial Certificateholder agrees to not transfer any Certificate during either the Revolving Period or the Managed Amortization Period, unless the initial
Certificateholder receives an Opinion of Counsel stating that such transfer of the Certificate will not adversely affect the opinion delivered on the Closing Date by such counsel regarding the transfer of the Mortgage Loans by [Name of Seller] the
Depositor. 
  
 Every Certificate presented or surrendered for
registration of transfer or exchange shall be accompanied by a written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Certificateholder or such Certificateholder’s attorney duly authorized in
writing. Each Certificate surrendered for registration of transfer or exchange shall be cancelled and subsequently disposed of by the Certificate Registrar in accordance with its customary practice. 
  
 No service charge shall be made for any registration of transfer or exchange
of Certificates, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Certificates. 
  
 Except as described below, each Certificateholder shall establish its
non-foreign status by submitting to the Certificate Paying Agent an IRS Form W-9 and the Certificate of Non-Foreign Status (in substantially the form attached hereto as Exhibit F). 
  

 7 

 A Certificate may be transferred to a Certificateholder unable to establish its non-foreign status as
described in the preceding paragraph only if such Certificateholder provides an Opinion of Counsel to the Depositor, the Certificate Registrar and the Enhancer, which Opinion of Counsel shall not be an expense of the Trust, the Owner Trustee, the
Certificate Registrar or the Depositor, satisfactory to the Depositor and the Enhancer, that such transfer (1) will not affect the tax status of the Owner Trust and (2) will not adversely affect the interests of any Securityholder or the Enhancer,
including, without limitation, as a result of the imposition of any United States federal withholding taxes on the Owner Trust (except to the extent that such withholding taxes would be payable solely from amounts otherwise distributable to the
Certificate of the prospective transferee). If such transfer occurs and such foreign Certificateholder becomes subject to such United States federal withholding taxes, any such taxes will be withheld by the Indenture Trustee at the direction of the
Tax Matters Partner. Each Certificateholder unable to establish its non-foreign status shall submit to the Certificate Paying Agent a copy of its Form W-8-BEN or such successor form as required by then-applicable regulations and shall resubmit such
form every three years or with such frequency as required by then-applicable regulations. 
  
 No transfer, sale, pledge or other disposition of a Certificate shall be made unless such transfer, sale, pledge or other disposition is exempt from the registration requirements of the Securities Act and any
applicable state securities laws or is made in accordance with the Securities Act and such state laws. In the event of any such transfer, the Certificate Registrar or the Depositor shall prior to such transfer require the transferee to execute (A)
either (i) (a) an investment letter in substantially the form attached hereto as Exhibit C (or in such form and substance reasonably satisfactory to the Certificate Registrar and the Depositor) which investment letters shall not be an expense of the
Trust, the Owner Trustee, the Certificate Registrar, the Servicer or the Depositor and which investment letter states that, among other things, such transferee (a) is a “qualified institutional buyer” as defined under Rule 144A, acting for
its own account or the accounts of other “qualified institutional buyers” as defined under Rule 144A, and (b) is aware that the proposed transferor intends to rely on the exemption from registration requirements under the Securities Act,
provided by Rule 144A or (ii) (a) a written Opinion of Counsel acceptable to and in form and substance satisfactory to the Certificate Registrar and the Depositor that such transfer may be made pursuant to an exemption, describing the applicable
exemption and the basis therefor, from the Securities Act and such state laws or is being made pursuant to the Securities Act and such state laws, which Opinion of Counsel shall not be an expense of the Trust, the Owner Trustee, the Certificate
Registrar, the Servicer or the Depositor and (b) the transferee executes a representation letter, substantially in the form of Exhibit D hereto, and the transferor executes a representation letter, substantially in the form of Exhibit E hereto, each
acceptable to and in form and substance satisfactory to the Certificate Registrar and the Depositor certifying the facts surrounding such transfer, which representation letters shall not be an expense of the Trust, the Owner Trustee, the Certificate
Registrar, the Servicer or the Depositor and (B) the Certificate of Non-Foreign Status (in substantially the form attached hereto as Exhibit F) acceptable to and in form and substance reasonably satisfactory to the Certificate Registrar and the
Depositor, which certificate shall not be an expense of the Trust, the Owner Trustee, the Certificate Registrar or the Depositor. If such Certificateholder is unable to provide a Certificate of Non-Foreign Status, such Certificateholder must provide
an Opinion of Counsel as described in the preceding paragraph. The Certificateholder desiring to effect such transfer shall, and does hereby agree to, indemnify the Trust, the Owner Trustee, the Certificate 

  

 8 

 
Registrar, the Servicer, the Enhancer and the Depositor against any liability that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws. No transfer of Certificates or any interest therein shall be made to any Plan, any Person acting, directly or indirectly, on behalf of any such Plan or any Person acquiring such Certificates with Plan Assets unless
the Depositor, the Owner Trustee, the Certificate Registrar and the Servicer are provided with an Opinion of Counsel that establishes to the satisfaction of the Depositor, the Owner Trustee, the Certificate Registrar and the Servicer that the
purchase of Certificates is permissible under applicable law, will not constitute or result in any prohibited transaction under ERISA or Section 4975 of the Code and will not subject the Depositor, the Owner Trustee, the Certificate Registrar or the
Servicer to any obligation or liability (including obligations or liabilities under ERISA or Section 4975 of the Code) in addition to those undertaken in this Trust Agreement, which Opinion of Counsel shall not be an expense of the Depositor, the
Owner Trustee, the Certificate Registrar or the Servicer. In lieu of such Opinion of Counsel, a Plan, any Person acting, directly or indirectly, on behalf of any such Plan or any Person acquiring such Certificates with Plan Assets of a Plan may
provide a certification in the form of Exhibit G to this Trust Agreement, which the Depositor, the Owner Trustee, the Certificate Registrar and the Servicer may rely upon without further inquiry or investigation. Neither an Opinion of Counsel nor a
certification will be required in connection with the initial transfer of any such Certificate by the Depositor to an Affiliate of the Depositor (in which case, the Depositor or any such Affiliate shall be deemed to have represented that such
Affiliate is not a Plan or a Person investing Plan Assets of any Plan) and the Owner Trustee shall be entitled to conclusively rely upon a representation (which, upon the request of the Owner Trustee, shall be a written representation) from the
Depositor of the status of such transferee as an Affiliate of the Depositor. 
  
 In addition, no transfer of a Certificate shall be permitted, and no such transfer shall be registered by the Certificate Registrar or be effective hereunder, unless evidenced by an Opinion of Counsel addressed to the
Certificate Registrar and the Enhancer that establishes that such transfer or the registration of such transfer would not cause the Trust to be classified as a publicly traded partnership, by having more than 100 Certificateholders at any time
during the taxable year of the Trust, an association taxable as a corporation, a corporation or a taxable mortgage pool for federal and relevant state income tax purposes, which Opinion of Counsel shall not be an expense of the Certificate Registrar
and shall be an expense of the proposed transferee. No Opinion of Counsel will be required if such transfer is made to a nominee of an existing beneficial holder of a Certificate. 
  
 In addition, no transfer, sale, assignment, pledge or other disposition of a Certificate shall be made unless the proposed
transferee executes a representation letter substantially in the form of Exhibit H hereto, that (1) the transferee is acquiring such Certificate for its own behalf and is not acting as agent or custodian for any other Person or entity in connection
with such acquisition and (2) if the transferee is a partnership, grantor trust or S corporation for federal income tax purposes, the Certificates acquired are not more than 50% of the assets of the partnership, grantor trust or S corporation.

  
 Section 3.06. Mutilated, Destroyed, Lost or Stolen
Certificates. If (a) any mutilated Certificate shall be surrendered to the Certificate Registrar, or if the Certificate Registrar shall receive evidence to its satisfaction of the destruction, loss or theft of any Certificate and (b) there

  

 9 

 
shall be delivered to the Certificate Registrar and the Owner Trustee such security or indemnity as may be required by them to save each of them and the
Issuer from harm, then in the absence of notice to the Certificate Registrar or the Owner Trustee that such Certificate has been acquired by a bona fide purchaser, the Owner Trustee on behalf of the Trust shall execute and the Owner Trustee or the
Certificate Paying Agent, as the Trust’s authenticating agent, shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like tenor and denomination. In
connection with the issuance of any new Certificate under this Section 3.06, the Owner Trustee or the Certificate Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection
therewith. Any duplicate Certificate issued pursuant to this Section 3.06 shall constitute conclusive evidence of ownership in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time.

  
 Section 3.07. Persons Deemed Certificateholders. Prior
to due presentation of a Certificate for registration of transfer, the Owner Trustee, the Certificate Registrar or any Certificate Paying Agent may treat the Person in whose name any Certificate is registered in the Certificate Register as the owner
of such Certificate for the purpose of receiving distributions pursuant to Section 5.02 and for all other purposes whatsoever, and none of the Trust, the Owner Trustee, the Certificate Registrar or any Paying Agent shall be bound by any notice to
the contrary. 
  
 Section 3.08. Access to List of
Certificateholders’ Names and Addresses. The Certificate Registrar shall furnish or cause to be furnished to the Depositor or the Owner Trustee, within 15 days after receipt by the Certificate Registrar of a written request therefor from
the Depositor or the Owner Trustee, a list, in such form as the Depositor or the Owner Trustee, as the case may be, may reasonably require, of the names and addresses of the Certificateholders as of the most recent Record Date. If three or more
Certificateholders, or one or more Certificateholders evidencing not less than 25% of the Certificate Percentage Interest of any Class, apply in writing to the Owner Trustee or the Certificate Registrar, and such application states that the
applicants desire to communicate with other Certificateholders, with respect to their rights under this Agreement or under the Certificates and such application is accompanied by a copy of the communication that such applicants propose to transmit,
then the Owner Trustee shall, within five (5) Business Days after the receipt of such application, afford such applicants access during normal business hours to the current list of Certificateholders. Each Certificateholder, by receiving and holding
a Certificate, shall be deemed to have agreed not to hold any of the Trust, the Depositor, the Certificate Registrar or the Owner Trustee accountable by reason of the disclosure of its name and address, regardless of the source from which such
information was derived. 
  
 Section 3.09. Maintenance of
Office or Agency. The Owner Trustee, on behalf of the Trust, shall maintain in The City of New York an office or offices or agency or agencies where Certificates may be surrendered for registration of transfer or exchange and where notices and
demands to or upon the Owner Trustee in respect of the Certificates and the Basic Documents may be served. The Owner Trustee initially designates the Corporate Trust Office of the Indenture Trustee (or such other office as the Indenture Trustee may
specify to the Owner Trustee) as its office for such purposes. The Owner Trustee shall give prompt written notice to 

  

 10 

 
the Depositor, the Certificateholders and the Enhancer of any change in the location of the Certificate Register or any such office or agency. 
  
 Section 3.10. Certificate Paying Agent. 
  
 (a) The Certificate Paying Agent shall make distributions to
Certificateholders from the Distribution Account on behalf of the Trust in accordance with the provisions of the Certificates and Section 5.01 hereof from payments remitted to the Certificate Paying Agent by the Indenture Trustee pursuant to Section
3.05 of the Indenture. The Trust hereby appoints the Indenture Trustee as Certificate Paying Agent. The Certificate Paying Agent shall: 
  
 (i) hold all sums held by it for the payment of amounts due with respect to the Certificates in trust for the benefit of the Persons
entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 
  
 (ii) give the Owner Trustee notice of any default by the Trust of which it has actual knowledge in the making of any payment required to
be made with respect to the Certificates; 
  
 (iii) at any time during the continuance of any such default, upon the written request of the Owner Trustee, forthwith pay to the Owner Trustee on behalf of the Trust all sums so held in trust by such Certificate Paying Agent; 

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

  
 (v) comply with all requirements of the Code
with respect to the withholding from any payments made by it on any Certificates of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith; and 
  
 (vi) deliver to the Owner Trustee a copy of the report to
Certificateholders prepared with respect to each Payment Date by the Servicer pursuant to Section 4.01 of the Servicing Agreement. 
  
 (b) The Trust may revoke such power and remove the Certificate Paying Agent if the Owner Trustee determines in its sole discretion that
the Certificate Paying Agent shall have failed to perform its obligations under this Trust Agreement in any material respect. The Indenture Trustee shall be permitted to resign as Certificate Paying Agent upon 30 days’ written notice to the
Owner Trustee and the Enhancer; provided the Indenture Trustee is also resigning as Paying Agent under the Indenture at such time. In the event that the Indenture Trustee shall no longer be the Certificate Paying Agent under this Trust Agreement and
Paying Agent under the Indenture, the Owner Trustee shall appoint a successor to act as Certificate Paying Agent (which shall be a bank or trust company) and which shall also be the successor Paying Agent under the Indenture. The Owner Trustee shall
cause such successor Certificate Paying Agent or any additional Certificate Paying Agent appointed by the Owner Trustee to 

  

 11 

 
execute and deliver to the Owner Trustee an instrument to the effect set forth in this Section 3.10 as it relates to the Certificate Paying Agent. The
Certificate Paying Agent shall return all unclaimed funds to the Trust and upon removal of a Certificate Paying Agent such Certificate Paying Agent shall also return all funds in its possession to the Trust. The provisions of Sections 6.01, 6.04 and
7.01 shall apply to the Certificate Paying Agent to the extent applicable. Any reference in this Trust Agreement to the Certificate Paying Agent shall include any co-paying agent unless the context requires otherwise. 
  
 (c) The Certificate Paying Agent shall establish and
maintain with itself the Distribution Account in which the Certificate Paying Agent shall deposit, on the same day as it is received from the Indenture Trustee, each remittance received by the Certificate Paying Agent with respect to payments made
pursuant to the Indenture. Pending any such distribution, funds deposited in the Distribution Account on a Payment Date and not distributed to the Certificateholders on such Payment Date shall be invested by the Certificate Paying Agent in Permitted
Investments selected by the Servicer (or if no selection is made by the Servicer in Permitted Investments described in clause (v) of the definition thereof) maturing no later than the Business Day preceding the next succeeding Payment Date (except
that any investment in the institution with which the Distribution Account is maintained may mature on such Payment Date and shall not be sold or disposed of prior to the maturity). All investment income earned in respect of funds on deposit in the
Distribution Account shall be credited to the Distribution Account. The Certificate Paying Agent shall make all distributions on the Certificates as provided in Section 3.05 of the Indenture and Section 5.01(a) of this Trust Agreement from moneys on
deposit in the Distribution Account. 
  
 Section 3.11.
Cooperation. The Owner Trustee shall cooperate in all respects with any reasonable request by the Enhancer for action to preserve or enforce the Enhancer’s rights or interest under this Trust Agreement or the Insurance Agreement,
consistent with this Trust Agreement and without limiting the rights of the Certificateholders as otherwise expressly set forth in this Trust Agreement. 
  
 Section 3.12. Subordination. Except as otherwise provided in the Basic Documents, for so long as any Notes are outstanding or unpaid, the
Certificateholders will generally be subordinated in right of payment, under the Certificates or otherwise, to payments to the Noteholders under, or otherwise related to, the Indenture. If an Event of Default has occurred and is continuing under the
Indenture, the Certificates will be fully subordinated to obligations owing by the Trust to the Noteholders and the Enhancer under, or otherwise related to, the Indenture, and no distributions will be made on the Certificates until the Noteholders
and the Indenture Trustee and the Enhancer have been irrevocably paid in full. 
  
 Section 3.13. No Priority Among Certificates. All Certificateholders shall rank equally as to amounts distributable upon the liquidation, dissolution or winding up of the Trust, with no preference or priority
being afforded to any Certificateholders over any other Certificateholders. 
  

 12 

 ARTICLE IV 
  
 Authority and Duties of Owner Trustee 
  
 Section 4.01. General Authority. The Owner Trustee is authorized and directed to execute and deliver the Basic Documents to which the Trust is to
be a party and each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to which the Trust is to be a party, as well as any certificate that supports the factual assumptions made in any Opinion of Counsel
delivered on the Closing Date, and any amendment or other agreement or instrument described herein, in each case, in such form as the Owner Trustee shall approve, as evidenced conclusively by the Owner Trustee’s execution thereof. In addition
to the foregoing, the Owner Trustee is obligated to take all actions required of the Trust pursuant to the Basic Documents. 
  
 Section 4.02. General Duties. The Owner Trustee shall be responsible to administer the Trust pursuant to the terms of this Trust Agreement and the
other Basic Documents to which the Trust is a party and in the interest of the Certificateholders, subject to the Basic Documents and in accordance with the provisions of this Trust Agreement. 
  
 Section 4.03. Action upon Instruction. 
  
 (a) Subject to this Article IV and Section 10.13 of this
Trust Agreement and in accordance with the terms of the Basic Documents, the Certificateholders may by written instruction direct the Owner Trustee in the management of the Trust. Such direction may be exercised at any time by written instruction of
the Certificateholders pursuant to this Article IV. 
  
 (b) Notwithstanding the foregoing, the Owner Trustee shall not be required to take any action hereunder or under any Basic Document if the Owner Trustee shall have reasonably determined, or shall have been advised by counsel, that such
action is likely to result in liability on the part of the Owner Trustee or is contrary to the terms hereof or of any other Basic Document or is otherwise contrary to law. 
  
 (c) Whenever the Owner Trustee is unable to decide between alternative courses of action permitted or
required by the terms of this Trust Agreement or under any other Basic Document, or in the event that the Owner Trustee is unsure as to the application of any provision of this Trust Agreement or any other Basic Document or any such provision is
ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Trust Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course of
action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Certificateholders (with a copy to the
Enhancer) requesting instruction as to the course of action to be adopted, and to the extent the Owner Trustee acts in good faith in accordance with any written instructions received from Certificateholders of Certificates representing a majority of
the aggregate Certificate Percentage Interest of each Class of Certificates, the Owner Trustee shall not be liable on account of such action to any Person. If the Owner Trustee shall not have received appropriate instruction within 10 days of such
notice (or within such shorter period of time as reasonably may be specified in 

  

 13 

 
such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with
this Trust Agreement or the other Basic Documents, as it shall deem to be in the best interests of the Certificateholders, and the Owner Trustee shall have no liability to any Person for such action or inaction. 
  
 Section 4.04. No Duties Except as Specified under Specified Documents or
in Instructions. The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Trust Estate, or to otherwise take or refrain from taking any
action under, or in connection with, any document contemplated hereby to which the Owner Trustee is a party, except as expressly provided (i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to
this Trust Agreement, (ii) in accordance with the Basic Documents and (iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to Section 4.03; and no implied duties or obligations shall be read into this Trust
Agreement or any other Basic Document against the Owner Trustee. The Owner Trustee shall have no responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of
any security interest or lien granted to it hereunder or to prepare or file any filing with the Commission for the Trust or to record this Trust Agreement or any other Basic Document. The Owner Trustee nevertheless agrees that it will, at its own
cost and expense, promptly take all action as may be necessary to discharge any liens on any part of the Trust Estate that result from actions by, or claims against, the Owner Trustee that are not related to the ownership or the administration of
the Trust Estate. 
  
 Section 4.05. Restrictions.

  
 (a) The Owner Trustee shall not take any
action (i) that is inconsistent with the purposes of the Trust set forth in Section 2.03 or (ii) that, to the actual knowledge of the Owner Trustee, would cause the Trust to be treated as an association (or a publicly-traded partnership) taxable as
a corporation or a taxable mortgage pool for federal income tax purposes at any time that any of the Notes or Certificates are outstanding or any obligations are due and owing to the Enhancer under the Insurance Agreement. The Certificateholders
shall not direct the Owner Trustee to take action that would violate the provisions of this Section 4.05. 
  
 (b) The Owner Trustee shall not convey or transfer any of the Trust’s properties or assets, including those included in the Trust
Estate, to any person unless (i) it shall have received an Opinion of Counsel to the effect that such transaction will not have any material adverse tax consequence to the Trust or any Certificateholder and (ii) such conveyance or transfer shall not
violate the provisions of Section 3.16(b) of the Indenture. 
  
 Section 4.06. Prior Notice to Certificateholders and the Enhancer with Respect to Certain Matters. With respect to the following matters, the Owner Trustee shall not take action unless, at least 30 days before the taking of such
action, the Owner Trustee shall have notified the Certificateholders and the Enhancer in writing of the proposed action and the Enhancer and the Certificateholders of Certificates representing a majority of the aggregate Certificate Percentage
Interest shall not have notified the Owner Trustee in writing prior to the 30th day after such notice is given that such Certificateholders have withheld consent or provided alternative direction: 
  
 (a) the initiation of any Proceeding by the Trust (except
Proceedings brought in connection with the collection of cash distributions due and owing under the Mortgage Loans) and the compromise of any Proceeding brought by or against the Trust (except with respect to the aforementioned Proceedings for
collection of cash distributions due and owing under the Mortgage Loans); 
  

 14 

 (b) the election by the Trust to file an amendment to the Certificate of Trust (unless
such amendment is required to be filed under the Statutory Trust Statute); 
  
 (c) the amendment of any of the Basic Documents in circumstances where the consent of any Noteholder is required; 
  
 (d) the amendment of any of the Basic Documents in circumstances where the consent of any Noteholder is not required and such amendment
materially and adversely affects the interest of the Certificateholders; 
  
 (e) the appointment pursuant to the Indenture of a successor Note Registrar, Paying Agent or Indenture Trustee or pursuant to this Trust Agreement of a successor Certificate Registrar or Certificate Paying Agent or
the consent to the assignment by the Note Registrar, Paying Agent, Indenture Trustee, Certificate Registrar or Certificate Paying Agent of its obligations under the Indenture or this Trust Agreement, as applicable. 
  
 Section 4.07. Action by Certificateholders with Respect to Certain
Matters. The Owner Trustee shall not have the power, except upon the written direction of Certificateholders of Certificates evidencing not less than a majority of the aggregate Certificate Percentage Interest of each Class of Certificates, and
with the consent of the Enhancer, to (a) remove the Servicer under the Servicing Agreement pursuant to Section 7.01 thereof or (b) except as expressly provided in the Basic Documents, sell the Mortgage Loans after the termination of the Indenture.

  
 Section 4.08. Action by Certificateholders with Respect to
Bankruptcy. The Owner Trustee shall not have the power to commence a voluntary Proceeding in bankruptcy relating to the Trust without the unanimous prior approval of all Certificateholders, and with the consent of the Enhancer, and the delivery
to the Owner Trustee by each such Certificateholder of a certificate certifying that such Certificateholder reasonably believes that the Trust is insolvent. 
  
 Section 4.09. Restrictions on Certificateholders’ Power. The Certificateholders shall not direct the Owner Trustee to take or to refrain from
taking any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Trust Agreement or any of the other Basic Documents or would be contrary to Section 2.03, nor shall the Owner Trustee be
obligated to follow any such direction, if given. 
  
 Section
4.10. Majority Control. Except as expressly provided herein, any action that may be taken by the Certificateholders under this Trust Agreement may be taken by the Certificateholders of Certificates evidencing not less than a majority of the
aggregate Certificate Percentage Interest of the Class specified, if any. Except as expressly provided herein, any written notice of the Certificateholders of a Class delivered pursuant to this Trust Agreement shall be effective if signed by the
Certificateholders of Certificates evidencing not less than a 

  

 15 

 
majority of the aggregate Certificate Percentage Interest of such Class at the time of the delivery of such notice. 
  
 Section 4.11. Doing Business in Other Jurisdictions. Notwithstanding
anything contained herein to the contrary, neither [Name of Owner Trustee] nor the Owner Trustee shall be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will, even after the
appointment of a co-trustee or separate trustee in accordance with Section 9.05 hereof, (i) require the consent or approval or authorization or order of or the giving of notice to, or the registration with or the taking of any other action in
respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware; (ii) result in any fee, tax or other governmental charge under the laws of the State of Delaware becoming payable by [Name of Owner
Trustee], or (iii) subject [Name of Owner Trustee] to personal jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the consummation of the transactions by [Name of Owner Trustee] or
the Owner Trustee, as the case may be, contemplated hereby. 
  
 Section 4.12. Removal of Mortgage Loans. Certificateholders holding 100% of the Certificate Percentage Interests of the Certificates may, by delivering a written request to the Owner Trustee to such effect, cause the removal of
Mortgage Loans from the Trust Estate in accordance with the provisions of Section 3.15(c) of the Servicing Agreement. Promptly following receipt of any such request, the Owner Trustee shall deliver to the Servicer the written notice and request
required to be delivered to the Servicer pursuant to Section 3.15(c) of the Servicing Agreement. Any Mortgage Loans removed from the Trust Estate pursuant to Section 3.15(c) of the Servicing Agreement shall be property of the Issuer and, upon the
written request of the Certificateholders holding 100% of the Certificate Percentage Interests of the Certificates, be released to the Certificateholders as a dividend and in accordance with the written instructions of such Certificateholders.

  

 16 

 ARTICLE V 
  
 Application of Trust Funds 
  
 Section 5.01. Distributions. 
  
 (a) On each Payment Date occurring in the months of
[                ], on any date on which the Trust is terminated pursuant to Section 8.01, and on each other Payment Date for which the Certificate Paying Agent
has received written notice from the Certificateholders by the Determination Date relating to such Payment Date requesting funds on deposit in the Distribution Account to be distributed, the Certificate Paying Agent shall distribute to the
Certificateholders all funds on deposit in the Distribution Account and available therefor as provided in Section 3.05 of the Indenture. All distributions made pursuant to this Section to any Certificates shall be distributed to the
Certificateholders pro rata based on the respective Percentage Interests thereof. 
  
 (b) In the event that any withholding tax is imposed on the distributions (or allocations of income) to a Certificateholder, such tax
shall reduce the amount otherwise distributable to such Certificateholder in accordance with this Section 5.01. The Certificate Paying Agent is hereby authorized and directed to retain or cause to be retained from amounts otherwise distributable to
the Certificateholders sufficient funds for the payment of any tax that is legally owed by the Trust (but such authorization shall not prevent the Owner Trustee from contesting any such tax in appropriate Proceedings, and withholding payment of such
tax, if permitted by law, pending the outcome of such Proceedings). The amount of any withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to such Certificateholder at the time it is withheld by the
Certificate Paying Agent and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-U.S. Certificateholder), the Certificate Paying
Agent may in its sole discretion withhold such amounts in accordance with this paragraph (b). 
  
 (c) Distributions to Certificateholders shall be subordinated to the creditors of the Trust, including the Noteholders. 
  
 Section 5.02. Method of Payment. Subject to Section 8.01(c),
distributions required to be made to Certificateholders on any Payment Date as provided in Section 5.01 shall be made to each Certificateholder of record on the preceding Record Date by wire transfer, in immediately available funds, to the account
of each Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided to the Certificate Registrar appropriate written instructions at least five Business Days prior to such Payment
Date or, if not, by check or money order mailed to such Certificateholder at the address of such Certificateholder appearing in the Certificate Register. 
  
 Section 5.03. Signature on Returns. The Servicer, as the Tax Matters Partner or the agent for the Tax Matters Partner, shall sign on behalf of the
Trust the tax returns, if any, of the Trust. 
  

 17 

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

  
 Section 5.05. Tax Reporting. So long as the Depositor
or any Affiliate of the Depositor owns 100% of the Certificates, then no separate federal and state income tax returns and information returns or statements will be filed with respect to the Trust. If the Servicer is no longer the sole
Certificateholder, the subsequent holders of the Certificates by their acceptance of a Certificate, agree to appoint the Servicer as their agent and the Servicer, as agent for such holders, agrees to perform all duties necessary to comply with
federal and state income tax laws. 
  
 Any Certificateholder that
holds 100% of the Certificates agrees by its purchase of 100% of the Certificates to treat the Trust Estate as assets of a single person or entity wholly owned by such Certificateholder for purposes of federal and state income tax, franchise tax and
any other tax measured in whole or in part by income, with the assets of the single person or entity being the assets held by the Trust, and the Notes being treated as debt of the Trust. 
  

 18 

 ARTICLE VI 
  
 Concerning the Owner Trustee 
  
 Section 6.01. Acceptance of Trusts and Duties. The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with
respect to such trusts, but only upon the terms of this Trust Agreement. The Owner Trustee and the Certificate Paying Agent also agree to disburse all moneys actually received by it constituting part of the Trust Estate upon the terms of this Trust
Agreement and the other Basic Documents. The Owner Trustee shall not be answerable or accountable hereunder or under any Basic Document under any circumstances, except (i) for its own willful misconduct, negligence or bad faith or negligent failure
to act or (ii) in the case of the inaccuracy of any representation or warranty contained in Section 6.03 expressly made by the Owner Trustee. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding
sentence): 
  
 (a) no provision of this Trust
Agreement or any other Basic Document shall require the Owner Trustee to expend or risk funds or otherwise incur any financial liability in the performance of any of its rights, duties or powers hereunder or under any other Basic Document if the
Owner Trustee shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it; 
  
 (b) under no circumstances shall the Owner Trustee be liable for indebtedness evidenced by or arising under
any of the Basic Documents, including the principal of and interest on the Notes; 
  
 (c) the Owner Trustee shall not be responsible for or in respect of the validity or sufficiency of this Trust Agreement or for the due
execution hereof by the Depositor for the form, character, genuineness, sufficiency, value or validity of any of the Trust Estate, or for or in respect of the validity or sufficiency of the Basic Documents, the Notes, the Certificates, other than
the certificate of authentication on the Certificates, if executed by the Owner Trustee and the Owner Trustee shall in no event assume or incur any liability, duty, or obligation to any Noteholder or to any Certificateholder, other than as expressly
provided for herein or in the other Basic Documents; 
  
 (d) the execution, delivery, authentication and performance by the Owner Trustee of this Trust Agreement will not require the authorization, consent or approval of, the giving of notice to, the filing or registration with, or the taking of
any other action with respect to, any governmental authority or agency; 
  
 (e) the Owner Trustee shall not be liable for the default or misconduct of the Depositor, Indenture Trustee or the Servicer under any of the Basic Documents or otherwise and the Owner Trustee shall have no obligation
or liability to perform the obligations of the Trust under this Trust Agreement or the other Basic Documents that are required to be performed by the Indenture Trustee under the Indenture or the Sellers under the Purchase Agreement; and 

 
 (f) the Owner Trustee shall be under no obligation to
exercise any of the rights or powers vested in it or duties imposed by this Trust Agreement, or to institute, conduct 

  

 19 

 
or defend any litigation under this Trust Agreement or otherwise or in relation to this Trust Agreement or any other Basic Document, at the request, order or
direction of any of the Certificateholders, unless such Certificateholders have offered to the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or
thereby. The right of the Owner Trustee to perform any discretionary act enumerated in this Trust Agreement or in any other Basic Document shall not be construed as a duty, and the Owner Trustee shall not be answerable for other than its negligence,
bad faith or willful misconduct in the performance of any such act. 
  
 Section 6.02. Furnishing of Documents. The Owner Trustee shall furnish to the Securityholders promptly upon receipt of a written reasonable request therefor, duplicates or copies of all reports, notices, requests, demands,
certificates, financial statements and any other instruments furnished to the Trust under the Basic Documents. 
  
 Section 6.03. Representations and Warranties. The Owner Trustee hereby represents and warrants to the Depositor, for the benefit of the
Certificateholders, that: 
  
 (a) It is a banking
corporation duly organized and validly existing in good standing under the laws of the State of Delaware. It has all requisite corporate power and authority to execute, deliver and perform its obligations under this Trust Agreement; 
  
 (b) It has taken all corporate action necessary to authorize
the execution and delivery by it of this Trust Agreement, and this Trust Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Trust Agreement on its behalf; 
  
 (c) Neither the execution nor the delivery by it of this
Trust Agreement, nor the consummation by it of the transactions contemplated hereby nor compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental rule or regulation governing the banking or
trust powers of the Owner Trustee or any judgment or order binding on it, or constitute any default under its charter documents or bylaws or any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its
properties may be bound; 
  
 (d) This Trust
Agreement, assuming due authorization, execution and delivery by the Owner Trustee and the Depositor, constitutes a valid, legal and binding obligation of the Owner Trustee, enforceable against it in accordance with the terms hereof subject to
applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting the enforcement of creditors’ rights generally and to general principles of equity, regardless of whether such enforcement is considered in a proceeding in
equity or at law; 
  
 (e) The Owner Trustee is
not in default with respect to any order or decree of any court or any order, regulation or demand of any federal, state, municipal or governmental agency, which default might have consequences that would materially and adversely affect the
condition (financial or other) or operations of the Owner Trustee or its properties or might have consequences that would materially adversely affect its performance hereunder; and 
  

 20 

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

(b) In the exercise or administration of the Trust hereunder and in the performance of its duties and obligations under this Trust
Agreement or the other Basic Documents, the Owner Trustee (i) may act directly or through its agents, attorneys, custodians or nominees (including persons acting under a power of attorney) pursuant to agreements entered into with any of them, and
the Owner Trustee shall not be liable for the conduct or misconduct of such agents, attorneys, custodians or nominees (including persons acting under a power of attorney) if such persons have been selected by the Owner Trustee with reasonable care,
and (ii) may consult with counsel, accountants and other skilled persons to be selected with reasonable care and employed by it at the expense of the Trust. The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith
by it in accordance with the opinion or advice of any such counsel, accountants or other such Persons and not contrary to this Trust Agreement or any other Basic Document. 
  
 Section 6.05. Not Acting in Individual Capacity. Except as provided in this Article VI, in accepting the trusts
hereby created [Name of Owner Trustee] acts solely as Owner Trustee hereunder and not in its individual capacity, and all Persons having any claim against the Owner Trustee by reason of the transactions contemplated by this Trust Agreement or any
other Basic Document shall look only to the Trust Estate for payment or satisfaction thereof. 
  
 Section 6.06. Owner Trustee Not Liable for Certificates or Related Documents. The recitals contained herein and in the Certificates (other than the signatures of the Owner Trustee on the Certificates) shall be
taken as the statements of the Depositor, and the Owner Trustee assumes no responsibility for the correctness thereof. The Owner Trustee makes no representations as to the validity or sufficiency of this Trust Agreement, of any other Basic Document
or of the Certificates (other than the signatures of the Owner Trustee on the Certificates) or the Notes, or of any Related Documents. The Owner Trustee shall at no time have any responsibility or liability with respect to the sufficiency of the
Trust Estate or its ability to generate the payments to be distributed to Certificateholders under this Trust Agreement or the Noteholders under the Indenture, including, the compliance by the Depositor or the Sellers with 

  

 21 

 
any warranty or representation made under any Basic Document or in any related document or the accuracy of any such warranty or representation, or any action
of the Certificate Paying Agent, the Certificate Registrar or the Indenture Trustee taken in the name of the Owner Trustee. 
  
 Section 6.07. Owner Trustee May Own Certificates and Notes. The Owner Trustee in its individual or any other capacity may become the owner or
pledgee of Certificates or Notes and may deal with the Depositor, the Sellers, the Certificate Paying Agent, the Certificate Registrar and the Indenture Trustee in transactions with the same rights as it would have if it were not Owner Trustee.

  

 22 

 ARTICLE VII 
  
 Compensation of Owner Trustee 
  
 Section 7.01. Owner Trustee’s Fees and Expenses. The Owner Trustee shall receive as compensation for its services hereunder such fees as have
been separately agreed upon before the date hereof in accordance with Section 6.06 of the Servicing Agreement, and the Owner Trustee shall be reimbursed for its reasonable expenses hereunder and under the other Basic Documents, including the
reasonable compensation, expenses and disbursements of such agents, representatives, experts and counsel as the Owner Trustee may reasonably employ in connection with the exercise and performance of its rights and its duties hereunder and under the
other Basic Documents which shall be payable by the Servicer pursuant to Section 3.09 of the Servicing Agreement. 
  
 Section 7.02. Indemnification. The Certificateholder of the majority of the Percentage Interest of the Certificates shall indemnify, defend and
hold harmless the Owner Trustee and its successors, assigns, agents and servants (collectively, the “Indemnified Parties”) from and against, any and all liabilities, obligations, losses, damages, taxes, claims, actions and suits, and any
and all reasonable costs, expenses and disbursements (including reasonable legal fees and expenses) of any kind and nature whatsoever (collectively, “Expenses”) which may at any time be imposed on, incurred by, or asserted against the
Owner Trustee or any Indemnified Party in any way relating to or arising out of this Trust Agreement, the other Basic Documents, the Trust Estate, the administration of the Trust Estate or the action or inaction of the Owner Trustee hereunder;
provided, that: 
  
 (a) such Certificateholder
shall not be liable for or required to indemnify an Indemnified Party from and against Expenses arising or resulting from the Owner Trustee’s willful misconduct, negligence or bad faith or as a result of any inaccuracy of a representation or
warranty contained in Section 6.03 expressly made by the Owner Trustee; 
  
 (b) with respect to any such claim, the Indemnified Party shall have given such Certificateholder written notice thereof promptly after the Indemnified Party shall have actual knowledge thereof; 
  
 (c) while maintaining control over its own defense, such
Certificateholder shall consult with the Indemnified Party in preparing such defense; and 
  
 (d) notwithstanding anything in this Trust Agreement to the contrary, such Certificateholder shall not be liable for settlement of any
claim by an Indemnified Party entered into without the prior consent of such Certificateholder, which consent shall not be unreasonably withheld. 
  
 The indemnities contained in this Section shall survive the resignation or termination of the Owner Trustee or the termination of this Trust Agreement. In
the event of any Proceeding for which indemnity may be sought pursuant to this Section 7.02, the Owner Trustee’s choice of legal counsel, if other than the legal counsel retained by the Owner Trustee in connection with the execution and
delivery of this Trust Agreement, shall be subject to the approval of the Certificateholder of the majority of the Percentage Interest of the Certificates, which approval shall not be unreasonably withheld. In addition, upon written notice to the
Owner Trustee and with the consent of the Owner Trustee, which consent shall not be unreasonably withheld, the Certificateholder of the majority of the Percentage Interest of the Certificates shall have the right to assume the defense of any
Proceeding against the Owner Trustee. 
  

 23 

 ARTICLE VIII 
  
 Termination of Trust Agreement 
  
 Section 8.01. Termination of Trust Agreement. 
  
 (a) This Trust Agreement (other than this Article VIII) and the Trust shall terminate and be of no further force or effect upon the final
distribution of all moneys or other property or proceeds of the Trust Estate in accordance with the terms of the Indenture and this Trust Agreement. The bankruptcy, liquidation, dissolution, death or incapacity of any Certificateholder shall not (i)
operate to terminate this Trust Agreement or the Trust, (ii) entitle such Certificateholder’s legal representatives or heirs to claim an accounting or to take any Proceeding in any court for a partition or winding up of all or any part of the
Trust or the Trust Estate or (iii) otherwise affect the rights, obligations and liabilities of the parties hereto. 
  
 (b) Except as provided in Section 8.01(a), neither the Depositor nor any Certificateholder shall be entitled to revoke or terminate the
Trust. 
  
 (c) Notice of any termination of the
Trust, specifying the Payment Date on which Certificateholders shall surrender their Certificates to the Certificate Paying Agent for payment of the final distribution thereon and cancellation thereof, shall be given by the Certificate Paying Agent
by letter to the Certificateholders and the Enhancer mailed within five Business Days of receipt of notice of such termination from the Owner Trustee, stating (i) the Payment Date upon or with respect to which final payment of the Certificates shall
be made upon presentation and surrender of the Certificates at the office of the Certificate Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not
applicable, payments being made only upon presentation and surrender of the Certificates at the office of the Certificate Paying Agent therein specified. The Certificate Paying Agent shall give such notice to the Owner Trustee and the Certificate
Registrar at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Certificate Paying Agent shall cause to be distributed to Certificateholders amounts distributable on such Payment Date
pursuant to Section 5.01. 
  
 In the event that all of the
Certificateholders shall not have surrendered their Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Certificate Paying Agent shall give a second written notice to the remaining
Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. Subject to applicable laws with respect to escheat of funds, if within one year following the Payment Date on which final
payment of the Certificates was to have been made pursuant to Section 3.10, all the Certificates shall not have been surrendered for cancellation, the Certificate Paying Agent may take appropriate steps, or may appoint an agent to take appropriate
steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Trust Agreement. Any funds remaining in the
Distribution Account after exhaustion of such remedies shall be distributed by the Certificate Paying Agent to the Certificateholder of the majority of the Percentage Interest of the Certificates of the Class with respect to which such amounts are
due. 
  

 24 

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

 25 

 ARTICLE IX 
  
 Successor Owner Trustees and Additional Owner Trustees 
  
 Section 9.01. Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of
Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or
having a parent that has) long-term debt obligations with a rating of at least A by Moody’s or Standard & Poor’s. If such corporation shall publish reports of condition at least annually pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so
published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02. 

 
 Section 9.02. Replacement of Owner Trustee. The Owner Trustee may
at any time resign and be discharged from the trusts hereby created by giving 30 days’ prior written notice thereof to the Enhancer, the Indenture Trustee and the Depositor. Upon receiving such notice of resignation, the Indenture Trustee shall
promptly appoint a successor Owner Trustee with the consent of the Enhancer, which consent shall not be unreasonably withheld, by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee and
one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Owner Trustee may petition any court of
competent jurisdiction for the appointment of a successor Owner Trustee. 
  
 If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 9.01 and shall fail to resign after written request therefor by the Indenture Trustee, or if at any time the
Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Owner Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Indenture Trustee may, and, at the direction of the Enhancer, shall, remove the Owner Trustee. If the Indenture Trustee shall remove the Owner Trustee under
the authority of the immediately preceding sentence, the Indenture Trustee shall promptly appoint a successor Owner Trustee acceptable to the Enhancer by written instrument, in duplicate, one copy of which instrument shall be delivered to the
outgoing Owner Trustee so removed and one copy to the successor Owner Trustee, and shall pay all fees owed to the outgoing Owner Trustee. If the Indenture Trustee is unable to appoint a successor Owner Trustee within 60 days after any such
direction, the Indenture Trustee may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee. 
  
 Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this Section shall not
become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 9.03 and payment of all fees and expenses owed to the outgoing Owner Trustee. 
  

 26 

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

  
 No successor Owner Trustee shall accept appointment as
provided in this Section 9.03 unless at the time of such acceptance such successor Owner Trustee shall be eligible pursuant to Section 9.01. 
  
 Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section 9.03, the Indenture Trustee shall mail notice thereof to all
Certificateholders, the Indenture Trustee, the Noteholders and the Rating Agencies and the Enhancer. If the Indenture Trustee shall fail to mail such notice within 10 days after acceptance of such appointment by the successor Owner Trustee, the
successor Owner Trustee shall cause such notice to be mailed at the expense of the Indenture Trustee. 
  
 Section 9.04. Merger or Consolidation of Owner Trustee. Any Person into which the Owner Trustee may be merged or converted or with which it may be
consolidated, or any Person resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any Person succeeding to all or substantially all of the corporate trust business of the Owner Trustee, shall be the
successor of the Owner Trustee hereunder, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, that such Person shall be eligible
pursuant to Section 9.01 and, provided, further, that the Owner Trustee shall mail notice of such merger or consolidation to the Rating Agencies. 
  
 Section 9.05. Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other provisions of this Trust Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Estate may at the time be located, the Owner Trustee shall have the power and shall execute and deliver all instruments to appoint one or more Persons to
act as co-trustee, jointly with the Owner Trustee, or as separate trustee or trustees, of all or any part of the Trust Estate, and to vest in such Person, in such capacity, such title to the Trust or any part thereof and, subject to the other
provisions of this Section, such powers, duties, obligations, rights and trusts as the Owner Trustee may consider necessary or desirable. No co-trustee or separate trustee under this Trust Agreement shall be required to meet the terms of eligibility
as a successor Owner Trustee pursuant to Section 9.01 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 9.03. 
  

 27 

 Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject
to the following provisions and conditions: 
  
 (a) All rights, powers, duties and obligations conferred or imposed upon the Owner Trustee shall be conferred upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that
such separate trustee or co-trustee is not authorized to act separately without the Owner Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Owner
Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust Estate or any portion thereof in any such jurisdiction) shall be
exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Owner Trustee; 
  
 (b) No trustee under this Trust Agreement shall be personally liable by reason of any act or omission of any other trustee under this
Trust Agreement; and 
  
 (c) The Owner Trustee
may at any time accept the resignation of or remove any separate trustee or co-trustee. 
  
 Any notice, request or other writing given to the Owner Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee shall refer to this Trust Agreement and the conditions of this Article IX. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property
specified in its instrument of appointment, either jointly with the Owner Trustee or separately, as may be provided therein, subject to all the provisions of this Trust Agreement, specifically including every provision of this Trust Agreement
relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee. Each such instrument shall be filed with the Owner Trustee. 
  
 Any separate trustee or co-trustee may at any time appoint the Owner Trustee as its agent or attorney-in-fact with full
power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Trust Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be
removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor co-trustee or separate trustee. 
  

 28 

 ARTICLE X 
  
 Miscellaneous 
  
 Section 10.01. Amendments. 
  
 (a) This Trust Agreement may be amended from time to time by the parties hereto as specified in this Section 10.01, provided that any such
amendment, except as provided in paragraph (e) below, shall be accompanied by an Opinion of Counsel addressed to the Owner Trustee and the Enhancer to the effect that such amendment complies with the provisions of this Section. 
  
 (b) If the purpose of any such amendment (as detailed
therein) is to correct any mistake, eliminate any inconsistency, cure any ambiguity or deal with any matter not covered in this Trust Agreement (i.e., to give effect to the intent of the parties), it shall not be necessary to obtain the
consent of any Certificateholders, but the Owner Trustee shall be furnished with (i) a letter from each Rating Agency that the amendment will not result in a Rating Event, determined without regard to the Policy and (ii) an Opinion of Counsel to the
effect that such action will not adversely affect in any material respect the interests of any Certificateholder, and the consent of the Enhancer shall be obtained. 
  
 (c) If the purpose of the amendment is to prevent the imposition of any federal or state taxes at any time
that any Security is outstanding (i.e., technical in nature), it shall not be necessary to obtain the consent of any Certificateholder, but the Owner Trustee shall be furnished with an Opinion of Counsel that such amendment is necessary or
helpful to prevent the imposition of such taxes and is not materially adverse to any Certificateholder and the consent of the Enhancer shall be obtained. 
  
 (d) If the purpose of the amendment is to add or eliminate or change any provision of the Trust Agreement other than as contemplated in
(b) and (c) above, the amendment shall require (i) the consent of the Enhancer and an Opinion of Counsel to the effect that such action will not adversely affect in any material respect the interests of any Certificateholder and (ii) either (A) a
letter from each Rating Agency that such amendment will not cause a Rating Event, if determined without regard to the Policy or (B) the consent of Certificateholders of each Class of Certificates evidencing a majority of the aggregate Certificate
Percentage Interest and the Indenture Trustee; provided, however, that no such amendment shall reduce in any manner the amount of, or delay the timing of, payments received that are required to be distributed on any Certificate without the consent
of each Certificateholder affected thereby and the Enhancer, or reduce the aforesaid percentage of Certificates the Certificateholders of which are required to consent to any such amendment, without the consent of the Certificateholders of all such
Certificates then outstanding. 
  
 (e) No
amendment of this Trust Agreement may provide for the holding of any of the Certificates in book-entry form. 
  
 (f) If the purpose of any such amendment is to provide for the issuance of additional Certificates representing an interest in the Trust,
it shall not be necessary to obtain the 

  

 29 

 
consent of any Certificateholder, but the Owner Trustee shall be furnished with (i) an Opinion of Counsel to the effect that such action will not adversely
affect in any material respect the interests of any Certificateholders and (B) a letter from each Rating Agency to the effect that such amendment will not cause a Rating Event, if determined without regard to the Policy, and the consent of the
Enhancer shall be obtained. 
  
 (g) Promptly
after the execution of any such amendment or consent, the Owner Trustee shall furnish written notification of the substance of such amendment or consent to each Certificateholder, the Indenture Trustee, the Enhancer and each of the Rating Agencies.
It shall not be necessary for the consent of Certificateholders or the Indenture Trustee pursuant to this Section 10.01 to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the
substance thereof. The manner of obtaining such consents (and any other consents of Certificateholders provided for in this Trust Agreement or in any other Basic Document) and of evidencing the authorization of the execution thereof by
Certificateholders shall be subject to such reasonable requirements as the Owner Trustee may prescribe. 
  
 (h) In connection with the execution of any amendment to any agreement to which the Trust is a party, other than this Trust Agreement, the
Owner Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel to the effect that such amendment is authorized or permitted by the documents subject to such amendment and that all conditions precedent in the Basic
Documents for the execution and delivery thereof by the Trust or the Owner Trustee, as the case may be, have been satisfied. 
  
 Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee shall cause the filing of such amendment with the Secretary
of State. 
  
 Section 10.02. No Legal Title to Trust
Estate. The Certificateholders shall not have legal title to any part of the Trust Estate. The Certificateholders shall be entitled to receive distributions with respect to their undivided beneficial interest therein only in accordance with
Articles V and VIII. No transfer, by operation of law or otherwise, of any right, title or interest of the Certificateholders to and in their ownership interest in the Trust Estate shall operate to terminate this Trust Agreement or the trusts
hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Trust Estate. 
  
 Section 10.03. Limitations on Rights of Others. Except for Section 2.07, the provisions of this Trust Agreement are solely for the benefit of the
Owner Trustee, the Depositor, the Certificateholders, the Enhancer and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Trust Agreement (other than Section 2.07), whether express or implied,
shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Trust Estate or under or in respect of this Trust Agreement or any covenants, conditions or provisions contained herein. 
  
 Section 10.04. Notices. 
  
 (a) Unless otherwise expressly specified or permitted by the
terms hereof, all notices shall be in writing and shall be deemed given upon receipt: if to the Owner Trustee, 

  

 30 

 
addressed to its Corporate Trust Office; if to the Certificate Paying Agent, addressed to
[            ]; if to the Depositor, addressed to [            ]; if to the Rating Agencies, addressed to
[                    ]; or, as to each of the foregoing Persons, at such other address as shall be designated by such Person in a written
notice to each of the other foregoing Persons. 
  
 (b) Any notice required or permitted to be given to a Certificateholder shall be given by first-class mail, postage prepaid, at the address of such Certificateholder as shown in the Certificate Register. Any notice so mailed within the time
prescribed in this Trust Agreement to a Certificateholder shall be conclusively presumed to have been duly given, whether or not such Certificateholder receives such notice. 
  
 (c) A copy of any notice delivered to the Owner Trustee or the Trust shall also be delivered to the
Depositor. 
  
 Section 10.05. Severability. Any provision
of this Trust Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  
 Section 10.06. Separate Counterparts. This Trust Agreement may be executed by the parties hereto in any number of counterparts, each of which when
so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 
  
 Section 10.07. Successors and Assigns. All representations, warranties, covenants and agreements contained herein shall be binding upon, and inure
to the benefit of, each of the Enhancer, the Depositor, the Owner Trustee and its successors and each Certificateholder and its successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other
instrument or action by a Certificateholder shall bind the successors and assigns of such Certificateholder. 
  
 Section 10.08. No Petition. The Owner Trustee, by entering into this Trust Agreement, and each Certificateholder, by accepting a Certificate,
hereby covenant and agree that they will not at any time institute against the Depositor or the Trust, or join in any institution against the Depositor or the Trust of, any bankruptcy Proceedings under any United States federal or state bankruptcy
or similar law in connection with any obligations to the Certificates, the Notes, this Trust Agreement or any of the other Basic Documents. 
  
 Section 10.09. No Recourse. Each Certificateholder, by accepting a Certificate, acknowledges that such Certificateholder’s Certificate
represents a beneficial interest in the Trust only and does not represent an interest in or obligation of the Depositor, the Sellers, the Owner Trustee, the Indenture Trustee or any Affiliate thereof, and that no recourse may be had against such
Persons or their assets, except as may be expressly set forth or contemplated in the Certificates, this Trust Agreement or the other Basic Documents. 
  

 31 

 Section 10.10. Headings. The headings of the various Articles and Sections herein are for
convenience of reference only and shall not define or limit any of the terms or provisions hereof. 
  
 Section 10.11. GOVERNING LAW. THIS TRUST AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO
ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 Section 10.12. Integration. This Trust Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof
and supersedes all prior agreements and understanding pertaining thereto. 
  
 Section 10.13. Rights of Enhancer to Exercise Rights of Certificateholders. By accepting its Certificate, each Certificateholder agrees that unless a Enhancer Default exists, the Enhancer shall have the right
to exercise all rights of the Certificateholders under this Trust Agreement without any further consent of the Certificateholders. Nothing in this Section, however, shall alter or modify in any way, the fiduciary obligations of the Owner Trustee to
the Certificateholders pursuant to this Trust Agreement, or create any fiduciary obligation of the Owner Trustee to the Enhancer. The Enhancer shall be an express third party beneficiary of this Trust Agreement. 
  

 32 

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

					
	 BELLAVISTA [FINANCE] [FUNDING]
 CORPORATION,
as Depositor

		
	By:	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 
	
	 [NAME OF OWNER TRUSTEE],

	 	 	not in its individual capacity but solely as Owner Trustee, except with respect to the representations and warranties contained in Section 6.03 hereof
		
	By:	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

					
	 Acknowledged and Agreed:

	
	 [NAME OF INDENTURE TRUSTEE]

	 	 	as Indenture Trustee, Certificate Registrar and Certificate Paying Agent
			
	By:	 	 	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

 33 

 EXHIBIT A 
  
 FORM OF CERTIFICATE 
  
 THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE NOTES AS DESCRIBED IN THE AGREEMENT (AS DEFINED HEREIN). 
  
 THIS CERTIFICATE IS ISSUED IN THE PERCENTAGE INTEREST SET FORTH BELOW.

  
 THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND STATE LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM REGISTRATION
UNDER SUCH ACT AND SUCH STATE LAWS AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS OF SECTION 3.05 OF THE AGREEMENT. 
  
 NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE UNLESS THE CERTIFICATE REGISTRAR SHALL HAVE RECEIVED EITHER (i) A REPRESENTATION LETTER FROM THE TRANSFEREE
OF THIS CERTIFICATE TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO THE PROHIBITED TRANSACTION RESTRICTIONS AND THE FIDUCIARY RESPONSIBILITY REQUIREMENTS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), ANY PERSON ACTING, DIRECTLY OR INDIRECTLY, ON BEHALF OF ANY SUCH PLAN OR ANY PERSON USING “PLAN ASSETS,” WITHIN THE
MEANING OF THE DEPARTMENT OF LABOR REGULATIONS SECTION 2510.3-101, TO ACQUIRE THIS CERTIFICATE (EACH, A “PLAN INVESTOR”), OR (ii) IF THIS CERTIFICATE IS PRESENTED FOR REGISTRATION IN THE NAME OF A PLAN INVESTOR, AN OPINION OF COUNSEL
ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY TO THE DEPOSITOR, THE OWNER TRUSTEE, THE SERVICER AND THE CERTIFICATE REGISTRAR, OR A CERTIFICATION IN THE FORM OF EXHIBIT G TO THE AGREEMENT, TO THE EFFECT THAT THE PURCHASE OR HOLDING OF THIS
CERTIFICATE IS PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (OR COMPARABLE PROVISIONS OF ANY SUBSEQUENT ENACTMENTS) AND WILL NOT SUBJECT THE
DEPOSITOR, THE OWNER TRUSTEE, THE SERVICER OR THE CERTIFICATE REGISTRAR TO ANY OBLIGATION OR LIABILITY (INCLUDING OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

  
 THE TRANSFEREE OF THIS CERTIFICATE SHALL BE SUBJECT TO UNITED
STATES FEDERAL WITHHOLDING TAX UNLESS THE CERTIFICATE REGISTRAR SHALL HAVE RECEIVED A CERTIFICATE OF NON-FOREIGN STATUS CERTIFYING 

  

 1 

 
AS TO THE TRANSFEREE’S STATUS AS A U.S. PERSON OR CORPORATION OR PARTNERSHIP UNDER U.S. LAW. 
  
 THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE
SELLERS, THE DEPOSITOR, THE SERVICER, THE INDENTURE TRUSTEE, THE OWNER TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES, EXCEPT AS EXPRESSLY PROVIDED IN THE AGREEMENT OR THE OTHER BASIC DOCUMENTS. 
  

 2 

			
	Certificate No. 1	  	 
		
	Cut-Off Date:	  	 
	[date]	  	 
		
	Date of Trust Agreement:	  	 
	[date]	  	 
		
	First Payment Date:	  	Percentage Interest: 100%
	[date]	  	 
		
	Final Payment Date:	  	 
	[date]	  	 

  
 BELLAVISTA [MORTGAGE] [HOME EQUITY]
LOAN-BACKED CERTIFICATE, SERIES 200[  ] 
  
 evidencing a fractional undivided interest in BellaVista [Mortgage] [Home Equity] Trust 200[  ] (the “Issuer”), the property of which consists primarily of the Mortgage Loans. 
  
 This Certificate is payable solely from the assets of the Trust Estate, and
does not represent an obligation of or interest in the Depositor, the Seller, the Master Servicer, the Indenture Trustee or the Owner Trustee or any of their Affiliates. This Certificate is not guaranteed or insured by any governmental agency or
instrumentality or by the Depositor, the Sellers, the Master Servicer, the Indenture Trustee or the Owner Trustee or any of their affiliates. None of the Depositor, the Seller, the Master Servicer, the Indenture Trustee or the Owner Trustee or any
of their Affiliates will have any obligation with respect to any certificate or other obligation secured by or payable from payments on the Certificates. 
  
 This certifies that BellaVista [Finance] [Funding] Corporation is the registered owner of the Certificate Percentage Interest evidenced by this
Certificate (as set forth on the face hereof) in certain distributions with respect to the Trust Estate, consisting primarily of the Mortgage Loans, created by BellaVista [Finance] [Funding] Corporation (the “Depositor”). The Trust (as
defined herein) was created pursuant to a trust agreement dated as of [date (as amended and supplemented from time to time, the “Agreement”), between the Depositor and [Name of Owner Trustee], as owner trustee (the “Owner
Trustee,” which term includes any successor entity under the Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter. Capitalized terms used herein that are not otherwise defined shall have the meanings
ascribed thereto in Appendix A to the indenture dated as of [date], between the Trust and the Indenture Trustee. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the
Certificateholder of this Certificate by virtue of the acceptance hereof assents and by which such Certificateholder is bound. 
  
 Pursuant to the terms of the Agreement, a distribution will be made on the 25th day of March, June, September and December or, if such 25th day is not a
Business Day, the Business Day immediately following (the “Payment Date”), commencing on the first Payment Date specified above, or as otherwise determined in accordance with the Trust Agreement, to the Person in whose name this
Certificate is registered at the close of business on the last day (or if 

  

 3 

 
such last day is not a Business Day, the Business Day immediately preceding such last day) of the month immediately preceding the month of such distribution
(the “Record Date”), in an amount equal to the pro rata portion evidenced by this Certificate (based on the Percentage Interest stated on the face hereon) of the amount, if any, required to be distributed to Certificateholders of
Certificates on such Payment Date. Distributions on this Certificate will be made as provided in the Agreement by the Certificate Paying Agent by wire transfer or check mailed to the Certificateholder of record in the Certificate Register without
the presentation or surrender of this Certificate or the making of any notation hereon. Pursuant to the Agreement, the Trust has issued one Class of Certificates. 
  
 Except as otherwise provided in the Agreement and notwithstanding the above, the final distribution on this Certificate will
be made after due notice by the Certificate Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency designated by the Certificate Registrar for that purpose in the City
and State of New York. 
  
 No transfer of this Certificate will be
made unless such transfer is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), and any applicable state securities laws or is made in accordance the Securities Act and such state
laws. In the event that such a transfer is to be made, (i) the Certificate Registrar or the Depositor may require an opinion of counsel acceptable to and in form and substance satisfactory to the Certificate Registrar and the Depositor that such
transfer is exempt (describing the applicable exemption and the basis therefor) from or is being made pursuant to the registration requirements of the Securities Act, and of any applicable statute of any state and (ii) the transferee shall execute
an investment letter in the form described in the Agreement and (iii) the Certificate Registrar shall require the transferee to execute an investment letter and a Certificate of Non-Foreign Status in the form described by the Agreement (or if a
Certificate of Non-Foreign Status is not provided, an Opinion of Counsel as described in the Agreement), which investment letter and certificate or Opinion of Counsel shall not be at the expense of the Trust, the Owner Trustee, the Certificate
Registrar or the Depositor. The Certificateholder hereof desiring to effect such transfer shall, and does hereby agree to, indemnify the Trust, the Owner Trustee, the Depositor, the Servicer and the Certificate Registrar against any liability that
may result if the transfer is not so exempt or is not made in accordance with such federal and state laws. In connection with any such transfer, the Certificate Registrar (unless otherwise directed by the Depositor) will also require either (i) a
representation letter, in the form as described by the Agreement, stating that the transferee is not an employee benefit or other plan subject to the prohibited transaction restrictions or the fiduciary responsibility requirements of ERISA or
Section 4975 of the Code (a “Plan”), any person acting, directly or indirectly, on behalf of any such Plan or any Person using the “plan assets,” within the meaning of the Department of Labor Regulations Section 2510.3-101, to
effect such acquisition (collectively, a “Plan Investor”) or (ii) if such transferee is a Plan Investor, an opinion of counsel acceptable to and in form and substance satisfactory to the Depositor, the Owner Trustee, the Servicer and the
Certificate Registrar, or a certification in the form of Exhibit G to the Agreement, to the effect that the purchase or holding of such Certificate is permissible under applicable law, will not constitute or result in a prohibited transaction under
Section 406 of ERISA or Section 4975 of the Code (or comparable provisions of any subsequent enactments) and will not subject the Depositor, the Owner Trustee, the Servicer or the Certificate 

  

 4 

 
Registrar to any obligation or liability (including obligations or liabilities under Section 406 of ERISA or Section 4975 of the Code) in addition to those
undertaken in the Agreement. 
  
 This Certificate is one of a duly
authorized issue of Certificates designated as BellaVista [Mortgage] [Home Equity] Loan-Backed Certificates of the Series specified hereon (the “Certificates”). 
  
 The Certificateholder of this Certificate, by its acceptance hereof, agrees that it will look solely to the funds on deposit
in the Distribution Account that have been released from the Lien of the Indenture for payment hereunder and that neither the Owner Trustee in its individual capacity nor the Depositor is personally liable to the Certificateholders for any amount
payable under this Certificate or the Agreement or, except as expressly provided in the Agreement, subject to any liability under the Agreement. 
  
 The Certificateholder of this Certificate acknowledges and agrees that its rights to receive distributions in respect of this Certificate are subordinated
to the rights of the Noteholders as described in the Indenture. 
  
 Each Certificateholder, by its acceptance of a Certificate, covenants and agrees that such Certificateholder will not at any time institute against the Depositor, or join in any institution against the Depositor or the Trust of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Certificates, the Notes, the
Agreement or any of the other Basic Documents. 
  
 The Agreement
permits the amendment thereof as specified below, provided that any amendment be accompanied by the consent of the Enhancer and an Opinion of Counsel to the Owner Trustee to the effect that such amendment complies with the provisions of the
Agreement and will not cause the Trust to be subject to an entity level tax. If the purpose of any such amendment is to correct any mistake, eliminate any inconsistency, cure any ambiguity or deal with any matter not covered, it shall not be
necessary to obtain the consent of any Certificateholder, but the Owner Trustee shall be furnished with a letter from each Rating Agency to the effect that such amendment will not cause a Rating Event, determined without regard to the Policy, and
the consent of the Enhancer shall be obtained. If the purpose of any such amendment is to prevent the imposition of any federal or state taxes at any time that any Security is Outstanding, it shall not be necessary to obtain the consent of the any
Certificateholder, but the Owner Trustee shall be furnished with an Opinion of Counsel that such amendment is necessary or helpful to prevent the imposition of such taxes and is not materially adverse to any Certificateholder and the consent of the
Enhancer shall be obtained. If the purpose of the amendment is to add or eliminate or change any provision of the Agreement, other than as specified in the preceding two sentences, the amendment shall require either (a) a letter from each Rating
Agency to the effect that such amendment will not cause a Rating Event, determined without regard to the Policy or (b) the consent of Certificateholders of a majority of the Percentage Interests of the Certificates and the Indenture Trustee;
provided, however, that no such amendment shall (i) reduce in any manner the amount of, or delay the time of, payments received that are required to be distributed on any Certificate without the consent of all Certificateholders
affected thereby and the Enhancer, or (ii) reduce the aforesaid percentage of 

  

 5 

 
Certificates the Certificateholders of which are required to consent to any such amendment without the consent of the Certificateholders of all such
Certificates then outstanding. 
  
 As provided in the Agreement
and subject to certain limitations therein set forth, the transfer of this Certificate is registerable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies of the Certificate
Registrar maintained in the City and State of New York, accompanied by a written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Certificateholder hereof or such Certificateholder’s attorney duly
authorized in writing, and thereupon one or more new Certificates of authorized denominations evidencing the same Class and aggregate Percentage Interest will be issued to the designated transferee. The initial Certificate Registrar appointed under
the Agreement is the Owner Trustee. 
  
 Except as provided in the
Agreement, the Certificates are issuable only in minimum denominations of a 10.0000% Percentage Interest and in integral multiples of a 0.0001% Percentage Interest in excess thereof. As provided in the Agreement and subject to certain limitations
therein set forth, the Certificates are exchangeable for new Certificates of authorized denominations, as requested by the Certificateholder surrendering the same. This Certificate is issued in the Percentage Interest above. 
  
 No service charge will be made for any such registration of transfer or
exchange, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith. 
  
 The Owner Trustee, the Certificate Paying Agent, the Certificate Registrar and any agent of the Owner Trustee, the
Certificate Paying Agent, or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Owner Trustee, the Certificate Paying Agent, the Certificate Registrar or
any such agent shall be affected by any notice to the contrary. 
  
 This Certificate shall be governed by and construed in accordance with the laws of the State of Delaware. 
  
 The obligations created by the Agreement in respect of this Certificate and the Trust created thereby shall terminate upon the final distribution of all
moneys or other property or proceeds of the Trust Estate in accordance with the terms of the Indenture and the Agreement. 
  
 Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Owner Trustee, or an authenticating agent by
manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose. 
  

 6 

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

									
	 	 	 	 	 BELLAVISTA [FINANCE] [FUNDING TRUST 200[  ]

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

				
	Dated: [date]	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	Authorized Signatory

  
 CERTIFICATE OF
AUTHENTICATION 
  
 This is one of the Certificates referred to in the within
mentioned Agreement. 
  
 [name of Owner Trustee], 
 not in its individual capacity 
 but solely as Owner Trustee 
  

			
		
	 By:
	 	 
	 	 	Authorized Signatory

  

					
			
	 or
	 	 	 	,
	 as Authenticating Agent of the Owner Trustee
	 	 

  

			
		
	 By:
	 	 
	 	 	Authorized Signatory

  

 7 

 ASSIGNMENT 
  
 FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto 
  
 PLEASE INSERT SOCIAL SECURITY OR 
 OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  

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

 the within
Certificate, and all rights thereunder, hereby irrevocably constituting and appointing 
  
  

 to transfer said Certificate on the books of the Certificate Registrar, with full power of
substitution in the premises. 
  
 Dated: 

	
	
	_________________________________________ */
	Signature Guaranteed:
	
	________________________________ */

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

  

 8 

 DISTRIBUTION INSTRUCTIONS 
  
 The assignee should include the following for the information of the Certificate Paying Agent: 
  
 Distribution shall be made by wire transfer in immediately available funds to
___________________________________ 
  
 for the account of
                                        
                        , account number
                        , or, if mailed by check, to
                        . 
  
 Applicable statements should be mailed to
                                . 
  

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

  

 9 

 EXHIBIT B 
  
 CERTIFICATE OF TRUST 
  
 OF 
  
 BELLAVISTA [MORTGAGE] [HOME EQUITY] TRUST 200[    ] 
  
 THE UNDERSIGNED, [Name of Owner Trustee], as owner trustee (the “Trustee”), for the purpose of forming a statutory trust does hereby certify as follows: 
  
 1. The name of the statutory trust is: 
  
      BELLAVISTA [MORTGAGE] [HOME EQUITY] TRUST
200[    ] 
  
 2. The name and business
address of the Trustee of the statutory trust in the State Delaware is [Name and address of Owner Trustee]. 
  
 3. The statutory trust reserves the right to amend, alter, change, or repeal any provision contained in this Certificate of Trust in the manner now or
hereafter prescribed by law. 
  
 4. This Certificate of Trust
shall be effective upon filing. 
  
 THE UNDERSIGNED, being the
Trustee hereinbefore named, for the purpose of forming a statutory trust pursuant to the provisions of the Delaware Statutory Trust Act, does make this certificate of trust, hereby declaring and further certifying that this is its act and deed and
that to the best of the undersigned’s knowledge and belief the facts herein stated are true. 
  

			
	 [NAME OF OWNER TRUSTEE],
 not in its individual capacity but solely as owner trustee under the trust agreement to be dated as of [date]

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  
 Dated: [date] 
  

 1 

 EXHIBIT C 
  
 [FORM OF RULE 144A INVESTMENT REPRESENTATION] 
  
 Description of Rule 144A Securities, including numbers: 
  
 _______________________________________________ 
  
 _______________________________________________ 
  
 _______________________________________________ 
  
 _______________________________________________ 
  
 The undersigned seller, as registered holder (the “Seller”), intends to transfer the Rule 144A Securities described above to the undersigned
buyer (the “Buyer”). 
  
 1. In connection with such
transfer and in accordance with the agreements pursuant to which the Rule 144A Securities were issued, the Seller hereby certifies the following facts: Neither the Seller nor anyone acting on its behalf has offered, transferred, pledged, sold or
otherwise disposed of the Rule 144A Securities, any interest in the Rule 144A Securities or any other similar security to, or solicited any offer to buy or accept a transfer, pledge or other disposition of the Rule 144A Securities, any interest in
the Rule 144A Securities or any other similar security from, or otherwise approached or negotiated with respect to the Rule 144A Securities, any interest in the Rule 144A Securities or any other similar security with, any person in any manner, or
made any general solicitation by means of general advertising or in any other manner, or taken any other action, that would constitute a distribution of the Rule 144A Securities under the Securities Act of 1933, as amended (the “1933
Act”), or that would render the disposition of the Rule 144A Securities a violation of Section 5 of the 1933 Act or require registration pursuant thereto, and that the Seller has not offered the Rule 144A Securities to any person other than the
Buyer or another “qualified institutional buyer” as defined in Rule 144A under the 1933 Act. 
  
 2. The Buyer warrants and represents to, and covenants with, the Owner Trustee and the Depositor, pursuant to Section 3.05 of the trust agreement dated as
of [date] (the “Agreement”), between BellaVista [Finance] [Funding] Corporation, as depositor (the “Depositor”), and [Name of Owner Trustee], as owner trustee (the “Owner Trustee”), as follows: 
  
 a. The Buyer understands that the Rule 144A Securities have
not been registered under the 1933 Act or the securities laws of any state. 
  
 b. The Buyer considers itself a substantial, sophisticated institutional investor having such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of
investment in the Rule 144A Securities. 
  
 c.
The Buyer has been furnished with all information regarding the Rule 144A Securities that it has requested from the Seller, the Indenture Trustee, the Owner Trustee or the Servicer. 
  
 d. Neither the Buyer nor anyone acting on its behalf has offered, transferred, pledged, sold or otherwise
disposed of the Rule 144A Securities, any interest in the Rule 

  

 1 

 
144A Securities or any other similar security to, or solicited any offer to buy or accept a transfer, pledge or other disposition of the Rule 144A
Securities, any interest in the Rule 144A Securities or any other similar security from, or otherwise approached or negotiated with respect to the Rule 144A Securities, any interest in the Rule 144A Securities or any other similar security with, any
person in any manner, or made any general solicitation by means of general advertising or in any other manner, or taken any other action, that would constitute a distribution of the Rule 144A Securities under the 1933 Act or that would render the
disposition of the Rule 144A Securities a violation of Section 5 of the 1933 Act or require registration pursuant thereto, nor will it act, nor has it authorized or will it authorize any person to act, in such manner with respect to the Rule 144A
Securities. 
  
 e. The Buyer is a “qualified
institutional buyer” as that term is defined in Rule 144A under the 1933 Act and has completed either of the forms of certification to that effect attached hereto as Annex 1 or Annex 2. The Buyer is aware that the sale to it is being made in
reliance on Rule 144A. The Buyer is acquiring the Rule 144A Securities for its own account or the accounts of other qualified institutional buyers, understands that such Rule 144A Securities may be resold, pledged or transferred only (i) to a person
reasonably believed to be a qualified institutional buyer that purchases for its own account or for the account of a qualified institutional buyer to whom notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A, or
(ii) pursuant to another exemption from registration under the 1933 Act. 
  
 3. The Buyer represents that: 
  
 (i) either (a) or (b) is satisfied, as marked below: 
  
  ̈ a. The Buyer is not any
employee benefit plan subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or the Internal Revenue Code of 1986, as amended (the “Code”), a Person acting, directly or indirectly, on behalf of any
such plan or any Person acquiring such Certificates with “plan assets” of a Plan within the meaning of the Department of Labor Regulations Section 2510.3-101; or 
  
  ̈
b. The Buyer will provide the Depositor, the Owner Trustee, the Certificate Registrar and the Servicer with either: (x) an opinion of counsel, satisfactory to the Depositor, the Owner Trustee, the Certificate Registrar and the Servicer, to the
effect that the purchase and holding of a Certificate by or on behalf of the Buyer is permissible under applicable law, will not constitute or result in a prohibited transaction under Section 406 of ERISA or Section 4975 of the Code (or comparable
provisions of any subsequent enactments) and will not subject the Depositor, the Owner Trustee, the Certificate Registrar or the Servicer to any obligation or liability (including liabilities under ERISA or Section 4975 of the Code) in addition to
those undertaken in the Trust Agreement, which opinion of counsel shall not be an expense of the Depositor, the Owner Trustee, the Certificate Registrar or the Servicer; or (y) in lieu of such opinion of counsel, a certification in the form of
Exhibit G to the Trust Agreement; and 
  

 2 

 (ii) the Buyer is familiar with the prohibited transaction restrictions and fiduciary
responsibility requirements of Sections 406 and 407 of ERISA and Section 4975 of the Code and understands that each of the parties to which this certification is made is relying and will continue to rely on the statements made in this paragraph 3.

  
 This document may be executed in one or more counterparts and
by the different parties hereto on separate counterparts, each of which, when so executed, shall be deemed to be an original; such counterparts, together, shall constitute one and the same document. 
  
 Capitalized terms used herein that are not otherwise defined shall have the
meanings ascribed thereto in Appendix A to the indenture dated as of [    ], between the Trust and the Indenture Trustee. 
  

 3 

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

  

									
			
	 	 	 	 	 
	 	 	Print Name of Seller	 	 	 	 	 	Print Name of Buyer
					
	By:	 	 	 	 	 	By:	 	 
	 	 	 Name:
	 	 	 	 	 	 Name:

	 	 	 Title:
	 	 	 	 	 	 Title:

			
	 Taxpayer Identification:
	 	 	 	 Taxpayer Identification:

					
	 No.
	 	 	 	 	 	 No.
	 	 
					
	 Date:
	 	 	 	 	 	 Date:
	 	 

  

 4 

 ANNEX 1 TO EXHIBIT C 
  
 QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A 
  
 [For Buyers Other Than Registered Investment Companies] 
  
 The undersigned hereby certifies as follows in connection with the Rule 144A Investment Representation to which this
certification is attached: 
  
 1. As indicated below, the
undersigned is the President, Chief Financial Officer, Senior Vice President or other executive officer of the Buyer. 
  
 2. In connection with purchases by the Buyer, the Buyer is a “qualified institutional buyer” as that term is defined in Rule 144A under the
Securities Act of 1933 (“Rule 144A”) because (i) the Buyer owned and/or invested on a discretionary basis $                     1 in
securities (except for the excluded securities referred to below) as of the end of the Buyer’s most recent fiscal year (such amount being calculated in accordance with Rule 144A) and (ii) the Buyer satisfies the criteria in the category marked
below. 
  

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

  

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

  

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

  

	 	 ̈	Broker-Dealer. The Buyer is a dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended. 

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

  

 5 

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

  

	 	 ̈	State or Local Plan. The Buyer is a plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of the state or its political
subdivisions, for the benefit of its employees. 

  

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

 

	 	 ̈	Investment Adviser. The Buyer is an investment adviser registered under the Investment Advisers Act of 1940. as amended. 

  

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

  

	 	 ̈	Business Development Company. The Buyer is a business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940, as amended.

  

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

  
 3. The term “securities” as used herein does not include (i) securities of issuers that are affiliated with the Buyer, (ii) securities that are
part of an unsold allotment to or subscription by the Buyer, if the Buyer is a dealer, (iii) bank deposit notes and certificates of deposit, (iv) loan participations, (v) repurchase agreements, (vi) securities owned but subject to a repurchase
agreement and (vii) currency, interest rate and commodity swaps. 
  
 4. For purposes of determining the aggregate amount of securities owned and/or invested on a discretionary basis by the Buyer, the Buyer used the cost of such securities to the Buyer and did not include any of the securities referred to in
the preceding paragraph. Further, in determining such aggregate amount, the Buyer may have included securities owned by subsidiaries of the Buyer, but only if such subsidiaries are consolidated with the Buyer in its financial statements prepared in
accordance with generally accepted accounting principles and if the investments of such subsidiaries are managed under the Buyer’s direction. However, such securities were not included if the Buyer is a majority-owned, consolidated subsidiary
of another 

  

 6 

 
enterprise and the Buyer is not itself a reporting company under the Securities Exchange Act of 1934, as amended. 
  
 5. The Buyer acknowledges that it is familiar with Rule 144A and understands
that the seller to it and other parties related to the Rule 144A Securities are relying and will continue to rely on the statements made herein because one or more sales to the Buyer may be in reliance on Rule 144A. 
  

					
	 ̈	 	 ̈	  	Will the Buyer be purchasing the Rule 144A
	Yes	 	No	  	Securities only for the Buyer’s own account?

  
 6. If the answer to
the foregoing question is “no”, the Buyer agrees that, in connection with any purchase of securities sold to the Buyer for the account of a third party (including any separate account) in reliance on Rule 144A, the Buyer will only purchase
for the account of a third party that at the time is a “qualified institutional buyer” within the meaning of Rule 144A. In addition, the Buyer agrees that the Buyer will not purchase securities for a third party unless the Buyer has
obtained a current representation letter from such third party or taken other appropriate steps contemplated by Rule 144A to conclude that such third party independently meets the definition of “qualified institutional buyer” set forth in
Rule 144A. 
  
 7. The Buyer will notify each of the parties to
which this certification is made of any changes in the information and conclusions herein. Until such notice is given, the Buyer’s purchase of Rule 144A Securities will constitute a reaffirmation of this certification as of the date of such
purchase. 
  

			
	
	 
	Print Name of Buyer
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

		
	 Date:
	 	 

  

 7 

 ANNEX 2 TO EXHIBIT C 
  
 QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A 
  
 [For Buyers That Are Registered Investment Companies] 
  
 The undersigned hereby certifies as follows in connection with the Rule 144A Investment Representation to which this
certification is attached: 
  
 1. As indicated below, the
undersigned is the President, Chief Financial Officer or Senior Vice President of the Buyer or, if the Buyer is a “qualified institutional buyer” as that term is defined in Rule 144A under the Securities Act of 1933 (“Rule 144A”)
because Buyer is part of a Family of Investment Companies (as defined below), is such an officer of the Adviser. 
  
 2. In connection with purchases by Buyer, the Buyer is a “qualified institutional buyer” as defined in Rule 144A because (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, and (ii) as marked below, the Buyer alone, or the Buyer’s Family of Investment Companies, owned at least $100,000,000 in securities (other than the excluded securities
referred to below) as of the end of the Buyer’s most recent fiscal year. For purposes of determining the amount of securities owned by the Buyer or the Buyer’s Family of Investment Companies, the cost of such securities was used.

  

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

  

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

  
 3. The term “Family of Investment Companies” as used herein means two or more registered investment companies (or series thereof) that have the same investment adviser or investment advisers that are
affiliated (by virtue of being majority owned subsidiaries of the same parent or because one investment adviser is a majority owned subsidiary of the other). 
  
 4. The term “securities” as used herein does not include (i) securities of issuers that are affiliated with the Buyer or are part of the
Buyer’s Family of Investment Companies, (ii) bank deposit notes and certificates of deposit, (iii) loan participations, (iv) repurchase agreements, (v) securities owned but subject to a repurchase agreement and (vi) currency, interest rate and
commodity swaps. 
  
 5. The Buyer is familiar with Rule 144A and
understands that each of the parties to which this certification is made are relying and will continue to rely on the statements made 

  

 8 

 
herein because one or more sales to the Buyer will be in reliance on Rule 144A. In addition, the Buyer will only purchase for the Buyer’s own account.

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

			
		
	 	 	 
	 Print Name of Buyer

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	 IF AN ADVISER:

		
	 	 	 
	 Print Name of Buyer

		
	 Date:
	 	 

  

 9 

 EXHIBIT D 
  
 FORM OF INVESTOR REPRESENTATION LETTER 
  
                     ,
             
  
 [Depositor and address] 
  
 [Certificate Registrar and Address]

  

	 	Re:	BellaVista [Mortgage] [Home Equity] Loan-Backed Certificates, Series 200[  ] 

  
 Ladies and Gentlemen: 
  
                                       
   (the “Purchaser”) intends to purchase from                     (the “Seller”)
         % Certificate Percentage Interest of Series 200[  ] (the “Certificates”), issued pursuant to the trust agreement dated as of [date] (the “Trust
Agreement”), between BellaVista [Finance] [Funding] Corporation, as depositor (the “Depositor”) and [Name of Owner Trustee], as owner trustee (the “Owner Trustee”), as acknowledged and agreed by [Name of Certificate
Registrar], as Certificate Registrar. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in Appendix A to the indenture dated as of [date], between the Trust and the Indenture Trustee. The Purchaser
hereby certifies, represents and warrants to, and covenants with, the Depositor and the Certificate Registrar that: 
  
 1. The Purchaser understands that (a) the Certificates have not been and will not be registered or qualified under the Securities Act of
1933, as amended (the “Act”), or any state securities law, (b) the Company is not required to so register or qualify the Certificates, (c) the Certificates may be resold only if registered and qualified pursuant to the provisions of the
Act or any state securities law, or if an exemption from such registration and qualification is available, (d) the Trust Agreement contains restrictions regarding the transfer of the Certificates and (e) the Certificates will bear a legend to the
foregoing effect. 
  
 2. The Purchaser is
acquiring the Certificates for its own account for investment only and not with a view to or for sale in connection with any distribution thereof in any manner that would violate the Act or any applicable state securities laws. 
  
 3. The Purchaser is (a) a substantial, sophisticated
institutional investor having such knowledge and experience in financial and business matters, and, in particular, in such matters related to securities similar to the Certificates, such that it is capable of evaluating the merits and risks of
investment in the Certificates, (b) able to bear the economic risks of such an investment and (c) an “accredited investor” within the meaning of Rule 501(a) promulgated pursuant to the Act. 
  
 4. The Purchaser has been furnished with, and has had an
opportunity to review a copy of the Trust Agreement and such other information concerning the 

  

 1 

 
Certificates, the Mortgage Loans and the Depositor as has been requested by the Purchaser from the Depositor or the Seller and is relevant to the
Purchaser’s decision to purchase the Certificates. The Purchaser has had any questions arising from such review answered by the Depositor or the Seller to the satisfaction of the Purchaser. 
  
 5. The Purchaser has not and will not nor has it authorized
or will it authorize any person to (a) offer, pledge, sell, dispose of or otherwise transfer any Certificate, any interest in any Certificate or any other similar security to any person in any manner, (b) solicit any offer to buy or to accept a
pledge, disposition of other transfer of any Certificate, any interest in any Certificate or any other similar security from any person in any manner, (c) otherwise approach or negotiate with respect to any Certificate, any interest in any
Certificate or any other similar security with any person in any manner, (d) make any general solicitation by means of general advertising or in any other manner or (e) take any other action, that (as to any of (a) through (d) above) would
constitute a distribution of any Certificate under the Act, that would render the disposition of any Certificate a violation of Section 5 of the Act or any state securities law, or that would require registration or qualification pursuant thereto.
The Purchaser will not sell or otherwise transfer any of the Certificates, except in compliance with the provisions of the Trust Agreement. 
  
 6. The Purchaser represents: 
  
 (i) that either (a) or (b) is satisfied, as marked below: 
  
  ̈ a. The Purchaser is not any employee benefit plan subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or the Internal Revenue Code of 1986, as amended (the “Code”), a Person acting,
directly or indirectly, on behalf of any such plan or any Person acquiring such Certificates with “plan assets” of a Plan within the meaning of the Department of Labor Regulations Section 2510.3-101; or 
  
  ̈ b. The Purchaser will provide the Depositor, the Owner Trustee, the Certificate Registrar and the Servicer with either: (x) an opinion of counsel, satisfactory to the Depositor, the
Owner Trustee, the Certificate Registrar and the Servicer, to the effect that the purchase and holding of a Certificate by or on behalf of the Purchaser is permissible under applicable law, will not constitute or result in a prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code (or comparable provisions of any subsequent enactments) and will not subject the Depositor, the Owner Trustee, the Certificate Registrar or the Servicer to any obligation or liability (including
liabilities under ERISA or Section 4975 of the Code) in addition to those undertaken in the Trust Agreement, which opinion of counsel shall not be an expense of the Depositor, the Owner Trustee, the Certificate Registrar or the Servicer; or (y) in
lieu of such opinion of counsel, a certification in the form of Exhibit G to the Trust Agreement; and 
  
 (ii) the Purchaser is familiar with the prohibited transaction restrictions and fiduciary responsibility requirements of Sections 406 and
407 of ERISA and Section 

  

 2 

 
4975 of the Code and understands that each of the parties to which this certification is made is relying and will continue to rely on the statements made in
this paragraph 6. 
  
 7. The Purchaser is not a
non-United States person. 
  

			
	 Very truly yours,

	
	 
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

 3 

 EXHIBIT E 
  
 FORM OF TRANSFEROR REPRESENTATION LETTER 
  
                     ,
             
  
 [Depositor and Address] 
  
 [Certificate Registrar and Address]

  

	 	Re:	BellaVista [Mortgage] [Home Equity] Loan-Backed 

 Certificates, Series 200[  ] 
  
 Ladies and Gentlemen:

  
                                       
   (the “Purchaser”) intends to purchase from                      (the “Seller”) a
        % Percentage Interest of Certificates of Series 200[  ] (the “Certificates”), issued pursuant to the trust agreement dated as of [date] (the “Trust
Agreement”), between BellaVista [Finance] [Funding] Corporation, as depositor (the “Depositor”), and [Name of Owner Trustee], as owner trustee (the “Owner Trustee”), as acknowledged and agreed by [Name of Certificate
Registrar], as Certificate Registrar. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in Appendix A to the indenture dated as of [date], between the Trust and the Indenture Trustee. The Seller
hereby certifies, represents and warrants to, and covenants with, the Depositor and the Certificate Registrar that: 
  
 Neither the Seller nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred any Certificate, any interest in
any Certificate or any other similar security to any person in any manner, (b) has solicited any offer to buy or to accept a pledge, disposition or other transfer of any Certificate, any interest in any Certificate or any other similar security from
any person in any manner, (c) has 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) has made any general solicitation by means of
general advertising or in any other manner, or (e) has taken any other action, that (as to any of (a) through (e) above) would constitute a distribution of the Certificates under the Securities Act of 1933 (the “Act”), that would render
the disposition of any Certificate a violation of Section 5 of the Act or any state securities law, or that would require registration or qualification pursuant thereto. The Seller will 

  

 1 

 
not act, in any manner set forth in the foregoing sentence with respect to any Certificate. The Seller has not and will not sell or otherwise transfer any of
the Certificates, except in compliance with the provisions of the Trust Agreement. 
  

			
	 Very truly yours,

	
	 
	 (Seller)

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

 2 

  
 EXHIBIT F 
  
 FORM OF CERTIFICATE OF NON-FOREIGN STATUS 
  
 This Certificate of Non-Foreign Status is delivered pursuant to Section 3.05
of the trust agreement dated as of [date (the “Trust Agreement”), between BellaVista [Finance] [Funding] Corporation, as depositor (the “Depositor”), and [Name of Owner Trustee], as owner trustee, in connection with the
acquisition of, transfer to or possession by the undersigned, whether as beneficial owner (the “Beneficial Owner”), or nominee on behalf of the Beneficial Owner of BellaVista [Mortgage] [Home Equity] Loan-Backed Certificates, Series
200[        ] (the “Certificates”). Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in Appendix A to the indenture dated as of [date],
between the Trust and the Indenture Trustee. 
  
 Each holder must
complete Part I, Part II (if the holder is a nominee), and in all cases sign and otherwise complete Part III. 
  
 In addition, each holder shall submit with the Certificate an IRS Form W-9 relating to such holder. 
  
 To confirm to the Trust that the provisions of Sections 871, 881 or 1446 of
the Internal Revenue Code (relating to withholding tax on foreign partners) do not apply in respect of the Certificates held by the undersigned, the undersigned hereby certifies: 
  
 Part I - Complete Either A or B 
  

	 	A.	Individual as Beneficial Owner 

  

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

  

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

  
 _____________________________ 
 _____________________________ 
 _____________________________ ; and 
  

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

  

	 	B.	Corporate, Partnership or Other Entity as Beneficial Owner 

  

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

  

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

  

 1 

 ______________________________ 
 ______________________________ 
 ______________________________; and 
  

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

  
 Part II - Nominees 
  
 If the undersigned is the nominee for the Beneficial Owner, the undersigned
certifies that this Certificate has been made in reliance upon information contained in: 
  
  ̈ an IRS Form W-9 
  
  ̈ a form such as this or substantially similar 
  
 provided to the undersigned by an appropriate person and (i) the undersigned agrees to notify the Trust at least thirty (30) days prior to the date that the form relied
upon becomes obsolete, and (ii) in connection with change in Beneficial Owners, the undersigned agrees to submit a new Certificate of Non-Foreign Status to the Trust promptly after such change. 
  
 Part III - Declaration 
  
 The undersigned, as the Beneficial Owner or a nominee thereof, agrees to
notify the Trust within sixty (60) days of the date that the Beneficial Owner becomes a foreign person. The undersigned understands that this certificate may be disclosed to the Internal Revenue Service by the Trust and any false statement contained
therein could be punishable by fines, imprisonment or both. 
  
 Under penalties of perjury, I declare that I have examined this certificate and to the best of my knowledge and belief it is true, correct and complete and will further declare that I will inform the Trust of any change in the information
provided above, and, if applicable, I further declare that I have the authority* to sign this document. 
  

	
	
	  
	Name
	
	 
	Title (if applicable)
	
	 
	Signature and Date

  

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

  

 2 

 EXHIBIT G 
  
 FORM OF ERISA REPRESENTATION LETTER 
  
                     ,
             
  
 [Depositor and Address] 
  
 [Name and Address of Owner Trustee]

  
 [Name and Address of Certificate Registrar] 
  

	 	Re:	BellaVista [Mortgage] [Home Equity] Loan-Backed Certificates, Series 200[  ] 

  
 Ladies and Gentlemen: 
  
                                       
   (the “Transferee”) intends to acquire from                      (the “Transferor”) a
        % Percentage Interest of BellaVista [Mortgage] [Home Equity] Loan-Backed Certificates, Series 200[  ] (the “Certificates”), issued pursuant to a trust agreement
dated as of [date], between BellaVista [Finance] [Funding] Corporation, as depositor (the “Depositor”), and [Name of Owner Trustee], as owner trustee (the “Owner Trustee”). Capitalized terms used herein that are not otherwise
defined shall have the meanings ascribed thereto in Appendix A to the indenture dated as of [date], between the Trust and the Indenture Trustee. 
  
 The Transferee hereby certifies, represents and warrants to, and covenants with, the Depositor, the Owner Trustee, the Certificate Registrar and the
Servicer that: 
  
 The Certificates (i) are not being acquired
by, and will not be transferred to, any employee benefit plan within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or other retirement arrangement, including individual retirement
accounts and annuities, Keogh plans and bank collective investment funds and insurance company general or separate accounts in which such plans, accounts or arrangements are invested, that is subject to Section 406 of ERISA or Section 4975 of the
Internal Revenue Code of 1986, as amended (the “Code”) (any of the foregoing, a “Plan”), (ii) are not being acquired with “plan assets” of a Plan within the meaning of the Department of Labor (“DOL”)
Regulations Section 2510.3-101, and (iii) will not be transferred to any entity that is deemed to be investing in plan assets within the meaning of the DOL Regulations Section 2510.3-101. 
  

 1 

 The Transferee is familiar with the prohibited transaction restrictions and fiduciary responsibility
requirements of Sections 406 and 407 of ERISA and Section 4975 of the Code and understands that each of the parties to which this certification is made is relying and will continue to rely on the statements made herein. 
  

			
	 Very truly yours,

	
	 
		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

 2 

 EXHIBIT H 
  
 FORM OF REPRESENTATION LETTER 
  
                     ,
             
  
 [Depositor and Address] 
  
 [Name and address of Owner Trustee]

  
 [Name and address of Certificate Registrar] 
  

	 	Re:	BellaVista [Mortgage] [Home Equity] Loan-Backed Certificates, Series 200[  ] 

  
 Ladies and Gentlemen: 
  
                                       
   (the “Transferee”) intends to acquire from                      (the “Transferor”) a
        % Percentage Interest of BellaVista [Mortgage] [Home Equity] Loan-Backed Certificates, Series 200[  ] (the “Certificates”), issued pursuant to a trust agreement
dated as of [date] (the “Trust Agreement”), BellaVista [Finance] [Funding] Corporation, as depositor (the “Depositor”), and [Name of Owner Trustee], as owner trustee (the “Owner Trustee”). Capitalized terms used herein
that are not otherwise defined shall have the meanings ascribed thereto in Appendix A to the indenture dated as of [date] between the Trust and the Indenture Trustee. 
  
 The Transferee hereby certifies, represents and warrants to, and covenants with, the Depositor, the Owner Trustee, the
Certificate Registrar and the Servicer that: 
  
 (1) the Transferee is acquiring the Certificate for its own behalf and is not acting as agent or custodian for any other person or entity in connection with such acquisition; and 
  
 (2) the Transferee is not a partnership, grantor trust or S
corporation for federal income tax purposes, or, if the Transferee is a partnership, grantor trust or S corporation for federal income tax purposes, the Certificates are not more than 50% of the assets of the partnership, grantor trust or S
corporation. 
  

			
	 Very truly yours,

	
	 
		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:Form of Master Servicing Agreement

 EXHIBIT 4.3 
  

  
 [NAME OF MASTER SERVICER] 
 as Master Servicer, 
  
 BELLAVISTA [MORTGAGE] [HOME EQUITY] TRUST 200[    ], 
 as Issuer 
  
 and 
  
 [NAME
OF INDENTURE TRUSTEE] 
 as Indenture Trustee 
  

  
 MASTER SERVICING AGREEMENT

  
 Dated as of
            ,              
  

  

  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

		
	 ARTICLE I        Definitions
	  	2
			
	 Section 1.01
	  	Definitions	  	2
			
	 Section 1.02
	  	Other Definitional Provisions	  	2
			
	 Section 1.03
	  	Interest Calculations	  	3
		
	 ARTICLE II        Representations and Warranties
	  	3
			
	 Section 2.01
	  	Representations and Warranties Regarding the Servicer	  	3
			
	 Section 2.02
	  	Representations and Warranties of the Issuer	  	4
			
	 Section 2.03
	  	Enforcement of Representations and Warranties	  	4
		
	 ARTICLE III        Administration and Servicing of Mortgage Loans
	  	5
			
	 Section 3.01
	  	The Servicer	  	5
			
	 Section 3.02
	  	Collection of Certain Mortgage Loan Payments	  	8
			
	 Section 3.03
	  	Withdrawals from the Custodial Account	  	11
			
	 Section 3.04
	  	Maintenance of Hazard Insurance; Property Protection Expenses	  	13
			
	 Section 3.05
	  	Modification Agreements	  	14
			
	 Section 3.06
	  	Trust Estate; Related Documents	  	14
			
	 Section 3.07
	  	Realization Upon Defaulted Mortgage Loans	  	15
			
	 Section 3.08
	  	Issuer and Indenture Trustee to Cooperate	  	16
			
	 Section 3.09
	  	Servicing Compensation; Payment of Certain Expenses by Servicer	  	17
			
	 Section 3.10
	  	Annual Statement as to Compliance	  	18
			
	 Section 3.11
	  	Annual Servicing Report	  	18
			
	 Section 3.12
	  	Access to Certain Documentation and Information Regarding the Mortgage Loans	  	19
			
	 Section 3.13
	  	Maintenance of Certain Servicing Insurance Policies	  	19
			
	 Section 3.14
	  	Information Required by the Internal Revenue Service and Reports of Foreclosures and Abandonments of Mortgaged Property	  	19
			
	 Section 3.15
	  	Optional Repurchase or Transfer of Mortgage Loans	  	19
			
	 Section 3.16
	  	Reserved	  	 
			
	 Section 3.17
	  	Reserved	  	 

  

 i 

 TABLE OF CONTENTS 
 (Continued) 
  

					
	 	  	 	  	Page

			
	 Section 3.18
	  	Funding Account	  	 
			
	 Section 3.19
	  	Reserved	  	 
			
	 Section 3.20
	  	Reserve Sub-Account	  	 
			
	 Section 3.21
	  	Enforcement of Due-on-Sale Clauses; Assumption and Modification Agreements; Certain Assignments.	  	 
			
	 Section 3.22
	  	Advance Facility	  	 
		
	 ARTICLE IV        Servicing Certificate
	  	22
			
	 Section 4.01
	  	Statements to Securityholders	  	22
			
	 Section 4.02
	  	Tax Returns and 1934 Act Reports	  	25
		
	 ARTICLE V        Note Payment Account
	  	26
			
	 Section 5.01
	  	Note Payment Account	  	26
		
	 ARTICLE VI        The Servicer
	  	26
			
	 Section 6.01
	  	Liability of the Servicer	  	26
			
	 Section 6.02
	  	Merger or Consolidation of, or Assumption of the Obligations of, the Servicer	  	26
			
	 Section 6.03
	  	Limitation on Liability of the Servicer and Others	  	27
			
	 Section 6.04
	  	Servicer Not to Resign	  	28
			
	 Section 6.05
	  	Delegation of Duties	  	28
			
	 Section 6.06
	  	Payment of Indenture Trustee’s and Owner Trustee’s Fees and Expenses; Indemnification	  	28
		
	 ARTICLE VII        Default
	  	30
			
	 Section 7.01
	  	Servicing Default	  	30
			
	 Section 7.02
	  	Indenture Trustee to Act; Appointment of Successor	  	31
			
	 Section 7.03
	  	Notification to Securityholders	  	33
		
	 ARTICLE VIII        Miscellaneous Provisions
	  	34
			
	 Section 8.01
	  	Amendment	  	34
			
	 Section 8.02
	  	GOVERNING LAW	  	34
			
	 Section 8.03
	  	Notices	  	34
			
	 Section 8.04
	  	Severability of Provisions	  	34
			
	 Section 8.05
	  	Third-Party Beneficiaries	  	34

  

 ii 

 TABLE OF CONTENTS 
 (Continued) 
  

					
	 	  	 	  	Page

			
	 Section 8.06
	  	 Counterparts
	  	35
			
	 Section 8.07
	  	 Effect of Headings and Table of Contents
	  	35
			
	 Section 8.08
	  	 Termination Upon Purchase by the Servicer or Liquidation of All Mortgage Loans; Partial Redemption
	  	35
			
	 Section 8.09
	  	 Certain Matters Affecting the Indenture Trustee
	  	36
			
	 Section 8.10
	  	 Owner Trustee Not Liable for Related Documents
	  	36

  

 iii 

			
	 EXHIBIT A - MORTGAGE LOAN SCHEDULE
	  	A-1
		
	 EXHIBIT B - LIMITED POWER OF ATTORNEY
	  	B-1
		
	 EXHIBIT C - FORM OF REQUEST FOR RELEASE
	  	C-1
		
	 EXHIBIT D-1 - FORM OF FORM 10-K CERTIFICATION
	  	D-2
		
	 EXHIBIT D-2 - FORM OF BACK-UP CERTIFICATION TO FORM 10-K CERTIFICATE
	  	D-3

  

 iv 

 This Master Servicing Agreement, dated as of
            ,          (the “Agreement”), is among [Name of Master Servicer], as master servicer (the “Master
Servicer”), the BellaVista [Mortgage] [Home Equity] Trust 200[    ], as issuer (the “Issuer”), and [Name of Indenture Trustee], as indenture trustee (the “Indenture Trustee”). 
  
 WITNESSETH: 
  
 WHEREAS, pursuant to the terms of the Purchase Agreement (as defined herein),
Belvedere Trust Finance Corporation, as seller (the “Seller”) will sell to                     , as purchaser (in such capacity, the
“Purchaser”), the Mortgage Loans, together with the Related Documents, on the Closing Date; 
  
 WHEREAS, BellaVista [Finance] [Funding] Corporation, as depositor (in such capacity, the “Depositor”), will sell the Mortgage Loans and assign
all of its rights under the Purchase Agreement to the Issuer, together with the Related Documents on the Closing Date; 
  
 WHEREAS, pursuant to the terms of the Trust Agreement, the Issuer will issue the Certificates; 
  
 WHEREAS, pursuant to the terms of the Indenture, the Issuer will issue the
Bonds; and 
  
 WHEREAS, pursuant to the terms of this Agreement,
the Master Servicer will service the Mortgage Loans directly or through one or more Subservicers. 
  
 NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto agree as follows: 
  

 1 

 ARTICLE I 
  
 Definitions 
  
 Section 1.01 Definitions. For all purposes of this Agreement, except as otherwise expressly provided herein or unless the context otherwise
requires, capitalized terms not otherwise defined herein shall have the meanings assigned to such terms in the Definitions contained in Appendix A to the indenture dated as of
            ,          (the “Indenture”), between the Issuer and the Indenture Trustee, which is incorporated by reference
herein. All other capitalized terms used herein shall have the meanings specified herein. 
  
 Section 1.02 Other Definitional Provisions. 
  

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

  

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

  

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

  

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

  

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

  

 2 

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

	 	(a)	the Master Servicer is a corporation duly organized, validly existing and in good standing under the laws of
                     and has the corporate power to own its assets and to transact the business in which it is currently engaged. The Master
Servicer is duly qualified to do business as a foreign corporation and is in good standing in each jurisdiction in which the character of the business transacted by it or properties owned or leased by it requires such qualification and in which the
failure to so qualify would have a material adverse effect (not in the ordinary course of business) on the business, properties, assets, or condition (financial or other) of the Master Servicer; 

  

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

  

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

  

	 	(d)	 the execution and delivery of this Agreement and the performance of the transactions contemplated hereby by the Master Servicer will not violate any material
provision of any existing law or regulation or any order or decree of any court applicable to the Master Servicer or any provision of the [Certificate of 

  

 3 

	 	 
Incorporation] or Bylaws of the Master Servicer, or constitute a material breach of any material mortgage, indenture, contract or other agreement to which
the Master Servicer is a party or by which the Master Servicer may be bound; 

  

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

  

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

  

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

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

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

  

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

  
 Section 2.03 Enforcement of Representations
and Warranties. The Master Servicer, on behalf of and subject to the direction of the Indenture Trustee, as pledgee of the Mortgage Loans, 

  

 4 

 
or the Issuer, shall enforce the representations and warranties of the Seller pursuant to the Purchase Agreement. Upon the discovery by the Seller, the
Depositor, the Master Servicer, the Indenture Trustee, the Enhancer, the Issuer, or the Custodian of a breach of any of the representations and warranties made by the Seller in the Purchase Agreement, in respect of any Mortgage Loan which materially
and adversely affects the interests of the Securityholders or the Enhancer, the party discovering such breach shall give prompt written notice to the other parties (the Custodian being so obligated under the Custodial Agreement). The Master Servicer
shall promptly notify the Seller of such breach and request that, pursuant to the terms of the Purchase Agreement, the Seller either (i) cure such breach in all material respects within 90 days from the date the Seller was notified of such breach or
(ii) purchase such Mortgage Loan from the Issuer at the price and in the manner set forth in Section 3.1(d) of the Purchase Agreement; provided, that the Seller shall, subject to the conditions set forth in the Purchase Agreement, have the option to
substitute an Eligible Substitute Loan or Loans for such Mortgage Loan. In the event that the Seller elects to substitute one or more Eligible Substitute Loans pursuant to Section 3.1(e) of the Purchase Agreement, the Seller shall deliver to the
Custodian or the Master Servicer, in accordance with the Purchase Agreement, with respect to such Eligible Substitute Loans, the original Loan Agreement, the Mortgage, and such other documents and agreements as are required by the Purchase
Agreement. Payments due with respect to Eligible Substitute Loans in the month of substitution shall not be transferred to the Issuer and will be retained by the Master Servicer and remitted by the Master Servicer to the Seller on the next
succeeding Payment Date except to the extent that a payment less than the applicable Minimum Monthly Payment has been received by the Issuer for such month in respect of the Mortgage Loan to be removed. The Master Servicer shall amend or cause to be
amended the Mortgage Loan Schedule to reflect the removal of such Mortgage Loan and the substitution of the Eligible Substitute Loans and the Master Servicer shall promptly deliver the amended Mortgage Loan Schedule to the Owner Trustee and
Indenture Trustee. 
  
 It is understood and agreed that the
obligation of the Seller to cure such breach or purchase or substitute for such Mortgage Loan as to which such a breach has occurred and is continuing shall constitute the sole remedy respecting such breach available to the Issuer and the Indenture
Trustee, as pledgee of the Mortgage Loans, against the Seller. In connection with the purchase of or substitution for any such Mortgage Loan by the Seller, the Issuer shall assign to the Seller all of its right, title and interest in respect of the
Purchase Agreement applicable to such Mortgage Loan. Upon receipt of the Repurchase Price, or upon completion of such substitution, the Master Servicer shall notify the Custodian, and the Custodian shall deliver the Loan Agreements to the Master
Servicer, together with all relevant endorsements and assignments prepared by the Master Servicer that the Indenture Trustee shall execute. 
  
 ARTICLE III 
  
 Administration and Servicing of Mortgage Loans 
  
 Section 3.01 The Master Servicer. 
  

	 	(a)	 The Master Servicer shall service and administer the Mortgage Loans in a manner generally consistent with the terms of the Fannie Mae Guides and in a manner
consistent with the terms of this Agreement and that shall be normal and usual in 

  

 5 

	 	 
its general mortgage servicing activities and consistent with the manner in which it services all other Mortgage Loans in its servicing portfolio with
characteristics similar to those of the Mortgage Loans. The Master Servicer shall have full power and authority, acting alone or through a Subservicer, to do any and all things in connection with such servicing and administration which it may deem
necessary or desirable, it being understood, however, that the Master Servicer shall at all times remain responsible to the Issuer and the Indenture Trustee, as pledgee of the Mortgage Loans, for the performance of its duties and obligations
hereunder in accordance with the terms hereof and the Fannie Mae Guides. Without limiting the generality of the foregoing, the Master Servicer shall continue, and is hereby authorized and empowered by the Issuer and the Indenture Trustee, as pledgee
of the Mortgage Loans, to execute and deliver, on behalf of itself, the Issuer, the Indenture Trustee or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable
instruments with respect to the Mortgage Loans and the Mortgaged Properties. The Issuer, the Indenture Trustee and the Custodian, as applicable, shall furnish the Master Servicer with any powers of attorney and other documents necessary or
appropriate to enable the Master Servicer to carry out its servicing and administrative duties hereunder. In addition, the Master Servicer may, at its own discretion and on behalf of the Indenture Trustee, obtain credit information in the form of a
“credit score” from a credit repository. On the Closing Date, the Indenture Trustee shall deliver to the Master Servicer a limited power of attorney substantially in the form of Exhibit B hereto. The Master Servicer is further authorized
and empowered by the Issuer and the Indenture Trustee, on behalf of the Bondholders and the Indenture Trustee, in its own name or in the name of the Subservicer, when the Master Servicer or the Subservicer, as the case may be, believes it
appropriate in its best judgment to register any Mortgage Loan on the MERS® System, or cause the removal from the registration of any Mortgage Loan on the MERS® System, to execute and deliver, on behalf of the Indenture Trustee and the Bondholders or any of them, any and all instruments of assignment and other
comparable instruments with respect to such assignment or re-recording of a Mortgage in the name of MERS, solely as nominee for the Indenture Trustee and its successors and assigns. The Indenture Trustee shall have no ongoing responsibility to check
the status of the Mortgage Loans on the MERS®
System. Any expenses incurred in connection with the actions described in the preceding sentence shall be borne by the Master Servicer, with no right of reimbursement. 

  
 If the Mortgage did not have a Lien senior to the related Mortgage Loan on the related Mortgaged Property as of the related
Cut-Off Date, then the Master Servicer, in such capacity, may not consent to the placing of a Lien senior to that of the Mortgage on the related Mortgaged Property. If the Mortgage had a Lien senior to the related Mortgage Loan on the related
Mortgaged Property as of the related Cut-Off Date, then the Master Servicer, in such capacity, may consent to the refinancing of such prior senior Lien; provided, that (i) the resulting CLTV of such Mortgage Loan is no higher than the greater of the
CLTV prior to such refinancing or a 70% CLTV (or an 80% CLTV for those borrowers with a FICO “credit score” of 720 or greater) and (ii) the interest rate for the loan evidencing the refinanced senior Lien is no higher than the 

  

 6 

 
interest rate on the loan evidencing the existing senior Lien immediately prior to the date of such refinancing (meaning, in the case of an adjustable rate
loan, a substantially similar index and a gross margin no higher than that of the existing senior Lien); provided, however, that if the loan evidencing the existing senior Lien prior to the date of refinancing is an adjustable rate loan and the loan
evidencing the refinanced senior Lien is a fixed rate loan, then the interest rate on the loan evidencing the refinanced senior Lien may be up to 2.0% higher than the then-current mortgage rate of the loan evidencing the existing senior Lien and
(iii) the loan evidencing the refinanced senior Lien is not subject to negative amortization. 
  
 In connection with servicing the Mortgage Loans, the Master Servicer may take reasonable actions to encourage or effect the termination of Loan Agreements that have become dormant. 
  
 The relationship of the Master Servicer (and of any successor to the Master
Servicer as master servicer under this Agreement) to the Issuer under this Agreement is intended by the parties to be that of an independent contractor and not that of a joint venturer, partner or agent. 
  

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

  

 7 

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

	 	(c)	All other documents contained in the Mortgage File and any original documents relating to the Mortgage Loans not contained in the Mortgage File or delivered to the Custodian, if
any, or the Indenture Trustee are and shall be held by the Master Servicer in trust as agent for the Indenture Trustee on behalf of the Bondholders. 

  
 Section 3.02 Collection of Certain Mortgage Loan Payments. 
  

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

  

 8 

	 	 
coverage of any related insurance policy or materially adversely affect the Lien of the related Mortgage or the interests of the Securityholders or the
Enhancer, and the Master Servicer shall not grant any such waiver or extension that would have any such effect. Consistent with the terms of this Agreement, the Master Servicer may also: 

  

	 	(i)	waive, modify or vary any term of any Mortgage Loan (including reduce the Credit Limit); 

  

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

  

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

  

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

  

	 	(v)	capitalize past due amounts owed under the Mortgage Loan by adding any amounts in arrearage to the existing principal balance of the Mortgage Loan (a “Capitalization
Workout”) which will result in an increased monthly payment amount, provided that: (A) the amount added to the existing principal balance of the Mortgage Loan (the “Capitalized Amount”) shall be no greater than five times the
Mortgagor’s current Minimum Monthly Payment amount; and (B) the Master Servicer shall not enter into a Capitalization Workout unless the CLTV of the Mortgage Loan prior to the Capitalization Workout equals or exceeds 80% and the Mortgagor has
qualified for the Capitalization Workout under the Master Servicer’s servicing guidelines; or 

  

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

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

	 	(b)	 The Master Servicer shall establish a Custodial Account, which shall be an Eligible Account, titled “BellaVista [Mortgage] [Home Equity] Trust 200[__],”
in which the Master Servicer shall deposit or cause to be deposited any amounts representing payments and collections in respect of the Mortgage Loans received by it subsequent to or on the Cut-Off Date 

  

 9 

	 	 
(other than in respect of the payments referred to in the following paragraph), within two Business Days following receipt thereof (or otherwise on or prior
to the Closing Date), including the following payments and collections received or made by it (without duplication): 

  

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

  

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

  

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

  

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

  

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

  

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

  

provided, however, that with respect to each Collection Period, the Master Servicer shall be permitted to retain from payments in respect of interest on the Mortgage
Loans, the Servicing Fee for such Collection Period. The foregoing requirements respecting deposits to the Custodial Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Master Servicer need not
deposit in the Custodial Account amounts representing Foreclosure Profits, fees (including annual fees) or late charge penalties, payable by Mortgagors (such amounts to be retained as additional servicing compensation in accordance with Section 3.09
hereof), or amounts received by the Master Servicer for the accounts of Mortgagors for application towards the payment of taxes, insurance premiums, assessments and similar items. In the event any amount not required to be deposited in the Custodial
Account is so deposited, the Master Servicer may at any time withdraw such amount from the Custodial Account, any provision herein to the contrary notwithstanding. The Master Servicer shall retain all Foreclosure Profits as additional servicing
compensation. 
  
 The Master Servicer, in its sole discretion, may
deposit into the Custodial Account, Master Servicer Advances, representing installments of principal of or interest on Mortgage Loans that were delinquent as of the end of any Collection Period, provided that the Master Servicer reasonably believes
that such amounts will be recoverable from Collections on the related Mortgage Loan. If the Master Servicer makes any such Master Servicer Advances, the Master Servicer shall be entitled to reimburse itself by withdrawing from the Custodial Account,
as provided herein, any amounts so advanced. The Master Servicer may cause the institution maintaining the Custodial Account to invest any funds in the Custodial Account in Permitted Investments (including obligations of the Master Servicer or any
of its Affiliates, if such 

  

 10 

 
obligations otherwise qualify as Permitted Investments), which investments shall mature not later than the Business Day preceding the next succeeding Payment
Date, and which investments shall not be sold or disposed of prior to maturity. In addition, no such Permitted Investment shall be purchased at a price in excess of par. Except as provided above, all income and gain realized from any such investment
shall inure to the benefit of the Master Servicer and shall be subject to its withdrawal or order from time to time. The amount of any losses incurred in respect of the principal amount of any such investments shall be deposited in the Custodial
Account by the Master Servicer out of its own funds immediately as realized. 
  

	 	(c)	The Master Servicer shall require each Subservicer to hold all funds constituting collections on the Mortgage Loans, pending remittance thereof to the Master Servicer, in one or
more accounts meeting the requirements of an Eligible Account, and shall require all such funds to be invested in Permitted Investments, unless all such collections are remitted on a daily basis to the Master Servicer for deposit into the Custodial
Account. 

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

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

  

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

  

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

  

 11 

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  
 Since, in connection with withdrawals pursuant to clauses (c), (d), (e), (f) and (h), the Master Servicer’s entitlement thereto is limited to collections or other recoveries on the related Mortgage Loan, the
Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such clauses. Notwithstanding any other provision of this
Agreement, the Master Servicer shall be entitled to reimburse itself for any previously unreimbursed expenses 

  

 12 

 
incurred pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this Agreement that the Master Servicer determines to be otherwise
nonrecoverable (except with respect to any Mortgage Loan as to which the Repurchase Price has been paid), by withdrawal from the Custodial Account of amounts on deposit therein attributable to the Mortgage Loans on any Business Day prior to the
Payment Date succeeding the date of such determination. 
  
 Section 3.04 Maintenance of Hazard Insurance; Property Protection Expenses. To the extent permitted under the related Loan Agreement and Mortgage, and to the extent the Master Servicer receives notice that a hazard insurance policy
has been cancelled, the Master Servicer shall cause to be maintained for each Mortgage Loan hazard insurance naming the Master Servicer or related Subservicer as loss payee thereunder providing extended coverage in an amount which is at least equal
to the lesser of (i) the maximum insurable value of the improvements securing such Mortgage Loan from time to time or (ii) the combined principal balance owing on such Mortgage Loan and any mortgage loan senior to such Mortgage Loan from time to
time; provided, however, that such coverage may not be less than the minimum amount required to fully compensate for any loss or damage on a replacement cost basis. The Master Servicer shall use its best efforts to monitor that hazard insurance is
maintained as described in the previous sentence in the same manner as it would for mortgage loans in its own portfolio. The Master Servicer shall also cause to be maintained on property acquired upon foreclosure, or deed in lieu of foreclosure, of
any Mortgage Loan, fire insurance with extended coverage in an amount which is at least equal to the amount necessary to avoid the application of any co-insurance clause contained in the related hazard insurance policy. Amounts collected by the
Master Servicer under any such policies (other than amounts to be applied to the restoration or repair of the related Mortgaged Property or property thus acquired or amounts released to the Mortgagor in accordance with the Master Servicer’s
normal servicing procedures) shall be deposited in the Custodial Account to the extent called for by Section 3.02. In cases in which any Mortgaged Property is located at any time during the life of a Mortgage Loan in a federally designated flood
area, to the extent permitted under the related Loan Agreement and Mortgage, and to the extent the Master Servicer receives notice that the related flood insurance has been cancelled, the hazard insurance to be maintained for the related Mortgage
Loan shall include flood insurance (to the extent available). All such flood insurance shall be in amounts equal to the lesser of (i) the amount required to compensate for any loss or damage to the related Mortgaged Property on a replacement cost
basis and (ii) the maximum amount of such insurance available for such Mortgaged Property under the national flood insurance program (assuming that the area in which such Mortgaged Property is located is participating in such program). The Master
Servicer shall use its best efforts to monitor such flood insurance as described in the previous sentence in the same manner as it would for mortgage loans in its own portfolio. The Master Servicer shall be under no obligation to require that any
Mortgagor maintain earthquake or other additional insurance and shall be under no obligation itself to maintain any such additional insurance on property acquired in respect of a Mortgage Loan, other than pursuant to such applicable laws and
regulations as shall at any time be in force and as shall require such additional insurance. If the Master Servicer shall obtain and maintain a blanket policy consistent with its general mortgage servicing activities insuring against hazard losses
on all of the Mortgage Loans, it shall conclusively be deemed to have satisfied its obligations as set forth in the first sentence of this Section 3.04, it being understood and agreed that such policy may contain a deductible clause, in which case
the Master Servicer shall, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with the first 

  

 13 

 
sentence of this Section 3.04 and there shall have been a loss which would have been covered by such policy, deposit in the Custodial Account the amount not
otherwise payable under the blanket policy because of such deductible clause. Any such deposit by the Master Servicer shall be made on the last Business Day of the Collection Period in the month in which payments under any such policy would have
been deposited in the Custodial Account. In connection with its activities as servicer of the Mortgage Loans, the Master Servicer agrees to present, on behalf of itself, the Issuer and the Indenture Trustee, claims under any such blanket policy.

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

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

  

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

  

 14 

	 	(c)	Upon receipt of a Request for Release from the Master Servicer, substantially in the form of Exhibit C hereto, to the effect that a Mortgage Loan has been the subject of a final
payment or a prepayment in full and such Mortgage Loan has been terminated or that substantially all Net Liquidation Proceeds that have been determined by the Master Servicer in its reasonable judgment to be finally recoverable have been recovered,
and upon deposit to the Custodial Account of such final monthly payment, prepayment in full together with accrued and unpaid interest to the date of such payment with respect to such Mortgage Loan or, if applicable, Net Liquidation Proceeds, the
Custodian shall promptly release the Related Documents held by the Custodian to the Master Servicer. The Indenture Trustee shall execute such Related Documents, along with such documents as the Master Servicer or the related Mortgagor may request to
evidence satisfaction and discharge of such Mortgage Loan, upon request of the Master Servicer. If from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Master Servicer requests the Custodian to release the
Related Documents held by the Custodian and delivers to the Custodian a trust receipt reasonably satisfactory to the Custodian and signed by a Responsible Officer of the Master Servicer, the Custodian shall release such Related Documents to the
Master Servicer. If such Mortgage Loans shall be liquidated and the Custodian receives a certificate from the Master Servicer as provided above, then, upon request of the Master Servicer, the Custodian shall release the trust receipt to the Master
Servicer. 

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

  

 15 

 
connection with any foreclosure or attempted foreclosure which is not completed or towards the correction of any default on a related senior mortgage loan or
restoration of any property unless it shall determine that such expenditure will increase the related Net Liquidation Proceeds. In the event of a determination by the Master Servicer that any such expenditure previously made pursuant to this Section
3.07 will not be reimbursable from Net Liquidation Proceeds, the Master Servicer shall be entitled to reimbursement of its funds so expended pursuant to Section 3.03. 
  
 Notwithstanding any provision of this Agreement, a Mortgage Loan may be deemed to be finally liquidated if substantially all
amounts expected by the Master Servicer to be received in connection therewith have been received; provided, however, that the Master Servicer may continue to pursue recovery of such Mortgage Loan and any Recovery Amount, with respect to any
such Mortgage Loan shall be deposited into the Custodial Account. For purposes of determining the amount of any Net Liquidation Proceeds, Insurance Proceeds or other unscheduled collections, the Master Servicer may take into account minimal amounts
of additional receipts expected to be received or any estimated additional liquidation expenses expected to be incurred in connection with such Mortgage Loan. 
  

In the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall
be issued to the Indenture Trustee, which shall hold the same on behalf of the Issuer in accordance with Section 3.13 of the Indenture. Notwithstanding any such acquisition of title and cancellation of the related Mortgage Loan, such Mortgaged
Property shall (except as otherwise expressly provided herein) be considered to be an outstanding Mortgage Loan held as an asset of the Issuer until such time as such property shall be sold. Consistent with the foregoing for purposes of all
calculations hereunder, so long as the related Mortgage Loan shall be considered to be an outstanding Mortgage Loan, it shall be assumed that, notwithstanding that the indebtedness evidenced by the related Loan Agreement shall have been discharged,
such Loan Agreement in effect at the time of any such acquisition of title before any adjustment thereto by reason of any bankruptcy or similar proceeding or any moratorium or similar waiver or grace period will remain in effect. 
  
 Any proceeds from foreclosure proceedings or the purchase or repurchase of
any Mortgage Loan pursuant to the terms of this Agreement, as well as any recovery resulting from a collection of Net Liquidation Proceeds or Insurance Proceeds, shall be applied in the following order of priority: first, to reimburse the Master
Servicer or the related Subservicer in accordance with this Section 3.07; second, to pay the Master Servicer or the related Subservicer all Servicing Fees payable therefrom; third, to pay accrued and unpaid interest on such Mortgage Loan, at the Net
Loan Rate to the Payment Date on which such amounts are to be deposited in the Bond Payment Account or Distribution Account; and fourth, as a recovery of principal on such Mortgage Loan. Any remaining amount shall constitute Foreclosure Profits.

  
 Section 3.08 Issuer and Indenture Trustee to Cooperate.
On or before each Payment Date, the Master Servicer will notify the Indenture Trustee or the Custodian, with a copy to the Issuer, of the termination of or the payment in full and the termination of any Mortgage Loan during the preceding Collection
Period. Upon receipt of payment in full, the Master Servicer is authorized to execute, pursuant to the authorization contained in Section 3.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be
recorded by the Master Servicer if required by applicable law and be delivered to the Person entitled thereto 

  

 16 

 
and to cause the removal from the registration on the MERS® System of such Mortgage. It is understood and agreed that any expenses incurred in connection with such instrument of satisfaction or transfer
shall be reimbursed from amounts deposited in the Custodial Account. From time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Custodian shall, upon request of the Master Servicer and delivery to the Custodian,
with a copy to the Issuer, of a Request for Release, in the form attached hereto as Exhibit C, signed by a Servicing Officer, release or cause to be released the related Loan Agreement to the Master Servicer. The Issuer or Indenture Trustee shall
promptly execute such documents, in the forms provided by the Master Servicer, as shall be necessary for the prosecution of any such proceedings or the taking of other servicing actions. Such trust receipt shall obligate the Master Servicer to
return such Loan Agreement to the Custodian (as specified in such receipt) when the need therefor by the Master Servicer no longer exists, unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing
Officer similar to that specified above, such trust receipt shall be released to the Master Servicer. 
  
 In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default following recordation of the related Assignment of
Mortgage in accordance with the provisions of the Purchase Agreement, the Indenture Trustee or the Issuer shall, if so requested in writing by the Master Servicer, promptly execute an appropriate assignment in the form provided by the Master
Servicer to assign such Mortgage Loan for the purpose of collection to the Master Servicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only), and, upon such assignment, such assignee for
collection will thereupon bring all required actions in its own name and otherwise enforce the terms of such Mortgage Loan and deposit or credit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto into the
Custodial Account. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured, then the assignee for collection shall promptly reassign such Mortgage Loan to the Indenture
Trustee and return all Related Documents to the place where the related Mortgage File was being maintained. 
  
 In connection with the Issuer’s obligation to cooperate as provided in this Section 3.08 and all other provisions of this Agreement requiring the
Issuer to authorize or permit any actions to be taken with respect to the Mortgage Loans, the Indenture Trustee, as pledgee of the Mortgage Loans and as assignee of record of the Mortgage Loans on behalf of the Issuer pursuant to Section 3.13 of the
Indenture, expressly agrees, on behalf of the Issuer, to take all such actions on behalf of the Issuer and to promptly execute and return all instruments reasonably required by the Master Servicer in connection therewith; provided, that if the
Master Servicer requests a signature of the Indenture Trustee, on behalf of the Issuer, then the Master Servicer shall deliver to the Indenture Trustee an Officer’s Certificate stating that such signature is necessary or appropriate to enable
the Master Servicer to carry out its servicing and administrative duties under this Agreement. 
  
 Section 3.09 Servicing Compensation; Payment of Certain Expenses by Master Servicer. The Master Servicer shall be entitled to receive the Servicing Fee in accordance with Section 3.03 as compensation for its
services in connection with servicing the Mortgage Loans. Moreover, late payment charges and other receipts not required to be deposited in the Custodial Account as specified in Section 3.02 shall be retained by the Master Servicer as additional

  

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servicing compensation. The Master Servicer shall be required to pay all expenses incurred by it in connection with its activities hereunder (including
payment of all other fees and expenses not expressly stated hereunder to be for the account of the Securityholders), including the fees and expenses of the Owner Trustee, Indenture Trustee and the Custodian, and shall not be entitled to
reimbursement therefor. 
  
 Section 3.10 Annual Statement as to
Compliance. 
  

	 	(a)	The Master Servicer shall deliver to the Issuer, the Indenture Trustee, the Depositor and the Representative, with a copy to the Enhancer, beginning March 31, 2005, and on or before
March 31 of each year thereafter, an Officer’s Certificate stating that (i) a review of the activities of the Master Servicer during the preceding calendar year and of its performance under any servicing agreements to which it is a party,
including this Agreement, has been made under such officer’s supervision and (ii) to the best of such officer’s knowledge, based on such review, the Master Servicer has complied in all material respects with the minimum servicing standards
set forth in the Uniform Single Attestation Program for Mortgage Bankers and has fulfilled all of its material obligations in all material respects throughout such year, or, if there has been material noncompliance with such servicing standards or a
default in the fulfillment in all material respects of any such obligation relating to this Master Servicing Agreement, such statement shall include a description of such noncompliance or specify each such default, as the case may be, known to such
officer and the nature and status thereof. 

  

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

  
 Section 3.11 Annual Servicing Report. Beginning March 31, 2005, and on
or before March 31 of each year thereafter, the Master Servicer at its expense shall cause a firm of nationally recognized independent public accountants (which firm may also render other services to the Master Servicer) to furnish a report to the
Issuer, the Indenture Trustee, the Depositor, the Representative, the Enhancer and each Rating Agency stating its opinion that, on the basis of an examination conducted by such firm substantially in accordance with standards established by the
American Institute of Certified Public Accountants, the assertions made pursuant to Section 3.10 regarding compliance with the minimum servicing standards set forth in the Uniform Single Attestation Program for Mortgage Bankers during the preceding
calendar year are fairly stated in all material respects, subject to such exceptions and other qualifications that, in the opinion of such firm, such accounting standards require it to report. In rendering such statement, such firm may rely, as to
matters relating to the direct servicing of Mortgage Loans by Subservicers, upon comparable statements for examinations conducted by independent public accountants substantially in accordance with standards established by the American Institute of
Certified Public Accountants (rendered within one year of such statement) with respect to such Subservicers. 
  

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 Section 3.12 Access to Certain Documentation and Information Regarding the Mortgage Loans.
Whenever required by statute or regulation, the Master Servicer shall provide to the Enhancer, any Securityholder upon reasonable request (or a regulator for a Securityholder) or the Indenture Trustee, reasonable access to the documentation
regarding the Mortgage Loans. Such access shall be afforded without charge, but only upon reasonable request and during normal business hours at the offices of the Master Servicer. Nothing in this Section 3.12 shall derogate from the obligation of
the Master Servicer to observe any applicable law prohibiting disclosure of information regarding Mortgagors, and the failure of the Master Servicer to provide access as provided in this Section 3.12 as a result of such obligation shall not
constitute a breach of this Section 3.12. 
  
 Section 3.13
Maintenance of Certain Servicing Insurance Policies. The Master Servicer shall, during the term of its service as Master Servicer, maintain in force and effect (i) a policy or policies of insurance covering errors and omissions in the
performance of its obligations as Master Servicer hereunder and (ii) a fidelity bond in respect of its officers, employees or agents. Each such policy or policies and fidelity bond shall be at least equal to the coverage that would be required by
Fannie Mae or Freddie Mac, whichever is greater, for Persons performing servicing for mortgage loans purchased by such entity. 
  
 Section 3.14 Information Required by the Internal Revenue Service and Reports of Foreclosures and Abandonments of Mortgaged Property. The Master
Servicer shall prepare and deliver all federal and state information reports with respect to the Mortgage Loans when and as required by all applicable state and federal income tax laws. In particular, with respect to the requirement under Section
6050J of the Code to the effect that the Master Servicer or Subservicer shall make reports of foreclosures and abandonments of any mortgaged property for each year beginning in 200_, the Master Servicer or Subservicer shall file reports relating to
each instance occurring during the previous calendar year in which the Master Servicer (a) on behalf of the Issuer, acquired an interest in any Mortgaged Property through foreclosure or other comparable conversion in full or partial satisfaction of
a Mortgage Loan, or (b) knew or had reason to know that any Mortgaged Property had been abandoned. The reports from the Master Servicer or Subservicer shall be in form and substance sufficient to meet the reporting requirements imposed by Section
6050J and Section 6050H (reports relating to mortgage interest received) of the Code. 
  
 Section 3.15 Optional Repurchase or Transfer of Mortgage Loans. 
  

	 	(a)	Notwithstanding any provision in Section 3.07 to the contrary, the Master Servicer, at its option and in its sole discretion, may repurchase any Mortgage Loan that is delinquent in
payment by a period of [ninety (90)] days or longer for a price equal to the Repurchase Price; provided, however, that any such repurchase shall occur only on or before the next to the last day of the calendar month in which such Mortgage Loan
became [ninety] days delinquent (such month, the “Eligible Repurchase Month”); provided, further, that any such Mortgage Loan which becomes current but thereafter becomes delinquent may be purchased by the Master Servicer pursuant to this
Section in any subsequent Eligible Repurchase Month. 

  

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	 	(b)	The Master Servicer, at its option and in its sole discretion, may repurchase any Mortgage Loan for a price equal to the Repurchase Price (i) if the related Mortgage did not have a
Lien senior to it as of the related Cut-Off Date, and, at the request of the related Mortgagor, the Master Servicer agrees to the placement of a Lien on the related Mortgaged Property senior to that of such Mortgage or (ii) at the request of the
Mortgagor, the Master Servicer agrees to an increase in the Credit Limit above the Credit Limit of such Mortgage Loan as of the related Cut-Off Date or (iii) at the request of the Mortgagor, the Master Servicer agrees to the refinancing of the Lien
senior to that of the related Mortgage resulting in a CLTV above the previous CLTV for such Mortgage Loan. 

  

	 	(c)	Subject to the conditions set forth below, the Master Servicer, upon receipt of written notice and direction from the Issuer, shall cause the retransfer of Mortgage Loans from the
Trust Estate to the Issuer as of the close of business on a Payment Date (the “Transfer Date”). On the fifth Business Day (the “Transfer Notice Date”) prior to the Transfer Date designated in such notice, the Master Servicer
shall give the Indenture Trustee, the Rating Agencies and the Enhancer a notice of the proposed retransfer that contains a list of the Mortgage Loans to be retransferred. Such retransfers of Mortgage Loans shall be permitted upon satisfaction of the
following conditions: 

  

	 	(i)	No Rapid Amortization Event has occurred; 

  

	 	(ii)	On the Transfer Date, the Overcollateralization Amount (after giving effect to the removal from the Trust Estate of the Mortgage Loans proposed to be retransferred) will equal or
exceed the Overcollateralization Target Amount; 

  

	 	(iii)	The retransfer of any Mortgage Loans on any Transfer Date during the Managed Amortization Period shall not, in the reasonable belief of the Master Servicer, cause a Rapid
Amortization Event to occur or an event which with notice or lapse of time or both would constitute a Rapid Amortization Event; 

  

	 	(iv)	On or before the Transfer Date, the Master Servicer shall have delivered to the Indenture Trustee a revised Mortgage Loan Schedule showing that the Mortgages Loans transferred to
the Certificateholders are no longer owned by the Trust Estate; 

  

	 	(v)	The Master Servicer shall represent and warrant that the Mortgage Loans to be removed from the Trust Estate were selected at random [and the Master Servicer shall have received the
consent of the Enhancer as to the selection of the particular Mortgage Loans to be removed]; and 

  

	 	(vi)	 The Master Servicer shall have delivered to the Indenture Trustee and the Enhancer an officer’s certificate certifying that the items set forth in
subparagraphs (i) through (v), inclusive, have been performed or are true 

  

 20 

	 	 
and correct, as the case may be. The Indenture Trustee may conclusively rely on such officer’s certificate, shall have no duty to make inquiries with
regard to the matters set forth therein and shall incur no liability in so relying. 

  
 The Master Servicer shall not be permitted to effect the retransfer of any Mortgage Loan except under the conditions specified above. Upon receiving the
requisite notice and direction from the Issuer, the Master Servicer shall perform in a timely manner those acts required of it, as specified above. Upon satisfaction of the above conditions, on the Transfer Date the Indenture Trustee shall deliver,
or cause to be delivered, to the Issuer a written itemization of each Mortgage Loan being transferred, together with the Mortgage File for each such Mortgage Loan, and the Indenture Trustee shall execute and deliver to the Issuer or its designee
such other documents prepared by the Master Servicer as shall be reasonably necessary to transfer such Mortgage Loans to the Certificateholders. Any such transfer of the Trust Estate’s right, title and interest in and to Mortgage Loans shall be
without recourse, representation or warranty by or of the Indenture Trustee or the Trust Estate to the Issuer or its designee. 
  
 Section 3.16 Enforcement of Due-on-Sale Clauses; Assumption and Modification Agreements; Certain Assignments. 
  

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

  

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

  

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

  

	 	(b)	 Subject to the Master Servicer’s duty to enforce any due-on-sale clause to the extent set forth in Section 3.16(a), in any case in which a Mortgaged Property
is to be conveyed to a Person by a Mortgagor, and such Person is to enter into an assumption or modification agreement or supplement to the Loan Agreement or Mortgage which requires the signature of the Indenture Trustee, or if an instrument of
release signed by the Indenture Trustee is required releasing the Mortgagor from liability on the Mortgage Loan, the Master Servicer is authorized, subject to the requirements of the sentence next following, to execute and deliver, on behalf of the
Indenture Trustee, the assumption agreement with the Person to whom the Mortgaged Property is to be conveyed and such modification 

  

 21 

	 	 
agreement or supplement to the Loan Agreement or Mortgage or other instruments as are reasonable or necessary to carry out the terms of the Loan Agreement or
Mortgage or otherwise to comply with any applicable laws regarding assumptions or the transfer of the Mortgaged Property to such Person. The Master Servicer shall execute and deliver such documents only if it reasonably determines that (i) its
execution and delivery thereof will not conflict with or violate any terms of this Agreement or cause the unpaid balance and interest on the Mortgage Loan to be uncollectible in whole or in part, (ii) any required consents of insurers under any
Required Insurance Policies have been obtained and (iii) subsequent to the closing of the transaction involving the assumption or transfer (A) such transaction will not adversely affect the coverage under any Required Insurance Policies, (B) the
Mortgage Loan will fully amortize over the remaining term thereof, (C) no material term of the Mortgage Loan (including the interest rate on the Mortgage Loan) will be altered nor will the term of the Mortgage Loan be changed and (D) if the
seller/transferor of the Mortgaged Property is to be released from liability on the Mortgage Loan, such release will not (based on the Master Servicer’s or Subservicer’s good faith determination) adversely affect the collectability of the
Mortgage Loan. Upon receipt of appropriate instructions from the Master Servicer in accordance with the foregoing, the Indenture Trustee shall execute any necessary instruments for such assumption or substitution of liability as directed in writing
by the Master Servicer. Upon the closing of the transactions contemplated by such documents, the Master Servicer shall cause the originals or true and correct copies of the assumption agreement, the release (if any), or the modification or
supplement to the Loan Agreement or Mortgage to be delivered to the Indenture Trustee or the Custodian and deposited with the Mortgage File for such Mortgage Loan. Any fee collected by the Master Servicer or such related Subservicer for entering
into an assumption or substitution of liability agreement will be retained by the Master Servicer or such Subservicer as additional servicing compensation. 

  
 ARTICLE IV 
  
 Servicing Certificate 
  
 Section 4.01 Statements to Securityholders. 
  

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

  

	 	(i)	 the aggregate amount of (a) Interest Collections, (b) Principal Collections (and, with respect to any Payment Date relating to the Managed 

  

 22 

	 	 
Amortization Period, Net Principal Collections) and (c) Substitution Adjustment Amounts for such Collection Period; 

  

	 	(ii)	the amount of such distribution as principal to the Bondholders of each Class of Bonds; 

  

	 	(iii)	the amount of such distribution as interest to the Bondholders of each Class of Bonds, the amount thereof, if any, payable in respect of unpaid Interest Shortfalls, and the amount
of any Interest Shortfalls for the related Payment Date; 

  

	 	(iv)	each Policy Draw Amount, if any, for such Payment Date and the aggregate amount of prior draws on the Policy thereunder not yet reimbursed; 

  

	 	(v)	the amount of such distribution to the Certificateholders; 

  

	 	(vi)	the amount of any Additional Balance Increase Amount payable to the Certificateholders; 

  

	 	(vii)	the aggregate Principal Balance of the Mortgage Loans as of the end of the preceding Collection Period; 

  

	 	(viii)	the number and aggregate Principal Balances of Mortgage Loans (a) as to which the Minimum Monthly Payment is delinquent for 30-59 days, 60-89 days, 90-119 days, 120-149 days and
150-179 days, respectively, (b) the related Mortgaged Property of which has been foreclosed upon and (c) as to which the related Mortgaged Property has become REO Property, in each case as of the end of the preceding Collection Period; provided,
however, that such information shall not be provided on the statements relating to the first Payment Date; 

  

	 	(ix)	the number and aggregate Principal Balance of Mortgage Loans repurchased pursuant to Section 3.15(a) herein during such Collection Period; 

  

	 	(x)	the Net WAC Rate for the related Collection Period; 

  

	 	(xi)	the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount distributed as principal to Bondholders in respect of Liquidation Loss Amounts and
the aggregate of the Liquidation Loss Amounts (minus any Subsequent Net Recovery Amounts) from all Collection Periods to date expressed as dollar amount and as a percentage of the aggregate Cut-Off Date Principal Balances of the Mortgage Loans;

  

	 	(xii)	the aggregate Bond Balance of each Class of Bonds and the Certificate Balance of each Class of the Certificates after giving effect to the distribution of principal on such Payment
Date; 

  

 23 

	 	(xiii)	the Percentage Interest applicable to each of the Securities, after application of payments made on such Payment Date; and 

  

	 	(xiv)	the Overcollateralization Amount as of the end of the preceding Collection Period. 

  
 In the case of information furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an
aggregate dollar amount per Bond or Certificate, as applicable, with a $25,000 denomination and per Certificate with a denomination equal to a 100% Percentage Interest. 
  
 If a Rapid Amortization Event or a Servicing Default shall occur, on the Business Day following the related Determination
Date, the Master Servicer shall forward to the Indenture Trustee, a statement to such effect, including the nature of such Rapid Amortization Event or Servicing Default. Upon the Master Servicer’s becoming aware of any Early Amortization Event,
the Master Servicer shall forward to the Indenture Trustee and the Enhancer, a statement to such effect, including the nature of such Early Amortization Event. The Indenture Trustee, pursuant to Section 3.26 of the Indenture, shall deliver or cause
to be delivered by mail to each Certificateholder, each Bondholder, the Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, notice of such Rapid Amortization Event, Early Amortization Event or Servicing
Default, including, the nature thereof. Such statement may be included in, or separate from, the regular statement sent to Securityholders. 
  
 The Indenture Trustee will make the Servicing Certificate (and, at its option, any additional files containing the same information in an alternative
format) available each month to Securityholders, and other parties to this Agreement via the Indenture Trustee’s internet website. The Indenture Trustee’s internet website shall initially be located at
“                    ”. Assistance in using the website can be obtained by calling the Indenture Trustee’s customer service
desk at (        )         -             . Parties that are unable to use the above
distribution options are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Indenture Trustee shall have the right to change the way the statements to Securityholders are
distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Indenture Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Indenture
Trustee may require registration and the acceptance of a disclaimer in connection with access to its website. 
  
 (b) The Master Servicer shall forward to the Indenture Trustee any other information reasonably requested by the Indenture Trustee necessary to make
distributions pursuant to Section 3.05 of the Indenture. Prior to the close of business on the Business Day next succeeding each Determination Date, the Master Servicer shall furnish a written statement to the Certificate Paying Agent and the
Indenture Trustee setting forth the aggregate amounts required to be withdrawn from the Custodial Account and deposited into the Bond Payment Account and/or Distribution Account on the Business Day preceding the related Payment Date pursuant to
Section 3.03. The determination by the Master Servicer of such amounts shall, in the absence of obvious error, be deemed to be presumptively correct for all purposes hereunder, and the Owner Trustee and the Indenture Trustee shall be protected in
relying upon the same without any independent check or verification. In addition, upon the Issuer’s written request, the Master 

  

 24 

 
Servicer shall promptly furnish such information reasonably requested by the Issuer that is reasonably available to the Master Servicer to enable the Issuer
to perform its federal and state income tax reporting obligations. 
  
 Section 4.02 Tax Returns and 1934 Act Reports 
  

	 	(a)	The Master Servicer will act as the Tax Matters Partner or the agent for the Tax Matters Partner pursuant to the Trust Agreement. The Master Servicer agrees to perform the
obligations of the Master Servicer set forth in Section 5.03 of the Trust Agreement. The Master Servicer will prepare and file or cause to be prepared and filed all tax and information returns of the Trust Estate. 

  

	 	(b)	The Indenture Trustee shall, on behalf of the Depositor and in respect of the Trust Fund, prepare and cause to be filed with the Commission and the Master Servicer shall execute any
periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. In connection with the preparation and filing of such periodic reports, the Indenture Trustee shall timely
provide to the Master Servicer (I) a list of Bondholders as shown on the Bond Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints
involving the Indenture Trustee, as trustee, or the Trust Estate that are received by the Indenture Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Indenture Trustee, have been submitted to a vote
of the Bondholders or Certificateholders, other than those matters that have been submitted to a vote of the Bondholders or Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Indenture
Trustee to make any distribution to the Bondholders or Certificateholders as required pursuant to the Indenture or Trust Agreement, as applicable. Neither the Indenture Trustee nor the Master Servicer shall have any liability with respect to
Indenture Trustee’s failure to properly prepare or file, or the Master Servicer’s failure to execute, such periodic reports resulting from or relating to the Indenture Trustee’s or the Master Servicer’s, as the case may be,
inability or failure to maintain or obtain any information not resulting from the Indenture Trustee’s or the Master Servicer’s, as the case may be, own negligence or willful misconduct. Any Form 10-K filed with the Commission in connection
with this Section 4.02(b) shall include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit D-1 hereto or such other form as may be required or permitted by the
Commission (the “Form 10-K Certification”), in compliance with Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. In connection with the Form 10-K Certification, the Indenture Trustee shall
provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit D-2. 

  

 25 

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

  
 ARTICLE V 
  
 Bond Payment Account 
  
 Section 5.01 Bond Payment Account. The Indenture Trustee shall
establish and maintain an Eligible Account entitled “[Name of Indenture Trustee], as Indenture Trustee, for the benefit of the Securityholders, the Certificate Paying Agent and the Enhancer, pursuant to the Indenture, dated as of
            ,             , between BellaVista [Mortgage] [Home Equity] Trust 200[    ]
and [Name of Indenture Trustee]” (the “Bond Payment Account”). On each Payment Date, amounts on deposit in the Bond Payment Account shall be distributed by the Indenture Trustee in accordance with Section 3.05 of the Indenture. The
Indenture Trustee shall invest or cause the institution maintaining the Bond Payment Account to invest the funds therein in Permitted Investments selected in writing by the Master Servicer and designated in the name of the Indenture Trustee, which
investments shall mature not later than the Business Day next preceding the Payment Date next following the date of such investment (except that any investment in the institution with which the Bond Payment Account is maintained may mature on such
Payment Date and shall not be sold or disposed of prior to maturity). In addition, no such Permitted Investment shall be purchased at a price in excess of par. All income and gain realized from any such investment shall be for the benefit of the
Master Servicer and shall be subject to its withdrawal or order from time to time. The amount of any losses incurred in respect of any such investments shall be deposited in the Bond Payment Account by the Master Servicer out of its own funds
immediately as realized. 
  
 ARTICLE VI 
  
 The Master Servicer 
  
 Section 6.01 Liability of the Master Servicer. The Master Servicer
shall be liable in accordance herewith only to the extent of the obligations specifically imposed upon and undertaken by the Master Servicer herein. 
  
 Section 6.02 Merger or Consolidation of, or Assumption of the Obligations of, the Master Servicer. Any corporation into which the Master Servicer
may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Master Servicer shall be a party, or any corporation succeeding to the business of the Master
Servicer, shall be the successor of the Master Servicer hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. 
  

 26 

 The Master Servicer may assign its rights and delegate its duties and obligations under this Agreement;
provided, that the Person accepting such assignment or delegation shall be a Person qualified to service mortgage loans, is reasonably satisfactory to the Enhancer (provided, that such consent to assignment may not be unreasonably withheld), is
willing to service the Mortgage Loans and executes and delivers to the Issuer (with a copy to the Enhancer) an agreement, in form and substance reasonably satisfactory to the Enhancer, that contains an assumption by such Person of the due and
punctual performance and observance of each covenant and condition to be performed or observed by the Master Servicer under this Agreement; and provided further, that no Rating Event will occur as a result of such assignment and delegation (as
evidenced by a letter to such effect from each Rating Agency), if determined without regard to the Policy; and provided further, that the Owner Trustee shall receive an Opinion of Counsel to the effect that such assignment or delegation will not
cause the Issuer to be treated as an association (or a publicly-traded partnership) taxable as a corporation for federal income tax purposes. 
  
 Section 6.03 Limitation on Liability of the Master Servicer and Others. Neither the Master Servicer nor any of the directors or officers or
employees or agents of the Master Servicer shall be under any liability to the Issuer, the Owner Trustee, the Indenture Trustee or the Securityholders for any action taken or for refraining from the taking of any action in good faith pursuant to
this Agreement; provided, however, that this provision shall not protect the Master Servicer or any such Person against any liability that would otherwise be imposed by reason of its willful misfeasance, bad faith or gross negligence in the
performance of its duties hereunder or by reason of its reckless disregard of its obligations and duties hereunder. The Master Servicer and any director or officer or employee or agent of the Master Servicer may rely in good faith on any document of
any kind prima facie properly executed and submitted by any Person respecting any matters arising hereunder. The Master Servicer and any director, officer, employee or agent of the Master Servicer shall be indemnified by the Issuer and held
harmless against any loss, liability or expense incurred in connection with any legal action relating to this Agreement or the Securities, including any amount paid to the Owner Trustee or the Indenture Trustee pursuant to Section 6.06(b), other
than any loss, liability or expense related to any specific Mortgage Loan or Mortgage Loans (except as any such loss, liability or expense shall be otherwise reimbursable pursuant to this Agreement) and any loss, liability or expense incurred by
reason of its willful misfeasance, bad faith or gross negligence in the performance of its duties hereunder or by reason of its reckless disregard of its obligations and duties hereunder. The Master Servicer shall not be under any obligation to
appear in, prosecute or defend any legal action that is not incidental to its duties to service the Mortgage Loans in accordance with this Agreement, and that in its opinion may involve it in any expense or liability; provided, however, that the
Master Servicer may in its sole discretion undertake any such action that it may deem necessary or desirable in respect of this Agreement, the rights and duties of the parties hereto and the interests of the Securityholders. In such event, the
reasonable legal expenses and costs of such action and any liability resulting therefrom shall be expenses, costs and liabilities of the Issuer, and the Master Servicer shall be entitled to be reimbursed therefor. The Master Servicer’s right to
indemnity or reimbursement pursuant to this Section 6.03 shall survive any resignation or termination of the Master Servicer pursuant to Section 6.04 or 7.01 with respect to any losses, expenses, costs or liabilities arising prior to such
resignation or termination (or arising from events that occurred prior to such resignation or termination). 
  

 27 

 Section 6.04 Servicer Not to Resign. Subject to the provisions of Section 6.02, the Master
Servicer shall not resign from the obligations and duties hereby imposed on it except (a) upon determination that the performance of its obligations or duties hereunder are no longer permissible under applicable law or are in material conflict by
reason of applicable law with any other activities carried on by it or its subsidiaries or Affiliates, the other activities of the Master Servicer so causing such a conflict being of a type and nature carried on by the Master Servicer or its
subsidiaries or Affiliates at the date of this Agreement or (b) upon satisfaction of the following conditions: (i) the Master Servicer shall have proposed a successor master servicer to the Issuer and the Indenture Trustee in writing and such
proposed successor master servicer is reasonably acceptable to the Issuer, the Indenture Trustee and the Enhancer; (ii) each Rating Agency shall have delivered a letter to the Issuer, the Enhancer and the Indenture Trustee prior to the appointment
of the successor master servicer stating that the proposed appointment of such successor master servicer as Master Servicer hereunder will not cause a Rating Event, if determined without regard to the Policy; and (iii) such proposed successor master
servicer is reasonably acceptable to the Enhancer, as evidenced by a letter to the Issuer and the Indenture Trustee; provided, however, that no such resignation by the Master Servicer shall become effective until such successor master servicer or,
in the case of (a) above, the Indenture Trustee, as pledgee of the Mortgage Loans, shall have assumed the Master Servicer’s responsibilities and obligations hereunder or the Indenture Trustee, as pledgee of the Mortgage Loans, shall have
designated a successor master servicer in accordance with Section 7.02. Any such resignation shall not relieve the Master Servicer of responsibility for any of the obligations specified in Sections 7.01 and 7.02 as obligations that survive the
resignation or termination of the Master Servicer. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Indenture Trustee and the Enhancer. 

 
 Section 6.05 Delegation of Duties. In the ordinary course of
business, the Master Servicer at any time may delegate any of its duties hereunder to any Person, including any of its Affiliates, that agrees to conduct such duties in accordance with standards comparable to those with which the Master Servicer
complies pursuant to Section 3.01. Such delegation shall not relieve the Master Servicer of its liabilities and responsibilities with respect to such duties and shall not constitute a resignation within the meaning of Section 6.04. 
  
 Section 6.06 Payment of Indenture Trustee’s and Owner Trustee’s
Fees and Expenses; Indemnification. 
  

	 	(a)	 After the Closing Date, the Master Servicer covenants and agrees to pay to the Owner Trustee, the Indenture Trustee and any co-trustee of the Indenture Trustee or
the Owner Trustee from time to time, and the Owner Trustee, the Indenture Trustee and any such co-trustee shall be entitled to, reasonable compensation (which shall not be limited by any provision of law in regard to the compensation of a trustee of
an express trust and, in the case of the Indenture Trustee, for so long as [Name of Master Servicer] is the Master Servicer shall be as set forth in the letter agreement between the Indenture Trustee and the Master Servicer dated as of
            ,         ) for all services rendered by each of them in the execution of the trusts created under the Trust Agreement and
the Indenture and in the exercise and performance of any of the powers and duties under the Trust Agreement or 

  

 28 

	 	 
the Indenture, as the case may be, of the Owner Trustee, the Indenture Trustee and any co-trustee, and the Master Servicer will pay or reimburse the
Indenture Trustee and any co-trustee upon request for all reasonable expenses, disbursements and advances incurred or made by the Indenture Trustee or any co-trustee in accordance with any of the provisions of this Agreement, the Indenture or the
Trust Agreement except any such expense, disbursement or advance as may arise from its negligence, willful misfeasance or bad faith. In addition, the Indenture Trustee shall be entitled to be reimbursed from the Master Servicer for all reasonable
costs associated with the transfer of servicing from the predecessor master servicer pursuant to Section 7.02 hereunder, including, without limitation, any reasonable costs or expenses associated with the complete transfer of all servicing data and
the completion, correction or manipulation of such servicing data as may be required by the Indenture Trustee to correct any errors or insufficiencies in the servicing data or otherwise to enable the Indenture Trustee to service the Mortgage Loans
properly and effectively. 

  

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

  

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

  

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

  

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

  
 No termination of this Agreement or resignation or removal of the Indenture Trustee shall affect the obligations created by this Section 6.06 of the Master Servicer to indemnify the Indenture Trustee and the Owner
Trustee under the conditions and to the extent set forth herein. 
  
 Notwithstanding the foregoing, the indemnification provided by the Master Servicer in this Section 6.06(b) shall not pertain to any loss, liability or expense of the Indenture Trustee or 

  

 29 

 
the Owner Trustee, including the costs and expenses of defending itself against any claim, incurred in connection with any actions taken by the Indenture
Trustee or the Owner Trustee at the direction of the Bondholders or Certificateholders, as the case may be, pursuant to the terms of this Agreement. 
  
 ARTICLE VII 
  
 Default 
  
 Section 7.01 Servicing Default. 
  

	 	(a)	If a Servicing Default shall occur and be continuing, then, and in every such case, so long as a Servicing Default shall not have been remedied by the Master Servicer, either the
Issuer, the Indenture Trustee, upon actual knowledge of the occurrence of a Servicing Default and with the consent of the Enhancer, or the Enhancer, by notice then given in writing to the Master Servicer, the Issuer and the Indenture Trustee, may
terminate all of the rights and obligations of the Master Servicer as master servicer under this Agreement other than its right to receive servicing compensation and expenses for servicing the Mortgage Loans hereunder during any period prior to the
date of such termination, and the Issuer, the Enhancer or the Indenture Trustee (with the consent of the Enhancer), may exercise any and all other remedies available at law or equity. Any such notice to the Master Servicer shall also be given to
each Rating Agency, the Enhancer and the Issuer. On or after the receipt by the Master Servicer of such written notice, all authority and power of the Master Servicer under this Agreement, whether with respect to the Securities or the Mortgage Loans
or otherwise, shall pass to and be vested in the Indenture Trustee, subject to Section 7.02 hereof, as pledgee of the Mortgage Loans, pursuant to and under this Section 7.01; and, without limitation, the Indenture Trustee is hereby authorized and
empowered to execute and deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of
such notice of termination, whether to complete the transfer and endorsement of each Mortgage Loan and related documents, or otherwise. The Master Servicer agrees to cooperate with the Issuer, the Enhancer and Indenture Trustee, as the case may be,
in effecting the termination of the responsibilities and rights of the Master Servicer hereunder, including, without limitation, the transfer to the Indenture Trustee for the administration by it of all cash amounts relating to the Mortgage Loans
that shall at the time be held by the Master Servicer and to be deposited by it in the Custodial Account, or that have been deposited by the Master Servicer in the Custodial Account or thereafter received by the Master Servicer with respect to the
Mortgage Loans, the recordation of Assignments of Mortgages to the Indenture Trustee if MERS is not the mortgagee of a Mortgage Loan, and the delivery of the Mortgage Files in its possession to the Indenture Trustee. All reasonable costs and
expenses (including, but not limited to, attorneys’ fees) incurred in connection with amending this Agreement to reflect such succession as Master Servicer pursuant to this Section 7.01 shall be paid by the predecessor Master Servicer (or if
the predecessor Master Servicer is the Indenture Trustee, the initial Master Servicer) upon presentation of reasonable documentation of such costs and expenses. 

  

	 	(b)	 Notwithstanding any termination of the activities of the Master Servicer hereunder, the Master Servicer shall be entitled to receive, out of any late collection of
a payment 

  

 30 

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

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

	 	(a)	 On and after the time the Master Servicer receives a notice of termination pursuant to Section 7.01 or sends a notice pursuant to Section 6.04, the Indenture
Trustee as pledgee of the Mortgage Loans shall itself become, or shall appoint an affiliate of the Indenture Trustee to become the successor in all respects to the Master Servicer in its capacity as Master Servicer under this Agreement and the
transactions set forth or provided for herein and shall immediately assume all of the obligations of the Master Servicer to make advances on Mortgage Loans under Section 3.02(b) and will be subject to all other responsibilities, duties and
liabilities relating thereto placed on the Master Servicer by the terms and provisions hereof as soon as practicable, but in no event later than 90 days after the Indenture Trustee becomes successor master servicer. During such 90 day period, the
Indenture Trustee, with the consent of the Enhancer, may require the Master Servicer being terminated to continue to perform such servicing responsibilities (other than making advances on the Mortgage Loans under Section 3.02(b)) as the Indenture
Trustee deems appropriate. In such event, the Master Servicer being terminated shall provide such services as directed by the Indenture Trustee until the earliest of the date the Indenture Trustee notifies such Master Servicer to discontinue
providing such services, the date on which a successor master servicer or the Indenture Trustee has assumed all responsibilities, duties and liabilities of the Master Servicer hereunder or the expiration of the 90 day period. The Master Servicer
shall be entitled to the Servicing Fee hereunder for any period during which the Master Servicer is obligated to provide such services as if no termination of the Master Servicer had occurred. Nothing in this Agreement or in the Trust Agreement
shall be construed to permit or require the Indenture Trustee to (i) succeed to the responsibilities, duties and liabilities of the initial Master Servicer in its capacity as Seller under 

  

 31 

	 	 
the Purchase Agreement, (ii) be responsible or accountable for any act or omission of the Master Servicer prior to the issuance of a notice of termination
hereunder, (iii) require or obligate the Indenture Trustee, in its capacity as successor Master Servicer, to purchase, repurchase or substitute any Mortgage Loan, (iv) fund any Additional Balances with respect to any Mortgage Loan, (v) fund any
losses on any Permitted Investment directed by any other Master Servicer, or (vi) be responsible for the representations and warranties of the Master Servicer. As compensation therefor, the Indenture Trustee shall be entitled to such compensation as
the Master Servicer would have been entitled to hereunder if no such notice of termination had been given. Notwithstanding the foregoing, if the Indenture Trustee is (x) unwilling to act as successor Master Servicer itself or to appoint an affiliate
to become successor Master Servicer, or (y) legally unable so to act, the Indenture Trustee as pledgee of the Mortgage Loans may (in the situation described in clause (x)) or shall (in the situation described in clause (y)) appoint or petition a
court of competent jurisdiction to appoint any established housing and home finance institution, bank or other mortgage loan servicer having a net worth of not less than $10,000,000 as the successor to the Master Servicer hereunder in the assumption
of all or any part of the responsibilities, duties or liabilities of the Master Servicer hereunder; provided, that any such successor Master Servicer shall be acceptable to the Enhancer, as evidenced by the Enhancer’s prior written consent,
which consent shall not be unreasonably withheld; and provided further, that the appointment of any such successor Master Servicer will not result in a Rating Event, if determined without regard to the Policy. Pending appointment of a successor to
the Master Servicer hereunder, unless the Indenture Trustee is prohibited by law from so acting, the Indenture Trustee itself shall act or appoint an affiliate to act in such capacity as provided above. In connection with such appointment and
assumption, the successor shall be entitled to receive compensation out of payments on Mortgage Loans in an amount equal to the compensation that the Master Servicer would otherwise have received pursuant to Section 3.09 (or such other compensation
as the Indenture Trustee and such successor shall agree). The appointment of a successor Master Servicer shall not affect any liability of the predecessor Master Servicer that may have arisen under this Agreement prior to its termination as Master
Servicer (including the obligation to purchase Mortgage Loans pursuant to Section 3.01, to pay any deductible under an insurance policy pursuant to Section 3.04 or to indemnify the Indenture Trustee pursuant to Section 6.06), nor shall any successor
Master Servicer be liable for any acts or omissions of the predecessor Master Servicer or for any breach by such Master Servicer of any of its representations or warranties contained herein or in any related document or agreement. The Indenture
Trustee and such successor shall take such action, consistent with this Agreement and the requirements (including any notice requirements) of applicable law, as shall be necessary to effectuate any such succession. Notwithstanding the foregoing, the
Indenture Trustee, in its capacity as successor Master Servicer, shall not be responsible for the lack of information and/or documents that it cannot obtain through reasonable efforts or 

  

 32 

	 	 
for failing to take any action that the Indenture Trustee is legally prohibited from taking by applicable law. 

  

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

  

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

  

	 	(d)	In connection with the termination or resignation of the Master Servicer hereunder, either (i) the successor Master Servicer, including the Indenture Trustee if the Indenture
Trustee is acting as successor Master Servicer, shall represent and warrant that it is a member of MERS in good standing and shall agree to comply in all material respects with the rules and procedures of MERS in connection with the servicing of the
Mortgage Loans that are registered with MERS, in which case the predecessor Master Servicer shall cooperate with the successor Master Servicer in causing MERS to revise its records to reflect the transfer of servicing to the successor Master
Servicer as necessary under MERS’ rules and regulations, or (ii) the predecessor Master Servicer shall cooperate with the successor Master Servicer in causing MERS to execute and deliver an assignment of Mortgage in recordable form to transfer
the Mortgage from MERS to the Indenture Trustee and to execute and deliver such other notices, documents and other instruments as may be necessary or desirable to effect a transfer of such Mortgage Loan or servicing of such Mortgage Loan on the
MERS® System to the successor Master Servicer. The
predecessor Master Servicer shall file or cause to be filed any such assignment in the appropriate recording office. The predecessor Master Servicer shall bear any and all fees of MERS, costs of preparing any assignments of Mortgage, and fees and
costs of filing any assignments of Mortgage that may be required under this subsection (d). The successor Master Servicer shall cause such assignment to be delivered to the Indenture Trustee or the Custodian promptly upon receipt of the original
with evidence of recording thereon or a copy certified by the public recording office in which such assignment was recorded. 

  
 Section 7.03 Notification to Securityholders. Upon any termination of or appointment of a successor to the Master Servicer pursuant to this Article
VII or Section 6.04, the Indenture Trustee shall give prompt written notice thereof to the Securityholders, the Enhancer, the Issuer and each Rating Agency. 
  

 33 

 ARTICLE VIII 
  
 Miscellaneous Provisions 
  
 Section 8.01 Amendment. This Agreement may be amended from time to time by the parties hereto; provided, that any such amendment shall be
accompanied by a letter from each Rating Agency to the effect that such amendment will not result in a Rating Event, if determined without regard to the Policy; and provided further, that the Enhancer and the Indenture Trustee shall consent thereto.

  
 Section 8.02 GOVERNING LAW. THIS AGREEMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 Section 8.03 Notices. All demands, notices and communications hereunder shall be in writing and shall be deemed to
have been duly given if personally delivered at or mailed by certified mail, return receipt requested, to (a) in the case of the Master Servicer,
                    , Attention:
                    , (b) in the case of the Enhancer,
                    , Attention:
                    , (c) in the case of [Moody’s],
                    , (d) in the case of [Standard & Poor’s],
                    , (e) in the case of the Owner Trustee,
                    , and (f) in the case of the Issuer, BellaVista [Mortgage] [Home Equity] Trust 200[    ], c/o
the Owner Trustee at the address set forth in clause (e) above, and (g) in the case of the Indenture Trustee, at the Corporate Trust Office of the Indenture Trustee; or, with respect to each of the foregoing Persons, at such other address as shall
be designated by such Person in a written notice to the other foregoing Persons. Any notice required or permitted to be mailed to a Securityholder shall be given by first class mail, postage prepaid, at the address of such Securityholder as shown in
the Bond Register or Certificate Register, as the case may be. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the related Securityholder receives such notice.
Any notice or other document required to be delivered or mailed by the Indenture Trustee to any Rating Agency shall be given on a reasonable efforts basis and only as a matter of courtesy and accommodation, and the Indenture Trustee shall have no
liability for failure to deliver any such notice or document to any Rating Agency. 
  
 Section 8.04 Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements,
provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement or the Securities or
the rights of the Securityholders. 
  
 Section 8.05 Third-Party
Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties hereto, the Securityholders, the Enhancer, the Owner Trustee and their respective successors and permitted assigns. Except as otherwise provided in this
Agreement, no other Person shall have any right or obligation hereunder. 
  

 34 

 Section 8.06 Counterparts. This instrument may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
  
 Section 8.07 Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof. 
  
 Section 8.08
Termination Upon Purchase by the Master Servicer or Liquidation of All Mortgage Loans; Partial Redemption. 
  

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

  

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

  

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

  

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

  
 The Master Servicer shall send written notice to the Enhancer of its intent to exercise its right to purchase any of the Mortgage Loans pursuant to this
Section 8.08(b). 
  
 If such right is exercised by the Master
Servicer, the Master Servicer shall deposit the amount calculated pursuant to this Section 8.08(b) with the Indenture Trustee pursuant to Section 4.10 of the Indenture and, upon the receipt of such deposit, the Indenture Trustee or Custodian shall
release to the Master Servicer, the files pertaining to the Mortgage Loans being purchased. The Master Servicer, at its expense, shall prepare and deliver to the Indenture 

  

 35 

 
Trustee for execution, at the time the related Mortgage Loans are to be released to the Master Servicer, appropriate documents assigning each such Mortgage
Loans from the Indenture Trustee or the Issuer to the Master Servicer or the appropriate party. 
  
 Section 8.09 Certain Matters Affecting the Indenture Trustee. For all purposes of this Agreement, in the performance of any of its duties or in the
exercise of any of its powers hereunder, the Indenture Trustee shall be subject to and entitled to the benefits of Article VI of the Indenture. 
  
 Section 8.10 Owner Trustee Not Liable for Related Documents. The recitals contained herein shall be taken as the statements of the Master Servicer,
and the Owner Trustee and the Indenture Trustee assume no responsibility for the correctness thereof. The Owner Trustee and the Indenture Trustee make no representations as to the validity or sufficiency of this Agreement, of any Basic Document or
Related Document, or of the Certificates (other than the signatures of the Owner Trustee and the Indenture Trustee on the Certificates) or the Bonds. The Owner Trustee and the Indenture Trustee shall at no time have any responsibility or liability
with respect to the sufficiency of the Trust Estate or its ability to generate the payments to be distributed to Certificateholders under the Trust Agreement or the Bondholders under the Indenture, including the compliance by the Depositor, the
Seller or the Master Servicer with any warranty or representation made under any Basic Document or the accuracy of any such warranty or representation, or any action of any person taken in the name of the Owner Trustee or the Indenture Trustee.

  

 36 

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

			
	 [NAME OF MASTER SERVICER],
as Master Servicer

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

	
	BELLAVISTA [MORTGAGE] [HOME EQUITY] TRUST 200[    ], as Issuer
		
	 By:
	 	                    , not in its individual capacity but solely as Owner
Trustee
		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

	
	 [NAME OF INDENTURE TRUSTEE],
as Indenture Trustee

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

 37 

 EXHIBIT A 
  
 MORTGAGE LOAN SCHEDULE 
  

 1 

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

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

  

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

  

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

  

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

  

	 	b.	Statements of breach or non-performance; 

  

	 	c.	Notices of default; 

  

 1 

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

  

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

  

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

  

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

  

	5.	The completion of loan assumption agreements. 

  

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

  

	7.	The assignment of any Mortgage and the related Loan Agreement, in connection with the repurchase of the Mortgage Loan secured and evidenced thereby. 

  

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

  

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

  

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

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

 2 

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

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

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

 3 

					
	STATE OF	 	 	  	)
	 	 	 	  	)SS.
	COUNTY OF	 	 	  	)

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

			
	 WITNESS my hand and official seal.

	
	Notary Public in and for the
	 State of
	 	 

  

			
	After recording, please mail to:
		
	 Attn:
	 	 

  

 4 

 EXHIBIT C 
  
 FORM OF REQUEST FOR RELEASE 
  
 DATE: 
  
 TO: 
  

	RE:	REQUEST FOR RELEASE OF DOCUMENTS 

  
 In connection with your administration of the Mortgage Loans, we request the release of the Mortgage File described below. 
  

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

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

	
	
	  
	 [Name of Master Servicer]
 Authorized Signature

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

			
	Enclosed Documents:	  	 ̈ Loan Agreement

  

			
	 Name
	 	 
		
	 Title
	 	 
		
	 Date
	 	 

  

 1 

 EXHIBIT D-1 
  
 FORM OF FORM 10-K CERTIFICATION 
  
 I, [identify the certifying individual], certify that: 
  
 1. I have reviewed the annual report on Form 10-K for the fiscal year [            ],
and all reports on Form 8-K containing distribution or servicing reports filed in respect of periods included in the year covered by that annual report, of BellaVista [Mortgage] [Home Equity] Trust 200[    ] (the
“Trust”), the assets of which are serviced pursuant to the Master Servicing Agreement dated             ,          (the
“Master Servicing Agreement”) among the Trust, [Name of Master Servicer] (the “Master Servicer”) and [Name of Indenture Trustee] (the “Indenture Trustee”); 
  
 2. Based on my knowledge, the information in these reports, taken as a whole, does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by that annual report; 
  
 3. Based on my knowledge, the servicing information required to be provided
to the Indenture Trustee by the Master Servicer under the Master Servicing Agreement is included in these reports; 
  
 4. I am responsible for reviewing the activities performed by the Master Servicer under the Master Servicing Agreement and based upon my knowledge and the
review required under the Master Servicing Agreement, and, except as disclosed in the report, the Master Servicer has fulfilled its obligations under the Master Servicing Agreement; and 
  
 5. The reports disclose all significant deficiencies relating to the Master Servicer’s compliance with the minimum
servicing standards based upon the report provided by an independent public accountant, after conducting a review in compliance with the Uniform Single Attestation Program for Mortgage Bankers, or similar procedure, as set forth in the Master
Servicing Agreement, that is included in these reports. 
  
 [In
giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: [[Name of Indenture Trustee]], [            ]. 
  
 IN WITNESS WHEREOF, I have duly executed this certificate as of
                    , 20    . 
  

					
	 	 	 	 	*
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

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

  

 2 

 EXHIBIT D-2 
  
 FORM OF BACK-UP CERTIFICATION TO FORM 10-K CERTIFICATE 
  
 The undersigned, a Responsible Officer of [Name of Indenture Trustee] (the “Indenture Trustee”) certifies that: 
  
 (a) The Indenture Trustee has performed all of the duties specifically
required to be performed by it pursuant to the provisions of the Master Servicing Agreement dated as of             ,          (the
“Agreement”) by and among BellaVista [Mortgage] [Home Equity] Trust 200[    ], as depositor, [Name of Master Servicer], as Master Servicer, and the Indenture Trustee in accordance with the standards set forth
therein. 
  
 (b) Based on my knowledge, the information that is
provided by the Indenture Trustee pursuant to Section 4.02(b) of the Agreement is accurate as of the last day of the 20[    ] calendar year. 
  

Capitalized terms used and not defined herein shall have the meanings given such terms in the Agreement. 
  
 IN WITNESS WHEREOF, I have duly executed this certificate as of
                    , 20    . 
  

					
	 	 	*
	 Name:
	 	 	 	 
	 Title:
	 	 	 	 

  

 3

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